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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

             Friday, January 6, 2006, Vol. 9, No. 005

                            Headlines

A U S T R A L I A

ALSCAF PTY: Winds Up Business
AM&EM DAVIS: Members to Hear Liquidator's Report
AUSTIN GROUP: Flags Restructure After Profit Warning
BARONS QUEENSLAND: Decides to Close Operations
BRUNOL INVESTMENTS: Requires Creditors to Submit Debt Claims

BURRADOO PTY: Final Members Meeting Fixed Jan. 13
COFFEY HOLDINGS: Liquidator to Detail Winding Up Manner
ESPIR HOLDINGS: Members to Hear Liquidator's Wind Up Explanation
GYMPIE GOLD: Seeks Approval for Assets Disposal
JAMES HARDIE: Ex-boss Likely to Face Prosecution

JONMAR AUSTRALIA: Intends to Pay Dividend to Employee Creditors
J&S FABRICATIONS: Members, Creditors to Review Wind Up Report
MILAC PTY: Members Meet to Discuss Winding Up
MOAMA REFINERY: To Declare First, Final Dividend
MOORE AUSTRALIA: Wind Up Process Initiated

NCL LIMITED: Final Meeting Slated for Jan. 13
N&J ENTERPRISES: Priority Creditors to Receive Dividend
P NORTH: Members, Creditors to Get Liquidator's Report
ROWNMACK PTY: To Hold Final Meeting Jan. 13
SANTOS LIMITED: Nexus Deal a Win-win

SPUNTHORN PTY: Members Resolve to Wind Up Firm
TELSTRA CORPORATION: AFL Talks Lift Shares
VALUTRIX PTY: Prepares to Pay Dividend
V.H. AVIATION: Placed Under Voluntary Liquidation
WATTYL LIMITED: Allco Says Rejection of Bid a Significant Risk

WESTPOINT GROUP: Faces Fresh Attacks from Receivers, ATO
WILSON METAL: To Distribute Dividend to Priority Creditors



C H I N A  &  H O N G  K O N G

CHINA MOBILE: Xin Fanfei Appointed Vice President
CHONGQING CHANGJIANG: Expects Profit in 2005
GENERAL MOTORS: JV Firm is No. 1 Car Seller in China
HUNAN JIUGUIJIU: Sees Over CNY240 Mln Loss in 2005
I-CABLE COMMUNICATIONS: Director Samuel Wong Resigns

FOOK MING: Issues Debt Claim Notice
KYOTO JAPAN: Appoints Liquidators, Committee of Inspection
QPL INTERNATIONAL: Kevin Kwan Named Executive Director
QPL INTERNATIONAL: Notes Unusual Price, Volume Movements
SANMENXIA TIANYUAN: Warns of Profit Slump

* 73 Accounting Firms Face Closure in China


I N D I A

HARRISON MALAYALAM: RBI Cancels Certificate of Registration
KAASHYAP RADIANT: Board Meeting Fixed Jan. 10
NEW DELHI TELEVISION: Unit Acquires Radio Today
NILACHAL REFRACTORIES: IJ Group Takes Over Management
NUCHEM LIMITED: Discloses Auditor's Qualifications


I N D O N E S I A

GARUDA INDONESIA: Government Might Sell 49% Stake to Investors
PERTAMINA: Plans to Slash Fuel Imports Next Month


J A P A N

HITACHI LIMITED: Develops Wide Range of Products
ISHIKAWAJIMA-HARIMA HEAVY: Wins JPY30 Bln Order from India
MITSUBISHI MOTORS: Unveils December U.S. Sales
MITSUBISHI PAPER: R&I Downgrades Rating to BB+
SANYO ELECTRIC: Launches 55-Inch, 65-Inch High-Definition TV

SOJITZ CORPORATION: To Dissolve U.S. Unit
SONY CORPORATION: Develops LCD TV


K O R E A

DAEWOO ENGINEERING: Ex-Chief Spokesman Downplays Reports


M A L A Y S I A

AKTIF LIFESTYLE: Sees No Changes to Regularization Plan
ANTAH HOLDING: Complies with Requirements to Avoid Delisting
BERJAYA CORPORATION: Exits from Corporate Restructuring
CONSOLIDATED FARMS: Defaults on December Payment
DENKO INDUSTRIAL: Attends to MYR21,226.00 Claims

DFZ CAPITAL: Issues New Shares for Listing, Quotation
KEMAYAN CORPORATION: Court Winds Up Unit
KEMAYAN CORPORATION: Awaits SC Decision for Deadline Extension
K.P. KENINGAU: No New Regularization Plan Developments
LIEN HOE: Insufficient Cash Prompts Payment Default

LITYAN HOLDINGS: Court Extends Restraining Order
MAGNUM CORPORATION: New Shares Up for Listing, Quotation
MAXIS COMMUNICATIONS: Bourse Lists, Quotes New Shares
MAXIS COMMUNICATIONS: Establishes New Unit
METROPLEX BERHAD: Security Trading Resumes

MYCOM BERHAD: Restructuring Scheme Remains Unchanged
OLYMPIA INDUSTRIES: Restructuring Scheme Unmoved
SOUTHERN BANK: Buys Back Ordinary Shares


P H I L I P P I N E S

BELLE CORPORATION: Notes Change in Shareholding
COLLEGE ASSURANCE: Court OKs Recovery Program
COLLEGE ASSURANCE: SEC Welcomes Court's Approval of Rehab Plan
EXPORT AND INDUSTRY: Suffers Php1.15-Bln Loss
MANILA ELECTRIC: Discloses CEO's Interests

NATIONAL POWER: JBIC Commits to Masinloc; Mum on Other Assets
NATIONAL POWER: Regulator Vows Fair Settlement of Meralco Row
RFM VORPORATION: Issues Treasury Shares via Stock Grant
VICTORIAS MILLING: Provides Copy of Amended Annual Report


S I N G A P O R E

ACCORD CUSTOMER: Ex-CEO Wants to Face 99 Charges in One Trial
CHINA AVIATION(S): Shares Oversubscribed
DIGILAND INTERNATIONAL: Sells Entire Holding in Philippine Arm
FIRSTLINK INVESTMENTS: Liquidates Two Australian Units
KEAT HONG: Receiving Claims Until Jan. 28

LIANG HUAT: Updates on Schemes, Property Sale
MEDIASTREAM LIMITED: Moves to New Office
SAPPHIRE CORPORATION: Allots 80 Million Shares for SGD800,000


T H A I L A N D

RS PROMOTION: Concludes Process to Change Name
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

ALSCAF PTY: Winds Up Business
-----------------------------
Notice is hereby given that a final meeting of the members and
creditors of Alscaf Pty Limited will be held on Jan. 13, 2006,
10:00 a.m. at 4 Surrey Place Kareela NSW 2232 to receive the
Liquidator's account showing how the Company's winding up was
conducted and its property disposed of, and to hear any
explanation that may be given by the Liquidator.

Dated this 8th day of December 2005

Ross Doherty
Liquidator
PO Box 3217, Kirrawee NSW 2232
Phone: 02 9521 3351
Fax:   02 9528 0216


AM&EM DAVIS: Members to Hear Liquidator's Report
--------------------------------------------------
Notice is given that a final meeting of the members of AM&EM
Davis Pty Limited will be held on Jan. 13, 2006, 11:00 a.m. at
Suite 2, 600 Military Road, Spit Junction NSW, to receive the
Liquidator's account showing how the Company's winding up was
conducted and its property disposed of, and to receive any
explanation of the account.

Dated this 23rd day of November 2005

John A. Sheridan
Liquidator
Suite 2, 600 Military Road
Spit Junction NSW 2088
Phone: 02 9969 1433


AUSTIN GROUP: Flags Restructure After Profit Warning
----------------------------------------------------
Austin Group is considering a company "restructuring", in a bid
to strengthen its dwindling operations, according to the Sydney
Morning Herald.

The company, an importer and wholesaler of fashion labels such
as Playboy, has joined the list of firms suffering from the
retail slowdown. It recently announced a hefty profit warnings
and flagging a restructure.

Austin Group is planning to streamline its operations but rules
out cutting labels or a sale of the company. Rather, existing
operations would be strengthened.

The company is reportedly seeking new fashion labels to add to
its list, which includes Playboy, Little Goose Kids and Little
Pumpkins.

Poor sales in November and December, particularly of its men's
wear labels, prompted the company to issue a nearly 50-percent
profit downgrade from the same period last year.

Austin Group was founded in 1982. Its listing in 1993 was
followed by a troubled acquisition and expansion program into
home wares. By 1999, Austin had baled out of home wares to focus
on fashion.

CONTACT:

Austin Group Limited
16-20 Apparel Close,
BREAKWATER, VICTORIA,
AUSTRALIA, 3219
Phone: 03 5225 2699
Fax: 03 5225 2773
Web site: http://www.austingroup.com.au


BARONS QUEENSLAND: Decides to Close Operations
----------------------------------------------
Notice is hereby given that the final meeting of the members and
creditors of Barons Queensland Pty Limited will be held on Jan.
13, 2006, 10:00 a.m. at the office of Messrs. SV Partners, Level
16, 120 Edward Street, Brisbane, Queensland, for the following
purposes:

AGENDA

(1) To receive the Liquidators' account on the Company's winding
up.

(2) To consider and if thought fit pass the following
resolution:

That the Company's books and records be destroyed.

(3) General business.

Dated this 17th day of November 2005

Terry Van der Velde
David Stimpson
Joint Liquidators
SV Partners
Level 16, Edward Street
Brisbane, Queensland


BRUNOL INVESTMENTS: Requires Creditors to Submit Debt Claims
------------------------------------------------------------
Brunol Investments Pty Limited will declare a first and final
dividend on Jan. 13, 2006.

Creditors whose debts or claims have not already been admitted,
are required to formally prove their debts or claims on or
before Jan. 12, 2006. If they do not, they will be excluded from
the benefit of the dividend.

Dated this 28th day of November 2005

G. S. Andrews
Liquidator
G. S. Andrews & Associates
Certified Practising Accountants
22 Drummond Street, Carlton Vic 3053


BURRADOO PTY: Final Members Meeting Fixed Jan. 13
-------------------------------------------------
Notice is given that a final meeting of the members of Burradoo
Pty Limited will be held on Jan. 13, 2006, 10:00 a.m. at Suite
2, 600 Military Road, Spit Junction, NSW, to present the
Liquidator's account showing the Company was wound up and its
property disposed of, and to receive any explanation of the
account.

Dated this 23rd day of November 2005

John A. Sheridan
Liquidator
Suite 2, 600 Military Road
Spit Junction NSW 2088
Phone: 02 9969 1433


COFFEY HOLDINGS: Liquidator to Detail Winding Up Manner
-------------------------------------------------------
Notice is hereby given that a final meeting of the members of
Coffey Holdings Pty Limited will be held on Jan. 13, 2006, 10:30
a.m. at KordaMentha (SA & NT), Level 4, 70 Pirie Street,
Adelaide to present the Liquidator's account showing the manner
of the Company's winding up, and how its assets and property was
disposed of.

Dated this 2nd day of December 2005

Peter J. Lanthois
Liquidator
KordaMentha (SA & NT)
Level 4, 70 Pirie Street
Adelaide SA 5000


ESPIR HOLDINGS: Members to Hear Liquidator's Wind Up Explanation
----------------------------------------------------------------
Notice is given that a meeting of the members of Espir Holdings
Pty Limited will be held on Jan. 16, 2006, 10:30 a.m. at the
offices of Jones Condon, Ground Floor, 77 Station Street,
Malvern, to have an account laid before them showing the manner
of the Company's winding up and disposal of its property, and to
hear any explanations that may be given by the Liquidator.

Dated this 11th day of November 2005

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


GYMPIE GOLD: Seeks Approval for Assets Disposal
-----------------------------------------------
Gympie Gold Limited will seek approval to sell certain assets at
its general meeting on Feb. 3, 2006.

All resolutions at this meeting will be in response to the
outbreak of fire at the company's Southland Colliery and
subsequent appointment of administrators who then became
liquidators.

Other resolutions include:

(1) A 15 to 1 consolidation of the company's shares;

(2) The issue of 140,000,000 shares at 0.4c per share,
140,000,000 shares at 1cent per share and 30,000,000 options to
Ascent Capital Ltd, who will recapitalize the company;

(3) The issue of 10,000,000 shares to the creditors of the
company;

(4) Approval for directors to complete the transactions outlined
at the meeting;

(5) Re-election of David Steinepreis, Hugh Warner and Gary
Steinepreis;

(6) Adoption of a new constitution; and

(7) Changing of the company's name to Toodyay Resources Ltd.

The meeting will be held at McGrathNicol+Partners, Auditorium,
KPMG Building, 10 Shelley Street, Sydney, New South Wales, 2000
at 11:00 a.m.


Andrew Lowe, Receiver & Manager Appt.
C/- Ferrier Hodgson Chartered Accountant,
GPO Box 4114 , SYDNEY , NSW,
AUSTRALIA, 2001
Telephone: (02) 9286 9999
Fax: (02) 9286 9888
Web site: http://www.gympiegold.com.au/


JAMES HARDIE: Ex-boss Likely to Face Prosecution
------------------------------------------------
The former chief executive officer of embattled building
products manufacturer James Hardie Industries NV is likely to be
charged over Hardie's asbestos compensation scandal, The
Advertiser has learned.

Private investigators hired to carry out background checks on
Peter Macdonald concluded the former Hardie boss will face
action from the Australian Securities and Investments Commission
(ASIC).

Adelaide-based Investigators (Australia) said the corporate
watchdog was going to go ahead and prosecute.

The developments may indicate that Mr. Macdonald, who was
educated in New Zealand and settled in Sydney before moving to
Hardie's operational headquarters in California, may accept
exile rather than return to Australia.

In 2004, a NSW special commission found evidence that Mr.
Macdonald broke corporate laws under which, if prosecuted and
convicted, he could be jailed for up to eight years.

