/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/060203.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, February 3, 2006, Vol. 9, No. 025 Headlines A U S T R A L I A BEGLEY INSTALLATIONS: Creditors Agree to Wind Up Firm CHAMPION CHEMTECH: Decides to Close Business COVINGTON REMOVALS: Enters Voluntary Liquidation DJ CARPENTRY: To Hold Final Meeting Feb. 10 EVANS & TATE: Still Seeking Good Offer for Griffith Winery EZRA BOUTIQUE: Winds Up Operations FARIDA INVESTMENTS: Members Pass Winding Up Resolution GRAHAM ESTATES: Placed Under Voluntary Liquidation HAM INTERNATIONAL: To Declare Dividend to Creditors HENRY WALKER: Asset Sale Completed HORTONS PTY: Inability to Pay Debts Prompts Wind-up KAYATEX PTY: Liquidator to Present Company Report MODELLA PTY: Prepares to Close Shop MULTIPLEX: To Review Operations NATIONAL AUSTRALIA: Offers New Remuneration Package PETAL & SPROCKET: Peter James Hedge Named as Liquidator PRESTON TIMBER: Members Opt for Voluntary Liquidation R & P SEALANTS: To Distribute Final Dividend SANTOS LIMITED: Appoints Diplomat to New Position SANTOS LIMITED: Gas Pipeline Project is Done Deal, PNG Says SIMPLY INSURANCE: B Rating Remains on S&P CreditWatch TELSTRA CORPORATION: To Reveal Restructure Progress TELSTRA CORPORATION: Set to Finalize Network Nine Deal TELSTRA CORPORATION: Inks 3-year Deal with Broadcast Services T.H.E.O. PTY: Liquidator to Distribute Company Assets TOTAL HEALTH: Members & Creditors Meet to Discuss Wind-up TRH COLE: Shuts Down Business VILLAGE LIFE: Bourse Suspends Shares Pending AIFRS Report WESTPOINT GROUP: Creditors Fail Attempt to Oust Administrators WHITESIDE AUTOMATICS: Prepares to Pay Dividend YUNGFONG PTY: Liquidator to Explain Wind-up Manner ZIEMAN, PARKER & GRAHAM: Members Decide to Liquidate C H I N A & H O N G K O N G AWS TOMAX: Court to Hear Wind-Up Petition on March 1 BANK OF CHINA: To Install Intelligent Deposit ATMS DYNATRADE INTERNATIONAL: Creditors to Meet on Feb. 6 EAST CREATION: Creditors Must Submit Proof of Claims EDA HOLDINGS: Issues Final Dividend HAVERSON LIMITED: Shareholders Favor Liquidation JOINREX DEVELOPMENTS: Final Meeting Fixed on Feb. 28 KAI HWA: Creditors and Contributories to Meet on Feb. 20 WANCHAI BIERKELLER: Members, Creditors Meeting Fixed Feb. 24 I N D I A ASHNOOR TEXTILE: To Delist Securities and Cut Equity Shares M.H. MILLS: Creditors and Shareholders OK Scheme of Arrangement PHAARMASIA LIMITED: Court Approves Scheme of Arrangement WOPOLIN PLASTICS: Closure Leaves 600 Jobless I N D O N E S I A AVON INDONESIA: Shuts Down Operations for Good GARUDA INDONESIA: Cancels Direct Flights to Jogjakarta J A P A N FUJITSU LIMITED: Posts Profit in Third Quarter FY05 JAPAN AIRLINES: Retains Australia Services LIVEDOOR COMPANY: Stock Price Reaches First-Time Low MITSUBISHI MOTORS: New Model Release Leads to Rising Car Sales SANYO ELECTRIC: Stands by Full-year Loss Forecast SEIYU LIMITED: Expects Higher Loss than Previous Forecast VICTOR COMPANY: To Pull the Plug at Yokohama Factory K O R E A LG CARD: Merrill to Join Race for Stake M A L A Y S I A CHG INDUSTRIES: Default Status Still Unchanged FEDERAL FURNITURE: Still Working on Restructuring Draft JIN LIN: Public Shareholding Reaches 95.1% OMEGA HOLDINGS: Shareholders Approve AGM Resolutions PARK MAY: Unveils Public Shareholding Spread POLY GLASS: In Talks with Auditors over Qualifications WEMBLEY INDUSTRIES: Seeks More Time to Fulfill DRA Conditions P H I L I P P I N E S APEX MINING: Government Approves Masahara Agreement EXPORT AND INDUSTRY: Eyes Bank Buy After Php3-Bln Infusion LEPANTO CONSOLIDATED: Trades Additional Common Shares MANILA ELECTRIC: Supreme Court Rejects Bid to Hike Charge NATIONAL POWER: PSALM's IPARP Draws 30 Potential Investors VICTORIAS MILLING: Manulife Withdraws Opposition to Rehab Plan * Watchdog Fixes Eyes on Pre-need Firms S I N G A P O R E EVERGREAT CONSTRUCTION: Placed Under Judicial Management PE INTERNATIONAL: Court to Hear Winding Up Petition Feb. 10 RMCA HOLDINGS: Creditors' Claims Due Feb. 27 WEE POH: Issues Shares as Payment for Professional Services T H A I L A N D SIAM AGRO-INDUSTRY: Repurchases Assets from Kasikornbank THAI AIRWAYS: To Restructure Fuel Surcharge Rates THAI DURABLE: Uses Private Placement Proceeds to Repay Debts THAI PETROCHEMICAL: Court Defers Rehab Exit Hearing * Large Companies With Insolvent Balance Sheets - - - - - - - - ================= A U S T R A L I A ================= BEGLEY INSTALLATIONS: Creditors Agree to Wind Up Firm ----------------------------------------------------- The creditors of Begley Installations Pty Limited convened on January 9, 2006, and concurred that the Company should wind up its operations voluntarily. In addition, the creditors appointed Daniel I. Cvitanovic, of Daniel I. Cvitanovic Chartered Accountant, as liquidator. CHAMPION CHEMTECH: Decides to Close Business -------------------------------------------- On January 6, 2006, the sole member of Champion Chemtech Australia decided that a wind-up of the Company is in its best interests. Subsequently, Jack Robert James and Brian Keith McMaster, of KordaMentha, were appointed to supervise the liquidation. COVINGTON REMOVALS: Enters Voluntary Liquidation ------------------------------------------------ At a general meeting of Covington Removals Pty Limited on January 9, 2006, it was agreed that the Company will wind up voluntarily. As a result, Kim David Holbrook, of Holbrook & Associates Chartered Accountants, was appointed as the official liquidator. DJ CARPENTRY: To Hold Final Meeting Feb. 10 ------------------------------------------- A final meeting of the members and creditors of DJ Carpentry Services Pty Limited will be held for the parties to receive the liquidator's final account showing how the Company was wound up and how its property was disposed of. The meeting will be held on February 10, 2006, at 2:30 p.m. EVANS & TATE: Still Seeking Good Offer for Griffith Winery ---------------------------------------------------------- As previously reported in the Troubled Company Reporter - Asia Pacific, Evans & Tate intends to sell its winery in Griffith, New South Wales, indicating that the sale proceeds would be used for general working capital purposes. Evans & Tate recently admitted that it is still struggling to get a decent offer for the Griffith Winery. The Company reported two weeks ago that it would extend its "working capital facility" with the ANZ Bank by AU$12 million after delays in the planned Griffith Sale. The Sydney Morning Herald relates that Evans & Tate's new chief executive officer, Martin Johnson, is still confident that the Company can ride out the troubles plaguing the Australian industry, despite having a difficult time getting its desired price for the Griffith Winery. Evans & Tate originally wanted up to AU$14 million, but has indicated its willingness to sell the winery at its AU$10 million book value. Mr. Johnson says that Evans & Tate had received 19 expressions of interest in the winery, but that they have been rejected "out of hand because they have clearly been looking for a fire sale." Certain wine industry sources, according to the Sydney Herald, said that Evans & Tate would be lucky to get AU$6 million for the Griffith business. Mr. Johnson discloses, however, that in the last few weeks, Evans & Tate had more attractive offers on the property without mentioning how much. The Company has a total debt of about $120 million. About Evans & Tate Headquartered in Wembley, Western Australia, Evans & Tate -- http://www.etw.com.au/-- is an Australian company listed on the Australian Stock Exchange. It was established in 1968 by Western Australian wine industry visionary, John Tate. Over the ensuing years, the Evans & Tate Wine Group became one of Western Australia's most respected and successful wine companies. Since 1994 John Tate's son, Franklin, has led the Company and has overseen a period of strong growth through market penetration, brand development and investment in wineries, vineyards and distribution businesses. The primary businesses of the Evans & Tate Wine Group are the production of a number of branded wines in Australia the marketing and distribution of owned and agency brands in Australia, North America and the United Kingdom, the production and distribution of branded, exclusive labeled and unbranded wines, contract winemaking, wine trading, viticultural services and wine tourism through its Visitor Centers in Margaret River (Western Australia), the Yarra Valley (Victoria), Griffith (New South Wales) and Mildura (Victoria). EZRA BOUTIQUE: Winds Up Operations ---------------------------------- Members of Ezra Boutique Pty Limited convened on January 9, 2006, to agree on the liquidation of the Company's operations. In addition, Paul Vartelas, of B. K. Taylor & Co., was appointed as liquidator to supervise Ezra Boutique's wind-up activities. FARIDA INVESTMENTS: Members Pass Winding Up Resolution ------------------------------------------------------ Members of Farida Investments Pty Limited held a meeting on January 10, 2006, and agreed to close the Company's business. The members named Anthony Robert Cant, of Romanis Cant Chartered Accountants, as liquidator to oversee the wind-up operations. GRAHAM ESTATES: Placed Under Voluntary Liquidation -------------------------------------------------- On January 11, 2006, members of Graham Estates Pty Limited agreed that a voluntary wind-up of the Company is necessary and in its best interests. As a result, Bruce William Spaul, of Munro Spaul, was appointed as official liquidator. HAM INTERNATIONAL: To Declare Dividend to Creditors --------------------------------------------------- Ham International Pty Limited will declare a first and final dividend to its priority creditors on February 9, 2006. Creditors who are not able to prove their claims will be excluded from the benefit of the dividend. HENRY WALKER: Asset Sale Completed ---------------------------------- The administrators of Henry Walker Eltin Group Limited reports that the sale of the Company's Australian and New Zealand contract mining business, HWE Mining, to Leighton Contractors Pty Limited has been completed. Administrator Scott Kershaw, of McGrathNicol and Partners, says that "[t]he sale of the contract mining business represents the last significant asset divestment in the administration and follows on from the sale of the international mining assets, Bridge Autos Pty Limited, the Northern Territory Civil Engineering Business and Simon Engineering." According to Mr. Kershaw, the sale of HWE Mining is a great outcome for its 1,800 employees and will deliver a