/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/060214.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 Tuesday, February 14, 2006, Vol. 9, No. 032 Headlines A U S T R A L I A & N E W Z E A L A N D ACTIVE-LINK ELECTRICAL: Members Agree to Wind Up Firm ANN STREET: Appoints Official Receivers AUSTRALIAN GAS: Moody's Continues Review of Baa1 Rating AUSTRALIAN GAS: S&P Removes Firm From CreditWatch AUSTRALIAN GAS: Assures Combined Dividend for Shareholders BELL ENTERPRISE: Prepares to Pay Dividend CBSNA PTY: Shareholders Decide to Close Business COBRA TOOLING: Commences Liquidation Process CO-GENERATION AUSTRALIA: Liquidator to Give Wind-up Report EASTELECTRIC PTY: To Declare Dividend on Feb. 16 EP & K TARLINTON: Decides to Shut Down Operations HORTON PARK: Liquidator to Distribute Assets HOT ART: Creditors' Proofs of Claim Due on Feb. 27 JUMBANI PTY: Members Pass Winding Up Resolution KALPARA PTY: Members Receive Wind-up Details KLEEMANN HOLDINGS: Winds Up Operations MELOV HOLDINGS: Members Agree on Liquidation NOLRAS PTY: Creditors' Claims Due on Feb. 21 O'BRIEN OCCUPATIONAL: Commences Liquidation OPEN MARKETS: Inability to Pay Debts Prompts Wind-up PK BRANDS: Enters Voluntary Liquidation PEARL GROVE: Schedules Final Meeting on Feb. 14 PROMINORA PTY: To Distribute Dividend Q & K PTY: S. Arnatovic Named to Liquidate Firm QANTAS AIRWAYS: Profit Expected to Be Down by AU$100 Million SEAVIEW CORNER: Liquidates Company Property SOFENIS N. LABOUR: Appoints Liquidator to Oversee Wind-up TELSTRA CORPORATION: Ignored Board's Decision, Senator Says TELSTRA CORPORATION: Government Monitors Mobile Switch-off WANWIRRI PTY: Liquidator to Give Wind-up Report WATTYL LIMITED: Barloworld Offers AU$321 Million for Wattyl WESTERN METALS: Receivers Cease to Act C H I N A & H O N G K O N G CHUNG MING: Members & Creditors to Meet on Feb. 20 CORRATE COMPANY: Creditors' Proofs of Claim Due on March 15 ENFIELD CONSTRUCTION: Liquidator to Present Company Report GT SPORT: Set to Close Business HYDROTECH PROFESSIONAL: Court Enters Wind-Up Order HONGKONG CONSTRUCTION: Members & Creditors to Meet on Feb. 20 KOJIMA CORPORATION: Court to Hear Wind-Up Petition on March 29 LINKCITY TECHNOLOGIES: Court Issues Wind-Up Order MILKWAY IMAGE: Net Loss Swells to HK$14.7 Mln MONDEX LIMITED: Creditors' Proofs of Claim Due on March 10 NH TRADING: Commences Winding Up Process PROFIT INTERFACE: Creditors Agree on Liquidation S&D INTERNATIONAL: Company Gets Wind-up Order SOUTH CHAMP: Court Enters Wind-Up Order TEMBO INDUSTRIAL: Decides to Close Operations I N D I A CITICORP BROKERAGE: Surrenders Registration Certificate PILIBHIT FINANCE: Reserve Bank Cancels Registration Certificate I N D O N E S I A MERPATI NUSANTARA: To Open Lampung-Bandung Route PERTAMINA: Blamed for Failure to Meet Targeted State Income J A P A N LIVEDOOR CO.: Faces Possible Delisting MITSUBISHI MOTORS: To Export New Triton Pickup Worldwide TAIHO INDUSTRIES: IRCJ Completes Debt Payment TOHOKU MISAWA: JCR Upgrades Rating to BB K O R E A COCA COLA KOREA: Picks Reginald Randal to Head Business M A L A Y S I A AMSTEEL CORPORATION: Commission Dissolves Operations ANCOM BERHAD: Buys Back Ordinary Shares AYER HITAM: Posts MYR1,313,000 Net Loss in 2Q/FY05 DAI HWA: Bursa Malaysia Delays Delisting Procedures FOREMOST HOLDINGS: To Write Off Investment in Insolvent Unit MAGNUM CORPORATION: Repurchases 600,000 Ordinary Shares MEDIA PRIMA: Converts ICULS to Ordinary Shares METROPLEX BERHAD: Injunction Request Set for Hearing on Feb. 28 METROPLEX BERHAD: Hong Kong Court Reserves Judgment to Appeal PAN MALAYSIA: Holds Shares Buy-Back PANTAI HOLDINGS: Bourse to List and Quote New Shares POLYMATE HOLDINGS: Served with US$71,093.41 Claim PUNCAK NIAGA: New Shares Up for Listing and Quotation on Feb. 15 SCOMI GROUP: Bourse to List and Quote New Shares P H I L I P P I N E S ABS-CBN BROADCASTING: Clarifies NTC "Possible Revocation" Report BENPRES HOLDINGS: Director Psinakis Steps Down PANASONIC MANUFACTURING: Ceases Production Line VICTORIAS MILLING: Clarifies Asset Sale Report S I N G A P O R E CHINA AVIATION: To Extend Investment Deadline CITIRAYA INDUSTRIES: Court Places Unit in Judicial Management DIGILAND INTERNATIONAL: Posts Sharp Fall in Six-Month Net Loss FHTK HOLDINGS: Second-Quarter Losses Widen Slightly HESHE HOLDINGS: Files Suit to Regain Control of Chinese Firm INFORMATICS HOLDINGS: Cuts Losses in Third Quarter FY06 JMA TECHNOLOGIES: Yinko Management Files Wind-up Petition MAGNUS ENERGY: Six-Month Net Loss Narrows by 92% T H A I L A N D THAI AIRWAYS: To Hire New Pilots BOND PRICING: For the Week 13 February to 17 February 2006 - - - - - - - - ========================================== A U S T R A L I A & N E W Z E A L A N D ========================================== ACTIVE-LINK ELECTRICAL: Members Agree to Wind Up Firm ----------------------------------------------------- After their extraordinary general meeting on January 20, 2006, the members of Active-Link Electrical Services Pty Limited decided to voluntarily wind up the Company's operations. A creditors' meeting was also held on the same day. Subsequently, Peter Paul Krecji, of GHK Green Krecji, was appointed as liquidator. ANN STREET: Appoints Official Receivers --------------------------------------- On January 19, 2006, Martin Madden and Robert Wiliam Hutson, of KordaMentha, were appointed as receivers and managers of Ann Street Brisbane Pty Limited. AUSTRALIAN GAS: Moody's Continues Review of Baa1 Rating ------------------------------------------------------- Moody's Investors Service said that it is continuing its review of Australian Gas Light Company's Baa1 senior unsecured rating for possible downgrade. "This review follows the release of the company's Scheme Booklet, which details the proposed de-merger of the company's energy businesses," says lead analyst Clement Chong. Under the proposal, AGL would be renamed AGL Infrastructure and would own the network and infrastructure businesses, while the energy businesses -- to be owned by AGL Energy -- would own energy retailing, merchant generation and the wholesale gas contract portfolio. AGL Infrastructure would further retain most of the existing debt, including that associated with the Southern Hydro acquisition and PNG gas investment. Meanwhile, it would lose to AGL Energy the earnings from the energy businesses. "The de-merger plan is subject to shareholder and court approvals, and should it proceed, Moody's expects AGL's Baa1 rating to fall by at least one-notch," Chong says. "AGL would also exhibit a relatively higher debt load, which would more than offset its lower business risk profile. At the same time, stable cash flows from its operations would support its investment-grade profile. Given these considerations, a rating in the mid Baa range would appear the most likely outcome of the review," Chong adds. That said, the rating agency is further concerned about AGL's investment in the Australian portion of the PNG gas pipeline. To date, some uncertainty is apparent over the ownership and funding structures for the project, and how construction and operational risks will be allocated among the parties involved. The size of the investment, the complexity of construction, and the associated funding involved could adversely impact AGL's credit profile, especially during the pipeline construction phase. The resolution of Moody's review will depend on shareholder and court approval of the de-merger proposal, expected by end-March. Moody's will also seek further guidance from the company on how it intends to manage its exposure to the development of the PNG gas pipeline. Australian Gas Light Company is an integrated utility based in Sydney. Headquartered in New South Wales, Australia, Australian Gas Light -- http://www.agl.com.au/-- is a gas and electricity retailer to about three million customers. It has an extensive portfolio of wholly and partly owned investments in energy infrastructure, infrastructure management and other energy companies. AGL's business involves buying and selling gas and electricity from gas producers and electricity generators; transporting gas and electricity to customers via gas pipelines and power lines; owning and investing in power generation plants, electricity and natural gas distribution networks; providing customers with a wide range of energy products and services; and designing, constructing, operating, maintaining and managing energy infrastructure through its wholly owned business, Agility. AUSTRALIAN GAS: S&P Removes Firm From CreditWatch ------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BBB/A-2' corporate credit ratings on Australian Gas Light Company, and removed them from CreditWatch with negative implications, where they were placed on October 31, 2005. The outlook is stable. The action follows the release of AGL's scheme booklet for the proposed demerger of the company's energy business. In line with the rating action on AGL, Standard & Poor affirmed its 'BBB' long-term corporate credit rating on the Company's 100%-owned subsidiary, AGL Hydro Partnership, and removed it from CreditWatch with negative implications. The outlook is stable. At the same time, Standard & Poor's said that should the demerger proceed under the terms and conditions that it expects, the rating on AGL Infrastructure will be 'BBB/A-2' and the rating on the demerged entity, AGL Energy, will be 'BBB+'. The outlook on both companies will be stable. In line with the expected rating on AGL Energy, the rating on AGL Hydro Partnership is anticipated to be 'BBB+' with a stable outlook. The demerger scheme, which requires shareholder approval, is expected to become effective on March 31, 2006. "While AGL Energy's business profile is weakened by its substantial exposure to merchant risk, its minor debt load and Standard & Poor's expectation that it will maintain extremely robust cash flow metrics going forward should allow the demerged entity to be rated 'BBB+'," said credit analyst Mark Legge, Corporate & Infrastructure Finance Ratings group. The anticipated rating on AGL Infrastructure will reflect the strong business profile of its wholly owned electricity and gas networks, generally robust market and competitive positions of its businesses, anticipated solid growth in energy demand, and diversity of operations. These strengths are offset by the