An ASIC officer declined to comment on Mr. Macdonald but said
that, in general, a person could be charged whether or not they
were overseas, and could be extradited if they did not return
voluntarily.

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


JONMAR AUSTRALIA: Intends to Pay Dividend to Employee Creditors
---------------------------------------------------------------
Jonmar Australia Pty Limited will declare a first and final
dividend in respect of employee priority claims on Jan. 13,
2006.

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

Dated this 14th day of November 2005

Todd Kelly
Peter Morris
Joint Liquidators
Foremans Business Advisors
Suite 1, 29 Lake Street
Cairns Qld


J&S FABRICATIONS: Members, Creditors to Review Wind Up Report
-------------------------------------------------------------
Notice is given that the final meeting of the members and
creditors of J&S Fabrications & Maintenance Pty Limited will be
held on Jan. 13, 2006, 2:30 p.m. at the offices of CJL Partners,
Level 3, 180 Flinders Lane, Melbourne 3000, for the following
purposes:

AGENDA

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

Dated this 5th day of December 2005

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


MILAC PTY: Members Meet to Discuss Winding Up
---------------------------------------------
Notice is given that a meeting of the members of Milac Pty
Limited will be held on Jan. 13, 2006, 9:00 a.m. at the offices
of Grant Thornton, Level 17, 383 Kent Street, Sydney NSW 2000,
to present the Liquidator's account on the Company's winding up
and disposal of property, and to hear any explanations that may
be given by the Liquidator.

Dated this 5th day of December 2005

P. A. Billingham
Liquidator
Grant Thornton
Level 17, 383 Kent Street
Sydney NSW 2000


MOAMA REFINERY: To Declare First, Final Dividend
------------------------------------------------
Moama Refinery Pty Limited will declare a first and final
dividend on Jan. 13, 2006.

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

Dated this 13th day of December 2005

K. L. Sutherland
Liquidator
Bent & Cougle Pty Limited Chartered Accountants
Level 5, 332 St. Kilda Road
Melbourne Vic 3004


MOORE AUSTRALIA: Wind Up Process Initiated
------------------------------------------
Notice is given that a meeting of the members of Moore Australia
Pty Limited will be held on Jan. 13, 2006, 9:00 a.m. at the
offices of Grant Thornton, Level 17, 383 Kent Street, Sydney NSW
2000, to receive the Liquidator's account showing how the
Company was wound up and its property disposed of, and to hear
any explanations thereof.

Dated this 5th day of December 2005

P. A. Billingham
Liquidator
Grant Thornton
Level 17, 383 Kent Street
Sydney NSW 2000


NCL LIMITED: Final Meeting Slated for Jan. 13
---------------------------------------------
Notice is given that a final meeting of the members of NCL
Limited will be held on Jan. 13, 2006, 10:00 a.m. at the offices
of Ernst & Young, Level 37, 680 George Street, Sydney NSW 2000,
to lay an account before it showing the manner of the Company's
winding up and disposal of property, and to hear any explanation
that may be given by the Liquidator.

Dated this 13th day of December 2005

John Gibbons
Liquidator
Ernst & Young
Level 37, 680 George Street
Sydney NSW 2000
Phone: 02 9248 4124


N&J ENTERPRISES: Priority Creditors to Receive Dividend
-------------------------------------------------------
N&J Enterprises Pty Limited will declare a dividend to its
priority creditors on Jan. 18, 2006.

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

Dated this 23rd day of November 2005

Oren Zohar
Liquidator
KordaMentha
Level 11, 37 St. Georges Terrace
Perth WA 6000


P NORTH: Members, Creditors to Get Liquidator's Report
------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of P North Consultants Pty Limited will be held on
Jan. 13, 2006, 11:00 a.m. at the offices of PPB, Level 1, 5
Mill Street, Perth WA 6000, for the following purposes:

AGENDA

(1) To present an account of how the Company was wound up and
how its property was disposed of.

(2) Any other business, which may arise.

Dated this 13th day of December 2005

Cliff Rocke
Liquidator
PPB
Level 1, 5 Mill Street
Perth WA 6000


ROWNMACK PTY: To Hold Final Meeting Jan. 13
-------------------------------------------
Notice is given that a final meeting of the members of Rownmack
Pty Limited will be held on Jan. 13, 2006, 10:30 a.m. at the
offices of Ernst & Young, Level 37, 680 George Street, Sydney
NSW 2000 to receive the Liquidator's report on the Company's
wind up and property disposal, and to hear any explanation
thereof.

Dated this 13th day of December 2005

John Gibbons
Liquidator
Ernst & Young
Level 37, 680 George Street
Sydney NSW 2000
Phone: 02 9248 4124


SANTOS LIMITED: Nexus Deal a Win-win
------------------------------------
Nexus Energy has inked an AU$1-billion gas supply deal with
Santos Limited, covering its Longtom gas field in Bass Strait,
The Age has relates.

The deal will see Santos-owned gas processing facilities near
Orbost remain fully utilized despite the run-down in productive
capacity at Santos' Patricia Baleen gas field.

The deal involves the supply of 350 petajoules of gas from
Longtom over 10 years. Nexus will pay a toll to Santos to use
its spare processing capacity and Santos will buy the resultant
sales-quality gas.

The deal is conditional on Nexus confirming reserves at Longtom
are sufficient. The Longtom 3 appraisal well is designed to do
that and will be drilled in May. Assuming it is successful,
first gas from Longtom could flow in June 2008.

Santos has said the deal captures additional value for the
Patricia Baleen processing plant, the life of which could be
extended into the next decade.

CONTACT:

Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/


SPUNTHORN PTY: Members Resolve to Wind Up Firm
----------------------------------------------
Notice is hereby given that the final meeting of the members of
Spunthorn Pty Limited will be held on Jan. 13, 2006, 10:00 a.m.
at the offices of Short Kenyon & Co Proprietary, 54 Sailors
Bay Road, Northbridge, to have an account laid before them
showing how the Company was wound up and its property disposed
of, and to hear any explanations that may be given by the
Liquidator.

Dated this 6th day of December 2005

G. D. Short
Liquidator
C/o Short Kenyon & Co Proprietary Chartered Accountants
54 Sailors Bay Road, Northbridge NSW 2063


TELSTRA CORPORATION: AFL Talks Lift Shares
------------------------------------------
Telstra Corporation's shares surged through the AU$4 mark for
the first time in nearly seven weeks, according to The
Advertiser.

The lift came as the embattled telco confirmed that it has
started talks with the Australian Football League (AFL) over
Internet and mobile broadcast rights.

Telstra's existing contract expires at the end of next season
but it holds the right to an exclusive negotiating period with
the AFL over its renewal.

It is believed the broadcast rights, which cost Telstra just
AU$5 million in 2001, could rocket to as much as AU$25 million.

Telstra chief Sol Trujillo, who is a strong advocate of digital
content and who remained in Australia for the Christmas break,
is understood to be keen to retain the rights.

Talks between Telstra and the AFL are likely to run for several
months.

CONTACT:

Telstra Corporation
Level 41 - Telstra Centre, 242 Exhibition Street,
Melbourne, Victoria, Australia, 3000
Telephone: (03) 9634 6400
Fax: (03) 9632 3215
Web site: http://www.telstra.com.au/


VALUTRIX PTY: Prepares to Pay Dividend
--------------------------------------
Valutrix Pty Limited will declare a dividend on Jan. 12, 2006.

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

Dated this 28th day of November 2005

Daniel Civil
Liquidator
Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000


V.H. AVIATION: Placed Under Voluntary Liquidation
-------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of V.H. Aviation Pty Limited will be held on Jan. 13,
2006, 11:00 a.m. at the office of Nicholls & Co. Chartered
Accountants, Suite 103, 1st Floor, Wollundry Chambers, Johnston
Street, Wagga Wagga NSW, to receive the Liquidator's account on
the winding up and property disposal of the Company, and to hear
any explanation thereof.

Dated this 14th day of November 2005

C. M. Chamberlain
Liquidator
C/o Nicholls & Co. Chartered Accountants
PO Box 852, Wagga Wagga NSW 2650


WATTYL LIMITED: Allco Says Rejection of Bid a Significant Risk
--------------------------------------------------------------
"Wattly Limited's decision to reject the generous AU$3.25 a
share cash offer from Allco Equity Partners subsidiary AEP
Financial Investments Pty Ltd (AEP) was creating unrealistic
hopes amongst Wattyl shareholders and threatens to deny them the
prospect of a generous cash payment," AEP Chief Executive Peter
Yates said.

"Wattyl has been noticeably silent on its earnings outlook and
its only responsible to declining revenues and profits has been
to propose yet another cost-cutting program in a tough market in
which new dwellings are forecast by BIS Shrapnel to fall 5%
further in 2006 financial year.

"The AEP offer provides full value to Wattyl shareholders, and
the prospect of an alternative buyer is remote. As well Wattyl's
restructuring efforts still entail significant risk and there is
no certainty of achieving the desired results.

"In contrast, AEP's offer is 21% above the average broker
valuation of Wattyl before AEP's offer announcement, and a
generous 30% premium to the volume weighted average price for
the month before AEP approached Wattyl on Dec. 6. It is also
priced at 11.7 times 2005 earnings before interest, tax,
depreciation and amortization - substantially higher than
comparable average acquisition multiples of recent years.

"If Wattyl is so confident of its outlook then it should issue
an earnings forecast for the 2006 and 2007 financial years to
support its inflated view on value. So far, it has omitted to do
so. Wattyl shareholders are entitled to this information if they
are to rely on advice from their board on whether to accept or
reject AEP's offer.

"It is interesting to note the Wattyl board has also referred to
the recent Barloworld announcement apparently in an effort to
create an impression of other potential bidders. This is in
conflict with the more recent comment by Barloworld Coatings
Australia's managing director Garth Smart who said an
acquisition by Barloworld of Wattyl 'is not something we are
even thinking about'.

"Wattyl shareholders have a clear choice" to accept AEP's
generous cash offer; to assume the significant risks of Wattyl's
ongoing restructuring and the prospect that Wattyl's share price
will fall materially if AEP's offer does not succeed."

CONTACT:

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


WESTPOINT GROUP: Faces Fresh Attacks from Receivers, ATO
--------------------------------------------------------
The Westpoint Group has come under fresh attack after the
appointment of receivers to WestPoint Corporation's AU$140-
million Bayshore project in Port Melbourne, The Age reveals.

Construction of the project is expected to break down if the
corporate watchdog succeeds in its attempt to wind up Westpoint.

Federal Court documents have also revealed that the Australian
Taxation Office (ATO) has joined the Australian Securities and
Investments Commission (ASIC) and about 4000 investors vying to
recover AU$300 million from Westpoint and its mezzanine finance
companies.

Receivers KordaMentha recently confirmed two of Bayshore's
secured creditors, Bridgecorp Finance and HFL Australia, had
appointed it as receiver to the residential and retail project
amid concerns that Westpoint's construction arm, Westpoint
Constructions, may not be able to complete construction.

The Bayshore development, which is running way behind schedule,
is three-quarters complete and Westpoint has secured pre-sales
agreements for 85 per cent. The development includes 18 retail
outlets and 306 units.

KordaMentha partner Craig Shepard said the "clear intention" of
the receivership was to work to complete the project.

Westpoint's mezzanine finance company is already in the hands of
administrators, with PricewaterhouseCoopers' investigations
revealing 400 investors holding promissory notes worth AU$35.8
million.

The appointment of administrators to six of Westpoint's
mezzanine companies followed ASIC's probe into two of the
group's most distressed finance companies, Ann Street Mezzanine
and York Street Mezzanine.

The Federal Court has since declared both insolvent and ASIC
wants to shut down parent Westpoint Corporation on the basis of
serious allegations including that it failed to pay its
employees' superannuation.

Westpoint denied it has failed to pay its employees'
superannuation, and managing director Norm Carey has vowed to
fight ASIC's bid to wind up Westpoint Corporation.

The court hearing for the wind-up application has been adjourned
until February 10 but Federal Court documents reveal the ATO has
submitted an affidavit and filed a notice of appearance.


WILSON METAL: To Distribute Dividend to Priority Creditors
----------------------------------------------------------
Wilson Metal Works Pty Limited will declare a first and interim
dividend to its priority creditors on Jan. 14, 2006.

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

Dated this 15th day of November 2005

R. G. Tolcher
Liquidator
Lawler Partners Chartered Accountants
763 Hunter Street, Newcastle West NSW 2302


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

CHINA MOBILE: Xin Fanfei Appointed Vice President
-------------------------------------------------
The Board of Directors of China Mobile (Hong Kong) Limited
(0941) announces that Mr. He Ning has resigned from his position
as an Executive Director and Vice President of the Company with
effect from January 3, 2006. Mr. Li Gang has also resigned from
his position as an Executive Director of the Company with effect
from January 3, 2006.

The resignation of Mr. Li Gang from his position as an Executive
Director of the Company is due to reassignment of work. Since
Mr. He Ning has been appointed as the Chairman and President of
Beijing Mobile Communication Company Limited in place of Mr. Li
Gang, Mr. He Ning has resigned from his position as an Executive
Director and Vice President of the Company.

Mr. He Ning and Mr. Li Gang have both confirmed that there is no
disagreement with the Board and that there is no matter relating
to their resignations that needs to be brought to the attention
of the shareholders of the Company. The Board takes this
opportunity to acknowledge the contributions of Mr. He Ning and
Mr. Li Gang to the Company with the highest regard and deepest
gratitude.

The Board announced that, after a review and approval by the
Board and the Nomination Committee of the Company, Madam Xin
Fanfei has been appointed as an Executive Director and Vice
President of the Company with effect from January 3, 2006.