pleasing result for creditors. Under the terms of the Sale Agreement, HWE Mining was sold to Leighton for consideration, which includes: -- a cash payment to HWE of AU$211 million; -- replacement of bank guaranteed performance bonds associated with HWE Mining; and -- assumption of certain obligations of HWE Mining (excluding trade creditors) including under finance leases, hire purchase, operating lease and hire agreements and employee provisions. A further payment of AU$4 million will be received when the sale of HWE's 50% joint venture share in Pilbara-based indigenous contracting company, Ngarda Civil and Mining, completes in the near future. The next stage in the administration will be to reconvene the second creditor's meetings for the companies that remain in voluntary administration. The meetings are set for early March 2006. At those meetings, creditors will be asked to vote on a Deed of Company Arrangement. Once the futures of the companies are determined, the Administrators will commence the process of adjudicating on creditors claims with a view to calculating and paying dividends as soon as practically possible. The Administrators will continue to provide further updates on developments in relation to the Administration as and when they occur. Headquartered in North Ryde, New South Wales, Henry Walker Eltin Group Limited -- http://www.hwe.com.au/-- is principally engaged in the contracting of operations in surface and underground mining; minerals processing and handling; civil, electrical, mechanical and process engineering; maintenance services; waste and wastewater treatment infrastructure; waste management; site remediation and rehabilitation; motor vehicle retailing; and land development. The contracting operations are conducted in Australia and New Zealand, South East Asia, the Americas and Africa. The motor vehicle retailing and service activities are conducted in Australia and South East Asia. The other activities are conducted exclusively in Australia. HORTONS PTY: Inability to Pay Debts Prompts Wind-up --------------------------------------------------- Hortons (Australia) Pty Limited determined on January 10, 2006, that due to its inability to pay its debts, a voluntary wind-up of its business operations is appropriate and necessary. KAYATEX PTY: Liquidator to Present Company Report ------------------------------------------------- A final meeting of the members and creditors of Kayatex Pty Limited will be held on February 10, 2006, at 3:00 p.m. At the meeting, liquidator M. F. Cooper of Frasers Insolvency Agency 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. MODELLA PTY: Prepares to Close Shop ----------------------------------- Members of Modella Pty Limited convened on January 5, 2006, to commence its wind-up operations. Subsequently, the members named Michael Edward Slaven of Rangott Slaven Hundy to administer the wind-up activities. MULTIPLEX: To Review Operations ------------------------------- Multiplex Group's new chief finance director, Bob McKinnon, is working on a major review of the Company's operations, The Sydney Morning Herald reports. Meanwhile, despite the concerns on the Wembley National Stadium Project, the price of Multiplex's securities continued to rally Wednesday, closing up AU$.01 to $3.28 on light volume. Mr. McKinnon joined Multiplex in November, only a month before the construction and funds management group released two profit downgrades due to its troubled Wembley Stadium redevelopment project in London. About Multiplex Headquartered at Miller's Point, in New South Wales, Australia, Multiplex Group -- http://www.multiplex.biz/-- is a fully diversified property business that derives its revenue from property funds management, construction, property development, and facilities management. The Group employs over 2,000 people across these four divisions and has established operations and offices throughout Australia, New Zealand, the United Kingdom and the Middle East. In December 2003, after 41 years as a private company, Multiplex Limited listed on the Australian Stock Exchange as apart of the Multiplex Group, raising a total of AU$1.2 billion. Multiplex Group was formed by combining the various businesses of Multiplex Limited and the newly established portfolio of investments held by Multiplex Property Trust, which created a truly diversified and integrated property business. NATIONAL AUSTRALIA: Offers New Remuneration Package --------------------------------------------------- Under a new enterprise agreement, National Australia Bank Ltd's employees will receive: -- a pay rise of up to 4% a year, -- a new shares scheme, and -- a 10% superannuation. The three-year agreement, according to The Age, came after six months of negotiations with the Finance Sector Union. The New Agreement now has to be voted on by bank employees. NAB's executive general manager for people and culture, Elizabeth Hunter, said that the new agreement contained family- friendly and work-life balance initiatives. Moreover, the New Agreement provides that from March 2007, maternity leave is extended from six weeks to 12 weeks with an option to take 24 weeks at half pay. Employees will also have the option to take two to four weeks in addition to annual leave, and the option to take half long service leave at double pay or double long service at half pay. Under the shares scheme, NAB employees will receive up to 4% of their salary in shares with a 12-month restricted period from the date of allocation. The long-term incentives, such as share allocations, ensure that the staff has a stake in the Bank's performance, The Age relates, citing Ms. Hunter. Staff members will also be able to average their salary over 52 weeks while taking additional time away from work. The FSU believes that there are certain benefits for NAB employees in the New Agreement. The New Agreement covers all employees, including those formerly covered by separate agreements. Headquartered at Melbourne, in Victoria, Australia, National Australia Bank Ltd. -- http://www.national.com.au/-- offers a wide range of financial services, including: personal banking, business banking, corporate banking, agribusiness, wealth management, transactional solutions, custody services asset finance and leasing financial planning. The bank's Australian Division is focused on delivering financial solutions to help customers achieve their financial goals. As at September 30, 2004, the bank in Australia had 34 integrated financial service centers, 219 business banking centers, 108 agribusiness locations, 787 branches and over 3,000 Australia Post Giro Post outlets. At that time, the Australian Division had 24,567 employees. PETAL & SPROCKET: Peter James Hedge Named as Liquidator ------------------------------------------------------- At a general meeting of the members of Petal & Sprocket Pty Limited on January 6, 2006, a resolution to voluntarily wind up the Company's business was passed. Peter James Hedge was nominated as liquidator for that purpose. PRESTON TIMBER: Members Opt for Voluntary Liquidation ----------------------------------------------------- Members of Preston Timber Co. Pty Limited held a meeting on January 5, 2006, and agreed on the Company's need to liquidate. They named Christopher Gordon Hardie Higham of Abbot's Pty Limited to supervise the Company's wind-up activities. R & P SEALANTS: To Distribute Final Dividend -------------------------------------------- R & P Sealants Pty Limited will declare its second and final dividend on February 9, 2006. Creditors who are not able to prove their claims will be excluded from the benefit of the dividend. SANTOS LIMITED: Appoints Diplomat to New Position ------------------------------------------------- Santos Limited has hired senior career diplomat Christian Bennett as group executive for the Company's Government Strategy and Media Affairs department. In this newly created government and media relations position, Mr. Bennett will be responsible for managing Santos' relations with government and non-governmental organizations, indigenous groups and the media in the national and international arena as the Company builds its global oil and gas exploration and production interests and activities. Mr. Bennett has worked with the Department of Foreign Affairs and Trade for 14 years, most recently as the Australian High Commissioner to Brunei Darussalam. Santos Managing Director John Ellice-Flint believes that Mr. Bennett's skills and experience will be invaluable as the Company continues to expand its business both domestically and internationally. About Santos Limited Headquartered in Adelaide, South Australia, Santos Limited -- http://www.santos.com.au/-- is a major Australian oil and gas exploration and production company with interests and operations in every major Australian petroleum province and in the United States, Indonesia, Papua New Guinea, Kyrgyzstan and Egypt. Santos is one of Australia's largest gas producers, supplying sales gas to all mainland Australian states and territories, ethane to Sydney, and oil and liquids to domestic and international customers. In Australia, Santos has one of the largest exploration portfolios by area of any company and has assembled a large, well-situated acreage position in Indonesia and the United States. The company is also pursuing new venture opportunities in North Africa, the Middle East, Central and South East Asia. At year end 2005, Santos had a market capitalization of approximately AU$7.5 billion, making it one of Australia's Top 50 companies. SANTOS LIMITED: Gas Pipeline Project is Done Deal, PNG Says ----------------------------------------------------------- Papua New Guinea's Energy Minister said that Santos Limited had committed to becoming a part-owner and gas consumer of the AU$6 billion PNG gas pipeline project, The Advertiser says. Santos, however, refused to confirm or deny the report. PNG Deputy Prime Minister and Energy Minister Sir Moi Avei told The Advertiser that the deal with Santos had been finalized and is waiting to be endorsed by the Company's board of directors. Meanwhile, Santos' spokeswoman, Kathryn Mitchell, only stated that the Company had made no secret about its negotiations with the project's participants. Yet, she said, Santos' announcement would be through the Australian Stock Exchange. According to The Advertiser, the PNG Project, which would include a 3,000-km pipeline from the PNG highlands to Australia, is likely to be approved later this year. About Santos Limited Headquartered in Adelaide, South Australia, Santos Limited -- http://www.santos.com.au/-- is