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

          Thursday, February 23, 2006, Vol. 9, No. 039


                           Headlines

A U S T R A L I A   &   N E W  Z E A L A N D

45 PROJECT: Seeks Liquidation Due to Inability to Pay Debts
A.C.N. 101 726 701 PTY: Enters Voluntary Liquidation
AIR NEW ZEALAND: Maintenance Service Outsourcing Kills 617 Jobs
AIR NEW ZEALAND: Adds Non-stop Flights to Dunedin-Auckland Route
AIR NEW ZEALAND: Wins Placemakers V8 Supercar Contract

AUSTRALIAN GAS: Alinta Increases Stake to 19.9%
BELGUNDIE LIMITED: Creditors' Proofs of Claims Due on March 3
BIBELOT INVESTMENTS: Supreme Court Issues Wind-up Order
BLENHEIM ALUMINIUM: Court Appoints Joint and Several Liquidators
BURTLEA INVESTMENTS: Liquidation Petition Hearing on Feb. 27

CAIRNS PROSCAPES: Liquidator to Present Company Report
CHEM SERVICES: Prepares to Pay Dividend
CLEMENTS AND PAGE: CIR Files Petition to Liquidate Firm
CORROSION CONTROL: Members Opt to Close Business
DAVID LAWRENCE: Creditors Name Liquidator

EDENHOPE PTY: Members to Receive Wind-up Details
EMPYREAN INVESTMENTS: Court Liquidates Firm
FELTEX CARPETS: Losses NZ$15 Mln Due to Restructuring
GIDLEIGH PTY: Members Agree to Wind Up Firm
GOSFORD WATERS: Appoints Receivers of Company Assets

HELLMAN INSURANCE: To Declare Dividend
HOSEMANS PAINTING: Placed Under Voluntary Liquidation
KELLY'S STRUCTURAL: To Hold Final Meeting Today
MULTIPLEX: Will Not Go Bankrupt Despite Wembley Problems
MULTIPLEX: Consortium Wins AU$480-Mln Contract

NICMAT PTY: To Distribute Final Dividend
NORTHCROSS MEDICAL: Shareholders Resolve to Appoint Liquidators
NYLEX LIMITED: Peter George Is New Executive Chairman
QANTAS AIRWAYS: Welcomes Gov't Ruling to Shut Out Singapore Air
QANTAS AIRWAYS: Gov't Says No to Foreign Ownership Ceiling Raise

SASH INDUSTRIES: Liquidation Hearing Set Feb. 27
SCI DEVELOPMENT: Creditors to Submit Proofs of Claim by March 2
SORUE LIMITED: Members Decide to Shut Down Operations
TAITS TRANSPORT: Placed Under Liquidation
TONY INTERNATIONAL: Final Meeting Scheduled Today

VIRTUAL CREATIVE: Robert Cole Named to Wind Up Firm
W&C MCINTYRE: Liquidator to Distribute Assets
WESTPOINT CONSTRUCTIONS: Appoints Brian Silva as Receiver


C H I N A   &   H O N G  K O N G

401 LIMITED: Appoints Joint and Several Liquidators
AJ SECURITIES: Morgan Stanley Eyes 20% Stake
ASSOCIATE MARBLE: Creditors to Prove Claims Until March 20
BELSON INDUSTRIES: Names Official Liquidator
CAPITALCORP HONG KONG: Members and Creditors to Meet March 20

CHISSO HONG KONG: Schedules Final Meeting March 20
FORDCO TEXTILES: Commences Winding Up Process
HAITONG SECURITIES: Bank of Montreal Eyes Stake
HONG KONG LONG: Creditors' Proofs of Claim Due on March 20
HOPEWELL ENGINEERING: Mee & Yee Ceases to Act as Liquidator

HUA CHIAO: Final Meeting Slated for March 17
HUTCHISON ENTERPRISES: Decides to Shut Down Operations
S.Y. METAL: Liquidator to Present Wind-Up Report
TRAVELWAY LUGGAGE: Commences Winding Up Process
WING'S BROTHERS: Members Resolve to Wind-Up Business


I N D I A

MAIKAAL FIBRES: Board Endorses Restructuring Scheme
SOUTH INDIAN: Board will Meet to Approve Shares Allotment
* State Oil Firms Rack Up Losses


I N D O N E S I A

GREAT RIVER: May Seek Investor to Bail Out Firm
KIANI KERTAS: Bank Mandiri Refuses to Waive a Portion of Debt
PERTAMINA: Cepu Delay Drives IDR48-Trillion State Loss
PERTAMINA: Government Rejects Rotating Operator Proposal


J A P A N

DAIEI INCORPORATED: To Transfer 800 Employees
KANEBO LIMITED: Investment Group to Begin Tender Offer
LIVEDOOR CO.: Shareholders to Seek Damages
LIVEDOOR CO.: Chief Kumagai Faces Possible Arrest
SANYO ELECTRIC: May be Forced to Cut Jobs


K O R E A

HANARO TELECOM: Posts KRW370.9-Bln Revenue in 4Q/FYO5


M A L A Y S I A

DATUK KERAMAT: Bourse Halts Trading on Failure to Submit Report
LAND & GENERAL: Says Wind-Up Action on Unit Won't Hurt Earnings
LINEAR CORPORATION: Unit's Wind-Up May Bring in Losses
LION FOREST: 2Q/FY05 Net Loss Hits MYR12,532,000
MAGNUM CORPORATION: Repurchases Ordinary Shares

MAGNUM CORPORATION: New Shares up for Listing and Quotation
MEDIA PRIMA: Bourse to List and Quote New Shares
MEDIA PRIMA: Converts ICULS to Ordinary Shares
NOEWELL MANAGEMENT: Faces Dissolution in Three Months
POLYMATE HOLDINGS: Scheme Expires on February 21

POS MALAYSIA: Bourse to List and Quote New Shares Today
PUNCAK NIAGA: Wants to Extend Tenure of MCP/MMTN Programme
SINORA INDUSTRIES: Net Loss Widens to MYR624,000 in 4Q/FY05
SOUTHERN STEEL: Books MYR18,306,000 Net Loss in 4Q/FY05
UNITED BINTANG: Net Loss Shrinks to MYR1,721,000 in 4Q/FY05


P H I L I P P I N E S

AFP SAVINGS: Unit Forecasts Lower Losses This Year
ATLAS CONSOLIDATED: Inks Heads of Agreement with Crescent Asian
MANILA ELECTRIC: Files Separate Appeal Against Rate Hike Ruling
NATIONAL POWER: 24 Investors Eye Generation Assets
NATIONAL POWER: BFAR Team Helps Assess Semirara Oil Spill

NEGROS NAVIGATION: Posts Turnaround Profit in 2005


S I N G A P O R E

ACCORD CUSTOMER: Former Finance Chief Gets 4 Years for Fraud
FIRSTLINK INVESTMENTS: To Sell Property to Virtue for SGD5.76Mln
ING BELGIUM: Prepares to Declare Dividend
INTERMILLING COIMMODITIES: Creditor Seeks Liquidation
ROTOL SINGAPORE: Financial Controller Steps Down


T H A I L A N D

SUNTECH GROUP: To Submit Financial Statement on February 28
THAI HEAT: To Undertake Warrant Exercise

     - - - - - - - -

============================================
A U S T R A L I A   &   N E W  Z E A L A N D
============================================

45 PROJECT: Seeks Liquidation Due to Inability to Pay Debts
-----------------------------------------------------------
45 Project Management Pty Limited has initiated a voluntary wind-
up of its business operations due to its inability to pay its
debts within 12 months.

