TCRAP_Public/060705.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Wednesday, July 5, 2006, Vol. 9, No. 132

                            Headlines

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

AVOCA SERVICE: Members' Final Meeting Fixed on July 6
AWB LIMITED: Farmers Urge Single Desk Changes for Wheat Exports
AYMOY PTY: Enters Voluntary Liquidation
BONDI MOTOR: Members to Review Wind-up Report on July 6
CHRIS HUGGINS: Court to Hear Liquidation Petition on July 13

CLOUGH LIMITED: Appoints New Manager and Director
CONCEPT DEVELOPMENT: Decides to Close Operations
CX COMPUTER: Members and Creditors to Meet on July 12
D&L RETAIL: Members Resolve to Wind Up Firm
DISK DOCTOR: Liquidation Petition Hearing Set on July 17

DONVILLE AUTOMOTIVE: Liquidator to Present Wind-Up Report
ECOLAB FINANCE: To Declare Final Dividend on July 10
EVANS & TATE: ABD to Appeal Court Decision on Wind-Up Petition
FELTEX CARPETS: Potential Investor Walks Out from Talks
GN HOLDINGS: Appoints R. B. McKern as Liquidator

HFT INVESTMENTS: Faces Liquidation Proceedings
HOLIDAY HOMES: Members Opt for Voluntary Wind-Up
JACANT PTY: Prepares to Distribute Dividend to Creditors
JALNA PARK: Wind-up Process Initiated
KAM PTY: Members Agree to Wind Up Business

K&M JOINERY: Liquidation Bid Hearing Fixed on July 20
LGV ENTERPRISES: Schedules General Meeting for July 6
MANUFACT DATA: Creditors Must Prove Debts by July 24
MEGADATA PTY: Placed Under Voluntary Liquidation
MUSIC SYSTEMS: Shareholders Opt for Voluntary Liquidation

NATIONAL AUSTRALIA: Two Former Traders Sentenced to Jail
OFFSHORE BRICKLAYING: Opts to Discontinue Operations
OODIAN LIMITED: Liquidation Petition Hearing Slated for August 3
PORT DOUGLAS: To Pay Dividend to Creditors
REVO INDUSTRIES: Creditors' Proofs of Claim Due on July 28

SGIS PTY: Liquidator to Present Wind-Up Report on July 11
SMARTVISION (INTERNATIONAL): Winds Up Business
TEBBEC PTY: Creditors Set to Meet Today
TRANSCO LIMITED: Appoint Joint and Several Liquidators
WAITUNA DAIRY: Enters Liquidation Proceedings


C H I N A   &   H O N G  K O N G

BANK OF CHINA: H Shares Keep Rising, Upside Potential Questioned
BEAUTY GLOW: Members Decide to Liquidate Business
BETTER BOND: Liquidators Cease to Act for Company
CHINESE PETROLEUM: Loses NTD2 Billion a Month to Price Control
COUNTRY MODE: Liquidators Step Aside

COUNTRY SMART: Lam and Toohey Cease to Act for Company
EAGLE SPEED: Annual Meetings Slated for July 18
EIMO (H.K.) LIMITED: Chi Ceases to Act as Liquidator
FULLWAY PROPERTIES: Final Members Meeting Set August 4
KORET (H.K.) LIMITED: Falls into Liquidation

LOYAL FRIEND: Names Joint Liquidators
MERIT LIMITED: Creditors Meeting Set July 26
MILLION SUN: Official Liquidator Named
PHUKET PASS: Creditors Must Prove Claims by July 27
P5 LIMITED: Members Decide to Wind-Up Operations

TOYOTA MOTOR (CHINA): Shareholders Opt for Voluntary Wind-Up
TURBO MARK: Creditors' Proofs of Debt Due on July 28


I N D I A

CONSOLIDATED FIBRES: Shuts Down Operations Due to Cashflow Woes
GENERAL MOTORS INDIA: Mulls Research Tie-Up with IIT Delhi
NATIONAL TEXTILE: Gets Experts' Help for Revival of Mills


I N D O N E S I A

BANK DANAMON: Moody's Places D- Fin'l Strength Rating on Review
BANK INTERNASIONAL: Moody's Reviews E+ Bfsr For Possible Upgrade
BANK PERMATA: Moody's Places E+ Fin'l Strength Rating On Review


J A P A N

JAPAN AIRLINES: Moody's Affirms JALI & JALD Ba3 Issuer Ratings
JAPAN AIRLINES: Ratings Not Affected By Equity Issue, Fitch Says
LIVEDOOR CO: Ex-CEO's Trial to Start in September


K O R E A

DOOSAN GROUP: Prosecutors Want Six-Year Jail Term for Park Bros.
HYNIX SEMICONDUCTOR: S&P Revises B+ Rating's Outlook to Positive
HYUNDAI MOTOR: Union Votes to Join Industry Umbrella
KOREA EXCHANGE: FTC Raises Monopoly Concerns On Kookmin Deal
QUALCOMM INCORPORATED: Gets Deluge of Anti-Trust Complaints


M A L A Y S I A

AMTEK HOLDINGS: Sells Two Units to Pensonic for MYR2 Million
AVANGARDE RESOURCES: Delays Submission of 2005 Annual Report
CHEW GEOK (ASING): Enters Wind-Up Proceedings
COMSA FARMS: Group Defaults on Loan Facilities
DATUK KERAMAT: To Submit Reports After Revamp Plan Completion

KIG GLASS: Provides Default Status Update
KIG GLASS: All AGM Resolutions Get Shareholders' Nod
LITYAN HOLDINGS: Total Default Tops MYR12 Million at June 30
MALAYSIA AIRLINES: Idris Jala Optimistic on Early Turnaround
SETEGAP BERHAD: Unveils Results of 22nd Annual General Meeting

TANCO HOLDINGS: Has Until Sept. 30 to Hold Court-Convened Meet
TAP RESOURCES: Books Lower Loss in 4Q/FY2006 on Higher Revenue
WAH TAT: Placed for Voluntary Liquidation by WTB Corp


P H I L I P P I N E S

NATIONAL POWER: Reduces Power Rates for Visayas Grid
NATIONAL POWER: First-Quarter Sales Up by 25%
PRIMETOWN PROPERTY: Posts PHP1.3M Net Loss in Rehabilitation


S I N G A P O R E

DOWFLECT TRADING: Pays Dividend to Creditors
GEOCON PILING: Court Issues Wind-Up Order
HAI CHEONG: To Pay Dividend on July 14
HESHE HOLDINGS: Director to Subscribe 3,000,000 Company Shares
IPACS COMPUTER: To Hold Creditors Meeting on July 12

LINDETEVES-JACOBERG: Warns of Second Quarter Losses


T H A I L A N D

MDX PCL: Progress on Rehabilitation Plan as Of Sep 2005
PAE PCL: Board Cancels Public Offering to Selected Investors
TMB BANK: S&P Raises US$200-Million Hybrid Tier 1 Rating to BB
TPI POLENE: Plans to Raise THB17 Billion to Pay Debts

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

AVOCA SERVICE: Members' Final Meeting Fixed on July 6
-----------------------------------------------------
A final meeting of the members of Avoca Service Station Pty
Limited will be conducted on July 6, 2006.

During the meeting, Liquidator Terry Ringland will present final
accounts of the Company's wind-up operations.

Contact: Terry Ringland
         Liquidator
         1/98-102 Maroubra Road
         Maroubra, New South Wales 2035
         Australia


AWB LIMITED: Farmers Urge Single Desk Changes for Wheat Exports
----------------------------------------------------------------
The Western Australian Farmers Federation and the Victorian
Farmers Federation have joined growing calls to keep the single
desk wheat marketing system, ABC Rural reports.

The report cites WAFF President Trevor de Landgrafft as saying
that the power of veto must stay with the single desk, but who
manages it has come under scrutiny.

Mr. Landgrafft further says that with the Cole Inquiry, there is
some doubt being cast on AWB Limited and whether or not what it
is alleged to have done will influence the way in which it can
continue to manage the single desk.

                           VFF's Plan

ABC News Online says that under VFF's plan, AWB Limited and AWB
International would be split, with international wheat sales
returned to farmer control.

The VFF will seek endorsement for the proposal from the Grains
Council of Australia later in July 2006, ABC News says.

According to ABC News, VFF grains group president Ian Hastings
says that the plan addresses concerns about the governance of
the system as well as payments to growers from the national
wheat pool.

"We're talking about AWB International continuing to hold the
power of veto and it is then responsible for exporting wheat,
employing its own staff and effectively being a stand-alone
company, so that there are no commercial influences on that
company," Mr. Hastings explains.

                 WGA Survey Results Rejected

In another ABC Online report, Western Australian-based federal
MP Wilson Tuckey has dismissed a survey of Australian wheat
growers indicating support for:

   (a) the single desk wheat marketing system; and

   (b) AWB retaining its power to veto exports by other
       companies.

The report says that about 2,000 responses were received from
the 10,000 questionnaires sent out by the Wheat Growers
Association.

Mr. Tuckey contends that it is not a representative sample of
wheat growers and the survey itself is fundamentally flawed.  He
further says that the actual survey form is what is
traditionally known in political circles as push polling.

                         About AWB

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

Previously a low profile organization, AWB made headlines in
late 2005 when it was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.


AYMOY PTY: Enters Voluntary Liquidation
---------------------------------------
At a general meeting on June 1, 2006, the members of Aymoy Pty
Limited resolved to close the Company's business operations and
distribute the proceeds of its assets disposal.

Subsequently, Gregory Warwick Huggett was appointed as official
liquidator.

Contact: Gregory Warwick Huggett
         Liquidator
         107 Mulga Road
         Oatley West, New South Wales
         Australia


BONDI MOTOR: Members to Review Wind-up Report on July 6
-------------------------------------------------------
The members of Bondi Motor Service Pty Limited will convene on
July 6, 2006, to get an account of the manner of the Company's
wind-up and property disposal from Liquidator Terry Ringland.

Contact: Terry Ringland
         Liquidator
         1/98-102 Maroubra Road,
         Maroubra, New South Wales 2035
         Australia


CHRIS HUGGINS: Court to Hear Liquidation Petition on July 13
------------------------------------------------------------
The High Court of Auckland will hear a petition to liquidate
Chris Huggins Fitness Consultants Limited on July 13, 2006, at
10:00 a.m.

Kiwi Property Holdings Ltd filed the petition before the Court
on May 2, 2006.

Contact: Michael David Arthur
         Chapman Tripp Sheffield Young
         Solicitors
         Level 35, ANZ Centre
         23-29 Albert Street, Auckland
         New Zealand


CLOUGH LIMITED: Appoints New Manager and Director
-------------------------------------------------
Clough Limited appointed Iwona (Eve) Polski as its Manager for
Corporate Affairs, and Richard Michael Harding as Non-Executive
Director.

Mr. Harding's appointment to the Board took effect on May 30,
2006.  

Ms. Polski took over Robert Ash, who continues to be connected
with the Clough Group in a business development management role
for the Oil & Gas Business Unit.  Ms. Polski was recently the
Investor Relations and Corporate Communications Manager at
United Group Limited.  

Mr. Harding is the former president and general manager of BP
Developments Australia Limited and the former vice-chairman and
council member of the Australian Petroleum Production and
Exploration Association.  He currently sits on three other
boards, where he is chairman of the Ministry of Defence Project
Governance Board -- Land Systems Division (Army), a non-
executive director of Arc Energy Limited, and a non-executive
director of Santos Limited.

According to Jock Clough, Chairman of Clough Limited, Mr.
Harding brings a great depth of oil and gas industry experience
that will undoubtedly be of value as the Company implements its
business strategy.

                     About Clough Limited

Headquartered in Perth, Western Australia, Clough Limited --
http://www.clough.com.au/-- has built an international  
reputation as one of Australia's foremost engineering,
construction and asset management groups.

Acknowledged as the intelligent engineer and constructor, the
business has matured from a small, privately owned building
firm, to a diversified public company providing services to the
onshore and offshore oil and gas, minerals, infrastructure and
property markets.  The Group's turnkey services range from
complex front-end engineering design, construction, installation
and commissioning to long-term operations and asset maintenance.

The Company is currently halfway into its five-year plan to
transform itself, which included an organizational streamline,
and operational improvements.  However, it has been racked with
outstanding losses and problematic contracts since the later
part of 2002.  The Company recorded a AU$23 million half-year
loss for the six months ending December 31, 2005.


CONCEPT DEVELOPMENT: Decides to Close Operations
------------------------------------------------
After an extraordinary general meeting on June 2, 2006, the
members of Concept Development Group Pty Limited decided to
voluntarily wind up the Company's operations.

Ozem Kassem was subsequently appointed as liquidator at a
creditors' meeting held that same day.

Contact: Ozem Kassem
         Liquidator
         Bentleys MRI Sydney
         Business Recovery & Insolvency Partnership
         Level 8, 50 Carrington Street
         Sydney, New South Wales
         Australia
         Telephone: (02) 8221 8433
         e-mail: okassem@sydbri.bentleys.com.au


CX COMPUTER: Members and Creditors to Meet on July 12
-----------------------------------------------------
A final meeting of the members and creditors of CX Computer Pty
Limited will be held on July 12, 2006, at 10:00 a.m.

During the meeting, Liquidator Daniel Civil will report on the
Company's wind-up and property disposal exercises.

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


D&L RETAIL: Members Resolve to Wind Up Firm
-------------------------------------------
At a general meeting of D&L Retail Pty Limited on
June 1, 2006, members agreed that it is in the Company's best
interests to wind up its operations.

Consequently, David Clement Pratt and Timothy James Cuming were
named as liquidators.

Contact: David Clement Pratt
         Timothy James Cuming
         Liquidators
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


DISK DOCTOR: Liquidation Petition Hearing Set on July 17
--------------------------------------------------------
The application to liquidate Disk Doctor NZ Ltd will be heard
before the High Court of Wellington on July 17, 2006 at 10:00
a.m.  

Cogent Communications Ltd filed the petition with the Court on
May 17, 2006.

Contact: Dianne S. Lester
         Credit Consultants Debt Services NZ Ltd
         Level Three, 3-9 Church Street
         Wellington, New Zealand
         Telephone: (04) 470 5972


DONVILLE AUTOMOTIVE: Liquidator to Present Wind-Up Report
---------------------------------------------------------
Creditors of Donville Automotive Engineering Pty Limited will
convene at a final meeting on July 7, 2006, at 11:00 a.m., to
hear Liquidator Philip G. Jefferson's wind-up report.

