/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/060120.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, January 20, 2006, Vol. 9, No. 015 Headlines A U S T R A L I A 3D WORKSTATION: Appoints Official Liquidator AD PLUMBING: Members Decide to Wind Up Operations ADRIATIC LEATHER: Enters Voluntary Liquidation ANROSS INVESTMENTS: Creditors Agree to Close Shop AUSTRALIAN GAS: Brokers Like Early PNG Move BRISBANE CO-FREEMASONIC: Liquidator Distributes Assets CHESSER HOUSE: Decides to Close Business COMBINED TEXTILE: To Hold Final Meeting on Jan. 30 EVANS & TATE: To Sell Griffith Winery to Boost Capital FLIGHT CENTRE: Unveils New Customer Relations Structure GOLF AUSTRALIA: Prepares to Pay Dividend GOUNDI HOLDINGS: Placed Under Voluntary Liquidation IMG ARTS: Members Resolve to Liquidate Firm KEY FORMWORK: Wind-Up Process Completed LA BROOY: Members Pass Winding Up Resolution LAVERNE TRADING: Liquidator To Provide Wind-Up Details LGV ENTERPRISES: To Distribute Final Dividend MACCOE LOGISTICS: Members, Creditors Favor Liquidation MARKET PRODUCE: AAT Upholds Appeal by Queensland Director MYER LIMITED: Bid Deadline Extended Until Late February PARKSTAFF PTY: Inability to Pay Debts Prompts Wind-up PEET KENNEDY: Liquidator To Explain Wind-Up to Members SANTOS LIMITED: Pressure to Ink PNG Deal Grows SANTOS LIMITED: Keeps Close Watch on Cyclone Darryl SENDOR PTY: Decides to Close, Names Liquidator SONS OF GWALIA: Prosecution Brief Clears Way for First Charges TELSTRA CORPORATION: Dumps Branded Content Trend TINPEACE PTY: Members, Creditors to Review Wind-up Report TRANS-AG PTY: Decides to Close Operations VILLAGE ROADSHOW: Sees Break-even Profit for 2005/06 WATCH THIS: Members Favor Liquidation WATTYL LIMITED: Gets Expert to Advise on Allco Bid WESTPOINT GROUP: Seeks to Repay Debt to Avoid Liquidation WESTPOINT GROUP: Former Boss Fights for AU$23-Mln Assets * Australian Courts to Adopt Harmonized Bankruptcy Rules C H I N A & H O N G K O N G ASIA MILLION: Creditors Meeting Set Next Month AWT OCEAN: Creditors Meeting Slated for Feb. 10 AWT REALTY: Calls Creditors Meeting BEAR COMPANY: Claims Bar Date is February 10 FIRSTRATE DEVELOPMENT: Creditors' Proofs of Claim Due Feb. 3 GOLDSCHMIDT PACIFIC: Creditors to File Proofs of Claim MACKINSEY FINANCIAL: Proofs of Claims Are Due Feb. 10 QPL INTERNATIONAL: Postpones Results Release to Jan. 23 RNA HOLDINGS: Former Officials Charged With Fraud SC AND PARTNERS: Court to Hear Wind Up Petition March 8 SHANGHAI LAND: Former Director Goes to Jail For Fraud SINO-FOREST CORPORATION: Moody's Affirms Ba2 Rating VONGROUP LIMITED: First Half Loss Swells to HK$13.8 Mln WINNER DECORATION: Creditor Files Winding Up Petition WORLDFORD LIMITED: Creditors' Proofs of Claim Due Feb. 10 I N D I A ADAYAR FINANCE: RBI Cancels Certificate of Registration BHILWARA SPINNERS: Unveils Outcome of AGM CABLE CORPORATION: To Issue, Redeem Preference Shares CEAT LIMITED: Shareholders to Consider Amalgamation Scheme KERALA AYURVEDA: Courts OK Scheme of Amalgamation, Arrangement SSI LIMITED: EGM on Feb 10, 2006 SSI LIMITED: Board Approves BREAD Merger I N D O N E S I A GARUDA INDONESIA: To Ask Malaysian Rival to Cut Jakarta Flights GARUDA INDONESIA: Integrates Air, Rail Services with Kereta Api PERTAMINA: Aims to Boost Daily Fuel Production by 2009 PERTAMINA: To Shut Down Refinery for Maintenance PERUSAHAAN LISTRIK: Denies Price Hike Rumors PERUSAHAAN LISTRIK: Government Ups Power Tariff to Curb Deficit J A P A N HITACHI LIMITED: Forges Chip Alliance with Toshiba, Renesas ITE ELECTRIC: Enters Voluntary Liquidation KUBOTA CORPORATION: Exits Sewage Construction Business LIVEDOOR CO.: Brokerage Executive Dead in Apparent Suicide LIVEDOOR CO.: Keidanren Regrets Involvement in Fiasco UBE INDUSTRIES: Moody's Upgrades Rating to B1 * Japan Bankruptcies Down 4.9% in 2005 K O R E A ASIANA AIRLINES: Cabin Staff, Onboard Service Gain Kudos DAEWOO ENGINEERING: Earnings Reach Record High M A L A Y S I A AFFIN HOLDINGS: Bourse to List, Quote New Shares AYER MOLEK: May Reach Amicable Settlement with Mirra CEPATWAWASAN GROUP: Civil Suit Hearing Moved to Feb. 6 LANKHORST BERHAD: Court Extends Restraining Order LITYAN HOLDINGS: Securities Trading Suspended MAXIS COMMUNICATIONS: Sets Up New Unit MAXIS COMMUNICATIONS: Bourse to List, Quote New Shares MERCES HOLDINGS: Misses Out on Payment Dues FUTURE NUTRI: DXN Holdings Acquires Shares PANTAI HOLDINGS: Purchases New Shares on Buy Back PATIMAS COMPUTERS: Share Purchase Plan Gets Shareholders' Nod SCOMI GROUP: Adds New Shares for Listing, Quotation TANCO HOLDINGS: Court Convened Meetings Postponed Until June 30 TRU-TECH HOLDINGS: Fails to Make Monthly Deposit P H I L I P P I N E S APEX MINING: To Bid for North Davao Mining Claims COLLEGE ASSURANCE: Exec's Likely Appointment at SEC Sparks Doubt LAFAYETTE MINING: Anti-mining Moves Gather Momentum NATIONAL POWER: Holds Last-minute Talks with Meralco PHILIPPINE AIRLINES: Urged to Reconsider Riyadh Flights Halt WELLEX INDUSTRIES: Installs New Officers S I N G A P O R E ACCORD CUSTOMER: Former Employees Fined for Cheating INFORMATICS HOLDINGS: Details Use of Rights Issue Proceeds INTEGRATED TECHNIQUE: Creditors Convene to Discuss Affairs T H A I L A N D NFC FERTILIZER: Amendments to Memorandum, Objectives Approved PICNIC CORPORATION: Directors Decrease World Gas' Capital THAI AIRWAYS: Picks New Audit Committee, Independent Directors * Large Companies With Insolvent Balance Sheets - - - - - - - - ================= A U S T R A L I A ================= 3D WORKSTATION: Appoints Official Liquidator -------------------------------------------- After a general meeting on December 23, 2005, the members of 3D Workstation Designs Pty Limited resolved to liquidate the Company's operations. A meeting of creditors was held later that day. Subsequently, M. F. Cooper was appointed as liquidator. M. F. Cooper Liquidator Frasers Insolvency Advisory Level 9, 99 Elizabeth Street Sydney NSW 2000 AD PLUMBING: Members Decide to Wind Up Operations ------------------------------------------------- Members of AD Plumbing & Engineering Pty Limited convened on December 20, 2005 to liquidate Company's operations. The members named Richard James Porter and David Ian Mansfield to oversee the Company's wind-up. Richard J. Porter David I. Mansfield Joint Liquidators C/o Moore Stephens 460 Church Street, Parramatta NSW 2150 ADRIATIC LEATHER: Enters Voluntary Liquidation ---------------------------------------------- The members of Adriatic Leather Pty Limited convened on December 22, 2005 to voluntarily wind up the Company. Nicholas Crouch was appointed as the official liquidator for the wind-up. Nicholas Crouch Liquidator Crouch Insolvency Level 28, 31 Market Street Sydney NSW 2000 ANROSS INVESTMENTS: Creditors Agree to Close Shop ------------------------------------------------- At Anross Investments Pty Limited's meeting on December 23, 2005, creditors resolved that it is in the Company's best interests to close its business. John Frederick Lord was appointed to oversee the wind-up. John F. Lord PKF Chartered Accountants Level 10, 1 Margaret Street Sydney NSW 2000 Phone: 02 9251 4100 Fax: 02 9240 9821 Web site: http://www.pkf.com.au AUSTRALIAN GAS: Brokers Like Early PNG Move ------------------------------------------- Brokers believe that Australian Gas Light's move to finalize its investment deal with Oil Search Limited in the Papua New Guinea Gas Project six months earlier than planned was "smart," The Age reports. On Monday, AGL decided to convert a 20-year gas sales agreement with the PNG Gas Producers into a binding contract and take up a 10% stake from Oil Search for around US$400 million (AU$530 million) including interests in gas and oil reserves, production and processing infrastructure. According to The Age, increasing oil prices had brought up the cost of the stake. However, Goldman Sachs JBWere assured that the entry price into the PNG project was still attractive on a per boe (barrel of oil) basis and creates certainty of outcome for AGL's proposed demerger of its infrastructure and energy businesses. According to The Age, AGL's equity stake is a long-term growth option for the company. If AGL's demerger plan were successful, UBS believed both new businesses would become targets for the many acquisitive vehicles in the sector. Credit Suisse agreed that AGL could be the subject of takeover speculation, and suggested its share price reflected the possibility. Closing the sales deal early with AGL was also a positive sign that the PNG Gas Project was commercially viable. CONTACT: Australian Gas Light Company Locked Bag 1837 St. Leonards NSW 2065 General Inquiries: 02 9921 2999 General Fax: 02 9921 2552 Share Registry: 02 9921 2259 Share Registry Fax: 02 9921 2465 Web site: http://www.agl.com.au/ BRISBANE CO-FREEMASONIC: Liquidator Distributes Assets ------------------------------------------------------ At a general meeting among the members of The Brisbane Co- Freemasonic Trust Limited on December 22, 2005, they resolved to wind up the Company voluntarily. The Company also appointed a liquidator to manage the distribution of assets. Ann Fordyce For and on behalf of the joint Liquidators c/o Pilot Partners Level 5, 175 Eagle Street Brisbane Qld 4000 CHESSER HOUSE: Decides to Close Business ---------------------------------------- Members of Chesser House Pty Limited held a meeting on December 15, 2005, and agreed on the Company's need to liquidate. They named John Greer to supervise the wind-up. John Greer Liquidator Level 7, 276 Pitt Street Sydney COMBINED TEXTILE: To Hold Final Meeting on Jan. 30 -------------------------------------------------- The final meeting of the members and creditors of Combined Textile Group Pty Limited is slated for January 30, 2006, at 10:00 a.m., in order to: -- get an account of the manner of the Company's wind-up; -- pass a resolution to destroy the Company's books and records; and -- consider any other business. Geoffrey Reidy Liquidator Rodgers Reidy Level 5, 163 Clarence Street Sydney NSW 2000 EVANS & TATE: To Sell Griffith Winery to Boost Capital ------------------------------------------------------ Evans & Tate previously announced its plan to sell its Griffith Winery and indicated that the proceeds of the sale would be used for general working capital purposes. The Company's agent has received a number of inquiries regarding the sale from interested buyers. Due diligence requests are currently being considered. The Company says that the sale process is progressing well. However, it is unlikely that the sale will be completed in the first quarter of 2006. As a result, the Company has temporarily extended its working capital facility with ANZ by an additional AU$12 million. Proceeds from the sale of the Griffith Winery will be applied to the repayment of the temporary working capital facility. CONTACT: Evans & Tate 54 Salvado Road, Wembley WA 6014 PO Box 451 Wembley WA 6913 Telephone: (08) 6462 1799 Facsimile: (08) 6462 1798 E-mail: et@evansandtate.com.au Web site: http://www.evansandtate.com.au/ FLIGHT CENTRE: Unveils New Customer Relations Structure ------------------------------------------------------- Flight Centre Limited has announced changes to its customer relations programs, following a comprehensive review of RewardPass and other company initiatives. While the RewardPass program has many positive features, including free membership, it has not performed to meet the Company's and the customers' expectations since it was introduced in December 2004. Flight Centre says that RewardPass will wind down after having proven to be costly and after not delivering visible benefits. Flight Centre will instead focus on other projects and endeavors, like Flight Centre brand's Price Beat Guarantee. Price Beat Guarantee was recently expanded and has already proven to be a more successful customer relations initiative. Previously restricted to airfares, this guarantee now invites customers to bring a competitor's quote to a Flight Centre shop and if the product is available, Flight Centre will beat it. Customers can now use the expanded guarantee to secure better deals on cruises, tours, accommodation, holiday packages, car hire and other travel products available at Flight Centre shops. Redemption conditions will be amended to allow members to use their entitlements within the next 12 months. RewardPass will continue to communicate with members and partners to ensure the smoothest possible transition. Member communications will also be posted on the company's Web site and the company's other leisure travel Web sites in Australia. CONTACT: Flight Centre Limited Level 13, 316 Adelaide Street, BRISBANE, QUEENSLAND, AUSTRALIA, 4000 Telephone: (07) 3032 9013 Fax: (07) 3032 9051 Web site: http://www.flightcentre.com GOLF AUSTRALIA: Prepares to Pay Dividend ---------------------------------------- Golf