Richard Albarran, of Hall Chadwick, was appointed to oversee the
Company's liquidation activities.


A.C.N. 101 726 701 PTY: Enters Voluntary Liquidation
----------------------------------------------------
The members of A.C.N. 101 726 701 Pty Limited convened on January
30, 2006, and concurred on winding up its operations. Andrew
Reginald Yeo and David Raj Vasudevan were appointed as joint
liquidators.


AIR NEW ZEALAND: Maintenance Service Outsourcing Kills 617 Jobs
---------------------------------------------------------------
On February 20, 2006, Air New Zealand disclosed that it will
proceed with its plan to outsource wide body aircraft heavy
maintenance after union members failed to ratify their own
counterproposal.

Air New Zealand projects outsourcing to deliver NZ$48-million in
cost savings over the next five years.  Around 507 Air New
Zealand Engineering Services positions will be made redundant on
top of the 110 announced in December, when the decision was made
to outsource wide body aero engine maintenance.

Of the total 617 positions affected by outsourcing, 121 are
licensed aircraft engineers and the remainder includes trades
people, sales and customer support, clerical staff, planners and
cleaners.

Air New Zealand Chief Executive Officer Rob Fyfe said the union
members do not support the necessary labor reform that would have
potentially saved around 300 jobs.  He says that support across
all ANZES staff from both Christchurch and Auckland is needed for
the counter proposal to succeed.

The first installment of future heavy maintenance work on the
airline's long haul fleet will be carried out at one of the
world's leading providers in Europe.  Details of the provider and
work program will remain confidential until commercial agreements
are formalized.

Outsourcing aircraft maintenance work has been a core part of Air
New Zealand's operations for many years.  Various component,
engine and airframe maintenance is already undertaken by
organizations in Europe and Asia without safety issues being
raised.

Mr. Fyfe said that despite the unions' failure to secure
ratification of the counterproposal, it was clear there were many
sections of the workforce that supported change within the
business to ensure it had a viable long-term future.

Mr. Fyfe said ANZES would now move into a period of consultation
with staff affected by today's outsourcing proposal.  He said
that many have already taken part in workshops provided by the
airline's Career and Change Centre since it opened in early
January.

            Prime Minister Urges Talks on Saving Jobs

In a related development, New Zealand Prime Minister Helen Clark
is urging the management of Air New Zealand and unions to keep
talking about ways to save hundreds of engineering jobs at the
company.  The airline's engineers have rejected a union plan to
make concessions on pay and conditions in order to save 300 jobs,
which The New Zealand Herald was decided with the narrowest of
margins.

The report says engineers in Christchurch who are not in
immediately in danger of redundancy, but have been asked to
accept a change in working conditions, voted the plan down.  Ms.
Clark says the unions will be disappointed that a small majority
at one workplace means the proposal has been rejected.

The latest move came as a surprise.  Troubled Company Reporter -
Asia Pacific earlier reported that Air New Zealand has accepted a
second proposal from its workers' union containing a
"comprehensive labor reform" aimed at saving hundreds of jobs
relating to the airline's heavy maintenance operations in the
country.

Headquartered in Christchurch, New Zealand, Air New Zealand --
http://www.airnz.co.nz/-- is an international and domestic  
airline group which provides air passenger and cargo transport
services within New Zealand, as well as to and from Australia,
the South West Pacific, Asia, North America and the United
Kingdom.  Air New Zealand also encompasses business units
providing engineering and ground handling services.  Subsidiaries
extend to booking systems, travel wholesaling and retailing
services.


AIR NEW ZEALAND: Adds Non-stop Flights to Dunedin-Auckland Route
----------------------------------------------------------------
Air New Zealand will continue to operate additional flights
between Dunedin and Auckland on three days per week basis
following a successful trial of these services over the last few
months.

Air New Zealand General Manager NZ Sales Roger Poulton said that
the airline had trialled an evening Boeing 737 service in each
direction on Wednesdays, Thursdays and Fridays from November 9,
2005, to December 16, 2005.

"We reinstated the flights on February 8, 2006, with the
intention of reviewing again at the end of April.  However, to
date customer bookings have exceeded our expectations so Air New
Zealand has decided to scheduled the flights all year round,"
said. Mr. Poulton.

"The strong patronage of the direct services clearly showed us
that one non-stop flight per day between Dunedin and Auckland
could no longer serve the needs of Dunedin business travelers who
previously had to take connecting flights via Wellington or
Christchurch."

The additional Dunedin-Auckland flights will also enable
connections to flights from Brisbane, Sydney and Melbourne.

Bookings for the additional flights will be available later next
week.

The Airline's latest move is contrary to recent trends.  As had
been reported in the Troubled Company Reporter, the Airline had
been planning on cutting unprofitable routes like the Auckland
and Nagoya route, and flights to Los Angeles.

Headquartered in Christchurch, New Zealand, Air New Zealand --
http://www.airnz.co.nz/-- is an international and domestic  
airline group which provides air passenger and cargo transport
services within New Zealand, as well as to and from Australia,
the South West Pacific, Asia, North America and the United
Kingdom.  Air New Zealand also encompasses business units
providing engineering and ground handling services.  Subsidiaries
extend to booking systems, travel wholesaling and retailing
services.


AIR NEW ZEALAND: Wins Placemakers V8 Supercar Contract
------------------------------------------------------
Air New Zealand has won the rights to transport all teams and
drivers for the upcoming PlaceMakers V8 Supercar round in
Auckland.

It involves transporting up to 400 drivers, team support and
officials from Australia and return for the second round of the
V8 Supercar Championship at Pukekohe Park Raceway on  April 20-
23, 2006.

It is the first time Air New Zealand has won the contract with
significant value for the Company and is initially for two years
with the right of renewal.  The New Zealand round of the V8
Supercar Championship will remain at Pukekohe for two years with
the promoters looking for a new venue from 2008.

The Company will also handle all the logistical arrangements for
the teams.

Headquartered in Christchurch, New Zealand, Air New Zealand --
http://www.airnz.co.nz/-- is an international and domestic  
airline group which provides air passenger and cargo transport
services within New Zealand, as well as to and from Australia,
the South West Pacific, Asia, North America and the United
Kingdom.  Air New Zealand also encompasses business units
providing engineering and ground handling services.  Subsidiaries
extend to booking systems, travel wholesaling and retailing
services.