Contact: Philip G. Jefferson
         Liquidator
         Horwath BRI Brisbane Chartered Accountants
         Level 4, 370 Queen Street
         Brisbane, Queensland 4000
         Australia


ECOLAB FINANCE: To Declare Final Dividend on July 10
----------------------------------------------------
Ecolab Finance Pty Limited will declare its final dividend on
July 10, 2006.

Creditors who were not able to prove their claims will be
excluded from sharing in any distribution the Company will make.

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


EVANS & TATE: ABD to Appeal Court Decision on Wind-Up Petition
--------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
June 8, 2006, the New South Wales Supreme Court dismissed
Australian Beverage Distributors' petition to wind up Evans &
Tate Limited.

In an update, WA Business News relates that Evans & Tate has
received notice of ABD's appeal with respect to the Supreme
Court's decision.

Evans & Tate would vigorously and strenuously oppose the matter,
the Australian Associated Press cites the company's managing
director, Martin Johnson, as saying.

According to Egoli News, Mr. Johnson said that the Company will
pursue all avenues to recover all possible costs in these
matters.

Evans & Tate contends that ABD's appeal is based largely on its
view that the judge erred on various legal grounds, The Sunday
Morning Herald says.

Egoli notes that, according to Mr. Johnson, in the unlikely
event that ABD is successful in its appeal, it would only be
entitled to have its original application heard at a later date.  
Mr. Johnson adds that Evans & Tate is confident that ABD would
fail on the facts and the law.

The TCR-AP stated on May 26, 2006, that ABD launched wind-up
proceedings against Evans & Tate and its subsidiary, Evans &
Tate Premium Wines Pty Ltd., with the NSW Supreme Court on May
24, asserting that the winemaker was insolvent and had been
unable to pay its debts as and when they fell due.  ABD
contended that Evans & Tate should be wound up "to prevent the
further dissipation in the value of assets available to
unsecured creditors."

                     About Evans & Tate

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine  
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.    

In June 2005, rumors began brewing that the wine maker was
carrying total liabilities of AU$127.5 million, of which
AU$102.5 million was interest-bearing debt.  A few days later,
Evans & Tate admitted that it had been coordinating with
insolvency firm KordaMentha on the recommendation of its major
creditor, ANZ Banking Group Limited.  It had appointed
KordaMentha's 333 Performance Management "to improve its
forecasting, planning and business efficiencies."  Evans & Tate
also admitted that it was cash flow negative and had sought an
AU$8.5-million capital injection from ANZ Bank.  The firm
further said that it would cut the value of its wine inventories
by AU$8 million to AU$10 million, offload stock at a discount,
and cut the carrying value of certain wineries.  In July 2005,
Evans & Tate has secured an additional AU$10 million in short-
term working capital from ANZ.  In January 2006, Evans & Tate
announced that it was selling off its Griffith Winery to boost
capital, but not without borrowing another AU$12 million.  The
Company is still seeking for buyers.  In February 2006, Evans &
Tate shed 20 jobs as part of a restructure that it said was
expected to result in cost savings of about AU$2.5 million a
year.


FELTEX CARPETS: Potential Investor Walks Out from Talks
-------------------------------------------------------
An unnamed investor, which was into talks with Feltex Carpets
Limited regarding the injection of new capital, has withdrawn
its proposal, The New Zealand Herald reports.

As reported in the Troubled Company Reporter - Asia Pacific on
June 26, 2006, shortly after calling for a trading halt on
June 23, Feltex said that its board of directors was evaluating
initiatives to raise new equity, and had received a proposal
from a New Zealand company concerning a potential capital
raising.

In a subsequent report on July 3, 2006, the TCR-AP cited The
National Business Review as saying that South Island fishing
company Talley's Fisheries is the mystery third-party reported
to be carrying out due diligence on Feltex.  The report further
said that Talley's had made a proposal to Feltex and was working
with the Company and its bankers.

According to Feltex, the potential investor sought to
significantly revise the fundamental terms and structure of its
proposal in ways that the board believes would have been unfair
to shareholders and other stakeholders of the company.

Expressions of interest have been received from other potential
investors and the Company is now holding discussions with them,
Reuters notes.

According to Feltex, since trading in its shares was halted on
June 23, 2006, it continues to work on capital raising options.

                 Feltex Readies Financial Report

ShareChat News relates that Feltex has completed its financial
report on June 30, 2006, and preliminary financial results would
be released as soon as they are compiled and reviewed by the
Board.  The results are expected to be in line with anticipated
earnings.

The TCR-AP reported on June 8, 2006, that Feltex anticipates its
full-year earnings before interest, tax, depreciation and
amortization -- EBITDA -- to be around AU$20 million for the
year to June 2006.  Feltex's forecast stripped out restructuring
and one-off corporate costs.  

Sales in June were satisfactory in both Australia and New
Zealand, slightly exceeding internal targets.  Feltex's order
book remained healthy, presenting a positive short-term outlook,
ShareChat cites Feltex as saying.

                         Bank Stays Action

As stated in the TCR-AP on June 26, 2006, Feltex is in talks
with banks, led by ANZ National, regarding the breach of its
bank loan covenants.

In an update, Feltex relates that its Bank has agreed to take no
action in respect of the breach.  All banking facilities
continue, including those that had a term expiry date of
July 1, 2006, until the end of September.

Feltex also reveals that the Bank will undertake interim monthly
reviews and will formally evaluate its position at the end of
September.

Stuff.co says that this would buy the Company time to raise more
capital or restructure itself.

Feltex will inform the Bank regarding strategic opportunities
presented to the Company for capital raising and restructuring.  

                       About Feltex

Established over 50 years ago, Feltex Carpets Limited --
http://www.feltex.com/-- has built a reputation for being one  
of the world's leading manufacturers of superior-quality carpet.
The Feltex operation includes a wool scouring plant, six
spinning mills, three tufted carpet mills, a woven carpet mill
and offices in New Zealand, Australia and the United States.  
The Company also leads the way in exports, with customers
throughout South East Asia, Japan, the United States, the Middle
East and other key world markets.  Feltex listed on the local
stock exchange in mid-2004 in a NZ$254-million initial public
offering -- the year's largest in New Zealand.  However, the
Company fell short of its prospectus earnings projections,
reporting a net profit of NZ$11.8 million in the fiscal year to
June 30, 2005, about half the forecast NZ$23.9 million.  The
Company has struggled with losses and earnings downgrades,
flogging sales, and a dipping share price.  The Company closed
plants and in October 2005, axed 235 jobs, mostly in Australia,
and by 2006, abandoned merger talks with Australian competitor
Godfrey Hirst after it suggested that the apparent "white
knight" investor was more interested in a reverse takeover.  
Godfrey Hirst later sold out its nearly 9% stake in the Company.

In February 2006, Feltex reported a first-half after tax loss of
NZ$11.83 million, down almost 200% compared to the net loss in
the previous year.


GN HOLDINGS: Appoints R. B. McKern as Liquidator
-----------------------------------------------
At a general meeting of the members of GN Holdings Pty Limited
held on June 1, 2006, R. B. McKern was appointed as liquidator
to oversee the Company's wind-up activities.

Contact: R. B. Mckern
         Liquidator
         c/o McGrathNicol+Partners
         Level 1, 161 Collins Street
         Melbourne, Victoria 3000
         Australia
         Telephone: (03) 9038 3100
         Web site: http://www.mcgrathnicol.com/


HFT INVESTMENTS: Faces Liquidation Proceedings
----------------------------------------------
An application to liquidate HFT Investments Ltd will be heard
before the High Court of Christchurch on July 10, 2006, at 10:00
a.m.  

Hills Floorings Ltd filed the petition with the Court on May 25,
2006.

Parties wishing to attend the hearing are required to file an
appearance not later than July 7, 2006.

Contact: C.N. Lord
         Corporate Collections Ltd,
         187 Mt Eden Road
         Mt Eden, Auckland
         New Zealand


HOLIDAY HOMES: Members Opt for Voluntary Wind-Up
------------------------------------------------
At a general meeting of the members of Holiday Homes  
(Australian Capital Territory) Pty Limited on June 1, 2006, it
was agreed that a voluntary wind-up of the Company is
appropriate and necessary.

In that regard, Michael Edward Slaven was appointed as official
liquidator.

Contact: Michael Edward Slaven
         Liquidator
         Rangott Slaven Hundy
         Unit 12, Level 3 Engineering House
         11 National Circuit, Barton
         Australian Capital Territory
         Australia


JACANT PTY: Prepares to Distribute Dividend to Creditors
--------------------------------------------------------
Jacant Pty Limited will distribute dividend to creditors on
July 18, 2006.

Creditors who were able to file their claims on July 4, 2006,
will share in the dividend distribution.

Contact: Daniel Civil
         Joint Liquidator
         c/o Rodgers Reidy Chartered Accountants
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


JALNA PARK: Wind-up Process Initiated
-------------------------------------
Members of Jalna Park Pty Limited met on June 2, 2006, and
decided to shut down the Company's business operations.

Subsequently, D. R. Vasudevan was appointed to oversee the
Company's wind-up.

Contact: D. R. Vasudevan
         Liquidator
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


KAM PTY: Members Agree to Wind Up Business
------------------------------------------
At a general meeting of the members of KAM Pty Limited on
June 1, 2006, it was agreed that a voluntary wind-up of the
Company is appropriate and necessary.

In that regard, Stanley Leo Carroll was appointed as liquidator.

Contact: Stanley Leo Carroll
         Liquidator
         43 Auburn Street, Moree
         New South Wales, Australia


K&M JOINERY: Liquidation Bid Hearing Fixed on July 20
-----------------------------------------------------
The High Court of Nelson will hear a petition to liquidate K&M
Joinery Ltd on July 20, 2006, at 10:00 a.m.

Hafele (NZ) Ltd filed the petition before the Court on May 4,
2006.

Contact: C.N. Lord
         Corporate Collections Ltd,
         187 Mt Eden Road
         Mt Eden, Auckland
         New Zealand


LGV ENTERPRISES: Schedules General Meeting for July 6
-----------------------------------------------------
Members of LGV Enterprises Pt. Limited will convene at a general
meeting on July 6, 2006, at 10:00 a.m.

At the meeting, Liquidator A. D'aloia will discuss about how the
wind-up was conducted and the Company's property was disposed
of.

Contact: A. D'aloia
         Liquidator
         D'Aloia Handberg Chartered Accountants
         Level 10, 200 Queen Street
         Melbourne, Victoria 3000
         Australia


MANUFACT DATA: Creditors Must Prove Debts by July 24
----------------------------------------------------
Creditors of Manufact Data Systems Ltd are required to submit
their proofs of debt by July 24, 2006, to Joint Liquidators
Karen Betty Mason and Jeffery Philip Meltzer.

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

Contact: Karen Mason
         C/O Rachel Mason
         Meltzer Mason Heath
         Chartered Accountants
         P.O. Box 6302, Wellesley Street
         Auckland, New Zealand
         Telephone: (09) 357 6150
         Facsimile: (09) 357 6152


MEGADATA PTY: Placed Under Voluntary Liquidation
------------------------------------------------
The members of Megadata Pty Limited convened on June 1, 2006,
and decided to close down the Company's operations.

Subsequently, Ian Alexander Currie and Peter George Biazos were
appointed as liquidators.

Contact: Ian Alexander Currie
         Peter George Biazos
         Joint and Several Liquidators
         Currie Biazos
         Level 3, Christies Corporate Centre
         PO Box 10098 Adelaide Street
         Brisbane, Queensland Old 4000
         Australia


MUSIC SYSTEMS: Shareholders Opt for Voluntary Liquidation
---------------------------------------------------------
Shareholders of Music Systems (Operations) Ltd on June 16, 2006,
resolved to voluntarily liquidate the Company and appoint Roland
Lawrence Sarten as official liquidator.

Mr. Sarten requires the Company's creditors to submit their
proofs of claim by July 10, 2006, for them to share in any
distribution the Company will make.

Contact: Roland Sarten
         Temperton & Associates Ltd
         Chartered Accountants, P.O. Box 1140
         Wellington, New Zealand
         Telephone: (04) 499 8382
         Facsimile: (04) 471 4833


NATIONAL AUSTRALIA: Two Former Traders Sentenced to Jail
--------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
May 30, 2006, the Victorian County Court found former National
Australia Bank traders David Bullen and Vincent Ficarra guilty
for their role in NAB's AU$360-million foreign exchange scandal.

In an update, the Court has sentenced Mr. Bullen to 44 months,
with a minimum of 30 months, in prison after being convicted of
dishonestly using his position to gain an advantage, Bloomberg
relates, citing the Australian Securities & Investments
Commission.

Mr. Ficarra, on the other hand, received a 28-month jail term,
with a minimum of 15 months, on similar charges, Bloomberg
notes.

According to The Associated Press, Judge Geoff Chettle, in
sentencing Mr. Bullen, said that, "In the corporate culture that
existed, you forgot your legal responsibilities to the bank, its
management and its shareholders."

Judge Chettle stated that Mr. Ficarra has attempted to convince
a jury that his behavior was not dishonest while Mr. Bullen has
pleaded not guilty because of "a peculiar and particular
philosophical approach [he has] to life" stemming from his
Buddhist faith.

Reuters notes that Mr. Bullen has published "Fake: My life as a
rogue trader," a book about his time at NAB, his days of hard
drinking and drugs and how he rejected that lifestyle in favor
of Buddhism.

According to ShareChat News, Judge Chettle has reduced the
sentence he would otherwise impose on Mr. Bullen because the
former trader would not be able to benefit from home detention
but would else be eligible for it.

                          About NAB

National Australia Bank is undertaking a three-year revival
program after a foreign exchange trading scandal in 2004, which
cost it AU$326 million, and several profit downgrades in 2005
that hammered its share price.  As of February 2006, NAB said
that it was moving ahead and that planning for its post-recovery
phase was under way.


OFFSHORE BRICKLAYING: Opts to Discontinue Operations
----------------------------------------------------
The members of Offshore Bricklaying Pty Limited met on
June 1, 2006, and agreed to:

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

  -- appoint Giovanni Maurizio Carrello, as liquidator to manage  
     the wind-up activities.

Contact: Giovanni Maurizio Carrello
         Liquidator
         Dickson Carrello Insolvency Practitioners
         Level 1, London House
         216 St. Georges Terrace
         Perth, Western Australia 6000
         Australia


OODIAN LIMITED: Liquidation Petition Hearing Slated for August 3
----------------------------------------------------------------
An application to liquidate Oodian (Auckland City) Ltd will be
heard before the High Court of Auckland on August 3, 2006, at
10:00 a.m.  

Colwall Property Investment Ltd filed the petition with the
Court on May 25, 2006.

Parties wishing to attend the hearing are required to file an
appearance not later than August 1, 2006.