Australia Underwriting Management Pty Limited will declare a first and final dividend on January 27, 2006. Creditors who are not able to prove their claims will be excluded from the benefit of the dividend. Robyn Erskine Liquidator Brooke Bird & Co. Insolvency Practitioners 471 Riversdale Road, Hawthorn East Vic 3123 Phone: 03 9882 6666 GOUNDI HOLDINGS: Placed Under Voluntary Liquidation --------------------------------------------------- On December 15, 2005, members and creditors of Goundi Holdings Pty Limited agreed that a voluntary wind-up of the Company is necessary and in its best interests. As a result, Ozem Kassem was appointed as official liquidator. Ozem Kassem Liquidator Bentleys MRI Sydney Business Recovery & Insolvency Partnership Level 8, 50 Carrington Street Sydney NSW Phone: 02 8221 8477 Email: okassem@sydbri.bentleys.com.au IMG ARTS: Members Resolve to Liquidate Firm ------------------------------------------- Members of IMG Arts & Entertainment Pty Limited convened on December 14, 2005, and resolved to liquidate the Company's business operations. Subsequently, the members named John Frederick Taylor to administer the wind-up activities. John F. Taylor Liquidator Level 15, 309 Kent Street Sydney KEY FORMWORK: Wind-Up Process Completed --------------------------------------- Creditors of Key Formwork Systems Pty Limited held a meeting on December 19, 2005, and agreed to wind up the Company voluntarily. Andrew Hugh Jenner Wily was appointed as liquidator to supervise the wind-up. Andrew H. J. Wily Liquidator Armstrong Wily Chartered Accountants Level 5, 75 Castlereagh Street Sydney NSW 2000 LA BROOY: Members Pass Winding Up Resolution -------------------------------------------- On December 15, 2005, members of La Brooy Pty Limited resolved to commence wind-up operations for the Company. Schon G. Condon and Bruce Gleeson were appointed as liquidators to oversee the wind-up activities. Schon G. Condon RFD Bruce Gleeson Joint Liquidators C/o Jones Condon Chartered Accountants Level 1, 34 Charles Street Parramatta NSW Phone: 02 9893 9499 LAVERNE TRADING: Liquidator To Provide Wind-Up Details ------------------------------------------------------ A final meeting of Laverne Trading Co Pty Limited will be conducted on January 30, 2006, at 10:00 a.m. Liquidator Terrence James Smith will present his final account regarding the Company's wind-up operations at that meeting. Terrence J. Smith Liquidator C/o Allens Australia Pty Limited 1925 Logan Road, Upper Mount Gravatt Qld 4122 LGV ENTERPRISES: To Distribute Final Dividend --------------------------------------------- LGV Enterprises Pty Limited will declare its first and final dividend on January 30, 2006. Creditors who are not able to prove their claims will be excluded from the benefit of the dividend. A. D'aloia Liquidator D'Aloia Handberg Chartered Accountants Level 10, 200 Queen Street Melbourne Vic 3000 MACCOE LOGISTICS: Members, Creditors Favor Liquidation ------------------------------------------------------ Maccoe Logistics Pty Limited's members and creditors agreed to shut down the Company's operations. They named Jamieson Louttit to act as liquidator. Jamieson Louttit Liquidator Jamieson Louttit & Associates Level 15, 88 Pitt Street Sydney NSW 2000 Phone: 02 9231 0505 Fax: 02 9231 0303 MARKET PRODUCE: AAT Upholds Appeal by Queensland Director --------------------------------------------------------- The Administrative Appeals Tribunal (AAT) has upheld an appeal by Kimball John Andrews and ordered that an Australian Securities and Investments Commission's (ASIC) decision to ban him from managing corporations be set aside. ASIC had banned Mr. Andrews for 18 months following an investigation that found he was involved Market Produce Movers Pty Ltd and Freight 1 Australia Ltd. Market Produce Movers and Freight 1 reportedly failed to pay creditors after being placed into liquidation. The AAT found that the failure of the companies was ultimately attributable to commercial factors. MYER LIMITED: Bid Deadline Extended Until Late February ------------------------------------------------------- Bidders for Myer Limited may submit their final offers by the end of February, The Sydney Morning Herald says. Myer's parent company, Coles Myer Limited, has pushed back the original early February deadline for final bids to allow the potential buyers to review sales data from the Christmas quarter -- particularly after Myer issued a profit downgrade - - before naming their price. The Christmas quarter data is due for release in the third week of February. However, Myers maintains that with interim results due four weeks after the deadline, the potential buyers still will not be able to see the effect of any heavy discounting on Myer's margins. The five shortlisted bidders for the Myer business are: * South African retailer Edgars Consolidated; * Harvey Norman; * the Carlyle Group and JPMorgan Capital, bidding jointly; * Newbridge Capital in a consortium with the Myer family; and * CVC Asia Pacific. CONTACT: Myer Limited 295 Lonsdale Street Melbourne Vic 3000 Telephone: (61 3) 9661 1111 Facsimile: (61 3) 9661 3770 Web site: http://www.myer.com.au Coles Myer Limited 800 Toorak Road Tooronga Vic 3146 Telephone: (61 3) 9829 3111 Facsimile: (61 3) 9829 6787 Web site: http://www.colesmyer.com.au PARKSTAFF PTY: Inability to Pay Debts Prompts Wind-up ----------------------------------------------------- Parkstaff Pty Limited has determined that, due to its inability to pay its debts, a voluntary wind-up of its business operations is appropriate and necessary. In that regard, Geoffrey McDonald and Richard Albarran were appointed to oversee the Company's liquidation activities. Richard Albarran Geoffrey McDonald Liquidators C/o Hall Chadwick Level 29, 31 Market Street Sydney NSW 2000 PEET KENNEDY: Liquidator To Explain Wind-Up to Members ------------------------------------------------------ A final meeting of the members of Peet Kennedy Gardens Land Syndicate Limited will be held on January 27, 2006, at 10:00 a.m. At the meeting, Alan Ledger -- as liquidator -- will report the activities that took place during the wind-up period, as well as the manner by which the Company's property was disposed of. Alan Ledger Liquidator LCG Level 1, 5 Mill Street Perth WA 6000 SANTOS LIMITED: Pressure to Ink PNG Deal Grows ---------------------------------------------- Santos Limited is expected to become a part-owner and gas consumer of the proposed AU$4-billion gas pipeline from Papua New Guinea (PNG) to Australia, The Advertiser says. JPMorgan analysts expect Santos to invest in the PNG Project within the first quarter of 2006 and commit to take about 50 petajoules a year. ABN Amro energy analyst Aiden Bradley said Santos' cash outlay would be minimized as it already has a 25% working interest in PNG's greater gas field. The oil and gas firm has refused to comment about a possible deal despite continuing negotiations with the PNG Government and Oil Search, the majority partner in the consortium backing the 1200-kilometer pipeline. Analysts believe that using Santos's Moomba facilities in South Australia as the national gas-distribution point adds to the economic viability of the pipeline project, which is expected to be approved this year and to be completed by 2009. Pressure on Santos has built up since Australian Gas Light (AGL) announced that it snapped up a 10% stake in the PNG project and committed to a 20-year purchase of gas valued at AU$4.5 billion. Most analysts welcomed AGL's decision to settle its participation in the pipeline at least six months ahead of schedule. CONTACT: Santos Limited Ground Floor, Santos House, 91 King William Street, Adelaide, S.A. 5000 Web site: http://www.santos.com.au/ SANTOS LIMITED: Keeps Close Watch on Cyclone Darryl --------------------------------------------------- Gas and oil producer Santos Limited is closely watching the progress of cyclone Darryl as it considers whether to evacuate staff or move oil rigs off the coast of Western Australia. Reuters reported that tropical cyclone Darryl is currently a category one storm, which the Bureau of Meteorology expects will gain strength overnight and pack winds of 110 kph (68 mph) as it passes close to oil production sites in the Indian Ocean. The new storm comes 10 days after category three cyclone Clare drove Santos to evacuate staff from facilities and move mobile rigs out of the path of the approaching storm that later slammed into towns that are the hub for the region's offshore gas and oil industries. Santos was able to resume production at its 100,000 barrels per day (bpd) Mutineer-Exeter oil field by Friday. SENDOR PTY: Decides to Close, Names Liquidator ---------------------------------------------- Members of Sendor Pty Limited resolved on December 23, 2005 to wind up the Company's operations. Glenn A. Crisp was appointed to supervise the closing activities of the Company. Glenn A. Crisp Liquidator C/o RSM Bird Cameron Level 8, 525 Collins Street Melbourne Vic 3000 Phone: 03 9286 1800 Fax: 03 9286 1899 SONS OF GWALIA: Prosecution Brief Clears Way for First Charges -------------------------------------------------------------- The Australian Securities and Investments Commission (ASIC) is finalizing a prosecution brief relating to Sons of Gwalia's former chief financial officer, Eardley Ross-Adjie, The West Australian reports. The prosecution brief, which centers on accounting matters, could see the first charges laid from the regulator's controversial investigation into the failed gold mining company. West Australian, however, clarifies that the brief will not mark the end of the Sons of Gwalia Probe. The ASIC's inquiry into the AU$1-billion collapse of the miner continues. ASIC considers the investigation high priority and even assigned a team of seven audit specialists into the case. The ASIC investigation into Sons of Gwalia was disclosed in August 2005, in a 185-page report sent to creditors by Ferrier Hodgson administrators Garry Trevor, Andrew Love and Darren Weaver. The report revealed that the investigations had uncovered potential violations of the corporations law and the Australian Stock Exchange disclosure rules. The administrators published their report after gaining evidence through the private examination of about 20 people -- including all those issued with writs -- over several months in the West Australian Supreme Court. Those examinations were all witnessed by ASIC officers. CONTACT: Sons of Gwalia Limited 16 Parliament Place West Perth, Western Australia 6005 Australia Phone: +61 8 9263 5555 Fax: +61 8 9481 1271 Web site: http://www.sog.com.au/ TELSTRA CORPORATION: Dumps Branded Content Trend ------------------------------------------------ Telstra Corporation has dropped the "Bread TV" show it produced for three seasons on Network Ten and turned its back on the growing branded content trend, just as the show was attracting its biggest TV and online audiences, The Age reveals. According to The Age, the move comes as other companies such as Foster's, Wild Turkey, Star City Casino and John Fairfax step up their involvement in branded entertainment. Bread TV's last screening in December drew a weekly audience approaching 700,000 and 50,000 unique users were logging on to the Web site each week. Telstra's Sensis division was behind the show in what initially was a corporate social responsibility venture by its corporate affairs unit to help small business owners with case studies and management information. Sensis decided to drop the series last month as part of the broader strategic overhaul at Telstra under its Chief Executive, Sol Trujillo. 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/ TINPEACE PTY: Members, Creditors to Review Wind-up Report --------------------------------------------------------- The members and creditors of Tinpeace Pty Limited will convene on January 30, 2006, at 9:00 a.m., to receive the liquidator's final account regarding the Company's completed wind-up and disposal of property. Stephen Jay Liquidator C/o Nicholls & Co. Chartered Accountants PO Box 852, Wagga Wagga NSW 2650 TRANS-AG PTY: Decides to Close Operations ----------------------------------------- Members of Trans-Ag Pty Limited held a meeting on December 21, 2005, and agreed that a voluntary liquidation is in the Company's best interests. Michael George Welch Mark Anthony Wilson Directors C/o Frank Lo Pilato RSM Bird Cameron Partners Level 1, 103-105 Northbourne Avenue Turner ACT 2611 Phone: 02 6247 5988 VILLAGE ROADSHOW: Sees Break-even Profit for 2005/06 ---------------------------------------------------- Village Roadshow expects a flat net profit for 2005/06, even after it acquired a 14.9% stake in Sydney Attractions Group, The Age says. A decline in the entertainment firm's earnings from its exhibition division in December had also contributed to its break-even full-year net profit outlook. Village Roadshow booked a 22% fall in annual net profit to AU$40.69 million in 2004/05 due to the dearth of big hit movies compared to the previous year. The break-even net profit outlook includes approximately AU$41 million of one-off, non-recurring items relating to restructuring its film production division with the Crescent Group, legal settlement of U.S.