TCRAP_Public/060505.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  

              Friday, May 5, 2006, Vol. 9, No. 089


                            Headlines

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

67 WOODHOOSE: Decides to Close Operations
AUSTRALIAN ALPACA: Members Opt for Voluntary Liquidation
BAY 275 LIMITED: Court Set to Hear Liquidation on May 5
BBP LIMITED: Falls Into Liquidation
CALTEK PTY: Placed Under Voluntary Liquidation

CATHERINE SERVICES: Court Issues Wind-up Order
CHARMHAVEN AUTO: Intends to Declare Dividend on May 12
DESIGN LIGHTING: Liquidation Hearing Set on May 8
DICKENS DEVELOPMENTS: Final Meeting Set for Today
DYNAMIC ENTERPRISES: Inability to Pay Debts Leads to Wind-up

FBL SERVICES: Set to Distribute Assets
HABODE LIMITED: Court to Hear Liquidation Petition on May 22
JFE STEEL: Resolves to Discontinue Operations
MADASAFISH PTY: Members Agree on Voluntary Wind-up
MONICA HOLDINGS: Faces Liquidation Proceedings

MR MOTORPARTS: Members to Receive Wind-up Report
PREMIUM WINE BOTTLERS: Names Official Receivers
P RUSSEL ENTERPRISES: To Declare Final Dividend on May 10
QANTAS AIRWAYS: Sees More Job Cuts to Increase Cost Savings
QANTAS AIRWAYS: To Increase Canberra-Sydney Route Capacity

SALCO ENGINEERING: Enters Voluntary Liquidation
TELSTRA CORPORATION: ASIC Talks Over Fibre-Optic Network Delayed
TONGRAN ENTERPRISES: Wind-up Proceedings Initiated
TRANSPORT LOGISTICS: Liquidator to Present Wind-up Report
TRENT FRANK: CIR Lodges Liquidation Petition

TUGLOW PTY: Supreme Court Orders Wind-up
WESTPOINT GROUP: Planners May Have Enough to Pay Back Investors
WOK NOMINEES: Prepares for Liquidation
WOODSIDE PETROLEUM: To Hold Final Meeting Today
YABBA YABBA: Distributes Creditors' Final Dividend


C H I N A   &   H O N G  K O N G

BANK OF CHINA: Sells US$1.92-Billion Shares to Key Investors
BRIDGELEY LIMITED: Receiving Proofs of Debt Until May 15
BURGESS INTERNATIONAL: Appoints Joint and Several Liquidators
CASPER (H.K.) HI-TECH: Creditors to Prove Debts by May 19
GEO-TRONICS DEVELOPMENT: Names Official Liquidators

GRADUATE CENTRE: Creditors OK Liquidators' Appointment
HONOUR SHEEN: Court Set to Hear Winding-up on May 24
HUTCHISON ENTERPRISES TWO: Members' Hold Final General Meeting
HUTCHISON ENTERPRISES FOUR: Members' Meeting Scheduled on May 15
HUTCHISON GLOBAL: Transfers Business to Alcatel

LINKCITY TECHNOLOGIES: Court Approves Wind-up Petition
LUEN WON: To Hold Final Meeting on May 16
MAD CATZ: Creditors Given Until May 23 to Prove Claims
MOULIN GLOBAL: Liquidators Sell U.S. Asset for US$602 Million
NATIONWIDE TREASURE: Liquidator to Present Wind-up Report

ORGANICA LIMITED: Faces Winding-up Petition
PO WING CONSTRUCTION: Court Orders Winding-up
RINOL CHINA: Joint and Several Liquidators Named
STUTTGART INTERNATIONAL: Names New Liquidators
TULLETT LIBERTY: Members Resolve to Wind Up Firm

WIN CAPITAL: Members Agree to Wind Up Operations
WORLDWIDE BIOTECH: Auditor Raises Going Concern Doubt
YAU SHING ENGINEERING: Former Liquidators Replaced


I N D I A

MAHILA NAGRIK: Reserve Bank Cancels License Due to Insolvency
* Possible Fuel Rate Hike Cheers State Oil Firms


I N D O N E S I A

PERTAMINA: Halts Kerosene Imports
PERUSAHAAN LISTRIK: Detains Chief in Graft Case


J A P A N

EHOMES INCORPORATED: Shutdown to Burden Building Inspectors
PIONEER CORPORATION: Teams with Tele Atlas on Navigation System


K O R E A

HYUNDAI MOTOR: FTC to Impose Sanctions For Pressuring Suppliers
HYUNDAI MOTOR: First Quarter Profit Falls 37.5%


M A L A Y S I A

COMSA FARMS: Withdraws Rights Issue and Shares Placement Plans
KEMAYAN CORPORATION: Restraining Order Lapses
MALAYSIA AIRLINES: Bags Reader's Digest Award for Fourth Time
MALAYSIA AIRLINES: Launches e-ticketing Service
MBF HOLDINGS: Pre-Trial Case Management Moved to June 12

METROPLEX BERHAD: Works to Finalize Regularization Scheme
NORTH BORNEO CORP: Fails to Submit 2005 Accounts on Time
PAN MALAYSIA: Pays MYR41,712 for 100,000 Own Shares
PAN MALAYSIA: Seeks Shareholders' Restructuring Scheme Approval
PARK MAY: Likely to Complete Restructuring This Year

TELEKOM MALAYSIA: Strikes Deal with Saudi Telecom for Egypt Bid
TELEKOM MALAYSIA: Lures Customers with MYR1.2-Million Bait


P H I L I P P I N E S

AFP SAVINGS: Board Ousts Former President
HACIENDA LUISITA: DENR Says Halt Quarry Operations
MANILA ELECTRIC: ERC Reveals Adjusted Settlement with Napocor
NATIONAL POWER: Settles with Meralco for PHP14 Billion, ERC Says


S I N G A P O R E

ASIA PACIFIC AIR: Creditors' Proofs of Claims Due on May 29
GUNUNG RAYA: Faces Wind-Up Proceedings
JOHNSON TRANSPORT: Default Leads to Bankruptcy
LINDETEVES-JACOBERG: ATB Closes Mandatory Offer on May 3
REMAC CLEANING: Falls Into Bankruptcy

TAI WAH HIN: Court Declares Bankruptcy


T H A I L A N D

BANGKOK RUBBER: Unveils Latest Progress in Reorganization


* Large Companies With Insolvent Balance Sheets


     - - - - - - - -

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

67 WOODHOOSE: Decides to Close Operations
-----------------------------------------
Members of 67 Woodhouse Crescent Investments Pty Limited held a
meeting on March 14, 2006, and agreed to:

  -- voluntarily wind up the Company's business operations; and

  -- appoint Anthony Christopher Matthews as liquidator for the
     wind-up.

Contact: Anthony C. Matthews
         Liquidator
         Anthony Matthews & Associates Chartered Accountants
         Ground Floor, 91 Hutt Street
         Adelaide, South Australia 5000
         Australia
         Telephone: (08) 8232 8885
         Fax: (08) 8232 8886
         e-mail: info@matthewsassociates.com.au


AUSTRALIAN ALPACA: Members Opt for Voluntary Liquidation
--------------------------------------------------------
Members of Australian Alpaca Co-operative Limited convened on
March 22, 2006, and decided to voluntarily wind up the Company's
operations.

Subsequently, John Ross Lindholm was appointed as liquidator.

Contact: John R. Lindholm
         Liquidator
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


BAY 275 LIMITED: Court Set to Hear Liquidation on May 5
-------------------------------------------------------
The High Court of Wellington, on February 28, 2006, received an
application to liquidate Bay 275 Ltd.

The application, which was lodged by the Commissioner of Inland
Revenue, will be heard before the Court on May 5, 2006, at 10:00
a.m.

Contact: Philip Hugh Brian Latimer
         Solicitor for the Plaintiff
         Technical and Legal Support Group
         Wellington Service Centre
         1/F., New Zealand Post House
         7-27 Waterloo Quay, Wellington
         New Zealand
         Telephone: (04) 890 1028
         Facsimile: (04) 890 0009


BBP LIMITED: Falls Into Liquidation
------------------------------------
BBP Limited will undergo liquidation by virtue of a special
resolution passed by shareholders on April 7, 2006.

Steven Cammish, who was appointed liquidator on the same day,
will oversee the Company's liquidation process.

Contact: Michael McNab
         BDO Spicers, PO Box 51-563
         Pakuranga, Auckland
         New Zealand
         Telephone: (09) 274 9340
         Facsimile: (09) 274 0863


CALTEK PTY: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting of Caltek Pty Limited on
March 23, 2006, members agreed that it is in the Company's best
interests to wind up its operations.

Robert Molesworth Hobill Cole was subsequently appointed as
liquidator.

Contact: Robert M. H. Cole
         Liquidator
         Cole Downy & Co. Chartered Accountants
         Unit 2, 6 Moorabool Street
         Geelong, Victoria 3220
         Australia
         

CATHERINE SERVICES: Court Issues Wind-up Order
----------------------------------------------
The Federal Court of Australia, on March 17, 2006, ordered the
wind-up of Catherine Services Pty Limited, and nominated Stephen
James Parbery to act as liquidator.

Contact: Stephen J. Parbery
         Liquidator
         c/o PPB Chartered Accountants and Business
         Reconstruction Specialists
         15th Floor, 25 Bligh Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9233 4955
         Fax: (02) 9221 1310


CHARMHAVEN AUTO: Intends to Declare Dividend on May 12
------------------------------------------------------
Charmhaven Auto One Pty Limited will declare its first and final
dividend on May 12, 2006, to the exclusion of its creditors who
were not able to prove their claims.

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


DESIGN LIGHTING: Liquidation Hearing Set on May 8
-------------------------------------------------
The High Court of Wellington will hear the liquidation petition
against Design Lighting & Electrical Ltd on May 8, 2006, at
10:00 a.m.

The Court received the petition on March 28, 2006, from the
Commissioner of Inland Revenue.

Contact: Aaron Reynolds Lyne
         Solicitor for the Plaintiff
         Technical and Legal Support Group
         Wellington Service Centre, 1/F
         New Zealand Post House
         7-27 Waterloo Quay, Wellington
         New Zealand
         Telephone: (04) 809 1079
         Facsimile: (04) 890 0009


DICKENS DEVELOPMENTS: Final Meeting Set for Today
-------------------------------------------------
The final meeting of the members and creditors of Dickens
Developments Pty Limited will be held today, May 5, 2006.

At the meeting, members will get an account of the manner of the
Company's wind-up and property disposal from Liquidator Manfred
Holzman.

Contact: Manfred Holzman
         Liquidator
         Holzman Associates Chartered Accountants
         GPO Box 3667, Sydney
         New South Wales 2001, Australia
         Telephone: (02) 9222 9070


DYNAMIC ENTERPRISES: Inability to Pay Debts Leads to Wind-up
------------------------------------------------------------
At a meeting of the members and creditors of Dynamic Enterprises
(Australia) Pty Limited on March 24, 2006, it was determined
that as the Company is unable to pay its debts when they fall
due, a voluntary wind-up of its business operations is
appropriate and necessary.

Richard Albarran was appointed as liquidator for the wind-up
exercise.

Contact: Richard Albarran
         Liquidator
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


FBL SERVICES: Set to Distribute Assets
--------------------------------------
The members of FBL Services Pty Limited had, at a meeting on
March 17, 2006, resolved to close the Company's business
operations and distribute the proceeds of its assets.

Thomas Javorsky was named as liquidator to manage the Company's
wind-up activities.

Contact: Thomas Javorsky
         Liquidator
         c/o Jones Condon Chartered Accountants
         Level 13, 189 Kent Street
         Sydney, New South Wales
         Australia
         Phone: 02 9251 5222


HABODE LIMITED: Court to Hear Liquidation Petition on May 22
------------------------------------------------------------
Gubsen Rusden Limited, on April 11, 2006, filed before the High
Court of Wellington an application to liquidate Habode (NZ) Ltd.

The application will be heard before the Court on May 22, 2006,
at 10:a.m.

Parties wishing to attend must file an appearance not later than
May 18, 2006.

Contact: Nat Dunning
         Solicitor for the Plaintiff
         13/F., Vogel Building
         8 Aitken Street, Thorndon
         Wellington, New Zealand


JFE STEEL: Resolves to Discontinue Operations
---------------------------------------------
The members of JFE Steel Australia Pty Limited resolved on
March 23, 2006, to wind up the Company's operations.

Subsequently, John Gibbons and Keiran Hutchison were named as
liquidators.

Contact: John Gibbons
         Keiran Hutchison
         Liquidators
         Ernst & Young
         Level 37, 680 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9248 5862
         

MADASAFISH PTY: Members Agree on Voluntary Wind-up
--------------------------------------------------
The members of Madasafish Pty Limited held an extraordinary
general meeting on March 21, 2006, and decided to close the
Company's business operations voluntarily.

Creditors appointed Kimberley Andrew Strickland and Christopher
Michael Williamson as liquidators at a creditors' meeting held
later that day.

Meanwhile, the Company will declare its first and final
preferential dividend on May 17, 2006.  Creditors who were
unable to prove their claims are excluded from the dividend
distribution.