Madam Xin Fanfei, age 49, has served as the Deputy Director of
the Foreign Affairs Division of Tianjin Posts &
Telecommunications Administration, Deputy Director of the
Planning Division and Chief of the Planning Office of Tianjin
Posts & Telecommunications Administration, Deputy Director (in
chief) and Director of the Planning Division of Tianjin Posts &
Telecommunications Administration, Director of the Department of
Planning and Construction of Tianjin Posts and
Telecommunications Administration, Assistant to the Director
General and Director of the Department of Planning and
Construction of Tianjin Mobile Telecommunications
Administration, Vice President of Tianjin Mobile Communications
Company, Vice President of Tianjin Mobile Communication Company
Limited, President of Heilongjiang Mobile Communications
Company, and Chairman and President of Heilongjiang Mobile
Communication Company Limited.

Madam Xin received an EMBA degree from Peking University and is
currently pursuing a doctoral degree in business administration
at the Hong Kong Polytechnic University. As a professor-level
senior engineer, Madam Xin possesses many years' experience in
the telecommunications industry. Madam Xin has not held any
directorship in any other listed public companies in the past
three years.

The Company and Madam Xin Fanfei have not entered into any
service contract, which provides for a specified length of
service. Madam Xin will be subject to retirement by rotation and
re-election at annual general meetings of the Company every
three years. Madam Xin will receive a salary of HK$90,000 per
month, plus a discretionary bonus and a discretionary award of
share options as may be determined by the Board with reference
to her performance, together with an annual director's fee of
HK$180,000 as proposed by the Board and approved by shareholders
of the Company. Director's fees are payable on a time pro-rata
basis for any non-full year's service. The remuneration of Madam
Xin Fanfei has been determined with reference to her duties,
responsibilities and experience, and to prevailing market
conditions.

The Company firmly believes that Madam Xin Fanfei's extensive
experience and valuable expertise will be of great benefit to
the Company. The Company takes this opportunity to welcome her
as a member of the Board. Save as disclosed herein, Madam Xin
Fanfei does not have any relationship with any directors, senior
management, substantial shareholder or controlling shareholder
of the Company. She does not have any interest in shares of the
Company within the meaning of Part XV of the Securities and
Futures Ordinance.

There are no other matters relating to the appointment of Madam
Xin Fanfei that need to be brought to the attention of the
shareholders of the Company.

As at the date of this announcement, the Board of Directors of
the Company comprises Mr. Wang Jianzhou, Mr. Li Yue, Mr. Lu
Xiangdong, Mr. Xue Taohai, Mr. Zhang Chenshuang, Madam Li
Mofang, Mr. Xu Long and Madam Xin Fanfei as executive directors,
Dr. Lo Ka Shui, Mr. Frank Wong Kwong Shing and Mr. Moses Cheng
Mo Chi as independent non-executive directors and Sir Julian
Michael Horn-Smith as a nonexecutive director.

By Order of the Board
China Mobile (Hong Kong) Limited
Wong Wai Lan, Grace
Company Secretary
Hong Kong, 3 January 2006

CONTACT:

China Mobile (Hong Kong) Limited
60/F, The Center,
99 Queen's Road Central
Hong Kong
Phone: 31218888
Fax: 25119092
Web site: http://www.chinamobilehk.com/


CHONGQING CHANGJIANG: Expects Profit in 2005
--------------------------------------------
Chongqing Changjiang River Water Transport Co., Ltd (SSE:
600369) expects to record a profit in 2005 versus a net loss of
CNY111.7 million in the previous year, Panorama News reports.

Lian Xinglong CPA, the company's auditor, also affirms the
result. As a result, the company will apply to the Shanghai
Stock Exchange for the removal of delisting risk warning.

CONTACT:

Chongqing Changjiang River Water Transport Company Ltd.
International Public Company
1 Xiaxi Rd., Yuzhong District
Chongqing City, China
Phone: 86 023 6380 0217
Fax: 86 023 6381 9708
Web site: http://www.chinarivertransport.com


GENERAL MOTORS: JV Firm is No. 1 Car Seller in China
----------------------------------------------------
Shanghai General Motors, the automobile venture between Shanghai
Automotive Industry Corp (SAIC) and General Motors, has become
the biggest car seller in China, selling 325,000 cars in 2005,
Asia Pulse reports, citing the China Association of Passenger
Vehicle Trade.

"GM benefited from an unprecedented number of new and upgraded
products as well as a growing portfolio of brands," GM China
Group's President Kevin Wale said.

"We have no intention of letting up on the accelerator."

GM operates four vehicle assembly ventures in China, making
Excelle, Regal, Royaum sedans, Excelle HRV hatchbacks, GL8 vans,
Sail compact cars, Cadillac SRX sport-utility vehicles, Spark
minicars and Wuling Sunshine minivans.

CONTACT:

General Motors Corporation
300 Renaissance Center
Detroit, MI 48265-3000
Phone: 313-556-5000
Fax: 313-556-5108
Web Site: http://www.gm.com

Shanghai Automotive Industry Corporation (Group) Company
489 Wei Hai Rd.
Shanghai 200041, China
Phone: +86-21-2201-1888
Fax: +86-21-2201-1777


HUNAN JIUGUIJIU: Sees Over CNY240 Mln Loss in 2005
--------------------------------------------------
Liquor maker Hunan JiuGuiJiu Co., Ltd. estimates that it will
post a loss of over CNY240 million in 2005 due to provisions for
bad debt, AFX News reports.

The exact number will be disclosed on the company's audited 2005
annual report.

CONTACT:

Hunan Jiuguijiu Company Ltd.
Xiangquancheng, Zhenwu Encampment
Jishou City, China
Phone: 86 0743 831 2079
Fax: 86 0743 831 2178
Web site: http://www.xiangjiugui.cn


I-CABLE COMMUNICATIONS: Director Samuel Wong Resigns
----------------------------------------------------
I-Cable Communications Limited announces that Mr. Samuel Sum Fai
Wong has tendered his resignation as a Director of the Company
with effect from January 1, 2006.

Mr. Wong's resignation from the board of directors of the
Company is due to his resignation, for personal reason, from and
consequently termination of his employment with the i-CABLE
group. The Company wishes to record its appreciation for Mr.
Wong's valuable contribution during his tenure of office as a
director of the Company.

Mr. Wong has confirmed that he has no disagreement with the
Board and there is no matter which needs to be brought to the
attention of the shareholders of the Company in respect of his
resignation.

After the resignation of Mr. Wong, the Board will comprise Mr.
Stephen T. H. Ng, Chairman and Chief Executive Officer of the
Company, together with five independent non-executive Directors,
namely, Mr. F. K. Hu, Hon. Victor C. W. Lo, Dr. Dennis T. L.
Sun, Sir Gordon Y. S. Wu and Mr. Anthony K. K. Yeung.

CONTACT:

I-Cable Communications Limited
16/F, Ocean Centre
Harbour City
Canton Road, Kowloon
Hong Kong
Phone: 21188118
Fax: 21188018
Web site: http://www.i-cablecomm.com


FOOK MING: Issues Debt Claim Notice
-----------------------------------
Notice is hereby given that the creditors of Fook Ming Tong Tea
Club Company Limited, which is being voluntarily wound up, are
required (if they have not already done so), on or before
January 20, 2006, to send in their names, addresses and
particulars of their debts or claims, and the name and address
of their solicitors, if any, to the Joint and Several
Liquidators of the said company at Messrs. Kennic L. H. Lui &
Co., 5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar
Street, Central, Hong Kong.

If so required by notice in writing from the said Liquidators,
are personally or by their solicitors to come in and prove their
said debts or claims at such time and place as shall be
specified in such notice, or in default thereof, they will be
excluded from the benefit of any distribution before such debts
are proved.

Dated this 5th day of January, 2006

KENNIC LAI HANG LUI
LAU WU KWAI KING LAUREN
Joint and Several Liquidators


KYOTO JAPAN: Appoints Liquidators, Committee of Inspection
----------------------------------------------------------
Kyodo Japan Restaurant Limited (In Compulsory Liquidation)
issued a notice of appointment of liquidators and a committee of
inspection in the High Court of the Hong Kong Special
Administrative Region Court of First Instance.

Registered Office: Shop 1, 148 Electric Road, North Point, Hong
Kong.

Liquidators' Names: Ng Kwok Wai

Liquidators' Address: Unit A, 14/F., JCG Building, 16 Mongkok
Road, Mongkok, Kowloon, Hong Kong.

Members of a Committee of Inspection:

(a) She Ying Chieh
(b) Ma Kam Yee
(c) Lai Chun Man
(d) Tsai Wen Tao
(e) Yau Shan Shan

Date of Appointment: December 1, 2005

Dated this 1st day of December 2005

NG KWOK WAI
Liquidator


QPL INTERNATIONAL: Kevin Kwan Named Executive Director
------------------------------------------------------
The Board of Directors of QPL International Holdings Limited
announces that Mr. Kwan Kit Tong, Kevin has been appointed as an
executive director of the Company with effect from January 1,
2006. Mr. Kwan, aged 46, currently the Group Controller of the
Company, a position which he has held since joining the Company
in June 1999, will continue to act as the Company's "qualified
accountant" under the Rules Governing the Listing of Securities
of the Hong Kong Stock Exchange.

Mr. Kwan is a fellow member of the Chartered Association of
Certified Accountants and the Hong Kong Institute of Certified
Public Accountants. He has a B. Com. Degree from the University
of Southern Queensland, Australia. He is also a non-executive
director of Wafer Systems Limited, which is listed on the Growth
Enterprise Market of the Stock Exchange of Hong Kong Limited.

Mr. Kwan is entitled to receive under his current service
contract with the Company a monthly salary of HK$94,875.00 plus
bonus equivalent to 1.5 times of his monthly salary per annum.
Mr. Kwan is not appointed for a specific term but is subject to
retirement by rotation and re-election at the Company's annual
general meeting in accordance with the Company bylaws.

Save as disclosed above, Mr. Kwan confirmed that he has not held
any directorship in any company listed on the Stock Exchange and
does not have any relationship with any director, senior
management, substantial shareholders or controlling shareholders
of the Company. As at the date of this announcement, Mr. Kwan
does not have any interest or short position in shares,
warrants, underlying shares or debentures of the Company or any
its associated companies within the meaning of Part XV of the
Securities and Futures Ordinance (Cap.571 of the Laws of Hong
Kong).

Save as disclosed above, the Company is not aware of any other
matters concerning the appointment of Mr. Kwan that need to be
brought to the attention of the shareholders of the Company and
the Stock Exchange.

RESIGNATION OF AN EXECUTIVE DIRECTOR

The Board announces that due to personal reasons, Mr. Cheng Hoi
Tao, Henry has resigned from his office as an executive director
of the Company with effect from January 1, 2006. Mr. Cheng has
confirmed that he has no disagreement with the Board and that
there is no matter in relation to his resignation that needs to
be brought to the attention of the shareholders of the Company
and the Stock Exchange.

The Board takes this opportunity to welcome Mr. Kwan to join the
Board. The Board also takes this opportunity to thank Mr Cheng
for his valuable contribution to the Company during the past
years.

As at the date of this announcement, the Board of the Company
comprises of Li Tung Lok (Chairman and Executive Director), Kwan
Kit Tong, Kevin (Executive Director), Robert Charles Nicholson
(Independent Non-executive Director), Sze Tsai To, Robert
(Independent Non-executive Director) and Wong Chun Bong, Alex
(Independent Nonexecutive Director).

According to Chong Hing Securities, QPL posted a net loss of
US$9.691 million in the second quarter ended October 31, which
has narrowed compared to the net loss of US$9.748 million for
the prior quarter and that of US$9.715 million a year ago. The
net loss for the first fiscal half has widened from US$14.532
million in the prior year to US$19.439 million.

CONTACT:

QPL International Holdings Limited
Unit F,17/F CDW Building
388 Castle Peak Road
Tsuen Wan, New Territories
Hong Kong
Phone: 24065111
Web site: http://www.qpl.com


QPL INTERNATIONAL: Notes Unusual Price, Volume Movements
--------------------------------------------------------
The Stock Exchange of Hong Kong has received a message from QPL
International Holdings Limited, which is reproduced as follows:

"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.

The company has noted the recent increases in the price and the
trading volume of the shares of the Company and wishes to state
that we are not aware of any reasons for such increases.

The company also confirm that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23 of the Listing Rules,
neither is the Board aware of any matter discloseable under the
general obligation imposed by rule 13.09 of the Listing Rules,
which is or may be of a price sensitive nature.

Made by the order of the Board of QPL International Holdings
Limited, the directors of which individually and jointly accept
responsibility for the accuracy of this statement.

As at the date of this announcement, the board of directors of
the Company comprises Li Tung Lok (Chairman and Executive
Director), Kwan Kit Tong, Kevin (Executive Director), Robert
Charles Nicholson (Independent Non-executive Director), Sze Tsai
To, Robert (Independent Non-executive Director) and Wong Chun
Bong, Alex (Independent Non-executive Director).

Hong Kong, this 4th day of January, 2006

Li Tung Lok
Director"


SANMENXIA TIANYUAN: Warns of Profit Slump
-----------------------------------------
Sanmenxia Tianyuan Aluminum Company Limited has issued a profit-
warning saying that it may record a loss in its audited results
for year ended December 31, 2005, Chong Hing Securities reports.

The directors of the company expects that the company will
continue to face challenges in both its production and
management, which include the pressure from increasing cost of
production and operations, mainly due to the intensifying
competition in aluminum market and the high cost of raw
materials and electricity prices.

CONTACT:

Sanmenxia Tianyuan Aluminum Company Limited
Suites 1002-03 10th Floor
Aon China Building 29 Queen's Roard
Central Hong Kong
Phone: 86-0398-2916763
Fax: 86-0398-2916530
Web site: http://www.styal.com.cn


* 73 Accounting Firms Face Closure in China
-------------------------------------------
Seventy-three accountancy firms should be closed down to
improper audit reports and alleged illegal activities, China
Daily reports, citing the Chinese Institute of Certified Public
Accountants (CICPA).

Another 138 firms and 138 certified accountants were also
criticized by the CICPA.

Following their investigation, CICPA officials have suggested
the Ministry of Finance close down the 73 firms. But it is up to
the ministry to make the final decision.