company's aggressive risk appetite, weak projected cash flow metrics, and aggressive dividend policy. The rating assumes the development of the PNG gas pipeline does not detract from AGL Infrastructure's creditworthiness. Headquartered in New South Wales, Australia, Australian Gas Light -- http://www.agl.com.au/-- is a gas and electricity retailer to about three million customers. It has an extensive portfolio of wholly and partly owned investments in energy infrastructure, infrastructure management and other energy companies. AGL's business involves buying and selling gas and electricity from gas producers and electricity generators; transporting gas and electricity to customers via gas pipelines and power lines; owning and investing in power generation plants, electricity and natural gas distribution networks; providing customers with a wide range of energy products and services; and designing, constructing, operating, maintaining and managing energy infrastructure through its wholly owned business, Agility. AUSTRALIAN GAS: Assures Combined Dividend for Shareholders ---------------------------------------------------------- As previously reported in the Troubled Company Reporter - Asia Pacific, Australian Gas Light Company will be demerged into an infrastructure business and an energy/retail business -- AGL Infrastructure and AGL Energy -- to create longer term value for its shareholders. In support of the demerger, AGL said that shareholders will receive a combined 66 cent dividend for the 2006 financial year if they continue to hold shares in both AGL Infrastructure and AGL Energy after the split. This includes an anticipated 31 cents per share interim dividend from the current AGL for the six months to December 31, 2005. The forecast dividend will increase to 77.5 cents in 2007. AGL believes that separating the energy business from the infrastructure business will allow each company to focus on its own strategies and on the core tasks for success. AGL Energy will have the funding capacity to invest in both retail and power generation assets while AGL Infrastructure will derive most of its earnings from regulated tariffs that are by paid users of networks and pipelines. AGL shareholders will vote on the demerger on March 27, 2006. Headquartered in New South Wales, Australia, Australian Gas Light -- http://www.agl.com.au/-- is a gas and electricity retailer to about three million customers. It has an extensive portfolio of wholly and partly owned investments in energy infrastructure, infrastructure management and other energy companies. AGL's business involves buying and selling gas and electricity from gas producers and electricity generators; transporting gas and electricity to customers via gas pipelines and power lines; owning and investing in power generation plants, electricity and natural gas distribution networks; providing customers with a wide range of energy products and services; and designing, constructing, operating, maintaining and managing energy infrastructure through its wholly owned business, Agility. BELL ENTERPRISE: Prepares to Pay Dividend ----------------------------------------- Bell Enterprise Pty Limited will declare a first and final dividend on February 16, 2006. Creditors who are unable to prove their debts or claims will be excluded from the benefit of the dividend. CBSNA PTY: Shareholders Decide to Close Business ------------------------------------------------ At a meeting of the shareholders of CBSNA Pty Limited on January 13, 2006, it was agreed that the Company wind up its operations voluntarily. As a result, Matthew Addison was appointed to oversee the Company's liquidation. COBRA TOOLING: Commences Liquidation Process -------------------------------------------- Pursuant to Section 241(2)(a) of the Companies Act 1993, the shareholders of Cobra Tooling Limited agreed to voluntarily liquidate Company. They appointed John Albert Price, insolvency practitioner, and Christopher Robert Ross Horton, chartered accountant, as liquidators to facilitate the Company's wind-up. Moreover, the Company's creditors are required to submit proofs of claims and establish the priority of their claims by Feb. 24, 2006, to the liquidators. CO-GENERATION AUSTRALIA: Liquidator to Give Wind-up Report ---------------------------------------------------------- A final meeting of the members of Co-Generation Australia Limited will be held for them 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 today, February 14, 2006. EASTELECTRIC PTY: To Declare Dividend on Feb. 16 ------------------------------------------------ Eastelectric Pty Limited will declare its first dividend on February 16, 2006. Creditors who are not able to prove their claims will be excluded from the dividend distribution. EP & K TARLINTON: Decides to Shut Down Operations ------------------------------------------------- On January 20, 2006, the sole member of EP & K Tarlinton Pty Limited resolved to wind up the Company's operations. Michael Edward Slaven, of Rangott Slaven Hundy, was appointed to manage the Company's wind-up activities. HORTON PARK: Liquidator to Distribute Assets -------------------------------------------- After their general meeting on January 17, 2006, the members of Horton Park Freehold Pty Limited resolved to close the Company's business operations and distribute the proceeds of its assets. Subsequently, Michael Cannon was appointed as liquidator. HOT ART: Creditors' Proofs of Claim Due on Feb. 27 -------------------------------------------------- Hot Art Limited appointed insolvency practitioners Karen Betty Mason and Jeffrey Philip Meltzer as its liquidators, pursuant to Section 241(2)(a) of the Companies Act 1993. The liquidators have fixed February 27, 2006, as the date by which the Company's creditors must submit their proofs of claims and establish any priority their claims may have to: Meltzer Mason Heath Chartered Accountants P.O. Box 6302, Wellesley Street, Auckland Telephone: (09) 357 6150 Facsimile: (09) 357 6152. JUMBANI PTY: Members Pass Winding Up Resolution ----------------------------------------------- On January 20, 2006, the members of Jumbani Pty Limited agreed that a voluntary wind-up of the Company is necessary and in its best interests. As a result, Geoffrey Donald Finch, of KPMG, was appointed as official liquidator. KALPARA PTY: Members Receive Wind-up Details -------------------------------------------- The members of Kalpara Pty Limited convened today, February 14, 2006, at 10:00 a.m., to receive the liquidator's account regarding the Company's completed wind-up and disposal of property. KLEEMANN HOLDINGS: Winds Up Operations -------------------------------------- Members of Kleemann Holdings Pty Limited convened on January 20, 2006, to liquidate the Company's business operations. Angela Ann Gaffney was appointed as the official liquidator for that purpose. MELOV HOLDINGS: Members Agree on Liquidation -------------------------------------------- At Melov Holdings Pty Limited's general meeting on January 19, 2006, members agreed that it is in the Company's best interests to liquidate its operations. John D. Scarfe was appointed to supervise the wind-up. NOLRAS PTY: Creditors' Claims Due on Feb. 21 -------------------------------------------- Nolras Pty Limited will declare its first and final dividend to creditors. Creditors whose debts or claims have not already been admitted must submit their proofs of claim by February 21, 2006, to liquidator D. J. F. Lombe, of Deloitte Touche Tohmatsu. O'BRIEN OCCUPATIONAL: Commences Liquidation ------------------------------------------- The creditors of O'Brien Occupational Health & Safety Pty Limited convened on January 18, 2006, and concurred that the Company should wind up its operations voluntarily. In addition, the creditors appointed Glenn Anthony Crisp of RSM Bird Cameron Partners as liquidator. OPEN MARKETS: Inability to Pay Debts Prompts Wind-up ---------------------------------------------------- Open Markets 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, Richard Albarran and Blair Pleash were appointed to oversee the Company's liquidation activities. PK BRANDS: Enters Voluntary Liquidation --------------------------------------- To enable PK Brands Limited to pay its debts, the directors resolved that the Company be placed under liquidation. Accordingly, PK Brands appointed Anthony John McCullagh and Stephen Mark Lawrence as its liquidators. Creditors are required to submit to the liquidators the proofs of their claims against the Company by February 28, 2006. PEARL GROVE: Schedules Final Meeting on Feb. 14 ----------------------------------------------- A final meeting of the members and creditors of Pearl Grove Pty Limited will be held today, February 14, 2006. At the meeting, liquidator Mervyn J. Kitay, of Grant Thornton, 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. PROMINORA PTY: To Distribute Dividend ------------------------------------- Prominora Pty Limited will declare a dividend to its creditors on February 16, 2006. Creditors who are unable to prove their claims will be excluded from the benefit of the dividend. Q & K PTY: S. Arnatovic Named to Liquidate Firm ----------------------------------------------- Members of Q & K Pty Limited held a meeting on January 18, 2006, and agreed on the Company's need to liquidate. They named S. Arnautovic, of Jirsch Sutherland Chartered Accountants, to manage the Company's wind-up activities. QANTAS AIRWAYS: Profit Expected to Be Down by AU$100 Million ------------------------------------------------------------ Quantas Airways' net profit for the first half is expected to be around AU$100 million below that of the same period in 2005, The Australian says. The paper also relates that Qantas is expected to post AU$350 million in interim net profit on Thursday, with the market forecasts for the six months to December 31, 2005, ranging from AU$304.2 million to AU$370 million. It is also expected to report an increase in first-half group revenue from AU$6.43 billion in 2004-05 to AU$7.13 billion in the current year. Moreover, Qantas' fuel bill for the first half this year is expected to rise by AU$700 million before hedging and fuel surcharges. The Australian explains that the AU$700-million fuel price effect will be ameliorated by the airline's fuel