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


MONICA HOLDINGS: Faces Liquidation Proceedings
----------------------------------------------
On March 14, 2006, Bridon (NZ) Ltd filed an application to
liquidate Monica Holdings Ltd before the High Court of
Wellington.

The application will be heard before the Court on May 8, 2006,
at 10:00 a.m.

Contact: R.A. MCL. Fraser
         Solicitor for the Plaintiff
         Receivables Management Ltd
         Level 8, 7 City Road, Auckland
         New Zealand
         Facsimile: (09) 919 3697


MR MOTORPARTS: Members to Receive Wind-up Report
------------------------------------------------
The members of MR Motorparts (Australia) Wholesale Pty Limited
will convene today, May 5, 2006, to receive Liquidator John Leo
Frazer's account regarding the Company's completed wind-up and
disposal of its property.

Contact: John L. Frazer
         Liquidator
         Suite 111, 2 Crofts Avenue
         Hurtsville, New South Wales 2220
         Australia
         Telephone (02) 9579 6866


PREMIUM WINE BOTTLERS: Names Official Receivers
-----------------------------------------------
Peter Ivan Macks and Andrew James Heard were appointed as
receivers and managers of the property of Premium Wine Bottlers
S.A. Pty Limited on February 24, 2006.

Contact: Andrew J. Heard
         Peter I. Macks
         PPB
         10th Floor, 26 Flinders Street
         Adelaide, Australia
         

P RUSSEL ENTERPRISES: To Declare Final Dividend on May 10
---------------------------------------------------------
P Russell Enterprises Pty Limited will declare its first and
final dividend to creditors on May 10, 2006.

Creditors are required to formally submit their proofs of claim
by May 8, 2006, in order to share in the dividend distribution.

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


QANTAS AIRWAYS: Sees More Job Cuts to Increase Cost Savings
-----------------------------------------------------------
Qantas Airways said that it would have to revise its five-year
program to slash AU$3 billion in annual costs to buffer itself
against the recent surge in fuel prices, The Sydney Morning
Herald reports.

The Sydney Herald recounts that the airline's so-called five-
year Sustainable Future Program, which was kicked off during the
height of the SARS crisis in mid-2003, aims to save AU$1.58
billion in annual costs by June 30, 2006.

However, Qantas Chief Financial Officer Peter Gregg said that
the targets Qantas had set for itself will not be large enough.  
Therefore, the carrier has warned of further cross-cutting
measures, which may include more cuts in labor costs.

"When you're sitting in a business where two of the cost
elements of your total expenditure comprise more than 60% -- and
that is labor and fuel -- you have very limited responses. . .
other than to reduce your costs," Mr. Gregg said.  He pointed
out that the airline is facing a AU$1 billion increase in fuel
costs next financial year and could not make up for all of this
by raising fuel surcharges.

The Sydney Herald explains that about AU$444 million of Qantas'
target savings will come from lower labor costs.  Qantas had
previously aimed to save another AU$1.5 billion in the two
following years up to mid-2008 but, in light of Mr. Gregg's
statement, it is now unclear where Qantas plans to cut costs
further.

Mr. Gregg told the Sydney Herald that a new round of cuts
"should not be seen as an attack on workers.  This an attack on
a cost base that makes the business inefficient."  He said that
Qantas has to make it efficient if it were to survive.

The Sydney Herald says that the new round of job cuts is the
second time Qantas has stepped up its cost-cutting targets.  
When oil prices began to rise in 2004 the airline doubled its
targets to AU$3 billion.

Moreover, the Sydney Herald relates that there is speculation
Qantas might accelerate the expansion of its Jetstar
International subsidiary to speed up its austerity drive, and
possibly cut the wage conditions of a wide segment of its staff,
from pilots and cabin crew to engineers.

Qantas is already pushing in enterprise bargaining talks to
slash the overtime provisions of 2,500 maintenance workers, a
move unions say will result in a 30% cut in take home pay.

                      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.  Qantas went into another round of job cuts
in late June 2005, a move that was punctuated with more than 600
jobs slashed in the first half of its financial year.  The
latest round of job cuts announced in February 2006 came amidst
uncertainty of outsourcing the airline's heavy maintenance works
overseas.


QANTAS AIRWAYS: To Increase Canberra-Sydney Route Capacity
----------------------------------------------------------
Qantas Airways plans to increase capacity between Canberra and
Sydney by more than 12%, as its sixth and seventh QantasLink
Bombardier Q400 aircraft enter into service over the coming
months.

Qantas Executive General Manager John Borghetti said that the
arrival of the aircraft would also see QantasLink open a new
crew base in Canberra.

"The new 72-seat Bombardier Q400, which is both larger and
faster than the 50-seat Dash 8 aircraft we currently operate
between Canberra and Sydney, will enable the Qantas Group to
provide more than 140,000 additional seats per annum on the
route," Mr. Borghetti said.  "In providing this extra capacity,
particularly during peak demand periods, Qantas will maintain
the convenience of a high frequency schedule of up to 25
services per day on this important Cityflyer route."

Mr. Borghetti added that the decision to operate the Q400 on the
route will also lead to the creation of more than 30 jobs in
Canberra, as Qantas establishes a pilot and cabin crew base in
the city.

Mr. Borghetti further stated that Qantas was the first airline
in the southern hemisphere to offer customers the Bombardier
Q400.

Qantas has invested AU$200 million in its regional airline
operations with the acquisition of seven Q400 aircraft.  The
first Q400 aircraft entered service on Queensland regional
routes in February this year.  With its new engine and propeller
systems, the Q400 offers jet-like speeds as well as increased
passenger comfort in the cabin.

The Q400 aircraft has been operating a daily direct service
between Brisbane and Canberra since April 2006.  This service
complements Qantas' existing B737 flights and added more than
50,000 extra seats per annum on the route.

The new Q400 aircraft are scheduled to commence flying between
Canberra and Sydney in mid-August and mid-October 2006.

                      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.  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.


SALCO ENGINEERING: Enters Voluntary Liquidation
-----------------------------------------------
At a general meeting on March 23, 2006, the members of Salco
Engineering Pty Limited resolved to close the Company's business
operations and distribute the proceeds of its assets disposal.

Brian John Salfinger and Paul Francis Salfinger were named as
joint liquidators to manage the Company's wind-up activities.


TELSTRA CORPORATION: ASIC Talks Over Fibre-Optic Network Delayed
----------------------------------------------------------------
Telstra Corporation has warned that its negotiations with the
Australian Competition and Consumer Commission over its planned
AU$3 billion fibre-optic network will not be completed before a
cabinet meeting on May 8, 2006, The Australian reports.  The
Australian Federal Government is due to discuss the sale of its
50% stake in the Company at the meeting.

Telstra Chief Financial Officer John Stanhope told a finance
conference in Sydney that analysts should dampen their
expectations of a decision on the government sale being made
very soon.

The report says that the Cabinet is allowed to put its decision
pertaining to the sale of the Government's shares in Telstra off
for one more month.

According to The Australian, Mr. Stanhope's announcement came as
it became apparent that Telstra's rivals may not see the fine
details of any regulatory deal between the former telco monopoly
and the ACCC on new networks until after the Government decides
whether to proceed with the sale.

While Telstra and the ACCC believe that their talks on
regulation for the proposed "fibre-to-the-node" broadband
investment have been productive, no agreement will be reached in
time to meet the Government's deadline to have a broad a deal in
place, the report states.  The deadline is today.

The Australian relates that the ACCC needs to conduct a public
consultation process, which could take six to eight weeks.  The
commission must also write its discussion paper on the issue and
draw together the submissions on its proposals before it made a
ruling.  If competitors had serious objections, it could
compromise the sale process, putting Finance Minister Nick
Minchin's preferred October-November sale date at risk.

The Government is now considering making its T3 decision as soon
as Telstra and the ACCC have produced an in-principle agreement
document and before any of the other phone companies and
community groups have had a chance to scrutinize the agreement,
The Australian adds.

The Troubled Company Reporter - Asia Pacific reported on May 3,
2006, that Telstra initiated legal proceedings with the Federal
Court against the ACCC with regard to its battle with the
competition watchdog over its increase in wholesale line rental
price.

                         About Telstra

Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5  
million mobile services.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are  
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The  
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


TONGRAN ENTERPRISES: Wind-up Proceedings Initiated
--------------------------------------------------
At an extraordinary general meeting of Tongran Enterprises Pty
Limited on March 23, 2006, members agreed that it is in the
Company's best interests to wind up its operations, due to its
inability to pay its debts within 12 months.

Stephen Jay was named as liquidator for the wind-up.

Contact: Stephen Jay
         Liquidator
         Nicholls & Co. Chartered Accountants
         Suite 103, 1st Floor, Wollundry Chambers
         Johnston Street, Wagga Wagga
         New South Wales 2650, Australia


TRANSPORT LOGISTICS: Liquidator to Present Wind-up Report
---------------------------------------------------------
Members of Transport Logistics Australasia Pty Limited will hold
a final meeting today, May 5, 2006.

At the meeting, members will receive Liquidator A. L. Dunner's
final account showing how the Company was wound up and its
property disposed of.

Contact: A. L. Dunner
         Liquidator
         Andrew Dunner & Associates Chartered Accountants
         23 Erin Street, Richmond
         Australia


TRENT FRANK: CIR Lodges Liquidation Petition
--------------------------------------------  
On March 28, 2006, the Commissioner of Inland Revenue filed
before the High Court of Tauranga an application to liquidate
Trent Frank Paving 2004 Ltd.

The application will be heard before the High Court at Rotorua
on May 8, 2006, at 10:45 a.m.

Contact: G. N. Jansen
         Solicitor for the Plaintiff
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0408


TUGLOW PTY: Supreme Court Orders Wind-up
----------------------------------------
The Supreme Court of the Australian Capital Territory issued a
winding up order against Tuglow (New South Wales) Pty Limited,
and appointed Ezio Marco Senatore as provisional liquidator.

Contact: Ezio M. Senatore
         Provisional Liquidator
         Senatore Brennan Rashid
         Level 7, 28 University Avenue
         Canberra, Australian Capital Territory 2601
         Australia
         Telephone: (03) 6214 6700
         Fax: (02) 6214 6799


WESTPOINT GROUP: Planners May Have Enough to Pay Back Investors
---------------------------------------------------------------
Law Firm Slater & Gordon informed Westpoint investors that some
financial planners might have adequate insurance to pay
recoveries, The West Australian relates.

According to Slater & Gordon partner Toby Borgeest, after the
firm further analyzed and investigated into insurance policies
held by financial planning groups, it found out that reasonable
policies were held by some planners.

As reported in the Troubled Company Reporter - Asia Pacific on
March 14, 2006, investors in Westpoint Group's high-risk, high-
interest mezzanine schemes have been gearing up for a class
action against about 100 financial planning groups for the way
they put investor savings and superannuation into the Westpoint
projects.  IMF Australia -- which is a sharemarket-listed
litigation funder that assesses all potential litigation on
whether there will be any money at the end to recover its costs
and potentially deliver a profit to its shareholders -- had
teamed up with Slater & Gordon and proposed to give the class
action a AU$15 million funding.

However, a subsequent TCR-AP report dated April 6, 2006, stated
that IMF is considering abandoning its plan to bankroll the
class action after IMF found significant loopholes in certain
professional indemnity policies issued by certain insurers.

IMF director Hugh McLernon said that he had examined insurance
policies from several groups, including major Australian
professional indemnity insurers QBE and Macquarie, and had
serious concerns about whether they would adequately cover the
claims against Westpoint.  Specifically, Mr. McLernon noted, one
Macquarie policy requires that a writ be issued in the life of
the policy and excluded claims if the planner was aware of
circumstances before the insurance period that ought reasonably
to have resulted in a claim.

WestBusiness says that more than AU$54 million is believed to
have been paid to financial planners, who received up to 10%
commission.  Some investors have claimed that they went to
financial planners seeking low-risk investments but were instead
put into Westpoint's schemes, which were backed only by second
or third mortgages and guarantees from Westpoint.

WestBusiness further relates that financial planners do not have
compulsory insurance as the result of the Federal Government
delaying the implementation of laws that would have set strict
criteria surrounding the professional indemnity insurance held
by planners.

Mr. Borgeest said that Slater & Gordon conducted its own
investigation of professional indemnity policies held by the
planning groups after obtaining documents through various means,
including access to court files in other legal actions against
the planners.  He said that the firm was getting some expert
opinions on insurance issues and found that there is "quite a
deal of difference between the policies."

Mr. Borgeest added that the firm was also putting a lot of
energy into examining potential legal claims.  Under the deal
unveiled in February for IMF to bankroll the potential legal
claims on behalf of Westpoint investors, the litigation funder
could have received a cut of up to 40% of after-costs winnings
from the court cases.

According to the previous TCR-AP report, IMF's withdrawal could
close one of the major potential avenues for up to 4,000
Australian investors to recover their money from the planners.  
Thus, investors now face losing a substantial part, if not all,
of their investment in the wake of Westpoint's AU$500 million
collapse late last year and the appointment of receivers to
recover the first-mortgage exposure of financial institutions.