-based litigation, and the Sydney Attractions Group investment. The investment in Sydney Attractions is expected to bring about around AU$5-million fair value write-down under new accounting standards. Village Roadshow Chairman Robert Kirby said Sydney Attractions Group has a world class portfolio of leisure assets in Sydney and is a strong business fit with Village Roadshow's theme parks business on the Gold Coast. CONTACT: Village Roadshow Limited 206 Bourke Street Melbourne Vic 3000 Australia Phone: 61 3 9667 6666 Fax: 61 3 9639 1540 Web site: http://www.village.com.au/ WATCH THIS: Members Favor Liquidation ------------------------------------- At a general meeting of Watch This Roof (ACT) Pty Limited held on December 19, 2005, members resolved to liquidate the Company's operations. Darren Penn Director C/o Frank Lo Pilato RSM Bird Cameron Partners Level 1, 103-105 Northbourne Avenue Turner ACT 2611 Phone: 02 6247 5988 WATTYL LIMITED: Gets Expert to Advise on Allco Bid -------------------------------------------------- Wattyl Limited has appointed Ernst & Young to advise it regarding the takeover bid from investment firm Allco Equity Partners Limited, The Age reports. Ernst & Young will determine whether Allco's offer is fair and reasonable. Wattyl will send to shareholders a target's statement on January 23, 2006. Ernst & Young's report will be mailed separately in early February. Allco launched its AU$275-million hostile bid for Wattyl in December 2005, but the target has advised shareholders to reject the bid. CONTACT: Wattyl Limited Level 1 68 Waterloo Road North Ryde NSW 2113 Phone: +61 2 9813 3333 Fax: +61 2 9813 3311 WESTPOINT GROUP: Seeks to Repay Debt to Avoid Liquidation --------------------------------------------------------- Failed property developer Westpoint Group is stepping up efforts to salvage four key projects so it could refinance AU$1-billion worth of debts owed to creditors, The Australian reports. Two of the Company's seven mezzanine finance firms are now in liquidation. Two are in receivership and three are in administration following a wind-up action taken by the Australian Securities and Investments Commission (ASIC) last month. Wespoint's projects in Sydney and Melbourne were part-funded by investors in promissory bonds issued by development finance companies. Westpoint has 14 construction projects worth up to AU$1 billion planned or under way in four states. Moreover, the group seeks to complete these projects so it could repay all its creditors: -- the Bayview and Bayshore apartment projects in Port Melbourne; -- the Market Street apartment tower in Melbourne's CBD; and -- the Scots Church redevelopment in central Sydney --. The company has drafted a deed of company arrangement with administrators PricewaterhouseCoopers. The draft, which will be finalized before the end of the week, is aimed at totally repaying investors. Westpoint is working to refinance its liabilities in a bid to avert a winding up action, lodged by ASIC, due to be heard early next month. WESTPOINT GROUP: Former Boss Fights for AU$23-Mln Assets -------------------------------------------------------- Westpoint Group's former executive director, Richard Beck, has moved to secure his AU$23 million private assets as thousands of the company's investors clamor to recover their investments, The Age says. Mr. Beck and his wife, Anna, are working to put their private fortune out of creditors' reach. The two are lodging caveats over properties registered in their names on the basis that these are actually held in trust for a family super-annuation nest egg. The move was a result of an investigation conducted by the Australian Securities and Investments Commission (ASIC). The corporate regulator is trying to find out what happened to the AU$300 million invested by 4000 people in Westpoint's high- risk, high-return property financing schemes. Westpoint and a network of financial advisers, led by Mr. Beck's investment firm Kebbel, raised money from investors during the recent apartment boom to bankroll Westpoint's apartment projects. Mr. Beck was an executive director at Westpoint while running Kebbel, which collected commissions of up to 10% for playing a central role in raising money for Westpoint's schemes. The property group, however, was hit by a collapse in the apartment market and project delays, leaving little cash to return to investors. Victims of the Westpoint schemes are eyeing Mr. Beck's fortune. Litigation funder IMF has signed investors for a potential class action against Westpoint and the advisers who put savings into the schemes. * Australian Courts to Adopt Harmonized Bankruptcy Rules -------------------------------------------------------- New harmonized Bankruptcy Rules will apply shortly to bankruptcy matters in both the Federal Court of Australia and the Federal Magistrates Court of Australia. The Federal Court (Bankruptcy) Rules 2005 will replace Order 77 of the Federal Court Rules and the Federal Magistrates Court (Bankruptcy) Rules 2005 will replace Chapter 4 of the Federal Magistrates Court Rules. The new harmonized Bankruptcy Rules will commence on February 6, 2006. They are available on the Internet from the ComLaw site at http://www.comlaw.gov.au. While the new Rules are based closely on the current Order 77 FCR and Chapter 4 FMCR, there is a new version of the prescribed form of creditors petition, which includes the affidavit verifying paragraphs 1, 2 & 3 of the petition. Documents need to accord with the new harmonized Bankruptcy Rules in order to be accepted for filing from February 6, 2006. The Guide to filing a creditors petition in the Federal Magistrates Court in Queensland has been amended to reflect the new Rules. Creditors petition checklists no longer will be sent to applicants' legal representatives. Instead copies will be available for collection from the Brisbane registry located at Level 6, Commonwealth Law Courts. ============================== C H I N A & H O N G K O N G ============================== ASIA MILLION: Creditors Meeting Set Next Month ---------------------------------------------- Creditors of Asia Million Development Limited will meet on February 10, 2006, at 10:30 a.m., at the 5th Floor, Allied Kajima Building, 138 Gloucester Road, in Wanchai, Hong Kong, to determine whether or not to approve the voluntary winding up of the Company. They will also appoint a joint and several liquidator to supervise the wind-up. Creditors may vote either in person or by proxy. Proxies must be lodged not later than 12:00 p.m. on February 9, 2006. AWT OCEAN: Creditors Meeting Slated for Feb. 10 ----------------------------------------------- AWT Ocean Transport Limited notifies its creditors that a meeting among them will be held on February 10, 2006, at 10:45 a.m., at the 5th Floor of Allied Kajima Building, at 138 Gloucester Road, in Wanchai, Hong Kong. At the meeting, creditors will resolve on whether or not the Company will undergo liquidation. Creditors will also appoint a liquidator. Proxies who will vote on behalf of creditors must be lodged not later than 12:00 p.m. on February 9, 2006. AWT REALTY: Calls Creditors Meeting ----------------------------------- A meeting of the creditors of AWT Realty Limited will be held at the 5th Floor of Allied Kajima Building, at 138 Gloucester Road, in Wanchai, Hong Kong, on February 10, 2006, at 11 a.m., so as to determine whether or not the Company should wind up its operations. They will also appoint a joint and several liquidator for the wind-up. Proxies who will vote on a creditor's behalf must be lodged by February 9, 2006, at 12:00 p.m. BEAR COMPANY: Claims Bar Date is February 10 -------------------------------------------- The creditors of Bear Company (Hong Kong) Limited, whose debts or claims have not already been admitted, are required to prove their claims by February 10, 2006. Those who fail to submit a proof of claim will be excluded from any distribution. Stephen Briscoe Joint and Several Liquidator Presented by: Alvarez & Marsal Asia Limited FIRSTRATE DEVELOPMENT: Creditors' Proofs of Claim Due Feb. 3 ------------------------------------------------------------ Creditors of Firstrate Development Limited are required to submit to the liquidators the particulars of their debts or claims, as well as information regarding their solicitors, if any, by February 3, 2006. If the liquidators require, the creditors must come in personally or by their solicitors and prove their claims at the time and place specified in the notice. Creditors who are unable to formally prove their claims will be excluded from any distribution. Stephen Liu Yiu Keung Robert Armor Morris Joint and Several Liquidators GOLDSCHMIDT PACIFIC: Creditors to File Proofs of Claim ------------------------------------------------------ The Creditors of Goldschmidt Pacific Limited are required to send the particulars of their debts or claims, and the name and address of their solicitors, if any, on or before February 13, 2006, to: Thomas Andrew Corkhill; and Iain Ferguson Bruce Liquidators 8th Floor, Gloucester Tower The Landmark 11 Pedder Street, Central Hong Kong Creditors who failed to comply with the proof of claim requirement will be excluded from any distribution. MACKINSEY FINANCIAL: Proofs of Claims Are Due Feb. 10 ----------------------------------------------------- John Robert Lees, as liquidator for Mackinsey Financial Management Limited, asks creditors to submit proofs of claims against the company by February 10, 2006. Mr. Lees may also require certain creditors, through written notice, to come in personally or by their solicitors to prove their claims. Creditors who do not submit a proof of claim will lose their chance of a distribution. John Robert Lees Liquidator John Lees & Associates Limited 1904 Hong Kong Club Building 3A Chater Road, Central Hong Kong QPL INTERNATIONAL: Postpones Results Release to Jan. 23 ------------------------------------------------------- QPL International Holdings Limited has postponed the announcement of its interim results for the six months ended October 31, 2005. QPL will instead release the results on January 23, 2006, Infocast News relates. The Group is engaged in the manufacture of integrated circuit leadframes, assembly of integrated circuits and testing services, property investment, and manufacture of silicon wafers. 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 RNA HOLDINGS: Former Officials Charged With Fraud ------------------------------------------------- The former chairman and former deputy chairman of RNA Holdings, Raymond Chan and Alexander Chan, have been charged with defrauding the company of HK$200 million, The Standard relates. According to the charges, in January 2001, the Chan Brothers engaged in a series of bank transactions involving the accounts of eight shell companies, and the listed company and personal account of a 53-year old man, and created a fake HK$100 million loan from themselves to RNA. Together, they allegedly pocketed HK$55 million in cash and HK$45 million worth of RNA shares in repayment for the phony loan. The Chan Brothers appeared in Eastern Magistrates' Courts on Wednesday and were freed on bail ranging from HK$10,000 to HK$100,000. The case will be heard early next month. The company was issued a winding up order by the High Court of Hong Kong Special Administrative Region Court of First Instance on July 13, 2005. CONTACT: RNA Holdings Limited 16/F Cheung Fat Building 7-9 Hill Rd Shek Tong Tsui Hong Kong Phone: 28032888 Fax: 29759487 Web site: http://www.rna.com.hk SC AND PARTNERS: Court to Hear Wind Up Petition March 8 ------------------------------------------------------- Yuen Cheong Fire Engineering Company Limited presented a petition for the winding up of SC And Partners Limited on January 12, 2006. The Petition will be heard before the High Court of Hong Kong Special Administrative Region at on March 8, 2006, at 9:30 a.m. Creditors or contributories of SC And Partners who wish to support or oppose the Petition may appear in Court at the time of the hearing. A written notice of the creditor's or contributory's intention must be sent not later than 6:00 p.m., on March 7, 2006 to: Tong Kan & Co. Solicitors for the Petitioner Suite 1408, Hang Seng Building No. 77 Des Voeux Road Central Central, Hong Kong SHANGHAI LAND: Former Director Goes to Jail For Fraud ----------------------------------------------------- The