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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, December 29, 2005, Vol. 8, No. 258

                            Headlines

A U S T R A L I A

ATRID PTY: Liquidator to Present Winding Up Report
BUENA VISTA: Wind Up Process Initiated
CARTER HOLT: Could Gain from Box Cartel Case
CERVANTES SEAFOOD: Prepares to Declare Dividend
CHARLES MARKELL: Peter Welch Named Liquidator

CROMWELLS AUCTIONEERS: Court Orders Winding Up
CS&K TRANSPORT: Enters Voluntary Liquidation
DRAFIO PTY: Members, Creditors to Review Wind Up Report
EMARJAY PTY: Winds Up Business
EVANS & TATE: Wins Reprieve from Deed Breaches

G&J LENZO: Schedules Final Meeting Jan. 6
GLOBAL WINE: Future Still Looks Shaky
G.M.S. VENT: Intends to Pay Dividend to Creditors
HOLLJAI TRANSPORT: Prepares to Close Shop
JAMES HARDIE: Funding Lack Drives Up Compensation Claims

KOLES PTY: Members Pass Winding Up Resolution
K.P. NEAL: Liquidator to Distribute Company Assets
MILLMERRAN COAL: Members Meet to Discuss Winding Up
MYER LIMITED: Crowds Flock to Boxing Day Sales
PATTERSON CONSULTING: Placed Under Voluntary Liquidation

RETIRAN PTY: Requires Creditors to Submit Debt Claims
SNAKTI PTY: Appoints Official Liquidator
STEVE FARLEY: Declares Second, Final Dividend
VARLAAM PTY: Decides to Shut Down Operations
WATTYL LIMITED: Chances of Avoiding Allco Takeover Fade

WOLLONGONG SECURITY: Creditors Confirm Liquidator's Appointment


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Temasek to Pay More for 25% of Stock
BEAR LIMITED: Creditors' Meeting Set Next Week
INDUSTRIAL AND COMMERCIAL: Kuwait Firm Keen on Stake Buy
MAK SHING: Court Hearing Slated for Jan. 20
STYLAND HOLDINGS: Net Loss Narrows to KK2.98 Mln

TCL CORPORATION: Bags Top Spot in World TV Sales Ranking
TC MANUFACTURES: Names Joint, Several Liquidators
* Nearly 800 'Big Four' Staff Take Watchdog's Beating in 2005


I N D I A

INFRA INDUSTRIES: Unveils Outcome of Board Meeting
IGARASHI MOTORS: Seeks to Hike Authorized Share Capital
JOG ENGINEERING: Board Withdraws Decision to Split Shares
LESHA STEELS: Board Approves Voluntary Delisting of Shares
UNI LEGWEARS: To Hold Board Meeting Dec. 31


I N D O N E S I A

PERTAMINA: Government Extends Distribution Rights for One Year
PERUSAHAAN GAS: Signs Pipe Deal with PT Bakrie Consortium
*Foreign Products Cause Bankruptcy of Sixteen Firms


J A P A N

DAIEI INCORPORATED: Marubeni, Advantage to Take 67.7% Stake
JAPAN AIRLINES: Hikes Domestic Fares; Abandons Pay Cut Plan
KATSUMURA CONSTRUCTION: Yumeshin Holdings Throws Lifeline
MEIJI YASUDA: Proposes New Management System
MILLENIUM RETAILING: Firms on Watch Negative After Merger News

TOKYO FOREX: Regulator Suspends Business for Six Months
VICTOR COMPANY: To Book JPY6.3 Bln Loss


K O R E A

* Bank of Korea Sees no Corporate Bankruptcy this Year


M A L A Y S I A

ASIA PACIFIC LAND: To Set Up Share Registration Services Unit
BUKIT KATIL: Updates Loan Facilities' Status
BUKIT KATIL: All Resolutions Pass at AGM
COMSA FARMS: Fails to Submit Annual Audited Accounts on Time
CRIMSON LAND: Releases Auditors' Report for FS

IZASAJA: Ceases Operations
FURQAN BUSINESS: Issues New Shares for Listing, Quotation
FURQAN BUSINESS: Unit Disposes of Property
KUMPULAN FIMA: Unit Served with Writ of Summons
MAGNUM CORPORATION: Buys Back Ordinary Shares

METROPLEX BERHAD: Unit Acquires Shares in KSB
OILCORP BERHAD: Unit Clinches Land Development Project
PACIFIC & ORIENT: Buys Back Ordinary Shares
PILECON ENGINEERING: Unit Receives Wind Up Petition
SBBS CONSORTIUM: Fails to Pay Monthly Dues

SBBS CONSORTIUM: Applies for Extension of Restraining Order
SINORA INDUSTRIES: Given 12 Months to Comply with SC Conditions
TRADEWINDS CORPORATION: Dormant Unit Struck-off from Registry



P H I L I P P I N E S

GLOBAL STEELWORKS: Experts to Assess Operations
INTERPHIL LABORATORIES: Posts Copy of Amended SEC Form 17-Q
METRO PACIFIC: Lopez Group Blocks Bid for MNTC Stake
NATIONAL POWER: Eyes Additional US$700 Mln Loan in 2006
NATIONAL POWER: PSALM to Explain Privatization Delay


S I N G A P O R E

DIGILAND INTERNATIONAL: Passes Resolutions at EGM
DIGILAND INTERNATIONAL: Re-elects Directors
INFORMATICS HOLDINGS: Bourse Approves Shares, Warrants Listing
UNITED FIBER: Has Not Set Acquisition Price for Paper Firm


T H A I L A N D

ASIA HOTEL: Modifies Shareholding Structure
EASTERN PRINTING: Eager to Exit Rehabilitation
THAI PETROCHEMICAL: Makes Second Debt Payment

     -  -  -  -  -  -  -  -  

=================
A U S T R A L I A
=================

ATRID PTY: Liquidator to Present Winding Up Report
--------------------------------------------------
The final meeting of the members and creditors of Atrid Pty
Limited will be held on Jan. 6, 2006, 12:00 p.m. at the offices
of Bentleys MRI Sydney Business Recovery & Insolvency
Partnership, Level 8, 50 Carrington Street, Sydney NSW, to
present the Liquidators' final account and report, and to give
any explanation thereof.

Ozem Kassem
Liquidator

CONTACT:

Bentleys MRI - Sydney Business Recovery & Insolvency Partnership
Level 8, 50 Carrington Street
Sydney NSW
Phone: 02 8221 8433
Fax:   02 8221 8422
Web site: http://www.bentleys.com.au


BUENA VISTA: Wind Up Process Initiated
--------------------------------------
Notice is hereby given that at a general meeting of the members
of Buena Vista Petersham Pty Limited held on Dec. 6, 2005, it
was resolved that the Company would be wound up voluntarily, and
that Mr. John Russell Biddle of Level 19, 207 Kent Street,
Sydney NSW 2000 be appointed as Liquidator for the purpose.

Dated this 12th day of December 2005

John R. Biddle
Liquidator
Level 19, 207 Kent Street
Sydney NSW 2000


CARTER HOLT: Could Gain from Box Cartel Case
--------------------------------------------
Carter Holt Harvey could win customers for its cardboard boxes
with the ongoing cartel case against its main rivals, Reuters
reports.

The New Zealand firm said it could gain customers amid
allegation by the Australian Competition and Consumer Commission
(ACCC) that its major competitors ran a price-fixing cartel.

The competition watchdog is suing privately owned Visy
Industries for colluding to fix prices and split customers with
Amcor Ltd. in 2000-04, but gave Amcor immunity from prosecution
as it had blown the whistle on the alleged cartel.

Industry analysts said Carter Holt could benefit from publicity
surrounding the case to boost its market share from 4 percent of
Australia's AU$2 billion (US$1.5 billion) market for cardboard
boxes.

However, Australian and New Zealand analysts said Carter Holt
did not have enough capacity to increase its market share in
Australia. Even if it wanted to, analysts said it would take at
least two years to expand its capacity.

Carter Holt is also under investigation by the New Zealand
Commerce Commission for possible anti-competitive conduct in the
Australian and New Zealand box industry.

CONTACT:

Carter Holt Harvey Limited
640 Great South Road
Manukau City, Auckland 1030
NEW ZEALAND  
Phone: +64 9 262 6000
Fax: +64 9 262 6099
Web site: http://www.chh.com


CERVANTES SEAFOOD: Prepares to Declare Dividend
-----------------------------------------------
Cervantes Seafood Limited will declare a first and final
dividend on Jan. 6, 2006.

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

Dated this 30th day of November 2005

Gary Anderson
Liquidator
PO Box 1661, West Perth WA 6872
Phone: 08 9486 7822
Fax:   08 9226 4250
Email: garya@iinet.net.au


CHARLES MARKELL: Peter Welch Named Liquidator
---------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Charles Markell Co. Pty Limited held on Dec. 2, 2005, the
following Special Resolution was passed:

That the Company be wound up as a Members' Voluntary
Liquidation.

Mr. Peter A. L. Welch was appointed as the Company Liquidator.

Dated this 2nd day of December 2005

Peter A. L. Welch
Liquidator
C/o Welch Porter
P.O. box R1376
Royal Exchange, 1225


CROMWELLS AUCTIONEERS: Court Orders Winding Up
----------------------------------------------
On Dec. 9, 2005, the Federal Court of Australia, New South Wales
District Registry ordered the winding up of Cromwells
Auctioneers & Valuers, and appointed Mr. Stephen James Parbery
to be the Company Liquidator.

Dated this 12th day of December 2005

Stephen J. Parbery
C/o PPB Chartered Accountants and Business Reconstruction
Specialists
15th Floor, 25 Bligh Street
Sydney NSW 2000
Phone: 02 9233 4955
Fax:   02 9221 1310


CS&K TRANSPORT: Enters Voluntary Liquidation
--------------------------------------------
Notice is hereby given that at a general meeting of the members
of CS&K Transport Pty Limited held on Dec. 1, 2005, it was
resolved that the Company be wound up voluntarily, and that Mr.
Schon Condon, of Jones Condon Chartered Accountants, Level 1, 34
Charles Street, Parramatta NSW, be appointed as Liquidator for
such purpose.

Dated this 1st day of December 2005

Schon G. Condon RFD
Liquidator
C/o Jones Condon Chartered Accountants
Level 1, 34 Charles Street, Parramatta NSW
Phone: 02 9893 9499


DRAFIO PTY: Members, Creditors to Review Wind Up Report
-------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Drafio Pty Limited will be held on Jan. 6, 2006,
11:00 a.m. at the offices of CJL Partners, Level 3, 180 Flinders
Lane, Melbourne, 3000 for the following purposes:

AGENDA

To lay before the meeting a final account of the Liquidator's
acts and dealings, and of the conduct of the Company's winding
up.

Dated this 28th day of November 2005

Richard J. Cauchi
Liquidator
CJL Partners
Level 3, 180 Flinders Lane
Melbourne Vic 3000
Phone: 9639 4779
Fax:   9639 4773


EMARJAY PTY: Winds Up Business
------------------------------
Notice is hereby given that at a general meeting of the members
of Emarjay Pty Limited held on Dec. 7, 2005, it was resolved
that the Company be wound up voluntarily, and that Mr. Michael
John Morris Smith of Smith Hancock Chartered Accountants, Level
4, 88 Phillip Street, Parramatta NSW 2150 be appointed to act as
Liquidator for the winding up.

Dated this 7th day of December 2005

Michael J. M. Smith
Liquidator
Smith Hancock Chartered Accountants
Level 4, 88 Phillip Street
Parramatta NSW 2150


EVANS & TATE: Wins Reprieve from Deed Breaches
----------------------------------------------
Embattled Evans & Tate finally gave a sigh of relief after it
was granted a stay of execution, reports Sydney Morning Herald.

Around 93 percent of the winemaker's noteholders has approved
changes to the convertible note trust deed. The resolution would
isolate the company from the impact of new accounting standards,
which could have led to it being wound up.

The changes mean Evans & Tate will no longer breach the
covenants of the deed under the new International Financial
Reporting Standards (IFRS), which will come into effect next
week.

Under the IFRS, Evans & Tate's convertible notes would have been
treated as debt, not equity as under the previous rules, meaning
the winemaker would breach the deed condition that its total
liabilities cannot be more than 80 percent of its total assets.

Under the previous rules, the "trustee" of the convertible notes
would be allowed to start proceedings for the winding up of
Evans & Tate's trust fund if the winemaker breached its deed.

CONTACT:

Evans & Tate
54 Salvado Road,
Wembley WA 6014
PO Box 451
Wembley WA 6913
Telephone: (08) 6462 1799
Facsimile: (08) 6462 1798
E-mail: et@evansandtate.com.au
Web site: http://www.evansandtate.com.au/


G&J LENZO: Schedules Final Meeting Jan. 6
-----------------------------------------
Notice is given that a final meeting of the members of G&J Lenzo
Pty Limited will be held on Jan. 6, 2006, 3:00 p.m. at the
offices of KordaMentha, Level 11, 37 St. Georges Terrace,
Perth WA for the following purposes:

AGENDA

(1) To receive the Liquidator's final account of acts and
dealings and the conduct of the Company's winding up, and to
hear any explanations thereof.