WestBusiness says that receivers and liquidators are now looking
at potentially recovering assets and money from interests linked
to Westpoint founder Norm Carey and his associates, but any
potential recoveries are unlikely to cover anywhere the losses.

                         About Westpoint   

Headquartered in Perth, Western Australia, the Westpoint Group -
- http://westpoint.com.au/-- is engaged in property development  
and owns or manages retail and commercial properties with a
total value of over AU$300 million.  The Group's troubles began
in 2005 when the Australian Securities and Investments
Commission commenced a series of legal proceedings in relation
to a number of companies within the Westpoint Group.  ASIC
contends that Westpoint projects are suffering from significant
shortfall of assets over liabilities so that hundreds of
investors are at serious risk of not receiving repayment of
their investments.  These investigations were then followed by
the winding up of a number of Westpoint's mezzanine companies.  
ASIC also sought wind-up orders after the Westpoint companies
failed to comply with ASIC's requirement to lodge accounts for
certain financial years.  These wind-up actions are still
continuing.  

In February 2006, a wind-up order was issued by the Federal
Court in Perth against Westpoint Corporation Pty Ltd.  ASIC had
applied to wind up the company on grounds of insolvency.  ASIC
believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  
ASIC was concerned that Westpoint Corporation was unable to pay
its debts, including its obligations under the guarantees given
to the mezzanine companies to make good expected shortfalls in
the repayment of amounts owed to investors.  The Westpoint
Group's collapse is considered by many as the largest of its
type in recent years, with small investors being the biggest
group affected.  Investors are currently joining forces to
commence a class action against Westpoint and its advisors.


WOK NOMINEES: Prepares for Liquidation
--------------------------------------
Members of Wok Nominees Pty Limited appointed Matthew Jess and
Paul Burness as official liquidators at a general meeting on
March 23, 2006.

Contact: Paul Burness
         Matthew Jess
         Liquidators
         Worrells Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone: (03) 9613 5506
         Fax: (03) 9614 3233


WOODSIDE PETROLEUM: To Hold Final Meeting Today
-----------------------------------------------
The final meeting of Woodside Petroleum (Timor Sea 7) Pty
Limited will be held today, May 5, 2006.

At the meeting, Liquidator Shaun Fraser will present his
accounts of the manner of the Company's wind-up and property
disposal.

Contact: Shaun Fraser
         Liquidator
         McGrathNicol+Partners
         Central Park, Level 30, 152-158 St. George's Terrace
         Perth, Western Australia 6000
         Australia
         Telephone: (08) 6363 7608
         Web site: http://www.mcgrathnicol.com/
        

YABBA YABBA: Distributes Creditors' Final Dividend
--------------------------------------------------
Yabba Yabba Pty Limited will declare its first and final
dividend today, May 5, 2006.

The Company's creditors who were unable to prove their claims
will be excluded from sharing in the dividend distribution.

The Troubled Company Reporter - Asia Pacific reported on March
24, 2006, that members of Yabba Yabba Pty Ltd have decided to
wind up the Company's operations.

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


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

BANK OF CHINA: Sells US$1.92-Billion Shares to Key Investors
------------------------------------------------------------
The Bank of China has allotted US$1.92 billion worth of shares
for 12 key investors, mainly local tycoons, in its estimated
US$8 billion offering, the South China Morning Post reports.

According to the report, the Chinese lender has verbally agreed
to allocate to each investor US$160 million worth of shares with
a 12-month lock-up period.  The agreements are expected to be
signed this week.

Sources told the Morning Post that the lender had originally
planned to cap the amount of shares sold to key investors at
20%, but overwhelming demand from tycoons, who are believed to
include Henderson Land Development Co. Chairman Lee Shau-kee and
New World Development Co. Chairman Cheng Yu-tung, had pushed it
to remove the limit.

About The Bank of China

Headquartered in Beijing, China, the Bank of China    
-- http://www.bank-of-china.com/-- provides corporate banking,  
retail banking and investment banking.  Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards.  It has 12,967 domestic branches and 559 overseas
branches.  The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.  
The state-owned lender has been offloading bad loans and
increasing capital since 2003 in preparation for an overseas
share sale, part of government plans to prepare the industry for
increased foreign competition, starting at the end of this year.  


BRIDGELEY LIMITED: Receiving Proofs of Debt Until May 15
--------------------------------------------------------
Creditors of Bridgeley Limited are asked to lodge their proofs
of debts on or before May 15, 2006.  

Failure to comply with the requirement will exclude any creditor
from sharing in the Company's dividend distribution.

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


BURGESS INTERNATIONAL: Appoints Joint and Several Liquidators
-------------------------------------------------------------
James Wardell and Chan Wai Dune were appointed Joint and Several
Liquidators of Burgess International Ltd following resignation
of the Company's former liquidators.

Contact: James Wardell
         Chan Wai Dune
         Room 1601-02, 16/F.,
         One Hysan Ave Causeway Bay
         Hong Kong


CASPER (H.K.) HI-TECH: Creditors to Prove Debts by May 19
---------------------------------------------------------
Casper (H.K.) Hi-Tech Limited will receive proofs of debts from
the Company's creditors until May 19, 2006.

Failure of creditors to establish proofs of debts on the due
date will exclude them from sharing in any distribution the
Company will make.

Contact: Soong Chi-Wah
         Liquidator
         5th Floor
         Edwick Industrial Centre
         4-30 Lei Muk Road
         Kwai Chung, New Territories
         Hong Kong


GEO-TRONICS DEVELOPMENT: Names Official Liquidators
---------------------------------------------------
Geo-Tronics Development Co Ltd has appointed James Wardell and
Chan Wai Dune as Joint and Several Liquidators following the
resignation of the Company's former liquidators.

Contact: James Wardell
         Chan Wai Dune
         Room 1601-02, 16/F.,
         One Hysan Ave Causeway Bay
         Hong Kong


GRADUATE CENTRE: Creditors OK Liquidators' Appointment
------------------------------------------------------
Members of Graduate Centre Limited convened on March 31, 2006,
and decided to wind up the Company's operations.

Cheung Kam Sing was subsequently appointed as liquidator to
oversee the Company's wind-up activities.

Contact: Cheung Kam Sing
         Liquidator
         Room 2202
         Tung Wai Commercial Building
         111 Gloucester Road
         Wanchai, Hong Kong


HONOUR SHEEN: Court Set to Hear Winding-up on May 24
----------------------------------------------------
On March 27, 2006, Lee Yuk Lun filed a petition to wind-up
Honour Sheen Ltd before the High Court of Hong Kong.

The petition will be heard before the Court on May 24, 2006, at
9:30 a.m.

Parties wishing to attend must send a notice of intention
address to the liquidator not later than 6:00 p.m. on May 23,
2006.


HUTCHISON ENTERPRISES TWO: Members' Hold Final General Meeting
--------------------------------------------------------------
The members of Hutchison Enterprises Two Limited will gather on
May 15, 2006, for a final general meeting at:

           Level 28
           Three Pacific Place
           1 Queen's Road East
           Hong Kong

Joint liquidators Ying Hing Chiu and Chung Miu Yin's accounts on
the Company's voluntary winding will be presented during the
meeting.


HUTCHISON ENTERPRISES FOUR: Members' Meeting Scheduled on May 15
----------------------------------------------------------------
Members of the Hutchison Enterprises Four Limited will convene
for a final general meeting on May 15, 2006, at Level 28, Three
Pacific Place, 1 Queen's Road East, Hong Kong.

At the meeting, Joint Liquidators Ying Hing Chiu and Chung Miu
Yin will present their accounts of the Company's liquidation
process.

The members will also decide whether the books, accounts, and
documents of the Company will be retained by the liquidator and
be disposed of after the Company is dissolved.


HUTCHISON GLOBAL: Transfers Business to Alcatel
-----------------------------------------------
Hutchison Global Communications Ltd has agreed to transfer to
Alcatel China Ltd, transferee.  Hutchison Global, located at
22/F., Hutchison House, 10 Harcourt Road, Hong Kong, is engaged
in certain engineering, operations and maintenance services

The unnamed transferee, located at 29/F., Citicorp Centre, 18
Whitfield Road, Causeway Bay, Hong Kong intends to carry on the
business of Hutchison Global under the name Alcatel China Ltd.

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

Completion of transfer will be on May 29, 2006.


LINKCITY TECHNOLOGIES: Court Approves Wind-up Petition
------------------------------------------------------
On April 12, 2006, the Court of First instance of Hong Kong
approved and ordered the winding up of Linkcity Technologies
(H.K.) Ltd.

A petition to wind up the Company was filed before the Court on
January 17, 2006.


LUEN WON: To Hold Final Meeting on May 16
-----------------------------------------
Members and creditors of Luen Won Catering Enterprises Limited
will hold a final meeting on May 16, 2006, to receive Liquidator
Lo Tak Kin's final account showing how the Company was wound up
and how its property was disposed of.

The meeting will be held at:

          Room 207, 2nd Floor
          Duke of Windsor Social Services Building
          No. 15 Hennessy Road
          Wanchai, Hong Kong


MAD CATZ: Creditors Given Until May 23 to Prove Claims
------------------------------------------------------
Mad Catz (Asia) Limited will be receiving creditors' proofs of
claims until May 23, 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 sharing in any distribution the Company will make.  

Contact: Nip Kwan Hing
         Liquidator
         Room 1203
         United Chinese Bank Bldg.
         31-37 Des Voeux Road
         Central, Hong Kong


MOULIN GLOBAL: Liquidators Sell U.S. Asset for US$602 Million
-------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific has reported on
October 28, 2005, that Ferrier Hodgson planned to sell Moulin's
56% stake in Eye Care Centers of America (ECCA), Moulin's
factories in Chaoyang, Guangdong, and the Hong Kong-listed shell
entity for US$450 million.

In an update on May 3, 2006, The South China Morning Post
disclosed that the provisional liquidators of Moulin Global
Eyecare Holdings have sold Eye Care Centers of America to
Highmark Inc. for US$602 million.

Roderick Sutton of Ferrier Hodgson, one of the liquidators, said
they sold ECCA for an equity value of US$305 million plus US$297
million.  

According to the report, more than 20 banks led by HSBC are
claiming more than $2 billion in debt from Moulin, once Asia's
largest eyewear firm.

In March 2005, United States venture capital firm Golden Gate
acquired 43% of ECCA while Moulin bought 56%.  Moulin's debt
problems surfaced the following month, when its auditor Deloitte
Touche Tohmatsu resigned.   Subsequently, banks called in loans,
culminating in the firm being placed under provisional
liquidation in June last year.

The boards of Highmark and ECCA have approved the acquisition,
according to ECCA's press release.  The deal, pending ECCA
shareholders' and regulatory approval, was expected to be
completed in the third quarter, it added.  After the
acquisition, ECCA's 384 eyewear stores will be added to
Highmark's 89 outlets in the United States.

About Eye Care Centers Of America, Inc.

With 384 stores in 36 states, Eye Care Centers of America, Inc.
is the third largest retail optical chain in the U.S. The
company's brand names include EyeMasters, Binyon's, Visionworks,
Hour Eyes, Dr. Bizer's VisionWorld, Dr. Bizer's ValueVision,
Doctor's ValuVision, Stein Optical, Vision World, Doctor's
VisionWorks, and Eye DRx.  Founded in 1984, the company is
headquartered in San Antonio, Texas.

About Highmark Inc.

Highmark, an independent licensee of the Blue Cross Blue Shield
Association, is one of the top health insurers in the United
States with corporate headquarters in Pittsburgh, PA.  
Highmark Inc.'s mission is to provide access to affordable,
quality health care enabling individuals to live longer,
healthier lives.  Highmark serves 4.6 million people through the
company's health care benefits business, and contributes
millions of dollars each year to help keep quality health care
programs affordable and to support community-based programs that
work to improve people's health.  Highmark's vision subsidiary
business provides services to approximately 35 million funded
and discount members in Pennsylvania and across the nation.



NATIONWIDE TREASURE: Liquidator to Present Wind-up Report
---------------------------------------------------------
Creditors and contributories to Nationwide Treasure (H.K.) Ltd
will meet with Liquidator E.T. O'Connell on May 10, 2006.

At the meeting, Mr. O'Connell will present an account on the
Company's winding up and property disposal.

Contact: E.T. O'Connell
         10/F., Queens Way Government Offices
         66 Queensway, Hong Kong


ORGANICA LIMITED: Faces Winding-up Petition
-------------------------------------------
Lai Kung Chuen, on April 13, 2006, filed before the High Court
of Hong Kong a petition to wind-up Organica (China) Ltd.

The application will be heard before the Court on June 14, 2006,
at 9:30 a.m.

Parties wishing to attend must send a notice of intention
address to the liquidator not later than 6:00 p.m. on June 13,
2006.

Contact: Adrian Yeung & Cheng
         Suite 2308-9, 23/F., Cosco Tower
         183 Queens Rd Central
         Hong Kong


PO WING CONSTRUCTION: Court Orders Winding-up
---------------------------------------------
The Court of First instance of Hong Kong ordered the winding-up
of Po Wing International Construction Ltd on April 11, 2006.