surcharge and an aggressive hedging policy, which has it paying an average of US$55 a barrel for the current 2005-06. This week's results, according to the paper, come as the airline has resumed talks with maintenance unions facing the choice of slashing costs or seeing thousands of jobs outsourced overseas. Unions have warned it could face a significant industrial campaign if it fails to reach agreement on its maintenance operations. About Qantas Qantas Airways -- http://www.qantas.com.au/-- is the world's second oldest airline. Qantas is also recognized as one of the world's leading long-distance airlines, having pioneered services from Australia to North America and Europe. The Qantas Group employs approximately 38,000 staff across a network that spans 145 destinations (including codeshare services) in Australia, Asia-Pacific, Americas, Europe and Africa. The Qantas Group also operates a diverse portfolio of airline- related businesses, including Engineering Technical Operations and Maintenance Services, Airports and Catering, Qantas Freight, Qantas Holidays, Qantas Defence Services and Qantas Consulting. In the year ended June 30, 2005, Qantas recorded a profit before tax of AU$1,027.2 million, up AU$62.6 million or 6.5% on the previous year. Net profit after tax of AU$763.6 million was 17.8% up on the prior year. Revenue increased by 11.4% to AU$12.6 billion. The Directors declared a fully franked final dividend of 10 cents per share, bringing total fully franked dividends for the year to 20 cents per share. SEAVIEW CORNER: Liquidates Company Property ------------------------------------------- Seaview Corner Mall Limited has commenced liquidation of its property. Its directors clarified that Seaview is a solvent company that had ceased to trade. The Company's shareholders appointed James Bruce Alfred McAlister and Grant Stephen Jarrold to facilitate its wind-up activities. The liquidators have set February 28, 2006, as the date by which creditors must prove any claim against the Company and establish any title they may have to priority, under Section 312 of the Companies Act 1993. SOFENIS N. LABOUR: Appoints Liquidator to Oversee Wind-up --------------------------------------------------------- In accordance with Section 241(2)(a) of the Companies Act 1993, shareholders of Sofenis N. Labour Hire Limited decided that the Company be liquidated. They named Grant Bruce Reynolds, insolvency practitioner of Auckland, as liquidator. TELSTRA CORPORATION: Ignored Board's Decision, Senator Says ----------------------------------------------------------- Victorian Liberal senator Michael Ronaldson disclosed during a Senate estimates hearing yesterday that Telstra Corporation had earlier planned a major fault repair project, the Australian Associated Press reports. Senator Ronaldson claimed that he received a copy of Telstra's draft media release, which stated that the project would "draw upon network data to better identify services that are underperforming on a persistent basis." According to AAP, Senator Ronaldson believes that Telstra's Board of Directors was the one who decided on the project before Sol Trujillo was appointed as the Company's chief executive officer in July 2005. The project, he said, required the Company to spend AU$200 million a year to improve faults on its network, and in turn, would have assisted 200,000 customers. Mr. Ronaldson, however, noted that the media release was pulled out from Telstra's Web site late 2005, and that the project did not push through. This led Mr. Ronaldson to question whether Mr. Trujillo did not think 200,000 customers deserve a board- approved expenditure. In Telstra's and Mr. Trujillo's defense, company secretary Douglas Gration told the Senate's communications estimates committee that the media release was only issued to the Government and the National Farmers Federation. Mr. Gration further explained that the Board was briefed on the project, but Mr. Trujillo later undertook a strategic review of that project, which was publicly released in November 2005. Mr. Trujillo's review found that Telstra would spend up to AU$3 billion on its networks, AAP cites Mr. Gration as saying. "We have gone from AU$200 million here to AU$2 to AU$3 billion," he added. Mr. Gration contended that Telstra had opted not to put the "Bandaid programs" in place, yet transform the Company to better improve its services. Telstra's Increasing Fault Rates Opposition communications spokesman Stephen Conroy also questioned Telstra on why its fault rates were increasing, quoting figures that showed a rise in the overall fault rate from 11.5 faults per 100 lines per year, to 14.2, while the country fault rates had risen from 13.35 in 2002 to 16.09 in 2005. In response, Telstra service chief Ken Sheargold said that the extra services and technology attached to the network, weather conditions and ageing computer systems were additional factors. However, Mr. Sheargold noted, the Company was reporting "good performance numbers" in its official figures released by the Australian Communications and Media Authority. Trujillo: A No Show The Senate Estimates Committee had asked Mr. Trujillo to attend the meeting in Canberra. He, however, sent his team of executives instead. The executives informed the Senate that Mr. Trujillo is in Barcelona, Spain. Mr. Gration, according to AAP, explained that the telco had never, in its recent history, sent a chief executive to answer senators' questions. He said that Mr. Trujillo "is across the company's affairs" and that it is Telstra's "view the executives before you are the executives that have the sort of answers this committee puts" after being asked whether Mr. Trujillo was not well-briefed to answer the Senate's queries. 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: Government Monitors Mobile Switch-off ---------------------------------------------------------- The Federal Government of Australia has set up a working group that would monitor Telstra Corporation's plans to switch off its CDMA mobile phone network in the bush and move to a digital system, the Australian Associated Press relates. CDMA stands for Code-Division Multiple Access. Telstra had said that it will switch off the CDMA network once its new 3G network can provide coverage. The AAP cites Communications Minister Helen Coonan as saying that the working group would ensure Telstra's smooth transition from the old to the new network. "While Telstra is bound by licence conditions and current contractual arrangements to provide a digital mobile network in regional Australia, the working group will ensure a cooperative and coordinated approach to replicating the coverage of the existing CDMA network," Senator Coonan said. She further said that the monitoring is also about ensuring that the Company "provides Australians living in rural, regional and remote areas with adequate mobile phone coverage during the rollout of its next generation network." According to AAP, the group will consider how the 3G network can meet the quality and coverage of the CDMA network, details of planned trials of the 3G network and the role of the Australian Communications and Media Authority. Under its licence conditions, Telstra must maintain a digital mobile network in regional Australia on the 800 MHz band, which is the band used for CDMA. Telstra also has contractual obligations to provide mobile phone services for at least 10 years in almost 1,000 locations subsidized by the Government. The working group will meet for the first time this week. 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. WANWIRRI PTY: Liquidator to Give Wind-up Report ----------------------------------------------- A final meeting of Wanwirri Pty Limited will be held on Feb. 14, 2006. Liquidator Geoffrey Reidy, of Rodgers Reidy, will present his final account regarding the Company's wind-up operations at that meeting. WATTYL LIMITED: Barloworld Offers AU$321 Million for Wattyl ----------------------------------------------------------- Barloworld Ltd. made a AU$321 million friendly takeover bid for Wattyl Limited yesterday, beating Allco Equity Partners' AU$275 million offer. In that regard, the Australian Competition and Consumer Commission has commenced market enquiries into Barloworld's proposed acquisition of Wattyl, the Australian Associated Press reports. The ACCC will closely assess the likely effect of Barloworld's AU$3.80-per-share acquisition offer on competition, as Barloworld and Wattyl were two of the three major suppliers of architectural and decorative paints in Australia -- the other being Orica. The ACCC says it needs to consider how a merger between the South African-based paint maker and Wattyl would impact competition to supply their trade customers. Barloworld had earlier said that it had already held preliminary talks with the ACCC, AAP relates. Wattyl welcomed the Barloworld offer, which supports the Company's earlier contention that Allco's AU$3.25-per-share offer is inadequate. Wattyl will accept Barloworld's proposal absent any higher offer. As reported earlier in the Troubled Company Reporter - Asia Pacific, Wattyl's shares were placed in a trading halt on Friday, as the Company told the market that it was involved in confidential negotiations. Barloworld owns the Taubmans, Bristol and White Knight Paints brands in Australia. Headquartered in North Ryde, New South Wales, Wattyl Limited -- http://www.wattyl.com.au/-- is a paint and surface coatings company that produces a broad range of paints, varnishes, lacquers and special purpose protective coatings. With operations in Australia and New Zealand, Wattyl employs over 2,000 people. The Company's origins date back to the development of crystal veneer, which is a treatment for reviving French-polished furniture. Wattyl has then developed more special products, including protective coatings with long term exterior durability, high performance marine coating systems, UV-cured timber finishes, specialized protective coatings that enable easy removal of graffiti from treated surfaces, and special effect finishes for automotive wheels and components. WESTERN METALS: Receivers Cease to Act -------------------------------------- On January 19, 2006, David Laurence McEvoy and Stephen Graham Longley ceased to act as receivers and managers of Western Metals