The CICPA launched a four-month investigation across the country
last July. The examination focused on 1,400 new and small
accounting firms, accounting for 20 per cent of the total
professional accounting firms in China.


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

HARRISON MALAYALAM: RBI Cancels Certificate of Registration
-----------------------------------------------------------
The Reserve Bank of India, has on December 26, 2005 cancelled
the certificate of registration issued to Harrison Malayalam
Financial Services Ltd., having its registered office at Briston
Road, Willingdon Island, Kochi-682 003 for carrying on the
business of a non-banking financial institution as the company
has opted to exit from the business of non-banking financial
institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank
of India Act, 1934, the Reserve Bank can cancel the registration
certificate of non-banking financial company.

The business of a non-banking financial institutions is defined
in clause (a) of Section 45-I of the Reserve Bank of India Act,
1934.

CONTACT:

Reserve Bank of India
Central Office, Post Box 406
Mumbai 400001
Phone: 2266 0502
Fax: 2266 0358, 2270 3279
E-mail: helpprd@rbi.org.in
Web site: http://www.rbi.org.in


KAASHYAP RADIANT: Board Meeting Fixed Jan. 10
---------------------------------------------
Kaashyap Radiant Systems Ltd has informed BSE that a meeting of
the Board of Directors of the Company will be held on January
10, 2006, inter alia, to consider the followings:

1. Reduction of capital of the Company.

2. Audited financial results for the nine months period ended
December 31, 2005 and adopt the same

CONTACT:

Kaashyap Radiant Systems Ltd
33/8, C P Ramaswamy Road, Alwarpet
Chennai 600018
Tamil Nadu
Phone: 55291778


NEW DELHI TELEVISION: Unit Acquires Radio Today
-----------------------------------------------
New Delhi Television Limited has informed the National Stock
Exchange of India that NDTV News Limited, a wholly owned
subsidiary of New Delhi Television Limited together with
Associate Companies of Value Labs and Astro through their
existing Indian joint ventures has acquired, as a minority
stakeholder, Radio Today (Mumbai) Broadcasting Limited, Radio
Today (Delhi) Broadcasting Limited and Radio Today (Calcutta)
Broadcasting Limited from the Living Media Group. The three
radio companies hold licenses for FM radio broadcasting in
Mumbai, Delhi and Calcutta respectively, under the brand name of
RED FM.

CONTACT:

New Delhi Television Limited
W-17, Greater Kailash - 1,
New Delhi - 110048
Telephone: 011-26446666
Fax: 26461740
E-mail: ndtvipo@ndtv.com
Web site: http://www.ndtv.com


NILACHAL REFRACTORIES: IJ Group Takes Over Management
-----------------------------------------------------
Nilachal Refractories Ltd advised that IJ Group of Industries
(led by Industrial Associates) having its Head Office at
Calcutta, has taken over the management of the Company,
Dhenkanal with effect from December 19, 2005. This is in
accordance with the verdict given by the BIFR, New Delhi.

The physical possession of the Plant and Equipments, offices and
other assets have also been taken over by the new management.

The Company's representatives have already visited the District
Administration set up at Dhenkanal on December 22, 2005.

The Company is planning to go for cleaning of the plant and
colony premises, complete renovation and overhauling of all the
equipments, Kilns and furnaces on a war footing basis. The
cleaning of the plant premises has already commenced.

The Company is putting all out efforts to bring back the plant
to operation with in the shortest possible time.

CONTACT:

Nilachal Refractories Ltd
Plot No 4, Bapuji Nagar
Bhubaneswar 751009
Orissa
Phone: 2530184
       2531282
       2531143


NUCHEM LIMITED: Discloses Auditor's Qualifications
--------------------------------------------------
Nuchem Ltd has submitted to the Exchange auditors'
qualifications in respect of Audited Results for the Financial
Year (15 Months) ended on September 30, 2005 along with an
explanatory note.

The details of the same shall be available for downloading free
of charge at
http://bankrupt.com/misc/tcrap_nuchemlimited010506.bmp.

Copies of Nuchem's Financial Results are available at
http://bankrupt.com/misc/tcrap_nuchemauditednoncumulative010506.
pdf (Audited, Non-cumulative)

http://bankrupt.com/misc/tcrap_nuchemauditedcumulative010506.pdf
(Audited, Cumulative)

CONTACT:

Nuchem Limited
20/6 Mathura Road,
Faridabad 121006 (India)
Telephone:+91-129-2304000-5
Fax:+91-129-5061278
E-mail: info@nuchem.com
Web site: http://www.nuchem.com/


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

GARUDA INDONESIA: Government Might Sell 49% Stake to Investors
--------------------------------------------------------------
In an update to a planned share sale in ailing state airline PT
Garuda Indonesia, the government is planning to sell 49% of the
Company's shares to strategic investors, reports the Jakarta
Post.

Garauda Indonesia commissioner Aries Mufti said that many
investors were willing to inject funds into the troubled
airline, and the government was planning to sell the sahes in
order to lift the Company out of debt, but it would still hold a
controlling 51% stake.

He added that potential investors should form a "strategic
alliance" with the Company, not only to settle its huge debts
but also to help expand its marketing technology.

Mr. Mufti did not name potential investors, but said that any
company willing to invest in Garuda is welcome, so long as they
can settle the Company's debt and have advanced marketing
technology.

It is unknown as to when the government will conduct the stake
sale.

At present, Garuda Indonesia has a IDR1.47  trillion debt in
promissory notes and a IDR4.9 trillion debt to the European
Crdit Agency (ECA), as well as a IDR1. 47 trillion convertible
bond debt owed to state lender PT Bank Mandiri.

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62 21 231 0082
Fax:   +62 21 231 1679
Web site: http://www.garuda-indonesia.com


PERTAMINA: Plans to Slash Fuel Imports Next Month
-------------------------------------------------
State-owned oil and gas firm PT Pertamina is planning to reduce
its fuel imports for February to 7.6 million barrels from 8.6
million barrels this month due to decreased consumption and
abundant stock, the Jakarta Post reports.

The Company also wants to decrease its domestic fuel stocks,
which is enough to ensure 175,000 kiloliters per day for up to
28 days.

According to Pertamina spokesman Mochamad Harun, Pertamina has
ample fuel stocks, and is aiming to reduce its stock level to
around 20-22 days, in order to reduce costs.

The more-than-double increase in oil prices last October
contributed to the decline in fuel consumption. Pertamina has
already lowered the prices of its petroleum-based products due
to the decline in global oil prices.

Since its import of 17 million barrels last September 2005, the
Company has reduced its fuel imports to about 12 million barrels
last month.

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


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

HITACHI LIMITED: Develops Wide Range of Products
------------------------------------------------
Hitachi, Ltd. (NYSE:HIT), a leading global electronics company,
this week will demonstrate its engineering innovations with a
wide range of products and technologies at the 2006 Consumer
Electronics Show in the Las Vegas Convention Center South Hall
2Hitachi Booth #25342.

New Hitachi products on display will include innovations in
plasma HD TV technologies, including the industry's first 55-
inch full specification 1080p plasma display panel; advancements
in LCD display technologies, such as a compact and ergonomic 3D
LCD panel; new hard disk drive recording technologies, including
iVDR, Blu-ray and the world's first 1-Terabyte high-definition
hard disk drive recorder; in addition to an all new DVD
camcorder line up. CES 2006 show attendees will also see a
multi-stream GUI TV interface, advancements in storage hardware
and a personal authentication system that relies on an
individual's finger vein pattern for incredibly accurate
identification.

"Hitachi is very pleased to be back on the floor of CES to
present its lineup of leading-edge products at the premier show
for innovative consumer electronic offerings," said Hiroaki
Nakanishi, Hitachi, Ltd.'s Chief Executive for North America.
"We continue to produce industry advancing products through our
core technologies that are unmatched in the industry today."

Television & Front Projector Technologies

Hitachi will provide a technology demonstration of the
industry's first 55-inch full-specification HD 1080p plasma
display panel, which combines the best advantages of plasma,
including incredible color reproduction, rich black levels,
rapid motion response and wide-viewing angles, with a full high-
definition pixel resolution of1920 x 1080 with progressive
scanning in the most popular 55-inchscreen size for today's home
theater installations.

New Hitachi products for 2006 will include Plasma and LCD
televisions with built-in HD recording functionality via an
internal hard disk recorder. The Plasma HDTV with HDD and 37-
inch LCD HDTV with HDD enable easy recording with a remote
control and come with two tuners so customers can record an HD
broadcast in the background while watching another. Additional
features include a time shift function, slow motion playback and
a one-touch scheduler to automatically set a weekly schedule
with one touch of a button while watching the program.

Additional HDTVs in the booth will include the company's
stunning Ultra Vision Plasma 42- and 55-inch HDS52 series models
with ALiStechnology and the VirtualHD 1080p II Video Processor,
the VF820series of 50-, 55-, and 60-inch rear projection LCD
sets with High-Contrast Dual Focus Lens System with Ultra-
Compact LCD 3-PanelLight Engine, the 37HDL52 LCD flat panel with
super In-Plane Switching technology and a high-performance 55-
inch Professional Plasma Monitor with WXGA Wide-Aperture pixel
technology.

The HDPJ52 HD LCD front projector, with exclusive Hitachi Hi-
2Dual Iris System and Super-Focus Quattro ELD Glass Lens and a
stunning contrast ratio of 7000:1, will also be on display, as
will the CP-X255LCD projector, which features an RJ-45 Ethernet
port, allowing for network control, maintenance and scheduling.
This device offers a brightness of 2,000 ANSI lumens and XGA
(1024 x 768) resolution and a contrast ratio of 400:1.

DVD Camcorders

Hitachi's sixth generation UltraVision(R) DVD Camcorders offer
four new models, the 3.3 mega-pixel DZGX3300A, the 2.12 mega-
pixelDZGX3200A, the 1.3 mega-pixel DZGX3100A and the 680K pixel
DZBX35Aoffer blockbuster features for an unprecedented value.
Advanced features include full support for the most popular DVD
formats, including DVD-R, DVD-RW, DVD-RAM and for the first time
ever, DVD+RW, making this camcorder product line-up the first to
support all four formats.

User-friendly features include an industry-leading "Quick
Start", half the start time required by previous camcorders, and
asleep/restart battery saver function that puts the camcorder to
sleep to save battery power between recordings. All four models
also feature a large 2.7-inch 16 x 9 wide screen LCD, super-
digital zoom, video-to-photo frame grab, SD/MMC memory card
support, quick mode EZmenu system and a One Touch finalize
button to ensure quick and easy access to this essential last
step, creating DVD player-ready discs in an instant.

The new DVD Camcorders also offer first-time ever PC and Mac
compatibility, composite and S-video inputs, USB 2.0 connections
and Hitachi's unique Advanced Image Processing with Over-
sampling High-Resolution Capture that utilizes the camcorder's
entire capacity to create a better picture at a higher
resolution than ever before.

Other Hitachi Products

Additional Hitachi products on display include:

High-Definition DVD Recorder & Blu-ray Disc HDD Recorder --
Hitachi will display the world's first 1-Terabyte hard drive and
dual digital recorder capable of recording two simultaneous HD
broadcasts.This breakthrough device enables 128 hours of digital
recording or1,700 hours in extended play mode. The Blu-ray Disc
HDD Recorder is a multi-drive supporting all Blu-ray Disc, DVD
and CD formats. The recorder provides a user-friendly interface
and records HD broadcasts in original quality, providing more
than two hours of HD program recording onto a single Blu-ray
disc.

Travelstar, Endurastar & Microdrive 3K8 Mobile Hard Drives --
Hitachi's line of mobile storage products include the rugged
Travelstar line-up offering the 1.8-inch Travelstar C4K60 60GB
drive, providing ultra-high capacity for the mobile digital
consumer; the2.5-inch Travelstar 5K100 100GB drive, providing
outstanding non-operating shock features; and the 2.5-inch
Travelstar 7K100 100GBdrive, the industry's only second-
generation 7200 rpm HDD fordesktop-like performance. The 2.5-
inch Endurastar J4K30, designed specifically to perform in
extreme temperature environments and perfect for automotive and
entertainment functions, is offered in both20GB and 30GB
capacities. The Microdrive 3K8 comes in removable or embedded
configurations and is ideal for integration into mobile phones
or ultra-miniature CE devices.

Deskstar & Ultrastar Hard Drives -- Offering the world's
highest-capacity drive, the 3.5-inch Deskstar 7K500 is ideal not
only for standard PC systems but also for ATA entry-servers,
personal video recorders and other non-PC computing
requirements. Also featured is the Ultrastar, the highest-
performing hard disk drive ever at up to 15,000 rpm and an
average seek time of 3.6 milliseconds -- an ideal solution for
mission-critical, enterprise-computing applications.

LCD Monitor & Display Products -- Hitachi will demonstrate
theErgo-3 Panel, a compact 3D display that uses a method
involving overlapped images to produce a 3D image. The brilliant
3D display, which significantly reduces eyestrain, is cost
effective and will betargeted at automobile navigation systems.
The LCD Monitor with Edge-Illuminated RGB-LED Backlight provides
the slim design and vivid colors ideal for high-end multimedia
applications including true-color image processing. Also on
display will be the T-17SLX, a 17-inchinteractive pen-driven
tablet that can track 125 points per second. It offers SXGA
resolution, a USB PC interface and comes bundled with StarBoard
Software 6.3.

Finger Vein Authentication Technology -- Also on display will be
Hitachi's innovative Finger Vein Authentication technology, the
most advanced personal authentication system worldwide. This
revolutionary biometric technology uses near-infrared beams to
scan the unique pattern of crisscrossing veins in the human
finger and then match the captured image with a pre-registered
vein pattern profile to verify individual identity. The system
is fast, enabling highly accurate and reliable personal
identification in approximately one second. Finger vein
authentication technology has already been adopted by banks in
Japan, while applications also abound in door access control,
computer log in, national and international security at present,
and even automobile and cell phone access in the future.