RINOL CHINA: Joint and Several Liquidators Named
------------------------------------------------
Rinol China (Holdings) Limited has appointed Desmund Chung Seng
Chiong and Roderick John Sutton as Joint and Several Provisional
Liquidators through a special resolution passed by the members
of the Company on March 15, 2006.  

Contact: Desmund Chung Seng Chiong  
         Roderick John Sutton  
         14/F Hong Kong Club Building  
         3A Chater Road, Central  
         Hong Kong  


STUTTGART INTERNATIONAL: Names New Liquidators
----------------------------------------------
James Wardell and Chan Wai Dune were appointed Joint and Several
Liquidators of Stuttgart International Motors Ltd following
resignation of the Company's former liquidators.

Contact: James Wardell
         Chan Wai Dune
         Room 1601-02, 16/F.,
         One Hysan Ave Causeway Bay
         Hong Kong


TULLETT LIBERTY: Members Resolve to Wind Up Firm
------------------------------------------------
Members of Tullett Liberty (Hong Kong) Limited held a meeting on
March 31, 2006, and agreed that:

  -- the Company be wound up voluntarily;

  -- Natalia K.M. Seng and Susan Y.H. Lo be appointed as
     liquidator for the purpose of such winding up;

  -- the assets of the Company be distributed among the members
     in cash or in kind; and

  -- the audit of the Liquidator's accounts of receipts and
     payments will not be required.

Contact: Natalia K.M. Seng
         Susan Y.H. Lo
         Joint Liquidators
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


WIN CAPITAL: Members Agree to Wind Up Operations
------------------------------------------------
At a general meeting on April 6, 2006, members of Win Capital
Trading Limited agreed that the Company must voluntarily
commence a wind-up of its operations.

Yuen Shu Tong was subsequently appointed as liquidator.

Contact: Yuen Shu Tong
         Liquidator
         3/F., Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


WORLDWIDE BIOTECH: Auditor Raises Going Concern Doubt
-----------------------------------------------------
Most & Company, LLP, in New York, raised substantial doubt about
the ability of Worldwide Biotech & Pharmaceutical Company to
continue as a going concern after auditing the company's
consolidated financial statements for the year ended Dec. 31,
2005.  The auditor pointed to the company's losses and working
capital deficiency.

Worldwide Biotech & Pharmaceutical Company filed its
consolidated financial statements for the year ended Dec. 31,
2005, with the United States Securities and Exchange Commission
on April 5, 2006.

The company reported a US$3,683,322 net loss on US$26,222 of
revenues for the year ended Dec. 31, 2005.

At Dec. 31, 2005, the company's balance sheet showed
US$3,638,391 in total assets, US$3,016,598 in total liabilities,
and US$621,793 in total stockholders' equity.

The company's Dec. 31 balance sheet also US$829,871 in total
current assets available to pay US$2,718,307 in total current
liabilities coming due within the next 12 months.

A full-text copy of the company's 2005 Annual Report is
available for free at:

    http://ResearchArchives.com/t/s?86d

Worldwide Biotech & Pharmaceutical Company specializes in the
development and potential marketing of viruses/viral vectors,
bio-medicines, external diagnostic reagents, prophylactic
vaccines for humans, and oral dosage forms of traditional
Chinese medicine.  The Company is currently developing a
hepatitis C vaccine primarily in China.  The Company employs 62
full time employees, with corporate headquarters, manufacturing
facilities and main laboratory in the Yangling Agricultural Hi-
Tech Industrial Demonstration Zone, Shaanxi Province, China.


YAU SHING ENGINEERING: Former Liquidators Replaced
--------------------------------------------------
James Wardell and Chan Wai Dune were appointed Joint and Several
Liquidators of Yau Shing Civil Engineering Ltd following
resignation of the Company's former liquidators.

Contact: James Wardell
         Chan Wai Dune
         Room 1601-02, 16/F.,
         One Hysan Ave Causeway Bay
         Hong Kong






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

MAHILA NAGRIK: Reserve Bank Cancels License Due to Insolvency
-------------------------------------------------------------
The Reserve Bank of India has canceled the license of Mahila
Nagrik Sahkari Bank Maryadit of Khargone, Madhya Pradesh, on
May 2, 2006, after all efforts to revive the bank failed.

The Registrar of Co-operative Societies, Madhya Pradesh, has
also been requested to issue an order to wind up Mahila Nagrik
and appoint a liquidator.

The Reserve Bank said that there was a run on Mahila Nagrik and
deposits amounting to INR71.94 lakh were withdrawn from the bank
between October 24, 2003, and December 18, 2003.  A scrutiny of
the books of accounts of Mahila Nagrik conducted by the Reserve
Bank revealed that the bank's liquidity position as of Dec. 18,
2003, was severely impaired.

Considering its financial position, Mahila Nagrik was placed
under directions pursuant to Section 35A of the Banking
Regulation Act, 1949, on February 25, 2004, which restricted
repayment of deposits to INR1000 per depositor.  

Furthermore, the inspection of Mahila Nagrik with reference to
its position as of March 31, 2005, revealed deterioration in its
financial condition.  The realizable value of paid-up capital
and reserves was in the negative and its deposits were fully
eroded.

Thereafter, the Reserve Bank issued a notice to Mahila Nagrik on
October 7, 2005, asking it to show cause as to why the license
granted to it to conduct banking business should not be
cancelled.  As Mahila Nagrik did not have a viable plan of
action for revival and the chances of its revival were remote,
the Reserve Bank decided to cancel Mahila Nagrik's license in
the interest of the bank's depositors.

With the cancellation of its licensee and after commencement of
liquidation proceedings, the process of paying the depositors of
Mahila Bank will be set in motion.

Contact: Shri M.K. Ray
         Deputy General Manager
         Urban Banks Department
         Reserve Bank of India
         Hoshangabad Road, Bhopal 462 011
         Telephone Number: (0755) 2555072
         Fax Number: (0755) 2554515
         e-mail: ubdbhopal@rbi.org.in  


* Possible Fuel Rate Hike Cheers State Oil Firms
------------------------------------------------
State oil refiners Indian Oil Corporation, Bharat Petroleum
Corporation and Hindustan Petroleum Corporation were happy over
news that the Government decided to increase fuel prices next
month after the May 11 state elections, The Financial Express
reveals.

A rise in fuel prices have been expected in March but the
Government postponed the decision because it does not want to
anger voters, the report says.

As reported by the Troubled Company Reporter - Asia Pacific on
April 20, 2006, the Government has not raised prices of petrol
and diesel since September last year.  This has negatively
impacted the three state oil marketing companies, which sell
fuel products at subsidized prices as ordered by the Government.

The Financial Express says that higher fuel prices will help the
companies report profits although costly fuel is expected to hit
domestic oil demand, which has been sluggish for the past year.  
However if fuel prices are not raised and crude remained above
US$70 a barrel, the combined loss of the state-run refiners
would hit INR750 billion.

The TCR-AP also reported on that the Government has issued bonds
to oil firms to partly compensate them for their losses, while
consumers saw a fuel price hike of 7% in June, followed by a
similar rise in September.

Officials said the extent of any increase this month would
depend on the value of bonds the finance ministry provides to
the oil companies.

                  About Indian Oil Corporation

Indian Oil was established as Indian Oil Company Limited in
1959.  Indian Oil Corporation was formed in 1964 with the merger
of Indian Refineries Limited with the Indian Oil Company Ltd.  
Indian Oil's countrywide network of over 22,000 sales points is
backed for supplies by its extensive, well spread out marketing
infrastructure comprising 167 bulk storage terminals,
installations and depots, 94 aviation fuelling stations and 87
LPG bottling plants.  Its subsidiary, IBP Co. Ltd, is a stand-
alone marketing company with a nationwide network of over 3,000
retail sales points.  

In spite of its large production capacity and smooth operations,
Indian Oil incurred huge losses as a result of a Government
mandate, which prohibits public sector oil marketing firms from
raising fuel prices despite skyrocketing global prices.  For
years, Indian Oil has been selling fuel at subsidized prices,
which is way below the costs it pays for importing fuel from
overseas markets.  The Company has not been able to pass on the
high prices leading to large under-recoveries and losses.   

Early this year, the Government has offered a bailout package to
help rescue oil companies, including Indian Oil, from going
bankrupt.  Under the package, the Government issued Indian Oil,
Bharat Petroleum, Hindustan Petroleum and IBP oil bonds worth
INR10,000 crore to INR12,000 crore to compensate them for not
raising LPG and kerosene prices.  The move was expected to
improve their balance sheets.

              About Hindustan Petroleum Corporation

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

                     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.

For the quarter ended March 31, 2006, Bharat Petroleum clocked a
409% increase in net profit to INR17.883 billion, as against the
INR3.5 billion in the same quarter last year.  However, the
Company still expects to book a full-year net loss in fiscal
20065 due primarily to selling cheap fuel and soaring crude oil
costs.


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

PERTAMINA: Halts Kerosene Imports
---------------------------------
State-owned PT Pertamina has decided to stop importing kerosene
starting this month, as the output from its refineries has
managed to cover local demand, Dow Jones Newswires relates.

Pertamina disclosed that the rising crude oil prices in the
global market has urged the company to take measures to optimize
the domestic production of oil products.

Imports of kerosene had slid to 600,000 barrels a month early
this year from a peak of 2.4 million barrels in September 2005,
the Company said, without elaborating.

Indonesia's imports of oil products have been falling to between
7 million and 8 million barrels a month recently from 17 million
barrels in September 2005 after the Government more than doubled
fuel prices in October 2005 to prevent fuel subsidies from
breaking the state budget.

The Government also increased efforts to halt fuel smuggling in
the country.

                       About PT 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.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, with the rest being met
by imports.

In 2003, PT Pertamina director of finance Alfred Rohimone
disclosed that the state-owned oil company's financial condition
was in critical condition because its expenditure was surpassing
its income due to its obligation to meet domestic demand with
fuel oil bought at higher prices on he international market.  
Mr. Rohimo stated that with a liquidity position below IDR2
trillion, the Company was already bleeding.

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.

In August 2005, a debt owed by Pertamina to United States firm
Karaha Bodas Company has risen from IDR2.54 trillion to IDR2.99
trillion.  The debt increased when, in 2003, a U.S. court
ordered the Company to pay compensation to KBC, relating to an
international arbitration decision, when the Indonesian
Government halted a geothermal project in Karaha Bodas, East
Java.  Since that time, the debt has steadily risen due to the
Company's failure to pay the compensation immediately.


PERUSAHAAN LISTRIK: Detains Chief in Graft Case
-----------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
February 9, 2006, Indonesia police are investigating the alleged
price mark-up of three generators in Indonesia, which PT
Perusahaan Listrik Negara had purchased in 2004.

In an update on May 4, 2006, Xinhuanet.com relates that the
police arrested Perusahaan Listrick's president, Eddie Widiono,
for allegations of corruption.

Mr. Widiono was accused of marking up the funds used to buy a
MD2500 generator for an electricity project in Borang regency in
South Sumatra in 2004, which made the state suffer a financial
loss of IDR122 billion.

Maqdir Ismail, who represents Mr. Widiono, said that he
disagreed with the detention because it did not meet all
requirements of law.  Mr. Ismail said that he intends to ask for
the detention to be suspended.

                          *     *     *

Headquartered in Jakarta, Indonesia, PT Perusahaan Listrik
Negara -- http://www.pln.co.id/-- is Indonesia's state-owned  
utility company.  The Company transmits and distributes
electricity to approximately 30 million customers, or about 60%
of Indonesia's population.  The Indonesian Government decided to
end PLN's power supply monopoly to spark interest for
independents to build more capacity for sale directly to
consumers, as many areas of the country are experiencing power
shortages.  After suffering heavy losses since 2004, PLN posted
IDR4.92 trillion net loss in 2005, compared with the IDR23-
trillion net loss it had expected.

The Troubled Company Reporter - Asia Pacific reported that as
part of its cost-cutting efforts, PT Perusahaan Listrik Negara
is planning to substitute the use of high-speed diesel in some
of its power plants with fuel oil.  PLN primary energy director
Tonny Agus Mulyantono said that the Company has identified 45
diesel-power plants that could be converted to use the cheaper
fuel oil.  The Company expects some IDR1.34-trillion savings if
the conversion pushes through since fuel oil only costs IDR3,600
per liter, which is much cheaper that the IDR5,043 per liter
diesel fuel.  PLN would need six to eight months to install new
equipment to handle fuel oil, which is thicker than high-speed
diesel fuel.


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

EHOMES INCORPORATED: Shutdown to Burden Building Inspectors
-----------------------------------------------------------
The planned closure of building inspector eHomes Incorporated
will increase the burden of government building inspectors in
Shinjuku Ward, Tokyo, where the Company is based, the Asahi
Shimbun reports.

Shinjuku Mayor Hiroko Nakayama asked the Central Government for
enough time to facilitate the handover process, since the
Shinjuku City Government would now be responsible for the work
to be left by the Company.