Contact: Richard James Beca
         Beca and Co, Barristers and Solicitors
         Level One, 75 Queen Street
         Auckland, New Zealand


PORT DOUGLAS: To Pay Dividend to Creditors
------------------------------------------
Port Douglas Reef Resorts Limited will declare its first and
final dividend on July 7, 2006.

Creditors who were not able to prove their claims will be
excluded from sharing in any distribution the Company will make.

Contact: Brian Silvia
         Liquidator
         Ferrier Hodgson
         Level 17, 2 Market Street
         Sydney, New South Wales 2000
         Australia


REVO INDUSTRIES: Creditors' Proofs of Claim Due on July 28
----------------------------------------------------------
Jeffery Philip Meltzer and Michael Lamacraft were appointed
joint and several liquidators of Revo Industries Ltd on June 22,
2006.

In this regard, the Liquidators will be receiving proofs of
claim from the Company's creditors by July 28, 2006.

Failure to comply with the requirement will exclude a creditor
from sharing in any distribution the Company will make.

Contact: M. Lamacraft
         Meltzer Mason Heath, Chartered Accountants
         P.O. Box 6302, Wellesley Street
         Auckland, New Zealand
         Telephone: (09) 357 6150
         Facsimile: (09) 357 6152


SGIS PTY: Liquidator to Present Wind-Up Report on July 11
---------------------------------------------------------
Creditors and members of SGIS Pty Limited will convene at a
final meeting on July 11, 2006, at 2:30 p.m., to hear Liquidator
Jason Bettles' accounts of the Company's wind-up and property
disposal activities.

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


SMARTVISION (INTERNATIONAL): Winds Up Business
----------------------------------------------
At a general meeting on June 1, 2006, members of Smartvision
(International) Pty Limited resolved to close the Company's
business operations.

Ian Alexander Currie and Peter George Biazos were subsequently
appointed as liquidators.

Contact: Ian Alexander Currie
         Peter George Biazos
         Liquidators
         Currie Biazos Insolvency Accountants
         Level 3, Christies Corporate Centre
         320 Adelaide Street
         Brisbane, Queensland, 4000
         Australia


TEBBEC PTY: Creditors Set to Meet Today
---------------------------------------
The creditors of Tebbec Pty Limited will convene on July 6,
2006, at 9:30 a.m.

During the meeting, Liquidators Brian H. Allen and Peter G.
Burton will present the Company's wind-up report.

Contact: Brian H. Allen
         Peter G. Burton
         Liquidators
         Burton Glenn Allen
         Chartered Accountants
         Level 2, 57 Grosvenor Street
         Neutral Bay, New South Wales 2089
         Australia


TRANSCO LIMITED: Appoint Joint and Several Liquidators
------------------------------------------------------
Stephen Mark Lawrence and Anthony John McCullagh were on
June 21, 2006, appointed as joint and several liquidators of
Transco (Auckland) Limited.

Subsequently, the Joint Liquidators require the Company's
creditors to submit their proofs of claim by July 24, 2006, for
them to share in any distribution the Company will make.

Contact: Stephen Lawrence
         C/O Chris McCullagh  
         Horwath Corporate (Auckland) Limited
         P.O. Box 3678, Auckland 1015
         New Zealand
         Telephone: (09) 306 3440
         Facsimile: (09) 302 0536


WAITUNA DAIRY: Enters Liquidation Proceedings
---------------------------------------------
The liquidation of Waituna Dairy Ltd commenced on June 1, 2006,
after the appointment of Grant McIntosh as liquidator.

Contact: Grant McIntosh
         P.O. Box 794, Hamilton
         New Zealand
         Telephone: (07) 839 5725
         Facsimile: (07) 838 3191


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

BANK OF CHINA: H Shares Keep Rising, Upside Potential Questioned
---------------------------------------------------------------
The persistent rise of Bank of China's H share prompted business
analysts to give warning that the bank's price-to-book value is
already too high and that the shares might have no upside
potential anymore, The Standard reports.

According to The Standard, Bank of China's H shares rose as much
as 2.84 percent on July 3, closing at HK$3.625, as a prelude to
the bank's A-share listing on July 5, at the Shanghai stock
exchange.

The bank's H shares have already soared to nearly 23% since the
beginning of the month of June where its listing price was
pegged at HK$2.95, the Standard relates.  Its price-to-book
valuation reached 2.66 times when counterparts like China
Construction Bank and other mainland banks have price-to-book
valuations of about 2.4 to 2.5 times.

"The bank has limited upside now for its growth potential will
be capped by the performance of Bank of China (Hong Kong), which
contributes about 20% of BOC's profit," said a European
securities house banking analyst.  "I don't think there will
still be an upside at the present price level after the price
surged more than 18 percent."

                          *     *     *
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.  


BEAUTY GLOW: Members Decide to Liquidate Business
-------------------------------------------------
At an extraordinary general meeting of the members of Beauty
Glow Ltd held on June 21, 2006, a resolution was passed to
voluntarily liquidate the Company and appoint Wong Kam Hung to
oversee the liquidation.

Contact: Wong Kam Hung
         Flat E2, 7th Floor
         Villa Monte Rosa
         41A Stubbs Road
         Hong Kong


BETTER BOND: Liquidators Cease to Act for Company
-------------------------------------------------
Rainier Hok Chung Lam and John James Toohey ceased to act as
liquidators of Better Bond Ltd on June 27, 2006.


CHINESE PETROLEUM: Loses NTD2 Billion a Month to Price Control
--------------------------------------------------------------
Taiwan-based Chinese Petroleum Corp is losing as much as NTD2
billion a month from its natural gas sales because of government
price controls and soaring import costs, Taipei Times reports.

The Company's vice president, Tsao Mihn, expressed his concern
that they might have to loan money to cover losses on fuel
sales, the report says.

The Bureau of Energy told Taipei Times that the costs of
importing liquefied natural gas soared to 32% in the first four
months of this year as compared from the previous year.

According to China Post, the Taiwan government is blocking
Chinese Petroleum from increasing fuel prices for fear that this
may further lead to inflation.  As a result, the Company's
financial strength weakened because it is unable to fully pass
on the cost of purchasing crude oil.

"The government asks us to take on social responsibility," Mr.
Tsao said on the decision of the government to regulate prices.

Meanwhile, Economic Daily News reveals that Chinese Petroleum
might go bankrupt in two years if the Government continues to
block price increases.  

The Company may record a loss amounting to NTD54.2 billion this
year alone because of higher crude oil costs, compared with a
profit last year of NT$9.6 billion, Economic Daily adds.

Mr. Tsao however dismissed reports on the Company's possible
bankruptcy as mere speculation.

                          *     *     *

Chinese Petroleum Corporation -- http://www.cpc.com.tw/-- is  
engaged in the exploration, production, refining, storage,
transportation, and the sale of petroleum products in Taiwan.

The state-owned monopoly has stakes in oil and gas exploration
ventures in the Americas, Indonesia, Taiwan, and the United Arab
Emirates, and has estimated reserves of 4 million barrels of oil
and 2.7 trillion cu. ft. of gas.  It also produces natural gas,
kerosene, fuel oil, ethylene, propylene, and other refined
products, CPC owns and operates 630 gas stations, as well as
boat and aviation refueling stations.  The Taiwanese government
has CPC on track for privatization.

Standard & Poor's on June 28, 2006, already placed the Company's
long-term corporate credit rating of A+ on credit watch with
negative implications.


COUNTRY MODE: Liquidators Step Aside
------------------------------------
On June 27, 2006, joint liquidators Rainier Hok Chung Lam and
John James Toohey ceased to act for Country Mode Development
Ltd.


COUNTRY SMART: Lam and Toohey Cease to Act for Company
------------------------------------------------------
Rainier Hok Chung Lam and John James Toohey ceased to act as
liquidators of Country Smart Ltd on June 27, 2006.


EAGLE SPEED: Annual Meetings Slated for July 18
-----------------------------------------------
Members and creditors of Eagle Speed Global Manufacturing Ltd
will convene for their annual meetings at Room 103, 1st Floor,
Duke of Windsor Social Services Building, No 15 Hennessy Road,
Wanchai, Hong Kong on July 18, 2006, at 11:00 a.m. and 11:30
a.m. respectively.  

At the meetings, members and creditors will receive Liquidator
Lo Tak Kin's final account of the Company's wind up operations.


EIMO (H.K.) LIMITED: Chi Ceases to Act as Liquidator
----------------------------------------------------
Ng Sun Chi on June 23, 2006, ceased to act as liquidator of Eimo
(H.K.) Ltd on June 23, 2006.


FULLWAY PROPERTIES: Final Members Meeting Set August 4
------------------------------------------------------
Members of Fullway Properties Ltd will convene for their final
meeting at 15th Floor, Manulife Tower, 169 Electric Road, North
Point, Hong Kong on August 4, 2006, at 9:00 a.m.

At the meeting, members will receive liquidator Chok-Man Yik's
final account of the Company's wind up operation.


KORET (H.K.) LIMITED: Falls into Liquidation
--------------------------------------------
At an extraordinary general meeting of Koret Hong Kong Ltd held
on June 19, 2006, members passed a special resolution to
voluntarily liquidate the Company and appoint Joint Liquidators
Thomas Andrew Corkhill and Iain Ferguson Bruce to oversee the
operation.

Contact: Thomas Andrew Corkhill
         8th Floor, Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


LOYAL FRIEND: Names Joint Liquidators
-------------------------------------
Joint liquidators Fu Kwok Ching and Ha Man Kit were on June 20,
2006, appointed as official liquidators for Loyal Friend Ltd.

Contact: Fu Kwok Ching
         Room 609, 6/F., Austin Tower
         22-26 Austin Avenue
         Tsim Sha Tsui, Kowloon
         Hong Kong


MERIT LIMITED: Creditors Meeting Set July 26
--------------------------------------------
Creditors of Merit Ltd will convene to discuss wind-up matters
on July 26, 2006, 3:00 p.m.

The meeting will be held at 8/F., Richmond Commercial Bldg, 109
Argyle Street, Mong Kok, Kowloon, Hong Kong.


MILLION SUN: Official Liquidator Named
--------------------------------------
Members of Million Sun Ltd on June 19, 2006, appointed
Liquidator Hue Yat Lun to oversee the Company's liquidation.

Contact: Hue Yat Lun
         Room 509, Bank of America Tower
         12 Harcourt Road, Central
         Hong Kong


PHUKET PASS: Creditors Must Prove Claims by July 27
---------------------------------------------------
Creditors of Phuket Pass Project Ltd are required by liquidator
Liu Ying Yi to submit their proofs of by July 27, 2006.

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

Contact: Liu Ying Yi
         Room 1901, CC Wu Building
         302 Hennessy Road
         Wanchai, Hong Kong


P5 LIMITED: Members Decide to Wind-Up Operations
------------------------------------------------
Members of P5 Limited decided through a special resolution
passed on June 21, 2006, to voluntarily wind-up the Company.

In this regard, Veronica Chiao was appointed as liquidator.


TOYOTA MOTOR (CHINA): Shareholders Opt for Voluntary Wind-Up
------------------------------------------------------------
Shareholders of Toyota Motor (China) Ltd passed a special
resolution on June 23, 2006, to voluntarily wind-up the Company
and appoint Joint Liquidators Lai Kar Yan and Darach Haughey to
oversee the wind-up exercise.

Contact: Lai Kar Yan
         32nd Floor, One Pacific Place
         88 Queensway, Hong Kong


TURBO MARK: Creditors' Proofs of Debt Due on July 28
----------------------------------------------------
Liquidator Fan Sai Yee requires creditors of Turbo Mark
International Ltd to submit their proofs of debt by July 28,
2006.

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

Contact: Fan Sai Yee
         Rooms 1009-1012, 10th Floor
         K. Wah Centre, 191 Java Road
         North Point, Hong Kong


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

CONSOLIDATED FIBRES: Shuts Down Operations Due to Cashflow Woes
---------------------------------------------------------------
Consolidated Fibres & Chemicals Berhad was forced to suspend
operations as its working capital has been eroded due to several
factors.

The acrylic fiber industry has been passing through a severe
recession since fiscal 2005/06.  With domestic supply being
substantially in excess of demand and the decline in exports,
the industry as well as the Company has had to resort to
production cuts.  As compared to a capacity utilization of 127%
in 2004/05, the capacity utilization of the Company fell to 99%
in 2005/06.  From October 2005 to March 2006, the Company's
capacity utilization was only 79%.

At the same time, due to the continuous rise in oil prices, the
cost of its main raw material Acrylonitrile has also increased
substantially.  The cost hike could not be passed on to the
customers because of the recession in the industry.  As a
result, the Company incurred a loss before interest and
depreciation of almost INR100 million in 2005/06, and about
INR15 million in April and May 2006.

Furthermore, the Company's cashflow has been adversely affected
by the provisions of the Union Budget 2006.  While the Excise
Duty on Acrylic Fibre has been reduced from 16% to 8%, the
currency exchange rates on import of raw materials has been
retained at 16%.  An additional CVD of 4% has also been levied
on imports, which resulted in the accumulation of unutilized
central value added tax credit of about INR120 million per year
with a consequent adverse impact on the cash flows of the
Company.

Due to these factors, the Company's working capital has been
totally eroded leaving it with no option but to suspend
operations from May 30, 2006.

Consolidated Fibres & Chemicals Berhad was incorporated in 1987.  
The Company is promoted and managed by Goenka GP group.  It is
principally involved in the manufacture of synthetic yarn.  The
company's plants are located in Haldia at Medinipur, West
Bengal.


GENERAL MOTORS INDIA: Mulls Research Tie-Up with IIT Delhi
----------------------------------------------------------
General Motors India plans to undertake a joint venture research
project with IIT Delhi to develop a bio-diesel version of the
Chevrolet Tavera, The Indian Express reports.

The carmaker is stepping up efforts to explore fuel-efficient
means of conveyance, with oil prices hovering at around US$70
per barrel, The Indian Express relates.

Currently, GM India's research and development arm -- India
Science Laboratory -- is conducting research on areas like
vehicle design, virtual manufacturing and automotive materials,
among others.  However, the Company aims to do more in-depth
research hence the planned tie-up with IIT Delhi.

According to The Express, the Company plans to bring in new
fuel-efficient cars as well as diesel and variants of some of
the existing models.

In fact, GM India is launching the Optra CNG this month itself
and will be targeting areas like Delhi and Gujarat which have
CNG fuelling stations, Business Standard says.

The Company will bring CNG version in markets such as Delhi,
Mumbai, Gujarat where the infrastructure for CNG supply is
already in place, The Standard adds.