(2) To consider any other matters which may properly be brought
before the meeting.

Dated this 21st day of November 2005

Oren Zohar
Liquidator
KordaMentha
Level 11, 37 St. Georges Terrace
Perth WA
Phone: 08 9221 6999


GLOBAL WINE: Future Still Looks Shaky
-------------------------------------
Global Wine Ventures continues to be financially distressed with
only AU$562,000 left in the bank, Sydney Morning Herald has
learned.

The ailing winemaker, formally known as Xanadu, is stuck in a
rut after reporting a whopping AU$39.3-million loss for 2004-05.

The firm's web site is no longer active. Nor does it appear o
have a telephone answering machine at its office.

Global wine shares which listed at 35 cents each in 2001 are
presently worth only 0.5 cents apiece.

Auditor Deloitte Touche Tohmatsu has questioned the winemaker's
ability to remain financially viable even after it paid off its
AU$14.5 million to debt to Westpac through the proceeds of the
sale of its remaining wineries and vineyards.

The auditor said, "There is significant uncertainty whether the
company and consolidated entity will be able to continue as
going concerns."

CONTACT:

Global Wine Ventures
First Floor
28 Dequetteville Terrace
Kent Town SA 5067
Phone: 61 8 8331 3000
Fax: 61 8 8331 3377.
Web site: http://www.xanaduwines.com.au


G.M.S. VENT: Intends to Pay Dividend to Creditors
-------------------------------------------------
G.M.S. Vent Pty Limited will declare a first and final dividend
on Jan. 6, 2006.

Creditors whose debts or claims have not already been admitted,
are required to formally prove their debts or claims on or
before Jan. 6, 2006. If they do not, they will be excluded from
the benefit of the dividend.

Dated this 24th day of November 2005

Brian H. Allen
Peter G. Burton
Joint Liquidators
C/o Burton Glenn Allen Chartered Accountants
Level 2, 57 Grosvenor Street
Neutral Bay NSW 2089
Phone: 02 9904 4644
Fax:   02 9904 9644


HOLLJAI TRANSPORT: Prepares to Close Shop
-----------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Holljai Transport Pty Limited held on Dec. 6,
2005, it was resolved that the Company be wound up voluntarily,
and Mr. Daniel I. Cvitanovic of Daniel I. Cvitanovic Chartered
Accountant, Level 1, 121-123 Crown Street, Wollongong NSW 2500
was appointed as Liquidator at a creditors' meeting held that
same day.

Dated this 6th day of December 2005

Daniel I. Cvitanovic
Liquidator
Level 1, 121-123 Crown Street
Wollongong NSW 2500


JAMES HARDIE: Funding Lack Drives Up Compensation Claims
--------------------------------------------------------
A large number of asbestos-related disease victims flocked to
James Hardie Industries last year to claim their compensation,
according to the Sydney Morning Herald.

This was partly because the 2004 special commission of inquiry
increased public awareness about rights to sue for compensation,
and partly because lawyers and other advisers were concerned
James Hardie's cash-strapped trust would apply for voluntary
liquidation.

A report released this month by KPMG actuary Richard Wilkinson
revealed that publicity about James Hardie's underfunding of an
asbestos compensation trust caused a surge in claims.

The report will be sent to James Hardie shareholders before they
vote on the board's proposal for the company to fund all future
legitimate claims.

The trust received 254 mesothelioma claims in the year to March
2005, a 40 per cent increase on the previous 12 months and
double the 126 claims received in 2000-01. But Mr. Wilkinson
forecast the number to drop to 218 this year before returning to
around 240-250 for another four or five years and then beginning
a permanent, steady decline.

In his report, Mr. Wilkinson predicted that 5268 Australians
would contract mesothelioma from exposure to James Hardie
products in coming decades. His latest report reduces that
number to 4915. When less serious forms of asbestos-related
disease are included, he expects James Hardie to compensate 8725
victims, down from his previous estimate of 9085.

In 2005 dollars, he expects this to cost the company AU$1.6
billion.

CONTACT:

James Hardie Industries NV

Steve Ashe
Vice President, Investor Relations
Telephone: 61 2 8247 5246
Mobile: 0408 164 011
E-mail: steve.ashe@jameshardie.com.au  

Media Inquiries:

James Richards
Telephone: 61 2 8274 5304
Mobile: 0419 731 371
Facsimile: 61 2 8274 5218
E-mail: media@jameshardie.com.au
Web site: http://jameshardie.com


KOLES PTY: Members Pass Winding Up Resolution
---------------------------------------------
At a general meeting of the members of Koles Pty
Limited held on Dec. 6, 2005, the following resolutions were
passed:

SPECIAL RESOLUTION

That the Company be wound up voluntarily.

ORDINARY RESOLUTION
That Messrs. Neil Geoffrey Singleton and Scott Darren Pascoe of
SimsPartners be nominated as Joint and Several Liquidators for
the winding up.

Dated this 6th day of December 2005

Scott D. Pascoe
Neil G. Singleton
Joint Liquidators
SimsPartners
Level 24, 264 George Street
Sydney NSW 2000


K.P. NEAL: Liquidator to Distribute Company Assets
--------------------------------------------------
At a general meeting of K.P. Neal Investments Pty Limited held
on Dec. 8, 2005, the following Special Resolution was passed:

That the Company be wound up as a members' voluntary
liquidation, and that its assets may be distributed (in whole or
in part) to the members in specie, should the Liquidator so
desire.

Dated this 8th day of December 2005

B. A. Secatore
Liquidator
Bentleys MRI
114 William Street, Melbourne 3000


MILLMERRAN COAL: Members Meet to Discuss Winding Up
---------------------------------------------------
Notice is given that a final meeting of members of Millmerran
Coal Pty Limited will be held on Jan. 5, 2006, 10:10 a.m. at the
offices of Newmont Australia Limited, 100 Hutt Street, Adelaide
SA to present the Liquidator's account on the Company's winding
up and disposal of its property, and to hear any explanation
that may be given by the Liquidator.

Dated this 18th day of November 2005

Timothy Paul Burfield
Liquidator
Ernst & Young
Level 21, 91 King William Street
Adelaide SA 5000
Phone: 08 8233 7111


MYER LIMITED: Crowds Flock to Boxing Day Sales
----------------------------------------------
Myer Limited attracted more shoppers than usual during the
delayed Boxing Day sales in Sydney, The Australian relates.

The embattled department store chain was surprised by the size
of crowds eager to snap up pos-Christmas sales.

Myer corporate affairs manager, John Gillman, said 3000 people
had been waiting outside its George Street outlet in central
Sydney when the doors opened at 7 a.m.

While details of figures were not yet available, Mr. Gillman
said he believed numbers were up on last year.

But while retailers were pleased with the sales results so far,
the NSW government's decision to close the Sydney shops on
Monday had angered both shoppers and retailers.

While Melbourne, Brisbane and even Canberra retailers were able
to trade on Boxing Day, Sydney was shut.

However, Mr. Gillman remained positive saying the closures only
"made people a bit retail deprived and they seemed really keen
to shop as a result".

CONTACT:

Myer Limited
295 Lonsdale Street
Melbourne Vic 3000
Telephone: (61 3) 9661 1111
Facsimile: (61 3) 9661 3770
Web site: http://www.myer.com.au


PATTERSON CONSULTING: Placed Under Voluntary Liquidation
--------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Patterson Consulting Worldwide Pty Limited
held on Dec. 6, 2005, it was resolved that the Company be wound
up voluntarily, and Mr. David Henry Scott of Jones Condon, 77
Station Street PO Box 73 Malvern Vic 3144 was appointed as
Liquidator at a creditors' meeting held later that day.

Dated this 6th day of December 2005

David H. Scott
Liquidator
Jones Condon Chartered Accountants
77 Station Street, Malvern Vic 3144


RETIRAN PTY: Requires Creditors to Submit Debt Claims
-----------------------------------------------------
Notice is hereby given that at a meeting of the members of
Retiran Pty Limited held on Dec. 5, 2005, the following special
and ordinary resolutions were passed:

That the Company be wound up as a members' voluntary
liquidation, and that its assets may be distributed (in whole or
in part) to the members in specie, should the Liquidator so
desire; and

That Mr. John Vouris be appointed as Company Liquidator.

Creditors are required on or before Jan. 12, 2006 to prove their
debts or claims and to establish any title they may have to
priority, by delivering or sending through the post a Proof of
Debt verifying their respective debts or claims to the
Liquidator. In default thereof, they will be excluded from the
benefit of any distribution made before such debts or claims are
proven or such priority is established, and from objecting to
any such distribution.

Dated this 7th day of December 2005

John Vouris
Liquidator
Vouris & Bell Chartered Accountants
Level 9, 4 O'Connell Street
Sydney NSW 2000
Phone: 9232 6800


SNAKTI PTY: Appoints Official Liquidator
----------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Snakti Pty Limited held on Dec. 1, 2005, it was resolved that
the Company be wound up voluntarily, and that Mr. Craig Crosbie
of PPB Chartered Accountants, Level 10, 90 Collins Street,
Melbourne, Victoria, 3000 be appointed as Liquidator for such
purpose.

Dated this 2nd day of December 2005

Craig Crosbie
Liquidator
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


STEVE FARLEY: Declares Second, Final Dividend
---------------------------------------------
Steve Farley Machinery Pty Limited will declare a second and
final dividend on Jan. 3, 2006.

Creditors whose debts or claims have not already been admitted,
are required to formally prove their debts or claims on or
before Jan. 3, 2006. In default thereof, they will be excluded
from the benefit of the dividend.

Dated this 16th day of November 2005

Stpehen Jay
Liquidator
C/o Nicholls & Co. Chartered Accountants
Suite 103, 1st Floor, Wollundry Chambers
Johnston Street, Wagga Wagga NSW 2650


VARLAAM PTY: Decides to Shut Down Operations
--------------------------------------------
Notice is hereby given that at a general meeting of the members
of Varlaam Pty Limited held on Dec. 2, 2005, it was resolved
that the Company be wound up voluntarily and that for such
Purpose, Mr. Tibor Fabian of Level 24, 201 Elizabeth Street,
Sydney NSW 2000 be appointed as Liquidator.

Dated this 5th day of December 2005

Tibor Fabian
Liquidator
Level 24, 201 Elizabeth Street
Sydney NSW 2000


WATTYL LIMITED: Chances of Avoiding Allco Takeover Fade
-------------------------------------------------------
Wattyl Limited was unlikely to fend off an AU$274.8-million
takeover offer from Allco Equity Partners, Sydney Morning Herald
reveals.

The ailing paint maker's chances of finding a potential investor
that could rescue it from Allco's takeover bid have diminished,
with two counter-bidders pulling out from the race.

GUD Holdings insisted it is not interested in Wattyl, saying
rumors it was preparing a counter bid were ill founded.

Hills Industries also ruled itself out and quashed suggestions
it may have an interest in Wattyl.

GWA International was unavailable to respond to speculation it
could also be running the rule over Wattyl. Neither was CSR nor
New Zealand's Fletcher Building.

Last week, Allco Equity Partners unveiled an AU$3.25-a-share
takeover bid for Wattyl. The bid is conditional on Allco picking
up 50.1 percent of Wattyl shares, Wattyl's business "being
conducted in the ordinary course", and the ASX 200 not falling
below 4200 points.

Wattyl's board has yet to decide whether or not it will reject
Allco's offer. However, it has already hinted that its decision
would depend on its restructuring.

The company said it was already preparing to slash AU$10 million
from its annual cost base and has signaled plans to cut another
AU$10 million.

CONTACT:

Wattyl Limited
Level 1
68 Waterloo Road
North Ryde NSW 2113
Phone: +61 2 9813 3333
Fax: +61 2 9813 3311


WOLLONGONG SECURITY: Creditors Confirm Liquidator's Appointment
---------------------------------------------------------------
Notice is hereby given that at meeting of the members of
Wollongong Security Pty Limited held on Dec. 5, 2005, it was
resolved that the Company be wound up voluntarily.

Mr. Steve Nicols of Nicols + Brien was appointed as Liquidator
for such purpose, and creditors confirmed his appointment at a
creditors' meeting held that same day.

Dated this 8th day of December 2005

Steven Nicols
Liquidator
Nicols + Brien
Level 5, 221-229 Crown Street
Sydney NSW 2000
Phone: 02 9299 2289
Web site: http://www.bankrupt.com.au


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

BANK OF CHINA: Temasek to Pay More for 25% of Stock
---------------------------------------------------
The Singapore Government's investment arm, Temasek Holdings,
will shell out more money to pay for 25 percent of its US$2
billion investment in Bank of China (BOC), according to South
China Morning Post.