Marketing Pty Limited. ============================== C H I N A & H O N G K O N G ============================== CHUNG MING: Members & Creditors to Meet on Feb. 20 -------------------------------------------------- The members and creditors of Chung Ming Construction Limited will meet on February 20, 2006, at 9:00 a.m. and 9:30 a.m., respectively, at the 5/F, Allied Kajima Building, 138 Gloucester Road, in Wanchai, Hong Kong. At the meetings, the parties will be accepting the resignation of David John Kennedy as the Company's liquidator, and appoint Cosimo Borrelli in his place. Creditors and members may vote either in person or by proxy. CORRATE COMPANY: Creditors' Proofs of Claim Due on March 15 ----------------------------------------------------------- The creditors of Corrate Company Limited are required to submit the particulars of their debts or claims, as well as any information regarding their solicitors, if any, by March 15, 2006. The proofs of claims must be submitted to the Company's liquidator, Leung Fung Yee Alice. If the liquidator requires, 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. ENFIELD CONSTRUCTION: Liquidator to Present Company Report ---------------------------------------------------------- The meetings of the members and creditors of Enfield Construction Company Limited will be held for them to receive the liquidator's final account showing how the Company was wound up. The meeting among members will be held on February 17, 2006, at 9:00 a.m., at the 27th Floor, Alexandra House, 18 Chater Road, in Central, Hong Kong. The creditors' meeting will take place at 10:00 a.m. GT SPORT: Set to Close Business ------------------------------- On February 1, 2006, the High Court of the Hong Kong Special Administrative Region Court of First Instance released an order approving a petition to wind up GT Sport Limited. HYDROTECH PROFESSIONAL: Court Enters Wind-Up Order -------------------------------------------------- Hydrotech Professional Limited had presented a petition to wind up its operations. On January 25, 2006, the High Court of the Hong Kong Special Administrative Region Court of First Instance entered a wind-up order pertaining to the Company. HONGKONG CONSTRUCTION: Members & Creditors to Meet on Feb. 20 ------------------------------------------------------------- At a meeting on February 20, 2006, the members and creditors of Hongkong Construction (Works) Limited will tackle the resignation of David John Kennedy as joint and several liquidator, and the appointment of Cosimo Borrelli in his place. Creditors or members may vote either in person or by proxy. KOJIMA CORPORATION: Court to Hear Wind-Up Petition on March 29 -------------------------------------------------------------- On January 24, 2006, Kyomeido (BVI) Limited presented a petition to wind up Kojima Corporation Limited. The Petition will be heard before the High Court of Hong Kong Special Administrative Region on March 29, 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 March 28, 2006, to: Wong & Fok Solicitors for the Petitioner Room 605, 6th Floor Admiralty Centre, Tower 1 18 Harcourt Road Admiralty, Hong Kong LINKCITY TECHNOLOGIES: Court Issues Wind-Up Order ------------------------------------------------- The petition to wind up Linkcity Technologies Limited will be heard before the High Court of Hong Kong Special Administrative Region on March 8, 2006, at 9:30 a.m. Creditors or contributories 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 Feb. 21, 2006, to: Cheung & Choy Solicitors for the Petitioner Room 612, Wing On Centre 111 Connaught Road Central, Hong Kong MILKWAY IMAGE: Net Loss Swells to HK$14.7 Mln --------------------------------------------- Milkway Image Holdings Limited reported a net loss of HK$14.69 million for the nine months ended December 31, 2005, compared with the HK$1.45 million net loss in the same period a year earlier, Infocast News relates. The loss per share is HK$0.0182. No dividend was declared for the fiscal third quarter. Headquartered in Kowloon, Hong Kong, Milkway Image Holdings Limited -- http://www.milkywayimage.com-- is principally engaged in the provision of film production services for film companies in Hong Kong. The film production services rendered by the Group comprise mainly three parts, namely the pre- production phase, the shooting phase and the post-production phase. The group's operation is located in Hong Kong. MONDEX LIMITED: Creditors' Proofs of Claim Due on March 10 ---------------------------------------------------------- Creditors of Mondex Limited are required to submit the particulars of their debts or claims, as well as any information regarding their solicitors, by March 10, 2006. The proofs of claim must be submitted to the Company's liquidators, Stephen Liu Yiu Keung and Robert Armor Morris. NH TRADING: Commences Winding Up Process ---------------------------------------- NH Trading Limited has received a wind-up order from the High Court of the Hong Kong Special Administrative Region Court of First Instance on January 25, 2006. PROFIT INTERFACE: Creditors Agree on Liquidation ------------------------------------------------ On February 27, 2006, the creditors of Profit Interface No. 7 Limited passed a special resolution to liquidate the Company's operations. Jakcy Chung Wing Muk and Edward Simon Middleton were appointed joint and several liquidators. The liquidators request the Company's creditors to prove their claims and to establish any priority their claims may have by February 27, 2006. Failure to comply with the requirement will exclude them from the benefit of any distribution. S&D INTERNATIONAL: Company Gets Wind-up Order --------------------------------------------- The High Court of the Hong Kong Special Administrative Region Court of First Instance has entered an order approving S&D International Limited's wind-up. SOUTH CHAMP: Court Enters Wind-Up Order --------------------------------------- South Champ Trading Limited had presented a petition to wind up its operations. Accordingly, on January 17, 2006, the High Court of the Hong Kong Special Administrative Region Court of First Instance entered a wind-up order pertaining to the Company. TEMBO INDUSTRIAL: Decides to Close Operations --------------------------------------------- A winding up petition was served on Tembo Industrial Limited on December 5, 2005. On January 25, 2006, the High Court of the Hong Kong Special Administrative Region Court of First Instance released an order to wind up the Company. ========= I N D I A ========= CITICORP BROKERAGE: Surrenders Registration Certificate ------------------------------------------------------- Citicorp Brokerage (India) Ltd. was registered with the Securities and Exchange Board of India as an Underwriter under a certificate of registration dated November 6, 2001. On March 23, 2004, Citicorp Brokerage surrendered its Certificate of Registration and, pursuant to the terms of Regulation 15(i) of the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, a summary procedure under Regulation 16 was initiated against the Company. The SEBI appointed an enquiry officer, who submitted his report on the summary procedure on January 1, 2005. The enquiry officer reported that Citicorp has no inquiry initiated against them with respect to any of their activities in the past or present, has no pending assignment, has no incomplete mandates, and there have not been any adverse remarks in any of the assignments it handles. Thus, after considering the facts and the report and recommendation of the enquiry officer, the SEBI has issued an order, dated January 31, 2006, accepting Citicorp's surrender of its Certificate of Registration as an Underwriter. PILIBHIT FINANCE: Reserve Bank Cancels Registration Certificate --------------------------------------------------------------- On January 13, 2006, the Reserve Bank of India cancelled the certificate of registration granted to Pilibhit Finance Limited for carrying on the business of a non-banking financial institution. Following the cancellation, Pilibhit Finance cannot transact the business of a non-banking financial institution. The Company has also been prohibited from accepting public deposits and alienating any of its assets. Under Section 45-IA (6) of the Reserve Bank of India Act, 1934, the Reserve Bank can cancel the registration certificate of a non-banking financial company. Under Section 45MB (1) of this Act, the Reserve Bank can prohibit non-banking financial company from accepting deposits, and under Section 45MB (2), it can prohibit the company from alienating its assets. 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. ================= I N D O N E S I A ================= MERPATI NUSANTARA: To Open Lampung-Bandung Route ------------------------------------------------ PT Merpati Nusantara Airlines will expand its domestic routes by flying direct from Lampung to Bandung and Cilacap, Asia Pulse reports. Citing MNA Lampung district manager Hendy Purwadi, Asia Pulse relates that MNA also plans to open a route from Lampung to Palembang, Indonesia, in the future. These routes were temporarily suspended earlier, due to the lack of B737-200 aircraft suitable for such flights. Yet now, the Company plies the domestic routes using CN-235 airplanes. MNA is slated to borrow some funds from the Indonesian Government in order to serve pioneer routes to destinations in the more remote islands of Indonesia. The total cost to open the domestic routes is estimated at IDR79 billion, according to MNA managing director Hotasi Nababan. Despite the small revenues, MNA is determined to help the local people of Papua, Sulawesi, Maluku and Nusa Tenggara by promoting tourism in certain destinations. The Company will start offering services to such areas this month. PT Merpati Nusantara Airlines - http://www.merpati.co.id/-- was founded in 1962, and is an international and domestic scheduled passenger airline that is 100%-owned by the Indonesian government. With its main operating base in Indonesia, it flies to certain destinations in Indonesia and the surrounding Southeast Asia area. PERTAMINA: Blamed for Failure to Meet Targeted State Income ----------------------------------------------------------- Indonesian Finance Minister Sri Mulyani Indrawati blames PT Pertamina for contributing to