Vision Cube and Professional Display Products -- Hitachi will
also display several high-performance business solutions
including the Vision Cube ES50, the next generation in rear-
projection digital walls equipped with an LCoS three-chip (RGB)
optical engine featuring high contrast, high-quality images with
superior resolution (SXGA+) and color reproduction. Along with
the Vision Cube, Hitachi will display its CMP5000WXU
professional plasma 50-inch digital 16:9 HDTV monitor, a big
screen delivering unparalleled performance from both video and
computer sources with sharp, real-life image quality utilizing
sophisticated color and high-resolution filters and an optional
video card enabling component and DVI-D inputs and HDTV-
compatibility. Also at CES, Hitachi's CP-X255 LCD projector
allows for remote monitoring of numerous projectors from a
single point yet is small enough and light enough to move from
boardroom to boardroom while featuring tremendous power for its
compact size, boasting 2,000 ANSI lumens of brightness and a
400:1 contrast ratio.

Liquid Cooling System for AVPC -- With more than 200 patents
worldwide, this system provides better cooling performance for
audio video PCs and other digital appliances in a very reliable,
whisper-quiet package. Originally developed to accommodate main
frames and supercomputers, Hitachi's system remains maintenance
free for over five years of operation.

Embedded Database Entier -- Hitachi will also show Embedded
Database Entier, a sophisticated database management software
package for embedded systems. The product follows a relational
data model compliant with SQL92. It has an extremely small
footprint, improved data integrity and advanced search functions
including high-performance geographic search and text search.

ABOUT HITACHI

Hitachi, Ltd., (NYSE:HIT), headquartered in Tokyo, Japan, is a
leading global electronics company with approximately
347,000employees worldwide. Fiscal 2004 (ended March 31, 2005)
consolidated sales totaled 9,027.0 billion yen ($84.4 billion).
The company offers a wide range of systems, products and
services in market sectors including information systems,
electronic devices, power and industrial systems, consumer
products, materials and financial services. For more information
on Hitachi, please visit the company's Website at
www.hitachi.com.

CONTACT:

Hitachi Limited
6-6 Marunouchi 1-Chome
Chiyoda-Ku 100-8280, Tokyo 101-8010
Japan
Phone: +81 3 3258 1111
Fax: +81 3 3258 5480
Web site: http://www.hitachi.com

This is a company press release.


ISHIKAWAJIMA-HARIMA HEAVY: Wins JPY30 Bln Order from India
----------------------------------------------------------
Heavy machinery maker Ishikawajima-Harima Heavy Industries Co.
won a JPY30 billion ($258 million) contract to expand a liquid
natural gas receiving terminal in India, Bloomberg News reports.

The project at Dahej will include the expansion of storage
facilities at the site of a terminal completed in 2004, company
spokesman Keiichi Sakamoto said.

A rise in India's energy imports from the Middle East has fueled
demand for larger facilities, benefiting Ishikawajima- Harima
and other Japanese companies.

The company received the order from Petronet LNG Ltd., which is
run by the Indian government. LNG is natural gas compressed to a
liquid, so that it can be transport by ship to a terminal where
it's turning back into gas.

CONTACT:

Ishikawajima-Harima Heavy Industries Co., Ltd.
Shin Ohtemachi Bldg., 2-1, Ohtemachi 2-chome, Chiyoda-ku
Tokyo 100-8182, Japan
Phone: +81-3-3244-5111
Fax: +81-3-3244-5131


MITSUBISHI MOTORS: Unveils December U.S. Sales
----------------------------------------------
Mitsubishi Motors North America, Inc., (MMNA) reported December
sales of 9,673 units -- an 8.7 percent increase from November.
The month was highlighted by outstanding sales performance of
the all-new 2006 Eclipse.

"The past year has been a critical time for rebuilding the
Mitsubishi Motors brand, and we have laid a solid foundation
with new products, a reenergized dealer network and breakthrough
marketing," said David Schembri, executive vice president of
sales and marketing at Mitsubishi Motors North America.  "We
look forward to an even stronger 2006 as we continue to build
the most thrilling product line-up on the market, including the
launches of the all-new Eclipse Spyder convertible next month,
and the all-new Outlander SUV in the Fall."

The Eclipse led the month's successes with 2,096 units sold, up
8.6 percent from last month, 202.9 percent from December 2004
and 76.4 percent for the calendar year.  December also was a
strong month for the Endeavor, which closed with 2,342 units
sold, up 21 percent from November and up 31.5 percent from
December 2004. Galant was Mitsubishi's volume leader for the
month with 2,371 units sold and up 12.4 percent from last
November.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States.  Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 570 dealers.  For more information,
contact the Mitsubishi Motors News Bureau at (888) 560-6672 or
visit media.mitsubishicars.com.

CONTACT:

Mitsubishi Motors North America, Inc. Company
6400 Katella Ave.
Cypress, CA 90630-0064
Phone: 714-372-6000
Fax: 714-373-1020

This is a company press release.


MITSUBISHI PAPER: R&I Downgrades Rating to BB+
----------------------------------------------
Rating and Investment Information, Inc. (R&I) has downgraded the
rating of Mitsubishi Paper Mills Ltd. to BB+ from BBB-.

Mitsubishi Paper Mills Ltd. (Sec. Code: 3864) is a medium-scale
pulp manufacturer. The pillar of earnings is paper pulp and
photosensitive materials. Mitsubishi Paper is working on
business restructuring after suffering a large loss during the
year ending in March 2005. The profitability of the
photosensitive materials division is recovering with smaller
depreciation costs and cuts in personnel in Kitakami Mills
(Kitakami Hitec Paper Corp.) However, since the factory-
operating ratio has not grown much, its cash generation capacity
in real term remains weak.

Amid the intensifying competition in the capital-intensive paper
pulp industry, it has been difficult for paper producers to pass
the increasing raw materials and fuels costs onto their product
prices. Debt burden remains large against the cash flow
generation capacity, and financial resilience remains
insufficient. Mitsubishi Paper intends a huge investment on its
main factories in order to heighten competitiveness by the end
of March 2008. It will be necessary to pay closer attention to
whether the company can earn enough cash flow that corresponds
to the investment in the future.

The mid-term revival plan, which the company announced on
November 22 expects certain outcomes by improving profitability
through measures such as cost reduction and concentration of
resources to the paper pulp business as well as debt reductions
by selling off its assets.

R&I will pay attention to whether or not the dimming business
environment will impede effects from cost reduction, etc.
Receiving the announcement regarding the withdrawal of merger
plan with Chuetsu Pulp & Paper Co. Ltd., R&I has placed the
Issuer Rating of Mitsubishi Paper on a Rating Monitor with a
view to downgrading. In consideration to above points, R&I has
downgraded the Issuer Rating from BBB- to BB+ and has removed
the rating from the Rating Monitor. The Rating Outlook is
Stable.

Accordingly, Long-term Issue Ratings have also been downgraded
from BBB- to BB+ and the CP ratings from a-2 to a-3.

CONTACT:

Mitsubishi Paper Mills Ltd
4-2 Marunouchi 3-Chome
Chiyoda-Ku 100-0005, Tokyo 100-0005
Japan
Phone: +81 3 3213 3762
Fax: +81 3 3214 4534


SANYO ELECTRIC: Launches 55-Inch, 65-Inch High-Definition TV
------------------------------------------------------------
Sanyo Electric introduces 55-inch and 65-inch widescreen 720p
high-definition televisions utilizing innovative 3-LCD
processing for vivid, accurate color reproduction and SANYO's
proprietary 150-Watt long-life lamp, built to last up to 10,000
hours.

SANYO's slender new PLV-55WHD1 55-inch and PLV-65WHD1 65-inch
widescreen high-definition TVs incorporate advanced technologies
to give stunning life to DVDs, home videos and TV programs. In
addition to 3-LCD processing, both new rear-projection HDTVs
offer precise 720p high-definition video processing for crisp,
clear pictures and 10-bit video processing to accurately
reproduce over one billion colors. Both SANYO HDTVs are
engineered to deliver a smoother, more colorful and more
reliable high-definition home theater experience.

Conventional rear-projection TVs can be notoriously slow in
bringing a picture to the screen once power has been activated.
SANYO's PLV-55WHD1 and PLV-65WHD1 are up and running in just 15-
seconds. There's also a convenient stand-by feature that allows
instant-on viewing up to four minutes after turning off the
power.

The SANYO PLV-55WHD1 and SANYO PLV-65WHD1 will be available in
the U.S. in early Q3 2006. Pricing will be announced closer to
product launch.

Key Features for SANYO PLV-55WHD1 and PLV-65WHD1

3-LCD Processing:

Conventional rear-projection televisions rely on a single,
sequentially processed beam of light to render color. SANYO's
two new HDTVs use three separate LCD panels to process the red,
green and blue light needed to produce the on-screen image. The
instantly noticeable result is brighter, more accurate color.

150-Watt Lamp:

To increase picture brightness and contrast, SANYO incorporates
its proprietary 150-Watt lamp technology into both the PLV-
55WHD1 and PLV-65WHD1 televisions. The new 150-watt lamp is the
world's first to feature a sealed metal reflector (SMR) design,
with up to 10,000 hours of maintenance-free viewing.

Quick Start with 4-Minute Standby:

SANYO's PLV-55WHD1 and PLV-65WHD1 are up and running in just 15-
seconds. A convenient stand-by feature provides a 4-minute
window to turn the set back on instantaneously after power has
been turned off.

10-bit Video Processing:

To optimize the quality of progressively scanned high-definition
video, SANYO has equipped both new HDTVs with 10-bit technology.
Able to process more information in a shorter amount of time,
this innovative technology makes it possible to accurately
reproduce over one billion colors while giving motion sequences
a more natural, lifelike appearance. Grayscale range is much
broader, leading to more defined shadows and significantly
enhanced edge detail.

High-Definition:

The SANYO PLV-65WHD1 and PLV-55WHD1 feature 720p high-definition
resolution with built-in tuners to render crisp, clear pictures.
Capable of progressively generating 720 lines of resolution, the
three LCD panels together deliver more than six million pixels
to the screen.

HDMI Interface:

A built-in HDMI interface provides uncompressed transfer of high
definition digital audio and video signals from today's advanced
home theater components.

Specifications:

    - Resolution: 1280 x 720 (720p)
    - Brightness: 450 cd/ 65"; 500 cd/ 55"
    - Contrast ratio: 1000 : 1
    - TV System: Digital: ATSC, CQAM; Analog: NTSC-M
    - Receiving Channel: 181 CHs
    - Audio System: Digital: AC-3 digital audio; Analog: MTS
stereo
    - Audio Output Power: 15W + 15W (RMS) with SRS WOW
    - Dimensions with stand (WxHxD): 60.5 x 40 x 18.4 inches
(65.); 50.9 x 34
      x 15.6 inches (55.)

SANYO Electric Co., Ltd. (Nasdaq: SANYY - News) is a $23 billion
manufacturer and distributor of consumer and commercial
electronics, including multimedia and telecommunication
products. Based in Chatsworth, California, SANYO Fisher Company
(a division of SANYO North America Corporation, a subsidiary of
SANYO Electric Co., Ltd.) markets digital cameras, PCS phones,
audio systems, portable and mobile electronics, televisions, DVD
players, dictation devices, home appliances, LCD projectors,
security video equipment and air conditioning systems.

CONTACT:

Sanyo Electric Co Ltd
5-5 Keihan-Hondori 2-Chome
Moriguchi 570-8677, Osaka 570-8677
JAPAN
Phone: +81 6 6991 1181
Fax: +81 6 6991 6566
Web site: http://www.sanyo.co.jp/koho/index_e.html


SOJITZ CORPORATION: To Dissolve U.S. Unit
-----------------------------------------
Sojitz Corporation announced the details of its decision to
dissolve a subsidiary company. Details of the subsidiary company
to be dissolved are briefly as follows.

1. Company Profile

a. Company name: NIC Oil & Gas, California Corporation
b. Head office address: Los Angels, California, U.S.A.
c. Representative: Takaharu Tanabe
d. Business activities: Investment in oil drilling and
extraction
e. Established: October, 1985
f. Paid-in capital: US$2,200,000
g. Shareholders (% share): Sojitz Corporation (100%)

2. Reasons for Dissolution

NIC Oil & Gas, California Corporation maintains an interest in a
project company engaged in oil drilling and extraction. In light
of deteriorating profitability attributed to declining oil
production, this project company has terminated activities and
decided to sell its interest in assets held prior to
dissolution. In light of the aforementioned, the decision has
been made to dissolve the subsidiary company.

3. Outlook

A resolution confirming the dissolution of the aforementioned
company is anticipated in January 2006 with final settlement in
December 2006. While the dissolution is expected to generate a
small loss, forecasts of consolidated business results for the
fiscal year ending March 31, 2006 remain unchanged.

CONTACT:

Sojitz Holdings Corporation
1-23 Shiba 4-Chome
Minato-Ku 108-8408, Tokyo
Japan
Phone: +81 3 5446 3600
Fax: +81 3 5446 1542


SONY CORPORATION: Develops LCD TV
---------------------------------
Sony Corporation today announced the development of an LCD TV
with the world's first color range (*1) "xvYCC" (*2) compliant
high-resolution signal processing system, which enables a wider
color reproduction capability of TVs. This technology will be
developed in conjunction with an 82 inch LCD TV, being one of
the largest in the world, and its prototype will be unveiled for
the first time at the 2006 International CES in Las Vegas, USA.

The color range "xvYCC" is the International standard for wide
color space of video applications, and was accepted by the
International Electrotechnical Commission (IEC) in October 2005,
and will be issued in January 2006. This standard will expand
the current color data range by approximately 1.8 times more
based on "Munsell Color Cascade" (*3), and it was successfully
reached due to the newly developed high resolution signal
processing system. Video cameras complying with this standard
will be able to record a color variation that is very close to
what human eyes can recognize, and TVs complying with this
standard will be able to reproduce visual images almost in the
same picture quality as it was recorded. In addition, LCD TVs
will be able to show the detailed color variation of movie
scenes, the different shades of a color, e.g. the red color of a
paprika or a tomato, as well as numerous color tones of petal.