former director of delisted Shanghai Land Holdings Limited, Gong Beiying, was arrested on Wednesday and sentenced to 24 months of imprisonment for his part in a fraud during a backdoor listing, The Independent Commission Against Corruption reports. Mr. Gong was found guilty on one joint charge of conspiracy to defraud the minority shareholders of Ying Wing Holdings Limited, the officers of the Stock Exchange of Hong Kong (Stock Exchange) and the Securities and Futures Commission (SFC), and the members of the Independent Board Committee of Ying Wing. Mr. Gong was further convicted on one count of false accounting. Deputy Judge William Lam said the fraud involved the practice of "backdoor listing", which damaged the corporate financial system of Hong Kong, in additional to exposing the uninformed general public into buying shares in a listed company which possessed no business to conduct, having only a bare name. CONTACT: The Independent Commission Against Corruption ICAC Regional Office (Hong Kong East) G/F Tung Wah Mansion 201 Hennessy Road Wanchai, Hong Kong SINO-FOREST CORPORATION: Moody's Affirms Ba2 Rating --------------------------------------------------- Moody's Investors Service has affirmed its Ba2 senior unsecured debt rating and Ba2 corporate family rating for Sino-Forest Corporation. The outlook for both ratings is stable. This rating action follows the announcement from Sino- Forest regarding negotiations on the arrangement of a US$150 million syndicated term loan facility. The rating affirmation reflects Moody's expectation that despite the potential increase in leverage, Sino-Forest's credit metrics will remain appropriate for the current rating level. The company's sound financial profile is further supported by the robust state of industry demand and the cash flow contribution from the Heyuan project. At this stage, the facility remains in the negotiations process and completion is subject to satisfaction of certain conditions. The proceeds would be used for the acquisition of additional standing timber and logs in China. Moody's acknowledges a certain level of event and execution risk regarding any material acquisition from the proposed syndicated loan. While the company has a track record in execution and has demonstrated its ability to handle large projects, any aggressive transaction possibly heightening its overall business risk profile could be negative for the rating. Moody's will continue to evaluate the rating impact when such potential acquisitions are materialized. Moody's continues to say that the Ba2 ratings continue to reflect the five core credit strengths of Sino-Forest: 1) its first-mover advantage and competitive position in China's forestry plantation industry; 2) the favorable trend evident in wood products demand and supportive government policies; 3) the company's proven scalability through acquisitions spearheaded by an experienced management team with a proven track record in managing and expanding commercial plantations in China; 4) its systematic application of advanced planting management practices and strong R&D capabilities to raise plantation yields and returns; and 5) the strategic locations of its plantations together with its sound relationships with local forestry bureaus and plantation service providers, which enhance its competitive advantages. At the same time, the ratings reflect four credit challenges: 1) the cyclical and commodity nature of forestry products, characteristics which increase cash flow volatility; 2) exposure to China's evolving regulatory framework for forestry plantations; and 3) Sino-Forest's position as a fast-growing company with a relatively short operating history in standing timber sales. Upward rating pressure may arise if the company: 1) continues to build up a track record in delivering on its business plan, both in terms of financial and operational targets; and 2) demonstrates the ability to maintain key credit metrics - RCF/Adj. Debt above 30% and EBITDDA-Capex/Int greater than 5x - and generate positive free cash flow throughout the industry cycle. (EBITDDA is defined as EBITDA before non-cash depletion expenses) On the other hand, the rating will come under pressure if: 1) the company fails to achieve its business plan and cash flow declines; 2) a substantial heightening of overall business risk emerges, stemming from potential acquisitions; or 3) changes occur in the regulatory regime which fundamentally alter operating conditions with a consequent reduction in profitability. The credit metrics that Moody's would consider for a downgrade include RCF/Adj. Debt below 20% and EBITDDA- Capex/Int less than 3x. Sino-Forest Corporation is a holding company listed in Toronto, Canada. The company is engaged in forestry plantation activities in China as well as the sale of timber, woodchips and other wood products in that country. Sino-Wood Partners, its principal subsidiary, contributes to over 90% of the group's total revenue and profit. Hong Kong Ken Chan Asst Vice President - Analyst Corporate Finance Group Moody's Asia Pacific Ltd. JOURNALISTS: (852) 2916-1150 SUBSCRIBERS: (852) 2916-1121 Hong Kong Gary Lau Senior Vice President Corporate Finance Group Moody's Asia Pacific Ltd. JOURNALISTS: (852) 2916-1150 SUBSCRIBERS: (852) 2916-1121 VONGROUP LIMITED: First Half Loss Swells to HK$13.8 Mln ------------------------------------------------------- Vongroup Limited incurred a net loss of HK$13.828 million for the fiscal first half ended October 31, 2005, versus a net loss of HK$3.004 million a year earlier, Infocast News reports. Loss per share (LPS) was $0.0049. No interim dividend was declared. The Group is engaged principally in the provision of catering services and food production industry in HK through the operation of Chinese restaurants under the brandnames of Kamboat Chinese Cuisine and Kamboat Chiu Chow Cuisine. CONTACT: Vongroup Limited Room 507, 113 Argyle Street Mongkok, Hong Kong Phone: 26613281 Fax: 23453482 Web site: http://www.kamboat.com.hk/ WINNER DECORATION: Creditor Files Winding Up Petition ----------------------------------------------------- Wong Lin Tak has filed a winding up petition against Winner Decoration & Contracting Company Limited on December 28, 2005. The Petition will be heard before the High Court of Hong Kong Special Administrative Region at 9:30 a.m. on February 15, 2006. Creditors or contributories of Winner Decoration who wish to support or oppose the Petition may appear in Court at the time of the hearing. Any person who intends to appear at the hearing must serve a written notice of his intention not later than 6:00 p.m. on February 14, 2006, to: (Thomas E Kwong) For Director of Legal Aid 27th Floor, Queensway Government Offices 66 Queensway Hong Kong WORLDFORD LIMITED: Creditors' Proofs of Claim Due Feb. 10 --------------------------------------------------------- The creditors of Worldford Limited are required to prove their debts or claims on or before February 10 2006. Creditors who fail to prove their claims, either personally or by their solicitors, will not be able to receive any distributions. Stephen Liu Yiu Keung Robert Armor Morris Joint and Several Liquidators ========= I N D I A ========= ADAYAR FINANCE: RBI Cancels Certificate of Registration ------------------------------------------------------- The Reserve Bank of India (RBI) has on January 4, 2006 cancelled the certificate of registration granted to Adayar Finance & Leasing Limited for carrying on the business of a non-banking financial institution. Following the cancellation of registration certificate, Adayar Finance & Leasing Limited, cannot transact the business of a 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 institution is defined in clause (a) of Section 45-I of the Reserve Bank of India Act, 1934. CONTACT: Adayar Finance & Leasing Limited 208, Bharathi Salai, Royapettah, Chennai - 600 014 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 BHILWARA SPINNERS: Unveils Outcome of AGM ----------------------------------------- At Bhilwara Spinners Limited's 24th Annual General Meeting on December 22, 2005, members approved: 1. the adoption of the Profit & Loss Account of the 18-month period ended September 30, 2005 and the Balance Sheet as on that date and the report of Directors and Auditors thereon. 2. the re-appointment of Mr. Ravi Jhunjhunwala as Director of the Company, liable to retire by rotation. 3. the re-appointment of M/s K S Mehta & Co., Chartered Accountants, New Delhi, as Auditors of the Company to hold office from the conclusion of this meeting until the conclusion of the next Annual General Meeting of the Company. 4. the appointment of Mr. A R Garde as Director of the Company, liable to retire by rotation. Bhilwara Spinners, which manufactures cotton, synthetic yarn and sewing threads, has been racking up losses in the past three fiscal years. The Company booked a net loss of INR25.4 million in the second quarter of the current fiscal year. CONTACT: Bhilwara Spinners Ltd 26, Industrial Area Bhilwara 311001 Rajasthan CABLE CORPORATION: To Issue, Redeem Preference Shares ---------------------------------------------------- During a January 18, 2006 meeting, the Board of Directors of Cable Corporation of India Ltd approved the: 1. issue of 75,000 fresh Redeemable Cumulative Preference Shares at INR100 each to Rhiakoh Finance & Investments Pvt Limited; and 2. redemption of Preference Shares issued earlier to LIC Housing Finance Ltd out of the proceeds from the issue of the aforementioned fresh preference shares. Cable Corporation Of India Limited develops, manufactures and markets electrical wires, conductors, strips of all types and other products widely in India. The firm's other activities include trading, contracting, financing, investing, lease operations and real estate development. Electrical cables, wires, conductors and other products accounted for 86% of 2000 revenues and trading of goods, contracts and others, 14% CONTACT: Cable Corporation OF India Limited 6 Shoorji Vallabhdas Marg Ballard Estate Mumbai, MAHARASHTRA 400 001 INDIA Phone: +91 22 2266 6764/67 Fax: +91 22 2263 2694 CEAT LIMITED: Shareholders to Consider Amalgamation Scheme ---------------------------------------------------------- The Bombay High Court of Judicature ordered the equity shareholders of Ceat Limited to hold a meeting on February 10, 2006. The shareholders will meet to consider, modify and approve the proposed amalgamation of CEAT Holding Limited, CEAT Ventures Limited and Meteoric Industrial Finance Company Limited with the company. Ceat's principal activities are the manufacture and distribution of automotive tyres and tubes. Its products include nylon fabric, nylon tyre yarn, glass fibre, automotive flaps, filament mats and other rubber products. The company also provides investment financial services. Automotive Tyres accounted for 90% of fiscal 2002 gross revenues; Automotive Tubes, 8%; Automotive Flaps, 2% and Other, nominal. CONTACT: Ceat Limited 463 Dr Annie Besant Road Worli Mumbai, MAHARASHTRA 400 030 INDIA Phone: +91 22 2493 0621/5661 6054 Fax: +91 22 2493 3662/5660 6039 KERALA AYURVEDA: Courts OK Scheme of Amalgamation, Arrangement -------------------------------------------------------------- The Honorable High Courts of Judicature at Kerala and Karnataka have approved the Scheme of Amalgamation and Arrangement between Katra Healthcare Pvt Ltd and Kerala Ayurveda Pharmacy Ltd. Kerala Ayurveda received the certified copy of the order from the Kerala High Court on January 06, 2006 and from the Karnataka High Court by Katra Healthcare on January 13, 2006. The Board of Directors has noted the orders of the High Courts and authorized the Company Secretary to file the certified copy of the order with the Registrar of Companies. Further, the Company's Board of Directors will meet on January 24, 2006 to: 1. consider and approve the text of the quarterly results of the Company (unaudited) for the period ended December 31, 2005; and 2. fix the record date for the purposes of Reduction of Capital and issue of shares and warrants in terms of the Scheme of Amalgamation and Arrangement among Katra Healthcare Pvt Ltd, the Company and, the shareholders of the Company. CONTACT: Kerala Ayurveda Pharmacy Ltd Athani P.O Aluva 683585 Kerala Phone: 2476301 2476302 2476303 2476304 Fax: 2474376 SSI LIMITED: EGM on Feb 10, 2006 -------------------------------- Members of SSI Limited will hold an Extraordinary General Meeting on February 10, 2006 to consider: 1. an increase in Authorized Share Capital of the Company from INR50,00,00,000/- divided into 5,00,00,000 Equity Shares of INR10/- each, to INR100,00,00,000/- divided into 10,00,00,000 Equity Shares of INR10/- each & Consequential Memorandum & Articles of Association of the Company. 