a major Australian oil and gas exploration and production company with interests and operations in every major Australian petroleum province and in the United States, Indonesia, Papua New Guinea, Kyrgyzstan and Egypt. Santos is one of Australia's largest gas producers, supplying sales gas to all mainland Australian states and territories, ethane to Sydney, and oil and liquids to domestic and international customers. In Australia, Santos has one of the largest exploration portfolios by area of any company and has assembled a large, well-situated acreage position in Indonesia and the United States. The company is also pursuing new venture opportunities in North Africa, the Middle East, Central and South East Asia. At year end 2005, Santos had a market capitalization of approximately AU$7.5 billion, making it one of Australia's Top 50 companies. SIMPLY INSURANCE: B Rating Remains on S&P CreditWatch ----------------------------------------------------- Standard & Poor's Ratings Services said that its 'B' insurer financial strength rating on Simply Insurance New Zealand Limited remains on CreditWatch with positive implications. At the same time, Standard & Poor's has withdrawn its 'BB-' counterparty credit rating on New Zealand finance company Pacific Retail Finance Ltd. The rating on PRF is withdrawn at the request of the company, as global financial institution GE Finance and Insurance has received clearance to acquire PRF's business and assets. The requisite regulatory and shareholder approvals for acquisition have been granted, and the acquisition is effective Jan. 31, 2006. All outstanding debenture stock of PRF is expected to be repaid from the proceeds of the sale. Sufficient funds will be placed into a trust to repay all of PRF's outstanding debentures on or before Feb. 14, 2006. PRF has also ceased issuing new debentures under its debenture stock offer program. Under GEFI ownership, Simply Insurance will likely benefit from its parent's stronger business and financial profile. On a stand-alone basis, however, Standard & Poor's expects that the New Zealand insurer's business profile, at this stage, will support a level of earnings consistent with its 'B' category rating. The CreditWatch with positive implications indicates that the rating on Simply Insurance could increase. The degree of potential rating uplift in Simply Insurance's rating will depend on Standard & Poor's assessment of management plans, how the business and financial profile will change under GEFI ownership, and the degree of integration with, and support from, the new parent. TELSTRA CORPORATION: To Reveal Restructure Progress --------------------------------------------------- Telstra Corporation is scheduled to report its half-year results next week. According to The Age, the report will give Telstra shareholders their first look at the Company's progress since undergoing a major restructure. The Company hopes to give shareholders an indication of developments since its strategic review in November last year, The Age says, citing Telstra Chief Financial Officer John Stanhope. Telstra had stated in its November report that it would slash as many as 12,000 jobs over the next five years as it embarks on a major restructure designed to cut costs and boost revenues. The Company also warned that earnings would continue to fall in 2005 and 2006, and at a faster rate than previously expected, with earnings before interest and tax falling by as much as 25% to 30%, including redundancy costs. Headquartered in Melbourne, Victoria, Australia, Telstra Corporation -- http://www.telstra.com.au/-- is an Australian telecommunications and information services company. Telstra offers a full range of services and compete in all telecommunications markets throughout Australia, providing more than 10.3 million Australian fixed line and more than 6.5 million mobile services. Telstra's international business includes Hong Kong CSL Limited, TelstraClear Limited, and Reach Ltd. TELSTRA CORPORATION: Set to Finalize Network Nine Deal ------------------------------------------------------ Telstra Corporation and Network Nine are expected to finalize their online and mobile content deal with the Melbourne 2006 Commonwealth Games in a few weeks, The Sydney Morning Herald reports. According to The Sydney Herald, Network Nine's coverage of the Commonwealth Games will be streamed live to BigPond broadband customers and up to six mobile phone TV "channels" launched on Telstra's 3G network. The move pits Telstra and Nine against sister company Foxtel, which is launching a line-up of dedicated television channels and its own electronic program guide for the event. The Games will start on March 15, 2006. Telstra confirmed that it would offer coverage to BigPond broadband and 3G customers but would not elaborate on the proposed content. Telstra, which is also the official telecommunications sponsor for the Games, is expected to market its content offer to the public later this February. Headquartered in Melbourne, Victoria, Australia, Telstra Corporation -- http://www.telstra.com.au/-- is an Australian telecommunications and information services company. Telstra offers a full range of services and compete in all telecommunications markets throughout Australia, providing more than 10.3 million Australian fixed line and more than 6.5 million mobile services. Telstra's international business includes Hong Kong CSL Limited, TelstraClear Limited, and Reach Ltd. TELSTRA CORPORATION: Inks 3-year Deal with Broadcast Services ------------------------------------------------------------- Broadcast Services Australia Limited has secured new business with Telstra Corporation for the provision of Specialist Contracting Services within Sydney, Canberra and Brisbane. The three-year agreement will add substantial revenue to the significant business BSA currently undertakes for Telstra. Under the new contract, the range of Specialist Contracting Services -- which are related to the construction and maintenance of Telstra's Network -- will include civil works, cable hauling, cable jointing, and various copper and fiber activities. BSA'S managing director Mark Foley said, "This contract further broadens BSA's capabilities and strengthens our relationship with Telstra. Having recently won a number of smaller contracts, this is the second major Telstra win against strong competition, firmly establishing us as a significant participant in technical contracting services. "Telstra demands exacting technical standards and high quality service delivery from its contractors. BSA recently achieved ISO certification and this, combined with the expansion of our training development program, reaffirms our long-term approach to the market and our commitment and investment to provide the best services for all our customers," Mr. Foley said. The new Telstra contact enables BSA to leverage its existing model and systems. As a registered training organization, BSA has developed its traineeship program specifically to create jobs and career path for young people, while growing its contractor base to support these new services. To date over 200 technicians have attended BSA Advanced Learning courses and the 2006 traineeships commence in February. Headquartered in Melbourne, Australia, Telstra Corporation Limited -- http://www.telstra.com.au/-- is Australia's number one telecommunications carrier. This former monopoly provides traditional fixed-line phone services to more than 10 million residential and small business lines. Telstra also has more than 8 million mobile phone customers and it is the country's leading ISP, BigPond. Dancing in the international stage, Telstra has teamed up with PCCW to form a pan-Asian Internet protocol backbone network, REACH. The company may spin off or sell its Sensis directory services unit. The Australian government plans to sell its 50.1% stake in Telstra, valued at about $20 billion. The sale could be one of the world's largest. T.H.E.O. PTY: Liquidator to Distribute Company Assets ----------------------------------------------------- After their meeting on January 10, 2006, the members of T.H.E.O. Pty Limited agreed to close the Company's business operations and distribute the proceeds of its assets. Subsequently, Nicholas Craig Malanos of Star Dean-Willcocks was appointed as liquidator. TOTAL HEALTH: Members & Creditors Meet to Discuss Wind-up --------------------------------------------------------- The members and creditors of Total Health Screening Pty Limited will convene on February 10, 2006, at 11:00 a.m., to receive the liquidator's account regarding the Company's completed wind-up and disposal of property. W. J. Hamilton, of Hamiltons Chartered Accountants, is the Company's liquidator. TRH COLE: Shuts Down Business ----------------------------- At a general meeting of TRH Cole Pty Limited on January 10, 2006, members resolved to voluntarily liquidate the Company. Gregory J. Parker of Parker Insolvency was appointed as liquidator to oversee TRH Cole's wind-up activities. VILLAGE LIFE: Bourse Suspends Shares Pending AIFRS Report --------------------------------------------------------- The securities of Village Life was suspended from official quotation in the Australian Stock Exchange on February 1, 2006, pending the quantification of the Company's financial results for the half-year ending December 31, 2005, as a result of the introduction of the Australian version of the International Financial Reporting Standards. During the course of deliberations of the Company's directors, a number of issues have arisen which may have a material effect on the financial results of the Company from the half-year. Final decisions on those matters are likely to take some time, which means that the Company's auditor is unlikely to be in a position to provide his audit review opinion for up to two weeks. The Company expects the suspension to last until February 15, 2006. Headquartered in Milton, Queensland, Australia, Village Life -- http://www.villagelife.com.au/-- is one of Australia's largest providers of rental accommodation for seniors, providing residents with a safe, affordable and comfortable community lifestyle; and investors with a unique and secure investment for life. WESTPOINT GROUP: Creditors Fail Attempt to Oust Administrators -------------------------------------------------------------- At a meeting of Westpoint Corporation's creditors, administrators Ian Francis and Michael Ryan, of Taylor Woodings, faced ousting demands after a poll indicated that a majority of creditors wanted them replaced by rival insolvency accountants