                     About General Motors

General Motors Corp. -- http://www.gm.com/-- the world's  
largest automaker, has been the global industry sales leader for
75 years.  Founded in 1908, GM today employs about 327,000
people around the world.  With global headquarters in Detroit,
GM manufactures its cars and trucks in 33 countries, including
India.  In 2005, 9.17 million GM cars and trucks were sold
globally under the following brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.  GM operates one of the world's leading finance
companies, GMAC Financial Services, which offers automotive,
residential and commercial financing and insurance.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

General Motors made losses of around US$7.6 billion in its North
American automotive operations in 2005.  This included the costs
of decision to close down as many as 12 North American plants
and cut 30,000 jobs by the end of 2008.  The losses were also
due to charges related to factory job losses, its finance arm
GMAC and the bankruptcy of former subsidiary Delphi Corp.  GM
had to make these big restructuring announcements to cut costs
and return to profitability as soon as possible.


NATIONAL TEXTILE: Gets Experts' Help for Revival of Mills
---------------------------------------------------------
The National textile Corporation has tapped consultants Ernst &
Young, CRISIL, Dhir and Dhir to help in the revival of the
Company's 29 mills through joint ventures, The Financial Express
reports.

According to the Troubled Company Reporter - Asia Pacific,
National Textile had attempted to tie up with private players to
rejuvenate the mills.  However, the efforts failed because the
leasing-out strategy that was used discouraged potential bidders
because of the high annual rent that was set at 5% of the value
of the total land.

A lack of technical advice was also cited as one of the reasons
for the failure of the leasing effort that is why the Company is
hiring experts to help it formulate new models for the joint
venture revival scheme, The Express says.  The Company is
looking at adopting different joint venture models to suit
different mills.

At present, National Textile is going over the presentations
made by the four technical consultants, The Express relates.  
The Company will make announcements in due time.

National Textiles' entire revival scheme is self-financed as the
amount mobilized from the market will be repaid by selling the
assets of the closed mills and the surplus assets of active
mills, Chennai Online reports.

So far, the Company sold assets worth INR3,087 crore, which
includes land, old plants and machinery.  It mobilized INR2,028
crore from the market using bonds and hopes to start repayment
by January 2007, Chennai Online adds.

                About National Textile Corporation

Headquartered in New Delhi, India, National Textile Corporation
Ltd -- http://texmin.nic.in/-- is the single largest textile  
central public sector enterprise under Ministry of Textiles
managing 52 textile mills through its nine subsidiary companies
spread all over India.  The strength of the group is around
22000 employees.  The annual turnover of the Company in the year
2004-05 was approximately INR638 crores.  In 2002, the Board for
Industrial and Financial Reconstruction approved the revival of
53 viable mills and closure of 66 unviable mills.  National
Textile is in the process of a major restructuring.  A new
corporate plan is under formulation for repositioning of the
organization by merging all its nine subsidiaries into one
holding company.


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

BANK DANAMON: Moody's Places D- Fin'l Strength Rating on Review  
---------------------------------------------------------------
Moody's Investors Service has placed Bank Danamon Indonesia's  
D- bank financial strength rating on review for possible
upgrade.  All other ratings are unaffected.

"The review will consider BDI's improved, albeit modest
financial fundamentals under major shareholder Asia Financial
Indonesia.  In particular, the bank's level of economic
solvency, adjusted for problem loans on its balance sheet as
well as the sustainability and strength of recurring earnings
will be assessed to determine if its BFSR is better positioned
in a higher rating range," says Beatrice Woo, a Moody's
VP/Senior Analyst.

In addition, the review will look at the performance and
potential risks of its auto and motorcycle financing business
due to the current difficulties in the industry environment.

As Indonesia's fifth largest bank, BDI -- headquartered in
Jakarta -- has a 5% share of the deposit market.  As of March
2006, it had assets of IDR71 trillion.  The bank has an
established brand name in the consumer market, relatively
healthy financial fundamentals and a professional management
team.

As of March 31, 2006, the Asia Financial Indonesia consortium,
comprising Temasek Holdings of Singapore -- rated Aaa -- with
85% and Deutsche Bank 15%, held a 69.59% stake in the bank.

Since new management entered BDI in June 2003, they have honed
its strategy and are redefining its competitive position in the
banking landscape.  While the bank will remain a bank for
consumers as well as small and medium sized enterprises, it is
expanding into the mass market segments, including the self-
employed and consumer mass market.  To help it in these areas,
it acquired a 75% stake in Adira Finance for IDR850 billion in
cash in April 2004.  Adira Finance specializes in auto and
motorcycle financing, and holds a 12% market share in the
motorcycle financing business.

This rating was placed on review for possible upgrade:

   -- BFSR of D-.

These ratings were unaffected:

   -- Subordinated debt of Ba3. The outlook is stable; and

   -- Long-term/short-term deposit of B2/Not Prime.  The outlook
      is stable.


BANK INTERNASIONAL: Moody's Reviews E+ Bfsr For Possible Upgrade
----------------------------------------------------------------  
Moody's Investors Service has placed Bank Internasional
Indonesia's E+ bank financial strength rating on review for
possible upgrade.  All other ratings are unaffected.

"The review will consider BII's improving, albeit modest,
financial fundamentals under major shareholder, Temasek Holdings
of Singapore.  In particular, the bank has regained positive
economic solvency, after adjusting for problem loans in its
balance sheet, and despite the recent rapid loan expansion,"
says Beatrice Woo, a Moody's VP/Senior Analyst.

In addition, BII is generating a stronger recurring earnings
stream, including a decreasing reliance on income from
government recapitalization bonds.

BII, headquartered in Jakarta, is the sixth largest bank in the
country with a 3% deposit market share. At March 2006, it had
assets of IDR48 trillion.

In December 2003, the Sorak consortium -- comprising Temasek
Holdings of Singapore with 50%, Kookmin Bank of Korea 25%, ICB
Financial Group Holdings 20% and Barclays Bank of U.K. 5% --
acquired 51% of the bank.  This stake has since increased to
56.71%.

Bank Internasional Indonesia's other ratings are:

   -- subordinated debt of Ba3, and
   -- long-term/short-term deposit of B2/Not Prime.

These ratings carry a stable outlook.


BANK PERMATA: Moody's Places E+ Fin'l Strength Rating On Review
---------------------------------------------------------------
Moody's Investors Service has placed Bank Permata's E+ bank
financial strength rating, which carried a positive outlook, on
review for possible upgrade.  All other ratings are unaffected.

"The review will consider Permata's much improved, albeit still
modest, financial fundamentals under the shareholder consortium
of Standard Chartered Bank and Astra International, one of
Indonesia's largest companies," says Beatrice Woo, a Moody's
VP/Senior Analyst, adding, "In particular, the bank's economic
solvency, when adjusted for problem loans, is positive and may
be positioned at the low end of the D rating range."

"Moreover, Moody's believes that Permata faces brighter
prospects under the consortium and expects its franchise and
financial fundamentals to become significantly enhanced.  Given
the reputation of Standard Chartered Bank and Astra
International, any support -- financial and technical -- should
be strong," says Woo, also Moody's lead analyst for the bank.
However, as the impact of these expected benefits on the
operating and profitability metrics may only materialize over
time, the review period may be protracted.

Bank Permata was formed in September 2002 from the amalgamation
of four banks -- Bank Universal, Bank Patriot, Bank Prima
Express and Bank Artamedia -- into Bank Bali.  Pre-Asian
financial crisis, Bank Bali was one of the strongest banks in
Indonesia, commanding profitable niches in trade finance,
middle-market lending and retail banking.  It was taken over by
the Indonesian Bank Restructuring Agency during the crisis in
1999.

In October 2004, a consortium -- comprising Standard Chartered
Bank and Astra International -- acquired 51% of Permata from PT
Perusahaan Pengelola Aset.  As of end-2005, this stake had
increased to 63.1%. Standard Chartered Bank and Astra
International each hold equal stakes in the consortium.  PPA
still holds 26.16% of Permata.

In its plans for the bank, the consortium aims to align Permata
with Standard Chartered Bank's standards, especially in risk
management.  As for strategy, the consortium will maintain
Permata's focus on the consumer and small and medium enterprise
segments.  However, more consumer products will be introduced
into its distribution channel.  Other areas which will be
developed include treasury operations, Syariah banking and the
payment network.

Today, the combined entity, headquartered in Jakarta, is the
eighth largest bank in the country with a 3% share of system
deposits.

The following rating was affected:

   * Bank financial strength rating of E+ was placed on review
     for possible upgrade.

The following ratings were unaffected:

   * Long-term/short-term deposit ratings of B2/Not Prime.
     Outlook stable.


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

JAPAN AIRLINES: Moody's Affirms JALI & JALD Ba3 Issuer Ratings  
--------------------------------------------------------------
Moody's Investors Service has affirmed its Ba3 senior unsecured
and issuer ratings for Japan Airlines International Co., Ltd.,
as well as its Ba3 issuer rating for Japan Airlines Domestic
Co., Ltd.  The rating affirmation is in response to the Japan
Airlines group's recent announcement of its planned issuing of
up to 750 million new shares, to raise up to approximately
JPY222.7 billion, by the end of this month.

Although the JAL group announced that the new capital is for
purchasing new aircraft, the proceeds may also relieve the
funding pressure from the probable early redemption in March
2007 of JPY 100 billion in convertible bonds sold in 2004.
Moody's believes this new capital issue will contribute to the
company's management of its liquidity and increase its financial
cushion.

However, in Moody's opinion, the group's restoring its operating
performance -- based on the timely execution of its business
strategy -- is an important factor for it to keep its government
support and its financial support from major creditor banks, and
thus will be a key rating factor going forward.  In addition,
the group will continue to have large funding needs for capital
expenditures over the medium term.  Therefore, the positive
impact of the planned new share issue will not be enough to
drive the current ratings upward for the time being.  Moody's
will continue to monitor the further execution of the group's
business strategy.

Japan Airlines International Co., Ltd., headquartered in Tokyo,
is the largest airline company in Japan.  Japan Airlines
Domestic Co., Ltd., headquartered in Tokyo, is the third-largest
airline company in Japan.  The two companies are fully owned
subsidiaries of Japan Airlines Corporation.


JAPAN AIRLINES: Ratings Not Affected By Equity Issue, Fitch Says
----------------------------------------------------------------
Fitch Ratings said that Japan Airlines Corporation's ratings are
not affected by its recently-announced new equity issue, adding
that the move is a positive step but not sufficient to prompt a
positive rating action.

"Fitch views that the announced new equity issue will provide
some financial flexibility and much needed capital to finance
part of JAL's capital spending.  However, the company still
faces an urgent need to turn around its lagging operations and
boost earnings and cash flow to finance the significant
investment planned under the current business plan and to redeem
debt.  These issues are unlikely to be solved by the one-time
capital reinforcement," said Satoru Aoyama, director in Fitch's
Corporates team in Tokyo.

On June 30, 2006, JAL announced that it will issue 700 million
new shares with an over-allotment option to issue an additional
50m shares, and will decide the issue share price between July
19 and July 21.  The company plans to raise a maximum of
JPY222.7 billion, and proceeds of the new issue will be used to
finance new aircraft acquisition.

Increased fuel costs and reduced domestic passenger loads have
resulted in JAL suffering operating losses of JPY26.8 billion in
FYE06, down from profits of JPY56.1 billion in FYE05 -- profits
of JPY3.2bn excluding one-time gains caused by a change in its
pension scheme.  Likewise, its EBITDA dropped to JPY98.2 billion
from JPY180.8 billion -- JPY128 billion before the gains --
during the same period.  Fitch estimates the company's EBITDA
will be JPY132 billion in FYE07, which is short of its scheduled
annual capital spending of JPY174 billion.  Fitch notes the new
equity issue will provide more than sufficient liquidity to fill
this gap.

However, the planned new equity will be insufficient to meet
longer term capital expenditure and potential debt redemption
needs.  JAL is planning to invest approximately JPY1 trillion,
including JPY750 billion for purchase of aircraft equipment,
from FYE07 to FYE11.  Moreover, the company is facing a
potential early redemption of a JPY100 billion convertible bond
in March 2007.  These outflows need to be financed by the
company's operating cash flow, especially given that the company
is already highly leveraged.  Therefore, the ability to turn
around operations and boost operating cash flow will be of
greater importance to its ratings, especially given that JAL is
in the throes of corporate rehabilitation.

In a comment published on June 9, 2006, Fitch stated that JAL's
ratings may be under downward pressure if its operations do not
show any signs of recovery in FYE07, especially in the peak
summer season, and it may require greater liquidity support from
the government or banks to finance its substantial capital
expenditure and debt amortization.  The equity reinforcement was
a well-anticipated scenario for the company and had already been
incorporated into Fitch's analysis.


LIVEDOOR CO: Ex-CEO's Trial to Start in September
-------------------------------------------------
Former Livedoor president and founder Takafumi Horie's trial may
be delayed to September 2006 instead of next month as scheduled,
Crisscross News says.

The Troubled Company Reporter - Asia Pacific reported that in
January 2006, Livedoor ex-president and founder Takafumi Horie,
and other Livedoor directors were found to have conspired to
cover up the Company's JPY310-million pretax loss for the
business year ended September 2004, by doctoring financial
accounts to instead show an inflated pre-tax profit of JPY5.03
billion.  Moreover, Mr. Horie and the Company executives
allegedly relayed false information on a merger, with the intent
to boost the stock price of Livedoor's subsidiary, Livedoor
Marketing Co.  They were indicted for alleged accounting fraud
and trials have begun for the former Company directors, whereas
a separate trial was sought for Mr. Horie.

The delay is due to the failure of the prosecution and Mr.
Horie's defense lawyers to settle their differences when they
met at the Tokyo District Court in the fifth pre-trial on
July 3, 2006, Crisscross says, citing unnamed sources.

                          *     *     *

Headquartered in Tokyo, Japan, Livedoor Company, Limited --
http://corp.livedoor.com/en/-- is involved in out portal site        
"livedoor," financial business, corporate web solutions, data
center and IP telephony business.

Following the accounting scandal surrounding the Company in
January 2006, Livedoor's stock price plunged to JPY94 per share
from over JPY300 per share.  Livedoor was delisted from the
Tokyo Stock Exchange on April 14, 2006.

Four Livedoor ex-directors, two external accountants, and both
Livedoor and subsidiary Livedoor Marketing Limited, have pled
guilty to charges of accounting fraud and violating the
Securities Exchange Law at their trial's first hearing on
May 26, 2006.


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

DOOSAN GROUP: Prosecutors Want Six-Year Jail Term for Park Bros.
----------------------------------------------------------------
Prosecutors sought six-year jail terms for former Doosan Group
Chairman Park Yong-sung and his brother, Yong-oh, for
embezzlement of company funds, The Korea Times reports.