According to the Ministry of Land, Infrastructure and Transport,
eHomes has conducted around 36,000 inspections of buildings all
over the country since 2001, which means that other local
governments may also be affected by the Company's shutdown.

Shinjuko Ward explained that the Company conducted some 700
inspections in its district; the ward can only handle 200
inspections annually.  Koto Ward, in Tokyo, said that eHomes
conducted about 500 inspections in its district, and they can
only handle around 200 inspections.

Local governments fear that eHomes' inspections need to be
redone, as the Company was involved in a scandal concerning
falsified earthquake-resistance data used in construction
projects.

                          *     *     *

An April 27, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that local police arrested eHomes Incorporated's
president, Togo Fujita, and seven other individuals on April 26,
for alleged violations of construction industry laws in building
structures with falsified earthquake-safety data.  Mr. Fujita
was arrested mainly for his role in falsifying the Company's
financial accounts to show an inflated capital of JPY50 million,
when it actually had JPY23 million in capital.


PIONEER CORPORATION: Teams with Tele Atlas on Navigation System
---------------------------------------------------------------
Pioneer Corporation signed an agreement with geographic content
provider Tele Atlas to supply European and North American
digital map data and point-of-interest content for the Company's
current and future car navigation systems on May 3, 2006.

Pioneer supplies after-market navigation systems in Europe, the
United States and Japan, combining innovative touch panel
control and voice commands with a sophisticated menu designed
for ease of use, precise position information and advanced
routing features.  Tele Atlas' digital map data and relevant
point of interest content such as hotels, restaurants and
entertainment will help Pioneer system users easily find places
and products of interest, and the most direct route to them.

According to Tele Atlas Chief Executive Officer Alain de Taeye,
the partnership with Pioneer puts together an innovative
navigation system with the most accurate digital map data in the
world, in order to deliver highly useful services to mobile
consumers worldwide.

                   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 December 2005, Pioneer announced business restructuring plans
that involve improving management efficiency through
organizational restructuring.  The Company dismantled its
current "internal Company" system on 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 were 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 cut 2,000 employees from its overseas workforce.

The Troubled Company Reporter - Asia Pacific stated on May 2,
2006, that Pioneer posted a tenfold increase in its net loss for
2005 to JPY84.9 billion, from a JPY8.8 billion net loss in 2004,
due to an increase in restructuring efforts to combat price
falls of its digital appliances.


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

HYUNDAI MOTOR: FTC to Impose Sanctions For Pressuring Suppliers
---------------------------------------------------------------
The Fair Trade Commission may impose administrative action
against Hyundai Motor Co. and its affiliate, Kia Motors
Corporation, for exerting unfair pressure on parts suppliers to
cut prices, The Asia Times reports.

The FTC launched an investigation on the automakers late last
year and early this year on suspicions that they forced their
subcontractors to lower the price of auto parts.

It is alleged that the move was an attempt to transfer the
burden of high raw material prices and unfavorable exchange
rates on smaller companies, using Hyundai and Kia's superior
bargaining positions.  The FTC said that the process could be
construed as unfair trade.

The FTC added that the call on suppliers to slash prices also
conflicts with current government policy of trying to lessen the
gap between large conglomerates and small and medium enterprises
that often provide parts to bigger businesses.  

The Government has called on large conglomerates to share the
burden of unfavorable conditions instead of transferring it to
smaller companies as was done in the past.

                      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.  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%.  The Company also manufactures machine
tools for factory automation and material- handling equipment.

The Troubled Company Reporter - Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion
worth of Hyundai's bad debts written off.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

Kia Motor President Chung Eui-sun, the group chairman's son, is
currently under a travel ban.  Other affiliates are also feeling
the pinch.  Amid all this, Hyundai Motor's labor union is
demanding a wage increase of 9.1% or KRW125,524 (US $125),
significantly more than 2005's 6.9% or KRW89,000.  The union is
expected to capitalize on the slush fund allegations in support
of its case and make matters worse for management.


HYUNDAI MOTOR: First Quarter Profit Falls 37.5%
----------------------------------------------
Hyundai Motor Co. disclosed that its net profit fell 37.5% to
KRW318.8 billion in the first quarter ended March 31, 2006,
versus a net profit of KRW509.8 billion in the same period in
2005, as the strong South Korean currency against the U.S.
dollar hurt its export profits, according to Reuters.

The third quarter result, which was originally scheduled for
last week, came after Hyundai Motor Chairman Chung Mong-koo was
arrested on April 28, 2006, on charges of misusing company
funds.

The Troubled Company Reporter - Asia Pacific has reported
earlier that prosecutors suspect Chairman Chung of
embezzling about US$106 million since 2002 to create a slush
fund, as well as of incurring about US$320 million in damages to
the Company.

Meanwhile, Hyundai is expected to show earnings improvements
over the coming quarters, helped by increasing sales of higher-
end models such as its Sonata sedan.

                      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.  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%.  The Company also manufactures machine
tools for factory automation and material- handling equipment.

The Troubled Company Reporter - Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion
worth of Hyundai's bad debts written off.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

Kia Motor President Chung Eui-sun, the group chairman's son, is
currently under a travel ban.  Other affiliates are also feeling
the pinch.  Amid all this, Hyundai Motor's labor union is
demanding a wage increase of 9.1% or KRW125,524 (US $125),
significantly more than 2005's 6.9% or KRW89,000.  The union is
expected to capitalize on the slush fund allegations in support
of its case and make matters worse for management.


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

COMSA FARMS: Withdraws Rights Issue and Shares Placement Plans
--------------------------------------------------------------
Comsa Farms Berhad will not proceed with its Securities
Commission-approved Rights Issue of Redeemable Convertible
Secured Loan Stocks and the Private Placement on May 26, 2006.

The Company did not disclose its reasons for the move but said
that it is still considering various issues in formulating a
restructuring plan to regularize its financial condition.

Pursuant Bursa Malaysia Securities Berhad's Listing
Requirements, the Company must submit the 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 the First Announcement which was
released on April 7, 2006.

The Troubled Company Reporter - Asia Pacific revealed on May 3,
2006, that Comsa Farms has proposed to undertake a comprehensive
restructuring scheme, which will include, among others:

     * a funds raising exercise; and

     * a debt restructuring involving the secured and unsecured
       financial creditors of the Comsa Group.

Comsa Farms said that details of its Proposed Restructuring
Scheme will be released in due course upon finalization of the
relevant terms and conditions of the Scheme Creditors.

                    About Comsa Farms Berhad

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feedmilling, poultry feeding, hatchery operations, and
layer farming.  The Company is currently embroiled in crisis due
to its inability to meet its sinking fund payment, weak
operational cash flow vis-a-vis its debt level and poor showing
in terms of returns on investment since the commencement of the
modernization and expansion of its farms in 2000.  Furthermore,
the poultry industry is presently confronted by the outbreak of
the avian influenza and rising raw material prices, which could
hurt Comsa's earnings and cash flow in the immediate term.  On
April 10, 2006, the Company was declared a Practice Note 17
company by Bursa Malaysia due to its deficits in shareholders
equity totaling MYR89,412,000.  As an affected listed issuer,
Comsa Farms is required to submit a plan to regularize its
financial condition.


KEMAYAN CORPORATION: Restraining Order Lapses
---------------------------------------------
The Restraining Order granted on Kemayan Corporation Berhad has
expired on April 29, 2006.

The Company is not certain whether it could obtain another
extension since the Securities Commission has already turned
down Kemayan's application to extend the deadline for the full
implementation of its Proposed Restructuring Scheme, as reported
by the Troubled Company Reporter - Asia Pacific on February 28,
2006.

The Securities Commission has, on June 10, 2005, warned Kemayan
that the SC's approval for the time extension was final and that
any further application for extension to fully implement the
restructuring scheme will not be considered in the future.  The
SC also noted the long period of time granted of approximately
2.5 years from July 16, 2003, to November 30, 2005, for Kemayan
to resolve its restructuring issues.

                    About Kemayan Corporation

Headquartered in Johor Darul Takzim, Malaysia, Kemayan
Corporation Berhad -- http://www.kemayan.com/-- develops,  
constructs and manages properties.  The firms' other activities
include the operation of resorts, cultivation of palm oil,
trading of office equipment and supplies and the provision of
management, engineering and investment holding services.  
Kemayan has incurred recurring losses in the past due to stalled
development projects and lack of cash flow.  These prompted the
Company to propose a restructuring scheme on June 29, 1999.  The
Company believes that the significant interest savings arising
from the Proposed Restructuring Scheme would provide the Kemayan
Group with the financial ability to continue its operations on a
going concern basis and, in the long term, to regain profit.  
Bursa Malaysia Securities Berhad will delist Kemayan Corporation
from the Official List on May 11, 2006, as the Company does not
have an adequate level of financial condition to warrant
continued listing on the Bourse.


MALAYSIA AIRLINES: Bags Reader's Digest Award for Fourth Time
-------------------------------------------------------------
Malaysian consumers have voted Malaysia Airlines as the winner
of the Reader's Digest Trusted Brand Platinum Award 2006 for the
Airline Category, Bernama reports.

The national flag carrier has won the award for four consecutive
years since 2003.

The award was presented on May 2, 2006, by Deputy Minister of
International Trade and Industry Ng Lip Yong to MAS Commercial
Director Abdul Rashid Khan.

Commenting on the achievement, MAS Managing Director Idris Jala
said that the airline will continue to upgrade its services and
enhance products offered to customers in order to remain their
trusted airline brand, locally and globally.

                     About Malaysia Airlines

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.  The carrier is currently facing financial
difficulties.  It made a loss after tax of MYR1.3 billion for
MYR2005 and MYR616 million for the nine-month ended December 31,
2005, due to high fuel and operating costs, and unprofitable
routes.  In late February 2006, it unveiled a radical rescue
plan to raise MYR4 billion in order to stay afloat and return to
profitability by next year.  Under the restructuring plan, the
airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
Whistle-blowing and stop corporate sponsorship.


MALAYSIA AIRLINES: Launches e-ticketing Service
-----------------------------------------------
Malaysia Airlines on May 1, 2006, launched its e-ticketing
system for domestic and Malaysia-Singapore flights, The Star
Online relates.

The move will pave the way for the total abolishment of tickets
by next year, including those booked through travel agents.

The carrier successfully issued 2,250 e-tickets on the launch
day, which generated a total revenue of MYR500,000 for the
airline.  Around 2.5 million e-tickets are expected to be sold
this year, The Star says.

Meanwhile, The Edge Daily reports that Malaysia Airlines is
looking to resolve interlining issues with other airlines by
next year following the implementation of its International Air
Transport Association-compliant e-ticketing and passenger
service system, or PSS.

Malaysia Airlines' ticketless check-in was already applicable
for any interline or interconnectivity for all domestic and
Malaysia-Singapore routes.  The carrier would eventually expand
the ticketless travel to all international and interline
sectors. It has targeted to migrate to full implementation of e-
ticketing by the end of next year.

However, it has been reported that ticketless systems do not
conform to industry electronic ticketing standards, The Edge
relates.  International Air Transport Association has said
ticketless systems could not be used for interline travel.

In this regard, Malaysia Airlines is working to implement PSS by
next year. According to The Edge, the new system could be worth
some MYR400 million over the next ten years and will replace its
20-year-old Kommas system, which handles reservations and
departure control.

The Troubled Company Reporter - Asia Pacific disclosed on
April 18, 2006, that Malaysia Airlines first introduced the
paperless ticketing service in 1997 for travel within Malaysia
and between Malaysia and Singapore.  The carrier believed that
the measure could help it save about 15% of the distribution
cost each year.  

                     About Malaysia Airlines

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.  The carrier is currently facing financial
difficulties.  It made a loss after tax of MYR1.3 billion for
MYR2005 and MYR616 million for the nine-month ended December 31,
2005, due to high fuel and operating costs, and unprofitable
routes.  In late February 2006, it unveiled a radical rescue
plan to raise MYR4 billion in order to stay afloat and return to
profitability by next year.  Under the restructuring plan, the
airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
Whistle-blowing and stop corporate sponsorship.


MBF HOLDINGS: Pre-Trial Case Management Moved to June 12
--------------------------------------------------------
The pre-trial case management of the legal case between the MBf
Holdings Berhad group and MBf Leasing Sdn Bhd in the Kuala
Lumpur High Court has been adjourned to June 12, 2006.

The hearing was postponed pending the decision on the MBf
Holdings group's appeal against the order of the Court striking
out the portion of the claim in a suit which as also been fixed
for hearing on June 12, 2006.

The Troubled Company Reporter - Asia Pacific earlier reported
that the MBF Holdings group has been granted orders on Oct. 25,
2005, to strike out the position of the claim in the suit that
relates to a settlement agreement between the parties.

The TCR-AP recounts that in October 2004, MBf Holdings, together
with its subsidiaries, lodged with the High Court of Malaya at
Kuala Lumpur, a request for an injunction against MBf Leasing,
restraining it from presenting, advertising or prosecuting a
winding up petition against the MBf Holdings group.