Simon Read and Jeff Herbert, The West Australian relates. According to the paper, the replacement move did not push through after Messrs. Francis and Ryan voted for themselves, using proxies obtained from companies controlled by Norm Carey. The Carey Companies claimed to be owed tens of millions of dollars by Westpoint, which sat at the center of Mr. Carey's empire until it was put into administration and receivership last week. Messrs. Francis and Ryan refused to let WestBusiness into the Creditors Meeting. However, it is understood that the push to remove them was supported by Westpoint receivers from rival insolvency group KordaMentha. Mr. Francis told creditors that Westpoint had realizable assets estimated at AU$21 million, but it faced guarantee claims of about AU$250 million from its mezzanine schemes. It also owed about AU$3.2 million to employees, including about AU$1.6 million in unpaid superannuation entitlements. WHITESIDE AUTOMATICS: Prepares to Pay Dividend ---------------------------------------------- Whiteside Automatics will declare its first and final dividend to priority creditors on February 9, 2006. Creditors who are not able to prove their debts will be excluded from the benefit of the dividend. YUNGFONG PTY: Liquidator to Explain Wind-up Manner -------------------------------------------------- The final meeting of the members and creditors of Yungfong Pty Limited is slated for February 10, 2006, at 10:00 a.m., for them to get an account of the manner of the Company's wind-up and property disposal from liquidator Michael Kah, of Partlett, Chave & Rowland - Baulkham Hills. ZIEMAN, PARKER & GRAHAM: Members Decide to Liquidate ---------------------------------------------------- On January 11, 2006, the members of Zieman, Parker & Graham Pty Limited concurred that a wind-up of the Company's operations is appropriate and necessary. Bruce William Spaul, of Munro Spaul, was named liquidator for that purpose. ============================== C H I N A & H O N G K O N G ============================== AWS TOMAX: Court to Hear Wind-Up Petition on March 1 ---------------------------------------------------- Lee Chi Yan presented a petition for the winding up of AWS Tomax Shipping Company Limited on January 4, 2006. The Petition will be heard before the High Court of Hong Kong Special Administrative Region on March 1, 2006, at 9:30 a.m. Creditors or contributories of the Company 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 February 28, 2006, to: Betty Chan Director of Legal Aid 34/F, Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong BANK OF CHINA: To Install Intelligent Deposit ATMS -------------------------------------------------- Bank of China signed an agreement with NCR Corporation to install and maintain Personas M Series 76 Automated Teller Machines with Intelligent Deposit Capability, ATM Marketplace reports. ATM Marketplace says the agreement reflects the significant market potential for ATMS in China, which may be the largest in the world, according to a study by Retail Banking Research. The deal also indicates Bank of China's readiness to move ahead in its deposit-automation strategy by offering self-service transactions. CONTACT: Bank of China 1 Fuxingmen Nei Dajie Beijing, 100818, China Phone: +86-10-6659-6688 Fax: +86-10-6601-4024 Web site: http://www.bank-of-china.com DYNATRADE INTERNATIONAL: Creditors to Meet on Feb. 6 ---------------------------------------------------- A meeting of the creditors of Dynatrade International Limited will be held at 10:00 a.m. on February 6, 2006, at: Joint Professional Centre, Meeting Room B, Unit 1, G/F., The Centre, 99 Queen's Road, Central, Hong Kong. At the meeting, creditors will appoint the Company's liquidators. Proxies who will vote on behalf of creditors must be lodged no later than February 5, 2006, at the meeting location. EAST CREATION: Creditors Must Submit Proof of Claims ---------------------------------------------------- Creditors of East Creation Limited are required to submit a proof of claim by March 6, 2006, to: Sze Sau Wan Liquidator Rm 602, 447 Lockhart Road Hong Kong Creditors who fail to formally prove their claims will be excluded from any distribution. EDA HOLDINGS: Issues Final Dividend ----------------------------------- Kenneth Kok Oon Tan & Dermot Agnew, as liquidators of Eda Holdings Limited, will distribute a final dividend of 0.0973% on February 3, 2006, at 22nd Floor, Wing On Centre, 111 Connaught Road, in Central, Hong Kong HAVERSON LIMITED: Shareholders Favor Liquidation ------------------------------------------------ After a meeting on January 20, 2006, the shareholders of Haverson Limited resolved to voluntarily wind up the Company's operations. Subsequently, Puen Wing Fai and Lo Yeuk Ki, Alice was appointed as liquidators. JOINREX DEVELOPMENTS: Final Meeting Fixed on Feb. 28 ---------------------------------------------------- The final meeting of the members of Joinrex Developments Limited will be held on February 2006, at 11:00 a.m., at the 5th Floor, Wai Fung Plaza, 664 Nathan Road, Mongkok, in Kowloon, Hong Kong, Joinrex's liquidator, Wong Pui Hong, says that the books, accounts and documents of the Company will be destroyed three months after the Company is dissolved. KAI HWA: Creditors and Contributories to Meet on Feb. 20 -------------------------------------------------------- The meetings of creditors and contributories of Kai Hwa Bio Lan Limited will be held on February 20, 2006, at 10:00 a.m. and 10:30 a.m., respectively, at the Official Receiver's Office, on the 15 Floor, Hang Seng Building, 77 Des Voeux Road, in Central, Hong Kong. WANCHAI BIERKELLER: Members, Creditors Meeting Fixed Feb. 24 ------------------------------------------------------------ The final meeting of the members of Wanchai Bierkeller Limited will be held on February 24, 2006, at 3:00 p.m., at the office of Baker Tilly Hong Kong, Unit 1203-13, China Merchants Tower, Shun Tak Centre, 168-200 Connaught Road, in Central, Hong Kong. The creditors' meeting will follow at 3:30 p.m. A contributory or creditor entitled to attend at the meeting may be represented by any proxy. Forms of proxies for both meetings must be lodged not later than February 15, 2006, at the meeting location. ========= I N D I A ========= ASHNOOR TEXTILE: To Delist Securities and Cut Equity Shares ----------------------------------------------------------- Members of Ashnoor Textile Mills Ltd will hold an extraordinary general meeting on February 23, 2006, to carry out: -- the delisting of the Company's equity shares from the Stock Exchanges at Delhi, Ludhiana, Ahmedabad and Jaipur; -- the 30% reduction of equity shares of the Company's existing equity share capital; -- the offer and issue for cash of up to 35,00,000 equity shares at INR10 per share totaling INR3,50,00,000 to Suneel Gupta, the promoter Group of the Company; and -- the addition of new articles such as Article 22A (Dematerlization / Rematerialisation of Securities), Article 190A (Passing of Resolution by Postal Ballot), and Article 62A (Nomination by shareholders) in the Articles of Association of the Company. Headquartered in New Delhi, India, Ashnoor Textile is engaged in the manufacture, distribution and export of silk and wool carpets. M.H. MILLS: Creditors and Shareholders OK Scheme of Arrangement ---------------------------------------------------------------- As directed by the Honorable High Court of Gujarat, M.H. Mills & Industries Limited conveyed various meetings of its secured creditors and equity shareholders. In their respective meetings, the Company's secured creditors and equity shareholders approved the Scheme of Arrangement to demerge and transfer the Company's packaging division to MH Packaging India Ltd. They also agreed to compromise with the Company's various classes of creditors, as well as restructure the Company's capital. M.H. Mills will file a restructuring petition in the Honorable High Court of Gujarat within short period. Headquartered in Gujarat, India, 114-year-old M.H. Mills & Industries Limited is one of the first in India to shift to polyester fiber in 1978. The Company had taken refuge under the Bombay Relief Undertakings Act for from 1999 to 2001 and is still combating with a nine-member consortium of lenders led by ICICI for renegotiating its INR65-crore debt package. It is now fighting a rear-guard action to stay afloat by opting for a makeover and emerge as a new generation enterprise. PHAARMASIA LIMITED: Court Approves Scheme of Arrangement -------------------------------------------------------- The Honorable High Court of Andhra Pradesh has approved the Scheme of Arrangement for the restructure and reorganization of Phaarmasia Limited's capital structure under Sections 391 and 394 of the Companies Act, 1956. Headquartered in Hyderabad, India, Phaarmasia Limited -- http://www.phaarmasia.com/prof3.htm/-- is one of India's premier pharmaceutical contract manufacturing & marketing companies, following strict Good Manufacturing Practices guidelines. Phaarmasia's facilities are spread over in three acres of land with built up area of 90,000 sq.ft. It is a diversified, multi-locational, multi-product group which has been promoted by professionals who have been associated with the pharmaceutical industry in India for the last 40 years. WOPOLIN PLASTICS: Closure Leaves 600 Jobless -------------------------------------------- Huge losses, low productivity and poor liquidity have forced Wopolin Plastics to lock out around 600 workers on January 29, 2006, Business Standard reveals. Angry workers accused the management of unfair practice, saying the management shut down the Company without saying how it will settle unpaid dues to workers. The workers claim they have not received two months' worth of salary. Wopolin's management told Business Standard that on January 12, it had warned the union about its plan to shut down. In fact, work had been suspended about three months ago, but workers continued to report for work. The Board for Industrial and Financial Reconstruction had declared Wopolin Plastics insolvent in 1999 after suffering hefty losses following illegal strikes by workers in 1997-98 and 1998-99. The Company said it lost its customers in the strike period and losses eroded its net worth. The Company also stated that piling losses, increased wastage and lack of financial support from banks and financing institutions left the Company with no liquid assets at its disposal. Wopolin Plastics, formerly Bajaj Plastics, was one of the largest plastic woven sacks companies in India. It was established at the