2. authorizing the board to issue and allot to Resident Individuals (RIs) and Domestic Companies (DCs), Domestic Financial Institutions (DFIs), Mutual Funds (MFs), Banks, Foreign Institutional Investors (FIIs), Non Resident Individuals NRIs) and Overseas Corporate Bodies (OCBs) up to a maximum of 71,50,000 Equity Shares of INR10/- each at a price (including premium) decided by the Board of Directors which is not lower than the minimum price specified as per SEBI Guidelines which is INR104.85/- per share. SSI Ltd was founded in 1991. Initially the company offered IT training in emerging software technologies. In 1999, an IT services division was started to offer software services mainly in financial services and government services. In April 2003, the IT training business was merged with Aptech Ltd. For more information on Aptech. In July 2004, the IT services business was merged with Scandent Solutions. CONTACT: SSI Ltd 1st Floor Mena-Kempala Arcade 113 Thyagaraya Road, T.Nagar Chennai 600017, INDIA Phone: +91-44-2815 3620 Fax: +91-44-2815 5824 Web site: http://www.ssiworldwide.com/ SSI LIMITED: Board Approves BREAD Merger ---------------------------------------- On January 9, 2005, the Board of SSI Limited has decided to merge M/s. Buckingham Real Estate and Assets Developers (Madras) Ltd. (BREAD) with the Company under Section 391 to 394 of the Companies Act, 1956. The details of the merger are as follows: 1. The Appointed Date of the Scheme is March 31, 2006. 2. The share swap ratio for the merger, as determined by an independent valuer is 642 Equity Shares of SSI Limited for each share of BREAD. The Share Capital of BREAD comprises of 50,070 Equity Shares. Based on the exchange ratio determined by the independent valuer, a total number of 3,21,44,940 fully paid Equity Shares of INR10/- each of SSI Limited will be issued to the shareholders of BREAD. 3. The Merger Scheme is subject to approval of the majority of the shareholders, lenders, creditors of the Company, the Honorable High Court of Judicature at Madras, and the permission or approval of any other statutory or regulatory authorities, which by law may be necessary for the implementation of the Scheme. ================= I N D O N E S I A ================= GARUDA INDONESIA: To Ask Malaysian Rival to Cut Jakarta Flights --------------------------------------------------------------- Troubled state carrier PT Garuda Indonesia will ask Malaysian Airlines (MAS) to reduce flights to Jakarta in order to stabilize prices, Business Times Malaysia reports. Garuda wants MAS to discontinue two of the latter's thrice-a-day flights to Jakarta, to enable it to compete fairly in the Kuala Lumpur-Jakarta route. The Indonesian carrier flies daily between Kuala Lumpur and Jakarta. MAS, on the other hand, flies three times a day to the Indonesian capital. Garuda Indonesia's Manager for Malaysia, Ryanto A. Winarso, said there is unhealthy competition on the Kuala Lumpur-Jakarta route. He said too many airlines are servicing the same route, hence the lowering of flight fares. The price cuts, in turn, contribute to decreased profit margins. Foreign airlines such as Air France-KLM, Emirates and Qatar Airways are offering low fares just enough to cover costs for the Jakarta-Kuala Lumpur route. The chances of MAS reducing its flights on the Kuala Lumpur- Jakarta route, however, are slim, as it is a lucrative route for the Malaysian airline. Despite heavy competition, Garuda Indonesia will continue flying to Kuala Lumpur, as it is still a very profitable destination for the Company. 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 GARUDA INDONESIA: Integrates Air, Rail Services with Kereta Api --------------------------------------------------------------- PT Garuda Indonesia forged a deal to combine air and rail transportation services with state railway firm PT Kereta Api, Asia Pulse reports. Under the agreement, Kereta Api would provide executive coaches for would provide executive coaches for Garuda Indonesia passengers in Bandung, West Java, to transport them to Soekarno- Hatta International Airport. Passengers from Bandung who fly Garuda can avail of transportation services to some local and foreign destinations without paying extra. The new scheme is expected to convince more passengers to fly with Garuda Indonesia. It is expected to increase revenue for Kerata Api, as well. PERTAMINA: Aims to Boost Daily Fuel Production by 2009 ------------------------------------------------------ PT Pertamina is targeting to produce 280,000 barrels of oil on a daily basis by 2009, Asia Pulse reports. The firm's current production stands at only 68,000 barrels per day. The state oil firm believes it could achieve its goal if it were granted permission to develop the oil-rich Cepu block. The block is estimated to yield up to 170,000 barrels of fuel per day at maximum capacity. In line with this, Pertamina is stepping up efforts to resolve a deadlocked dispute between the Company and its U.S.-based partner ExxonMobil Corp., so it can begin developing the oil block. Meanwhile the oil firm, through its mainstream operations unit PT Pertamina EP, recently signed a cooperation agreement with two foreign partners to explore and develop another oil well located in Sarawak, Malaysia. 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 PERTAMINA: To Shut Down Refinery for Maintenance ------------------------------------------------ PT Pertamina will temporarily shut down a crude distillation unit at its refinery in Balik Papan in May 2006 for scheduled maintenance, Dow Jones reports. The unit, which produces 60,000 barrels of crude oil per day, will be closed for 10 to 20 days, according to Pertamina Processing Director Suroso Atmomartoyo. Mr. Atmomartoyo did not say, however, whether the Company would purchase more fuel to cover for the planned shutdown. Pertamina is trying to reduce its fuel stock level to that of 22 days, from its current 28-day level. Fuel demand has dropped in recent months due to the 125% price hike last October 2005 and decreased consumption. PERUSAHAAN LISTRIK: Denies Price Hike Rumors -------------------------------------------- State power firm PT Perusahaan Listrik Negara (PLN) denied that it increased the prices of gas turbine generators for its gas- fired power plant in South Sumatra, Asia Pulse reports. Based to its calculations, the price of its Truck Mounted (TM) 2500 generators amount to 67% of the price for new generators. PLN had already paid for them in four annual installments. PLN said it would welcome police investigation into the alleged price mark-up, since the Company followed standard operating procedures in buying the generators. The cost of two new gas turbine generators ranges from IDR227.51 billion to IDR284.4 billion (free on board price). PLN paid IDR274.91 billion for the generators in four yearly installments instead of paying in full, due to funding problems. CONTACT: PT Perusahaan Listrik Negara (Persero) Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru Jakarta, 12160, Indonesia Phone: 62 21 725 1234 Fax: 62 21 722 1330 Web site: http://www.pln.co.id PERUSAHAAN LISTRIK: Government Ups Power Tariff to Curb Deficit --------------------------------------------------------------- The Indonesian government will raise the electricity tariff by 18.4% to 48.3% in the coming months to reduce the deficit of state power firm PT Perusahaan Listrik Negara (PLN), reports Asia Pulse. The tariff hike will add to the burden of energy-intensive firms, although the government has yet to discuss how much the increase would be, according to Chief Economics Minister Boediono. The Chief Economics Office projected PLN will still maintain an IDR13-trillion deficit if the tariff is raised by only 18.4%. However, a 48% tariff increase will wipe out the power firm's deficit. Earlier, PLN President Eddie Widiono asked the government to increase its fuel subsidies or increase power rates in order to reduce its debts. The Company estimates it will to spend up to IDR51 trillion to purchase fuel for its power plants this year. ========= J A P A N ========= HITACHI LIMITED: Forges Chip Alliance with Toshiba, Renesas ----------------------------------------------------------- Hitachi Limited, Toshiba Corporation and Renesas Technology Corporation, have agreed to jointly set up Advanced Process Semiconductor Foundry Planning Co., Ltd., a planning company for a semiconductor foundry business employing advanced fabrication processes. The company will be established in January 2006. Due to the increasing miniaturization of semiconductor fabrication processes, enormous investment is now required to construct plants that produce system LSIs, which use cutting- edge processes. For example, construction of a semiconductor foundry using next-generation 45-nanometer (nm) process technology is said to require an investment of at least 300 billion yen. The three companies have, therefore, decided to establish a company to study the feasibility of an independent semiconductor foundry business to which the partners could effectively outsource fabrication of advanced system LSI products based on 65-nm or finer process technologies. After establishment, the company will plan and evaluate the feasibility of the foundry business over a period of approximately six months. If the assessment results in the decision to launch the business, willing companies among Hitachi, Toshiba and Renesas will seek additional investors and take other steps to put in place an optimal operating framework. Alternatively, the planning company will be dissolved if the partners decide not to launch the business. Outline of Semiconductor Foundry Planning Company (Planned) Company name: Advanced Process Semiconductor Foundry Planning Co., Ltd. Location: 29, Kanda Awajicho 2-chome, Chiyoda-ku, Tokyo Date of establishment: January 2006 Representative: Hirokazu Hashimoto, President (Former Vice- President of NEC Electronics Corporation) Capital: JPY100 million at establishment, including capital reserve (plans to increase capital by a further JPY100 million in March 2006) Shareholders and holdings: Hitachi, Ltd.: 50.1%; Toshiba Corporation: 33.4%; Renesas Technology Corp.: 16.5% Business activities: Examine feasibility of establishing an independent foundry business and formulate related business plans Number of employees: 10 Hitachi Limited, headquartered in Tokyo, Japan, is a leading global electronics company with approximately 347,000 employees worldwide. Fiscal 2004 (ended March 31, 2005) consolidated sales totaled JPY9,027.0 billion (US$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. Toshiba Corporation is a leader in the development and manufacture of electronic devices and components, information and communication systems, digital consumer products and power systems. The company's ability to integrate wide-ranging capabilities, from hardware to software and services, assure its position as an innovator in diverse fields and many businesses. In semiconductors, Toshiba continues to promote its leadership in the fast growing system LSI market and to build on its world- class position in NAND flash memories, analog devices and discrete devices. Renesas Technology Corp. designs and manufactures highly integrated semiconductor system solutions for mobile, automotive and PC/AV markets. Established on April 1, 2003 as a joint venture between Hitachi, Ltd. and Mitsubishi Electric Corporation and headquartered in Tokyo, Japan, Renesas Technology is one of the largest semiconductor companies in the world and the world's leading microcontroller supplier globally. Besides microcontrollers, Renesas Technology offers flash memories, system-in-package and system-on-chip devices, Smart Card ICs, mixed-signal products, SRAMs and more. CONTACT: Hitachi Limited 4-6, Kanda-Surugadai, Chiyoda-ku Tokyo 101-8010, Japan Phone: +81-3-3258-1111 Fax: +81-3-3258-2375 ITE ELECTRIC: Enters Voluntary Liquidation ------------------------------------------ ITE Electric Japan Co., which has ceased operations on December 31, 2005, has appointed a liquidator to over see its voluntary winding-up. The company's liquidation is not expected to have any material impact on the net tangible assets and earnings per share of its parent, ITE Electric Company Limited for the current financial year. CONTACT: Ite Electric Co. Ltd 1 Harrison Road, ITE Electric Building #01-01, Singapore 369652 Phone: (65) 6285 2233 Fax: (65) 62843452 / 62843256 e-mail : ite@ite.com.sg KUBOTA CORPORATION: Exits Sewage Construction Business ------------------------------------------------------ Heavy equipment manufacturer Kubota Corporation will withdraw from its construction business for sewage treatment plants in March, Japan Today reports. Profitability in the business field has worsened in recent years as central and local governments have slash