AUSTRALIAN GAS: Alinta Increases Stake to 19.9%
-----------------------------------------------
The Troubled Company Reporter - Asia Pacific yesterday reported
that Alinta Limited has snared a 10% stake in Australian Gas
Light Company on Monday.  The stake was valued at almost AU$900
million.

Alinta later on revealed details of its proposal offering 1.773
Alinta shares for AGL shares based on an Alinta share price of
AU$10.97 and AGL price of $19.45.

On Tuesday night, Alinta increased its stake to 12.9%.  The
buying spree, The Australian says, makes Alinta the largest AGL
shareholder by far.

However, Alinta is not too optimistic that the AGL Board of
Directors will favor its plan to merge the two power companies
and create a national energy powerhouse, which, according to
reports, may be valued at nearly AU$12 billion.  This since the
Board is looking forward to get shareholder votes on its own
demerger plans.

As a result, Alinta increased its stake in AGL to 19.9%.  Alinta
then intends to lodge a scrip offer outlining similar terms as
those provided under AGL's demerger proposal, including giving
shareholders a free hand to decide which management they prefer.

The Sydney Morning Herald quotes Alinta's top man, Bob Browning,
as saying that "the fact that Alinta has acquired a substantial
stake in AGL from institutional investors demonstrates that many
in the market believe, as we do, that the combination of Alinta
and AGL offers far more value to AGL shareholders than the AGL
demerger plan does on its own."

According to the Australian Associated Press, Alinta has no more
plans of purchasing any more shares before it gets to discuss the
merger with AGL via a scheme of arrangement.  Alinta needs a 25%
stake to block AGL's proposed demerger, AAP says.

Mr. Browning also said that Alinta would no longer pay in excess
of its AU$19.45 price offer per AGL share.

The Sydney Herald notes that having already bought more than
AU$1.1 billion worth in AGL shares by late the other day, Alinta,
with a market capitalization of AU$2.9 billion, may have a joint
venture partner up its sleeve to help take a cornerstone stake.

AGL had last year announced its plans to demerge its energy
retail and infrastructure units to create a longer-term value for
shareholders.  Shareholders are scheduled to cast votes in favor
of or against the AGL demerger proposal on March 27.


BELGUNDIE LIMITED: Creditors' Proofs of Claims Due on March 3
-------------------------------------------------------------
On February 9, 2006, Nole Irvine, chartered accountant of
Auckland, was appointed to liquidate the business of Belgundie
Limited.

As Liquidator, Mr. Irvine asks the Company's creditors to make
their claims and to establish any priority their claims may have
by March 3, 2006, to:

          Stewart & Co Limited
          Chartered Accountants
          323 Great South Road
          Greenlane, Auckland
          P.O. Box 17-011, Auckland
          Telephone: (09) 580 2162
          Facsimile: (09) 580 2164

Failure to comply with the requirement will exclude any creditor
from the benefit of any distribution made before their claims are
made or excluded from objecting to any distribution made before
the priority of their claim is established.


BIBELOT INVESTMENTS: Supreme Court Issues Wind-up Order
-------------------------------------------------------
On January 31, 2006, the Supreme Court ordered the liquidation of
Bibelot Investments Pty Limited, and appointed Pino Fiorentino,
of Hamiltons Chartered Accountants, to oversee the liquidation
process.


BLENHEIM ALUMINIUM: Court Appoints Joint and Several Liquidators
----------------------------------------------------------------
The High Court of Nelson on February 9, 2006, released an order
to have Blenheim Aluminium Joinery Limited liquidated.

The Court has appointed Iain Andrew Nellies and Wayne John
Deuchrass as joint and several liquidators for the Company.


BURTLEA INVESTMENTS: Liquidation Petition Hearing on Feb. 27
------------------------------------------------------------
On February 27, 2006, the High Court of Wellington will hear an
application to liquidate Burtlea Investments No. 113 Limited.

The petition was lodged before the High Court on December 13,
2005, by the Commissioner of Inland Revenue.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an appearance
not later than February 23, 2006, with:

          Technical and Legal Support Group
          Wellington Service Centre
          First Floor, New Zealand Post House
          7-27 Waterloo Quay (P.O. Box 1462)
          Wellington
          Telephone: (04) 802 8043
          Facsimile: (04) 802 8187
          
Further particulars may be obtained from the office of the Court
or from the plaintiff or the plaintiff's solicitor, Fiona Melanie
Vining.


CAIRNS PROSCAPES: Liquidator to Present Company Report
------------------------------------------------------
A final meeting of the members and creditors of Cairns Proscapes
Pty Limited will be held on February 23, 2006.  The parties will
receive the liquidator's final account showing how the Company
was wound up and how its property was disposed.


CHEM SERVICES: Prepares to Pay Dividend
---------------------------------------
Chem Services Pty Limited will declare a first and final dividend
on February 27, 2006.

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


CLEMENTS AND PAGE: CIR Files Petition to Liquidate Firm
-------------------------------------------------------
On December 19, 2005, the Commissioner of Inland Revenue filed an
application to put Clements and Page Limited into liquidation by
the High Court.

The application will be heard before the High Court of Wellington
on February 27, 2006, at 10:00 a.m.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an appearance
not later than February 23, 2006, with:

          Technical and Legal Support Group
          Wellington Service Centre
          First Floor, New Zealand Post House
          7-27 Waterloo Quay (P.O. Box 1462)
          Wellington
          Telephone: (04) 802 8043
          Facsimile: (04) 802 8187

Further particulars may be obtained from the office of the Court
or from the plaintiff or the plaintiff's solicitor, Philip Hugh
Brian Latimer.


CORROSION CONTROL: Members Opt to Close Business
------------------------------------------------
After their extraordinary general meeting on January 30, 2006,
the members of Corrosion Control Management Australia Pty Limited
decided to voluntarily wind up the Company's operations.

A creditors' meeting was also held on the same day. Subsequently,
Leonard A. Milner, of Venn Milner & Company, was as liquidator.


DAVID LAWRENCE: Creditors Name Liquidator
-----------------------------------------
On January 30, 2006, the creditors of David Lawrence Lewis Pty
Limited appointed Anthony Warner and Clifford Sanderson, of CRS
Warner Sanderson, to supervise the Company's wind-up operations.


EDENHOPE PTY: Members to Receive Wind-up Details
------------------------------------------------
A final meeting of the members of Edenhope Pty Limited will be
held on February 23, 2006, for the parties to receive the
liquidator's final account showing how the Company was wound up
and how its property was disposed of.

A. R. Nicholls, of Nicholls & Company, is the Company's
liquidator.


EMPYREAN INVESTMENTS: Court Liquidates Firm
-------------------------------------------
On January 31, 2006, the Supreme Court issued a winding up order
pertaining to Empyrean Investments Pty Limited, and appointed
Pino Fiorentino, of Hamiltons Chartered Accountants, as
liquidator to oversee the Company's wind-up activities.