This LCD TV incorporates the so-called "TRILUMINOS", the
backlight that uses the LED with three independent colors (red,
green, and blue), resulting in a further enhancement of "xvYCC".
Furthermore, for the first time, the 82-inch LCD TV features a
full HD panel (1,920 X 1,080 pixels), ensuring a superior
picture quality.

Sony promotes the concept of "Full HD World", as it enables
consumers to enjoy a wider variety of high-resolution video
sources at home via digital high definition broadcast, HDV-ready
digital camcorder and new optical discs such as Blu-ray. This
"xvYCC" standard realizes the reproduction of truly natural and
high-resolution picture images in a wider color range, which
represents a step further towards the new display era.

1. About "color range":  Color range is the area that shows
existing color, using Red, Green and Blue as axis of graph.

2. About "xvYCC":  "xvYCC" is an International standard which
was extended and defined based on the sYCC standard, used in
still pictures, and conventional color gamut standards used for
video and broadcast.

3. About "Munsell Color Cascade"(-provided by Dr.Pointer, and
measured by NPL, UK):  "Munsell Color Cascade" is a color chart
that defines all natural object colors. It is used to evaluate
color expression of displays.

CONTACT:

Sony Corporation
7-35 Kitashinagawa 6-Chome
Shinagawa-Ku 141-0001, Tokyo 141-0001
JAPAN
Phone: +81 3 5448 2111
Fax: +81 3 5448 2244


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

DAEWOO ENGINEERING: Ex-Chief Spokesman Downplays Reports
--------------------------------------------------------
Former Chairman of the now-defunct Daewoo Group is said to be
preparing a comeback with the aid of investors closely related
to him by expressing intentions to bid for Daewoo Engineering &
Construction Co., reports The Korea Times.

Companies like Kumho Asiana Group, Isu Group, Eugene Group,
Daewoo Motor Sales Corp.'s engineering & construction division
and Daeju Holdings are closely related to Ex-chairman Kim Woo-
Chong.

Mr. Kim is connected with Kumho Asiana through the marriage of
his second son Sun-hyup to Kumho's late chairman Park Jeong-
koo's eldest daughter.  Mr. Kim is also the father-in-law of Isu
Group chairman Kim Sang-beom.

Paek Ki-seung is a former managing director of the Eugene Group
who works as personal spokesman of Kim Woo-choong. He also works
as an advisor to the Eugene Group.

Daewoo Motor Sales president Lee Dong-ho served as an executive
of the Daewoo Group and secretary of Kim after entering the
group in 1984.

Kim Woo-il, president of Daeju Holdings, a unit of Daeju
Construction, worked as the latest chief of the Daewoo Group's
corporate restructuring headquarters.

Daeju Construction is said to set up Daeju Holdings urgently in
an apparent bid to prevent Daewoo Construction from being handed
over to foreign investors.

The spokesman to former chairman of Daewoo Group denied
allegations that Mr. Kim may provide investors with strategies
during the bidding process. He said it would be impossible for
Mr. Kim to do so as he was out of the country for the past few
years.

Many investors have expressed interest for the KRW2 trillion bid
for Daewoo Construction.  The companies include Doosan Heavy
Industries & Construction, Hanjin Heavy Industries &
Construction, SK Engineering & Construction, GS Engineering &
Construction and Amco of the Hyundai Automotive Group.

Some foreign investors are also transparent of their intention
to bid for the Company.  Some of them are Hochtief AG of
Germany, Skanska AB of Sweden, Vinci of France, Bechtel of the
United States and Bouygues of France.

The last submission date for the preliminary proposals for the
Daewoo Construction bidding is January 20.

CONTACT:

Daewoo Engineering and Construction
South Korea
Phone: 82 2 2288 5140
Fax: 82 2 2288 3113
Web site: http://www.dwconst.co.kr


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

AKTIF LIFESTYLE: Sees No Changes to Regularization Plan
-------------------------------------------------------
Further to the announcement dated December 30, 2005, Avenue
Securities Sdn Bhd, on behalf of Aktif Lifestyle Corporation
Berhad (Aktif), advised Bursa Malaysia Securities Berhad that
there have been no other material developments in respect of the
Company's plan to regularize its financial position.

This announcement is dated 3 January 2006.

CONTACT:

Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Phone: (60) 3 2693 1828
Fax: (60) 3 2691 2798


ANTAH HOLDING: Complies with Requirements to Avoid Delisting
------------------------------------------------------------
Antah Holding Berhad (Antah) issued an immediate announcement
pursuant to notice of show cause letter issued by Bursa Malaysia
Securities Berhad (Bursa Securities) on de-listing of securities
of Antah.

The Company advised that it has received a Notice to Show Cause
on De-Listing of Securities of Antah from Bursa Securities. The
notice, dated January 3, 2006 is in respect of the Company's
failure to issue the Annual Report for the financial year ended
June 30, 2004 (AR 2004) within the timeframe stipulated by Bursa
Malaysia pursuant to paragraph 9.23 (a) of the Listing
Requirements of Bursa Securities (LR).

The Company advised that:

(a) The Company has been accorded five market days by Bursa
Securities from the date of receipt the notice to make written
representations to Bursa Securities as to why its securities
should not be removed from the Official List of Bursa
Securities;

(b) In the event Bursa Securities decides to de-list the
Company, the securities of the Company shall be removed from the
Official List of Bursa Securities upon the expiry of seven
market days from the date of notification of the decision to de-
list the Company or upon such other date as may be specified by
Bursa Securities; and

(c) In the event Bursa Securities decides not to de-list the
Company, other appropriate action/penalty (ies) may be imposed
pursuant to paragraph 16.17 of the Bursa Securities Listing
Requirement.

In light of the above, the Company also advised that:

(a) It had on December 30, 2005 submitted to Bursa Securities
the Company's Annual Audited Accounts for the financial year
ended June 30, 2004;

(b) The Company's AR 2004 is expected to be furnished to Bursa
Securities by end of next week i.e. on or before January 13,
2006.

This announcement is dated 4 January 2006.

CONTACT:

Antah Holding Berhad
9577 Jalan SS16/1 Subang Jaya
47500 Petaling Jaya Selangor
Telephone: 03-5632 8668
Fax: 03-5635 1234


BERJAYA CORPORATION: Exits from Corporate Restructuring
-------------------------------------------------------
The Board of Directors of Berjaya Corporation Berhad
(BCorporation) announced in a press release the full completion
of the Company's corporate restructuring exercises that have
taken more than three (3) years to implement, which mainly
entailed the following:

- Acquisition of 100 percent interest in Bukit Tinggi Resort
Berhad (BTR), which has a land bank of about 16,000 acres;

- Settlement of inter-company loans with its subsidiaries,
Berjaya Land Berhad (B-Land) and Berjaya Capital Berhad (BCap);

- Restructuring of some MYR1.0 billion bank borrowing; and

- Injection of fresh cash of MYR210 million.

Simultaneous with the completion of the aforementioned corporate
restructuring exercises, B-Land and BCap had also completed
their respective corporate exercises, which basically involved
the distribution of the BCorporation ICULS to their respective
shareholders.

For more information, click
http://bankrupt.com/misc/BCorppressrelease.doc

CONTACT:

Berjaya Corporation (M) Bhd
10 Shahzan Tower JLN Raja Chulan 50200
Kuala Lumpur Wilayah Persekutuan 50200
Malaysia
Telephone: 03 21423189
Fax: 03 21419581


CONSOLIDATED FARMS: Defaults on December Payment
------------------------------------------------
The Board of Consolidated Farms Berhad (Confarm) advised the
following announcement to Bursa Malaysia Securities Berhad:

(1) Monthly Status Announcement: Practice Note No. 1/2001

The Confarm Group has been unable to pay the amount of principal
and/or interest in respect of its credit facilities as at
December 31, 2005 as set out in Table 1.

Table 1 - Amount of Principal and/or Interest Due as at 31
December 2005

Lender          Borrower     Amount Due as at    Type of
                             December 31, 2005   Facilities
                                                 (MYR'000)

Bank Pertanian
Malaysia (BPM)   Confarm     13,457.1          Term Loan (TL)

Bumiputra-
Commerce Bank
Berhad (BCBB)    Confarm     11,197.9           Bankers'
                                              Acceptance (BA)

Malayan Banking
Berhad (MBB)     Confarm     13,170.8           TL and BA

BCBB           Consolidated
               Breeder Farms
               Sdn Bhd        5,964.1           TL & BA

BCBB         Consolidated
             Feedmill Sdn
             Bhd (CFM)      12,356.5           TL and BA

BPM          Consolidated
             Organic
             Fertilizer
             Sdn Bhd (COF)    759.0                TL

MBB          COF              296.0                BA

BCBB         Consolidated
             Liquid Eggs
             Sdn Bhd (CLESB) 3,868.3            TL and BA

BPM          CLESB           1,256.8               TL

AmMerchant
Bank Berhad
(AMBB)      Confarm          1,084.1         Revolving Credit
                                                 (RC)

AMBB        CFM                406.5              RC

Total                       63,817.1

(2) Monthly Status Announcement: Practice Note No. 4/2001

Further to the Announcement dated December 1, 2005, the Board of
Directors of Confarm advised that there has been no material
development in respect of the Company's plan to regularize its
financial position.

This announcement is dated 3 January 2006.

CONTACT:

Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199
Fax: 03-23002299


DENKO INDUSTRIAL: Attends to MYR21,226.00 Claims
------------------------------------------------
On behalf of the Board of Directors of Denko Industrial
Corporation Berhad, the Company advised Bursa Malaysia
Securities Berhad that it had received a notice pursuant to
Section 218 of the Companies Act 1965 from W.Y. Chan & Roy for a
claim of an outstanding amount due MYR21,226.00 as at January
25, 2005.

Denko would take the following steps with regards to the above-
mentioned notice:

(a) The management of Denko would verify the above-mentioned sum
against their records; and

(b) The Company's solicitor is currently addressing this matter.

CONTACT:

Denko Industrial Corp. Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Telephone: 03-7983 9099
Fax: 03-7981 7629


DFZ CAPITAL: Issues New Shares for Listing, Quotation
-----------------------------------------------------
DFZ Capital Berhad advised that its additional 2,690 new
ordinary shares of MYR1.00 each arising from the conversion of
29,600 Irredeemable Convertible Preference Shares a (2005/2010)
of MYR0.10 each into 2,690 new ordinary shares will be granted
listing and quotation by Bursa Malaysia Securities Berhad with
effect from 9:00 a.m., Thursday, January 5, 2006.


KEMAYAN CORPORATION: Court Winds Up Unit
----------------------------------------
Further to the announcement dated July 19, 2005, the Board of
Directors of Kemayan Corporation Berhad informed Bursa Malaysia
Securities Berhad that its wholly owned subsidiary, Kemayan
Buildmaster Sdn Bhd (KBSB) had on September 8, 2005, wound up by
the High Court of Malaya at Kuala Lumpur under the provisions of
the Companies Act, 1965.

The Court also ordered that the Official Receiver Malaysia be
appointed as Provisional Liquidator of KBSB.

Remark:

KBSB had on January 4, 2006 received the Order for winding up.

CONTACT:

Kemayan Corp. Berhad
167, Jln Glasiar Taman Tasek
80200 Johor Bahru Johor
Telephone: 07-2362390
Fax: 07-2365307


KEMAYAN CORPORATION: Awaits SC Decision for Deadline Extension
--------------------------------------------------------------
Further to the announcement dated December 1, 2005 and in
compliance with paragraph 3.2 of Practice Note No. 17/2005,
Public Merchant Bank Berhad (PMBB) on behalf of the Board of
Directors of Kemayan Corporation Berhad (KCB), advised Bursa
Malaysia Securities Berhad that KCB's application for further
extension of time until May 31, 2006 for KCB/Jawira Holdings
Berhad to fully implement the Proposed Restructuring Scheme
(Scheme), which was submitted to the Securities Commission (SC)
on November 15, 2005 is still pending the decision from the SC.

Further developments in relation to the Scheme will be made to
Bursa Securities in due course.

This announcement is dated 3 January 2006.


K.P. KENINGAU: No New Regularization Plan Developments
------------------------------------------------------
K.P. Keningau Berhad (KPK) furnished Bursa Malaysia Securities
Berhad a monthly announcement on the status of plan to
regularize financial condition pursuant to Practice Note 4/2001.

There has been no new development since date of the previous
announcement made pursuant to PN4/2001 of the Listing
Requirements.

KPK will accordingly announce a new restructuring plan once it
is confirmed.

This announcement is dated 3 January 2006.

CONTACT:

K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor
Telephone: 03-7784 3922
Fax: 03-7784 1988


LIEN HOE: Insufficient Cash Prompts Payment Default
---------------------------------------------------
The Board of Directors of Lien Hoe Corporation Berhad advised
Bursa Malaysia Securities Berhad that the Company had defaulted
in payment of principal sums and interests of the term loan
facilities of MYR14,857,807.37 granted by Alliance Bank Malaysia
Berhad.

By a letter dated December 21, 2005 which was received by the
Company on December 29, 2005, the Bank has given its demand of
repayment of the outstanding sum, failing which it will proceed
with legal action or apply for an order for the sale of the
securities for the said credit facilities.

The Company is not in a position to meet the demand as it does
not have sufficient cash to make the repayment.

The securities for the facilities are charges over the following
properties:

(1) Land held under C.T. No. 15434 Lot No. 1845, Mukim of
Tebrau, Johor Baru;

(2) Lands held under Geran 56303 Lot No. 1592 and Geran 56403
Lot No. 1589 (formerly known as C.T. No. 7038 Lot No. 1589 and
C.T. No. 7041 Lot No. 1592) both in Mukim of Tebrau, Johor Baru;
and

(3) Land held under H.S. (D) 98370 P.T. 31339, Mukim of Sungai
Buloh

The Company will seek legal advice from its solicitors on the
next course of action.