the state's decreased income, The Oil & Gas Journal relates. According to Minister Indrawati, Indonesia's 2005 state income amounted to IDR495.4 trillion, lower than the projected income of IDR540 trillion set in the state budget. Minister Indrawati added that Pertamina's failure to meet its financial obligations contributed to the state not meeting its projected figure. It was previously announced that Indonesia's crude oil output reached only 955,000 barrels per day, while the targeted output was 1.07 million barrels per day. A lack of exploration and development would also hinder the country from meeting a targeted 1.3 million barrels-per-day crude oil output by 2009, the Oil & Gas Journal reports. PT Pertamina (Persero) -- http://www.pertamina.com-- is a wholly state-owned enterprise. The enactment of Oil and Gas Law No. 22/2001 in November 2001 and Government Regulation No. 31/2003 has changed its legal status from a special state-owned enterprise into a Limited Liability Company. In carrying out its activities, PT Pertamina (Persero) implements an integrated system from upstream to downstream. Under the Ministry of State-owned Enterprises, PT Pertamina (Persero) commits to deliver high quality products and services to the stakeholders as well as increase its contribution to the nation's wealth. PT Pertamina (Persero) has 14 subsidiaries, among which include viz Pertamina Energy Trading Limited (Petra)/oil and gas trading, PT Elnusa Harapan/marketing and trading, PT Pelita Air Service/airline service and PT Perta Medika/hospital. ========= J A P A N ========= LIVEDOOR CO.: Faces Possible Delisting -------------------------------------- The Tokyo Stock Exchange is likely to delist the shares of Livedoor Co. and its unit, Livedoor Marketing, if prosecutors will indict its former president Takafumi Horie and several executives on a new charge of falsifying corporate financial statements, AFX News says. The Securities and Exchange Surveillance Commission of Japan earlier filed criminal complaints against Livedoor, Mr. Horie, and other officers on suspicion of releasing false information during the takeover of Money Life by subsidiary Livedoor Marketing in 2004. Headquartered in Tokyo, Japan, Livedoor Co. Ltd. -- http://corp.livedoor.com/en/-- is into Internet-related business. It is involved in many sectors, including out portal site "livedoor", financial business, corporate web solution, data center and IP telephony business. MITSUBISHI MOTORS: To Export New Triton Pickup Worldwide -------------------------------------------------------- Mitsubishi Motors Corporation disclosed that the exports of the new Triton pickup truck produced at Mitsubishi Motors (Thailand) Co., Ltd., are to move onto a full-scale footing in the second half of 2006. The Company announced in a press release that the commencement of full-scale exports follows the start of Triton shipments to Europe (L200 in Europe) in December 2005. Triton is to be shipped to about 140 markets around the globe, including Australia, the Middle East, Latin America, the ASEAN region, and Japan. Developed as a global model and launched in Bangkok on Aug. 25, 2005, Triton has been well received in Thailand for its passenger car-like ride comfort, powerful common-rail direct injection diesel engine, and its original styling, with post- launch cumulative sales totaling 16,300 units at the end of January 2006. Mitsubishi Motors increased its share in the Thai pickup market to 8.5% in calendar 2005, up 0.6 points on 7.9% in 2004. Mitsubishi Motors has been exporting vehicles produced locally in Thailand since 1988 and became the first manufacturer in Thailand to reach cumulative total exports of 800,000 vehicles (as of January 2006). As such Mitsubishi Motors has made and continues to make a major contribution to the Thai economy by promoting growth of the Thai automotive industry, by creating employment, and by earning foreign exchange. Expectations are high regarding the major role this global export hub will play in the future. Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation -- http://www.mitsubishi-motors.co.jp-- is one of the few automobile companies in the world that produces a full line of automotive products ranging from 660-cc mini cars and passenger cars to commercial vehicles and heavy-duty trucks and buses. The Company also operates consumer-financing services and provides this to its customer base. Mitsubishi's problems stem, in part, from the scandal surrounding years of systematically covering up defects and ill-advised auto lending policies in the United States. TAIHO INDUSTRIES: IRCJ Completes Debt Payment --------------------------------------------- On December 30, 2005, the Industrial Revitalization Committee of the Industrial Revitalization Corporation of Japan has approved the transfer of debt and receipt of payment in full for the debt that IRCJ had purchased as part of a business revitalization plan for Taiho Industries Co. Limited. To recall, in May 2004, the IRCJ approved an application for assistance by Taiho under Article 22, Clause 3 of the Industrial Revitalization Corporation Act of 2003. On July 5, 2004, the IRCJ reached agreement with financial institutions on the purchase of this Company's debts, and in September 2004 a capital decrease and increase was carried out. On January 25, 2006, in accordance with an agreement signed between the IRCJ and Ichinen Corporation, all preferred shares (first tier class B preferred shares with no voting rights) held by the IRCJ were transferred to Ichinen Corporation. The principal value of Taiho's debt was JPY4,271 million, for which the IRCJ paid financial institutions JPY4,057 million. In accordance with the revitalization plan, JPY850 million of the debt was exchanged for equity and repayments for the remaining JPY3,421 million were to be undertaken. The recent payment of JPY2,270 million means that the amount of Taiho debt owing to the IRCJ has now been paid in full. Headquartered in Tokyo, Japan, Taiho Industries Co. Limited's -- http://www.taihokogyo.co.jp-- principal activity is to manufacture industrial chemicals. The products include fuel additives, industrial detergents, metal surface treating agents, antirust agents, deforming agents, general industrial chemical products including automobile waxes and detergents. The Group's operations include purchasing and selling of fuel oils and lubricants, design and building of various industrial furnaces for heat-treatment; large oil tank washing, plumbing, maintenance and other works. TOHOKU MISAWA: JCR Upgrades Rating to BB ---------------------------------------- Japan Credit Rating Agency has upgraded the rating on senior debts of Tohoku Misawa Homes Co. Limited from BB- to BB. The outlook is stable. The progress of the Company's business revitalization plan with the financial assistance of the Industrial Revitalization Corporation of Japan has improved the lowered creditworthiness of the Company. Revenue of Tohoku Misawa Homes is expected to increase year-on- year for the first time in 6 years for fiscal year through March 31, 2006. The Company will turn profitable for the fiscal year on an operating profit basis. Although the capital remains small, it is unlikely now that the financial structure will deteriorate further, taking into account the fact that the Company is now growing out of the deficit state. The Company needs to increase the sales force further to improve performance in full swing. Its business revitalization is gaining a foothold as shown by the increasing sales. Headquartered in Miyagi, Japan, Tohoku Misawa Homes Co. Ltd's -- http://www.t-misawa.co.jp-- principal activity is to construct ceramic prefabricated houses. The activities of the Group include marketing of houses in lot, real estate agents, fixed assets leasing and other house-related facilities and furniture sales. ========= K O R E A ========= COCA COLA KOREA: Picks Reginald Randal to Head Business ------------------------------------------------------- Coca-Cola Amatil's troubled South Korean soft drink arm, Coca- Cola Korea Bottling Company Ltd, has named Reginald Emauel Randal as its new president and chief executive officer, The Korea Times said. Mr. Randal joined Coca Cola in August 1999, and was in charge of sales and marketing. In July 2005, he was promoted to vice- president, and was working as acting president when former CEO David Westol left the Company due to health problems. Mr. Randal was able to develop new distribution channels and streamlined the established ones to raise profits of the American beverage maker. "We will make an all-out effort to make Coca Cola the biggest beverage company in Korea," Mr. Randal told Korea Times. Lotte Chilsung Beverage holds the No. 1 spot among beverage companies in Korea. Headquartered in Seoul, South Korea, Coca Cola Korea Bottling Co. Ltd. -- http://www.cocacola.co.kr/-- is the sole Coca-Cola franchisee in South Korea. Coca-Cola was first introduced to South Korea in 1951 and then re-entered the market in 1966. By 1973, there were four independent bottlers. In 1998 Coca-Cola Amatil acquired 100% ownership of The Coca-Cola Company's bottling operations in the country, the newly formed Coca-Cola Korea Bottling Company, Ltd. (CCKBC). =============== M A L A Y S I A =============== AMSTEEL CORPORATION: Commission Dissolves Operations ---------------------------------------------------- The Board of Directors of Amsteel Corporation Berhad reports that Tetap Bebas Sdn Bhd -- a wholly-owned subsidiary of the Company -- was dissolved on February 10, 2006, pursuant to Section 272(5) of the Companies Act, 1965. Tetap Bebas had ceased operation and had, on November 10, 2005, lodged with the Companies Commission of Malaysia the relevant statutory forms together with the liquidator's Statement of Accounts in relation to its voluntary wind-up. The Board states that Tetap Bebas' dissolution does not have any material impact on the earnings and net assets of the Amsteel Group. Headquartered in Kuala Lumpur, Malaysia, Amsteel Corporation Berhad is involved in the provision of plantation management, property development, management and contractor; hotel operation and foodcourt. The Company is also involved in transportation and logistic services, department stores, nominee services, trading securities, manufacture and sale of tools, dies, tyres, rubber compound, light trucks and buses, financial management; distributes steel products, develops real estate property; cultivation of rubber and oil palm, golf and country club, sale and distribute Suzuki motorcycles, beer brewing and mineral water bottling. ANCOM BERHAD: Buys Back Ordinary Shares --------------------------------------- Ancom Berhad has repurchased 41,300 ordinary shares for MYR1.00 each during its shares buy-back on February 10, 2006. The minimum price paid for each share purchased was MYR0.690, while the maximum price was MYR0.700. The number of shares purchased retained in treasury is 41,300 units. Cumulative net outstanding treasury shares as at to-date is 9,498,403 units. Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia, Ancom Berhad's -- http://www.ancom.com.my-- principal activities are the manufacturing and selling of agricultural products (timber preservatives) and chemical products (ethanol, sealants and adhesive). The Group is also involved in trading in petroleum-based products and industrial chemicals; building, operating and managing own chemical tank farm; supply of goods and services to oil and gas industry; ship-owning, ship operating and ship management; investment holding, property development and trading of computer hardware and software and the rendering of IT related consulting service. AYER HITAM: Posts MYR1,313,000 Net Loss in 2Q/FY05 -------------------------------------------------- Ayer Hitam Tin Dredging Malaysia Berhad has released its unaudited Second Quarter Financial Report for the period ended December 31, 2005. Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31/12/2005 31/12/2004 31/12/2005 31/12/2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 117 540 206 7,274 (2) Profit/(loss) before tax -1,301 -2,652 -2,636 -7,253 (3) Profit/(loss) after tax and minority interest -1,313 -2,571 -2,675 -7,276 (4) Net profit/(loss) for the period -1,313 -2,571 -2,675 -7,276 (5) Basic earnings/(loss) per shares (sen) -1.94 -3.79 -3.95 -10.74 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (RM) As at end of As at Preceding Current Quarter Financial Year End -0.3600 -0.3100 Full-text copies of the financial statement and the notes to financial statement is available for free at: http://bankrupt.com/misc/AyerHitamResults311205.xls http://bankrupt.com/misc/AyerHitamNotes311205.doc Headquartered in Kuala Lumpur, Malaysia, Ayer Hitam Tin Dredging Malaysia Berhad -- http://www.ahtin.com.my-- is involved in property development and the trading of promotional products and services in Malaysia. The Company is also engaged in the trading of uninterrupted power supply equipment and magnetic fuel treatment systems and the provision of investment holding, nominee services, hotel development and management and renovation services. DAI HWA: Bursa Malaysia Delays Delisting Procedures --------------------------------------------------- Bursa Malaysia Securities Berhad has decided not to commence with the delisting procedures against Dai Hwa Holdings (M) Berhad until the relevant authorities have already decided on the Company's application for its regularization plans. If Dai Hwa fails to obtain the relevant authorities' approval and if it appeals the decision of the relevant authorities concerned, Bursa Securities will await the outcome of Dai Hwa's appeal. Dai Hwa will proceed to implement its regularization plans expeditiously within the time frames stipulated by the relevant authorities in the event it obtains all relevant authorities' approvals necessary for the implementation of its regularization plans or if it succeeds in its appeal to the relevant authorities. Bursa Securities' decision is without prejudice to its right to proceed to de-list the securities of the Company from the Official List of Bursa Securities in the event: (i) Dai Hwa fails to obtain the approval from any of the relevant authorities necessary for the implementation of its regularization plans and does not appeal to the relevant authorities within the given timeframe (or extended time frame, as the case may be) to lodge an appeal; (ii) Dai Hwa does not succeed in its appeal against the decision of the relevant authorities; or (iii) Dai Hwa fails to implement its regularization plans within the time frame or extended time frames stipulated by the relevant authorities. Headquartered in Johor, Malaysia, Dai Hwa Holdings (M) Berhad's principal activity is investment holding. All its subsidiaries ceased operations on August 15, 2003, and remained dormant since. FOREMOST HOLDINGS: To Write Off Investment in Insolvent Unit ------------------------------------------------------------ On December 5, 2005, Sin Heng Chan Pte. Ltd. filed a petition to wind up Tong Giap Feedmills Sdn Bhd with the High Court of Penang. Tong Giap is a 50%-plus-one-share-owned subsidiary of Axasupreme Sdn Bhd, which, in turn, is 51% owned subsidiary of Foremost Holdings Berhad. Foremost recounts that Tong Giap purchased livestock feeds from the Petitioner between November 2004 to February 2005, and became indebted for MYR1,569,228. Due to a default in payment, the Petitioner gave a Notice to Tong Giap pursuant to Section 218 of the Companies Act, 1965. Foremost tells Bursa Malaysia Securities Berhad that Tong Giap is deemed to be insolvent and unable to pay its debts and faces being wound up. Foremost explain that it had not given any corporate guarantees for Tong Giap's debts and will not face any financial liabilities. However, Foremost will write off its investment in Tong Giap via its holding company, Axasupreme. Foremost Berhad manufactures and sells automobile speakers, home audio speakers, general-purpose speakers and speaker wooden cabinets. The Company is also engaged in the trading of auto accessories, investment holdings and the provision of management services. Products are distributed in Malaysia, Singapore, United Kingdom, Italy, Taiwan, USA, other Asian countries, other European countries and other countries. MAGNUM CORPORATION: Repurchases 600,000 Ordinary Shares ------------------------------------------------------- At a shares buy-back on February 10, 2006, Magnum Corporation Berhad repurchased 600,000 ordinary shares of MYR0.50 each. The minimum price paid for each share purchased was MYR1.960, while the maximum price was MYR2.000. The number of shares purchased retained in treasury is 600,000 units. Cumulative net outstanding treasury shares as at to-date is 102,978,700 units. Headquartered in Kuala Lumpur, Malaysia, Magnum Corporation Berhad -- http://www.magnum.com.my-- operates a four-digit number forecast betting game. It is also engaged in property holding and development and letting of properties, operation of hotel, general investment holding and trading, printing activities, credit services, securities dealing and brokerage, and provision of computer software and other related services. The Group sponsors Alex Yoong, the first Malaysian Formula One driver, and KL Minardi Formula One Team. Operations of the Group are carried out in Malaysia, Hong Kong, The People's Republic of China, Philippines and other countries. MEDIA PRIMA: Converts ICULS to Ordinary Shares ---------------------------------------------- Media Prima Berhad's additional 190,700 new ordinary shares of MYR1.00 each issued pursuant to the Employees' Share Option Scheme and 596,000 new ordinary shares of MYR1.00 each arising from the conversion of MYR894,000 nominal value of Irredeemable Convertible Unsecured Loan Stocks 2003/2008 will be granted listing and quotation by Bursa Malaysia Securities Berhad on February 15, 2006. Headquartered in Selangor Darul Ehsan, Malaysia, Media Prima Bhd's -- http://www.mediaprima.com.my/-- principal activities are production of motion picture films and acquisition of ready- made films from local producers and production houses. METROPLEX BERHAD: Injunction Request Set for Hearing on Feb. 28 --------------------------------------------------------------- The application for an interlocutory injunction to restrain Metroplex Berhad and its wholly owned subsidiary, Metroplex Holdings Sdn Bhd, from selling Putra Place to Lembaga Kumpulan Wang Simpanan Pekerja is now fixed for hearing on February 28, 2006. The Injunction Application was filed by Morgan Stanley Emerging Markets Inc. The hearing will allow the respective parties to intervene and file their respective affidavits in opposition to the Application. Commerce International Merchant Bankers Berhad, as security agent for Metroplex's financial institution lenders, has filed a request for authority to intervene and to resist Morgan Stanley's application. METROPLEX BERHAD: Hong Kong Court Reserves Judgment to Appeal ------------------------------------------------------------- Morgan Stanley Emerging Markets Inc. has filed a petition to wind up Legend International Resorts Limited -- a 59.99%-owned subsidiary of Metroplex Berhad. MSEMI also filed a request to appoint a provisional liquidator for Legend International. Legend International then submitted an appeal to strike out the MSEMI Petition. After hearing the parties' arguments, the Hong Kong Court of Appeal has reserved its judgment in respect of Legend International's appeal to strike out and MSEMI's appeal to appoint a liquidator. Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad is engaged in hotel and casino operations. The Company's other activities include property investment, property development, provision of administrative services, general and building construction, leasing and financing, trading of building materials and operation of hotel management training school. Operations are carried out in Malaysia, Hong Kong and Philippines. PAN MALAYSIA: Holds Shares Buy-Back ----------------------------------- On February 10, 2006, Pan Malaysia Corporation Berhad has repurchased some 65,000 ordinary shares of MYR0.50 each and paid a total consideration of MYR30,251.89. The minimum price paid for each share purchased was MYR0.455 while the maximum price was MYR0.465. The number of shares purchased retained in treasury is 65,000 units. Cumulative net outstanding treasury shares as at to-date is 56,424,500 units. PANTAI HOLDINGS: Bourse to List and Quote New Shares ---------------------------------------------------- Bursa Malaysia Securities Berhad will list and quote Pantai Holdings Berhad's additional 461,300 new ordinary shares of MYR1.00 each issued pursuant to the Employees' Share Option Scheme will be granted listing and quotation on February 15, 2006. Headquartered in Kuala Lumpur, Malaysia, Pantai Holdings Berhad -- http://www.pantai.com.my-- provides medical, surgical and hospital services. The firms other activities include provision of cleaning and maintenance services for hospitals, cardiac cauterization, medical diagnostic, radiotherapy, oncology, nurses training courses, medical laboratory, homecare, rehabilitation, healthcare support, supervision of medical examination of foreign workers, money lending, laundry and dry cleaning and investment holding. Operations are carried out in Malaysia, Cayman Islands and the British Virgin Islands POLYMATE HOLDINGS: Served with US$71,093.41 Claim ------------------------------------------------- ABI Malaysia Sdn. Bhd., a wholly owned subsidiary of Polymate Holdings Berhad, was notified of Chloride Batteries S.E. Asia Pte. Limited's US$71,093.41 claim. Chloride Batteries' Claim was on account of goods it supplied to ABI Malaysia. Headquartered in Selangor Malaysia, Polymate Holdings Berhad -- http://www.polymate.com.my/Hprofile_html.htm-- is engaged in the manufacturing and marketing of lead acid batteries for the automotive and related industries. It is also engaged in the manufacturing and dealing of plastic articles and products, corrugated carton boxes and related products, manufacturing and trading of door closers and trading of building materials, investment holding and provision of corporate and financial support services. The Group operates in Malaysia, Australia, New Zealand and Europe. PUNCAK NIAGA: New Shares Up for Listing and Quotation on Feb. 15 ---------------------------------------------------------------- Puncak Niaga Holdings Bhd's additional 40,000 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 on February 15, 2006. Headquartered in Kuala Lumpur, Malaysia, Puncak Niaga Holdings Bhd -- http://www.puncakniaga.com.my-- is engaged in the operation, maintenance, management, construction and rehabilitation of water treatment facilities SCOMI GROUP: Bourse to List and Quote New Shares ------------------------------------------------ Bursa Malaysia Securities Berhad will issue and quote Scomi Group Berhad's additional 23,000 new ordinary shares of MYR0.10 each issued pursuant to the Employees' Share Option Scheme on February 15, 2006. Headquartered in Kuala Lumpur, Malaysia, Scomi Group Bhd -- http://www.scomigroup.com.my/publish/home.shtml-- provides drilling fluids and mud engineering services and the supply of industrial and production chemicals to the upstream and downstream oil and gas industry. ===================== P H I L I P P I N E S ===================== ABS-CBN BROADCASTING: Clarifies NTC "Possible Revocation" Report ---------------------------------------------------------------- In response to the Philippine Stock Exchange's request for clarification on newspaper articles regarding the National Telecommunications Commission's possible institution of license revocation proceedings against ABS-CBN Broadcasting Corporation, the network states that they have not received any formal notice from the NTC regarding any such proceeding. As reported in the Troubled Company Reporter - Asia Pacific, the NTC earlier said that is set to review initial investigation results regarding the February 4 stampede involving ABS-CBN's noontime show, "Wowowee," which accident killed 74 and injured around 400 people. The state agency, which oversees radio and television networks, stated that it would possibly revoke ABS- CBN's license to operate if the network is found guilty of neglecting its responsibilities as the show's organizer. ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle Broadcasting Network -- http://www.abscbn-ir.com-- is a leading radio and television broadcasting network and multimedia company in the Philippines. It was founded in 1953, and was the first television station in the Philippines. The network's main broadcast facilities are located at the ABS-CBN Broadcast Center in Mother Ignacia St., Diliman, Quezon City, Philippines. BENPRES HOLDINGS: Director Psinakis Steps Down ---------------------------------------------- At a regular meeting of the Board of Directors of Benpres Holdings held on February 9, 2006, the directors accepted Steve E. Psinakis' resignation as a member of the Board due to health reasons. PANASONIC MANUFACTURING: Ceases Production Line ----------------------------------------------- Panasonic Manufacturing Philippines Corporation will cease the production of its convenience products, specifically its oven toaster, electric iron and electric stove, by the end of May 2006. Panasonic disclosed to the Philippine Stock Exchange that the phase out is due to the continuing decline in market share of the convenience products and the inability of the Company to cope with the unabated increase in raw materials prices. VICTORIAS MILLING: Clarifies Asset Sale Report ---------------------------------------------- Victorias Milling Company Inc. responded to the Philippine Stock Exchange's request to clarify the Manila Times newspaper report saying that "Victorias Milling Co., the Philippines' largest sugar miller, expects to post a profit in two to three years, according to an official. Omar Byron T. Mier, Victorias Milling Chairman, said the Company foresees trading of its shares resuming in five to six years. Mier said a lot of opportunities are open to Victorias Milling to make a profit in the coming years, but failed to identify them. To improve its financial position, Victorias Milling is also selling some assets, including unit Victorias Food Corporation. Mier said the Company is talking to prospective local buyers and hopes to close a deal within the year." The Company confirmed the statement of Mr. Mier on the possible sale of some of its assets, including Victorias Foods Corporation. It also disclosed initial exploratory talks with prospective local buyers. ================= S I N G A P O R E ================= CHINA AVIATION: To Extend Investment Deadline --------------------------------------------- China Aviation Oil (Singapore) Corporation Limited entered into a supplemental agreement with its investors, parent China Aviation Oil Holdings Corp. and BP Plc, in relation to the proposed amendment of the cut-off date of the parties' investment into the Company. CAO proposes to amend the cut-off date from February 28, 2006, to March 31, 2006. A full-text copy of CAO's 92-page circular shareholders is available for free at: http://bankrupt.com/misc/tcrap_chinaaviation0209063.pdf Incorporated in 1983, China Aviation Oil (Singapore) Corp. Limited -- http://www.caosco.com/-- deals primarily in jet fuel procurement, although it is also active in international oil trading and oil-related investment. The firm commands a near- 100% market share of the procurement of imported jet fuel for China's civil aviation industry, and has expanded its market to include ASEAN countries, the Far East and the United States. CAO's oil-trading business has expanded beyond jet fuel to include fuel oil, gasoline, naphtha, crude oil, and petrochemical products. CITIRAYA INDUSTRIES: Court Places Unit in Judicial Management ------------------------------------------------------------- On December 19, 2005, Citiraya Industries Limited's wholly owned subsidiary, Citiraya (Singapore) Pte Limited, filed a judicial management petition with the Singapore High Court. Accordingly, the Court ordered that CSPL be placed under judicial management, with the consent of all its creditors, who were present at the hearing. As a result, Ong Yew Huat and Seshadri Rajagopalan, of Ersnt & Young, were appointed as judicial managers. DIGILAND INTERNATIONAL: Posts Sharp Fall in Six-Month Net Loss -------------------------------------------------------------- Digiland Limited posted a significant 92% drop in its half-year net loss for 2005. The Company's net loss for the six months ended December 31, 3005, amounted to USD1.12 million, as compared to a USD13.4 loss for the same period in 2004. A full-text copy of Digiland's half-year FY05 financial results is available for free at: http://bankrupt.com/misc/tcrap_digilandinternational021306.pdf Digiland International Limited -- http://www.digiland.com.sg/-- is a major distributor of IT products and provider of IT services in the Asia-Pacific. The Digiland International group of Companies was set up initially as the distribution arm of GES International Limited to handle sales, marketing and distribution of GES products, specifically the Datamini brand of Personal Computer, designed and manufactured by GES International Limited. It was renamed Digiland International Private Ltd in 1998 and has since expanded geographically to cover most countries in Asia-Pacific. FHTK HOLDINGS: Second-Quarter Losses Widen Slightly --------------------------------------------------- FHTK Holdings Limited reports a net loss of SGD5 million for the second quarter ended December 31, 2005, a 5.6% increase from its net loss of SGD4.74 million for the same period in 2004. A full-text copy of FHTK Holdings' second-quarter financial results is available for free at: http://bankrupt.com/misc/tcrap_fhtkholdings021306.pdf FHTK Holdings Limited - http://www.fhtk.com.sg/-- distributes fruits and agricultural products such as apples, banana, nectarines, pears and peaches through its own SunMoon brand. The Company's agricultural products division distributes fresh garlic as well as manufactures dehydrated garlic and onion products. The Group currently leases and manages 18 plantations and totaling 1,630 hectares in the Shandong province in China. HESHE HOLDINGS: Files Suit to Regain Control of Chinese Firm ------------------------------------------------------------ In its 2005 annual report, Heshe Holdings Limited has said that it would take steps to exercise its rights as a shareholder of Xiamen Xiangyu Presto Trading Limited. On January 10, 2006, Heshe Holdings filed a claim with the Intermediate People's Court of Xiamen, People's Republic of China, against Xiamen Xiangyu and Xiamen Xiangyu shareholder Tan Sim Chew to enforce the Company's rights as a shareholder. Heshe Holdings wants to be given access to the documents and records of Xiamen Xiangyu and to regain managing control as its majority shareholder. As part of China's legal process, Heshe Holdings was given 30 days from the date of filing its claim to provide relevent evidence and documents supporting such claim. Heshe Holdings completed the filing of the necessary documents on February 10, 2006. Heshe Holdings is not expecting a major financial impact from the legal suit, as its investment value in Xiamen Xianyu had been written off in earlier years. Heshe Holdings Limited started out in 1971 as a retail partnership selling ready-to-wear shirts. Its name was changed to Heshe Holdings Limited in 1975, when it took on the role of an investment holding company. Subsequently, the Group expanded its business to include manufacturing and a distribution network of retail shops selling its own in-house brands, primarily the Lea brandname as well as those of local designers and labels. INFORMATICS HOLDINGS: Cuts Losses in Third Quarter FY06 ------------------------------------------------------- Informatics Holdings Limited has cut its losses for the fourth successive quarter in its third-quarter financial results for the 2006. Savings in staff costs and other operating expenses, which was due to a group consolidation exercise, led to a SGD7.8 million net loss -- a 36% decrease from a SGD12.2 million net loss in the same period last year. Despite a decline in revenue from SGD21. 