Maharashtra Industrial Development Corporation, Hingna industrial estate in 1972. ================= I N D O N E S I A ================= AVON INDONESIA: Shuts Down Operations for Good ---------------------------------------------- PT Avon Indonesia will close its operations and shut down its factory in South Jakarta next month due to continuing losses in the past years, The Jakarta Post says. The Company's New-York based parent released a statement saying that the pullout was part of its restructuring process, as an extensive study revealed that it would require a huge investment for Avon Indonesia to realize its full market potential and become profitable. Thus, Avon shareholders decided at a meeting to halt operations in Indonesia. The Post, citing Avon Southeast Asia Vice President Perry Mogar, reports that due to Avon Indonesia's persistent losses, its New- York parent is not ready at this time to inject an additional investment into the Company. In relation to the decision to close its operations, Avon Indonesia's plant in South Jakarta will be shut down, resulting in a layoff of 600 workers. No details were provided on the cause of the Company's losses, or whether Avon products would continue to be sold in Indonesia despite the closure. CONTACT: P.T. Avon Indonesia Building #208, Cilandak Commercial Estate Jakarta 12560 Indonesia Phone: 62-21-780-1200 Fax: 62-21-780-1712 GARUDA INDONESIA: Cancels Direct Flights to Jogjakarta ------------------------------------------------------ PT Garuda Indonesia cancelled its thrice-weekly direct flights from Kuala Lumpur, Malaysia, to Jogjakarta, Indonesia, and has replaced them with daily flights to Jogjakarta via Singapore, Business Times reports. According to the paper, Garuda Indonesia Malaysia head Ryanto A. Winarso said that the airline started plying the new routes on Jan. 12, 2006. In Garuda's study of passenger traffic from Kuala Lumpur to Jogjakarta, there were promising results, but limited aircraft led the Company to combine flights of Kuala Lumpur and Singapore to fly to Jogjakarta daily. The Company plans to attract Malaysians to visit Jogjakarta, by promoting the city as a tourist destination, in order to increase the number of passengers, Business Times relates. Headquartered in Jakarta, Indonesia, government-owned airline PT Garuda Indonesia -- http://www.garuda-indonesia.com-- was born in exile: some of its first flights broke blockades during Indonesia's battle for independence from the Dutch. The airline now has a fleet of about 77 aircraft offering service to some 27 domestic and 33 international destinations. Under its Citilink brand it serves another 10 domestic routes. Garuda also ships about 200,000 tons of cargo a month and operates a computerized tracking system. The airline has been restructuring and plans to spin off four business units, including Citilink. 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 ========= J A P A N ========= FUJITSU LIMITED: Posts Profit in Third Quarter FY05 --------------------------------------------------- Fujitsu Limited has returned to profit in the third quarter of 2005 with a JPY3.4 billion net income, as against a JPY9.6 billion net loss in 2004, Today Online News says. Fujitsu Chief Financial Officer Masamichi Ogura said that increased IT spending by foreign firms and rising IT demand from local finance and telecom firms led to the turnaround, with sales of its flat panel business contributing significantly to its earnings. Earlier cost cuts also led to profitability for the Company, Today Online says, as the ratio of sales, general and administrative costs to sales went down, the report says. A full-text copy of the Company's press release can be viewed for free at: http://www.japancorp.net/Article.Asp?Art_ID=11791 Headquartered in Minato-ku, Tokyo, Fujitsu Limited -- http://www.fujitsu.com/global/-- is a provider of information technology and communications solutions for the global marketplace. Pace-setting device technologies, computing and communications products, and a worldwide corps of systems and services experts uniquely position the Company to deliver solutions that open up possibilities for its customers' success. Included in the Dow Jones Sustainability Indexes and FTSE4Good Index Series, Fujitsu is recognized as an IT industry leader in sustainability and corporate responsibility. CONTACT: Fujitsu Limited Shiodome City Center 1-5-2 Higashi-Shimbashi Minato-ku, Tokyo Japan, 105-7123 Phone: +81 (0) 3-6252-2176 Fax: +81 (0) 3-6252-2783 JAPAN AIRLINES: Retains Australia Services ------------------------------------------ Japan Airlines has committed to retain services in Australia following a meeting with Federal Tourism Minister Fran Bailey, e-Travel Blackboard says. During a meeting in Tokyo, JAL Group CEO & President Toshiyuki Shinmachi reassured Minister Bailey that the Osaka-Brisbane- Sydney flights will be retained in 2006. To sustain the long-term viability of the flight, the senior management of JAL and Tourism Australia will establish a new working group to boost tourism demand. "After strong lobbying on behalf of the Australian tourism industry, the President of JAL reassured me that JAL will not suspend the Osaka flights. This is great news for the Australian tourism industry as we move to reinvigorate the Japanese market," Minister Bailey told e-Travel. "I will be seeking commitments from Tourism Queensland and Tourism NSW to work closely with Tourism Australia to boost interest from potential Japanese tourists in 2006. By boosting demand, we can demonstrate to JAL the long term viability of this air route," Minister Bailey added. The Australian Tourism needed reassurance from JAL after media reports that JAL may suspend Australia's east coast flight from Osaka. Headquartered in Tokyo, Japan, Japan Airlines Corporation (formerly Japan Airlines System Corporation) -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. Combined, the airlines serve more than 170 cities in some 30 countries and operate more than 270 mostly jet aircraft. Both carriers continue to operate separately as Japan Airlines International and Japan Airlines Domestic, though they are combined in a single brand as JAL/Japan Airlines. LIVEDOOR COMPANY: Stock Price Reaches First-Time Low ---------------------------------------------------- The stock price of Livedoor Co. sunk below JPY100 for the first time on Wednesday, Japan Today relates. The stock was priced at JPY700 prior to the uncovering of its involvement in accounting fraud scandal. Livedoor closed at JPY94 down JPY13 on the Tokyo Stock Exchange's Mothers market, after briefly dropping to JPY93. Livedoor's market value decreased to JPY98.6 billion from JPY730 billion on January 16. Headquartered in Tokyo, Japan, Livedoor Co. Ltd. -- http://corp.livedoor.com/en/-- is expanding into many sectors, including out portal site "livedoor", financial business, corporate web solution, data center and IP telephony business. Livedoor's line of business encompasses everything related to the Internet. MITSUBISHI MOTORS: New Model Release Leads to Rising Car Sales -------------------------------------------------------------- Mitsubishi Motor Corporation's release of new models in Japan led to a 3.1% increase in minicar sales nationwide, Bloomberg News reports. According to the Japan Mini Vehicle Association, consumers are attracted to minicars, which are more fuel-efficient than standard-size vehicles. When Mitsubishi Motors released its "i" minicar, sales increased by 18%, or 10,215 units. Mitsubishi Motors has the dubious distinction of being the only money-losing Japanese carmaker. Plagued by quality problems and cover-ups, the Company has hit some serious financial potholes. For a time it got some big-name help when DaimlerChrysler acquired a 34% stake in the Company. However, its German counterpart grew tired of pouring money in and getting nothing in return, and its stake dropped to about 12%. DaimlerChrysler sold its stake to Goldman Sachs late in 2005 (Goldman Sachs then sold the stake to other investors). Part of the Mitsubishi Group of companies (Mitsubishi Heavy Industries owns a 15% stake), Mitsubishi Motors manufactures passenger cars including the Eclipse and the new Raider pickup. CONTACT: Mitsubishi Motors Corporation 2-16-4 Konan, Minato-ku Tokyo 108-8410, Japan Phone: +81-3-6719-2111 Fax: +81-3-6719-0059 SANYO ELECTRIC: Stands by Full-year Loss Forecast ------------------------------------------------- Sanyo Electric Co. still forecasts a full-year loss despite swinging back to profit in the last quarter of 2005, Automotive News reveals. In the October to December period, Sanyo's group net profit came to $52.9 million (JPY6.22 billion), compared to a loss of JPY17.62 billion a year earlier. The earthquake that hit a chip factory in Japan affected the Company's earnings. Sanyo stood by its forecast for a group net loss of $1.99 billion (JPY233 billion) in the full year to March as it pays for restructuring and writes down the value of assets. Last year, Sanyo embarked on a sweeping restructuring and: -- vowed to cut 15% of its group work force; -- closed factories; -- lessened debts; and -- streamlined unprofitable business areas such as home appliances and semiconductors. Since it needs fresh cash, Sanyo plans to issue $2.56 billion (JPY300 billion) worth of convertible preferred shares to Goldman Sachs Group Inc., Daiwa Securities SMBC and Sumitomo Mitsui Banking Corp in a deal that will lead to significant dilution of share value and give the three investors majority control of its board. A full-text copy of its Financial Results is available for free at: http://bankrupt.com/misc/SanyoElectricCo3Qresults.pdf Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. -- http://www.sanyo.co.jp/koho/-- has principal activities carried out through six divisions: -- Audio-visual and Information: manufactures digital cameras, cellular phones, LCD projectors, televisions, video recorders and information systems. -- Home appliances: manufactures washing machines, vacuum cleaners, microwave ovens, refrigerators and compressors. Commercial -- Machinery: manufactures commercial air conditioners, vending machines, commercial kitchen equipment and heat pump air conditioners. -- Electronic Devices: produces electronic components for personal computers, cellular phones and semiconductors. -- Batteries division: produces nickel metal hybrid batteries for personal computers, lithium-ion batteries for cellular phones and nickel-cadmium batteries for power tools. Audio-visual Information and communications equipment accounted for 38% of