expenditures for relevant public works projects, plunging plant makers into even harsher price competition. CONTACT: Kubota Corporation 2-47 Shikitsuhigashi 1-Chome Naniwa-Ku, Osaka 556-8601 Japan Phone: +81 6 6648-2111 Fax: +81 6 6648-3862 Web site: http://www.kubota.co.jp/comp_eng/e/index.html LIVEDOOR CO.: Brokerage Executive Dead in Apparent Suicide ---------------------------------------------------------- The vice president of H.S. Securities Co., which was involved in Livedoor Co. corporate takeover deals, was found dead Wednesday night in Naha, Okinawa Prefecture, in a suspected suicide, Japan Today reports. H.S. Securities was involved in the acquisition of publishing company Money Life by ValueClick Japan, the predecessor of Livedoor subsidiary, Livedoor Marketing. This deal is at the center of the investigation into Livedoor that prompted a massive sell-down of Japanese shares on the Tokyo Stock Exchange on Wednesday, raising volume levels so much that the Tokyo Stock Exchange suspended the day's trading 20 minutes early because its computer systems were being overloaded. H.S. Securities was also among the companies the special investigation squad of prosecutors had raided as of Wednesday in connection with investigations into alleged fraudulent practices by Livedoor Co. and its group companies. CONTACT: H.S. Securities Co. Ltd. Sumitomofudousan Shinjyuku Oak Tower 27F 8-1, Nishishinjyuku 6-chome Shinjyuku-ku, Tokyo 163-6027 Phone: 03-4560-0200 LIVEDOOR CO.: Keidanren Regrets Involvement in Fiasco ----------------------------------------------------- The chairman of the Japan Business Federation (Nippon Keidanren) said the group's decision to admit Livedoor Co. was premature and a mistake, The Japan Times reports. "Depending on the outcome of the ongoing investigation by prosecutors, we will have no choice but to take certain measures," Hiroshi Okuda said, suggesting it might either expel Livedoor or ask it to leave. Nippon Keidanren decided in December consult authorities regarding the Internet company, which is now under investigation by prosecutors for possible accounting fraud and stock market manipulation. Meanwhile, prosecutors have begun analyzing over 100,000 e-mails on the personal computers of Livedoor President Takafumi Horie and other executives to see if they include evidence of their alleged illegal takeovers of companies. CONTACT: Livedoor Co. Ltd. Roppongi Hills Mori Tower 38th Floor, 6-10-1 Roppongi Minato-ku, Tokyo 106-6138 Japan Phone: +81-3-5788-4753 UBE INDUSTRIES: Moody's Upgrades Rating to B1 --------------------------------------------- Moody's Investors Service has upgraded the senior unsecured long-term debt rating of Ube Industries, Ltd. (Ube) to Ba1 from Ba3. The rating outlook is stable. The rating action recognizes Ube's improving balance sheet structure, supported by the successful reinforcement of its business portfolio and current financial policy aimed at improving its financial fundamentals. The rating action also reflects Moody's belief that the stability of the company's earnings and cash flow is improving due to the series of restructuring action of its business portfolio including its restoration of its aluminum wheel business through the total liquidation of its production facilities in the US. The action concludes the review initiated on November 29, 2005. Ube has a diversified business portfolio, covering chemicals, functional materials, pharmaceutical products, fine chemicals, construction materials, machinery and aluminum wheels. In particular, the company has strong market positions, globally or in Asia, in caprolactam, polyimide, nylon resins, synthetic rubber, and battery materials. To further solidify its positions, Ube has been strengthening these areas from the view of production capacity and technological advantages. On the other hand, the company has also divested or formed alliances regarding non-core businesses and completed a clean-up of those under the restructuring category, such as PE (polyethylene), by the end of FYE3/2005. As a result, operating profit margin has grown steadily, climbing 6.2% for the first half of FYE3/2006 from 5.7% for FYE3/2005 and 4.3% for FYE3/2004. In addition, Ube is expected to achieve its operating profit and operating profit margin targets in FYE3/2006, or one year in advance, supported by the successful implementation of its business portfolio strategy. Furthermore, the company closed its Ube Automotive North America Mason Plant in October 2005, which manufactured aluminum wheels for North America and was a volatile factor for earnings in the machinery & metal products segment. Given the major strategic restructuring of its business portfolio, including the aluminum wheel business, Moody's believes that earnings and cash flow stability should improve over the medium term. At the same time, the company has focused on reducing debt and improving its balance sheet structure, mainly by reducing debt through keeping capital expenditures within 80% of depreciation costs. Total debt to total capitalization ratio has also improved, to 73.8% for the first half of FYE3/2006 from 75.7% for FYE3/2005 and 79.7% for FYE3/2004. The speed of improvement in its balance sheet structure also exceeds the outline in its 3-year business plan started in April 2004. The required size of capital expenditure to enhance its positions in its mainstay businesses, such as nylon resins, synthetic rubber and functional materials, is not so large. Accordingly, Moody's believes that it should continue to improve its financial fundamentals over the medium term. Ube Industries, Ltd., headquartered in Yamaguchi, is a leading manufacturer of caprolactam and derivatives, including nylon resin. Its business line is diversified into chemicals, functional chemicals, pharmaceutical products, fine chemicals, construction materials, machinery, aluminum wheels and others. Consolidated sales for the fiscal year to March 2005 were JPY 562.7 billion. CONTACT: Ube Industries, Ltd. 1978-96, Kogushi Ube, Yamaguchi 755-8633 Japan Phone: +81-836-31-1111 Fax: +81-836-21-2252 Web site: http://www.ube-ind.co.jp * Japan Bankruptcies Down 4.9% in 2005 -------------------------------------- A total of 12,998 companies went bankrupt in 2005, down 4.9 percent from a year earlier thanks to improved government support and recovery in the economy, Tokyo Shoko Research reports. The total debt of firms that went bankrupt decreased for a fifth straight year in 2005, falling 14.2 percent to JPY6.7 trillion (US$58 billion). The Japanese economy is on a recovery track with brisk exports and corporate earnings helping fuel a rebound in employment, wages and capital spending. Personal consumption has also been showing steady growth. ========= K O R E A ========= ASIANA AIRLINES: Cabin Staff, Onboard Service Gain Kudos -------------------------------------------------------- U.S. based travel magazine, Global Traveler has declared Asiana Airlines as the Best Cabin Staff and Onboard Service for the second time, Digital Chosunilbo said. The result was collected from a magazine survey, wherein readers pick the best airlines in each region and service category. "For many, Singapore Airlines comes to mind when they think of top cabin service, but these survey results just go to show that it is actually Asiana that is one step ahead." Asiana Vice Chairman Park Chan-bup said. U.K. based Skytrax, a research company for commercial airlines, also regarded Asiana as the Best Cabin Staff for 2005. Asiana topped Singapore Airlines and Qantas Airways. CONTACT: Asiana Airlines Incorporated 47 Osoe-Dong Kangseo-Gu 157-270 Korea (South) Telephone: +82 2 669 3114 / +82 2 669 3170 DAEWOO ENGINEERING: Earnings Reach Record High ---------------------------------------------- Daewoo Engineering & Construction Co.'s net profit for 2005 surged in 2005, reveals Asia Pulse. The company attributed its lofty earnings to an increase in high value-added orders, as well as the company's cost-cutting efforts. For 2005, Daewoo booked a net profit of KRW409.8 billion, a 65.4 percent increase from the previous year. The Company also recorded a 1.9 percent increase in operating profit to KRW432.1 billion. Sales increased 6.2 percent to KRW5.7 trillion. Total orders in 2005 reached KRW8.1 trillion, up 46.4 percent from a year earlier. In addition, the Company's debt ratio dropped 22 percent from a year earlier to 130 percent as at the end of 2005. The Company expects a booming year ahead. Currently it has around KRW18.4-trillion worth of backlog contracts, enough to keep it going in the next three years. 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 =============== AFFIN HOLDINGS: Bourse to List, Quote New Shares ------------------------------------------------ Affin Holdings Berhad's additional 274,000 new ordinary shares of MYR1.00 each issued pursuant to the Employees' Share Option Scheme will be granted listing and quotation by Bursa Malaysia Securities Berhad effective 9:00 a.m., Friday, January 20, 2006. CONTACT: Affin Holdings Berhad Jalan Bukit Bintang 55100 Kuala Lumpur, Kuala Lumpur 55100 Malaysia Telephone: +60 3 2142 9569 / +60 2143 1057 AYER MOLEK: May Reach Amicable Settlement with Mirra ---------------------------------------------------- The Ayer Molek Rubber Company Berhad issued an update to the winding-up petition filed with the Kuala Lumpur High Court by Mirra Sdn Berhad. (1) The Petition refers to Mirra's claim for the sum of MYR3,224,689.74 as at December 8, 2005. The claim relates to a Judgment in Default dated November 22, 2005 obtained by the Petitioner, Mirra Sdn Bhd for work done but as yet not completed by the Petitioner as consultants to change the condition of use of the lands belonging to the Company in 1996. The interest paid under the statement of claim is at eight percent per annum on the judgment sum of MYR2,097,315.62 from March 24, 1999 up to full settlement. (2) Since 1999, the Company had in constant negotiation with the Petitioner to pay the amount allegedly owed to the Petitioner but taking into account the fact that the development plans by the Company which involved the conversion of land was aborted. Hence, the Petitioner should not claim the contracted sum but rather abortive fees. The parties had in August 2005 reached a settlement amount of MYR300,000.00 for work done by the Petitioner. Owing to several conditions, which were not fulfilled by the Petitioner, the settlement arrangement came to a standstill. Following the breakdown of negotiations, the winding-up petition was presented against the Company. (3 & 4) No material financial and operational impact is expected on the group as amicable settlement is expected to be concluded. This announcement is dated 17 January 2006 CONTACT: The Ayer Molek Rubber Company Bhd 3rd Floor, Wisma Goldhill, No. 67, Jalan Raja Chulan, Kuala Lumpur Wilayah Persekutuan 50200 Malaysia Telepone: 03-20317900 Fax: 03-20317834 CEPATWAWASAN GROUP: Civil Suit Hearing Moved to Feb. 6 ------------------------------------------------------ Cepatwawasan Group Berhad updates Bursa Malaysia Securities Berhad on the Kuala Lumpur High Court Civil Suit No. D3-22-1168- 2004: Cepatwawasan Group Berhad and Prolific Yield Sdn. Bhd. versus Tengku Dato' Kamal Ibni Sultan Sir Abu Bakar and 17 others. (1) Tengku Dato' Kamal Ibni Sultan Sir Abu Bakar (NRIC: 611008- 06-5021) - 1st Defendant; (2) Lt Kol Tengku Dato' Kamarul Zaman Ibni Sultan Sir Abu Bakar (NRIC: 621104-06-5135) - 2nd Defendant; (3) Kassim bin Mohamed Ali (NRIC: 570718-10-5915) - 3rd Defendant; (4) Abdul Rahim bin Sendiri (NRIC: 460708-06-5203) - 4th Defendant; (5) Opti Temasek Sdn. Bhd. (Company No. 650698-D) - 5th Defendant; (6) Yip Kum Wah (NRIC: 390923-08-5783) - 6th Defendant; (7) Lee Ah Lan (NRIC: 501002-05-5394) - 7th Defendant; (8) Sheikh Abdul Rahim bin Sheikh Hassan (NRIC: 681026-06-5133) - 8th Defendant; (9) Yip Fook Yian (NRIC: 701106-08-5557) - 9th Defendant; (10) Yip Chee Meng (NRIC: 690422-08-5771) - 10th Defendant; (11) Yip Ha and Yip See Khow (NRIC: 2708621) - 11th Defendant; (11) Chew Poh Kong (also known as Paul Hew) (NRIC: 460810-08- 5075) - 12th Defendant; (13) Hew Yen Fatt (also known as Patrick Hew) (NRIC: 550131-10- 5555) - 13th Defendant; (14) Tan Sri Datuk Chai Kin Kong (NRIC: 590825-06-5179) - 14th Defendant; (15) Dato Chua Tiong Moon (NRIC: 590831-06-5179) - 15th Defendant; (16) Chai Kim Chong (NRIC: 620118-06-5035) - 16th Defendant; (17) Chai Woon Chet (also known as Eddie Chai) - 17th Defendant; and (18) Tan Kok Aun (NRIC: 580522-08-5907) - 18th Defendant, for recovery of: - MYR13 million which was wrongfully and fraudulently paid out by the former directors of Prolific Yield Sdn. Bhd. to Opti Temasek Sdn. Bhd. as advance; and - MYR3 million which was wrongfully and fraudulently paid to a Sheikh Abdul Rahim bin Sheikh Hassan (NRIC: 681026-06-5133) as advance with no interest and no fixed term of repayment. The Board of Directors of the Company advised that the hearing of the 14th to 17th Defendants' application to strike out the Company's claim against them has been adjourned to February 6, 2006. CONTACT: Cepatwawasan Group Bhd Malaysia Phone: 60 89 272 773 Fax: 60 89 272 772 e-mail: cptgrp@tm.net.my LANKHORST BERHAD: Court Extends Restraining Order ------------------------------------------------- The Kuala Lumpur High Court has ordered for a further extension of Lankhorst Berhad's Restraining Order (RO). Subsequently, the Court also ordered to extend the Restraining Order of the following subsidiaries. (1) Lankhorst Pancabumi Contractors Sdn. Bhd. (2) Cardon (M) Sdn. Bhd. (3) Lankhorst Hartanah Sdn. Bhd. (4) Lankhorst M&E Sdn. Bhd. (5) Port Dickson Sepang Quarry Sdn. Bhd. (6) Lankhorst Track Construction Sdn. Bhd. (7) Rampai Budi Jaya Sdn. Bhd. (8) Tradepro Sdn. Bhd. The further extension to the RO is valid for a period of One Hundred Twenty (120) days from January 13, 2006. The expiry date of the RO would be on May 13, 2006. CONTACT: Lankhorst Berhad 5th Floor, Bangunan Umno Selangor Persiaran Perbandaran , Section14 40000 Shah Alam Selangor, Malaysia Phone: 03-50313030 Fax: 03-50313036 LITYAN HOLDINGS: Securities Trading Suspended --------------------------------------------- Bursa Malaysia Securities Berhad suspended trading in the securities of Lityan Holdings Berhad effective Wednesday, January 18, 2006. 