According to The Times, the prosecution also sought a five-year
prison term for another Park brother, Yong-maan, who was
formerly the vice-chairman of Doosan.  The report notes that
Yong-maan was earlier sentenced to three years in jail with the
term suspended for four years and ordered to pay KRW4 billion in
fines.

The Times recounts that Yong-sung and Yong-oh had been both
sentenced to three-year jail terms suspended for five years and
ordered to pay KRW8 billion in fines in the first court.

The Troubled Company Reporter - Asia Pacific reported on
November 11, 2005, that Korea's prosecution has found that the
Park brothers embezzled KRW32.6 billion in company funds over
the last 10 years.  The slush funds were reportedly used in
living expenses, repayment of interest on bank debts and
donations to Buddhist temples.

Yong-sung, Park Yong-oh and Yong-maan are suspected of having
embezzled KRW28.6 billion from Doosan Industrial
Development Co., a construction subsidiary of the conglomerate,
and a secret subsidiary called Donghyun Engineering, from 1995
until recently, according to a report by the prosecution.

Park Yong-wook, the family's sixth-born sibling, is charged with
misappropriating KRW3.98 billion from his business group's
furniture-making affiliate Nefs Co. from 1998 through the end of
last year, investigators said.

Aside from the embezzlement charges, the Park Brothers are
believed to have fabricated accounting records of Doosan
Industrial Development.

Prosecutors now say that although the Park Brothers returned the
embezzled funds to the company, they should be held accountable
for irregularities.

Lawyers for the Parks argued that the brothers should be given a
lighter sentence since the slush funds were used not for
personal gain, but for the company, and has since been returned.

                          *     *     *

Doosan Corporation -- http://www.doosan.com-- is a diversified  
manufacturing and service company.  The Company's business areas
include alcoholic beverage, food, restaurant, trading,
publishing, and packaging.  Doosan runs KFC, and Burger King
restaurants in South Korea.

Doosan Corporation's full-year net sales for 2005 is pegged at
KRW10.65 quadrillion, a 56.09% increase from 2004's
KRW6.83 quadrillion net sales.  Consequently, it posted a 2005
net income of KRW4.86 billion a turn around from a net loss of
KRW15.13 billion in 2004.

Doosan posted KRW439.62 billion in net sales for the first
quarter of 2006, a 1.71% increase from the previous
corresponding period's sales of KRW432.21 billion.

The group, however, puts in a net loss of KRW16.67 billion in
the first quarter of 2006, compared to a net profit of
KRW395.51 million in the first quarter of 2005.


HYNIX SEMICONDUCTOR: S&P Revises B+ Rating's Outlook to Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services revised to positive from
stable the outlooks on its 'B+' long-term corporate credit
ratings on Hynix Semiconductor Inc. and its U.S. subsidiary,
Hynix Semiconductor Manufacturing America Inc.

At the same time, Standard & Poor's affirmed its long-term
corporate credit and senior debt ratings on the company.
  
"The outlook revision reflects the possibility of an upgrade in
the next one to two years if Hynix continues to improve its
consolidated financial profile by generating positive free cash
flow, while making critical investments for new 12-inch wafer
manufacturing capacity and maintaining its market position,"
said Standard & Poor's credit analyst JaeMin Kwon.

Hynix's improving financial profile and operating efficiency
should help the company boost its resilience to the extremely
challenging operating environment of the semiconductor industry.
However, volatile profit margins, characteristic of the memory
industry, and risks from contingent liabilities related to
recent lawsuits remain concerns.

The rating on Hynix reflects the company's solid position in the
dynamic random access memory market and good cost position in
the volatile, competitive, and highly capital-intensive memory
industry.

Hynix's total debt on a parent-only basis stood at
KRW1.5 trillion at the end of March 31, 2006, with a debt-to-
EBITDA coverage of 0.6x.  The company has sufficient liquidity
with parent-only cash and equivalents totaling KRW1.1 trillion
as of March 31, 2006, covering its debt repayment of KRW266.2
billion in the coming year.

However, capital investments are expected to reach
KRW2.3 trillion, and an additional KRW1.3 trillion investment is
planned for its joint venture in China.  As a result, debt
levels are not expected to improve significantly as the company
will need to raise debt to meet its cash needs.  Nevertheless,
the Company's recent US$300 million new share issuance should
help lighten the immediate financial burden.


HYUNDAI MOTOR: Union Votes to Join Industry Umbrella
----------------------------------------------------
Hyundai Motor Corporation's workers union has voted to join an
industry-wide umbrella group, the Chosun Ilbo reports.

According to the report, some 71.5% of Hyundai Motor's unionized
workers supported the decision.

The Hyundai Motor union, together with some 20 other trade
unions decided to convert themselves into an industry-wide
umbrella group to boost their negotiating power.  Employers,
however, fear that this will lend force to excessive labor
demands.

Aside from the Hyundai Motor union, an overwhelming majority of
unionized workers both at GM Daewoo and Kia Motors Corp. also
supported the decision.  Others workers group voting to join the
industry-wide union include those from Doowon Precision
Industry, Carrier Korea, Halla Climate Control, Korea Delphi
Automotive Systems, SeAh Steel, Hyundai Mipo Dockyard and Daewoo
Bus, with a total of 110,000 members.

Chosun Ilbo relates that the industry-wide umbrella union is a
goal propagated by the Korean Confederation of Trade Unions.

Chosun Ilbo explains that the 20 unions will join Korea's metal
workers' group, which will become massive with more than 160,000
members, around October 2006.  The national body will be in
charge of negotiations with the Korea Automobile Manufacturers
Association, which represents employers in the industry, over
structural reform in the industry, social benefits and other
issues of interest.  Local chapters will exercise individual
negotiating right only on matters such as improving working
conditions in individual companies.

                      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 of
Hyundai's bad debts written off.

Chairman Chung has been indicted early in May 2006 for fraud
charges.

According to press reports, 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.


KOREA EXCHANGE: FTC Raises Monopoly Concerns On Kookmin Deal
------------------------------------------------------------
The Fair Trade Commission has expressed concerns over Kookmin
Bank's planned acquisition of Korea Exchange Bank, The Korea
Times reports.

According to the report, the FTC is examining the competition
law to see whether Kookmin's takeover of KE Bank will restrict
the freedom of other financial firms.

FTC Chairman Kwon Oh-seung, in his latest news briefing, said
that the regulator is checking to see whether or not the deal
creates a monopoly by analyzing a variety of factors such as
deposits and lending from the standpoint of consumers.

The Times notes that the merger between the two commercial banks
could create a cartel that restricts the business activities of
other financial firms as the assets of the two companies would
reach KRW270 trillion if combined.

The Troubled Company Reporter - Asia Pacific reported on
March 24, 2006, that the United States-based Lone Star has
agreed to sell its 64.62% stake in KEB to Kookmin Bank.  Kookmin
Bank will have to pay KRW6.4 trillion for the takeover.

                      About Korea Exchange

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

South Korean politicians -- led by the main opposition Grand
National Party -- alleged that the KEB shares were sold cheap to
United States-based Lone Star Funds after the Bank's financial
status was incorrectly reported.  Korea Exchange denied the
allegations in March 2006.

The Board of Audit and Inspection and the Supreme Public
Prosecutors' Office initiated separate investigations into the
matter.

On June 20, 2006, the BAI determined that Lone Star's
acquisition of Korea Exchange was led by management with the
approval of the financial supervisory bureau.  BAI found that
KEB exaggerated its insolvency and falsely recorded the Bank for
International Settlements' capital adequacy ratio at 6.16%,
which is below the 8% threshold for healthy banks.

The Supreme Public Prosecutors' Office began its own
investigation of the KEB scandal on June 19, 2006.  Prosecutors
will investigate whether there were any transgressions of law in
the process of selling KEB and whether bribes were given to
officials.  If prosecutors will find solid evidence that the
data was cooked up, it might lead to the nullification of the
KEB sale to Lone Star and the arrest of regulators, policymakers
and former KEB executives.


QUALCOMM INCORPORATED: Gets Deluge of Anti-Trust Complaints
-----------------------------------------------------------
The Korean Fair Trade Commission has recently set up a task
force to aid in its investigation of Qualcomm Inc.'s alleged
market distortion practices in Korea, The Korea Herald says.

                        Anti-Trust Cases

On June 23, 2006, Texas Instruments Corp. and Broadcom Corp.
lodged antitrust complaints with Korean regulators against
Qualcomm, saying that the Company has abused its dominant market
position in both the existing CDMA and burgeoning wideband-CDMA
markets.

The Herald notes that it is not the first time.  Small- and
medium-sized Korean IT companies lodged similar complaints
earlier this year.  Starting with software maker Nextreaming
Corp., which filed an antitrust complaint against Qualcomm in
April 2006, claiming that Qualcomm bundled its QTV series along
with chipsets.  QTV is designed to deliver TV and other media
via mobile phones and is technically aligned with Qualcomm's MSM
chipsets.

On June 22, Thin Multimedia Inc., a Korean multimedia software
developer, lodged a complaint against Qualcomm for hindering
fair competition, saying Qualcomm had forced handset
manufacturers to buy its four QTV series.  

The Troubled Company Reporter - Asia Pacific reported on
April 7, 2006, that Qualcomm stated that the Korean offices of
Qualcomm Korea, Samsung Electronics, LGE Electronics and Pantech
Curitel were visited on April 4, 2006, by FTC officials seeking
information about the business dealings between Qualcomm and the
three other companies.   

The FTC did not elaborate on the reason for the inquiry, but it
was widely believed that it might be related to communications
to the FTC from a small Korean Company with respect to
Qualcomm's distribution of mobile video software solutions that
can be used in connection with Qualcomm's chipsets for wireless
phones.  

Qualcomm President Steve Altman has stated that its business
practices are "lawful and pro-competitive".

The dominant chipset supplier of the world's second most widely
used wireless telecommunications technology -- the code division
multiple access -- has raked in US$2.63 billion in royalties
from 1995 to last year, according to the Information Ministry's
recent data.

                  About Qualcomm Incorporated

Based in San Diego, California, U.S.A., Qualcomm Inc. --
http://www.qualcomm.com/-- pioneered the commercialization of  
the code-division multiple access technology used in wireless
communications equipment and satellite ground stations mainly in
North America.  It licenses CDMA semiconductor technology and
system software to more than 100 equipment and cell phone
makers.  Qualcomm's OmniTRACS satellite vehicle tracking system
is used by the trucking industry to manage vehicle fleets.  The
Company markets its products through direct sales force,
partnerships, and distributors in the United States, Europe, the
Middle East, Argentina, Brazil, Canada, China, Japan, South
Korea, and Mexico.


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

AMTEK HOLDINGS: Sells Two Units to Pensonic for MYR2 Million
------------------------------------------------------------
Amtek Holdings Berhad disclosed that on June 30, 2006, it
entered into two share and purchase agreements with Pensonic
Holdings Berhad to dispose of its entire equity interest in
Amtek Marketing Services Sdn Bhd for total cash consideration of
MYR1,000,000 and Amtek Services Pte Limited for MYR1,009,551.

Amtek Holdings entered, on February 24, 2006, into a Memorandum
of Understanding with Pensonic Holdings in relation to Amtek's
proposed disposal of its entire equity interest in Amtek
Marketing Services and Amtek Services Pte, the Troubled Company
Reporter reported.

A Deed of Assignment with Amtek Marketing was also inked to
assign the "Cornell" trademark for a total cash consideration of
MYR870,000.

Under the first SPA, Amtek Holdings agreed to dispose of its
2,000,000 ordinary shares of MYR1.00 each in Amtek Marketing for
MYR1,000,000.

The second SPA, on the other hand, will see Amtek Holdings
disposing of 500,000 ordinary shares of SGD1.00 each in Amtek
Services for MYR1,009,551.

The Shares will be disposed off free from all encumbrances,
liens, pledges and other encumbrances and with all rights and
advantages attaching thereto or accruing thereon.

Upon completion of the Proposed Disposal, Amtek Marketing and
Amtek Services will become wholly owned subsidiaries of
Pensonic.

The Proposed Disposal is part of the reorganization exercise
undertaken by Amtek Holdings to streamline its operations and
de-gear its balance.  The proposed disposal will enable Amtek
Holdings to focus on its three core businesses comprising of
retail, garment and apparels.  The sale proceeds will be used to
pay off the bank loans and the balance will be used as working
capital for the existing businesses.

The Proposed Disposal will not have any effect on Amtek
Holdings' issued and paid-up capital, and substantial
shareholders' shareholdings as the purchase consideration for
the Proposed Disposal will be satisfied entirely by cash.  
However, the Proposed Disposal is expected to realize a loss of
MYR0.47 million based on Amtek Marketing's latest audited net
asset of MYR2.04 million and Amtek Services' latest audited net
asset of MYR1.3 million, as of June 30, 2005.

Barring any unforeseen circumstances, the Board expects the
Proposed Disposal to be completed by October 2007.

                   About Amtek Holdings Berhad

Headquartered in Kuala Lumpur, Malaysia, Amtek Holdings Berhad
markets and distributes garments and electrical goods.  It also
manufactures shoes, garments and food products, trades fabrics
and related accessories, markets and distributes jeans wear,
property investment, provides management services and is also an
investment holding.  Operations are carried out in Malaysia,
Europe, Australia, Singapore, United States and other Asian
countries.  The Company is currently undergoing a business
reorganization program to curb losses.  For the quarter ended
March 31, 2006, the Company booked a net loss of MYR1.9 million
due to the poor performances in its apparels and electrical
divisions.  The prospects for the remaining quarters are not
expected to improve as the apparels and electrical divisions are
undergoing business reviews and revamp exercises.


AVANGARDE RESOURCES: Delays Submission of 2005 Annual Report
------------------------------------------------------------
Avangarde Resources Berhad has yet to issue its Audited
Financial Statements for the year ended December 31, 2005, which
was due on April 30, 2006.

The expected date to submit the outstanding accounts depends on
the finalization of the Financial Statements.

Bursa Malaysia Securities Berhad may delist Avangarde should the
Company fail to comply with provisions subject to extension of
time granted by the Bourse.

As reported in the Troubled Company Reporter - Asia Pacific,
Bursa Malaysia, on March 10, 2006, decided to remove Avangarde's
securities from the Official List after the Company failed to
submit outstanding financial reports.  On March 17, 2006, the
Bourse deferred the delisting after Avangarde submitted its
appeal against the decision to delist the Company's securities.