Under a revised agreement, Temasek will be allowed to buy five
percent of BOC for US$1.5 billion.

These new shares will be purchased ahead of the bank's initial
public offering in Hong Kong next year.

Temasek will then pay another US$500 million the time of the
IPO, the additional shares of which will be at a significantly
higher price.

BOC's main shareholder, Central Huijin Investment, had agreed to
a revised formula whereby Temasek will be allowed to buy a five
percent stake instead of 10 percent as originally planned. The
original deal called for Temasek to pay US$3.1 billion at 1.2
times the lender's book value with half of the shares bought
from Central Huijin and half new shares issued by the bank.

The revised deal was approved by the State Council last week.

CONTACT:

Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com


BEAR LIMITED: Creditors' Meeting Set Next Week
----------------------------------------------
Notice is hereby given, pursuant to Section 228A(5)(C) of the
Hong Kong Companies Ordinance, that a meeting of the creditors
of Bear Limited (In Creditors' Voluntary Liquidation) will be
held at the Auditorium, Duke of Windsor Social Service Building,
No.15 Hennessy Road, Wanchai, Hong Kong on January 5, 2006 at
10:30 a.m. for the purposes provided for in Sections 241, 242,
243, 244, 251(1)(a), 255A(2) and 283 of the Companies Ordinance.  

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be lodged at the 5th
Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai,
Hong Kong, not later than 4:00 pm on January 4, 2006.

Dated this 23rd day of December 2005

Noboru Takahashi
Director


INDUSTRIAL AND COMMERCIAL: Kuwait Firm Keen on Stake Buy
--------------------------------------------------------
A Kuwait state investment agency is planning to take a strategic
stake in the Industrial and Commercial Bank of China (ICBC),
according to the Gulf Daily News.

The Kuwait Investment Office said it is seeking to forge a
memorandum of understanding with the Chinese bank.

The Financial Times reported last month that ICBC has frozen
talks with the state government agencies of Abu Dhabi and Kuwait
for a US$1-billion stake in ICBC.

ICBC reportedly wanted to forge a US$3 billion agreement to sell
a 10-percent stake to a consortium led by Goldman Sachs before
entering detailed discussions with the Arab investors.

A few weeks earlier, the bank had opened talks with the Middle
Eastern investors, triggering speculation that a deal would help
China's quest for energy resources in the region.

The paper said the decision could signal slowdown in the bank's
plans to launch a multi-billion dollar listing overseas,
expected next year.

CONTACT:

Industrial and Commercial Bank of China (Asia) Limited
ICBC Tower, 3 Garden Road
Central, Hong Kong
Phone: 25343333
Fax: 28051166
Web site: http://www.icbcasia.com


MAK SHING: Court Hearing Slated for Jan. 20
-------------------------------------------
Mak Shing Yue Tong Commemorative Association Limited advised in
a notice that an application by the Official Receiver and
Provisional Liquidator will be heard before Master S. Kwang of
the High Court for consideration of the resolutions and
determinations (if any) of the first meetings of contributories
held on October 26, 2005.

The first meeting of creditors and adjourned first meeting of
creditors held on October 26, 2005 and November 2, 2005
respectively, deciding the differences (if any), and making such
order of appointments as the court may think fit.

Date and Time of Hearing:

January 20, 2006 (Friday) at 2:30 p.m.

Place of Hearing:

High Court Building, No. 38 Queensway, Hong Kong.

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

Dated this 23rd day of December 2005

ET O'Connell
Official Receiver & Provisional Liquidator


STYLAND HOLDINGS: Net Loss Narrows to KK2.98 Mln
-------------------------------------------------
Styland Holdings Limited announced its audited financial results
for the year ended March 31, 2006.

Year-end date: 31/03/2006
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee

                                             (Unaudited )
                             (Unaudited )     Last
                             Current          Corresponding
                             Period           Period
                             from 01/04/2005  from 01/04/2004
                             to 30/09/2005    to 30/09/2004
                             Note  ('000  )   ('000      )
Turnover                      : 47,868        52,247            
Profit/(Loss) from Operations : (1,636)      (5,255)           
Finance cost                  : (3,294)      (3,642)           
Share of Profit/(Loss) of
  Associates                  : N/A           N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities : N/A           N/A               
Profit/(Loss) after Tax & MI  : (2,987)      (7,330)           
% Change over Last Period     : N/A       %
EPS/(LPS)-Basic (in dollars)  : (0.0016)     (0.0039)          
         -Diluted (in dollars): N/A           N/A               
Extraordinary (ETD) Gain/(Loss: N/A           N/A               
Profit/(Loss) after ETD Items : (2,987)      (7,330)           
Interim Dividend              : NIL          $0.025 per 100
  per Share                                  shares
(Specify if with other        : N/A           N/A
  options)                                               
                                                         
B/C Dates for
  Interim Dividend            : N/A   
Payable Date                  : N/A
B/C Dates for (-)          
  General Meeting             : N/A   
Other Distribution for        : N/A
  Current Period                     
                                     
B/C Dates for Other
  Distribution                : N/A   

Remarks:

1. Dividends

The Board do not recommend the payment of any interim dividend
for the period ended 30 September 2005.

For the period ended 30 September 2004, the Board had declared
to pay an interim dividend of HK$0.025 (Cash Dividend) for every
100 shares of the Company totaling HK$468,000. Other than the
Cash Dividend, the Board also declared an interim dividend in
specie that was satisfied by the distribution of one share of
each of M. Dream Inworld Limited (M Dream) and B.A.L. Holdings
Limited (B.A.L.) and two shares of Riverhill Holdings Limited
(Riverhill) for every 100 shares of the Company held at 6
January 2005. On the basis of 1,871,188,679 issued shares of the
Company at that time, 18,711,887 shares of each of M Dream and
B.A.L. and 37,423,774 shares of Riverhill were distributed
(Distribution Shares). The net carrying value of the
Distribution Shares at 30 September 2004 was approximately
HK$1,676,000.

2. Loss per share

The calculation of loss per share is based on the loss
attributable to shareholders of the Company of approximately
HK$2,987,000 for the six months ended 30 September 2005 (2004:
HK$7,330,000) and the weighted average number of 1,871,188,679
shares (2004: 1,871,188,679 shares) in issue during the period.
Diluted loss per share for the periods ended 30
September 2005 and 2004 have not been disclosed, as the options
outstanding during both periods had an anti-dilutive effect on
the basic loss per share for these periods.

3. Accounting policies

The accounting policies adopted in the preparation of these
condensed consolidated financial information are consistent with
those used in the Group's audited financial statements for the
year ended 31 March, 2005 except that the Group has changed
certain of its accounting policies following its adoption of a
number of new Hong Kong Financial Reporting
Standards (HKFRS(s)),  Hong Kong Accounting Standards (HKAS(s))
and Interpretations (hereinafter collectively referred to as
"new HKFRSs") issued by the HKICPA that are effective for
accounting periods commencing on or after 1st January, 2005.

The adoption of the new HKFRSs has had no material impact on the
Group's accounting policies and the methods of computation in
the Group's condensed consolidated financial statements for the
six months ended 30 September 2005, except the followings:
                
(i) The adoption of HKASs 32 and 39 has resulted in a change of
accounting policy for recognition, measurement and disclosure of
financial instruments. Until 31 March 2005, investments of the
Group were classified as long term investments state at cost
less any provision for impairment losses and short term
investments stated at fair value in the balance sheet.

In accordance with HKAS 39, the investments have been
reclassified into available-for-sale investments and listed
investments. Available-for-sale investments and listed
investments are stated in the balance sheet at fair value.
Realized and unrealized gains and losses arising from changes in
the fair value of listed investments are included in the profit
and loss accounts in the period in which they arise. Unrealized
gains and losses arising from the changes in fair value of
available-for-sale investments are recognised in equity. When
securities classified as available-for-sale are sold or
impaired, the accumulated gain or loss previously reported in
equity is included in the profit and loss account.

The Application of the HKAS 39 has resulted in a change in the
presentation and it had no material impact on the accounting
policies of the Group.

(ii) The adoption of HKFRS 3, HKASs 36 and 38 resulted in a
change in the accounting policy for goodwill. Until 31 March
2005, goodwill was amortised on a straight line basis over its
estimated useful life and the carrying amount was reviewed
annually and written down for impairment when necessary while
the negative goodwill is recognized as income in the
consolidated profit and loss account when the future losses and
expenses were recognized.

In accordance with the provisions for HKFRS 3:
- The goodwill is no longer amortization from 1 April 2005 but
subject to an annual impairment review;
- Accumulated amortization for goodwill as at 31 March 2005 has
been eliminated with corresponding decrease in the cost of
goodwill;
- Any excess of the Group's share of the fair values of the
identifiable assets and liabilities acquired at the date of
acquisition over the cost of the acquisition is recognized
immediately in the income statement. In accordance with the
provision of HKFRS 3, the previously recognized negative
goodwill was derecognized as at 1 April 2005 with a
corresponding adjustment to the accumulated losses.


TCL CORPORATION: Bags Top Spot in World TV Sales Ranking
--------------------------------------------------------
TCL Corporation has sold 20 million color TV sets in the first
11 months of this year, the Science and Technology Daily
reports.

The Chinese firm topped the world ranking in terms of color TV
sales volume.

Industry sources said it is expected the figure will rise to 22
million at the end of this year.

TCL Vice President Shi Wanwen attributed the firm's success to
the group's increased research capability, its capacity to
develop new products, the improved quality of its products and
astute marketing policies.

TCL's latest financial report showed that in November alone, the
group sold 2.24 million color TV sets on the global market.

CONTACT:

TCL Corporation Company
8F TCL Industrial Bldg., 6 Eling South Rd.
Huizhou, Guangdong 516001, China
Phone: +86-752-228-8333
Fax: +86-752-752-227-8018


TC MANUFACTURES: Names Joint, Several Liquidators
-------------------------------------------------
Lyn Yee Chen Jean and Lai Tin Yin Fion both of PLLW Consultancy
Limited of Block F, 23rd Floor, 157 Prince Edward Road West,
Kowloon, Hong Kong has been appointed as Joint & Several
Liquidators for TC Manufactures Limited of Rm. 1708, Dominion
Centre, 43-59 Queen's Rd. East, Wanchai, Hong Kong on December
5, 2005.

Dated this 23rd day of December 2005

Lyn Yee Chen Jean
Joint and Several Liquidator


* Nearly 800 'Big Four' Staff Take Watchdog's Beating in 2005
-------------------------------------------------------------
The China Banking Regulatory Commission (CBRC) has punished
around 799 bank staff members of the "Big Four" due to fraud
charges, according to Xinhua News.

The Big Four employees were found to have been involved in
illegal or unauthorized business totaling as much as CNY588.5
billion (around US$73 billion).

The banking watchdog said the wrongdoers were working in 103
different-level institutions of the Big Four, including the
Industrial and Commercial Bank of China, Agricultural Bank of
China, China Construction Bank and Bank of China. It checked a
total of 14,039 such institutions.

The news came as China struggles to overhaul the Big Four by
building them into joint-stock firms, inviting foreign strategic
investors and then listing them on the market.

The Construction Bank of China has already gone public in Hong
Kong, while the Bank of China is widely forecast to sell shares
to private investors in the coming year.

CBRC disclosed that while the state banks are making progress in
building up corporate governance, they are still to address
illegal activities within their premises.


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

INFRA INDUSTRIES: Unveils Outcome of Board Meeting
--------------------------------------------------
Infra Industries Ltd has advised that the Board of Directors of
the Company at its meeting held on December 27, 2005, has
decided as under:

1. Appointed Mr. Harish P Sanghvi as an Additional Director of
the Company.

2. The Audit Committee has been reconstituted consisting of the
following Directors as Members of the Audit Committee:

a. Mr. Shailesh R Sheth
b. Mr. R K Sundaram.
c. Mr. Harish P Sanghvi

3. Decided that Mr. Chandresh B Ambani henceforth will not be
part of the Promoter Group.

CONTACT:

Infra Industries Ltd
Dhiraj Chambers, 9 Hazarimal Somani Marg,
Mumbai 400001  
Maharashtra  
Phone: 30946372
       39456373
       56348604  


IGARASHI MOTORS: Seeks to Hike Authorized Share Capital
-------------------------------------------------------
Igarashi Motors India Ltd announced that an Extra Ordinary
General Meeting (EGM) of the members of the Company will be held
on Jan. 20, 2006, inter alia, to transact the following
business:

1. Increase in Authorized Share Capital of the Company from
INR15,00,00,000 to INR20,00,00,000 by the creation of 50,00,000
additional equity shares of INR10/- each and consequential
alteration in Memorandum & Articles of Association of the
Company.