Together with MBf Holdings, the subsidiary-plaintiffs are:
     
     * Alamanda Development Sdn Bhd;
     * MBf Trading Sdn Bhd;
     * MBf Automobile Sdn Bhd; and
     * MBf Printing Industry Sdn Bhd

The injunction application was made following a notice served by
MBf Leasing against MBf Holdings on September 10, 2004, in
respect of a debt owed by Alamanda, MBf Property Services Sdn
Bhd, which was purportedly guaranteed by the Company.  
Subsequently, the MBf Leasing also issued letters of demand to
the Company as principal debtor/guarantor and to its
subsidiaries as principal debtors for facilities granted to its
subsidiaries.  

A MYR18 million settlement sum was agreed to be paid in cash and
assets.  In the midst of identifying the mechanics of the
settlement, the MBf Leasing issued the notice pursuant to  
Section 218 of the Companies Act 1965 on the Company.  
Subsequently, the Defendant also served the letters of demand on
the Company and its subsidiaries as principal debtor/guarantor
and principal debtors respectively of the facilities granted.

Of the total MYR77,568,321 claims asserted by MBf Leasing,
MYR25,688,140 had been accounted for in the books of MBf
Holdings group and MYR51,880,181 had been disclosed as
contingent liabilities.  

Should the MYR18 million settlement be formalized, there will be
a gain of approximately MYR9.1 million on the writeback of the
balance of the Inter-company Loans.  MBf Holdings and its
subsidiaries will incur a loss of approximately MYR51.88 million
and further interest and additional confirming facilities
accruing thereafter until the date of full settlement if the
Defendant is successful in its claims.  

Without prejudice to MBf Holdings' rights at law, the company
negotiated with MBf Leasing to settle the matter amicably.  

On June 8, 2005, the Court allowed MBf Leasing's application for
summary judgment to be entered against MBf Trading Sdn Bhd and
MBf Holdings in the sum of MYR14,603,477.84 together with
interest and confirmation fee claimed via Kuala Lumpur High
Court Suit No. D7-22-1547-2004.

MBf Holdings has filed a Notice of Appeal to the court and
applied for stay of execution.

                       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: Works to Finalize Regularization Scheme
---------------------------------------------------------
Metroplex Berhad is in negotiations with its lenders based on
the Proposed Composite Scheme of Arrangement to regularize its
financial condition.

The Proposed Scheme will be disclosed to Bursa Malaysia
Securities Berhad upon submission to relevant authorities.

The Company has another seven months to submit its
Regularization Plan to the relevant authorities for approval.  

                     About Metroplex Berhad

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.  


NORTH BORNEO CORP: Fails to Submit 2005 Accounts on Time
--------------------------------------------------------
The North Borneo Corporation Berhad has failed to meet the
April 30, 2006 deadline for the submission of its annual audited
accounts for the year ended December 31, 2005.

The Company said that it was not able to comply with the
requirement because of the resignation of its auditors, Ernst &
Young.  The resignation prompted The North Borneo to apply for
extension of time to table its 2005 Accounts.  

The Company has only recently nominated a new firm to replace
Ernst & Young as its auditors.  The appointment still needs to
be confirmed by shareholders at the Company's forthcoming
Extraordinary General Meeting.

Once the appointment of new auditors is confirmed, the Company
will be able to issue its outstanding accounts in compliance
with statutory requirements.

              About The North Borneo Group Berhad

Headquartered in Sabah, Malaysia, The North Borneo Corporation
Berhad engages in the management of forest management unit and
investment holding.  The Group operates in Malaysia and Bermuda.  
Due to its continuous losses, the Kuala Lumpur Stock Exchange
placed the Company under the Practice Note 4/2001 category in
April 2001 and was ordered to start regularizing its financial
condition.

On April 28, 2005, the Securities Commission has agreed to North
Borneo's proposal to dispose of its business as part of the
Company's efforts to regularize its finances and restructure its
debts.  The Plan, however, met objections from creditors.  On
March 6, 2006, two scheme creditors of North Borneo Corp. --
Sabah Development Bank and Prokhas Sdn Bhd -- withdrew their
support of the Company's proposed debt restructuring, saying
that they are no longer agreeable to the terms of the planned
business disposal as part of the restructuring program.


PAN MALAYSIA: Pays MYR41,712 for 100,000 Own Shares
---------------------------------------------------
On May 2, 2006, Pan Malaysia Corporation Berhad bought back
100,000 ordinary shares of MYR0.50 each for a total cash
consideration of MYR41,712.

The minimum price paid for each share purchased was MYR0.405 and
the maximum was MYR0.420.

After the purchase, the cumulative outstanding treasury shares
have reached 58,766,400.   

Pan Malaysia Corporation Berhad, on April 28, 2006, bought back
125,000 ordinary shares of MYR0.50 each for a total cash
consideration of MYR52,092.95, the Troubled Company Reporter -
Asia Pacific reported.   

                 About Pan Malaysia Corporation

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


PAN MALAYSIA: Seeks Shareholders' Restructuring Scheme Approval
---------------------------------------------------------------
Pan Malaysia Capital Berhad will hold an Extraordinary General
Meeting on May 15, 2006, to seek shareholders' approval of its
proposed regularization scheme.

               About Pan Malaysia Capital Berhad

Pan Malaysia Capital Berhad is involved in stock and share
broking.  Its other activities include provision of corporate
advisory, research and fund management and nominee and custodian
services, options and financial futures broking, property and
investment holding and share registration.  Operations of the
Group are principally carried out in Malaysia.  The Company's
existing ordinary shares of MYR1.00 each have been trading on
the stock exchange substantially below par for a long period of
time.  The last traded price of PM Cap shares on March 1, 2006,
was MYR0.095 per share.  The Company has proposed to reduce
capital to erase its accumulated losses. Pan Malaysia Capital
was categorized by Bursa Malaysia Securities Berhad as a
Practice Note 17/2005 company due to its insignificant business
operations for the financial year ended December 31, 2005.


PARK MAY: Likely to Complete Restructuring This Year
----------------------------------------------------
Park May Berhad expects to complete within this year its
restructuring scheme, which is now running into the fourth year,
The Edge Daily reports.

In a statement to Bursa Malaysia Securities Berhad, Park May
said that its application to the Securities Commission for an
extension of time until June 26, 2006, for the Company to
complete the restructuring scheme was still pending.

Meanwhile, The Edge relates that Konsortium Transnasional
Berhad, a unit of Nadicorp Holdings, will assume Park May's
listing upon completion of the restructuring.  

Park May will be submitting a revised earnings projection to the
Securities Commission soon.

                      About Park May Berhad

Headquartered in Kuala Lumpur, Malaysia, Park May Berhad
-- http://www.parkmayberhad.com/-- provides public bus  
transportation in Peninsular Malaysia, categorized as stage bus
and express bus.  Its other activities include operation and
construction of light rail transit system, trading and property
holding, and investment holding and managing operation.

The Company has defaulted in its payment of monthly interest of
MYR1.1 million on its MYR135.6 million Combined and Converted
Short Term Loan Facility due on April8, 1999.  On December 30,
1999, the Corporate Debt Restructuring Committee successfully
assisted Park May Berhad to finalize a debt restructuring scheme
with its lenders and main suppliers involving debt outstanding
as at even date of MYR146 million.  On April 17, 2000, the
Securities Commission approved Park May's Proposals.  On
February 28, 2003, Park May registered a deficit in
shareholders' equity on a consolidated basis of MYR23.17
million, making it an affected listed issuer under Bursa
Malaysia Securities' Practice Note 4 category. As an Affected
Listed Issuer, the Company is required to regularize its
financial condition.


TELEKOM MALAYSIA: Strikes Deal with Saudi Telecom for Egypt Bid
---------------------------------------------------------------
Telekom Malaysia Berhad, on May 3, 2006, signed an agreement to
provide marketing services to Saudi Telecom Company if Saudi
Telecom wins a bid for a mobile license in Egypt, Business Times
Malaysia reports.

Under the memorandum of understanding, Telekom Malaysia's unit,
TM International Sdn Bhd, would provide the Middle Eastern
company and its consortium partners with marketing, sales,
information technology and network services.

Dow Jones says that the Egyptian Government's sale of a third
mobile license will allow a new entrant into a market dominated
by MobiNil -- owned by Egypt's Orascom Telecom Holding and
France Telecom -- and British firm Vodafone Group PLC.

                     About Telekom Malaysia

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


TELEKOM MALAYSIA: Lures Customers with MYR1.2-Million Bait
----------------------------------------------------------
Telekom Malaysia has earmarked MYR1.2 million for its campaign
to persuade prepaid and Internet customers to register with
them, Bernama reveals.

The Company, on May 3, 2006, launched a contest called "MYR1 mil
Reward Programme", where the grand prize winner will walk away
with MYR1 million in cash, while three others drive away with
cars worth a total of MYR200,000.

The contest, among other things, was aimed at beefing up the
telecom's existing customer profile for the purpose of providing
better products and services.

                     About Telekom Malaysia

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


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

AFP SAVINGS: Board Ousts Former President
-----------------------------------------
The board of members of the Armed Forces and Police Savings Loan
Association, Inc., has decided to expel its former president,
retired Colonel Conrado Tolentino for disclosing over PHP500
million in Company losses, Manila Standard Today reports.

As reported by the Troubled Company Reporter on February 22,
2006, the now-retired colonel had disclosed documents to the
Daily Tribune indicating that the Association incurred a PHP517
million loss in 2003 and 2004, on mismanagement of investments
in its banking and lending units -- Centennial Savings Bank and
the Centennial Financing Corporation.

Military fund corporate secretary Samuel Padilla informed Mr.
Tolentino in a letter dated April 27, 2006, that the AFP Savings
board had decided to expel him from the Association effective
April 24, 2006.  Before expelling him, the board ordered Mr.
Tolentino to submit a written explanation as to why he should
not be expelled for his "gross misconduct."

The report prompted military fund head Director (ret.) Rufino
Ibay, Jr. to explain their position to Armed Forces Chief of
Staff Gen. Generoso Senga, who manages the fund.  The Standard
says the news report was embarrassing for both management and
the Board of Trustees of the Association, according to the
military fund office.  In the news report, Mr. Tolentino called
the attention of the Association to its increasing non-
performing loans, from PHP1.3 million in 2001 to PHP4.1 million
in 2003, and to PHP4.56 million in 2004.  

According to Mr. Ibay, Mr. Tolentino's description of the
military fund was "based on erroneous conclusions and grossly
inaccurate."  However, an unnamed high-profile source at Camp
Aguinaldo told the Stard Today that Mr. Tolentino plans to go to
court to question the decision to expel him, which he said was
arbitrary and baseless.

The Armed Force and Police Savings and Loans Association --
http://www.afpslai.com.ph/-- is a non-stock savings and loan  
association established by the Armed Forces of the Philippines
and registered with the Securities and Exchange Commission in
1972.  AFPSLAI aims to promote industry, frugality and savings
among its members.  The organization is supervised by the Bangko
Sentral ng Pilipinas.  To date, there are 21 branches nationwide
with more to be established in strategic locations to serve more
than 398,040 members from the Armed Forces of the Philippines,
Philippine National Police, Bureau of Jail Management and
Penology and Bureau of Fire Protection.


HACIENDA LUISITA: DENR Says Halt Quarry Operations
--------------------------------------------------
The Mines and Geosciences Bureau of the Department of
Environment and Natural Resources ordered Hacienda Luisita,
Inc., to stop its quarrying operations as it did not have the
proper permits, the Manila Times relates.

Mining engineer Danilo Fernandez and science research specialist
Nixon Dalapus submitted a report stating that the Hasama Nippon
Corporation did not have permits to conduct quarrying operations
in certain areas of Tarlac City, where Hacienda Luisita is
based.

The Tarlac Provisional Composite Task Force was assigned to
monitor areas in Barangay Asturias and Barangay Bantog, Tarlac,
to prevent further extraction from these areas, the Times adds.

Hacienda Luisita's Farmworkers Agrarian Reform Movement head
Noel Mallari had asked the Presidential Agrarian Reform Council
to look into the quarrying operations, which had continued
despite a notice of coverage issued on January 2, 2006, by the
Department of Agrarian Reform.

Hasama Nippon and the owners of Hacienda Luisita could not be
reached for comment.

Headquartered in Tarlac City, Philippines, Hacienda Luisita
Incorporated is a sprawling farm owned by the family of former
Philippine President Corazon Cojuangco Aquino.  Its woes started
when workers staged protests over the displacement of Hacienda
workers affected by the closure of sugar mill Central Azucarera
de Tarlac.  The decision to shut down Central Azucarera was due
to heavy losses incurred from falling sugar prices both locally
and abroad.  Tension in the sugar estate escalated after a
reported violent dispersal of striking workers at the Hacienda
on November 16, 2004, that resulted to the death of seven
persons.  In an effort to resolve the dispute, Hacienda Luisita
proposed a stock distribution option, which was later junked by
the Government due to violations of the provisions of the
Comprehensive Agrarian Reform Law.  The land title distribution
to around 5,000 farmer beneficiaries is expected on the first
half of 2006.