This announcement is dated 4 January 2006

CONTACT:

Lien Hoe Corporation Bhd
18th Floor, Menara Lien Hoe 8,
Persiaran Tropicana,
Tropicana Golf & Country Resort,
Petaling Jaya Selangor 47410
Malaysia
Telephone: 03-78051331
Fax: 03-78051331


LITYAN HOLDINGS: Court Extends Restraining Order
------------------------------------------------
Following the announcement dated December 1, 2005, Lityan
Holdings Berhad informed Bursa Malaysia Securities Berhad that
the High Court of Malaya had granted an extension of the
restraining order to Lityan and its subsidiaries as listed in
the announcement dated December 15, 2005 for a period of 120
days effective from December 15, 2005 up to April 12, 2006.

Please refer to the Company's announcements dated December 14,
2005, December 15, 2005 and December 28, 2005 on the matter. The
Company is also in the midst of submitting its Proposed
Restructuring Scheme (PRS) to the relevant authorities for
approval. The Company shall provide regular updates on the
progress of the PRS.

CONTACT:

Lityan Holdings Berhad
Bangunan Lityan,
Peremba Square Saujana Resort,
Section U2, 40150 Shah Alam
Selangor Darul Ehsan, Malaysia
Phone: + 603-7622-1188
Fax: +603-7666-6870
E-mail: enquiry@lityan.com.my


MAGNUM CORPORATION: New Shares Up for Listing, Quotation
--------------------------------------------------------
Magnum Corporation Berhad advised that its additional 663,000
new ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Thursday, January 5, 2006.

CONTACT:

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


MAXIS COMMUNICATIONS: Bourse Lists, Quotes New Shares
-----------------------------------------------------
Maxis Communications Berhad advised that its additional 117,000
new ordinary shares of MYR0.10 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Thursday, January 5, 2006.

CONTACT:

Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Malaysia
Phone: 03-23307000
Fax: 03-2330059


MAXIS COMMUNICATIONS: Establishes New Unit
------------------------------------------
The Board of Directors of Maxis Communications Berhad (Maxis)
advised Bursa Malaysia Securities Berhad that the Minister of
Law and Human Rights of the Republic of Indonesia (MOLHR) had on
December 20, 2005 approved the Deed of Establishment of PT Maxis
Communications (PT Maxis) and that PT Maxis is a wholly owned
subsidiary of Maxis with effect from December 20, 2005
(Incorporation).

Notification of the approval from the MOLHR was already
received.

PT Maxis is a limited liability company established in the
Republic of Indonesia with an authorized share capital of
IDR2,947,500,000/- (equivalent to US$300,000/-*) divided into
300,000 shares of IDR9,825 (equivalent to US$1/-) each and an
issued and paid-up share capital of IDR1,473,750,000/-
(equivalent to US$150,000/-) comprising 150,000 shares
subscribed by the entities set out in Table 1 below.

PT Maxis is expected to provide consultancy services, including
telecommunication consultancy services, to Maxis' Indonesian
business.

The Incorporation is not expected to have any material effect on
the earnings of the Maxis Group for the financial year ending
December 31, 2006 and net assets of the Maxis Group.

To the best of the knowledge of the Company, none of the
directors or major shareholders of the Company and/or persons
connected to them has any interest, direct or indirect, in the
Incorporation.

Dated this 4 January 2006.

* converted at an exchange rate of IDR9,825:USD1

TABLE 1

Names of Shareholders      No. of Shares of   Interest (%)
                           IDR9,825 each

Maxis                          148,500            99

Maxis Management
Services Sdn Bhd
(a wholly owned
subsidiary of Maxis)             1,500             1

TOTAL                          150,000           100


METROPLEX BERHAD: Security Trading Resumes
------------------------------------------
Kindly be advised that trading in Metroplex Berhad's shares was
suspended with effect from 9:00 a.m., Tuesday, January 3, 2006
and will resume with effect from 9:00 a.m., Wednesday, January
4, 2006.

CONTACT:

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


MYCOM BERHAD: Restructuring Scheme Remains Unchanged
----------------------------------------------------
The Board of Directors of Mycom Berhad (Mycom) advised Bursa
Malaysia Securities Berhad that, save as disclosed in the last
announcement dated December 30, 2005, there has been no further
change in the status of implementation of the restructuring
scheme of Mycom.

This announcement is dated 3 January 2006

CONTACT:

Mycom Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2072 3993
           +60 3 2072 3996


OLYMPIA INDUSTRIES: Restructuring Scheme Unmoved
------------------------------------------------
The Board of Directors of Olympia Industries Berhad (OIB)
informed Bursa Malaysia Securities Berhad that save as disclosed
in the last announcement dated December 30, 2005, there has been
no further change in the status of implementation of the
restructuring scheme of OIB.

This announcement is dated 3 January 2006.

CONTACT:

Olympia Industries Bhd.
Malaysia
Phone: 60 3 2070 0033
Fax: 60 3 2070 0011
E-mail: olympia@oib.com.my


SOUTHERN BANK: Buys Back Ordinary Shares
----------------------------------------
Southern Bank Berhad furnished Bursa Malaysia Securities Berhad
a notice of shares buy back with the following details:

Date of buy back: January 4, 2005

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

Total number of shares purchased (units): 11,000

Minimum price paid for each share purchased (MYR): 4.000

Maximum price paid for each share purchased (MYR): 4.020

Total consideration paid (MYR): 44,288.40

Number of shares purchased retained in treasury (units): 11,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 55,353,400

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

CONTACT:

Southern Bank Berhad
83 Medan Setia 1 Plaza Damansara Bukit
Damansara, 50490 Kuala Lumpur, Kuala Lumpur 50490
Malaysia
Telephone: +60 3 2087 3000
           +60 3 2093 3157


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

BELLE CORPORATION: Notes Change in Shareholding
-----------------------------------------------
Belle Corporation furnished the Philippine Stock Exchange a copy
of SEC Form 23-B (Statement of Changes in Beneficial Ownership
of Securities) of Sysmart Corporation, a principal shareholder,
which reported the changes in its shareholdings for the month of
December 2005.

A copy of the said document shall be made available for
downloading free of charge at
http://bankrupt.com/misc/tcrap_bellecorp010506.pdf.

CONTACT:

Belle Corporation
28/F East Tower PSE Centre
Exchange Road Ortigas Centre
Pasig 1600
PHILIPPINES
Phone: +63 2 635 3016-24
Fax: 635-3025/3030
E-mail: info@bellecorp.com


COLLEGE ASSURANCE: Court OKs Recovery Program
---------------------------------------------
A local court has allowed ailing College Assurance Plans
(Philippines) Inc. (CAP) to start auditing its rehabilitation
plan, according to The Philippine Daily Inquirer.

In an order signed Dec. 16 by Judge Romero Barza, The Makati
Regional Trial Court found merit in the petition and that it was
"sufficient to warrant" a referral to the receiver, Mamerto
Marcelo.

The court has yet to approve the rehabilitation plan based on
the receiver's recommendations.

The recent court decision in effect dismissed the comments filed
by the Securities and Exchange Commission (SEC) and a group of
CAP plan holders seeking liquidation of the company and
distribution of its assets to concerned parties.

SEC Chairperson Fe Barin declined to comment on the court order,
saying the SEC had yet to be served a copy of it.

CONTACT:

College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560


COLLEGE ASSURANCE: SEC Welcomes Court's Approval of Rehab Plan
--------------------------------------------------------------
The corporate watchdog has commended the Makati Regional Trial
Court for approving the rehabilitation petition of ailing pre-
need firm College Assurance Plan (Philippines) Inc. (CAP), The
Philippine Star reports.

The Securities and Exchange Commission (SEC) noted that the
Court's decision would ease planholders' concerns on the status
of the pre-need firm's case.

But a group of planholders opposed to CAP's rehabilitation is
looking to file a petition for certiorari with the Supreme
Court. The group was given 60 days to do so.

The court has directed CAP rehabilitation receiver Mamerto
Marcelo to evaluate the rehabilitation plan and submit
recommendations within 30 days from receipt of the order.

CAP sought a moratorium on the payment of all obligations to
planholders and creditors to give it enough breathing room to
map out a viable and acceptable rehabilitation plan. The move
was also intended to prevent the SEC from taking over management
of CAP, which could eventually lead to the pre-need firm's
closure.

In its proposed rehabilitation plan, CAP is seeking a 10-year
restructuring of its P2.9 billion loan obligations to creditors
including Fil-Estate Management Inc., Philippine Veterans Bank,
CAP Pension and Pentacapital Investment Corp.

The initial payment is expected to commence not earlier than
2008.


EXPORT AND INDUSTRY: Suffers Php1.15-Bln Loss
---------------------------------------------
Export and Industry Bank (Exportbank) has incurred losses
amounting to over Php1 billion as of September 2005,
BusinessWorld reports.

The bank booked losses of Php1.15 billion in nine months to
September last year. This a reversal of the Php12.8-million
profit recorded in the same period in 2004.

The firm's lackluster performance is blamed on accounting
losses, not operational losses.

The accounting losses stemmed from the adoption of the new
International Accounting Standards (IAS), which resulted in the
revaluation of the bank's nonperforming assets (NPAs). Banks are
required to adopt the global standards when they prepare their
financial statements starting 2005.

Prior to the new accounting system, assets were recorded at book
value. The revised standards require a bank to book assets using
their fair market value, a process that could impair capital.

But its financial statements showed that the bank, which derives
revenues mainly from interest earnings, paid more for interest
on deposits and bills payable than it earned from interest on
loans and investment securities.

The net interest loss amounted to Php807.14 million after the
bank's interest income was cut almost in half to Php476.79
million from Php809.32 million while interest expense ballooned
to Php1.284 billion from Php474.3 million.

The bank expects to return to profitability this year.

CONTACT:

Export and Industry Bank
30 Paseo de Roxas Ave. cor. Jupiter St.,
Makati City, Metro Manila
E-mail: expertinfo@exportbank.com.ph
Web site: http://www.exportbank.com.ph


MANILA ELECTRIC: Discloses CEO's Interests
------------------------------------------
Manila Electric Company furnished the Philippine Stock Exchange
(PSE) a copy of SEC Form 23-B (Statement of Changes in
Beneficial Ownership of Securities) of Mr. Jesus P. Francisco,
President and Chief Operating Officer, pursuant to Section 13 of
the Revised Disclosure Rules pertaining to "Disclosure on
Transactions of Directors and Principal Officers in the Issuer's
Securities".

A copy of the said document shall be made available for
downloading free of charge at
http://bankrupt.com/misc/tcrap_manilaelectric010506.pdf.

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone:  16220 (TL); 633-4553 (Corp. Sec.)
Fax:  (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph


NATIONAL POWER: JBIC Commits to Masinloc; Mum on Other Assets
-------------------------------------------------------------
National Power Corporation's major creditor Japan Bank for
International Cooperation (JBIC) would not withdraw its consent
to the sale of the Masinloc power plant, according to
BusinessWorld.

The Japanese bank stands pat on the 600-megawatt coal-fired
power facility despite failure of the winning bidder, YNN
Pacific Inc, to pay the full down payment last month.

However, Mayumi Endoh, JBIC Manila representative, was
noncommittal on whether the Masinloc decision would reflect the
bank's position on the approval of the sale of other Napocor
assets and liabilities.

Under its loan agreements with Napocor, JBIC's consent is
required in the privatization of the state company's assets. The
state-owned power firm owes the bank about US$1 billion.

In October, JBIC approved the transfer of the Masinloc power
plant to Australian-Filipino consortium, YNN Pacific, which
submitted the highest bid of US$561.7 million.

The Power Sector Assets and Liabilities Management Corp.
(PSALM), the government agency tasked to handle the
privatization of Napocor's assets, gave YNN up to March 31, 2006
to settle the down payment from the original deadline of
December 2005.

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: Regulator Vows Fair Settlement of Meralco Row
-------------------------------------------------------------
The energy regulator gave assurance it will give a fair decision
on the settlement agreement petition of National Power
Corporation (Napocor) and Manila Electric Company (Meralco), The
Philippine Star has learned.

The Energy Regulatory Commission (ERC) made the statement in
response to reports that there is an existing trilateral
agreement among Napocor, Meralco and the ERC, which stemmed from
the on-going case between the Napocor and Meralco.

ERC Chairman Rodolfo Albano Jr. urged critics "to remain
objective and avoid mixing emotions and personal perceptions
with fact".

Napocor earlier complained that Meralco stopped purchasing power
from it, thus, violating their 10-year contract to supply
electricity (CSE).

ERC decided to intervene when the two parties failed to resolve
the issue. The regulator urged the firms to settle their
differences as it may eventually affect public interest.

In the joint petition by Napocor and Meralco to settle their
case, Meralco asked that it be allowed to pass on to its end
users the amount of unpaid bills it owes Napocor. The amount is
part of the purchased power cost it pays the state-owned power
producer.

The ERC is expected to come up with a decision within the first
half of this year as soon as the public hearings are concluded
and the submission of pertinent documents is completed.


RFM VORPORATION: Issues Treasury Shares via Stock Grant
-------------------------------------------------------
Further to our disclosure on April 6, 2005, please be advised
that RFM CORPORATION issued on even date 5,487,958 of its
treasury common shares to its officers by way of stock grant, as
follows:
Name                     Position             Number of
                                              Common Shares
Felicisimo M. Nacino Jr. EVP/COO              1,498,463
Norman P. Uy             SVP/Gen. Manager     1,588,114
Raymond B. Azcarate      VP-Finance             518,698
Cristina D. Reyes        VP-Legal                96,055
Ramon M. Lopez           VP-Corplan/Marketing   829,918
Raul D. Villapana        VP-HRD                 544,313
Gary R. Guarnes          AVP-Internal Audit     412,397

at Php0.69 per share, the market price of RFM common shares
Thursday.

The transfer of said shares was effected by way of a block sale
at the Philippine Stock Exchange.