2. Authority to the Board to create, issue / offer, allot and
deliver in one or more tranches on a private placement and / or
preferential basis which shall not exceed 11,25,000 equity
shares of INR10 each in the aggregate to M/s. T Rowe Price
International Inc and M/s. Lloyd George Investment Management
(Bermuda) Ltd at an issue price of INR214/- (including premium)
per equity share a price which is higher than the minimum
specified as per SEBI (Disclosure and Investor Protection)
Guidelines 2000 (SEBI DIP Guidelines).

CONTACT:

Igarashi Motors India Ltd
Plot No B-12 to B-15, Phase II, MEPZ - SEZ, Tambaram
Chennai 600045  
Tamil Nadu  
Phone: 22628199
       22628191
       22628192
       22628193 / 94 / 95  
Fax:  22628143   


JOG ENGINEERING: Board Withdraws Decision to Split Shares
---------------------------------------------------------
This announcement is in reference to the earlier announcement
regarding approval given by the Board of Directors of Jog
Engineering at its meeting held on September 17, 2005, for
splitting the Equity Shares of the Company, subject to the
approval of members of the Company in general meeting.

Jog Engineering Ltd has advised that considering the present
market price of the Equity Shares of the Company, the Board has
decided to withdraw the earlier decision to split the shares in
its meeting held on December 26, 2005.

CONTACT:

Jog Engineering Ltd
28 / 1, Jog Centre,
Mumbai - Pune Road, Wakdewadi
Pune 411003  
Maharashtra  
Phone: 5815931     
Fax: 5814690   


LESHA STEELS: Board Approves Voluntary Delisting of Shares
----------------------------------------------------------
Lesha Steels Ltd has informed BSE that the Board of Directors of
the Company at its meeting held on December 26, 2005, inter
alia, has:

1. Approved the proposal to seek delisting of the Company's
shares from the Ahmedabad Stock Exchange, Vadodara Stock
Exchange & Delhi Stock Exchange under the provision of Voluntary
Delisting of securities guidelines of SEBI for this the Board
has convened an Extra Ordinary General Meeting of the members of
the Company on January 25, 2006.

2. Appointed Mr. D S Bhatt, Mr. H C Shelat & Mr. Pravin P Shah
as Additional Directors of the Company. Mr. D S Bhatt, Mr. H C
Shelat & Mr. Pravin P Shah shall be Independent Directors to
comply with Clause 49 of the Listing Agreement.

Further, the Company also announced that Ms. Shivani A Shah has
resigned from the Board of Directors of the Company.

CONTACT:

Lesha Steels Ltd
702, Ashoka Chambers,
Mithakhali Six Road, Near Lions Hall
Ahmedabad 380006  
Gujarat  


UNI LEGWEARS: To Hold Board Meeting Dec. 31
-------------------------------------------
Uni Legwears (India) Ltd announced that a meeting of the Board
of Directors of the Company will be held on December 31, 2005,
inter alia, to discuss passing an Ordinary Resolution in
relation to the sale, lease or otherwise disposing of the
undertaking or whole of the undertaking of the Company under
section 293(1)(a).

Further the Company has revealed that the Board will also
appoint one of the functional director and scrutinizer to
conduct postal ballot proceedings pursuant to the applicable
provisions in the said meeting.

CONTACT:

Uni Legwears (India) Ltd
F - 86, Hirawala Industrial Area, Kanota
Jaipur 303012  
Rajasthan  
Phone: 5065709 5065794    
Fax: 234170   


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

PERTAMINA: Government Extends Distribution Rights for One Year
--------------------------------------------------------------
The Indonesian government has decided to extend the contract of
state oil and gas firm PT Pertamina to distribute subsidized
fuel natoinwide for another year, reports the Jakarta Post.

This is mainly due to the lack of readiness of other oil firms
who are entering into the fuel retail business, after the
governmnet ended Pertamina's monopoly on subsidized fuel
distribution.

According to the Downstream Oil & Gas Regulatory Agency (BP
Migas) Chairman Tubagus Haryono, Pertamina will be the sole
distributor of premium gasoline, kerosene and diesel fuel for
households, small industries and transportation for one year
beginning Jan. 1, 2006.

Last Nov. 23, 2005, Law No. 22/2001 on oil & gas ended
Pertamina's monopoly on fuel distribution, inviting foreign oil
firms to set up fuel stations in the country. However, BP Migas
ruled that any firm that wanted to distribute subsidized fuel in
Java must also do in the country's more remote areas.

Foreign oil firms such as Royal Dutch Shell and Petronas Berhad
are as yet unprepared to distribute fuel outside of Java, as
they don't have fuel stations outside the island.

Chairman Haryono said that foreign firms could partner with
Pertamina in order to grab a share from the subsidized fuel
market next year.

With the new contract, Pertamina expects its net profit for next
year to double to IDR22.4 trilion, from a projected IDR11.3
trillion this year.

CONTACT:

PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax:   3846865/ 3843882
Web site: http://www.pertamina.com


PERUSAHAAN GAS: Signs Pipe Deal with PT Bakrie Consortium
---------------------------------------------------------
State gas firm PT Perusahaan Gas Negara (PGN) signed a IDR374
billion contract with a consortium formed by PT Bakrie Pipe
Idustries and OT Bumi Kaya Steel Industries, which would provide
gas pipelines to the Company, the Jakarta Post reports.

The pipelines will be used in the construction of gas
distribution facilities in Java for PGN.

According to Bakrie & Brothers Spokesman Lalu Mara Satria
Wangsa, both firms officially signed a contract on Dec.22, 2005,
but it is not known whether the contract underwent a tender
process.

The first set of pipelines is expected to be delivered next
year. PGN plnas to connect its distribution network with
transmission facilities in South Sumatra so as to provide gas to
more areas.

CONTACT:

PT Perusahaan Gas Negara
Jl KH Zainul Arifin No 20
Jakarta, 11140 Indonesia
Phone: 62 21 633 4838
Fax:   62 21 633 3080
Web site: http://www.pgn.co.id/


*Foreign Products Cause Bankruptcy of Sixteen Firms
---------------------------------------------------
Up to 16 firms went bankrupt in the Tangerang district of Banten
this year due to the onslaught of foreign products in the local
market, reports Asia Pulse.

According to Tangerang Manpower Office Chief Apon Suryana, they
received a report that 16 companies went into bankruptcy this
year, forcing such companies to dismiss thousands of workers in
phases. The bankruptcy was alleged to be caused by `a glut of  
foreign garments and textiles in the domestic market.'

Another cause for the mass bankruptcies was the increase in
prices of raw materials, as many of the firms that went bankrupt
relied heavily on imported materials.


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

DAIEI INCORPORATED: Marubeni, Advantage to Take 67.7% Stake
-----------------------------------------------------------
Trading firm Marubeni Corporation and buyout firm Advantage
Partners plan to increase their combined in retailing firm Daiei
Inc., reports Nihon Keizai Business Daily.

According to the newspaper, the two firms, which had previously
bought a 34.3 stake in Daiei this year, will buy a 33.4% stake
in the Company that was held by the Industrial Revitalization
Corp. of Japan (IRCJ).

The IRCJ is rehabilitating the troubled firm.

Both firms have not commented on the matter, saying that nothing
has been decided yet, but they will buy shares in Daiei Inc. in
a two- step process in 2007.

If Marubeni and Advantage Partners would not exercise their
preferential rights to buy the shares, then the IRCJ would sell
the shares on the market. Daiei's shares had attracted Japanese
firm Aeon Co. and U.S. retail giant Wal-Mart Stores, Inc.

CONTACT:

Daiei Inc.
4-1-1, Minatojima Nakamachi,
Chuo-ku
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226


JAPAN AIRLINES: Hikes Domestic Fares; Abandons Pay Cut Plan
-----------------------------------------------------------
Japan Airlines (JAL) will raise regular one-way fares on its
domestic routes by a range of JPY500 to JPY1,300 in April to
cover higher fuel costs, Kyodo News reports.

JAL said it expects the fare increase to raise revenues by JPY30
billion in fiscal 2006. The increases will be effective from
April 1 through Sept. 30.

At the same time, the carrier has given up a planned 10-percent
wage cut for non-management employees in the wake of opposition
from the company's nine unions.

The average cut of 10 percent in monthly salaries for the
company's 22,000 employees from January was one of the pillars
of the business reconstruction plan announced by JAL in
November.

JAL will implement a wage cut affecting about 550 managerial
positions from January as scheduled.

JAL incurred a group net loss of JPY12.04 billion in the April-
September first half of fiscal 2005, a turnaround from the
previous year's profit of JPY82.96 billion, hit by high fuel
prices and a decline in passengers following a series of safety
problems.

The fare increase will affect all five fare groups, sliding
upward in accordance with the distance of flights.

JAL will drop its current domestic fuel surcharge of JPY200 or
JPY300, which became effective in January this year.

JAL has estimated that its fuel costs for fiscal 2005 will be
JPY90 billion more than fiscal 2004.

In fiscal 2006, the airline has projected that the costs will be
JPY130-140 billion higher than those of fiscal 2004.

CONTACT:

Japan Airlines Corporation Company
2-4-11, Higashi-shinagawa, Shinagawa-ku
Tokyo 140-8605, Japan  
Phone: +81-0120-25-5931


KATSUMURA CONSTRUCTION: Yumeshin Holdings Throws Lifeline
---------------------------------------------------------
Yumeshin Holdings Co. will sponsor the rehabilitation of
Katsumura Construction Co., a bankrupt contractor, Bloomberg
reveals.

The Engineering drawing company said it will acquire all shares
of a new company split off from Katsumura in June.

Katsumura's principal activities are the building construction
including educational, research, cultural and medical
facilities, office and public houses, and civil engineering
works such as water mains, sewerage and roads. Other activities
are real estate business, and the sale and lease of office
equipment. Building construction accounted for 59% of fiscal
2002 revenues; civil engineering, 41% and real estate business,
nominal.  

CONTACT:

Katsumura Construction Co., Ltd.
2-13 Negishi 1-Chome
Taito-Ku 110-8661, Tokyo 110-8661
JAPAN  
Phone: +81 3 3876 0111
Fax: +81 3 3876 6900  
Web site: http://www.katsumura.co.jp


MEIJI YASUDA: Proposes New Management System
--------------------------------------------
After failing to pay legitimate insurance claims ensued in a
corporate scandal, Meiji Yasuda Life Insurance Co. is now
proposing to introduce a new management system used in most
firms in the United States, the Japan Times reports.

The Company's business plan, which was revealed last Dec. 16,
2005, will eliminate its current auditor-monitored system and
introduce a committee system popular with U.S.-based firms.
Under the new system, the Company will appoint an auditing
committee, a compensation committee and a nominating committee
to make important business decisions, monitor them, and decide
financial rewards for directors. Each committee would comprise
more than three directors, with more than half coming from
outside Meiji.

However, analysts criticized the new system, saying that it did
not work with U.S. giants such as Enron Corp. and Worldcom Inc.
Meiji Yasuda must ensure objectivity by hiring complete
outsiders.

Meiji Yasuda President Kenji Matsuo said that the new system
will be very different from the current one, but he believes it
would be stronger. He added that it is important to disclose to
the public why outside executives are qualified to be on the
committees, but does not know yet how to disclose such
information.

Mr. Matsuo also said that Meiji Yasuda would consider becoming a
stock company in the future. The Company will look into the
merits and demerits of being a stock company for the next two
years.

CONTACT:

Meiji Yasuda Life Insurance Company
1-1, Marunouchi 2-chome, Chiyoda-ku
Tokyo 100-0005, Japan  
Phone: +81-3-3283-8293
Fax: +81-3-3215-8123


MILLENIUM RETAILING: Firms on Watch Negative After Merger News
--------------------------------------------------------------
Standard & Poor's Ratings Services (S&P) placed its ratings on
Seven & I Holdings' subsidiaries Ito-Yokado Co. Ltd., Seven-
Eleven Japan, U.S.-based 7-Eleven Inc., and its long-term rating
on Seven Bank Ltd. on CreditWatch with negative implications,
following an announcement that the company and Millenium
Retailing Inc., which owns Sogo Co. and Seibu Department Stores
Ltd., have reached an agreement on management consolidation (see
list below.)
    
"The acquisition cost and Millenium Retailing's debt burden are
likely to put financial stress on the Seven & I Holdings group
causing deterioration in its capital structure, while less-
profitable department stores will become a larger part of its
business composition," said Standard & Poor's credit analyst
Machiko Amano.
     
"As a result, Seven & I Holdings group companies may not be able
to maintain the financial profile and profitability consistent
with current ratings," Ms. Amano added.
     
According to the announcement, Seven & I Holdings will acquire
65.45% of outstanding shares of Millenium Retailing at JPY131.1
billion from Nomura Principal Finance on Jan. 31, 2006. Seven &
I Holdings aims to acquire the remaining shares from other
shareholders by the end of June 2006, to make Millenium
Retailing a wholly owned subsidiary.
     