fiscal 2002 revenues; Electronic devices, 18%; Home appliances, 13%; Batteries, 13%; Industrial & commercial equipment, 11% and others, 7%. SEIYU LIMITED: Expects Higher Loss than Previous Forecast --------------------------------------------------------- Seiyu Limited is expecting a bigger net loss for 2005 than previously forecasted due to promotional spending, Reuters News says. The Company said that it was expecting to garner a JPY17.8 billion loss, which is much higher than an earlier predicted JPY13.5 billion loss, and is according to a consensus estimate of four analysts Reuters surveyed. According to Seiyu, same-store sales went down 2.1% in 2005; it was able to improve sales and increase customer traffic through promitions, but the action ate up the Company's margins. This is the third time Seiyu increased its forecasted loss for 2005; the Company has been suffering losses for the past three years. Headquartered in Tokyo, Japan, Seiyu Limited operates a chain of retail stores selling apparel, general merchandise, food and other services. CONTACT: Seiyu Limited Office 1-1, Higashi-Ikebukuro 3-chome Toshima-ku, Tokyo, Japan 170-6071 Web site: http://www.seiyu.co.jp/english/index.shtml VICTOR COMPANY: To Pull the Plug at Yokohama Factory ---------------------------------------------------- Victor Co. of Japan Ltd. plans to shut down at the end of February its factory in Yokohama that produces video camera and rear-projection television parts, reveals Japan Today. Victor told Japan today that the Tsurugamine plant operations will be merged with that of the Yamato factory as well as in Kanagawa Prefecture. Around 80 of the 130 workers at the Tsurugamine plant will be transferred to the Yamato factory, while remaining workers will be given early retirement program or will be moved to other plants. Headquartered in Yokohama, Japan, Victor Company of Japan Limited -- http://www.jvc-victor.co.jp-- manufactures audio- video equipment and products with the digital and networking products such as digital cam corders and D-VHS as the core competencies and visual software. Operations are carried out through the following sectors: Consumers' products: TVs, Stereo, Car Audio, CD radio cassettes,DVD players. Industrial products: Karaoke Systems; Electronic devices: video heads, motors, display parts; Soft media: Compact discs, Video discs, music and visual software; Others: interior furniture. Consumers' products accounted for 67% of fiscal 2002 revenues; soft media, 19%; industrial products, 8%; electronic devices, 5% and others, 1%. ========= K O R E A ========= LG CARD: Merrill to Join Race for Stake --------------------------------------- Merrill Lynch wants to join the bid for LG Card Co. Ltd. to penetrate Asia's fourth biggest economy's growing private consumption, Reuters said. "There is interest (from Merrill Lynch) in bidding for LG Card," the source told Reuters by telephone, declining to be identified. But there was no indication whether Merrill Lynch will bid alone or via a consortium with South Korean financial services firm such as Shinhan Financial Group or Woori Financial Group, the source added. Merrill declined to comment. JP Morgan the lead manager for the sale has been conducting due diligence on LG Card since January, along with legal and accounting advisers. Headquartered in Seoul, South Korea, LG Card -- http://www.lgcard.com-- is a leading credit card player and unsecured consumer lender with over 11 million card members and an approximate 20% share of the Korean credit card market. Credit card penetration, transaction volumes and credit balances have grown dramatically in Korea since 1998 due to government policy encouraging the use of credit cards as a means of payment, deregulation of consumer lending and the introduction of unsecured consumer loan products more convenient than those provided by the banks. LG Card's principal products are credit card based which account for over 80% of total risk assets. =============== M A L A Y S I A =============== CHG INDUSTRIES: Default Status Still Unchanged ---------------------------------------------- CHG Industries Berhad's default status under Practice Note 1/2001 as of March 25, 2005, remains unchanged. Headquartered in Selangor Darul Ehsan Malaysia, CHG Industries Berhad -- http://www.chg.com.my-- is engaged in manufacturing and selling of plywood and other veneer products. Other activities includes log extraction and trading in logs and timber products, manufacturing of office chairs and seating products, kiln-drying and letting of warehouses, property investment holding and investment holding. Operations are carried out mainly in Malaysia. Plywood and other veneer products accounted for 92% of 2001 revs; forestry and timber log trading, 5%; furniture, 3% and other, nominal. FEDERAL FURNITURE: Still Working on Restructuring Draft ------------------------------------------------------- With only six more months prior to submitting its Restructuring Plan to authorities for approval, Furniture Holdings Berhad admitted it has not yet finalized its Regularization Plan. Headquartered in Selangor Darul Ehsan Malaysia Federal Furniture Holdings Bhd -- http://www.federal-furniture.com/-- is a listed company on the Kuala Lumpur Stock Exchange and is Malaysia's premier furniture and interior design group. It consists of companies in all the main sectors of the furniture-related industries, from manufacturing, marketing, exporting, contract furnishing and interior design to retail. JIN LIN: Public Shareholding Reaches 95.1% ------------------------------------------ The Board of Directors of Jin Lin Wood Industries Berhad reported that the level of its public shareholding spread as of December 31, 2005 has hit 95.1%. The number of public shareholders holding not less than 100 shares is now at 5,216. The Company was found to have complied with the public shareholding spread requirement pursuant to Paragraph 8.15(1) of the Listing Requirements of Bursa Securities. Jin Lin Wood Industries Berhad's principal activities are manufacturing and trading of timber and related timber products. Other activities include warehousing, chemical treatment and investment holding. The Group operates in Malaysia. OMEGA HOLDINGS: Shareholders Approve AGM Resolutions ---------------------------------------------------- At the Sixteenth Annual General Meeting of Omega Holdings Berhad on January 19, 2006, the Company's shareholders have approved all the resolutions set out in the Notice of the AGM on December 28, 2005. A copy of the Notice of the 16th AGM is available for free at: http://bankrupt.com/misc/OmegaHoldingsAGMNotice.doc Headquartered in Selangor Darul Ehsan, Malaysia, Omega Holdings Berhad -- http://www.bbva.es/-- is engaged investment holding and provides management services. The Group is currently dormant and is undergoing restructuring. PARK MAY: Unveils Public Shareholding Spread -------------------------------------------- As of December 31, 2005, the public shareholding of Park May Berhad has reached 50.63%, with some 2,818 public shareholders holding not less than 100 shares each. Headquartered in Kuala Lumpur, Malaysia, Park May Berhad -- http://www.parkmayberhad.com-- provides public bus transportation in Peninsular Malaysia, which is categorized into stage bus and express bus. Other activities include operation and construction of light rail transit system, trading and property holding, and investment holding and managing operation. POLY GLASS: In Talks with Auditors over Qualifications ------------------------------------------------------ Poly Glass Fibre Bhd is holding discussions with its auditors KPMG on ways to meet the auditors' qualifications, which are stated in the Company's financial statements for the financial year ended February 28, 2005. Headquartered in Penang, Malaysia, Poly Glass Fibre (Malaysia) Bhd. -- http://www.polyglass.com.my/-- is a leading manufacturer and marketer of premium-quality fiber glass wool building insulation, HVAC insulation, and other specialty products for thermal and acoustic insulation for commercial, industrial, and residential applications. WEMBLEY INDUSTRIES: Seeks More Time to Fulfill DRA Conditions ------------------------------------------------------------- The Board of Directors of Wembley Industries Holdings Berhad advised that there have been no changes to the status of default in payments of interest and principal sums to its creditors. In compliance with Paragraph 3s.2 of PN1/2001, the Company reported it is in the process of taking steps to secure an extension of the cut-off date to fulfill the conditions stipulated in the Debt Restructuring Agreement and thereafter to implement the restructuring plan. The Company's Board of Directors will make available to Bursa Malaysia Securities Berhad any updates on the restructuring of the DRA. Headquartered in Sarawak Malaysia, Wembley Industries Holdings Berhad is a developer of commercial properties and investment holding. Other activities are the development of the inter- state bus and taxi terminal, the retail podium and the budget hotel. ===================== P H I L I P P I N E S ===================== APEX MINING: Government Approves Masahara Agreement --------------------------------------------------- The National Government has approved a mineral production sharing agreement with Apex Mining Company for the development of the Masahara gold project in the southern part of the country, The Philippine Daily Inquirer reveals. According to The Inquirer, the Company informed the Philippine Stock Exchange that a second contract was still pending government approval. The Company, however, did not provide details. Apex Mining is majority owned by United Kingdom-based Crew Gold Corp. It owns the Masara gold mine in Compostela Valley on the island of Mindanao. The Company's principal product is gold. APX is a corporation that is principally engaged in the business of mining gold, silver, copper, lead and other precious metals. The company was initially involved in copper mining and shifted to gold mining in the late 70s when copper prices started to plummet. After almost a decade of largely profitable operations, Apex shut down in March 1991 due to adverse conditions brought about by an illegal strike of its workforce. As peaceful and stable conditions were restored, Apex restored to a Mines Operating Agreement with a foreign-backed outfit. In December 26, 1994, the company entered into a MOA with Base Metals Mineral Resources Corporation. The agreement gave BMMRC the sole and exclusive right to explore, develop, mine and