MANILA ELECTRIC: ERC Reveals Adjusted Settlement with Napocor
-------------------------------------------------------------
The Energy Regulatory Commission provided records indicating
that Manila Electric Company had reached a settlement with
state-owned National Power Corporation providing for an adjusted
settlement amount with regard to a terminated 10-year power
supply contract, the Manila Bulletin says.

The report stated that Manila Electric agreed to pay National
Power PHP14.32 billion as adjusted settlement of its alleged
failure to comply with the terms of the contract.  The first net
settlement disclosed by the parties is PHP20 billion.

The Troubled Company Reporter - Asia Pacific stated on April 28,
2006, that the Company allegedly violated its contract when it
decided to reduce its power purchases from National Power, so as
to source energy from First Gas Philippines Corporation, a
sister firm of National Power.  The TCR-AP report had cited
Manila Electric President Jesus Francisco as saying that they
had stopped efforts to settle with National Power, adding that
the ERC would be the one to decide on the matter.

Yet, according to The Bulletin, Mr. Francisco clarified that
there was never an intention on their part to set aside the
settlement deal.  He said that at this point, discussions have
already been concluded between them and NPC and it now lies on
ERC to render a final ruling on the matter.

Meralco senior manager Ciprinilo C. Meneses and Napocor
corporate staff officer Cynthia R. Encarnacion attested to the
revised PHP14.312 billion computation, which was then submitted
for compliance by the firms' lawyers.

The final settlement amount was computed based on a clause in
the initial deal of the two firms, which stated that:

   "Meralco's actual monthly offtake from NPC shall be reckoned
    against baseline quantities [].  In case of Meralco's
    inability to source energy from NPC at the baseline
    quantities other than those set forth in Section 2.2. (i.e.
    force majeure, strikes, etc.), there will be an upward
    adjustment to the settlement amount due for that billing
    period."

At present, the ERC is slated to decide whether the adjusted
amount is appropriate and complies with the initial agreement
between Manila Electric and National Power.

                      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.

A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated 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.

The Troubled Company Reporter - Asia Pacific further stated on
April 27, 2006, that the Company filed a report with the
Philippine Stock Exchange, indicating a 66.1% decline in its net
loss from January to March 2006 to PHP748 million, against a
PHP2.2 billion loss for the same period last year.


NATIONAL POWER: Settles with Meralco for PHP14 Billion, ERC Says
----------------------------------------------------------------
A joint compliance filing with the Energy Regulatory Commission
shows that National Power Corporation has agreed to receive a
PHP14.32-billion adjusted settlement amount from Manila Electric
Company in connection with their terminated 10-year power supply
contract, The Manila Bulletin says.

The Troubled Company Reporter - Asia Pacific stated on April 28,
2006, that Meralco allegedly violated the contract when it
decided to reduce its power purchases from National Power, so as
to source energy from First Gas Philippines Corporation, a
sister firm of National Power.

According to The Bulletin, the ERC document is contrary to
National Power President Cyril C. del Callar's earlier statement
that the power firms were not asked by the commission to comment
on the adjusted settlement amount.  Mr. del Callar had also said
that National Power's position never changed since the filing of
the first PHP20-billion net settlement.

The Bulletin notes that the revised computation was made and
attested to by Meralco senior manager Ciprinilo C. Meneses and
National Power Corporate Staff Officer B Cynthia R. Encarnacion.
It has been emphasized that the NPC-Meralco final settlement
amount was computed pursuant to a provision in their initial
deal dated July 15, 2003, which stated that Meralco's actual
monthly offtake from National Power will be computed against
baseline quantities.  The provision added that, in case of
Meralco's inability to source energy from National Power, at
certain baseline quantities, there will be an upward adjustment
to the settlement amount due for that billing period.

The report explains that it has been prescribed that the
settlement amount will be computed at PHP1.51 per kilowatt hour
only multiplied to the difference between the baseline quantity
and the actual Meralco offtake.  However, in cases where Meralco
procures from National Power more than the baseline quantity of
a particular billing period, there will be a corresponding
reduction in the settlement amount.

Records indicate that since July 2005, until the expiration of
their contract to supply electricity in December, Meralco has
been buying more from National Power as compared to the
prescribed baseline quantities.  Thus, the reduction in net
settlement amount.

The revised joint filing now awaits the ERC's approval.  Once
approved, The Bulletin relates, electricity rates paid for by
Meralco consumers will be reduced given that its contracted
independent power producers will also be run at minimum energy
quantity or at their contract levels.

                      About National Power

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

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers.  The Company posted a PHP29.9 billion loss in
2004, after a net loss of PHP117 billion in 2003.

The Government absorbed National Power's PHP200 billion debt,
which was incurred when the government-owned-and-controlled
corporation adopted international accounting standards, forcing
the Company to report its foreign exchange losses.

The Troubled Company Reporter - Asia Pacific reported on April
5, 2006, that for 2005, National Power posted a PHP16 million
profit for the first time in seven years, on the Energy
Regulation Commission's approval of a rate increase, the use of
an improved fuel mix and better fuel prices.


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

ASIA PACIFIC AIR: Creditors' Proofs of Claims Due on May 29
-----------------------------------------------------------
The creditors of Asia Pacific Air Cargo Pte Limited are required
to prove their debts on or before May 29, 2006, or be excluded
from sharing in any distribution the Company will make.

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


GUNUNG RAYA: Faces Wind-Up Proceedings
--------------------------------------
Hitachi Credit Singapore Pte Limited, on April 20, 2006, filed a
wind-up application against Gunung Raya Travel (Pte) Limited.

The High Court of Singapore will hear the Application on May 19,
2006, at 10:00 a.m.

Contact: Ascentsia Law Corporation
         Solicitor for the Plaintiff
         4 Shenton Way
         #17-06 SGX Centre 2
         Singapore 068807


JOHNSON TRANSPORT: Default Leads to Bankruptcy
----------------------------------------------
Due to its default on a statutory demand, Johnson Transport
Service was declared bankrupt by the High Court of Singapore on
March 17, 2006.

The Company lodged it Bankruptcy Petition before the High Court
on February 8, 2006.

Contact: Audrey Lim
         Senior Assistant Registrar
         Supreme Court, Singapore


LINDETEVES-JACOBERG: ATB Closes Mandatory Offer on May 3
--------------------------------------------------------
On March 15, 2006, CIMB-GK Securities Pte Limited launched a
mandatory conditional cash offer for and on behalf of ATB Austia
Antriebstechnik AG for all the remaining ordinary shares in the
capital of Lindeteves-Jacoberg Limited in issue not already
owned, controlled or agreed to be acquired by ATB and parties
acting in concert with it, the Troubled Company Reporter - Asia
Pacific reported.

In an update, CIMB-GK disclosed that ATB has closed the Offer on
May 3, 2006.  Accordingly, the Offer is no longer open for
acceptance and any acceptances of the Offer received after the
Closing Date will be rejected.

In accordance with Rule 28.1 of the Singapore Code on Takeovers
and Merger, ATB revealed that:

   -- as of May 3, 2006, ATB has received valid acceptances in
      respect of an aggregate of 12,867,145 shares,
      representing approximately 2.59% of the issued and paid-
      up share capital of the Company;

   -- on March 15, 2006, ATB 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; and

   -- between March 15, 2006 and May 3, 2006, save for:

      * the 6,888,000 shares, representing approximately
        1.39% of the issued and paid-up share capital of the
        Company, acquired by the Offeror in the open market;
        and

      * the First Creditors Call Option Shares referred to
        in the Offer Document in respect of which the First
        Creditors Call Option was exercised on April 25,
        2006;

      ATB has not acquired or agreed to acquire any Shares
      other than pursuant to valid acceptances of the Offer.

As announced by CIMB-GK for and on behalf of ATB on April 25,
2006, the First Creditors Call Option was exercised in respect
of 19,399,147 Initial First Creditors Call Option Shares.  As
disclosed in the Offer Document, a determination will be made
after the close of the Offer as to the actual number of the
First Creditors Call Option Shares, having regard to the actual
number of acceptances as at the close of the Offer.  Pursuant to
that determination, the Saleback First Creditors Call Option
Shares will then be sold back to DBS at the same price of S$0.15
for each Saleback First Creditors Call Option Share.

In compliance with Rule 11.2(b) of the Takeovers Code, ATB had
disclosed in the Offer Document its intention to sell the
Saleback First Creditors Call Option Shares back to DBS.

Completion in respect of the sale and purchase of the First
Creditors Call Option Shares will take place simultaneously with
the completion of the sale and purchase of the Saleback First
Creditors Call Option Shares. On completion, the First Creditors
Call Option Shares and the Saleback First Creditors Call Option
Shares will be netted off such that only the First Creditors
Call Option Shares are transferred and only the purchase price
of the First Creditors Call Option Shares is paid.

Accordingly, as at 3:30 p.m., Singapore time, on May 3, 2006,
shares involved in the offer amount to an aggregate of
263,024,123 shares, representing approximately 53.01% of the
issued and paid-up share capital of Lindeteves-Jacoberg Limited.

                About Lindeteves-Jacoberg Limited

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.


REMAC CLEANING: Falls Into Bankruptcy
-------------------------------------
Remac Cleaning has fallen into bankruptcy following an order by
the High Court of Singapore on March 17, 2006.

The Petition was lodged on August 25, 2005, on grounds of
defaulting statutory demand.

Contact: Audrey Lim
         Senior Assistant Registrar
         Supreme Court, Singapore


TAI WAH HIN: Court Declares Bankruptcy
--------------------------------------
Taiw Wah Hin Electrical Trading has been declared bankrupt by
the High Court of Singapore on March 17, 2006.

The bankruptcy petition was filed on February 7, 2006, due to
the Company's failure to pay a statutory demand.

Contact: Audrey Lim
         Senior Assistant Registrar
         Supreme Court, Singapore


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

BANGKOK RUBBER: Unveils Latest Progress in Reorganization
---------------------------------------------------------
Bangkok Rubber Public Company Limited submitted a report with
the Stock Exchange of Thailand providing updates on the progress
of its business reorganization for the last six months.

According to Bangkok Rubber, it has made payments aggregating
THB426.87 million on account of its debts and guarantee
obligations to creditors.  The Company has also paid certain
creditors a total of THB710.03 million, through the conversion
of debt to equity at THB17 per share unit.

Details of Bangkok Rubber's debts repayment for each group of
creditors are:

                                      Amount (THB Millions)
                                         Debt to equity
Group   Creditors                  Cash    conversion     Total
-----   ---------                  ----  --------------   -----
  2     Financial Creditors      371.32      514.57      885.89
  3     Creditors who issued
        letters of guarantee       1.03           -        1.03
  4     Guarantee Obligation
        Creditors                 54.52       74.87      129.39
  9     Related Companies             -      120.59      120.59

        Total                    426.87      710.03    1,136.90

Bangkok Rubber has allocated 41,766,690 ordinary shares as part
of its increased share capital to its creditors and guarantee
obligations creditors by issuing 30,268,824 and 11,497,866
ordinary shares, respectively.  As a result, the Company has
paid-up capital by THB1,392,666,900 or 139,266,690 ordinary
shares of THB10 each.

Moreover, Bangkok Rubber relates that the Customs Department
filed a petition with the Central Bankruptcy Court seeking
payment of THB459.1 million in duty liabilities.  The
Court has entered an order directing Bangkok Rubber to pay the
Customs Department the amount of the department's claim less
duty on goods, which the Company is entitled to refund.

At present, the Court has authorized the identification of a
total of THB406.9 million as refundable duty and, as at
March 31, 2006, outstanding duty obligations therefore total
THB52.2 million.

On December 24, 2004, the Company notified creditors who had
received final notification from the office receiver of the
postponement of debt payment under the rehabilitation plan
because the Company's operating results were not in line with
projections.  During the year 2005 and the first quarter of the
year 2006, the Company has not made any debt payments to these
creditors under the rehabilitation plan.

The Company is therefore held to have defaulted on these debt
payments under the rehabilitation plan and the planner is
required to propose a solution to the creditors committee and to
work with them to revise the rehabilitation plan.  The Company
is currently revising the plan for submission to the official
receiver.

                          *     *     *

Headquartered in Bangkok, Thailand, Bangkok Rubber Public
Company Limited -- http://www.pan-group.com/-- manufactures  
shoes and footwear under Pan, Kodomo, Diadora, and Heel Care
brand names.
  
On November 21, 2002, the Company's rehabilitation plan was
approved by the Central Bankruptcy Court.  The Company is in the
process of implementing this plan.  The significant debt
restructuring measures under the rehabilitation plan provide
that creditors would waive their rights to claim for outstanding
interest accrued up to the date on which the court ordered
rehabilitation.  This does not include the debt to be repaid to
creditors supporting revolving credit and financial creditors
which will receive repayment of debt as per the existing
contract and agreement.

The ability of the Company to continue its business as a going
concern depends on its ability to comply with the business
rehabilitation plan, and to find additional sources of funding,
and the outcome of its operations.

Bangkok Rubber is currently classified under the REHABCO sector
of the Securities and Exchange Commission.  