Millenium Retailing was established in June 2003 as the holding
company for Sogo, which collapsed in July 2000, and Seibu
Department Stores, which has been in voluntary liquidation since
February 2003. Both Sogo and Seibu have made progresses in
restructuring and emerged from insolvency in 2004. Backed by the
recovery of individual consumption in Japan, both Sogo and Seibu
achieved slight increases in revenues in the first half fiscal
2005 (ended Aug. 31, 2005). The aggregate annual sales of the
two companies stood at JPY916.8 billion in fiscal 2004, second
in Japan after Takashimaya Co. Ltd.
     
Through consolidation with Millenium Retailing, Seven & I
Holdings may be able to develop a new customer base, as it
currently owns only three department stores in Japan. However,
Millenium Retailing still suffers from a weak debt-to-capital
structure. As of the end of August 2005, Sogo and Seibu's
combined shareholders' equity stood at JPY58 billion,
substantially below their JPY384 billion total debt.

Although Sogo and Seibu enjoy relatively good profitability
among major department stores, the business is less profitable
than the convenience store business, and expanding the size of
its department store operations in its business composition may
deteriorate the overall profitability of Seven & I Holdings.
     
Key factors for resolving the CreditWatch placement include the
possible impact of the consolidation on group companies'
financial profiles, business profiles, and profitability,
including the financing methods and debt reduction plan.

Standard & Poor's will also assess the Seven & I Holdings
group's overall financial policy, including the likelihood of
financial support for Millenium Retailing, which plans to
renovate Seibu's flagship Ikebukuro store in Tokyo and open new
stores. A downgrade could be by more than one notch.
     
The CreditWatch placement of the long-term rating on Seven Bank
reflects the credit quality of its parent company. Although this
is an important factor underpinning the rating on the bank, its
credit quality is not totally dependent on that of its parent.
Seven Bank's financial profile is improving. Standard & Poor's
will resolve the CreditWatch status at the same time as the
rating on the parent company.
        
Ratings on CreditWatch with negative implications
     
Ito-Yokado Co. Ltd.          
Corporate credit rating               AA/Watch Neg/A-1+
Senior unsecured                      AA/Watch Neg
     
Seven-Eleven Japan
Corporate credit rating               AA/Watch Neg/--

7-Eleven Inc.
Corporate credit rating              A/Watch Neg/--
CP program (Guaranteed by Ito-Yokado) A-1+

Seven Bank Ltd.
Long-term rating                      A+/Watch Neg
Senior unsecured                      A+/Watch Neg
      
CONTACT:

Millennium Retailing Inc.
1-1-2, Marunouchi, Chiyoda-ku
Tokyo, 100-0005, Japan
Phone: +81-3-6213-7152
Fax: +81-3-6213-7159
Web site: http://www.millennium-retailing.co.jp


TOKYO FOREX: Regulator Suspends Business for Six Months
-------------------------------------------------------
Foreign exchange margin trading service company Tokyo Forex
Financial Inc. was ordered to cease operations for six months
until June 26, Jiji Press reports.

The move was undertaken by the Kanto Local Finance Bureau after
deciding that the firm may have a hard time returning margin
deposits to customers brought about by the collapse of U.S.
financial house Refco Inc.

Tokyo Forex, which entrusted around JPY2.27 trillion customer
margin deposits to Refco, is unlikely to recover the money.

Tokyo Forex Financial, which has about 2,000 customers, is the
first Japanese company to be punished by the authorities in
connection with Refco's collapse.


VICTOR COMPANY: To Book JPY6.3 Bln Loss
---------------------------------------
Victor Company of Japan Limited (JVC) said it will book a
special loss of JPY6.3 billion this year, AFX News reports.

The loss is a result of an early retirement package that the
electronics products maker offered 723 workers applied for.

The Company had already set aside the needed provision for the
retirement package, hence the loss will not affect its full-year
outlook.

In October, JVC predicted it will book a net loss of JPY11.5
billion in the year to March 2006, reversing the previous
forecast for a profit of JPY7 billion due to dwindling prices of
DVD recorders and flat-screen TVs.

CONTACT:

Victor Company of Japan
12, Moriya-cho, 3-chome, Kanagawa-ku
Yokohama 221-8528, Japan
Phone: +81-45-450-1445
Fax: +81-45-450-1425


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

* Bank of Korea Sees no Corporate Bankruptcy this Year
------------------------------------------------------
The Bank of Korea (BOK) said this year records no bankruptcy for
large-sized companies, according to The Korea Times.

The cause is attributed to the companies' strengthened effort to
improve their financial structures.

"This year will likely be the first year that will see no large
companies record bankruptcy.," a BOK official said.

Small and medium-sized companies' (SMEs) bankruptcy is also seen
to fall to a record low this year.  

The number of insolvent companies surged to 8,168 in 1997 and
10,490 in 1998 due to the Asian financial crisis, but fell to
3,364 in 1999.  Last year, 2,743 SMEs reported bankruptcy, a 15
percent fall from 3,210 in 2003.  

According to the BOK, the number of SMEs that went bankrupt this
year has reached a total of 2,037 and is unlikely seen to
surpass the 2,200 mark until the year ends.

In 1997 the number of companies that went belly-up soared to 58
from seven in 1996 due to the Asian financial crisis.  The
figure decreased to 39 in 1998 and seven in 1999, but rose again
in 2000 to 33.  In 2001, the number fell to 11.  And for the
past three years there have been only four companies that went
bankrupt each year.

The fall in corporate bankruptcy figures is attributed to the
companies' an increase in overseas sales this year.  Due to the
said increase, debts decreased and efforts to enhance financial
soundness increased.


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

ASIA PACIFIC LAND: To Set Up Share Registration Services Unit
-------------------------------------------------------------
Asia Pacific Land Berhad (AP Land) submitted to Bursa Malaysia
Securities Berhad details of the setting up of share
registration services unit and purchase of share registration
computer system from a related party.

The Board of Directors of AP Land advised Bursa Malaysia
Securities Berhad that AP Land shall be setting up its own share
registration services unit with effect from January 1, 2006. The
existing share registration service contract with a related
party, Bena Sakti Sdn Bhd (Bena Sakti) shall cease on December
31, 2005.

AP Land shall purchase the existing share registration computer
system (SRC) from Bena Sakti on an "as is where is basis" for a
total cash consideration of MYR5,692.00. The price of the share
registration system is negotiated at arm's length and based on a
willing-buyer willing-seller basis and was arrived at based on
the market value or the net book value of the SRC components.

The abovementioned related party transaction is not expected to
have any material effect on the earnings of the Group for the
year ending December 31, 2005 or the net tangible assets of AP
Land based on the consolidated audited accounts of the Group for
the year ended December 31, 2004.

Low Gee Tat and Low Gee Teong are the directors of AP Land and
deemed substantial shareholders of AP Land. They are also the
directors and the deemed substantial shareholders of Low Yat And
Sons Realty Sdn Bhd (LYSR), which is the holding company of Bena
Sakti and a deemed substantial shareholder of AP Land. Low Gee
Soon and Low Su Ming are the directors of Bena Sakti.

Low Gee Soon is also a deemed substantial shareholder of Bena
Sakti, AP Land and LYSR. Low Su Ming is a shareholder of LYSR
and AP Land. Low Gee Soon is the brother of Low Gee Tat, Low Gee
Teong and Low Su Ming. He is the cousin of Dato' Jeffrey Ng
Tiong Lip who is a director of AP Land and LYSR. His father is
Tan Sri Dato' Low Yow Chuan who is a deemed substantial
shareholder of AP Land and Bena Sakti and is a director and
deemed substantial shareholder of LYSR.

CONTACT:

Asia Pacific Land Bhd   
49, Empire Tower,
City Square Centre,
Jalan Tun Razak,
Kuala Lumpur
Wilayah Persekutuan 50400
Malaysia
Telephone: 03-21631200   
Fax: 03-21631157


BUKIT KATIL: Updates Loan Facilities' Status
--------------------------------------------
The Board of Directors of Bukit Katil Resources Berhad (BKRB)
advised Bursa Malaysia Securities Berhad an update on the
following loan facilities.

Bumiputra Commerce Bank Berhad

The application by the bank to enter summary judgement against
the company was allowed by the Learned Senior Assistant
Registrar on July 16, 2004.

OCBC Bank (Malaysia) Berhad

OCBC Bank (Malaysia) Berhad has obtained an order for sale on
November 14, 2003 on Omega Bricks Sdn Bhd's land held under
Grant Reg No.31, Lot No 5058 Mukim Gunung Semanggol, Daerah
Krian, Negeri Perak. Hearing of the Application for Execution of
Order for Sale has been postponed to December 5, 2005.

OCBC Bank (Malaysia) Berhad has also obtained a winding-up
petition under Section 218(2) of the Companies Act, 1965 on
October 6, 2003 and was served on the company on November 14,
2003. The High Court on September 8 allowed the bank's
application for the winding-up petition. The Company has already
filed a Notice of Appeal to the Court of Appeal against the
decision of the High Court.

The High Court on October 6, 2005 granted a stay of the Winding-
up Order for a period until August 18, 2006 pursuant to the
powers of the High Court provided for in Section 243 of the
Companies Act, 1965.

Alliance Merchant Bank Berhad

No date has been set to consider the Bank's application for
summary judgement.

Perbadanan Kemajuan Negeri Pahang

The company is a defendant in suit being initiated by Perbadanan
Kemajuan Negeri Pahang for breach of a Call Option Contract. On
April 19, 2004, a final judgement was granted by the High Court
for MYR14.0 million against the company, inclusive of interest
until the date of full settlement.

An application in relation to a proposed debt-restructuring
scheme has been submitted to the Securities Commission on
December 16, 2005 for all the above liabilities.

To view details of all facilities currently in default in
compliance with Section 3.1 of Practice Note 1/2001, go to
http://bankrupt.com/misc/BukitKatilDefaultStatus122605.doc

CONTACT:

Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
Kuala Lumpur, 50490 Malaysia
Phone: +60 3 2095 7077
Fax: +60 3 2094 9940


BUKIT KATIL: All Resolutions Passed at AGM
------------------------------------------
The Board of Directors of Bukit Katil Resources Berhad (BKATIL)
advised that the shareholders of the Company have at the 90th
Annual General Meeting (AGM) approved all the resolutions set
out in the Notice of the 90th AGM dated December 1, 2005.


COMSA FARMS: Fails to Submit Annual Audited Accounts on Time
------------------------------------------------------------
In compliance with the obligations pursuant to Paragraph 9.26 of
the Listing Requirements (LR) of Bursa Malaysia Securities
Berhad (Bursa Securities), the Board of Directors of Comsa Farms
Berhad (Comsa) advised that the Company failed to issue the
Annual Audited Accounts (AAA) for the year ended March 31, 2005
and the Annual Reports (AR) for 2005 (Prescribed Financial
Statements) on or before the respective due dates as required
under Paragraph 9.23 of the LR.

Pursuant to Paragraph 9.26 of the LR, Comsa is required to make
a periodic announcement on a monthly basis on the status of the
issuance of the outstanding Prescribed Financial Statements.

The Securities Commission (SC) via their letter dated November
21, 2005 addressed to Moores Rowland, the external auditors of
the Company, has requested the external auditors to carry out
certain additional verification work and also to provide certain
additional information in respect of the draft AAA of the
Company for the year ended March 31, 2005 and to report back
their findings to the SC by January 31, 2006 prior to the
finalization of the AAA of the Company for the year ended March
31, 2005.

The issuance of the AAA for the year ended March 31, 2005 is
subject to clearance from SC being obtained by Moores Rowland,
the external auditors. The issuance of the AR 2005 will follow
soon after the issuance of the said AAA.

CONTACT:

Comsa Farms Berhad
TB 265 Lot 4 Jalan Mahkamah
91000 Tawau, Sabah
Malaysia
Telephone: +60 8 9776 678
           +60 8 9762 367


CRIMSON LAND: Releases Auditors' Report for FS
----------------------------------------------
Further to the Audited Financial Statements of Crimson Land
Berhad for the financial year ended June 30, 2005, which had
been submitted to Bursa Malaysia on October 27, 2005 and
pursuant to Paragraph 9.19 (35) of Bursa Malaysia Securities
Berhad Listing Requirements, the Board of Directors of Crimson
Land Berhad informed that Messrs KPMG, the Company's External
Auditors, have made the following qualification in their report
for the Audited Financial Statements of the Company for the
financial year ended June 30, 2005.

"Included in land held for property development of the Group are
a few pieces of freehold land (previously leasehold) and their
related development costs with a total carrying cost of
MYR205,920,000. No professional valuation was performed on these
properties to determine their recoverable amount. Accordingly,
we are unable to ascertain whether impairment loss, if any,
should be provided for.