After due consideration of all facts and circumstances of the
case and given that the Company had not submitted its Annual
Audited Accounts for the fiscal years ended December 31, 2003,
and December 31, 2004, and the Company's representation that the
submission of its 2003 and 2004 annual reports would follow
immediately after Bursa Securities decided to defer the
delisting of the Company's securities provided that the annual
reports are submitted by April 30, 2006.

                About Avangarde Resources Berhad

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.  The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts.  It
was delisted from the Official List of Bursa Malaysia Securities
Berhad due to its inadequate financial condition and its failure
to meet with the requirements of the Bourse.  The Company is now
preparing the Proposed Scheme of Arrangement pursuant to the
Section 176 of the Companies Act to regularize its financial
condition.  The Company will unveil its Proposed Scheme once it
is finalized.

The Company's balance sheet as of March 31, 2006, showed
strained liquidity, with current liabilities of MYR147,506,000
exceeding current assets of MYR9,289,000.


CHEW GEOK (ASING): Enters Wind-Up Proceedings
---------------------------------------------
WTB Corporation on June 29, 2006, placed its dormant subsidiary
Chew Geok Lin Nominees (Asing) Sendirian Berhad under member's
voluntary wind-up.

In this regard, Lim Kam Hoong of Messrs Ling Kam Hoong & Company
was appointed as liquidator to oversee the wind-up process.

Contact: Lim Kam Hoong
         Ling Kam Hoong & Company
         No. 6-1, Jalan 3/64A, Udarama Kompleks
         Off Jalan Ipoh, 50350 Kuala Lumpur
         Malaysia


COMSA FARMS: Group Defaults on Loan Facilities
----------------------------------------------
Comsa Farms Berhad and subsidiary companies Comsa Breeding Farms
Sdn Bhd and Comsa Layer Farms Sdn Bhd have defaulted on some
banking facilities repayments.

On June 1, 2006, Affin Bank Berhad issued a demand letter to
Comsa Breeding for payment of the outstanding balance of
MYR4,841,983 as of April 30, 2006, together with accrued
interest until the date of full settlement.  The amount is in
respect of an overdraft facility of MYR4,600,000 granted by
Affin to CBF for working capital and was secured by a corporate
guarantee from Comsa Properties Sdn Bhd.

On June 5, 2006, Comsa Farms received a demand letter from RHB
Bank Berhad for payment of outstanding balance of MYR17,164,975
as of May 15, 2006 together with accrued interest until the date
of full settlement.  The amount is in respect of overdraft
facility of MYR1,500,000 trade facility and bankers acceptance
of MYR15,500,000 granted by RHB to Comsa Farms.  The facility
was secured by corporate guarantee from Comsa and pledge of
fixed deposit of MYR2,717,952.23 as of May 16, 2006.

On 19 June 2006, Affin Bank issued a demand letter to Comsa
Layer for payment of the outstanding balance of MYR3,950,803 as
of April 30, 2006, together with accrued interest until the date
of full settlement.  The amount is in respect of Al Wakalah
letter of credit, Al Kafalah shipping guarantee, Al Murabahah
trust receipt/ Islamic banking accepted bills of RM3,900,000
granted by Affin to CLF.  This facility was secured by a
corporate guarantee from Comsa.

The COmsa Group are unable to service loan repayments to its
lenders as the cashflow of the Comsa Group from their operations
is only sufficient to meet their working capital requirements
only.

Comsa is currently negotiating with its creditors to restructure
the loan and bank borrowings.  The Group is in the process of
exploring the possibility of undertaking a restructuring
exercise. Announcement will be made at the appropriate time as
and when the terms of the restructuring have been finalized.
2.3 Financial and legal implications in respect of the default
in payments

The defaults will not have any material financial implications
on the Company as the financing facilities involved had already
been recognized as current liabilities and non-current
liabilities in the Company's audited financial statements as at
March 31, 2005.

                    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 feed milling, 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.

The Company's balance sheet as of March 31, 2006, showed
strained liquidity with MYR27,780,000 in total current assets
available to pay MYR204,963,000 in total current liabilities
coming due within the next 12 months.


DATUK KERAMAT: To Submit Reports After Revamp Plan Completion
-------------------------------------------------------------
Datuk Keramat Holdings Berhad failed to issue its Annual Report
for the year ended December 31, 2005, which was due on June 30,
2006.

The company further disclosed that it has not issued its:

   -- Annual Audited Accounts for year ended December 31, 2004,
      due April 30, 2005;

   -- First Quarterly Report ended March 31, 2005, by the due
      May 31, 2005;

   -- Annual Report for the year ended December 31, 2004, due
      June 30, 2005;

   -- Second Quarterly Report ended June 30, 2005, due
      August 31, 2005;

   -- Third Quarterly Report ended September 30, 2005, due
      November 30, 2005;

   -- Fourth Quarterly Report ended December 31, 2005, due
      February 28, 2006;

   -- Annual Audited Accounts for financial year ended
      December 31, 2005, due April 30, 2006; and

   -- First Quarterly Report ended March 31, 2006, due
      May 31, 2006.

The Company explained that it still could not issue its
outstanding reports because it is still working on its proposed
restructuring scheme.  The Company said it will submit the
Financial Reports once the restructuring is finalized.

The consequences of non-compliance of the requirement under
Paragraph 9.22 of the Bursa Securities Listing Requirements may
result in the Company being suspended or delisted by Bursa
Malaysia Securities Berhad.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company's securities have already been suspended since August 1,
2005, because the Company did not issue the Annual Audited
Accounts and Annual Report for the 15-month period ended
December 31, 2004, Quarterly Reports for the periods ended March
31, 2005, June 30, 2005, and September 30, 2005, by their
respective due dates.

                  About Datuk Keramat Holdings
  
Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings
Berhad is engaged in investment and property holding.  The
Company is also involved in management services; property
investment services; project management services and
development; credit and financing activities; distribution and
publication of magazines; media design and advertising;
management of supermarket and departmental store; trading and
distribution of pharmaceutical, management of car park, garment
manufacturing and financial services.  The Group faced numerous
suits filed by financiers and trade creditors who have alleged
that outstanding debts are owed to them.  On January 24, 2005,
the Company was served with a wind-up petition by Affin Bank
Bhd, who claimed a sum of MYR15.66 million as of May 31, 2002,
in respect of revolving credit facilities granted to the
Company.  The Company has been suffering tight liquidity and is
facing delisting due to its failure to submit its financial
reports to Bursa Malaysia.  In an effort to settle the debts and
come to an agreement with the creditors, the Companies had
prepared an initial scheme for the purposes of a debt
restructuring scheme under Section 176(10) of the Companies Act,
1965.


KIG GLASS: Provides Default Status Update
-----------------------------------------
KIG Glass Industrial Berhad has provided an update in relation
to its defaults of all principals and interests of its credit
facilities.

As of May 31, 2006, KIG Glass Industrial Berhad owes Bumiputra
Commerce Bank Berhad a total of MYR51,938,601 for bankers
acceptances, term loans, trust receipts, as well as revolving
credit and letter of credit.

KIG Ceramics Industrial Sdn Bhd, on the other hand, defaulted on
a total of MYR10,811,702 to Bumiputra Commerce Bank Berhad.  KIG
Ceramics also owes Overseas Union Bank Berhad MYR3,905,709, and
The Labuan branch of Bumiputra Commerce Bank Limited
MYR9,425,537. The Company also defaulted on MYR890,789 as
overdraft payment to RHB Bank Berhad.

United Overseas Bank (Malaysia) Berhad has filed a wind-up
petition against KIG Ceramics, which is set for hearing before
the High Court in Kuching on September 7, 2006.

Meanwhile, the updated figures for KIG's subsidiary Zibo Jiali
Glass Industry Co. Ltd. is not available to date because of a
voluntary wind-up application against the subsidiary filed with
the Court in People's Republic of China.  The principal amount
Zibo Jiali owed to United Overseas Bank Limited, China is
USD1,400,000.

According to the Trouble Company Reporter - Asia Pacific, KIG
and its subsidiaries are unable to service the loan repayments
to the banks and financial institutions as the Company and one
of its subsidiaries -- Ziabo Jiali -- had ceased operations on
May 27, 2005, and February 15, 2006, respectively.

TCR-AP recounts that on May 11, 2006, KIG unveiled its
restructuring proposal, which includes a debt settlement
proposal to resolve the default issue.  

The Company is in the process of finalizing its restructuring
exercise in line with its regularization exercise since the
Company is under Practice Note 17 of the Bursa Malaysia
Securities Berhad.

The Company's board of directors has formed the opinion that the
Group and the Company are insolvent.

                About KIG Glass Industrial Berhad

Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass
Industrial Berhad -- http://www.kedaung.com/-- manufactured and  
sold glassware, glass blocks and carton boxes.  The firm's other
activities included manufacturing of ceramic roof tiles.  Its
operations were carried out in Malaysia and China.  Due its
inability to pay its debts, the Company ceased operation in May
2005.

As of December 31, 2005, the KIG Group's accumulated losses
stood at almost MYR300 million.  The shareholders' funds of the
KIG Group was in deficit of approximately MYR93 million while
its total borrowings amounted to approximately MYR104 million.  
The Company's board of directors has formed the opinion that the
Group is insolvent as of March 31, 2006.


KIG GLASS: All AGM Resolutions Get Shareholders' Nod
----------------------------------------------------
KIG Glass Industrial Berhad advised that its shareholders duly
passed all resolutions presented at the 18th Annual General
Meeting on June 30, 2006.

During the meeting, members were asked to:

   -- receive and adopt the Directors' Report and the Financial
      Statements for the financial year ended December 31, 2005,
      together with the related Auditors' Report;

   -- approve Directors' fees of MYR 72,000 for fiscal 2005;

   -- re-elect as directors Agus Nursalim and Tuan Hj. Ab.
      Rahman Bin Mohammed;

   -- reappoint Ernst & Young as auditors of the Company and to
      authorize the Directors to fix their remuneration; and

   -- allow the Company and its subsidiaries to enter into
      recurrent related party transactions of a revenue or
      trading nature, provided that the transactions are
      necessary for the Group's day-to-day operations, made at
      arm's-length basis and on normal commercial terms which
      are no more favorable to the related parties than those
      extended to the public and are not detrimental to the
      minority shareholders of the Company.

               About KIG Glass Industrial Berhad

Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass
Industrial Berhad -- http://www.kedaung.com/-- manufactured and  
sold glassware, glass blocks and carton boxes.  The firm's other
activities included manufacturing of ceramic roof tiles.  Its
operations were carried out in Malaysia and China.  Due to its
inability to pay its debts, the Company ceased operation in May
2005.

As of December 31, 2005, the KIG Group's accumulated losses
stood at almost MYR300 million.  The KIG Group's shareholders
funds were in deficit of approximately MYR93 million while its
total borrowings amounted to approximately MYR104 million.  To
this end, KIG Glass announced its status as an affected listed
issuer pursuant to Practice Note 1/2001 and Practice Note
17/2005 of the Listing Requirements.


LITYAN HOLDINGS: Total Default Tops MYR12 Million at June 30
------------------------------------------------------------
The total amount defaulted by Lityan Holdings Berhad and its
subsidiaries as of June 30, 2006, has reached MYR12,565,005.

Based on its current financial position, Lityan Holdings is
deemed insolvent.  

In order to address its loan default issued, the Company had
submitted its Proposed Restructuring Scheme to the Securities
Commission, Foreign Investment Committee and Bank Negara
Malaysia for approval on January 20, 2006, the Troubled Company
Reporter - Asia Pacific reports.  The Company also commenced
discussion and is currently in negotiations with the lenders on
the Creditors Scheme of Arrangement.

However, the Securities Commission on June 6, 2006, rejected the
Company's Proposed Restructuring Scheme, TCR-AP reported.  In
view of the SC's rejection, the Company is planning to appeal
the regulator's decision after thorough deliberation by the
board of directors.

Meanwhile, Lityan is concurrently looking into other business
opportunities within its core activities and also actively
taking steps to dispose the Group's non-core investments and
non-operating assets to address its current financial position.

                  About Lityan Holdings Berhad

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

The Company had been classified as an affected listed issuer
pursuant to Practice Note 17 as issued by the Bursa Malaysia
Securities Berhad on May 10, 2005.  On January 16, 2006, the
Company entered into a conditional Restructuring Agreement to
undertake the Proposed Restructuring Scheme with the intention
of restoring the Company onto stronger financial footing via an
injection of new viable businesses.


MALAYSIA AIRLINES: Idris Jala Optimistic on Early Turnaround
------------------------------------------------------------
Malaysia Airlines managing director Idris Jala is confident the
carrier will exceed its profit forecast for next year with
retrenchments, route revamps and asset sale plans in place, The
Star Online reports.

The carrier is likely to beat its 2007 MYR50-million profit
target following a lower-than-expected first quarter loss of
MYR309 million, The Star relates citing Mr. Jala.  The Company
had warned of a MYR321-million loss in the first three months of
fiscal 2006.

Malaysia Airlines -- which last year posted its biggest lost
since 1990, is working to narrow its losses this year to MYR620
million and book a profit of MYR500 million by 2008.

Asian Asset Management analyst Kelvin Miranda had commented that
Malaysia Airlines will have a difficult time reviving the
Company at this point when every carrier suffers from higher
fuel prices, according to The International Herald Tribune.

However, Mr. Jala insisted a turnaround is imminent since the
monthly trend is improving, The Tribune adds.

According to Mr. Jala, four months after the recovery plan was
unveiled, he had convinced 4,200 employees to accept a voluntary
separation scheme, cutting the airline's workforce by about 18%.  
The carrier had 22,835 workers on its payroll at the end of last
year, Bloomberg reveals.

To help pay for the job cuts, the airline will receive
MYR850 million from the government, Mr. Jala said.  It will also
save about MYR300 million next year from the route revamp.

Mr. Jala also disclosed that he is planning to boost the number
of code-sharing arrangement the company has to help increase
revenue.

According to Bloomberg, Malaysia Airlines was currently in talks
for a code-sharing agreement with Alitalia SpA, aiming to add
flights to Southern Europe.

Malaysia Airlines will work this year on "improving our cash
position, next year we're focused quite heavily on the profit,"
Mr Jala told reporters.  "The third year is when we will talk a
lot more about growth."

                    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 made a loss after tax of MYR1.3 billion for fiscal
year 2005, and MYR616 million for the nine-month ended Dec. 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 2007.  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 posted a pre-tax loss of MYR309.118 million
for the first quarter ended March 31, 2006, against a pre-tax
profit of MYR112.017 million in the same quarter of 2005.  The
Company's balance sheet as of March 31, 2006, showed strained
liquidity with total current assets of MYR3,328,129,000
available to pay MYR4,913,488,000 in total current liabilities
due in the next 12 months.