* Large Companies With Insolvent Balance Sheets
-----------------------------------------------  
  
                                         Total  
                                         Shareholders   Total  
                                         Equity         Assets  
Company                        Ticker    ($MM)           ($MM)  
------                         ------    ------------   ------  


AUSTRALIA

Acma Engineering & Const.        ACX       (-2.24)       21.39
  
Group Limited
Allstate Explorations NL         ALX     (-51.62)     
12.65
Austar United Communications Ltd AUN      (-52.58)       231.54
  
Global Wine Ventures Limited     GWV       (-0.84)        22.04

Hutchison Telecommunications     HTA     (-786.31)      1696.65
(Aust) Ltd.
Indophil Resources NL            IRN      (-69.96)        37.79
Intellect Holdings Limited       IHG      (-11.13)        23.98

Namberry Limited                 NMB       (-4.26)      15.12

Orbital Corporation Limited      OEC       (-3.67)        17.14

RMG Limited                      RMGDA     (-2.16)        22.33
  
Stadium Australia Group          SAX      (-45.03)     132.81
Tooth & Company Limited          TTH     (-72.91)       
170.09
Tourism, Hotels & Leisure Ltd.   TLC       (-0.66)        15.76
  

CHINA & HONG KONG  

Asia Telemedia Limited         000376      (-2.65)       15.59
Bestway International          000718      (-0.67)       
25.00
China KE Jian                  000035     (-151.52)      57.73
Datasys Technology             008057      (-2.07)       14.1

Holdings Ltd
Eforce Holdings Limited        000943      (-0.51)       
10.31
Fujian Changyuan Investment    000592      (-17.88)      
61.49
Holdings Limited
Group Company
Gold-Face Holdings Limited     000396      (-28.41)     
193.41
Guangdong Meiya Group Co. Ltd. 000529        27.43      178.19  
Guangdong Sunrise  
   Group Co. Ltd-A             000030     (-182.94)      35.98  
Guangdong Sunrise  
   Group Co. Ltd-B             200030     (-182.94)      35.98  
Guangxi Wuzhou Zhongheng       000557     (-115.5)     62.19
Group Co Ltd
Hainan Dadonghai Tourism       000613      (-6.63)       17.81
Hainan Overseas Chinese        600759      (-9.7)     27.97
Investment Co. Ltd.
Heilongjiang Sun & Field       000620      (-49.18)      29.96
Science & Tech
Huda Technology & Education    600892       (-0.19)      17.29
  
Development Co. Ltd.
Hunan Genuine New Material     000156      (-65.04)      94.17
  
Hans Energy Company Limited    000554      (-10.76)     94.75
Heilongjiang Black Dragon      600187      (-29.45)     153.92
Co. Ltd.                        
Heilong Jiang Long Di Co. Ltd  000832       (-61.2)     134.62
Hualing Holdings Limited       000382      (-28.15)     242.26

Innovo Leisure Recreation      000703       (-2.01)      13.68

Holdings Ltd.
Jiangsu Chinese Online         000805      (-34.56)      
15.86  
Jiangxi Paper Industry Co. Ltd 600053       (-12.8)     19.58
Logistics Company Limited
Loulan Holdings Limited        008039       (-1.04)      13.01
  
Magnum International           000035       (-5.83)      10.35
Holdings Limited
Mindong Electric Group         000536       (-1.68)      
21.46
Co., Ltd.
New City (Beijing)             000456      (-19.15)     151.61

Development Limited
New World Mobile Holdings      000862     (-126.57)    
215.47
Limited
Plus Holdings Ltd              001013       (-3.15)     
24.00
Prosperity International       008139       (-2.45)      10.73
Holdings (HK) Limited
Shanghai Xingye Housing        600603      (-72.98)     14.9

Co. Ltd.
Shenz China Bi-A               000017     (-206.90)      50.08  
Shenz China Bi-B               200017     (-206.90)      50.08  
Shandong Jintai Group Co. Ltd. 600385       (-2.26)     28.04

Sichuan Topsoft Investment     000583      (-45.54)     228.05
Company Limited
SMI Publishing Group Ltd.      008010       (-7.83)      10.48

Swank International            000663       (-2.58)      31.26
Manufacturing Company Limited
Taiyuan Tianlong Group Co. Ltd 600234       (-46.27)     55.29
  
The Sun's Group Limited        000988       (-72.8)     103.02
Theme International Holdings   000990       (-0.77)      22.46
Limited
UDL Holdings Limited           000620       (-7.15)      
12.48
Wealthmark International       000039       (-2.43)      11.32
(Holdings) Limited
Winowner Group Co. Ltd.        600681       (-62.88)     38.03
Xinjiang Hops Co. Ltd          600090      (-135.99)     101.34
Xinjiang Tunhe Investment      600737        47.57       476.47  
Co. Ltd.                        
Yantai Hualian Development     600766       (-7.66)       
59.99  
Group Co. Ltd.
  
JAPAN  

Daiei Inc.                     008263      (-3726.85)  15571.19
  
Daishinto Inc.                 009785        (-13.65)    203.96

Fujita Corporation             001725      (-1112.31)    2496.47
Hanaten Co Ltd                 009870         (-1.63)    167.79
   
Misawa Homes Holdings Inc.     001722      (-1489.96)   2457.23
   
Miyakos                        006766        (-28.22)    949.59
Sakurada Co. Ltd.              005917          44.10     215.62  
Sumitomo Mitsui Construction   001821      (-2048.19)   5048.11    
Company Limited
Tenryu Lumber Co., Ltd.        007904        (-44.48)    
187.75
Tokai Aluminum Foil Co., Ltd   005756        (-12.55)    
106.49
Yakinikuya Sakai Co. Ltd       007622          21.24     135.44  


INDIA

PT Dharmala Intiland             DILD         (-3.71)    203.45

INDONESIA

Ades Waters Indonesia Tbk        ADES         (-8.93)     
21.35
Bukaka Teknik Utama Tbk          BUKK          (-107)      44.45

Hotel Sahid Jaya                 SHID         (-4.26)     
71.05
Jakarta Kyoei Ste                JKSW         (-38.57)    44.72
  
Mas Murni Indonesia Tbk          MAMI         (-24.95)    61.32
Mas Murni Tbk (Saham Preferen)   MAMIP        (-24.95)    61.32
Modernland Realty Terbuka        MDLN         (-13.9)    136.73
  
Mulialand Tbk                    MLND         (-19.82)   
160.45
Multibreeder Adirama Indonesia   MBAI          (-2.31)    
64.54  
Pakuwon Jati Tbk                 PWON         (-50.78)   
188.41
Panca Wiratama Sakti Tbk         PWSI         (-18.82)    
39.72       
PT Steady Safe                   SAFE          (-2.43)    
19.65
PT Toba Pulp Lestrari Tbk        INRU        (-198.86)   403.58

PT Unitex Tbk                    UNTX          (-5.87 )    
29.08
PT Voksel Electric Tbk           VOKS         (-11.74)     44.01

Surya Dumai Industri Tbk         SUDI         (-30.49 )   105.06
PT Wicaksana Overseas            WICO         (-32.88)    
84.36
International Tbk


KOREA

Cenicone Co. Ltd.              056060         (-1.46)     36.82
C & C Enterprise Co. Ltd.      038420         (-14.5)      28.05
Innocell Corporation           031390            5.99      
11.14
Inno Metal Inc.                070080          (-0.33)
KP&L Company Limited           009810          (-3.81)     15.03

Radix Co. Ltd.                 016160         (-17.69)     53.78

Shinil Industrial Co., Ltd.    002700          (-3.44)     41.51

Sichuan Changjiang Packaging   600137         (-72.76)     13.11
  
Holding Co. Ltd.

MALAYSIA  

CHG Industries Bhd              CHG         (-41.38)     25.95

Consolidated Farms Berhad       CFARM         (-11.55 )     38.5
Emico Holdings Bhd              EMI            (-1.92)     42.56
Jin Lin Wood Industries Berhad  JLW            (-1.74)     21.68
  
Kemayan Corp Bhd                KOP          (-428.54)     62.72  
Mentiga Corporation Berhad      MENT          (-13.41)     21.59
Metroplex Bhd                   MEX             32.17     372.87
Mycom Bhd                       MYC          (-114.64)    227.68  
Lityan Holdings Bhd             IT             (-8.43)     28.86  
Olympia Industries Bhd          OLYM         (-227.85)    255.84  
Panglobal Bhd                   PGL           (-50.36)    189.92  
Park May Bhd                    PMY           (-12.26)     14.45  
Polymate Holdings Bhd           PYMT            34.75     102.11  
PSC Industries Bhd              PSC             51.63     639.35  
Setegap Berhad                  STG         (-12.54 )    34.44
    
Tru-Tech Holdings Berhad        TRU         (-16.71)    15.86

Wembley Industries Holdings Bhd WMY         (-176.02)  118.32
   

PHILIPPINES

Anadarko Petroleum Corp.        APC         (-124.26)    87.34

Atlas Consolidated Mining       AT           (-35.77)     32.94
and Development Corp.  
East Asia Power Resources Corp. PWR          (-19.44)    128.99
  
Fil-Estate Corporation          FC        (-6.12)     59.32

Filsyn Corporation              FYN         (-2.91)     21.9
Global Equities Inc.            GEI           (-1.81)    24.18
Gotesco Land, Inc.              GO         (-7.05)     14.44
Gotesco Land, Inc.              GOB         (-7.05)     14.44
Prime Media Holdings Inc.       PRIM        (-15.52)    
11.12
Prime Orion Philippines Inc.    POPI         (-83.47)   105.76
Swift Foods Inc.                SFI          (-8.23)    26.95
    
Unioil Resources & Holdings     UNI        (-2.38)    22.71
Company Inc.
United Paragon Mining Corp.     UPM        (-12.04)   18.19

Universal Rightfield Property   UP           (-13.48)   45.12
Holdings Inc.
Victorias Milling Company Inc.  VMC        (-32.21)   127.83
Vitarich Corporation            VITA        (-4.27)   75.04
  



SINGAPORE  

China Aviation Oil (Singapore)  CAO        (-390.07)     211.96  
Corporation                  
Compact Metal Industries Ltd.   CMI       (-10.18)     69.38
Falmac Limited                  FAL          (-0.73)     10.9
Gul Technologies                GUL         (-27.74)     152.8

Singapore Limited
Informatics Holdings Ltd        INFO        (-6.73)       27.59  
L&M Group of Companies          LNM        (-10.59)       56.91
Liang Huat Aluminium Ltd.       LHA      (-59.95)      39.2

Lindeteves-Jacoberg Limited     LG           39.61       332.07  
LKN-Primefield Limited          LKN        (-12.72)      150.7
  
PDC Corporation Limited         PDC         (-7.88)     1381.26

Pacific Century Regional        PAC       (-107.11)     1381.26  

THAILAND  

Asia Hotel PCL                  ASIA       (-30.12)     101.17  
Asia Hotel PCL                  ASIA/F     (-30.12)     101.17  
Bangkok Rubber PCL              BRC        (-57.11)      78.78  
Bangkok Rubber PCL              BRC/F      (-57.11)      78.78  
Central Paper Industry PCL      CPICO      (-37.02)      40.41  
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41  
Circuit Electronic              CIRKIT     (-25.8)       61.3

Industries PCL
Circuit Electronic              CIRKIT/F   (-25.8)       61.3

Industries PCL
Daidomon Group Pcl              DAIDO       (-8.51)      12.92
  
Daidomon Group Pcl              DAIDO/F     (-8.51)      12.92
Datamat PCL                     DTM         (-1.72)      17.55  
Datamat PCL                     DTM/F       (-1.72)      17.55  
Diana Department Store Pcl      DIANA       (-1.46)      13.54

Diana Department Store Pcl      DIANA/F     (-1.46)      13.54

Everland Public Company Limited EVER      (-311.47)      56.71  

Everland Public Company Limited EVER/F    (-311.47)      56.71  

Hantex PCl                      HTX         (-1.83)      12.36

Hantex PCl                      HTX/F       (-1.83)      12.36

National Fertilizer PCL         NFC          70.66      142.61  
National Fertilizer PCL         NFC/F        70.66      142.61  
Sahamitr Pressure Container     SMPC      (-29.97)      
24.18
Public Company Ltd.
Siam Agro-Industry Pineapple    SAICO      (-14.71)      13.38  
And Others PCL               
Siam Agro-Industry Pineapple    SAIC0/F    (-14.71)      13.38  
And Others PCL               
Sri Thai Food & Beverage        SRI        (-43.37)      18.29

Public Co. Ltd.
Tanayong PCL                    TYONG     (-694.22)    
1439.26  
Thai-Denmark Swine Breeder Pcl  DMARK      (-5.52)       33.18

Thai-Denmark Swine Breeder Pcl  DMARK/F    (-5.52)       33.18

Thai Wah Public  
Company Limited-F               TWC        (-47.01)     158.87  
Thai Wah Public  
Company Limited-F               TWC/F      (-47.01)     158.87
Tuntex (Thailand) Pcl           TUNTEX      (-94.93)     
399.78





                            *********


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.  Erickson Torrevillas, Francis Chicano, Ma.
Cristina Pernites-Lao, Erica Fernando, Reiza Dejito, Freya
Natasha Fernandez, and Peter A. Chapman, Editors.

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