FELTEX CARPETS: Losses NZ$15 Mln Due to Restructuring
-----------------------------------------------------
After incurring NZ$15 million in restructuring costs, Feltex
Carpets Ltd lost NZ$11.8 million in the six months ending
December 2005, down from a NZ$12.9 million profit in the same
period in 2004, stuff.co reports, citing the Company's Feb. 20
disclosure.

Moreover, the Company reported that its sales tumbled NZ$21.5
million and margins fell to 20.6% from 30.6%.

Jim Walsh, finance director of Godfrey Hirst, which holds an 8.7%
interest in the carpet maker, said that Feltex's earnings did not
support its current share price.  Stuff.co quotes Mr. Walsh as
saying that the Company is "performing terribly" and is "losing
market share at a rapid rate."  He believes that margins have
"deteriorated rapidly" and the Company is "trying to paint a
positive picture."

The Troubled Company Reporter - Asia Pacific has previously
reported that Godfrey Hirst has increased its shareholding in
Feltex from 5.8% to 8.7%.  Last year, Feltex directors had
rejected a proposal from Godfrey Hirst, which proposal they
labeled as a reverse takeover.

Feltex Chief Executive Officer Peter Thomas notes that the
McKendrick family, which controls the Australian Godfrey Hirst,
aims to buy New Zealand's Feltex as cheaply as possible.

Mr. Thomas says that no guarantee could be made to shareholders
that the financial condition of the Company would improve in
2007, although a restructuring process, which includes slashing
302 jobs and closing a Melbourne yarn plant, had strengthened
Feltex's fundamentals.

Established over 50 years ago, Feltex Carpets --
http://www.feltex.com-- has built a reputation for being one of  
the world's leading manufacturers of superior-quality carpet.
The Feltex operation includes a wool scouring plant, six spinning
mills, three tufted carpet mills, a woven carpet mill and offices
in New Zealand, Australia and the United States. They also lead
the way in exports, with customers throughout South East Asia,
Japan, the United States, the Middle East and other key world
markets.


GIDLEIGH PTY: Members Agree to Wind Up Firm
-------------------------------------------
At a general meeting of the members of Gidleigh Pty Limited on
January 31, 2006, it was agreed that a voluntary wind-up of the
Company is appropriate and necessary.

Moreover, William Stephen Forster Rutledge, of Ledger Rutledge &
Walker Pty Limited, was appointed as liquidator.


GOSFORD WATERS: Appoints Receivers of Company Assets
----------------------------------------------------
On February 1, 2006, John Sheahan and Ian Russell Lock, of
Sheahan Lock Partners, were appointed as the receivers and
managers of the assets and property of Gosford Waters Pty
Limited.


HELLMAN INSURANCE: To Declare Dividend
--------------------------------------
Hellman Insurance Brokers Pty Limited will declare its first and
final dividend today, February 23, 2006.

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


HOSEMANS PAINTING: Placed Under Voluntary Liquidation
-----------------------------------------------------
Hosemans Painting Pty Limited received a wind-up order from the
Supreme Court of New South Wales on January 30, 2006.

Stephen Jamnes Parbery, of PPB Chartered Accountants, was
appointed to manage the Company's wind-up operations.


KELLY'S STRUCTURAL: To Hold Final Meeting Today
-----------------------------------------------
The final meeting of the members and creditors of Kelly's
Structural Steel Pty Limited is scheduled today, February 23,
2006, where the liquidator, Mervyn J. Kitay, of Grant Thornton,
will present an account of the manner of the Company's wind-up
and property disposal.


MULTIPLEX: Will Not Go Bankrupt Despite Wembley Problems
--------------------------------------------------------
Even with the prospect of losing GBP75 million on the Wembley
Stadium project and being liable for daily penalty payments of
GBP120,000 since January 31, 2006, for not completing the
stadium, a spokesperson for Multiplex Group ascertains that there
is no possibility of it going bankrupt.  He also says that the
Company will not leave the project unfinished.

As previously reported in the Troubled Company Reporter - Asia
Pacific, Multiplex's construction of the Wembley Stadium in
London is behind schedule and will no longer be able to host the
English Football Association's Cup Final on May 13, 2006.  The FA
has instead opted to hold the Cup Final at its reserve venue, the
Millennium Dome in Cardiff, Wales.

The failure to timely turn the Wembley stadium over is a blow to
Multiplex's reputation in Britain, where the delays and cost
overruns of the project have been documented in detail in the
media.

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
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.


MULTIPLEX: Consortium Wins AU$480-Mln Contract
----------------------------------------------
Multiplex Group disclosed that the Victorian Government has
awarded the Multiplex Plenary Consortium the contract to deliver
the new 66,000-square meter Melbourne Convention Center.

Under the consortium arrangements, Plenary Group, as developer
and equity investor, has contracted with Multiplex Constructions
to deliver a total of AU$480 million in building works.  Those
works include the convention center, a pedestrian bridge across
the Yarra River and a 12-storey, five-star hotel with 319 rooms,
which formed part of the Consortium's successful bid proposal.

The convention center will be integrated with the existing
Melbourne Exhibition Center and delivered as a public-private
partnership under the Partnerships Victoria model.

In welcoming the announcement, Multiplex Constructions Managing
Director Simon Gray said the project would require a workforce of
over 1,000 for the lifetime of the project.

"This contract will significantly replenish our workbook in the
Victorian capital and also provides further upside for Multiplex
Group with the awarding of a 25-year facilities management
contract to Multiplex Facilities Management, he said.

Construction is due to commence in April, with completion due in
the final quarter of 2008, ready for its first function at the
start of 2009.

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
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.


NICMAT PTY: To Distribute Final Dividend
----------------------------------------
Nicmat (WA) Pty Limited will declare a final dividend on February
24, 2006.

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


NORTHCROSS MEDICAL: Shareholders Resolve to Appoint Liquidators
---------------------------------------------------------------
The shareholders of Northcross Medical Centre Limited have
resolved to voluntarily wind up the Company and appointed Karen
Betty Mason and Jeffrey Philip Meltzer as liquidators.

The Liquidators fixed March 10, 2006, as the deadline for
creditors to make their claims and to establish any priority
their claims may have.

Failure to comply with the requirement will exclude any creditor
from the benefit of any distribution made before their claims are
made, or as the case may be, from objecting to the distribution.


NYLEX LIMITED: Peter George Is New Executive Chairman
-----------------------------------------------------
Nylex Limited has appointed its current non-executive chairman,
Peter George, as executive chairman, effective immediately.

Mr. George's assumption of the role follows the resignation of
Chief Executive Officer Glen Casey.  The Company said in a press
release that Mr. Casey has decided to pursue other business
interests.

Mr. Casey will conclude his full-time employment with Nylex
in mid April 2006.