SETEGAP BERHAD: Unveils Results of 22nd Annual General Meeting
--------------------------------------------------------------
Setegap Berhad's shareholders have unanimously approved all
resolutions tabled at the Company's 22nd Annual General Meeting
held on June 30, 2006.

During the meeting, the shareholders:

   -- received the Audited Financial Statements for the year
      ended December 31, 2005, and the Reports of the Directors
      and Auditors;

   -- re-elected Haji Haron Bin Tan Sri Ibrahim and Harith Bin
      Ibrahim as directors;

   -- reappointed Roger Yue, Tan & Associates as Auditors to
      hold office until the next Annual General Meeting and to
      authorize the board of directors to fix the Auditors'
      remuneration; and

   -- empowered the directors of the Company and its
      subsidiaries to enter into transactions from time to time
      with the Company or its related corporations wherein
      Directors or persons connected with them may acquire from
      or dispose to the Company or its related corporations
      products, services or any other non-cash assets of the
      Company or its related corporations provided that the
      acquisitions or disposals are in the normal course of
      business of both the Company and its related corporations.

                      About Setegap Berhad

Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities consist of the construction and maintenance
of roads, railways and building, including services rendered on
quarrying.  The Company's other activities include manufacturing
and selling offroad construction equipment, asphalt plants,
mixing plants, asphalt emulsions and premix.  The Group also
provides mechanical and electrical services, leases machinery
and investment holding.  Setegap's cash flow and profitability
were adversely affected by the Asian financial crisis in
1997/98.  In August 1999, Setegap had sought the assistance of
the Corporate Debt Restructuring Committee on the restructuring
of its MYR95.29-million debt.

The Company entered into a debt restructuring agreement with its
creditors in October 2000.  However, the October 2000 debt
restructuring agreement was technically in default in 2003 due
to the Company's unsuccessful attempts to raise funds to
regularize its debt problems.

Setegap and its subsidiaries suffered losses for the past four
consecutive financial years since the financial year ended
December 31, 2002, which had led to a negative unaudited
shareholders' fund of MYR98.25 million as of Dec. 31, 2005.  On
November 11, 2005, Bursa Securities had served the Company with
a notice to show cause on the delisting of the securities of the
Company.  Without a scheme to regularize its financial position,
Setegap will risk being delisted.  On February 24, 2006, Bursa
Malaysia required the Company to submit its proposed
regularization plan to relevant authorities to avoid de-listing
procedures.

As of March 31, 2006, the Company's balance sheet showed
MYR71,401,000 in total assets and MYR176,007,000 in total
liabilities, resulting in a stockholders' deficit of
MYR104,606,000.  The Company's March 31 balance sheet also
revealed strained liquidity with MYR49,721,000 in total current
assets available to pay MYR171,768,000 in total current
liabilities coming due within the next 12 months.


TANCO HOLDINGS: Has Until Sept. 30 to Hold Court-Convened Meet
--------------------------------------------------------------
The Kuala Lumpur High Court on June 29, 2006, granted an
extension to Tanco Holdings Berhad and its subsidiaries to hold
a Court Convened Meeting pursuant to Section 176 of the
Companies Act, 1965.

Tanco Holdings affected subsidiaries include:

     * JKMB Development Sdn Bhd;
     * Palm Springs Development Sdn Bhd;
     * Palm Springs Resort Management Berhad;
     * Popular Elegance (M) Sdn Bhd;
     * Tanco Development Sdn Bhd;
     * Tanco Land Sdn Bhd;
     * Tanco Properties Sdn Bhd;
     * Tanco Resorts Berhad; and
     * Tanco Club Berhad.

Under the approved extension, the Applicants are to convene the
meeting for scheme creditors in Kuala Lumpur on or before
September 30, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, the
Court has initially allowed Tanco and its subsidiaries to hold
the Court-convened meeting in Kuala Lumpur on or before June 30,
2006.

                  About Tanco Holdings Berhad

Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings
Berhad -- http://www.tancoresorts.com/-- operates resort, golf  
and marina clubs and provides management services.  Its other
activities include provision of exchange services in relation to
vacation ownership schemes; property holding and development;
provision of consultancy services; money lending business;
travel and tour agent; multimedia related business; and
investment holding.  The Group carries out its operations in
Malaysia, the British Virgin Islands, New Zealand and Mauritius.  
The Company is placed under Bursa Malaysia Securities Practice
Note 17 because of its lackluster financial performance, as well
as mounting debts and defaults.  As an affected listed issuer,
the Company is required to submit and implement a regularization
plan to avoid delisting.


TAP RESOURCES: Books Lower Loss in 4Q/FY2006 on Higher Revenue
--------------------------------------------------------------
TAP Resources Berhad on June 29, 2006, submitted for public
release its unaudited financial report for the fourth quarter
ended April 30, 2006.

For the quarter under review, the Group realized revenue of
MYR9.231 million against revenue of MYR8.975 million in the same
period last year.  

The property development segment contributed MYR9.223 million to
the Group's revenue.  Turnover increased as progress billings
for the Penang project was higher compared to previous
corresponding period.

In the year ended April 30, 2006, the Group registered a loss
before tax of MYR6.686 million compared to the previous year's
MYR7.239 million loss.

For the quarter under review, the Group recorded a lower loss
before tax of MYR3.521 million as compared to a loss before tax
of MYR4.602 million for the immediate preceding quarter.

The Group continued to be burdened by high finance cost which is
mainly the interest -- including default interest -- on Redeemed
Convertible Secured Loan Stock or RCSLS.  The tight cashflow
experienced by the Group had inevitably led to increase in
expenses.

As of April 30, 2006, the Company's balance sheet showed current
assets of MYR12,830,000 available to pay current liabilities of
MYR61,392,000 coming due in the next 12 months.  The Company has
a net current deficit of MYR48,562,000.

The Company's board of directors did not recommend any interim
dividend for the financial year ended April 30, 2006.

Prospect for the following financial year will depend on whether
the Group will succeed in securing for new jobs.

The Company's Fourth Quarter Report is available for free at:

http://bankrupt.com/misc/tcrap_tapresources070406.xls

                    About TAP Resources Berhad

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.    

As of April 30, 2006, the Company registered a net loss of
MYR3.57 million and a net current deficit of MYR48.56 million.


WAH TAT: Placed for Voluntary Liquidation by WTB Corp
-----------------------------------------------------
Wah Tat Properties Sdn Bhd was placed under members voluntary
liquidation on June 29, 2006, by its parent WTB Corporation
Berhad.

Lim Kam Hoong of Messrs Lim Kam Hoong & Company was subsequently
appointed as liquidator for the dormant company.

Contact: Lim Kam Hoong
         Ling Kam Hoong & Company
         No. 6-1, Jalan 3/64A, Udarama Kompleks
         Off Jalan Ipoh, 50350 Kuala Lumpur
         Malaysia


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

NATIONAL POWER: Reduces Power Rates for Visayas Grid
----------------------------------------------------
National Power Corp. will reduce its power rates for the Visayas
region from June to October 2006 by PHP0.1395 per kilowatt-hour,
after the Energy Regulation Commission approved a sixth
generation rate adjustment mechanism for the Visayas power grid,
the Philippine Star reveals.

The Manila Times states that, according to Napocor, the current
power rate of PHP3.3654 per kWh would then be reduced to
PHP3.2259 per kWh.  Customers whose distribution utility firms
buy their entire load requirement from Napocor would enjoy the
full amount of savings, while a proportionate share would go to
customers if their distribution utility firms buy power from
other sources.

Since there is a one-month billing delay between Napocor and its
distribution utility clients, the Manila Bulletin states, the
rate adjustment would be reflected in this month's bill.

According to the Star, customers will continue to enjoy the
reduced rates for the next five months or until the ERC approves
a new GRAM proposed by Napocor, whichever comes first.

The Company says that its Deferred Accounting Adjustments have
gone down on its improved dispatch of economic power plants and
rising energy sales.  The imposition of the DAA is according to
ERC rules on the implementation of the rate adjustment
mechanism.

The Bulletin adds that the ERC has allowed Napocor to
automatically recover power purchases by distribution utility
firms via the Automatic Generation Rate Adjustment, so that the
Company would not be overburdened with cost recoveries, but the
recovered costs must be confirmed every six months.

                          *     *     *

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 its 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.


NATIONAL POWER: First-Quarter Sales Up by 25%
---------------------------------------------
National Power Corp.'s sales for the first quarter of 2006 rose
25% to PHP36.48 billion from PHP29.13 billion for the same
period last year, Manila Standard Today relates.

The Company attributes the sales increase to a 6.33% rise in
sales volume in the first quarter, as well as the Energy
Regulatory Commission's approval of a power rate adjustment on
April 13, 2005.

The Manila Bulletin states that the Luzon power grid posted a
25.89% increase in revenues to PHP28.17 billion from
PHP22.38 billion last year, while the Visayas grid generated
PHP3.83 billion in revenues in the current period compared to
PHP3.16 billion in 2005, and the Mindanao power grid reported
revenues of PHP4.48 billion against PHP3.59 billion last year.  
Energy sales volume rose to 8,672.57 gigawatt hours from
8,156.36 gigawatt hours, the Standard adds.  

According to the Manila Times, Napocor's sales to Manila
Electric Co. grew 9.24% to 3,453.75 hours, and sales to other
Luzon-based distribution utility firms also increased.

The Company said it had signed supply contracts with 97% of all
nationwide distribution utility firms as of June 19, 2006.

                          *     *     *

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 its 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.


PRIMETOWN PROPERTY: Posts PHP1.3M Net Loss in Rehabilitation
------------------------------------------------------------
Primetown Property Group, Inc., posted a 32.3% decline in its
net loss from the PHP1.9 million recorded in the first quarter
of 2005 to PHP1.3 million in the first quarter of 2006.

The Company's revenue for the quarter ended March 31, 2006,
increased slightly by about PHP0.6 million, as compared to the
same period last year.  Current revenue consists of various
rentals and others.  

As the Company practically suspended its project construction
since 1998, it has been able to sustain its operations by
collecting receivables on its completed projects and liquidating
some of its assets.

Primetown Property's quarterly report for the three months ended
March 31, 2006, shows these key figures:

                 Primetown Property Group, Inc.
                     Financial Highlights
                      (in PHP millions)  
  
                               As of           As of
                             03/31/2006      12/31/2005
                             ----------      ----------
     Total Assets                326.45          327.73
     Total Liabilities         1,115.81        1,115.81
     Capital Deficiency          789.36          788.09
     Deficit                   2,563.99        2,562.71

                                   Quarter Ending
                             03/31/2006      03/31/2005
                             ----------      ----------
     Net Loss                      1.28            1.89
     Revenues                      0.78            0.11
     Expenses                      2.06            2.01

The Company's first quarter 2006 report is available for free
at:

     http://bankrupt.com/misc/PMT_17Q_Mar2006.pdf

                    About Primetown Property

Primetown Property Group, Inc., was incorporated in May 1988 as
an owner and developer of real estate properties.  Its maiden
project, the Century Citadel Inn Makati, was a huge success when
it was launched in 1993.  With a number of successful
developments under its wing, the Company went public in 1995,
selling 25% of its common shares to the public and raising
PHP1.3 billion in the process.

Primetown was caught unaware when the Asian financial crisis hit
the Philippines in July 1997, which devastated the Philippine
real estate industry as a whole.  The Company's financial
resources were depleted rapidly, as it continued to service more
than PHP3 billion in bank loans at prohibitive interest rates in
the hope of averting a financial default.  However, in view of
its substantial debt burden and exposure in many big projects,
its collapse was inevitable.  The financial default finally came
in January 1998.

The subsidiaries, which are either engaged in real estate
industry or organized to accommodate other services related to
the Company's activities, were also affected by these events and
all of them except Billion Land, Inc., have not yet started
commercial operations.

In response to the crisis, the Company has substantially cut
down its operations -- from a peak of 150 employees in 1997 to
only 24 at present and from a peak asset base of over
PHP8 billion in 1996 to only about PHP700 Million by the end of
2002.

Furthermore, the Company implemented a program of gradually
reducing its debt burden by entering into various restructuring
and dacion en pago arrangements with its creditors.  This has
resulted in the reduction of its bank debts from a peak of over
PHP3 billion in 1998 to only PHP549.9 million in principal
amount at present, inclusive of PHP120 million in disputed
obligation owed to a syndicate of banks led by Urban Bank -- now
Export & Industry Bank.  As of March 31, 2006, the Company's
bank loans stood at PHP326.45 million.

Due to lack of financing, the Company was unable to resume
construction on its four suspended projects -- Gold Coast
Towers, The former Meditel, Diamond Head and The Conservatorium
-- from the time it stopped construction on these projects in
1998.

Consequently, the Company was faced with the problem of
refunding a total of PHP600 million in payments made by the
buyers involved in the four suspended projects.  To address this
problem, the Company embarked on a program of offering
alternative units and modes of settlement with the buyers and
searching for third party developers, who would take over the
projects.  The Company succeeded in getting a developer only for
the former Meditel Project in 2002, thus solving an aggregate
buyer claim of PHP134 million against the Company.

On the other hand, the settlement program with the buyers was
able to solve about PHP100 million in buyer claims.  As a result
of the program, the Company was able to reduce the amount of
buyer claims down to PHP373 Million at present.

                    Corporate Rehabilitation

The Company has been able to sustain its operation only by
collecting from receivables relating to its completed projects,
and sale of its remaining marketable assets.  Now that these
sources of cash are about to be depleted, the Company believes
that recapitalization is the only way out -- retire or settle
its obligations to creditors, so it can resume its real estate
development business on a clean slate.

On July 28, 2003, a Petition for Rehabilitation with Prayer for
Suspension of Payments was filed before the Regional Trial Court
of Makati City.  The objective of the Company is to have a
rehabilitation in order to provide a comprehensive and orderly
process for the settlement by way of dacion en pago of all the
outstanding obligations of the Company using the remaining
marketable assets of the corporation, as well as the new assets
to be contributed by a group of investors in behalf of the
principal shareholders of the Company.

On August 15, 2003, a Stay Order was granted after the petition
of the Company was found to be sufficient in form and substance.

The rehabilitation plan has been approved by the Court on
January 28, 2005.

                        Trading Suspended

In view of the filing of the Petition for Rehabilitation, the
Philippine Stock Exchange issued an indefinite trading
suspension of the Company's stocks.

                      Going Concern Doubt

Florita Santos of San Jose Verde Santos and Associates, the
company's independent auditor, stated that with an accumulated
deficit of PHP788.1 million as of December 31, 2005, the Company
and its subsidiary might not be able to continue as a going
concern, and the continuance of operations depends on the
success of its rehabilitation plan.  