In view of the above, we are also unable to form an opinion as
to whether any impairment loss is necessary on the investment in
the subsidiaries holding these lands. The carrying value of the
investment in these subsidiaries amounted to MYR178,958,000 at
year end".

A similar qualification on the land was made in the Audited
Financial Statements of the Company for the financial year ended
June 30, 2004.

This announcement is dated 23 December 2005.

CONTACT:

Crimson Land Berhad
5, Persiaran Lidcol
Off Jalan Yap Kwan Seng
50450 Kuala Lumpur
Telephone: 03-2162 8099;  
Fax: 03-2162 8711/2161 5045


IZASAJA: Ceases Operations
--------------------------
Dijaya Corporation Berhad issued to Bursa Malaysia Securities
Berhad details of the members' voluntary winding up of Izasaja
Sdn Bhd.

Further to the announcement made on October 26, 2004, the
Company informed that Izasaja Sdn Bhd, a wholly owned subsidiary
of Banjaran Mutiara Sdn Bhd, which in turn is a wholly owned
subsidiary of the Company, had been dissolved.

This announcement is dated December 23, 2005.


FURQAN BUSINESS: Issues New Shares for Listing, Quotation
---------------------------------------------------------
Furqan Business Organisation Berhad advised that its additional
2,047 new ordinary shares of MYR1.00 each issued pursuant to the
exercise of 2,047 Warrants 2002/2005 will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Wednesday, December 28, 2005.

CONTACT:

Furqan Business Organisation Berhad
247 Jalan Tun Razak
Kuala Lumpur 50400
Malaysia
Phone: +60 3 2148 9999
Fax: +60 3 2148 9992


FURQAN BUSINESS: Unit Disposes of Property
------------------------------------------
Furqan Business Organisation Berhad unveiled to Bursa Malaysia
Securities Berhad details of the disposal of property by
subsidiary company Duta Kota Sdn. Bhd.

(1) Introduction

The Board of Directors of Furqan Business Organisation Berhad
(FBO) advised that Duta Kota Sdn. Bhd. (DKSB or the Vendor), a
wholly owned subsidiary, had on December 20, 2005 entered into a
Sale and Purchase Agreement with Cosmos Affluent (M) Sdn. Bhd.
(Company No. 646964-H) (CAM or the Purchaser) to dispose of a
unit of five storey shophouse measuring approximately 1800 sq ft
and erect on land held under H.S. (D) 100855 PT 581, Bandar Shah
Alam, Daerah Petaling, Negeri Selangor and bearing postal
address No. 6 Jalan Tengku Ampuan Zabedah D9/D, Seksyen 9, 40100
Shah Alam, Selangor (hereinafter collectively called the said
Property) for a total consideration of MYR1,650,000.00 (Ringgit
Malaysia One Million Six Hundred and Fifty Thousand) only (the
Purchase Price) (the said Disposal).

(2) Information on DKSB

DKSB is a wholly owned subsidiary of the Company and was
incorporated in Malaysia under the Companies Act, 1965, on April
14, 1995. The authorized and issued and paid up capital of DKSB
is MYR100,000.00 divided into 100,000 ordinary shares of MYR1.00
each and MYR2.00 divided into two ordinary shares of MYR1.00
each respectively.

DKSB is an investment holding company.

(3) Information on the purchaser

CAS was incorporated in Malaysia under the Companies Act, 1965,
on March 26, 2004. The authorized capital of CAS is MYR1,000,000
divided into 1,000,000 ordinary shares of MYR1.00 each and the
issued and paid up capital is MYR550,000 divided into 550,000
ordinary shares of MYR1.00 each.

CAS is a dealer in electrical and electronic appliances and
apparatus.

(4) Rationale for the said disposal

The said Disposal is consistent with the on-going efforts of the
Group to reduce its borrowings and divest its non-income
generating assets.

(5) Salient terms of the agreement

The said Property shall be free from all encumbrances but
subject to the express and implied conditions imposed on the
title to the said Property and pursuant to the National Land
Code 1965 and any amendments thereof and with legal possession
at the purchase price.

(6) Financial effect

The said Disposal will have no material effect on the share
capital, net tangible assets of FBO Group for the year ending
December 31, 2005.

(7) Approval

No shareholders approval is required at FBO level.

(8) Interest of directors', substantial shareholders' and
connected person

None of the Directors and Substantial Shareholders, persons
connected to the Directors or Substantial Shareholders of the
Company and its subsidiaries or persons connected thereto have
any interest, direct or indirect in the said Disposal.

(9) Directors' recommendation

The Directors of the Company are of the opinion that the said
Disposal is in the best interest of the Group.


KUMPULAN FIMA: Unit Served with Writ of Summons
-----------------------------------------------
Kumpulan Fima Berhad (KFima) advised Bursa Malaysia Securities
Berhad that KFima, its wholly owned subsidiary, Malaysian
Transnational Trading (MATTRA) Corporation Berhad, Ahmad Riza
bin Basir (Group Managing Director of KFima), Nor Hisam bin Ali
(General Manager of MATTRA) and Dato' Hj Mohd Noor bin Ismail
(Former Executive Director of KFima), had on December 14, 2005,
been served (through KFima's solicitors, Messrs. Lim & Lim in
the Republic of Singapore) with a Writ of Summons and the
Statement of Claim in respect of a suit filed by Wellmix
Organics (International) Pte Ltd (the Plaintiff) in the
Subordinate Courts of the Republic of Singapore bearing Suit No.
DC3801/2005/B. The Writ of Summons was only extended to KFima by
its solicitors on December 21, 2005.

The said suit is in relation to the dissatisfaction of the
Plaintiff on business dealings between MATTRA and the
Plaintiff's Principal in Hong Kong on the distributorship of
fertilizers in Malaysia. No claim amount was stated in the
Statement of Claim.

KFima's solicitors have duly filed the Memorandum of Appearance
on December 15, 2005.

This Announcement is dated 23 December 2005.

CONTACT:

Kumpulan Fima Berhad   
Suite 4.1, Level 4, Block C, Plaza Damansara,
45, Jalan Medan Setia 1, Bukit Damansara,
Kuala Lumpur Wilayah Persekutuan 50490
Malaysia
Telephone: 03-20921211   
Fax: 03-20925754


MAGNUM CORPORATION: Buys Back Ordinary Shares
---------------------------------------------
Magnum Corporation Berhad furnished Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:  
   
Date of buy back: December 23, 2005

Description of shares purchased: Ordinary shares of MYR0.50 each

Total number of shares purchased (units): 247,000

Minimum price paid for each share purchased (MYR): 1.880

Maximum price paid for each share purchased (MYR): 1.900

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 247,000

Number of shares purchased which are proposed to be cancelled
(units): 0

Cumulative net outstanding treasury shares as at to-date
(units): 88,903,300

Adjusted issued capital after cancellation (no. of shares)
(units):  

CONTACT:

Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033/ +60 3 2698 9885


METROPLEX BERHAD: Unit Acquires Shares in KSB
---------------------------------------------
Metroplex Berhad (MB) issued to Bursa Malaysia Securities Berhad
details of the acquisition of indirect subsidiary company.

The Board of Directors of MB advised that Metroplex Holdings Sdn
Bhd, a wholly owned subsidiary of MB, has on December 23, 2005,
acquired two ordinary shares of MYR1.00 each representing 100
percent equity interest in Kasmegah Sdn Bhd (KSB) for a cash
consideration of MYR2.00.

KSB was incorporated in Malaysia as a private limited company on
November 29, 2005. The authorized and paid-up share capital of
KSB are MYR100,000.00 and MYR2.00 respectively. KSB is currently
dormant and its intended principal activity is property
investment.

The above acquisition will not have a material effect on the net
tangible assets and earnings of MB Group for the financial year
ending January 31, 2006.

None of the Directors or major shareholders of the Company
and/or persons connected to them, has any interest, direct or
indirect, in the above acquisition.

This announcement is dated 23 December 2005.

CONTACT:

Metroplex Berhad
Level 10, Grand Seasons Avenue,
No. 72, Jalan Pahang,
53000 Kuala Lumpur
Telephone: 03-2931828, 03-4431828
Fax: 03-2912798


OILCORP BERHAD: Unit Clinches Land Development Project
------------------------------------------------------
OilCorp Berhad (OilCorp) advised Bursa Malaysia Securities
Berhad on the Joint Venture Agreement (JV Agreement) between
Ascentland Sdn Bhd (ASB) and Town and Country Properties Sdn Bhd
(TCPSB).

(1) Introduction

The Board of Directors of OilCorp advised that its wholly owned
subsidiary, ASB had on December 23, 2005 entered into a JV
Agreement with TCPSB to jointly participate in developing a
piece of land held under H. S. (M) 5286, PT 17940, Mukim and
District of Bentong measuring in area approximately 14,223 sq.
metres, located within the development known as Rainforest
Sanctuary (the Project).

(2) Details of the project

Brief details of the Project are as follows:

(a) Construction of nine (9) units of bungalows on the several
plots of land located within the Project;

(b) Completion of uncompleted infrastructure works at certain
parts of the Project, including landscaping, card access system
and others (the Outstanding Infrastructure Works); and

(c) Development of the Land into a development comprising inter
alia, twenty eight (28) units of semi-detached houses and six
(6) units of bungalows together with a clubhouse with spa
facilities (the Development).

(3) Details of the agreement

In consideration of ASB agreeing to construct the Bungalows and
to carry out and complete the Outstanding Infrastructure Works,
TCPSB has agreed to enter into a JV with ASB to develop the Land
into the Development.

The salient terms of the JV Agreement include, inter-alia, the
following:

(i) The Bungalows and Outstanding Infrastructure Works:

(a) ASB shall execute and complete the construction of the
Bungalows in accordance with the stipulated building plans and
specifications; and

(b) The construction and completion of the Bungalows and the
Outstanding Infrastructure Works shall be the sum of Ringgit
Malaysia Three Million Three Hundred Thousand (MYR3,300,000.00)
only. This amount shall be reimbursed to ASB from the
Development account.

(ii) The Development:

(a) ASB shall engage suitably qualified architects, engineers
and other competent consultants as may be necessary to draw,
finalize and complete the layout plans for the Development (the
Layout Plans) for submission to the relevant authorities for
approval;

(b) TCPSB shall render all reasonable co-operation and
assistance to ASB in the application for and procurement of all
necessary approvals of the Layout Plans, the building plans and
specifications for the Project;

(c) TCPSB shall execute a power of attorney, appointing ASB as
its attorney, giving ASB the necessary power and authority to
sign and submit in the name of TCPSB, whatsoever documents to
the appropriate authorities for the approval, implementation,
construction and completion of the Development;

(d) ASB shall be solely responsible to meet and defray the
entire costs and expenses to be incurred in the implementation,
marketing, construction and completion of the Development. ASB
shall be entitled to be reimbursed out of the Development
account for all such costs and expenses;

(e) ASB shall be responsible to arrange for the bridging and
end-financing loan facilities which are required for the
Development and the Land may be offered as third party
securities;

(f) The promotions, marketing and sales of all units and parcels
comprised in the Development shall be carried out by ASB and the
costs and expenses incurred shall form part of the Development
Costs;

(g) The price for all units and parcels comprised within the
Development shall be determined by ASB in consultation with
TCPSB, based upon the market demands;

(h) ASB and TCPSB shall elect two (2) representatives and one
(1) representative respectively to form a working committee to
decide on matters arising in the course of the Development (the
Working Committee);

(i) ASB and TCPSB shall be entitled to sixty percent (60
percent) and forty percent (40 percent) respectively of the
total proceeds of sale received or receivable for the sale of
all units and/or parcels comprised within the Development less
the Development Costs (Development Profit);

(j) ASB and TCPSB jointly agree that ASB shall be given the
first right of refusal to manage and operate a wellness and spa
resort with short term lodging facilities using the clubhouse to
be erected on the Land, subject to such terms and conditions as
may be negotiated and agreed upon between the parties.

(3) Rationale

The Project will enable ASB to continue and expand its existing
business of property investment, resort and hotel operations,
and property development.

(4) Effects on financial position, earnings per share and Net
Tangible Assets (NTA)

The Project will not have any effect on the issued and paid-up
share capital of OilCorp group.

The Project will not have any material effect on OilCorp group's
NTA and earnings for the financial year ending December 31,
2005.

(5) Approvals Required

The JV does not require any approval from the shareholders of
OilCorp or any other relevant authorities.

(6) Directors' and substantial shareholders' interest

Save as disclosed below, to the best knowledge of the Directors,
none of the Directors and/or Substantial Shareholders of the
Company and/or person connected with the Directors and/or
Substantial Shareholders of the Company has any interest, direct
or indirect, in the JV or the Project:

(a) Sunny Ng Huat Tian, whose brother's spouse is a shareholder
of TCPSB; and

(b) Pua Yow Liang, whose spouse is a shareholder of TCPSB.