7 million to the current SGD14.5 million, it has continued to improve in its quarterly performance. Going forward, Informatics will continue to focus its effort on growing revenue from both new and existing courses, as well as in improving financial and operational management control systems. Informatics Holdings Limited - http://www.informatics.edu.sg/ - - was established in 1983, in response to Asia's economic growth fostering tremendous demands for skilled Information Technology (IT) manpower and knowledge-based workers to build and sustain the rapid economic development in the region. Informatics' core business activities are training and education, IT-related services and franchise operations. Today, Informatics Holdings Limited has established itself as the global leader in providing quality lifelong learning services for individuals and corporations. JMA TECHNOLOGIES: Yinko Management Files Wind-up Petition --------------------------------------------------------- On January 12, 2006, Yinko Management Pte Limited filed a wind- up petition against JMA Technologies Pte Limited. The Singapore High Court will hear the Petition on February 17, 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, Dominion LLC, 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 Dominion LLC a written notice of his intention. 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 16, 2006. MAGNUS ENERGY: Six-Month Net Loss Narrows by 92% ------------------------------------------------ Magnus Energy Limited reports a large 91.8% decrease in its half-year net loss for 2005. The Company's net loss for the six months ended December 31, 3005, amounted to SGD633,000, whereas it suffered a SGD7.76 million net loss for the same period in 2004. A full-text copy of Magnus Energy's 2005 half-year financial results is available for free at: http://bankrupt.com/misc/tcrap_magnusenergy021306.pdf Incorporated in 1983, Magnus Energy Group Limited -- http://www.magnus.com.sg/-- began as a sub-contractor undertaking electrical installations. In 20 years' time, Magnus built an established track record as a provider of quality and reliable mechanical and electrical engineering services. With the stiff operating conditions & cyclical nature of the construction business, the Company made a strategic decision in 2003 to shift its business focus, and acquired a 54.35% controlling stake in Mid-Continent Equipment Group Pte Limited. This has enabled the group to establish new business opportunities in the oil and gas as well as alternative energies industries in new global markets. The group will continue to tender selectively for profitable engineering projects, as it looks to diversify its energy business activities, broaden its earnings base and at the same time re-engineer itself to explore new opportunities globally. =============== T H A I L A N D =============== THAI AIRWAYS: To Hire New Pilots -------------------------------- Thai Airways International Public Company Limited will begin pilot recruitment for qualified applicants to become a part of its team, the Company said in a press release. Applications for pilots may be submitted within March 1 to May 10, 2006. The new pilot personnel will help operate Thai Airways flights, due to increased passenger traffic and flights on various sectors. Flg. Off. Apinan Sumanseni, Thai Airways Executive Vice President for Operations Department, said that since the company has substantially increased flights on various sectors to meet the travel needs of more tourists that increase on a gradual basis, the company, therefore, is recruiting more pilots to work for Thai Airways. The recruitment will be grouped in two categories, general applicants and applicants with pilot's license. Headquartered in Bangkok, Thailand, Thai Airways International Public Company Limited -- http://www.thaiairways.com/-- is engaged in the operation of 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. BOND PRICING: For the Week 13 February to 17 February 2006 ---------------------------------------------------------- Issuer Coupon Maturity Price ------ ------ -------- ----- AUSTRALIA --------- Advantage Group Ltd 10.000% 4/15/06 1 Ainsworth Game 8.000% 12/31/09 1 Amcom Telecommunications Ltd 10.000% 10/28/07 2 APN News & Media Ltd 7.250% 10/31/08 5 A&R Whitcoulls Group 9.500% 12/15/10 8 Arrow Energy NL 10.000% 3/31/08 1 Babcock & Brown Pty Ltd 8.500% 12/31/49 8 Becton Property Group 9.500% 6/30/10 1 BIL Finance Ltd 8.000% 10/15/07 8 BIL Finance Ltd 9.250% 10/15/06 9 Capital Properties NZ Ltd 8.500% 4/15/07 8 Capital Properties NZ Ltd 8.500% 4/15/09 8 Capital Properties NZ Ltd 8.000% 4/15/10 8 Cardno Limited 9.000% 6/30/08 4 CBH Resources 9.500% 12/16/09 1 Chrome Corporation Ltd 10.000% 2/28/08 1 Clean Seas Tuna Ltd 9.000% 9/30/08 1 Djerriwarrh Investments Ltd 6.500% 9/30/09 4 EBet Limited 10.000% 11/29/06 24 Evans & Tate Ltd 8.250% 10/29/07 1 Fletcher Building Ltd 7.550% 3/15/11 8 Fletcher Building Ltd 7.800% 3/15/09 8 Fletcher Building Ltd 7.900% 10/31/06 9 Fletcher Building Ltd 8.300% 10/31/06 9 Fletcher Building Ltd 8.600% 3/15/08 8 Fletcher Building Ltd 8.750% 3/15/06 8 Fletcher Building Ltd 8.850% 3/15/10 8 Fernz Corp Ltd 8.560% 10/15/06 9 Futuris Corporation Ltd 7.000% 12/31/07 2 Gympie Gold Ltd 8.500% 9/30/07 1 Hy-Fi Securities Ltd 7.000% 8/15/08 8 Hy-Fi Securities Ltd 8.750% 8/15/08 10 Hudson Timber Products Ltd 7.000% 12/31/10 1 Hutchison Telecoms Australia 5.500% 7/12/07 1 IMF Australia Ltd 11.500% 1/30/10 1 Infrastructure & Utilities NZ Ltd 8.500% 9/15/13 8 Infratil Ltd 8.500% 11/15/15 8 Investa Property Group Ltd 6.000% 5/28/08 6 Kagara Zinc Ltd 9.750% 5/06/07 3 Kiwi Income Properties Ltd 8.000% 6/30/10 1 Longreach Group Ltd 10.000% 10/31/08 1 Minerals Corporation Ltd 10.500% 9/30/07 1 Nuplex Industries Ltd 9.300% 9/15/07 8 Pacific Print Group Ltd 10.250% 10/15/09 10 Primelife Corporation 9.500% 12/08/06 1 Primelife Corporation 10.000% 1/31/08 1 Salomon SB Australia 4.250% 2/01/09 8 Sapphire Securities Ltd 7.410% 9/20/35 7 Silver Chef Ltd 10.000% 8/31/08 1 Software of Excellence 7.000% 8/09/07 1 Sydney Gas Company 12.000% 4/01/06 1 Sydney Gas Limited 12.000% 6/01/06 1 Tower Finance Ltd 8.650% 10/15/09 8 Tower Finance Ltd 8.750% 10/15/07 8 TrustPower Ltd 8.300% 9/15/07 8 TrustPower Ltd 8.300% 12/15/08 8 TrustPower Ltd 8.500% 9/15/12 8 TrustPower Ltd 8.500% 3/15/14 8 Vision Systems Ltd 9.000% 12/15/08 2 Westpac Banking Corporation 6.250% 8/30/11 5 KOREA ----- Korea Electric Power 7.950% 4/01/96 55 MALAYSIA -------- Abi Malaysia Bhd 5.500% 5/30/06 30 Aliran Ihsan Resources Bhd 5.000% 11/29/11 1 Artwright Holdings Bhd 5.500% 3/06/07 1 Asian Pac Bhd 4.000% 12/21/07 1 Berjaya Land Bhd 5.000% 12/30/09 1 Camerlin Group Bhd 5.500% 7/15/07 2 Comsa Farms Bhd 5.000% 2/27/06 50 Crescendo Corporation Bhd 3.000% 8/25/07 1 Dataprep Holdings Bhd 4.000% 8/06/07 1 Eden Enterprises (M) Bhd 2.500% 12/02/07 1 EG Industries Bhd 5.000% 6/16/10 1 Equine Capital Bhd 3.000% 8/26/08 1 Fountain View Development Sdn Bhd 3.500% 11/03/06 1 Greatpac Holdings Bhd 2.000% 12/11/08 1 Gula Perak Bhd 6.000% 4/23/08 1 Hong Leong Industries Bhd 4.000% 6/28/07 1 Huat Lai Resources Bhd 5.000% 3/28/10 1 I-Berhad 5.000% 4/30/07 1 Insas Bhd 8.000% 4/19/09 1 Kamdar Group Bhd 3.000 11/09/09 1 Killinghall Bhd 5.000% 4/13/09 2 Kosmo Technology Industrial Bhd 2.000% 6/23/08 3 Kretam Holdings Bhd 1.000% 8/10/10 1 Kumpulan Jetson 5.000% 11/27/12 1 LBS Bina Group Bhd 4.000% 12/29/06 1 LBS Bina Group Bhd 4.000% 12/31/07 1 LBS Bina Group Bhd 4.000% 12/31/08 1 LBS Bina Group Bhd 4.000% 12/31/09 1 Lebar Daun Bhd 2.000% 1/06/07 3 Lion Diversified Holdings Bhd 2.000% 6/01/09 2 Media Prima Bhd 2.000% 7/18/08 1 Mithril Bhd 3.000% 4/05/12 1 Mithril Bhd 8.000% 4/05/09 1 Mutiara Goodyear Development Bhd 2.500% 1/15/07 1 Naim Indah Corporation Bhd 0.500% 8/24/06 1 Nam Fatt Corporation Bhd 2.000% 6/24/11 1 Orix Leasing Malaysia Bhd 4.052% 1/26/09 4 Pantai Holdings Bhd 5.000% 7/31/07 2 Patimas Computers Bhd 6.000% 2/19/06 1 Pelikan International Corp Bhd 3.000% 4/08/10 1 Poh Kong Holdings Bhd 3.000% 1/20/07 1 Prinsiptek Corporation Bhd 3.000% 11/20/06 1 Puncak Niaga Holdings Bhd 2.500% 11/18/16 1 Ramunia Holdings 1.000% 12/20/07 1 Rashid Hussain Bhd 0.500% 12/24/12 1 Rashid Hussain Bhd 3.000% 12/24/12 1 Rhythm Consolidated Bhd 5.000% 12/17/08 1 Silver Bird Group Bhd 1.000% 2/15/09 1 Southern Steel 5.500% 7/31/08 1 Tanah Emas Corporation Bhd 2.000% 12/09/06 1 Tap Resources Bhd 2.000% 6/29/06 1 Tenaga Nasional Bhd 3.050% 5/10/09 1 VTI Vintage Bhd 4.000% 8/22/06 1 WCT Land Bhd 3.000% 8/02/09 1 Wah Seong Corp 3.000% 5/21/12 3 YTL Cement Bhd 4.000% 11/10/15 1 SINGAPORE --------- Sengkang Mall 8.000% 11/20/12 1 Structural System Singapore 11.000% 6/30/07 1 Tampines Assets Ltd 6.000% 12/07/06 1 Tincel Limited 7.400% 6/13/11 1 ********* 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 ***