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 MAXIS COMMUNICATIONS: Sets Up New Unit -------------------------------------- Maxis Communications Berhad (Maxis) has completed the acquisition of a subsidiary, Maxis Sdn Berhad (MSB). MSB is a private limited company incorporated in Malaysia on 28 December 2005 and has an authorized share capital of MYR100,000.00 comprising 100,000 ordinary shares of MYR1.00 each, of which two (2) Ordinary Shares of MYR1.00 each have been issued and are fully paid-up as at to-date. Prior to the Acquisition, the Company held one (1) ordinary share of MYR1.00 each representing 50% of the issued and paid-up share capital of MSB. Pursuant to the Acquisition, the Company has on January 18, 2006 acquired the remaining one (1) ordinary share of MYR1.00 each in the share capital of MSB representing 50 percent of its issued and paid-up share capital for a cash consideration of MYR1.00. Consequently, MSB is now a wholly owned subsidiary of the Company. Financial effects of the Acquisition The Acquisition is not expected to have any material effect on the earnings and net tangible assets of Maxis group for the year ending December 31, 2006. Directors' and/or Substantial Shareholders' and/or Persons Connected with a Director or Substantial Shareholders' Interest. None of the Directors or substantial shareholders of the Company and/or persons connected to them has any interest, directly and indirectly, in the Acquisition. 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: Bourse to List, Quote New Shares ------------------------------------------------------ Maxis Communications Berhad's additional 106,000 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 effective 9:00 a.m., Thursday, January 19, 2006. MERCES HOLDINGS: Misses Out on Payment Dues ------------------------------------------- Merces Holdings Berhad's status of default payments of interests and principal sum due to Southern Bank Berhad still remains unchanged since the announcement made to Bursa Malaysia Securities Berhad on December 9, 2005. CONTACT: Merces Holdings Bhd Malaysia Phone: 60 3 2072 8100 Fax: 60 3 2072 8101 FUTURE NUTRI: DXN Holdings Acquires Shares ------------------------------------------ DXN Holdings Berhad has acquired on January 18, 2006 two ordinary shares of MYR1.00 each, representing the entire issued and paid up share capital of Future Nuturi Sdn. Bhd. (FNSB) for a total cash consideration of MYR2.00. FNSB was incorporated on September 20, 2005. It has authorized share capital of MYR100,000.00 divided into 100,000 ordinary shares of MYR1.00 each, of which two (2) ordinary shares of MYR1.00 each are fully paid up. FNSB is currently dormant and the acquisition is for expansion purpose. The Acquisition is not expected to have any material effect on the earning and net assets of the Company for the current financial year. None of the Directors nor Substantial shareholders of the Company nor any person connected to them has an interest, direct or indirect in the Acquisition. PANTAI HOLDINGS: Purchases New Shares on Buy Back ------------------------------------------------- Pantai Holdings Berhad held a shares buy back from January 11, 2006 until January 13, 2006. The following are the results of the said buy back: Total number of shares purchased (units): 2,060,000 Minimum price paid for each share purchased (MYR): 1.890 Maximum price paid for each share purchased (MYR): 1.930 Total amount paid for shares purchased (MYR): 3,915,903.99 The name of the stock exchange through which the shares were purchased: Bursa Malaysia Securities Berhad Number of shares purchased retained in treasury (units): 2,060,000 Total number of shares retained in treasury (units): 40,692,300 Number of shares purchased which were cancelled (units): 0 Total issued capital as diminished: 0 Date lodged with registrar of companies: January 18, 2006 Lodged by: Pantai Management Resources Sdn Bhd CONTACT: Pantai Holdings Berhad 8 Jalan Damansara Endah Damansara Heights Kuala Lumpur, Malaysia 50490 Malaysia Telephone: +60 3 2713 2282 / +60 3 2094 4528 PATIMAS COMPUTERS: Share Purchase Plan Gets Shareholders' Nod ------------------------------------------------------------- The shareholders of Patimas Computers Berhad had approved the resolution on the proposed purchase by the Company of its own shares during its Extraordinary General Meeting on January 17, 2006. CONTACT: Patimas Computers Bhd Patimas Technology Centre, Technology Park Malaysia, Bukit Jalil, Kuala Lumpur Wilayah Persekutuan 57000 Malaysia Telephone: 03-89941818 Fax: 03-89941188 SCOMI GROUP: Adds New Shares for Listing, Quotation ----------------------------------------------------- Bursa Malaysia Securities Berhad will list and quote Scomi Group Berhad's additional 1,915,100 new ordinary shares of MYR0.10 each issued pursuant to the Employees' Share Option Scheme effective 9:00 a.m., Friday, January 20, 2006. TANCO HOLDINGS: Court Convened Meetings Postponed Until June 30 --------------------------------------------------------------- The Kuala Lumpur High Court had extended Tanco Holdings Berhad's Court convened meetings until June 30, 2006. In addition, the Court also granted the same to the Company's affected subsidiaries, comprising of: - JKMB Development Sdn. Bhd. - Palm Springs Development Sdn. Bhd. - Palm Springs Resort Management Berhad- - Popular Elegance (M) Sdn. Bhd. - Tanco Development Sdn Bhd - Tanco Land Sdn Bhd - Tanco Properties Sdn Bhd - Tanco Resorts Berhad - Tanco Club Berhad CONTACT: Tanco Holdings Berhad Jalan Desa Bandar Country Homes 48000 Rawang, Selangor Darul Ehsan 48000 Malaysia Telephone: +60 3 6092 8333 / +60 3 6091 3188 TRU-TECH HOLDINGS: Fails to Make Monthly Deposit ------------------------------------------------ Tru-Tech Holdings Berhad (Tru-Tech) will not be able to make the monthly deposit of MYR1,500,000 due on January 17, 2006 into the sinking fund account maintained for the purposes of redemption of the Redeemable Unsecured Loan Stock (RULS), due to Tru-Tech's current tight cash flow position (Deposit Default). The financial and legal implications to Tru-Tech in respect of the Deposit Default are similar to that of the Default, which was set out in the announcement dated October 15, 2004. Save as disclosed above, there has been no material development in respect of the Default pursuant to Practice Note 1/2001. The principal outstanding of all other credit facilities granted to Tru-Tech and its subsidiaries as at December 31, 2005 is set out in Table 1 of the Appendix to this announcement. To view a full copy of Table 1, click http://bankrupt.com/misc/TruTechTable CONTACT: Tru-tech Holdings Berhad Lot 45, Batu 12 Jalan Johor Bahru - Kota Tinggi Mukim Plentong 81800 Ulu Tiram Johor Telephone: 07-8615220 Fax: 07-8616371 ===================== P H I L I P P I N E S ===================== APEX MINING: To Bid for North Davao Mining Claims ------------------------------------------------- Apex Mining Corporation plans to bid for the mining claims of North Davao Mining Corporation, The Philippine Star has learned. Apex, controlled by Canada's Crew Gold Corp., is reportedly interested in North Davao Mining's privatization rather than wait for the outcome of the case it filed against the latter. In 1998, Apex alleged that its mining claims in Compostela Valley overlap with that of North Davao Mining. The case is still pending with the Mines and Geosciences Bureau's regional arbitration panel. Several local and foreign mining groups have reportedly signified their interest in North Davao Mining. But market observers doubt the mining firm's salability given the legal issues concerning its Compostela mining claims. Meanwhile, Crew Gold is preparing Apex's facilities for production early this year. The Canadian firm had mobilized three drill rigs to initially conduct 9,000 meters of resource- definition drilling in more than 10 sites and will be substantially adding more drill rigs this month. Apex operates gold mines in Masara and Teresa in Compostela Valley in southeastern Mindanao. CONTACT: Apex Mining Company Inc. 6/F Manila Bank Building 6772 Ayala Avenue, Makati City 1226 Telephone: 810-0882; 892-6504 Fax: 810-0887 COLLEGE ASSURANCE: Exec's Likely Appointment at SEC Sparks Doubt ---------------------------------------------------------------- The assistant corporate secretary of College Assurance Plans (Philippines) Inc. (CAP) has been tapped to become new commissioner of the Securities and Exchange Commission, according to BusinessWorld. Romela Bengzon is likely to replace Joselia Poblador, who stepped down recently. The possible appointment has raised concerns since Ms. Bengzon is one of the respondents in a case filed by the regulator against CAP. The SEC and CAP had been in continuing discussions since 2002 on how to solve the long-standing issue on the pre- need firm's trust fund deficiency assessed by the regulator. CAP did not comment on Ms. Bengzon's possible appointment. 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 LAFAYETTE MINING: Anti-mining Moves Gather Momentum --------------------------------------------------- Tension at Lafayette Mining Limited's Philippine subsidiary is heating up as the Catholic Church joins the call for the closure of the mining facility in Rapu-rapu, Albay, Asia Pulse reports. The clergy is aware of the woes brought about by the miner to the lives of families that derive their income mainly from fishing grounds that have been contaminated with toxic chemicals spilled by Lafayette, Sorsogon Bishop Arturo Bastes said. The fishing industry in the area surrounding Rapu-rapu suffered a severe blow from the series of mine tailings spillage at the mining site October last year. Reports from the Bureau of Fisheries and Aquatic Resources (BFAR) also revealed high mercury contaminations in the seawaters, making the fishes in the area unfit for human consumption. On confirmation of the cyanide spillage, the Department of Environment and Natural Resources (DENR) imposed a Php10.7 million fine (US$202,728) on Lafayette for violations of the Clean Water Act of 2004, the Toxic Substances and Hazardous and Nuclear Waste Control Act of 1990 and the Philippine Mining Act of 1995. The DENR also ordered the suspension of Lafayette's gold processing operations until it is able to institute corrective measures on its mining waste disposal. Civic group Alliance of Sorsogon Fishermen threatened to hold a series of mass actions to press for the closure of Lafayette in their area. CONTACT: Lafayette Mining Limited Suite 1, Level 5 189 Flinders Lane Melbourne Australia VIC 3000 Telephone: +61 (0)3 9654 6044 Facsimile: +61 (0)3 9654 6010 E-mail: info@lafayettemining.com Web site: http://www.lafayettemining.com NATIONAL POWER: Holds Last-minute Talks with Meralco ---------------------------------------------------- The National Power Corporation (Napocor) and the Manila Electric Company (Meralco) held last-minute talks yesterday to resolve issues in a power supply deal before today's contract signing, BusinessWorld reports. Meralco has to meet with Napocor several times before it can commit to the transition supply contract. State-owned Napocor has long been wooing the distribution utility to ink the contract in order for its privatization program to take off. A transition supply agreement is mandated under the Electric Power Industry Reform Act (EPIRA) while the government sells Napocor's generating assets. This will ensure the incoming private investor will have ready market upon takeover of the assets. The two firm's bilateral power supply contract ended on Dec. 31, 2004. But on Jan. 4, 2005, the Energy Regulatory Commission (ERC) mandated the two firms to continue talks pending the consummation of a transition supply contract to avoid power outages in Meralco's franchise area. The deal, which will take effect five days after the signing, would be terminated upon the commercial operations of the wholesale electricity spot market (WESM). Thirty days before the deal is terminated however, Napocor and Meralco should already be able to resolve provisions under a longer deal via a bilateral contract. Bilateral contracts, based on EPIRA, will provide consumers with steady supply of power upon market deregulation. 