(7) Directors' Recommendation

The Board of Directors of OilCorp, after careful consideration
and deliberation, is of the opinion that the JV and the Project
are in the best interest of the Company.

(8) Estimated time frame for completion

The estimated time frame for completion of the Project is as
follows:

(a) ASB shall complete the construction of the Bungalows and
vacant possession of the same shall be ready to be delivered to
the respective owners within eighteen (18) months from the date
of the JV Agreement;

(b) ASB shall execute and complete the Outstanding nfrastructure
Works within twelve (12) months from the date of the JV
Agreement; and

(c) ASB shall complete the Development within three (3) years
from the date of the approval of the Layout Plans and the
Building Plans.

(9) Departure from the Securities Commission's (SC) policies and
guidelines on issue/offer of securities.

To the best knowledge of the Directors, the JV, JV Agreement and
the Project do not depart from the SC's Policies and Guidelines
on Issue/Offer of Securities.

(10) Documents Available for Inspection

The JV Agreement is available for inspection at the Registered
Office of OilCorp at No. 2-2, Jalan SS6/6, Kelana Jaya, 47301
Petaling Jaya, Selangor, during normal office hours from Monday
to Friday (except public holidays) for a period of one (1) month
commencing from the date of this announcement.

This announcement is dated 23 December 2005.

CONTACT:

Oilcorp Berhad (553069-T)  
No. 2-2, Jalan SS 6/6,
Kelana Jaya, 47301 Petaling Jaya,
Selangor Darul Ehsan, Malaysia
Telephone: 603 7804 4843
Fax: 603 7804 6212
E-mail: info@oilcorp.com.my


PACIFIC & ORIENT: Buys Back Ordinary Shares
-------------------------------------------
Pacific & Orient Berhad furnished Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:  
   
Date of buy back: December 23, 2005

Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units): 43,000

Minimum price paid for each share purchased (MYR): 1.750

Maximum price paid for each share purchased (MYR): 1.780

Total consideration paid (MYR): 76,816.92

Number of shares purchased retained in treasury (units): 43,000

Number of shares purchased which are proposed to be cancelled
(units):  

Cumulative net outstanding treasury shares as at to-date
(units): 7,938,289

Adjusted issued capital after cancellation (no. of shares)
(units):  

CONTACT:

Pacific & Orient Bhd   
11th Floor, Wisma Bumi Raya,
No 10, Jalan Raja Laut,
PO Box 10953,
Kuala Lumpur Wilayah
Persekutuan 50730
Malaysia
Telephone: 03-26985033   
Fax: 03-26944209
   

PILECON ENGINEERING: Unit Receives Wind Up Petition
---------------------------------------------------
Pilecon Engineering Berhad furnished Bursa Malaysia Securities
Berhad with details of the winding-up petition served against
Transbay Ventures Sdn Bhd (TVSB), a subsidiary of Pilecon
Engineering Berhad.

The Company advised that a winding-up petition had been
presented at the Kuala Lumpur High Court on November 30, 2005
against Transbay Ventures Sdn Bhd (TVSB), a subsidiary of the
Company and served onto TVSB on December 22, 2005, for a claim
of MYR375,198.12 as at October 10, 2005 together with continuing
interest on MYR375,198.12 at the rate of eight percent per annum
calculated from May 11, 2004 until full settlement.

(1) The Details of default or circumstances leading to the
filing of the winding-up petition against TVSB:The petition was
filed by T.Y.Lin International Sdn Bhd (formerly known as T.Y.
Lin (SEA) Sdn Bhd) (TY Lin) against TVSB. TY Lin was appointed
as consultancy engineer to provide professional civil and
structural engineering consultancy services for the Hotel and
Retail Development on Lot 1, Parcel A, WaterfrontCity, Johor
Bahru. TY Lin alleged that a sum of MYR375,198.12 as at 10
October 2005 together with continuing interest on MYR375,198.12
at the rate of eight percent per annum calculated from May 11,
2004 until full settlement being the amount due and owing under
a Consent Judgement dated April 11, 2005, is due and owing by
TVSB.

(2) The total cost of investment in TVSB: MYR13.9 million

(3) The financial and operational impact on the Group: There
would not be any operational impact. In the event the winding-up
petition succeeded, there would be an estimated exceptional loss
of MYR59.2 million

(4) The expected losses: TVSB is expected to incur legal fees of
approximately MYR30,000.00.

(5) The amount of interest claimed: eight percent per annum
continuing interest on MYR375,198.12 calculated from May 11,
2004 until full settlement.

(6) The date of hearing of the winding-up petition: March 3,
2006

(7) The steps taken and proposed to be taken by TVSB in respect
of the winding-up proceedings:

TVSB is currently negotiating on the terms of repayment of the
judgement debts.

CONTACT:

Pilecon Engineering Berhad
No 2 Jalan U1/26 Seksyen U1
40150 Shah Alam, Selangor Darul Ehsan 40150
Malaysia
Telephone: +60 3 7804 1888 / +60 3 7804 3888


SBBS CONSORTIUM: Fails to Pay Monthly Dues
------------------------------------------
The Board of Directors of SBBS Consortium Berhad (SBBS) advised
Bursa Malaysia Securities Berhad that the Company and a former
subsidiary, Wood Culture Sdn Bhd had defaulted in payment of
principal sums and interests of banking facilities granted by
the following banks:

(1) Alliance Bank Malaysia Berhad

(2) RHB Bank Berhad

(3) Southern Bank Berhad

(4) Bank Islam Malaysia Berhad

(5) Bumiputra-Commerce Bank Berhad

(6) AmBank Berhad

To view details and reasons of default, go to
http://bankrupt.com/misc/SBBSConsortiumBerhad122605.doc

Measure taken to address the Default

The Company had on June 24, 2005 appointed Messrs. Covenant
Equity Consulting Sdn Bhd to act as Financial Adviser and
Restructuring Agent on the Proposed Corporate and Debt
Restructuring Scheme for the Group and the scheme will be made
available to Bursa Malaysia Securities Berhad once completed.

In view of the petition pursuant to Section 218 of the Companies
Act, 1965, the Board of Directors will take all necessary action
to safe guard the interests of the Company.

CONTACT:

SBBS Consortium Berhad   
No. 1 - 4, Jalan 1/114,
Kuchai Business Centre, Jalan Kuchai Lama,
Kuala Lumpur Wilayah Persekutuan 58200
Malaysia
Telephone: 03-79825188   
Fax: 03-79813551


SBBS CONSORTIUM: Applies for Extension of Restraining Order
-----------------------------------------------------------
The Board of Directors of SBBS Consortium Berhad advised Bursa
Malaysia Securities Berhad that the Restraining and Stay Order
(RO) granted by the Kuala Lumpur High Court on September 20,
2005 has expired on December 18, 2005.

The Company had on December 19, 2005 filed an application to the
Kuala Lumpur High Court to extend the RO. The said application
is pending affixing of a hearing date by the High Court.

CONTACT:

SBBS Consortium Berhad   
No. 1 - 4, Jalan 1/114,
Kuchai Business Centre, Jalan Kuchai Lama,
Kuala Lumpur Wilayah Persekutuan 58200
Malaysia
Telephone: 03-79825188   
Fax: 03-79813551


SINORA INDUSTRIES: Given 12 Months to Comply with SC Conditions
---------------------------------------------------------------
Sinora Industries Berhad (Sinora) unveiled to Bursa Malaysia
Securities Berhad details of the disposal by Sinora of:

(I) 10,000,000 ordinary shares of MYR1.00 each in Sinora Sdn Bhd
(SSB), representing the entire equity interest in SSB to
Priceworth Wood Products Berhad (Priceworth) for a cash
consideration of MYR1,000,000; and

(II) 2,000,000 ordinary shares of MYR1.00 each in Innora Sdn Bhd
(ISB), representing the entire equity interest in ISB to
Priceworth for a cash consideration of MYR9,519,000

On behalf of the Company, Sinora advised that the Securities
Commission (SC) had via its letter dated December 21, 2005,
which was received on December 23, 2005, approved an extension
of time of twelve (12) months to December 23, 2006 for Sinora to
comply with the condition imposed by the SC in relation to the
unapproved structures and extensions on the buildings situated
on the land bearing the titles CL075376153 and CL075472338.

This announcement is dated 23 December 2005.

CONTACT:

Sinora Industries Berhad
Likas Bay
Kota Kinabalu, 88817
Malaysia
Telephone: +60 88 326 572 / +60 88 432 104


TRADEWINDS CORPORATION: Dormant Unit Struck-off from Registry
-------------------------------------------------------------
Tradewinds Corporation Berhad advised Bursa Malaysia Securities
Berhad on the striking off the name of Superior Palm Sdn Bhd
from the Register of Companies Commission of Malaysia pursuant
to Section 308(4) of the Companies Act, 1965.

The Board of Directors of Tradewinds Corporation Berhad (TCB)
advised that upon application to the Companies Commission of
Malaysia (CCM), Superior Palm Sdn Bhd (SPSB), a wholly owned
subsidiary of TCB OUE Sdn Bhd (formerly known as Pernas OUE Sdn
Bhd) which in turn is a subsidiary of TCB, has been struck-off
from the Register of CCM pursuant to Section 308(4) of the
Companies Act, 1965. The notice dated December 7, 2005 from CCM
in respect of the said matter was received on December 22, 2005.

SPSB was a dormant company and had ceased operations since 1998.

CONTACT:

Tradewinds Corporation Berhad
No 1 Jalan Tasik Permaisuri 2
56000 Kuala Lumpur, Kuala Lumpur 50350
Malaysia
Telephone: +60 3 9173 0177
           +60 3 9173 4996


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

GLOBAL STEELWORKS: Experts to Assess Operations
-----------------------------------------------
The Philippine Export-Import Credit Agency (Philexim) is
considering hiring technical experts to assess the operations
and production capability of Global Steelworks International
Incorporated, The Philippine Star relates.

The technical assessment will help Philexim decide whether to
approve the steel firm's request to secure a sovereign guarantee
for a US$20-million loan it is seeking from foreign creditors.

Global Steelworks, formerly National Steel Corporation,
repeatedly announced it is now in commercial operation.

The Board of Investments (BOI), however, doubts Global's claim
and has proposed the independent technical assessment.

Philexim is expected to tap technical experts from the
University of the Philippines (UP) or Mapua.

CONTACT:

Global Steelworks International (SPV-AMC), Inc.
Suarez, 9200 Iligan City
Philippines
Telephone: 063-221-2663
Fax: 063-492-2566


INTERPHIL LABORATORIES: Posts Copy of Amended SEC Form 17-Q
-----------------------------------------------------------
Interphil Laboratories Inc. (ILI) furnished the Philippine Stock
Exchange a copy of its Amended SEC Form 17-Q for the quarter
ended September 30, 2005.

Included in the said report is a copy of its letter to the
Securities and Exchange Commission (SEC) dated Dec. 28, 2005, in
response to the SEC's comments with regard to the abovementioned
reports.

A copy of the said document shall be made available for
downloading free of charge at
http://bankrupt.com/misc/TCRAP_INTERPHILLAB122805.pdf

CONTACT:

Interphil Laboratories, Inc.
Canlubang Industrial Estate Bo Pittland
4025 Cabuyao, Laguna 4025
PHILIPPINES
Phone: +63 49 549 2345
Fax: +63 49 817 2435
Web site: http://www.telesenskscl.com


METRO PACIFIC: Lopez Group Blocks Bid for MNTC Stake
----------------------------------------------------
The Lopez Group is opposing Metro Pacific Corp.'s bid to acquire
a substantial stake in Manila North Tollways Corp. (MNTC), which
holds a 25-year franchise to operate the North Luzon Expressway
(NLEX), The Philippine Star says.

The Lopezes intend to exercise their right of first refusal over
the 30-percent stake held by foreign firms Egis and Leighton,
which Metro Pacific is seeking to acquire.

Leighton Contractors Asia (owned by Leighton International
Tollways Corp. of Australia) and Egis Projects (subsidiary of
Groupe Egis of France) own 17 percent and 13 percent of MNTC,
respectively.

Lopez-owned First Philippine Infrastructure Development Corp.
(FPIC) controls the majority stake of 67.5 percent while
Philippine National Construction Corp. (PNCC) has 2.5 percent.
FPIDC is the company that holds the stakes of Lopez firms
Benpres and First Philippine Holdings Corp. in MNTC.

First Philippine Holdings insisted it was not selling its shares
in MNTC. But Benpres, which is undergoing debt restructuring,
has identified its stake in MNTC as one of the investments it is
willing to sell to raise funds to pay off its maturing
obligations.

In Benpres agrees to sell its 10-percent stake, then Metro
Pacific will be able to control a substantial stake in MNTC.

Benpres earlier said it will sell its stake at the right price,
but First Philippine Holdings is not joining parent Benpres in
this respect.