CONTACT:

RFM CORPORATION
RFM Corporate Center,
Pioneer corner Sheridan Streets,
Mandaluyong City 1550, Metro
Manila, Philippines
Telephone: (63-2) 631-8101
Facsimile: (63-2) 631-5094
Web site: http://www.rfm.com.ph


VICTORIAS MILLING: Provides Copy of Amended Annual Report
---------------------------------------------------------
Victorias Milling Company Inc. (VMC) furnished the Philippine
Stock Exchange (PSE) a copy of its Amended Annual Report, using
SEC Form 17-A, for the fiscal year ended Aug. 31, 2005.

Attached to the said report is a summary of the additional
information required to be disclosed by the Corporation on the
items raised by the Securities and Exchange Commission (SEC).

A copy of VMC's Amended 2005 Annual Report shall be made
available for downloading free of charge at the PSE Web site
(http://www.pse.org.ph)under Listed Companies.

CONTACT:

Victorias Milling Co. Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Phone No/s: 896-0381; 899-0485
Fax No/s: 895-4150
E-mail Address: fal@philonline.com
Web site: http://www.victoriasmilling.com


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

ACCORD CUSTOMER: Ex-CEO Wants to Face 99 Charges in One Trial
-------------------------------------------------------------
The former head of mobile phone provider Accord Customer Care
Solutions Limited (ACCS), Victor Tan, asked that he face all
charges brought against him in one trial, reports Channel
NewsAsia.

Mr. Tan currently faces 99 charges of falsifying Company
accounts and cheating mobile phone giant Nokia via fake warranty
repair claims.

According to his lawyers, Mr. Tan would have to stand two
separate trials if the court denies his request, which also
means that the prosecution would have another chance to prove
allegations against him.

In view of such request, the court has moved the ex-CEO's case
to Feb. 20, 2006, when a decision will be made.

CONTACT:

Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord District Center
Singapore 608839
Phone: 65 6410 2600
Fax:   65 6410 2610
Web site: http://www.accordccs.com


CHINA AVIATION(S): Shares Oversubscribed
----------------------------------------
China Aviation Oil (Singapore) Corporation Limited had on Dec.
9, 2005 lodged its offer statement in connection with a
creditors' share invitation for Tranche B creditors (creditors
under the creditors' scheme who hold a Tranche B Debt) to apply
for up to 10% of the Company's post-restructuring plan share
capital.

The Creditors' Share Invitation closed on 28 December 2005, and
the Company posts the following details of the applications for
the Creditors' Invitation Shares by Tranche B Creditors:

(a) 10 Tranche B Creditors subscribed for shares of which an
aggregate subscription consideration of approximately USD62
million is payable. Since 72,282,059 Creditors' Invitation
Shares are available for subscription for an aggregate
subscription consideration of approximately USD22 million (under
the Creditors' Share Invitation), the Creditors' Share
Invitation has been oversubscribed.

(b) Subject to Shareholders' approval and the Restructuring Plan
being implemented in its entirety, the Company will issue and
allot 72,282,000 Creditors' Invitation Shares (out of the
72,282,059 Shares available for subscription under the
Creditors' Share Invitation, to avoid any odd-lots issue of
Shares) on the Completion Date to the Tranche B Creditors
who have been allocated the Creditors' Invitation Shares.

(c) The subscription consideration payable for the 72,282,000
Creditors' Invitation Shares shall be set off against the debt
payable to the allocated Tranche B Creditors and on issue and
allotment of the Creditors' Invitation Shares on the Completion
Date, will result in a reduction of approximately US$9.6 million
in cash and approximately USD12.4 million in Deferred Debt
payable to these Tranche B Creditors, amounting to an aggregate
reduction of approximately USD22 million in debt payable by the
Company under the Creditors' Scheme.

The successful Tranche B Creditors who have been allocated the
Creditors' Invitation Shares will be informed in due course by
the Company.

CONTACT:

China Aviation Oil (S) Corp. Ltd.
Phone: (65)6334 8979
Fax:   (65)6333 5283
Web site: http://www.caosco.com/


DIGILAND INTERNATIONAL: Sells Entire Holding in Philippine Arm
--------------------------------------------------------------
On June 13, 2005, Digiland International Limited (DIL) entered
into a sale & purchase agreement with Mr. Jimmy D. Go for the
sale of Company's shares in MSI-Digiland (Philippines) Inc., and
assignment of the book receivables due to the Company from MSI-
Digiland and Microcircuits Corp. as of Jan. 31, 2005.

The sale and purchase of the sale shares and assignment of book
receivables occured on Jan. 4, 2006. As such, MSI-Digiland has
ceased to be associated with DIL.

Lim Koon Hock
Company Secretary

Jan. 4, 2006

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


FIRSTLINK INVESTMENTS: Liquidates Two Australian Units
------------------------------------------------------
On Dec. 29, 2005, Firstlink Investments Corporation Limited
placed the following subsidiaries under members' voluntary
liquidation:

1) St. Leonards Hotel & Conference Center Pty Limited

2) Townsville Hotel Pty Limited

Both firms were incorporated in Australia, and are 70%-owned by
Company subsidiary Glopeak Properties & Hotels Pte Limited.

The liquidation is not expected to affect the Company's earnings
and net tangible assets for the financial year ended Dec. 31,
2005.

By Order of the Board

Lee Yuen Wai
Deputy Chairman

Jan. 5, 2006

CONTACT:

Firstlink Investments Corporation Limited
6 Battery Road
Singapore 049909
Phone: 65 6448 6211
Fax:   65 6445 2506


KEAT HONG: Receiving Claims Until Jan. 28
-----------------------------------------
Notice is hereby given that the creditors of Keat Hong Holdings
Pte Limited, which is being wound up voluntarily, are required
to send in their names and addresses with particulars of their
debts and claims, and the names and addresses of their
solicitors (if any) to the Company Liquidator on or before Jan.
28, 2006.

If so required by written notice from the said Liquidator are,
or by their solicitors or personally, to come in and prove the
said debts or claims at such time and place as shall be
specified in such notice. In default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proven.

Dated this 30th December 2005

Tay Joo Soon
Liquidator
1 North Bridge Road, #13-03 High Street Center
Singapore 179094


LIANG HUAT: Updates on Schemes, Property Sale
---------------------------------------------
Liang Huat Aluminium Limited (LHAI) refers to the previous
announcements made to the Singapore Stock Exchange (SGX) on
September 24, 2004, its subsequent monthly updates as well as
the announcement on March 28, 2005, in respect of the schemes of
arrangement proposed by each of the Company, LHAI and Durabeau
Industries Pte Ltd (DI) (known as the Principal Scheme, the LHAI
Scheme and the DI Scheme respectively and known collectively as
the Schemes).

The Creditors' meeting for the Company, LHAI and DI to approve
their respective Schemes were held on 5 April 2005. The Schemes
were all approved by a majority in number and value of creditors
who were present and voting at the meetings.

The requisite whitewash waiver has been obtained from the
Securities Industry Council. The Company is in the process of
fulfilling the remaining conditions precedent for the Schemes to
take effect:

- obtaining the necessary and appropriate approvals from the
shareholders of the Company and Singapore Exchange Securities
Trading Limited for the listing and quotation of the
consideration shares to be issued with accordance to the terms
of the Schemes.

Pursuant to the terms of the Principal Scheme, the Extraordinary
General Meeting (EGM) to approve the listing and quotation of
the consideration shares was to be convened within 6 months from
the date of lodgment of the copies of the Orders of Court in
respect of each of the Schemes (Oct. 27, 2005). To date, the EGM
has yet to be convened.

On Dec. 15, 2005, the Company's scheme managers, KPMG Business
Advisory Pte Limited, sent a notice to scheme creditors
informing them of the technical breach of the relevant terms of
the Schemes. The Company also informed that it is modifying the
terms of the Schemes and finalizing the terms of the Proposed
Investment. The Company will meet with Scheme Creditors to seek
their approval of the modified Schemes and upon their said
approval, the Company will convene the EGM at a later date.

With respect to the Company's proposed sale of its property
located at 51 Benoi Road, Liang Huat Industrial Complex, the
Company had obtained shareholder approval for the proposed sale
at an EGM held on Dec. 29, 2005. Accordingly, the Company is
fulfilling the remaining conditions precedent necessary for the
completion of the sale.

As mentioned in the 28 October 2005 announcement, in connection
with the proposed purchase of the Property by the Purchaser, the
Company and the Purchaser are in talks that involve inter alia,
a proposed subscription of new shares in the Company,
representing a controlling stake by the Purchaser and/or
nominee(s) for a cash consideration of SGD3 million. The terms
of the Investment Agreement relating to the Proposed Investment
are now being prepared and finalized.

The Proposed Investment will be subject to the Company and the
Purchaser and/or nominee(s) obtaining the requisite regulatory
and other approvals, consents or waivers, as well as
satisfactory due diligence that is underway. The definitive
terms of the Proposed Investment, when finalized and the impact
that it has on the Group and the Schemes, will be announced in
due course.

Shareholders are advised to exercise caution in dealing with the
Company's shares.

By order of the Board

Tan Yong Kee
Group Managing Director

CONTACT:

Liang Huat Aluminium Limited
Blk 8 #07-05
Liang Huat Industrial Complex
51 Benoi Road
Singapore 629908
Phone: 65 68622228
Fax:   65 68624962
Web site: http://www.lianghuatgroup.com.sg/


MEDIASTREAM LIMITED: Moves to New Office
----------------------------------------
Mediastream Limited announced that the Company's registered
office is now located at the following address:

50 Raffles Place
#16-06 Singapore Land Tower
Singapore 048623

By Order of Tim Reid
Judicial Manager

CONTACT:

Mediastream Limited
50 Raffles Place
#16-06 Singapore Land Tower
Singapore 048623


SAPPHIRE CORPORATION: Allots 80 Million Shares for SGD800,000
-------------------------------------------------------------
Sapphire Corporation Limited refers to its announcement made on
Dec. 30, 2005 in respect of the proposed placemenet and
appointment of OCBC Securities Private Limited (OCBC) by the
Company as its agent to procure, on a best endeavours basis,
subscriptions by placees of an agreggate of 100 million new
ordinary shares of par value SGD0.01 each in the Company's
capital, or, with the consent of the Company, such lesser number
thereof at a subscription of SGD0.01 per placement share.

The Company announced that OCBC had, with the consent of the
Company, procured subscription of an agreggate of 80 million
placement shares. On Jan. 4, 2006, the Company completed the
allotment and issue of the placement shares to the placees
procured by OCBC for an agreggate subscription price of
SGD800,000.

By Order of the Board

Michael Tay Kwang How
Company Secretary

Jan. 4, 2006

CONTACT:

Sapphire Corporation Limited (formerly known as I.R.E.
Corporation Limited)
123 Genting Lane #07-02, Yenom Industrial Building
Singapore 349574
Phone: 65 6250 3838
Fax:   65 6253 8585
Email: info@sapphirecorp.com.sg
Web site: http://www.sapphirecorp.com.sg/


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

RS PROMOTION: Concludes Process to Change Name
----------------------------------------------
RS Promotion Public Company Limited (RS) informed the Stock
Exchange of Thailand (SET) that it has changed its name to RS
Public Company Limited and has already completed the legal
process for changing its name.

Therefore, effective January 6, 2006 onwards, the securities
name in the trading system will be changed as follows:

Old Name

Full Name: R.S. Promotion Public Company Limited

Symbol: RS

New Name

Full Name: RS Public Company Limited

Symbol: No change

CONTACT:

R.S. Promotion Public Company Limited
Chetchotisak Building, 419/1 Ladphrao 15,
Ladphrao Road, Chomphon, Chatuchak Bangkok
Telephone: 0-2511-0555
Fax: 0-2511-2324
Web site: http://www.rs-promotion.com




* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                         Total
                                         Shareholders   Total
                                         Equity         Assets
Company                      Ticker    ($MM)          ($MM)
------                       ------    ------------   ------


CHINA & HONG KONG
-----------------
Guangdong Meiya Group Co. Ltd. 000529      27.43      178.19
Guangdong Sunrise Group
Group Co. Ltd-A                000030    -182.94      35.98
Guangdong Sunrise
Group Co. Ltd-B                200030    -182.94      35.98
Hainan Dadong-A                000613     (-6.63)      17.81
Hainan Dadong-B                200613     (-6.63)      17.81
Heilongjiang Black Dragon      600187     (-29.45)    153.92
Co. Ltd.
Shenz China Bi-A               000017      -206.9      50.08
Shenz China Bi-B               200017      -206.9      50.08
Xinjiang Tunhe Investment      600737      47.57      476.47
Co. Ltd.

INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT       -62.86     360.72

MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-353.12)      84.89
Lityan Holdings Bhd              IT         20.1        56.55
Panglobal Bhd                   PGL       (-50.36)     189.92
PSC Industries Bhd              PSC         51.63      639.35

PHILIPPINES
-----------

Pilipino Telephone Co.          PLTL     (-159.78)     280.22

SINGAPORE
---------
China Aviation Oil (Singapore)   AO       132.64  351.87
Corporation
Informatics Holdings Ltd         INFO      -6.73       27.59
Lindeteves-Jacoberg Limited       LG       39.61      332.07
Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------
Asia Hotel PCL                  ASIA       (-30.12)     101.17
Asia Hotel PCL                  ASIA/F     (-30.12)     101.17
Bangkok Rubber PCL              BRC        (-57.11)      78.78
Bangkok Rubber PCL              BRC/F      (-57.11)      78.78
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
Circuit Elect PCL               CIRKIT     (-25.89)      61.3
Circuit Elect PCL               CIRKIT/F   (-25.89)      61.3
Datamat PCL                     DTM        (-1.72)       17.55
Datamat PCL                     DTM/F      (-1.72)       17.55
National Fertilizer PCL         NFC          70.66       142.61
National Fertilizer PCL         NFC/F        70.66       142.61
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.71)      13.38
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.71)      13.38
Thai Wah Public
Company Limited-F               TWC        (-47.01)     158.87
Thai Wah Public
Company Limited-F               TWC/F      (-47.01)     158.87





                            *********


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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***