The Company believes that Mr. George is well qualified to lead
Nylex in the next phase of its reconstruction.  Mr. George
previously spent four years as head of strategy for Cable &
Wireless Optus Limited and, more recently, was managing director
of B Digital Limited.  He was also a non-executive director of
Optus Communications and is currently a non-executive director of
PMP Limited and B Digital Limited.

Mr. George said that "Nylex is emerging from a lengthy period of
business divestments and debt reduction under Mr. Casey's
stewardship."  He also said that "the Board of Nylex recognizes
the need to restore shareholder value and to strengthen our
relationships with our other key stakeholders -- our employees,
customers, suppliers, financiers and the communities in which we
operate -- and is committed to meeting these challenges with
vigor and determination."  He said that Nylex's key consumer
brands, including Nylex, Esky and Ajax, remained very strong and
the Company has solid market positions across a range of
industrial product sectors.

Mr. George said that one of his main priorities is to "accelerate
the transformation of the Company from a pure manufacturer to an
innovative, customer focused sales and marketing organization,
with [its] balance sheet now in the strongest position it has
been in for a number of years."

Headquartered in Melbourne, Australia, Nylex Limited --  
http://www.nylexlimited.com.au-- is an Australian marketer,  
manufacturer and service provider of plant hire services,
building products, automotive products, plastic products, and
engineered products.  Nylex owed its lenders more than AU$400
million at the peak and has basically been in a controlled
liquidation of the mish-mash of assets built up in the 1990s.
The company has sold many businesses to reduce debt, moved some
production offshore and now has a strong balance sheet and is
looking for acquisitions.  It has also launched a major push to
build on its strong position in garden water control to become a
leader in overall household water conservation.


QANTAS AIRWAYS: Welcomes Gov't Ruling to Shut Out Singapore Air
---------------------------------------------------------------
Qantas Airways welcomed the Federal Government's decision not to
grant trans-Pacific access to Singapore Airlines following a
comprehensive review of Australia's aviation policy.

Qantas Chief Executive Officer Geoff Dixon said that the
Government's decision recognized the many factors that distorted
the regulatory environment in international aviation.  He said
that the Government's decision had not been taken at the expense
of competition and consumer interests.

Mr. Dixon said that Qantas, while noting the Government's reasons
for deciding against requests on foreign ownership limits at this
time, would continue to discuss the issue with the Government,
especially when it comes to the impact of the current schedules
on the airline's competitiveness "given the relatively
advantageous position enjoyed by our competitors."

Qantas had earlier hoped that the removal of foreign ownership
limits would help it lower its cost of capital, as well as
provide parity with other Australian international carriers,
allowing the airline to operate competitively.

Mr. Dixon said that overall, the Government's review had
clarified the medium-term policy framework and would assist
Qantas in making important decision in growth and in the
restructuring of its business.

The Government, after its decision, encouraged Qantas to consider
a strategic alliance with Singapore Airlines.

Analysts believe that after the Government's decision to keep
Singapore Airlines out of the lucrative trans-pacific route, it
is more likely that Qantas will opt to restructure its Australian
engineering operations rather than send its heavy maintenance to
Asia.

Qantas Airways Ltd. -- 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.


QANTAS AIRWAYS: Gov't Says No to Foreign Ownership Ceiling Raise
----------------------------------------------------------------
Transport Minister Warren Truss told ABC News that the Australian
Government has rejected a push by Qantas Airways to raise a 49%
foreign investment ceiling that restricts single foreign
investors to a 25% stake and foreign airlines to 35%.

Mr. Truss explains that even if the Qantas foreign ownership laws
had been scrapped, the Government's Foreign Investment Review
Board would still have to examine any majority foreign ownership,
giving the Government the power to veto any foreign
takeover.

The status quo on foreign ownership comes after the European
Union and the United States failed to resolve the issue of
foreign ownership restrictions in their markets in November.

Qantas Airways Ltd. -- 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.


SASH INDUSTRIES: Liquidation Hearing Set Feb. 27
------------------------------------------------
The Commissioner of Inland Revenue filed a petition with the High
Court of Wellington to liquidate Sash Industries Limited.

The High Court will hear the Petition on February 27, 2006.

Any person, other than the defendant company, who wishes to
appear on the hearing, will have to file an appearance not later
than February 23, 2006, with:

          Technical and Legal Support Group
          Wellington Service Centre
          First Floor, New Zealand Post House
          7-27 Waterloo Quay (P.O. Box 1462)
          Wellington
          Telephone: (04) 802 8043
          Facsimile: (04) 802 8187


SCI DEVELOPMENT: Creditors to Submit Proofs of Claim by March 2
---------------------------------------------------------------
On February 2, 2006, SCI Development & Construction Limited
commenced its liquidation process.  John Michael Gilbert was
appointed liquidator of the Company on that same date.

The Liquidator requires creditors to make their claims and to
establish any priority their claims may have with:

          C & C Strategic Limited
          Private Bag 47-927
          Ponsonby, Auckland
          Telephone: (09) 376 7506
          Facsimile: (09) 376 6441

Failure to comply with the requirement will exclude any creditor
from the benefit of any distribution made before their claims are
made, or as the case may be, from objecting to the distribution.


SORUE LIMITED: Members Decide to Shut Down Operations
-----------------------------------------------------
On February 1, 2006, the members of Sorue Limited agreed that a
voluntary wind-up of the Company is necessary and in its best
interests.

Furthermore, they appointed D. M. Hodgkinson, of Pitcher
Partners, as official liquidator.


TAITS TRANSPORT: Placed Under Liquidation
-----------------------------------------
Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed as joint and several liquidators for Taits Transport
2004 Limited.

The liquidation commenced on January 27, 2006.


TONY INTERNATIONAL: Final Meeting Scheduled Today
-------------------------------------------------
A final meeting of the members and creditors of Tony
International Pty Limited will be held today, February 23, 2006,
where liquidator Jonathan McLeod will present his final account
regarding the Company's wind-up operations.


VIRTUAL CREATIVE: Robert Cole Named to Wind Up Firm
---------------------------------------------------
The members of Virtual Creative Services Pty Limited met on
February 1, 2006, to agree on the Company's need to wind up its
operations.

Robert Molesworth Hobill Cole, of Cole Downey & Company, was then
appointed as liquidator at a creditors' meeting held that same
day.


W&C MCINTYRE: Liquidator to Distribute Assets
-----------------------------------------------
After their general meeting on February 1, 2006, the members of
W&C McIntyre Nominees Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets.  
Robyn Erskine and Peter Goodin, of Brooke Bird & Company, were
appointed to oversee the Company's wind-up activities.


WESTPOINT CONSTRUCTIONS: Appoints Brian Silva as Receiver
---------------------------------------------------------
On February 2, 2006, Brian Silva, of Ferrier Hodgson was
appointed as the receiver and manager of Westpoint Constructions
Pty Limited.