operate the Masara-Gold-Lead-Zinc-Silver Project situated in the province of Davao del Norte for a period of seven years with an option for renewal for another seven years upon mutual agreement of the parties. In the hope of getting back on track, the company launched "Project 200" by the last quarter of 1997. This is to resume operations in the Masara mines using the company's own resources. The new system marked the use of "Corpo" or "Balbag" system, a viable alternative in the area of work relationships wherein the owner and the mines exist in a partner and industrial partner relationship. Operations were suspended on March 16, 2000 up to the present. However, a mine rehabilitation program was implemented starting July 2000 to re-access the measured ore blocks located at level 850 and level 930. There is a pending negotiation for a joint venture with Argonuat Mining Co., Inc. of 3780 Kilroy Airport Way, Suite 200 Long Beach, California. The transaction is being delayed by the current peace and order situation in Mindanao. EXPORT AND INDUSTRY: Eyes Bank Buy After Php3-Bln Infusion ---------------------------------------------------------- Export and Industry Bank is considering buying a commercial or a thrift bank after it received a Php3-billion fresh cash injection from its 40% shareholder, the Lippo Group of Hong Kong, BusinessWorld reports. According to the report, Exportbank has been looking at acquiring a bank in the past two years but has not pursued the plan seriously. Now with the recent cash infusion, Exportbank has the resources to finance its proposal. It is still unclear, however, how much the bank is willing to dole out for the acquisition. Aside from the Php3-billion infusion from the Lippo Group, Exportbank also forged an agreement with the state-controlled Philippine Deposit Insurance Corporation to unload Php10-billion worth of bad assets, which the bank had inherited from the defunct Urban Bank group. Under the deal, state insurer PDIC will buy the bad assets at a 70% discount, in effect paying Php3 billion for the Php10 billion in bad assets. Because of the discounted rate, PDIC also agreed to provide income support by way of a Php7-billion soft loan for 10 years, to be secured by government securities. Headquartered in Makati City, Manila, Exportbank -- http://exportbank.com.ph/-- has 50 branches and has revived former Urban Bank unit under new names. Its principal activity is the provision of commercial banking services such as deposit- taking, loans and trade finance, domestic and foreign fund transfers, treasury, foreign exchange and trust services. It operates through its business segments. Branch Banking handles individual customers' deposits and provides consumer type loans, overdrafts and funds transfer facilities. Account Management Group handles loans and other credit facilities and deposit and current accounts for corporate, institutional and retail customers. Treasury and Financial Institutions provides money market, trading and treasury services, as well as the management of the Group's funding operations by use of treasury bills, government securities, placements and acceptances with other banks and forward contracts, through treasury and wholesale banking. Real Estate represents the Group's real estate business engaged in building and development of properties. LEPANTO CONSOLIDATED: Trades Additional Common Shares ----------------------------------------------------- On November 3, 2005, Lepanto Consolidated Mining Company issued a Circular for Brokers No. 4864-2005 pertaining to the listing of the Company's 4,264,671,951 common shares, divided into 2,558,803,769 Class "A" shares and 1,705,868,182 Class "B" shares, with a par value of Php0.10 per share. These shares will cover the Company's 1:5 pre-emptive rights offering to all stockholders of record as of September 21, 2005 at an offer price of Php0.20 per share. In its letters dated January 31, 2006 and February 1, 2006, the Company advised that further to the 4,263,206,263 fully paid shares, an additional 624,391 shares were fully paid and broken down into: Class "A" shares 548,459 Class "B" shares 75,932 Total 624,391 This brings the number of fully paid shares to a total of 4,263,830,654 common shares and the number of partially paid shares to 841,297 common shares. In view thereof, the additional fully paid 624,391 common shares may be traded starting today, February 3, 2006. The designated stock transfer agent is authorized to record and register in its books the additional fully paid 624,391 shares. The transfer agent shall be authorized to record and register the remaining 841,297 partially paid shares only upon full payment of the same by the concerned subscribers. Lepanto Consolidated Mining Company -- http://www.lepantomining.com/-- was incorporated primarily to be involved in exploration and mining of gold, silver, copper, lead, zinc and all kinds of ores, metals, minerals, oil, gas and coal and their related by-products. The Company was incorporated in 1936 and until 1997 was operating an enargite copper mine. It shifted to gold bullion production in the same year through its Victoria Project. Lepanto operated a copper flotation plant from August 2000 to December 2001, when copper operations were suspended due to the presence of excessive penalty elements in the mill feed and copper concentrate. Lepanto sells its gold bullion production to London's Johnson Matthey. Lepanto is one of the oldest mining companies in the Philippines. It is one of the country's top producers of gold and its by-products, copper and silver. The Company also has investments in other areas through its subsidiaries such as: hauling business, diamond drilling business, insurance business, manufacturing of industrial diamond tools for mining exploration, marble cutting and the construction industry. MANILA ELECTRIC: Supreme Court Rejects Bid to Hike Charge --------------------------------------------------------- The Manila Electric Company was not allowed by the Supreme Court to raise its generation charge, The Philippine Daily Inquirer says. On January 31, 2006, the Supreme Court nullified Energy Regulatory Commission's June 2, 2004, order, which permits Meralco to increase its charge. According to The Inquirer, the ERC has earlier allowed Meralco to hike its generation charge from Php3.1886 per kilowatt-hour to Php3.3213 per KWh. Headquartered in Ortigas, Pasig City, the Manila Electric Company -- http://www.meralco.com.ph/-- is the biggest among the electric distribution utilities in the country. The principal business of the issuer is the distribution and sale of electric energy through its distribution network facilities in its franchise area. Meralco has diversified into businesses directly related to its core business of electric distribution. The Company has investments on companies involved in engineering, construction, consultancy with expertise in the fields of power generation, transmission and distribution, telecommunications and industrial installations. Through its other investments, it is also involved in information technology and property development. NATIONAL POWER: PSALM's IPARP Draws 30 Potential Investors ---------------------------------------------------------- At least 30 local and foreign investors have signified their interest on National Power Corporation's generating assets, and are keen on joining the investor preliminary asset review process conducted by the Power Sector Assets and Liabilities Management Corporation, The Philippine Star reports. IPARP will enable potential bidders to draw a better assessment of their targeted power plants through site visits and access to plant information in the PSALM data room, the paper says. PSALM's vice president for Asset Management and Electricity Trading Group, Froilan A. Tampinco, confirmed the agency has received 13 and 17 expressions of interests from local and foreign firms, respectively. Six of the foreign investors come from Japan, five from the United States, five from Asia and two from Europe. PSALM launched the IPARP program in March last year, according to The Star. Since then, the agency reported a total of 23 plant site visits. To participate in the IPARP, interested investors are required to submit a written expression of interest and execute a confidentiality agreement and undertaking. Headquartered in Quezon City, Philippines, National Power Corporation -- http://www.napocor.gov.ph-- is a state-owned utility that builds and operates nuclear, hydroelectric, thermal, and alternative power-generating facilities. It works with independent producers under a build-operate-transfer program. Its transmission network has a line length of nearly 13,000 circuit miles. With a generating capacity of more than 11,500 MW, Napocor sells electricity to distributors and industrial companies. To comply with the privatization bill approved by the Philippine Congress, the Company has begun selling off its generation assets. It has also separated its transmission operations into a new subsidiary. VICTORIAS MILLING: Manulife Withdraws Opposition to Rehab Plan -------------------------------------------------------------- The Securities and Exchange Commission has issued a Manifestation on Case No. 07-97-5693 pertaining to Victorias Milling Company Incorporated's Petition for Declaration of a State of Suspension of Payments, for the approval of the Company's Rehabilitation Plan, and the appointment of a management committee. The SEC notice disclosed that: "On January 27, the VMC President received a letter from Villanueva Gabionza & De Santos Law firm, the Corporation's External Counsel handling the Corporation's rehabilitation case before the SEC, informing it that their law firm has received a copy of the Manifestation dated January 9, 2006 filed by the counsel of Manufacturers Life Insurance Company before the Securities and Exchange Commission, withdrawing any and all oppositions it had as regards to the successful implementation of VMC's Rehabilitation Plan and manifested that, without prejudice to whatever formalities may be required, it accedes to VMC's rehabilitation plan". A full-text copy of the report is available for free at: http://bankrupt.com/misc/tcrap_victoriasmilling020206.pdf Victorias Milling Company Inc. -- http://www.victoriasmilling.com/-- was organized in 1919 and is engaged in the business of acquiring, constructing, maintaining and operating sugar mills, as well as other related business activities. It is the largest sugar mill operator in the Philippines and one of the largest in the Southeast Asian region. Through