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 PHILIPPINE AIRLINES: Urged to Reconsider Riyadh Flights Halt ------------------------------------------------------------ A Philippine senator has requested Philippine Airlines (PAL) to reconsider its decision to discontinue flights to Riyadh, Saudi Arabia starting March 2, relates The Philippine Daily Inquirer. Senate Minority Floor Leader Aquilino Pimentel Jr. believes PAL's decision to stop servicing the Manila-Riyadh route was a "big letdown" to millions of overseas Filipino workers (OFWs) in the region. Last week, the national flag carrier announced that the three- times-a-week flights to Riyadh had not been profitable for the past several years due to cutthroat competition from at least six airlines from the different Arab Gulf states. Six Middle Eastern national carriers already operate a total of 43 flights weekly between Manila, Cebu, and nine points in the region. In addition, five East Asian carriers serve the Gulf market from the Philippines with 33 flights weekly via their hubs. CONTACT: Philippine Airlines Mabuhay Miles Service Center Ground Floor, Philippine Airlines Center Legazpi Street, Legaspi Village Makati City 0750, Philippines Phone: Manila (632) 817-8000 USA/CANADA 1-800-747-1959 Fax: (632) 818-4921 ; 893-6884 E-mail: mabuhaymiles@pal.com.ph Web site: www.philippineairlines.com WELLEX INDUSTRIES: Installs New Officers ---------------------------------------- At the annual meeting of the stockholders of Wellex Industries, Inc. held on January 19, 2006, stockholders took up and acted upon the following: 1. The stockholders elected the members of the Board of Directors to serve for the term 2005-2006. Those elected regular members of the Board were: a. Mr. Rogelio D. Garcia b. Ms. Elvira A. Ting c. Mr. William T. Gatchalian d. Mr. Kenneth T. Gatchalian e. Mr. Weslie T. Gatchalian f. Atty. Lamberto Mercado, Jr. g. Mr. Abelardo G. Palad - Independent Director h. Mr. Byoung H. Suh i. Dr. Rafael Sison - Independent Director j. Mr. Roberto Borja - Independent Director k. Atty. Arthur R. Ponsaran 2. The stockholders designated Diaz Murillo Dalupan & Company as the Corporation's external auditors. At the meeting of the Board held immediately after the Stockholders' meeting, the newly elected Directors elected the following Corporate Officers: a) Chairman - Mr. Rogelio Garcia b) President - Ms. Elvira A. Ting d) Treasurer - Mr. Weslie T. Gatchalian e) Corp. Secretary and Corporate Information Officer - Atty. Ma. Julieta C. Santos f) Compliance Officer - Atty. Lamberto Mercado, Jr. Audit Committee Members: 1. Dr. Rafael Sison 2. Mr. Roberto Borja 3. Mr. Kenneth T. Gatchalian Nominations Committee Members: 1. Mr. Rogelio D. Garcia 2. Atty. Arthur R. Ponsaran 3. Dr. Rafael Sison Compensation Committee Members: 1. Ms. Elvira A. Ting 2. Atty. Lamberto Mercado, Jr. 3. Mr. Abelardo G. Palad CONTACT: Wellex Industries Inc. 22/F, Citibank Tower 8741 Paseo de Roxas, Makati City 1200 Phone No/s: 848-0851 local 114 Fax No/s: 848-0532 e-mail Address: info@ccplaw.com.ph ================= S I N G A P O R E ================= ACCORD CUSTOMER: Former Employees Fined for Cheating ---------------------------------------------------- Two former managers of mobile phone services firm Accord Customer Care Solutions Limited were fined up to SGD10,000 for cheating mobile phone giant Nokia, Channel NewsAsia reports. Leo Rong Wen and Teo Yew Chee pled guilty to falsifying phone repair claims. They were charged with conspiracy to cheat Finnish mobile phone firm Nokia by billing them improperly of SGD4.3 million in phone repair bills. Twelve former ACCS executives were allegedly involved in the chaeting scam. Of the twelve, Mr. Leo and Mr. Teo are the first to be charged. An ongoing case agaist former ACCS Chief Financial Officer Yip Hwai Chong was adjourned to February 13, 2006. Mr. Yip is charged with 98 counts of aggravated ceating and fraud against Nokia, and is currently negotiating with the Attorney General to reduce his charges. Five ex-managers of ACCS were in court on January 18, 2006 to face the charges against them, while ex-CEO Victor Tan will stand trial for his role in the cheating scandal in May 2006. 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 INFORMATICS HOLDINGS: Details Use of Rights Issue Proceeds ---------------------------------------------------------- Informatics Holdings made use of approximately SGD4.87 million from the proceeds of a renounceable non-underwritten rights issue as follows: To repay unsecured interest free personal loan from Tan Sri - SGD2.761 million To repay balance of principal and interest of Berjaya Loan - SGD1.98 million To pay part of the professional fees incurred for the Rights Issue - SGD133,000 To view the Company's statement on the rights issue, go to: http://bankrupt.com/misc/tcrap_informatics011906.pdf CONTACT: Informatics Holdings Limited Informatics Campus 12 Science Centre Road Singapore 609080 Phone: 65 6562 5625 Fax: 65 6565 1371 Web site: http://www.informaticsgroup.com INTEGRATED TECHNIQUE: Creditors Convene to Discuss Affairs ---------------------------------------------------------- Creditors of Integrated Technique Pte Limited will hold a meeting on January 27, 2006, at 10:00 a.m., to get an account of the Company's assets and liabilities, and to appoint an Inspection Committee if deemed necessary. Don M. Ho FCPA Liquidator C/o Don Ho & Associates Certified Public Accountants Corporate Advisory & Recoveries 20 Cecil Street #12-02 & 03 Equity Plaza Singapore 049705 Phone: 6532 0320 (8 lines) Fax: 6532 0331 Note: Creditors must lodge a proof of debt at the Liquidator's office within 48 hours before the meeting begins, to be entitlted to vote at the meeting. =============== T H A I L A N D =============== NFC FERTILIZER: Amendments to Memorandum, Objectives Approved ------------------------------------------------------------- On January 18, 2006, the Extraordinary Shareholders Meeting of NFC Fertilizer Public Co. Ltd. approved these: (1) The addition of the new clauses 26-28 of Particulars of Objectives and the amendment of clause 3 of the Memorandum of Association as follows: Clause 26: To engage locally and internationally in the business of providing services, agent, consultancy and advisory services and procuring agents for the business of transportation of goods, passengers and others, logistics and distribution of goods, door to door cargo shipping services, and using a network of intermodal carriers for shipment and distribution of cargoes in all manner of communications, such as by boat, road, ocean and air. Clause 27: To engage in the business of providing services, lease or sub-lease and for warehousing and cross-dock facilities and access to the same. Clause 28: To engage in the business of selling, providing services and lease of all kinds of containers and other specialized equipment for cargo holding. The amendment of Clause 3 of the Memorandum of Association in order to be consistent with the addition of the Company's Particulars of Objectives as follows: Clause 3: The Company's objectives contain 28 clauses. This agenda item must obtain approval by not less than three quarters of the total number of votes of shareholders attending the meeting and having the right to vote. Resolved: The shareholders with a vote of 1,790,925,180 or 73.10 percent of the total number of votes of shareholders attending the meeting and having the right to vote, which is less than three quarters of the total number of votes of shareholders attending the meeting and having the right to vote, resolved to approve the addition of the new clauses 26-28 of Particulars of Objectives and the amendment of clause 3 of the Memorandum of Association. There were 658,951,510 votes or 26.90 percent of the total number of votes of shareholders attending the meeting and having the right to vote that objected to this agenda and 121,130 votes or 0 percent of the total number of votes of shareholders attending the meeting and having the right to vote that abstained from exercising voting rights on this agenda item. Therefore, the Company is unable to add the particulars of objectives and amend Clause 3 of the Memorandum of Association. (2) An extension of recovery period for maintaining the Company as a listed company to the Stock Exchange of Thailand (SET). This agenda item must obtain approval by majority votes of the total number of votes of shareholders attending the meeting and having the right to vote. Resolved: The shareholders with a majority vote of 1,359,442,860 or 55.49 percent of the total number of votes of shareholders attending the meeting and having the right to vote, resolved to approve the decline of the waiver for applying for an extension of recovery period for maintaining the Company as a listed company to the Stock Exchange of Thailand (SET). There were 1,090,463,980 votes or 44.51 percent of the total number of votes of shareholders attending the meeting and having the right to vote that objected to this agenda and 500 votes or 0% of the total number of votes of shareholders attending the meeting and having the right to vote that abstained from exercising voting rights on the item. Therefore, the Company shall not apply for an extension of recovery period for maintaining the Company as a listed company to the Stock Exchange of Thailand (SET). CONTACT: NFC Fertilizer Pcl Laopengnguan Bldg 1, Floor 17-19, 333 Vibhavadi Rangsit Road, Chatu Chak, Bangkok Telephone: 0-2618-8100 Fax: 0-2618-8200 Web site: http://www.nfc.co.th PICNIC CORPORATION: Directors Decrease World Gas' Capital --------------------------------------------------------- The Board of Directors of Picnic Corporation Public Co. Ltd. resolved to decrease paid-up share capital of World Gas (Thailand) Co. Ltd., in which Picnic Corporation holds a 99.99% stake. The paid up share capital prior to the paid-up share capital at acquisition date has these details: Ordinary paid-up share capital: THB710 million Converse debt to Equity: THB600 million Existing paid-up share capital: THB1,310 million Resolved to decrease paid-up share capital amounting: THB510 million Par value: THB100, in order to write-off retained losses in accordance to agreement with a bank, which it will decrease Picnic's financial burden because WGT will be able to raise debt by itself. The Company still holds 99.99 percent stake in World Gas (Thailand) Co. Ltd. The decreasing paid-up share capital details are: Existing paid-up share Capital: THB1,310 million Decrease paid-up share Capital: THB(510) million Paid-Up share Capital: THB800 million after Decreasing The number of common shares decreased 5,100,000 shares from 13,100,000 shares to 8,000,000 shares. CONTACT: Picnic Corporation Public Company Limited 805 Srinakarin Road, Suan Luang Bangkok Telephone: 0-2721-3600-59 Fax: 0-2721-3571 Web site: http://www.picniccorp.com THAI AIRWAYS: Picks New Audit Committee, Independent Directors -------------------------------------------------------------- The Board of Directors of Thai Airways International Public Company Limited made these appointments during its meeting on January 18, 2006: (1) Audit Committee Members: -- Pichai Chunhavajira -- Pachara Yutidhammadamrong -- Vudhibhandhu Vichairatana -- Police General Nopadol Somboonsub Advisor: -- Kesaree Narongdej (2) Independent Directors Members -- ACM. Chalit Pukbhasuk -- Tirachai Vutithum -- Police General Nopadol Somboonsub -- Vudhibhandhu Vichairatana -- Pachara Yutidhammadamrong CONTACT: Thai Airways International Public Co., Ltd. (TG) 89 Viphavadi-Rangsit Road Ladyao Chatuchak Bangkok 10900 Thailand Telephone: 662-5451000 Fax: 662-5122173 * 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 (-8.43) 28.86 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, Erica Fernando and Freya Natasha Fernandez, Editors. Copyright 2006. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***