The Lopez Group believes that NLEX is a profitable venture and
that the more viable First Philippine Holdings intends to keep
the business.

CONTACT:

Metro Pacific Corporation
10/F MGO Bldg., Legazpi cor. dela Rosa St.,
Legazpi Village 0721 Makati City, Philippines
Telephone No.: 888-0888
Fax No.: 888-0830


NATIONAL POWER: Eyes Additional US$700 Mln Loan in 2006
-------------------------------------------------------
State-owned National Power Corporation (Napocor) needs to borrow
about US$700 million next year to refinance maturing debts,
BusinessWorld reports.

The power firm will require around US$700 million from financial
institutions, even as it targets to improve credit ratings.

Moody's Investors Service last downgraded Napocor's debt rating
to negative from stable over its weak operating and financial
profiles.

But the firm is confident it will get a higher credit rating
next year. It also expects to return to profit after seven years
of continuous losses.

Napocor had said it will break even this year on more stable
economic scenario spurred by the strong peso.

Napocor closed 2004 with a net loss of Php29.9 billion, a
significant improvement from Php117.02 billion the previous
year.

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax:   +63-2921-2468
Web site: http://www.napocor.gov.ph/


NATIONAL POWER: PSALM to Explain Privatization Delay
----------------------------------------------------
The agency tasked to sell the assets of National Power
Corporation (Napocor) is facing government inquiry, according to
The Philippine Daily Inquirer.

Congress is preparing to look into the failure of Power Sector
Assets and Liabilities Management Corp. (PSALM) to dispose of
even one generation asset of Napocor this year. The House will
also investigate the slow pace of the privatization process.

House energy committee chair and Lanao del Norte Rep. Alipio
Cirilo Badelles said PSALM should come up with a valid
explanation for not being able to privatize any Napocor plant in
2005, despite all its promises to sell some of the biggest
assets this year.

Rep. Badelles said he would be forced to initiate an inquiry on
the matter if PSALM would not be able to come up with a suitable
explanation. For next year, he said much attention should be
given to the Napocor privatization process, as this had not been
moving as fast as expected.

In September, PSALM announced it will sell nine more Napocor
power plants before the end of the year. However, none of these
plants were sold.

PSALM aims to sell at least 70 percent of Napocor's Luzon and
Visayas capacities by the first quarter of the year. But so far,
it has disposed of only 12 percent.


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

DIGILAND INTERNATIONAL: Passes Resolutions at EGM
-------------------------------------------------
At the extraordinary general meeting of Digiland International
Limited held on Dec. 27, 2005, the first, second, third and
fifth resolutions as stated in the Company's previous notice
were duly passed, while the ofurth resolution was not voted as
the second and third had already been passed.

To view the Company's EGM notice, go to:

http://bankrupt.com/misc/tcrap_digilandinternational122805.pdf

By Order of the Board

Lim Koon Hock
Company Secretary
Dec. 27, 2005

CONTACT:

Digiland International Limited
31 Ubi Road 1
#02-00 Aztech Building
Singapore 408694
Phone: 65 6788 9898
Fax:   65 6369 1613
Web site: http://www.digiland.com.sg


DIGILAND INTERNATIONAL: Re-elects Directors
-------------------------------------------
At the annual general meeting of Digiland International Limited
held on Dec. 27, 2005, all resolutions relating to matters as
set out in the Notice of AGM were duly passed.

Mr. Ngo Swee Kiat, who was re-elected a director at the AGM,
will remain as a member of the Audit Committee. Mr. Ngo is
considered independent pursuant to Rule 704(8) of the Listing
Manual of the Singapore Exchange Securities Trading Limited.

Dr. Tan Kim Yong, who was re-elected a director at the AGM, will
also remain as a member of the Audit Committee. Dr. Tan is
considered non-independent pursuant to Rule 704(8) of the
Listing Manual of the Singapore Exchange Securities Trading
Limited.

To view the Company's AGM notice, click on:

http://bankrupt.com/misc/tcrap_digilandinternational122805.pdf

By Order of the Board

Lim Koon Hock
Company Secretary
Dec. 27, 2005


INFORMATICS HOLDINGS: Bourse Approves Shares, Warrants Listing
--------------------------------------------------------------
Informatics Holdings Limited announced that on Dec. 27, 2005,
the Company received in-principle approval from the Singapore
Exchange Securities Trading Limited (SGX-ST) for the listing of
and quotation for the Additional Warrants 2004 and the
Additional New Shares on the Official List of the SGX-ST.

The in-principle approval granted by the SGX-ST is subject to
the following:

(a) Compliance with the SGX-ST's listing requirements;

(b) Submission of a confirmation that the Additional New Shares
to be issued rank pari passu in all respects with the existing
shares of the Company;

(c) Submission of a confirmation that all share and warrant
certificates have been issued and despatched to entitled
shareholders and The Central Depository (Pte) Ltd; and

(d) Submission of a copy of the Return of Allotment duly filed
with the Accounting & Corporate Regulatory Authority.

The above in-principle approval granted by the SGX-ST does not
indicate the merits of the Company, the Additional Warrants 2004
or the Additional New Shares.

By Order of the Board

Lau Yang Hin, Simon
Company Secretary
Dec. 27, 2005

CONTACT:

Informatics Holdings Limited
Informatics Campus
12 Science Centre Road
Singapore 609080
Phone: 65 6562 5625
Fax:   65 6565 1371
Web site: http://www.informaticsgroup.com


UNITED FIBER: Has Not Set Acquisition Price for Paper Firm
----------------------------------------------------------
United Fiber System Limited (UFS) refers to the following
statements in an Article dated Dec. 28, 2005: "Faced with a new
competitor, Singapore mainboard listed Unifiber raised its offer
price to USD430 million (SGD717 million) from USD370 million,
said the report. The better offer includes repaying Kiani
Kertas' debts of USD210 million plus interest up to Nov 2007 to
Bank Mandiri."

The Company clarifies that the price it will pay to acquire
troubled Indonesian pulp & paper firm PT Kiani Kertas (PT KK)
will be determined after the conclusion of due diligence
investigations on PT KK. As mentioned in the Company's
announcement on Dec. 26, 2005, the on-going due diligence on PT
KK has not been concluded although it is now in an advanced
stage. Accordingly, the Company has not determined conclusively
the price it will pay for PT KK, and the above statements are
therefore inaccurate.

The Company will make necessary announcements at the appropriate
time when the terms of the acquisition of PT KK are finalized,
and a definitive sale and purchase agreement is entered into
between the Company and Kingsclere Finance Limited.

By order of the Board

Kishore Dass
Chief Executive Officer

Dec. 28, 2005

CONTACT:

United Fiber System Limited
103 Defu Lane 10
Poh Lian Building 1
Singapore 539223
Phone: 65 62846006
Fax:   65 62840074
Web site: http://www.ufs.com.sg


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

ASIA HOTEL: Modifies Shareholding Structure
-------------------------------------------
Asia Hotel Public Company Limited (ASIA) issued to the Stock
Exchange of Thailand (SET) a report on the progress of the
corporate rehabilitation of the Company and its subsidiaries for
disclosure to investors.

To simplify the shareholding structure among the companies in
ASIA Hotel Group and to enhance the corporate control structure
over ASIA's subsidiary companies, ASIA and its subsidiaries have
mutually agreed to change the shareholding structure in
subsidiaries from indirectly holding a subsidiary company via
another subsidiary to directly holding in every subsidiary
company.  

The significant restructure of shareholding in subsidiary
companies can be summarized as:

(1) Asia Hotel Public Company Limited holds directly 100 percent
ownership in Asia Airport Hotel Company Limited.

Asia Airport Hotel Company Limited, a subsidiary of ASIA, has
the authorized share capital of three million common shares.  
Before shareholding restructure, Asia Airport has two major
shareholders which are:

- ASIA holds 75 percent ownership by holding 2,249,993 shares
from the share capital of three million shares.

- Asia Pattaya holds 25 percent ownership by holding 750,000
shares from the capital of three million shares.

Asia Pattaya Hotel Company Limited, in which ASIA holds 99.42
percent ownership by holding 1,193 shares from the authorized
share capital of 1,200 common shares and this subsidiary company
hold 25 percent of ownership in Asia Airport. As a result,
ASIA holds almost 100 percent of ownership in Asia Airport by
both holding directly 75 percent ownership and holding
indirectly 25 percent ownership in Asia Airport via Asia
Pattaya.

To simplify the shareholding structure in Asia Airport, Asia
Pattaya agrees to sell all 750,000 shares holding in Asia
Airport to ASIA at the amount of THB7,500,000.  After share
transferring, ASIA holds almost 100 percent of ownership in
Asia Airport, which is the same ratio of ownership before
transfer, by holding directly 2,999,993 shares from the share
capital of three million shares.

(2) Asia Hotel Public Company Limited holds major shares
directly in Zeer Property Company Limited

Before shareholding restructure, ASIA holds 99.90 percent of
ownership in B.K. Ratchathevi Enterprise Company Limited by
holding 9,980,000 shares from the authorized share capital of
9,990,000 common shares. And B.K. Ratchathevi holds 73.98% of
ownership in Zeer Property Company Limited by holding 2,959,300
shares from the authorized share capital of 4,000,000 common
shares.

Consequently, ASIA holds major shares indirectly about 73.98% of
ownership in Zeer Property Company Limited via B.K. Ratchathevi.

To straighten the shareholding structure in Zeer Property, B.K.
Ratchathevi agrees to sell the whole 2,959,300 shares holding in
Zeer Property to ASIA at the amount of THB8,877,900.  After
share transferring, ASIA holds 73.98 percent of ownership in
Zeer Property, which is the same ratio of ownership before
Transfer by holding directly 2,959,300 shares from the share
capital of four million shares.

The aforementioned shareholding restructure has been completely
process on December 22, 2005.

This information is provided for notification to the SET and for
disclosure to investors.

Best regards,
Mr. Amorn Techaruvichit
Director

Mr. Surapol Techaruvichit
Director

CONTACT:

Asia Hotel Public Company Limited   
296 Phayathai Road, Phaya Thai Bangkok    
Telephone: 0-2215-0808   
Fax: 0-2215-4360   
Web site: http://www.asiahotel.co.th


EASTERN PRINTING: Eager to Exit Rehabilitation
----------------------------------------------
Eastern Printing Public Co. Ltd. informed the Stock Exchange of
Thailand (SET) that at present it has met all its obligations in
accordance with the Rehabilitation Plan on January 17, 2002 with
EPCO Management Public Co. Ltd. as the plan administrator.

The Company has now filed a petition to the Central Bankruptcy
Court to exit from Rehabilitation.

On December 26, 2005 the Court ruled as requested but since the
Company has many new large shareholders; the six directors (out
of seven) has tendered resignations (in order to give new
shareholders their rights to elect new directors) on the same
day, thus the Plan Administrator cannot transfer administration
power to the Company's Directors.

On December 27, 2005, the Plan Administrator has petitioned the
Court seeking the Court to call a shareholders' meeting.  In the
meantime, the Plan Administrator will manage the Company on a
day to day basis until a new Board of Directors is formed.

Respectfully yours,

Mr. Weera Louwitawas
Ms. Laddawan Suwapradub
EPCO Management Co. Ltd.
Plan Administrator
    

THAI PETROCHEMICAL: Makes Second Debt Payment
---------------------------------------------
Thai Petrochemical Industry Public Co. Ltd. informed the Stock
Exchange of Thailand (SET) that in addition the previous
repayment, the scheme creditors through the proceeds from the
sale of TPI Polene shares amounting to THB10,205 million, will
make a second repayment amounting to THB60,200 million on
Thursday, December 29, 2005.  The THB12,000 accrued interest
will be written off.

Thus, total debt repayment for the principal in 2005 will be
THB70,405 million.  The further repayment of the principal            
balance of THB37,595 million will be proceeded in accordance
with the debt restructuring program.

Thus, total debt repaid for the principal in 2005 is already
THB70,405 million.  The further repayment of the principal
balance of THB37,595 million will be proceeded in accordance
with the debt restructuring program.

Besides the debt repayment, the plan administrator has
forecasted that as at the end of 2005, TPI will make profit from
operation amounting to THB7,584 million, gain from debt
restructuring  and profit from sale of TPI Polene shares of
THB53,775 million. Thus, the estimated net profit will be about
THB61,359 million.
               
Your acknowledgement of the above matter is highly appreciated.
           
Yours sincerely,
Suwit Nivartvong
Plan Administrator for
Thai Petrochemical Industry Pcl

CONTACT:

Thai Petrochemical Industry Pcl   
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok    
Telephone: 0-2678-5000, 0-2678-5100   
Fax: 0-2678-5001-5   
Web site: http://www.tpigroup.co.th
  
           
           





                            *********


S U B S C R I P T I O N  I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.

Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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