the years, the company has expanded its operations to include a foundry, a machine shop, a fabrication shop, a food canning company, an organic fertilizer plant and a piggery. However, the company has incurred significant losses from operations, which adversely affected its financial condition and cash flow position. On July 4, 1997, the company filed an application with the Securities and Exchange Commission (SEC) for suspension of payments to creditors. On July 8, 1997, the SEC issued a stay order restraining all creditors of the company or any of its subsidiaries from enforcing their claims to allow the company or any of its subsidiaries to continue to their normal business operations. The SEC also ordered the formation of a Management Committee to oversee the company's operations and rehabilitation. * Watchdog Fixes Eyes on Pre-need Firms --------------------------------------- The Securities and Exchange Commission will closely monitor the country's ailing pre-need industry even if 29 of over 30 pre- need firms had already renewed their licenses, BusinessWorld relates. The watchdog told BusinessWorld that it will keep a close watch on the firms to prevent problems that haunted former pre-need giants College Assurance Plans Philippines Inc, Pacific Plans Inc and Platinum Plans Inc. The move is also aimed at protecting plan holders, particularly those with maturing plans this year. The industry was plagued with the crisis encountered by major players on their maturing obligations for open-ended ended education plans, wherein tuition soared to unexpected levels following the deregulation of the education sector, BusinessWorld says. For this year, only 29 pre-need providers had their licenses renewed. The others were not granted licenses either because they failed to meet some requirements such as a certain level for their trust fund, or they did not voluntarily renew their licenses. ================= S I N G A P O R E ================= EVERGREAT CONSTRUCTION: Placed Under Judicial Management -------------------------------------------------------- On January 20, 2006, the Singapore High Court ordered to place Evergreat Construction Company Pte Limited under judicial management. PE INTERNATIONAL: Court to Hear Winding Up Petition Feb. 10 ----------------------------------------------------------- On January 18, 2006, Ho Kwok Weng filed a winding up petition against PE International Exhibitions Pte Limited. The Singapore High Court has scheduled to hear the Petiiton on February 10, 2006, at 10:00 a.m. Any Company creditor or contributory who wants to support or oppose the winding up order may appear at the hearing by himself or his counsel for that purpose. The Petitioner's solicitors, Trinity Law Corporation, will provide, upon payment of a regulated charge for the same, a copy of the winding up petition to any Company creditor or contributory who requires a copy of the petition. Any person who intends to appear at the hearing of the petition must serve on or send by post to solicitors Messrs Trinity Law Corporation a written notice of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person, firm or his or their solicitor (if any) and must be served, or, if posted, must be sent by post to reach the solicitors not later than 12:00 p.m. on February 9, 2006. RMCA HOLDINGS: Creditors' Claims Due Feb. 27 -------------------------------------------- Creditors of RMCA Holdings Pte Limited are required to submit their proofs of claim by February 27, 2006, to: Chee Yoh Chuang Lim Lee Meng Liquidators 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423 Failure to comply with the requirement will exclude creditors from the benefit of the Company's dividend distribution. WEE POH: Issues Shares as Payment for Professional Services ----------------------------------------------------------- On December 14, 2005, Wee Poh Holdings Limited entered into two deeds of settlement with K C Yin & Co. and Yeow Wee Kiong Law Corporation in relation to the payment for professional services offered in relation to a scheme of arrangement by Company subsidiary, Wee Poh Construction Co. Pte Limited. As of December 13, 2005, Wee Poh Holdings owed SGD178,750 to K C Yin & Co., and SGD41,250 to Yeow Wee Kiong Law Corporation. In the deed of settlement, the Company will issue 18,074,000 new ordinary shares in its capital and 4,171,000 new shares at an issue price of SGD0.00989 to both firms as payment of professional fees. After receiving approval from the Singapore Exchange & Securities Trading Limited for the shares issue, the Company had on January 12, 2006, issued 22,245,000 settlement shares to K C Yin & Co. and Yeow Wee Kiong Law Corporation. Headquartered in Singapore, Wee Poh Holdings Limited -- http://www.weepoh.com.sg-- operates in the infrastructure segment, which consist construction of expressways, road, underpasses, bridges, buildings, drainworks and other infrastructure projects; and management services which involve the provision of management consultancy services for civil engineering works. The Group operates solely in Singapore. =============== T H A I L A N D =============== SIAM AGRO-INDUSTRY: Repurchases Assets from Kasikornbank -------------------------------------------------------- Siam Agro-Industry Public Co. Ltd. has bought back all the land and buildings involving the factory and ancillary facilities on December 29, 2005, from Kasikornbank Public Co. Ltd. The funds used for the buy-out were proceeds from the issuance of 180 million shares with a par value of THB1 to Pineapple Canning Industry Corp. Ltd on December 29, 2005. The buy back is in accordance with the reorganization plan of the Company. CONTACT: Siam Agro-Industry Pineapple And Others Pcl Ocean Tower 2, Floor38, 75/105 Sukhumvit Road, Watthana Bangkok Telephone: 0-2661-7878 Fax: 0-2661-7865 Web site: http://www.saico.co.th THAI AIRWAYS: To Restructure Fuel Surcharge Rates ------------------------------------------------- In order to be more competitive with other airlines, Thai Airways International Public Co Ltd will modify its fuel surcharge structure, Bangkok Post reports, citing Vasing Kittikul, the company's executive vice-president for commercial affairs. According to the Post, Thai Airways currently charges flat rates on fuel costs of US$25 for short-haul flights and US$50 for international flights. Thai Airways will replace these rates with a new variable structure depending on the route and the country of destination. The new surcharge structure will be put in place on April 1, 2006, the Post says. Headquartered in Bangkok, Thailand, Thai Airways International Public Company Limited -- http://www.thaiairways.com/-- operates domestic and international air transportation service. This includes support services such as freight forwarding, warehousing, on-line ticketing, hotel and restaurant operations, fuel storage and filling for aircraft at the airport Air catering and fuel pipeline transportation. The Group also provides services in other type of transportation in connection with the information technology services, distributes computer services, flight reservation and other travel-related services. Passenger and excess baggage accounted for 79% of fiscal 2002 revenues; freight, 15% and mail & other activities, 6%. THAI DURABLE: Uses Private Placement Proceeds to Repay Debts ------------------------------------------------------------ Thai Durable Group Public Co. Ltd. raised THB58,072,500 million from the private placement of shares held on November 27, 2005. The proceeds were used to pay severance fees of 211 workers, totaling THB15.7 million and accrued Bonus amounting to THB2.7 million. The total feed due reached THB18.4 million. The payments followed lay-offs last December resulting from the closure of some of the Company's spinning mills. The remaining proceeds were used as working capital for payment of expenses such as raw materials amounted to THB27.2 million, social security amounted to THB10.4 million, and others. Headquartered in Bangjak, Phapradang Samut Prakarn, Thai Durable Group Public Company Limited (TDT) -- http://www.tdt.co.th-- is a well-established textile manufacturer in Thailand. The Company offers a range of products, including yarns and fabrics made from cotton, polyester, and rayon, as well as garment such as beds sheets, table cloths, and uniforms. THAI PETROCHEMICAL: Court Defers Rehab Exit Hearing --------------------------------------------------- The Central Bankruptcy court has postponed until April 18, 2006, the hearing of Thai Petrochemical Industry Public Co. Ltd.'s (TPI) petition to exit from its debt-restructuring plan, The Nation reports. The Court said it needs more time to consider the case since there were a number of TPI-related cases under its consideration, and that of the Supreme Court, The Nation says. An exit from debt restructuring could affect those cases. According to the report, TPI's founder, Prachai Leophairatana, also lodged a petition opposing the exit. Even if the deferral would not directly hurt TPI's operation, the new strategic partners will be affected. A source at PTT, one of TPI's strategic partners, is willing to wait until April for the decision. "While we can do nothing with the board of directors, we still stand to gain from the investment through dividends," a source told the Nation. Last year, PTT spent THB20.3 billion for a 30-per-cent of TPI. The Government Pension Fund, Government Savings Bank and Vayupak Fund I hold 9.5 per cent each. TPI's creditors, Prachai, minority shareholders and TPI staff own the rest. According to a lawyer close to the case, the court's decision was unfair to those investors who have shelled out THB50 billion if they would have to wait until the expiry date, by the end of this year. PTT Plc, the leader for the new strategic partner, planned to convene a meeting immediately after the court grants the exit. It is planning to increase the number of directors and nominate their representatives to the board. Headquartered in Bangkok, Thailand, Thai Petrochemical Industry (TPI) -- http://www.tpigroup.co.th-- is the leading integrated petrochemical company in the country, producing naphtha, liquefied petroleum gas, and lubricant oils. The bankrupt company is being reorganized by the Thai government and plans to emerge from bankruptcy in early 2006. PTT Plc, Thailand's largest oil and gas group, purchased a 31.5% stake in the company in late 2005. * 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, Freya Natasha Fernandez, and Peter A. Chapman, 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 ***