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

401 LIMITED: Appoints Joint and Several Liquidators
---------------------------------------------------
On February 10, 2006, Cosimo Borrelli and Kelvin Flynn, of
Alvarez & Marsal Asia Limited, were appointed to liquidate
401 (China) Limited's operations.


AJ SECURITIES: Morgan Stanley Eyes 20% Stake
--------------------------------------------
Chinese brokerage AJ Securities is in talks to sell a 20% stake
to Morgan Stanley, The Standard relates.

The move is advantageous to overseas investor Morgan Stanley,
which has been eyeing ailing Chinese brokerages as a means of
gaining a foothold in the mainland stock-brokering business,
according to The Standard.

AJ Securities's woes started when the Company's former Chairman
Liu Shunxin was sentenced in June to five years in prison for
being involved in misappropriating deposits with values of more
than CNY500 million.

Headquartered in Shanghai, China, AJ Securities
-- www.ajzq.com/ -- is a unit of Shanghai-backed industrial
conglomerate AJ Corporation, is considered by market players to
be one of the most beleaguered securities firms in China and
carries a heavy debt burden.  It operates 16 branches in China,
mostly in the financial hub Shanghai, and its registered capital
stood at CNY650 million (US$80.8 million).


ASSOCIATE MARBLE: Creditors to Prove Claims Until March 20
----------------------------------------------------------
Creditors of Associate Marble Maintenance and Service Company
Limited have until March 20, 2006, to submit the particulars of
their claims, as well as any information regarding their
solicitors, to the Company's liquidator, Ho Wai Ip.

If the liquidator requires, the creditors must come in personally
or through 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.


BELSON INDUSTRIES: Names Official Liquidator
--------------------------------------------
The members of Belson Industries Limited convened on
February 17, 2006, and decided to liquidate the Company's
business operations.

The members subsequently named Luo Wenhua to facilitate the
Company's wind-up activities.


CAPITALCORP HONG KONG: Members and Creditors to Meet March 20
-------------------------------------------------------------
The meetings of the members and creditors of
Capitalcorp Hong Kong 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.

The meeting among members will be held on March 20, 2006, at
10:00 a.m. and the creditors' meeting will take place at
l0:30 a.m.


CHISSO HONG KONG: Schedules Final Meeting March 20
--------------------------------------------------
A final meeting of the members of Chisso Hong Kong Limited will
be held on March 20, 2006.  

During the meeting, the members will receive the liquidator's
final account showing how the Company was wound up and how its
property was disposed.

Chow Chan Lum serves as the Company's liquidator.


FORDCO TEXTILES: Commences Winding Up Process
---------------------------------------------
Fordco Textiles (Manufacturing) Limited has received a wind-up
order from the High Court of the Hong Kong Special Administrative
Region Court of First Instance on February 8, 2006.


HAITONG SECURITIES: Bank of Montreal Eyes Stake
-----------------------------------------------
Canada's Bank of Montreal is in the early stages of talks to buy
a stake in Haitong Securities, China's number-four brokerage
firm, Reuters reports.  Bank of Montreal, however, has not
commenced due diligence, which is a necessary process before
launching a formal bid.

Aside from Bank of Montreal, ABN AMRO and JPMorgan Chase & Co.
have also expressed interest in a potential purchase.  Reuters
says that ABN AMRO had completed initial due diligence in 2005,
although further talks have been stalled over the price and the
size of the stake.  JPMorgan Chase, on the other hand, has just
started its due diligence on Haitong.

According to Reuters, Haitong is eager to secure a foreign
strategic partner as part of its year-long restructuring.

The Troubled Company Reporter - Asia Pacific has earlier reported
that Haitong Securities posted a first-half loss of CNY216.9
million as stock markets slumped and the government suspended new
share sales in 2005.  The development came at a time when China
started to revitalize brokerages by shutting down ailing firms,
injecting capital into others and encouraging acquisitions.

Haitong's losses moved up to CNY345 million (US$42.9 million) by
the end of 2005.

The precedent of Haitong Securities Co., Ltd.
-- http://www.htsec.com-- was founded in 1988 as one of the  
earliest securities Company established in mainland China
following the implementation of "Reform and Opening to outside".
The Company was transformed to a limited liability Company in
1994 and developed to a national securities Company gradually
with a registered capital of RMB 1 billion (including USD 15
million).  In 2001, its registered capital was increased to RMB
3.746 billion with the approval from the CSRC.  At the end of
2001, the Company was wholly restructured to a joint stock
Company with the approval from the CSRC and a registered capital
of RMB 4.006 billion ratified by the CSRC.  On November 4, 2002,
it was recapitalized to a securities Company with the largest
registered capital of RMB 8.734 billion in China with the
approval from the CSRC.


HONG KONG LONG: Creditors' Proofs of Claim Due on March 20
----------------------------------------------------------
Creditors of Hong Kong Long Jiang Association Limited have until
March 20, 2006, to submit the particulars of their claims, as
well as any information regarding their solicitors, to the
Company's liquidator, To Siu Chiu.

If the liquidator requires, the creditors must come in personally
or through 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.


HOPEWELL ENGINEERING: Mee & Yee Ceases to Act as Liquidator
-----------------------------------------------------------
At a meeting of Hopewell Engineering & Construction Limited on
February 7, 2006, Leung Shiu Tong ceased to act as liquidator of
the Company.


HUA CHIAO: Final Meeting Slated for March 17
--------------------------------------------
The annual general meeting of the members of Hua Chiao Commercial
Limited will be held on March 17, 2006.  

The parties will receive the liquidator's final account showing
how the Company was wound up and how its property was disposed.


HUTCHISON ENTERPRISES: Decides to Shut Down Operations
----------------------------------------------------------
On February 2, 2006, the members of Hutchison Enterprises Two
Limited convened and agreed that:

   -- the Company be wound up voluntarily; and

   -- Messrs. Ying Hing Chiu and Chung Miu Yin, Diana, be
      appointed to supervise the wind-up activities of the
      Company.


S.Y. METAL: Liquidator to Present Wind-Up Report
------------------------------------------------
A final meeting of the members of S.Y. Metal Limited will be held
on March 9, 2006 at 11:00 a.m.

At the meeting, the parties will receive the liquidator's final
account showing how the Company was wound up and how its property
was disposed of.


TRAVELWAY LUGGAGE: Commences Winding Up Process
-----------------------------------------------
On February 17, 2006, the members of Travelway Luggage Hong Kong
Limited convened and agreed that:

   -- the Company be wound up voluntarily;

   -- Wu Tak Lung be appointed to supervise
      the wind-up activities of the Company; and

   -- the audit of the liquidator's accounts of receipts and
      payments will not be required.


WING'S BROTHERS: Members Resolve to Wind-Up Business
----------------------------------------------------
On February 8, 2006, the members of Wing's Brothers Company
Limited convened and agreed that:

   -- the Company be wound up voluntarily;

   -- Poon Chi Woo and Mr. Poon Chin Chung, Philip, be appointed
      to supervise the wind-up activities of the Company; and

   -- the audit of the liquidator's accounts of receipts and
      payments will not be required.