                Status of the Rehabilitation Plan

The Company's rehabilitation plan affects these properties:

   * Beachfront property in Cordova, Mactan
   * 23-hectare beachfront in Boracay Island, Aklan
   * 10-hectare property in San Jose del Monte, Bulacan
   * Property in Alabel, Saranggani, General Santos City
   * 1.8 hectare beachfront in Panglao Bohol

As of December 31, 2005, the Company said that:

   * the assignment of Cordova Property pursuant to the Plan is
     still pending as it is still subject to a judicial titling
     proceeding.

   * the assignment of the Boracay Property is still in dispute
     and there are two ongoing cases to annul the real estate
     mortgage and foreclosure sale.

   * the titles of certain assets to be assigned by the
     stockholders are still under their name.  The management
     believes that the plan is more tenable with the
     shareholders' contribution of the 310 hectares of
     Saranggani property in General Santos and the development
     of this property will contribute fresh capital that could
     be used in the development of other projects.

   * the properties and projects were recently appraised and the
     Company is looking for a joint venture partners to resume
     the constructi9on of the unfinished projects.


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

DOWFLECT TRADING: Pays Dividend to Creditors
--------------------------------------------
Dowflect Trading Pte Limited has paid its third and final  
dividend to creditors on June 21, 2006.

The Company paid 25.323% of the admitted secured claims.

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


GEOCON PILING: Court Issues Wind-Up Order
-----------------------------------------
The High Court of the Republic of Singapore on June 30, 2006,
issued a wind-up order against Geocon Piling & Engineering Pte
Limited

In this regard, Tham Chee Chong was appointed as liquidator for
the Company.

Geocon's creditor -- Resources Piling Pte Limited -- filed the
wind-up application on June 1, 2006, the Troubled Company
Reporter - Asia Pacific recounts.


HAI CHEONG: To Pay Dividend on July 14
--------------------------------------
An intended dividend will be distributed for Hai Cheong Co.
Private Limited.

In this regard, the Company's creditors are required to file
their proofs of debt by July 14, 2006, for them to share in the
dividend distribution.

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


HESHE HOLDINGS: Director to Subscribe 3,000,000 Company Shares
--------------------------------------------------------------
Heshe Holdings Limited director and chief executive officer Chng
Weng Wah intends to exercise his option to subscribe for
3,000,000 ordinary shares in the Company's share capital at
S$0.055 per share.

Mr. Chng was granted the option to subscribe for up to
78,000,000 ordinary shares in the share capital of the Company
as set out in the Investment Agreement between the Company and
Mr. Chng dated December 29, 2003.

Upon the completion of the above exercise of the Option, the
Company will receive S$165,000.00.

As reported by the Troubled Company Reporter - Asia Pacific, the
Option was granted to Mr. Chng in connection with the issue of
163,000,000 ordinary shares in the capital of the Company by the
Company on the terms set out in the Investment Agreement and was
granted pursuant to the shareholders' approval obtained on
January 26, 2005.  The Option is exercisable at any time and
from time to time for a period of 24 months from February 3
2005.

Mr. Chng was granted a waiver by the Securities Industry Council
on February 24, 2004, from having to make a mandatory general
offer for all the issued shares in the capital of the Company
upon the exercise of the Option by Mr. Chng.

The completion of the transaction is expected to take place
today, July 5, 2006, and further announcements in respect of the
resulting change in shareholdings will be made in due course.

Following the exercise of the Option, Mr. Chng will not have
further option to subscribe for any ordinary shares in the share
capital of the Company pursuant to the Investment Agreement.

The Company intends to utilise the proceeds from the exercise of
the Option for its general working capital including the
reduction of its liabilities to its creditors.

               About Heshe Holdings Limited

Singapore-based Heshe Holdings Ltd is an investment holding and
property investment company. The principal activities of its
subsidiaries are those of investment holding, garment
manufacturers, importers, exporters and wholesalers in ready-
made wearing apparel, operators of restaurants and franchise
system for chains of specialty restaurants, retailers of wine
and wine-related products and property investors and developers.  
As of fiscal 2005, the Company has a net profit margin of -
502.57%, and an operating margin of -463.83%.  Return of average
assets is -65.38% and the return on average equity is -277.91%.


IPACS COMPUTER: To Hold Creditors Meeting on July 12
----------------------------------------------------
Ipacs Computer Services (S) Pte Ltd will hold a creditors
meeting on July 12, 2006 at 3:00 p.m., at the office of
Liquidator Seshadri Rajagopalan.

At the meeting, creditors will receive Liquidator Rajagopalan's
report on the progress of the Company's liquidation.

Creditors will also appoint members of the Committee of
Inspection at the meeting.

Contact: Seshadri Rajagopalan
         Liquidator
         Drew & Napier LLC
         20 Raffles Place
         #24-00 Ocean Tower
         Singapore 048620


LINDETEVES-JACOBERG: Warns of Second Quarter Losses
---------------------------------------------------
The new management team of Lindeteves-Jacoberg Limited has
progressively reviewed the Company's operations.  In course of
the review, the management determined that further
rationalization and restructuring could be necessary.

The review is on-going and the Company's directors deem it
appropriate to issue a results guidance for the second quarter
2006 results and for the half year ending June 30, 2006.  The
Group's liquidity is still tight and the net proceeds from the
Rights Issue, which was announced on May 17, 2006, would
alleviate the working capital constraints of the Group.

The Group is expected to report operating losses in second
quarter of the current fiscal year.  In addition to the
anticipated operating losses, the Group is expected to incur
further losses resulting from the sale of inventory at below net
book value to raise cash.

Further impairment to inventory is anticipated, as all the
companies within the Group will be adopting a similar policy in
provisioning for inventory obsolescence based on the inventory
aging profile.

In addition, Brook Crompton Western Electric Motor (Dalian)
Corporation Ltd -- the Group's subsidiary in China -- which had
completed the relocation from two sites into a combined single
factory in April 2006, intends to recognize losses on certain
fixed assets that were found to be unusable after the relocation
and certain development cost included in intangible assets will
also be written off.

The Directors are considering making additional provisions on
debts, which were subject to legal suits and where current
negotiations are being carried out to reach out of court
settlements.  As these would generally involve a compromise on
the debts outstanding, the provisions will be made on the basis
of estimated recoverable amounts.  

                  Legal Suits Against the Group

Hawker Siddeley Properties Limited and Hawker Siddeley
Management Limited have commenced legal proceedings in the
United Kingdom against the Group's subsidiary in the United
Kingdom, Brook Motors Limited.  The suit was filed on December
14, 2004, and is in relation to the failure of the Company and
BML to pay outstanding rents due under the terms of a lease
agreement dated October 15, 2002, between Hawker Properties and
BML.  The amount claimed is estimated to be approximately
GBP482,579.23 plus interest.  BML filed its defence on January
31, 2005, that pursuant to a settlement agreement between the
Company and Hawker Management dated July 11, 2003, Hawker
Properties had waived all entitlement to the rent.  On January
12, 2006, Hawker Properties and Hawker Management filed the
claim to include the Company as defendant in the suit.  The
Company filed a similar defence on March 6, 2006 on the basis
that it was not liable as a result of the Settlement Agreement.  
The Court has fixed a Case Management Conference on August 4,
2006.

BML had commenced legal proceedings on May 21, 2004, against
Kone Inc in Rock Island County, Illinois, the United States.
This is in relation to the failure of Kone to pay outstanding
amounts due to BML for the sale of machinery.  The total sum
claimed by BML is approximately US$198,000.  Kone filed a
counterclaim on July 19, 2004, for approximately US$569,000 plus
attorney's fees, costs of suit and interests from BML.  Kone
alleged that BML delivered the machinery up to or more than six
months late and the failure to deliver the machines by the
stipulated date was a breach of the aforesaid contract. The
Group intends to contest this counterclaim by Kone and trial is
expected to begin in September 2006.

Further details of the Group's financial performance will be
provided when the Company announces its results for Second
Quarter 2006 and its half-year ending June  30, 2006, results.

               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.


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

MDX PCL: Progress on Rehabilitation Plan as Of Sep 2005
-------------------------------------------------------
On June 30, 2006, MDX Public Company Ltd submitted to the Stock
Exchange of Thailand a progress report relating to its
rehabilitation plan for the six months ending September 2005.

The progress report relates that the Company:

    1. paid first installment for principal of "Term Loan
       Restructured Indebtedness" on June 30, 2005, only for the
       debts with identified creditors.  For debts with
       unidentified creditors, the Company had set aside
       reserved money in a newly opened reserved account for
       later debt repayment; and

    2. paid interest for "Term Loan Restructured Indebtedness"
       for the periods April 1, 2005, to June 30, 2005, and
       July 1, 2005, to September 30, 2005, at the rate of
       0.01%.

Also during the update period, the Revenue Department's
Commission of Appeals issued a ruling in favor of the Company
ordering overdue taxes forgiveness.  As stated on the
Rehabilitation Plan, MDX is only obliged to pay the principal,
excluding any penalty fees or surcharges within a 15-year
period.

MDX had overdue taxes liability, including penalty fees and
surcharges, totaling THB43.357 million.  However it was reduced
to THB15.622 million, which would be repaid at a rate of
THB1.041 million each year.

Moreover, as the Company had set off the debt with its tax
refunds for the years 2002 and 2003, plus the tax repayment of
THB9.979 million it had previously paid before the Court's
ruling, the remaining taxes debt was again reduced to
THB5.643 million.

                          *     *     *

M.D.X. Public Company Limited and its subsidiaries develop
industrial estates for plants and factories.  The Group
develops, provides and manages infrastructure as well as all
necessary facilities and utilities such as power, water,
wastewater treatment, telecommunications, and solid waste
disposal systems.

The Company has been operating with a capital deficit for years,
with an THB8.85-billion deficit in 2002 as the highest in the
last five years.  In that same year, the Company posted a
THB1.59-billion net loss.


PAE PCL: Board Cancels Public Offering to Selected Investors
------------------------------------------------------------
The board of directors of PAE Thailand PCL disclosed on July 3,
2006, that it decided to cancel a previous resolution regarding
the Company's planned public offering.

As reported by The Troubled Company Reporter - Asia Pacific on
June 28, 2006, PAE Thailand's board previously resolved to
pursue a public offering worth 817 million unsubscribe capital-
shares with a par value of THB1.

The board decided to change the previous resolution to a new
public offering that increases capital to THB574.5 million
shares by issuing 191.5 million new shares with a par value of
THB1, and allotment of new shares to existing shareholders at a
ratio of 2:1 pegged THB0.60 each.

Moreover, the Board also resolved that there will be a reduction
of the registered capital of the Company to THB383.3 million
from THB1.2 billion.  It also resolved to change the Company's
share par value to THB1 from THB10.

                          *     *     *

PAE Public Company Limited -- http://www.pae.co.th/-- is a  
Thailand-based company currently undergoing business
rehabilitation and was categorized under the Rehabco Sector of
the Stock Exchange of Thailand.


TMB BANK: S&P Raises US$200-Million Hybrid Tier 1 Rating to BB
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its issue rating on
Thailand's TMB Bank Public Co. Ltd's US$200 million hybrid Tier
1 securities to BB from the previous BB-.
     
This action follows the bank's improving financial profile in
the first quarter of 2006.  It also reflects expectations that
this trend will be maintained, lowering the prospect of the bank
experiencing financial distress and, as such, deferral risk on
the bond.  The hybrid Tier-1 securities are callable in 2016, or
10 years from the date of issue.
     
The differential between the counter party credit rating on TMB
Bank and the hybrid securities reflects the likelihood of the
bank skipping interest payments on the securities in certain
circumstances of a narrow profits test.

It also reflects the terms and conditions of the subordinated
securities. TMB Bank is not obliged to pay interest in the event
it expects not to declare net profits on its financial
statements for the six-month period or fiscal year preceding the
date on which any interest payment would be due and payable.

The rights of the holders of the securities in respect of any
missed payments are non-cumulative.
     
The Tier-1 securities rank pari passu with all debt securities
or other similar obligations of the bank that constitute Tier-1
capital in accordance with applicable regulations, or other
similar obligations of any subsidiary of TMB Bank, but in
priority to all classes of ordinary equity securities.

The Tier-1 securities will be subordinated to depositors and
subordinated debt of the bank.
     
If the Tier-1 securities are still outstanding after 30 years,
the bank has the option, subject to the prior approval of Bank
of Thailand, to issue ordinary shares that will raise sufficient
cash to redeem the Tier-1 securities at their principal amount.
     
These securities will qualify as Tier-1 capital and are not
included in Standard & Poor's measure of core capital, which is
adjusted common equity.  This is in line with Standard & Poor's
treatment of other forms of hybrid capital, including preference
shares, in its analysis of capital.  Standard & Poor's will,
however, recognize equity capital credit for this proposed issue
in the bank's adjusted total equity (ATE) of up to 25%.


TPI POLENE: Plans to Raise THB17 Billion to Pay Debts
-----------------------------------------------------
Thai cement-maker TPI Polene Plc informed the Stock Exchange of
Thailand that it intends sell new shares to existing
shareholders through a private placement to raise
THB16.78 billion to pay its debts, The Nation reports.

The Company said in a statement to the SET that the planned
private placement will involve 857.77 million new shares to be
offered at THB10.15 each, and subscription will take place on
Aug 21, 2006.

The Nation notes that most of the private-placement shares are
to be sold to Prachai Leophairatana, the Company's founder, and
to members of his family.  Their combined holdings would
increase to 61% from the present 41%.

Currently, creditors hold 49% of TPI Polene and small
shareholders own 10%, The Bangkok Post said.

TPI Polene's notice to the SET also discloses that purchasers
must agree to a two-year silent period wherein they are not
allowed to sell their shares.

The Company said that the funds raised would be used to reduce
its accumulated debts from THB16 billion to THB7.1 billion, and
as a result, would reduce the Company's interest burden
substantially.

Seamico Securities expressed that it is expecting the massive
share allocation to improve the Company's financial position and
profitability due to a lower interest burden.

                          *     *     *

TPI Polene Public Company Limited -- http://www.tpipolene.com/
-- operates in two major industries, the cement and plastic
industries, and has 11 distribution terminals in Thailand.  The
Company and its subsidiaries employ 5,232 employees as of
December 2005.  It was listed on the Stock Exchange of Thailand
in November 1990.  The Company has been undertaking a
US$1.1-billion debt restructuring since 2001 via a debt-for-
equity swap and debt buy-back.  It plans to sell new shares to
raise enough funds to pay debts.

TPI Polene's major creditors are KFW, Bangkok Bank, Standard
Chartered Bank and JP Morgan Chase and Co.




                            *********


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