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

MAIKAAL FIBRES: Board Endorses Restructuring Scheme
---------------------------------------------------
The Board of Directors of Maikaal Fibres Ltd approved on February
14, 2006, the Company's Scheme of Restructuring as offered by
Asset Reconstruction Company India Ltd.  

               Terms and Conditions of the Scheme

Asset Reconstruction Company India Ltd has approved the
restructuring package submitted by Maikaal Fibres.  ARCIL has
acquired the debt from ICICI Bank, State Bank of India and Punjab
National Bank.  It has restructured the principal debt of
INR454.50 million to a total amount of INR265.30 million and the
overdue interest of approximately INR200.00 million has been
waived off.  As per the approved scheme, the Company would have
to repay the outstanding dues partly by converting equity and
balance through the repayment of debt by March 31, 2010.

The INR30.00-million debt would be converted into equity and the
INR60.00-million debt would be converted into 6,00,000, 0% non-
cumulative non-convertible preference shares of INR100 each.  The
preference shares are redeemable in two equal installment of
INR30 million each in March 2009 and March 2010.  The balance
amount of INR175.30 million would be repayable over the period of
four years and three months.

As a part of the restructuring proposal, the Company has been
asked to write down the preference share holding and unsecured
loan of Promoters and Associates.

The 10% cumulative redeemable preference shares of INR47.40
million shall be reduced to INR0.40 million and 8% non-cumulative
redeemable preference shares of INR70.30 million for INR0.70
million.  Further, the unsecured loans of INR126.30 million
infused by the promoters shall be reduced by 90% to INR12.63
million and shall be payable after payments due to secured
creditors are made.

The Company is planning to raise INR80.00 million by securing
loan from the Technology Upgradation Fund Scheme so it could set
up an Open End Yarn Project and yarn dyeing facilities, as part
of its expansion efforts.

Maikaal Fibres Ltd is a textile-spinning mill headquartered in
Mumbai, India.


SOUTH INDIAN: Board will Meet to Approve Shares Allotment
---------------------------------------------------------
The Board of Directors of South Indian Bank Ltd will meet on
February 28, 2006 to consider and approve the basis of allotment
of shares for its Follow-on-Public Offering to be finalized by
the designated stock exchange.  The FPO was launched on Feb. 10,
2006.

As reported in the Troubled Company Reporter - Asia Pacific,
South Indian Bank Limited's Committee to Decide and Monitor
Augmentation of Share Capital has adopted a resolution to fix
INR66 per share as the cut-off price for its FPO.

The cut-off price was decided on the recommendation of the Book
Running Lead Managers, ICICI Securities Limited and Enam
Financial Consultants Pvt Limited.  Both parties decided that the
overall subscription level, which is 7.18 times the issue size,
was at the upper end of the price band.

The South Indian Bank Limited is a 77-year-old, private sector
bank that implements Core Banking Solution with a view to improve
the customer service besides offering a range of IT enabled
services.  As of now, 300 branches and 24 extension counters are
under CBS.  The bank is based in Kerala, India.


* State Oil Firms Rack Up Losses
--------------------------------
The combined losses of public sector oil firms Indian Oil
Corporation, Hindustan Petroleum Corporation, Bharat Petroleum
Corporation and IBP Limited have reached INR2,898 crore in the
first nine months of the current fiscal year, Business Line
reports.

Petroleum Minister Murli Deora disclosed that the consolidated
profits of the four state oil companies plunged to INR7,193 crore
in 2004-2005 from INR10,818 crore in 2003-2004.  He added that
the Government has reaped INR46,041 crore revenue from the
petroleum sector in the first nine months of 2005-06 against
INR56,395 crore in 2004-05 and INR0.50, 733 crore in the previous
year.

In order to offset losses of these firms, the Government has
decided to issue oil bonds worth INR11,500 crore.  The proceeds
of the float will go to the four firms, which has continually
incurred losses by selling their products at subsidized prices as
mandated by the Government.


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

GREAT RIVER: May Seek Investor to Bail Out Firm
-----------------------------------------------
Indonesia's Capital Market Supervisory Agency, or Bapepam,
advised PT Great River International to propose a new investor at
its upcoming shareholders' meeting next month, The Jakarta Post
says.

Bapepam head Darmin Nasution said GRI is expected to consider the
entry of a new investor in order to turn around its operations.

The Company's shares were suspended on Jan. 13, 2005, due to its
failure to pay interest payments on IDR300 billion worth of bonds
issued in 2003.  The accrued interest now amounts to IDR11
billion.  Aside from thise, GRI subsidiary PT Inti Fasindo
International also failed to issue IDR17 billion in bond
payments.

The Company also owes IDR250 billion in bonds and IDR20 billion
in loans to state-owned Bank Mandiri.

The Troubled Company Reporter - Asia Pacific reported in June
last year that GRI has staved off bankruptcy with a IDR55-billion
bailout by its shareholders.  

Bapepam has been carefully watching the activities of the
Company, which has already implemented cost-effective in efforts
to reduce expenses and be able to make payments.

Established in 1976, PT Great River International --
http://www.greatriver.co.id/-- is Indonesia's leading fashion  
apparel producer, exporter and retailer of international brands.  
Great River is the market leader in the quality premium market
segment for ladies'/men's undergarments and men's shirts/trousers
and children's wear in Indonesia.  Great River currently services
around 6,400 accounts in Southeast Asia and globally through
export to some 20 countries in the Asia Pacific region, European
Union and North America.   The Company employs 11,000 staff, and
it distributes brands of men's wear and other apparel through its
subsidiary, Apparel World (M) Berhad in Malaysia and associated
distributor, Inter Fashion Marketing Pte Limited in Singapore.


KIANI KERTAS: Bank Mandiri Refuses to Waive a Portion of Debt
-------------------------------------------------------------
State lender PT Bank Mandiri is not planning to forgive part of
the debt owed by ailing PT Kiani Kertas totaling IDR1.86
trillion, Dow Jones reports.

Bank Mandiri spokesman Ekoputro Adijayanto said that the Company
is still looking for investors who would repay its IDR1.86
trillion debt, as well as interest worth IDR120.23 billion.  He
added that they would only entertain bids of at least IDR1.86
trillion.

The Straits Times had earlier reported that Bank Mandiri was
considering writing off a part of Kiani's huge debt to the bank.  
The report cited Mr. Adijayanto as saying that the bank is
considering a possible debt haircut, but this is not the case.  

A consortium led by Singaporean firm United Fiber System Limited
is now ready to acquire the troubled pulp and paper mill, after
being rejected earlier by Bank Mandiri, as its previous takeover
proposal did not meet bank requirements, Dow Jones relates.

PT Kiani Kertas - http://www.kiani.com/-- was formed in 1990 to  
establish a world class market pulp mill at Mangkajang, in the
Berau District of Kalimantan Timur.  As a company built in the
era of environmental consciousness, Kiani Kertas has established
commitments to be Elemental Chlorine Free from start up, has
achieved ISO 9000 Certification, and follows air and water
effluent standard equivalent to North America mills.  The Company
is committed to sustainable forest practices, including
conservation areas for biodiversity.  Kiani Kertas' objective is
to ensure that the surrounding area, and its people benefit from
the presence and operation of the mill.  Environmental procedures
and policies are continuously monitored to ensure that
environmental standards are consistently met.  The Company
employs a staff of approximately 1400, who are housed at the
Mangkajang Townsite.


PERTAMINA: Cepu Delay Drives IDR48-Trillion State Loss
------------------------------------------------------
The delay in the development of an oil-rich block in Cepu has
cost IDR48.4 trillion in annual losses, which will be shouldered
by PT Pertamina, United States-based ExxonMobil Corporation, and
the regional government, Antara News says.  The three parties co-
own the Cepu block.

PT Pertamina and ExxonMobil are engaged in a long-standing
dispute on the block's development, as both firms cannot agree on
who should be the operator of the oil block.  The Government had
previously suggested that both Pertamina and ExxonMobil form a
joint committee to manage the block's operations.  

Effendi Siradjudin, chairman of the Association of National Oil
and Gas Exploration Companies, or Amperminas, said that if the
dispute continues, it would adversely affect Indonesia's image
with investors.

Mr. Siradjudin told Antara that the financial loss is estimated
at IDR32.4 trillion per year, or IDR9 million per day, assuming
that the block produces 150,000 barrels of crude oil daily.  If
the block were to produce 200,000 barrels per day, the loss would
rise to IDR48 trillion per year, which will also be borne by the
Government, as Pertamina is a state-owned firm.

Amperminas supports the Government's proposal to create a joint
venture firm that would be responsible for the operations of the
Cepu block, which, with the help of budget control and
benchmarking by downstream oil regulator BP Migas, would be
efficient in managing the block.

With regard to the long-standing dispute between Pertamina and
ExxonMobil, Mr. Siradjudin stressed the need to come up with a
method to resolve disputes with a long-term perspective, so as to
create investment certainty in Indonesia.  He also suggested that
the Government create a set of rules for the upstream oil &and
gas industry, so that any disputes would be resolved quickly and
not cause state losses.

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.


PERTAMINA: Government Rejects Rotating Operator Proposal
--------------------------------------------------------
The Indonesian government rejected PT Pertamina's proposal to
rotate the managing of the operations of an oil-rich block in
Cepu as a solution to a long-standing dispute with its co-owner,
United States firm ExxonMobil Corporation, The Jakarta Post says.

Minister of Energy & Mineral Resources Purnomo Yusgiantoro said
that rotating management is not recommended as it is difficult to
switch the operator of the oil block every five years.

The Post reports that the Government set a one-week deadline for
both Pertamina and ExxonMobil to resolve the dispute amicably,
otherwise they would take control of the issue, as both firms
were taking too long to settle the dispute, which has delayed the
block's development, and caused financial losses to the state.

The dispute on the Cepu block has been ongoing for four years.  
It is estimated to produce up to 170,000 barrels of crude oil per
day, roughly 18% of the national crude oil output.  
Understandably, the Government wants the dispute settled as soon
as possible, so as to exploit the oil block and increase its
declining output.

Pertamina had offered that the management of the block's
operations be rotated, with the Company handling the block's
first five years of operation, while ExxonMobil argues that it
already has a development for the oil block, and had signed an
initial agreement with a government-led negotiating team on the
Cepu block last year.  ExxonMobil also proposed to create a joint
operating body with Pertamina, where its unit Mobil Cepu Limited
would operate the block, and several key positions would be
offered to Pertamina officials.

However, Pertamina would accept the Government's decision on the
Cepu block, even if it means that the operatorship would go to
ExxonMobil, Company spokesman Abadi Poernomo said.

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
=========

DAIEI INCORPORATED: To Transfer 800 Employees
---------------------------------------------
Daiei Incorporated plans to transfer 800 employees to food
supermarkets in and out of the Daiei group by March 1, 2006,
Kyodo News relates.

The Company's staff reduction plan is not enough to revive its
finances in view of the deteriorating performance of Daiei's core
supermarket operations, a Company official said.

The Troubled Company Reporter-Asia Pacific earlier reported that
Daiei Incorporated is seeking successor tenants to occupy
remaining outlets in Japan as early as possible.  Daiei, with
support from Industrial Rehabilitation Corporation of Japan, has
decided to close 54 stores nationwide, including subsidiaries, as
part of its new business reconstruction plan.

Headquartered in Hyogo, Tokyo, Daiei Incorporated  
-- http://www.daiei.co.jp/-- operates through four divisions   
namely retail, finance and real estate.  Retail includes general  
merchandise stores, department stores and convenience stores.


KANEBO LIMITED: Investment Group to Begin Tender Offer
------------------------------------------------------
A group of domestic investment funds will launch a public tender
to acquire a 30% stake in Kanebo Limited for JPY162 per share,
according to Japan Today.  The takeover bid will start on
February 22, 2006, and end on March 28, 2006.

At the end of January, the alliance of Advantage Partners Inc,
MKS Partners Ltd and Unison Capital Inc obtained 33.5% of
outstanding Kanebo shares from the Industrial Revitalization
Corporation of Japan, a state-backed corporate bailout agency.

As previously reported in the Troubled Company Reporter - Asia
Pacific, Kanebo Limited plans to sell two realty business units
Kanebo Real Estate Ltd and Kanebo Holiday to Osaka-based realty
developer Inter Planet Co at the end of 2006.  The Company is
rebuilding itself with the help of the Industrial and
Revitalization Corporation of Japan.

Headquartered in Tokyo, Japan, Kanebo Limited Company
-- www.kanebo.co.jp/ -- makes cosmetics, toiletries, men's and
women's fashions and accessories, pharmaceuticals, and food.  
Kanebo's products vary from T'estimo, a smudge-proof lipstick,
and Coccoapo A, an over-the-counter drug for the treatment of
constipation and obesity, to such wonders as Bellabeton, intended
to stop blurred vision and frequent urination.  Kanebo, formed in
1887, operates in Asia, Europe, North America, and South America.
Industrial Revitalization Corporation of Japan is the Company's
largest shareholder. IRCJ holds more than half of voting shares.


LIVEDOOR CO.: Shareholders to Seek Damages
------------------------------------------
Livedoor Co shareholders may file a suit against former President
Takafumi Horie and other top executives around September, reports
Japan Today.

The shareholders say they have suffered huge losses in the wake
of allegations the Livedoor group was involved in accounting
fraud.  The investors will also demand damages from Livedoor and
group firm Livedoor Marketing Co.

The Troubled Company Reporter - Asia Pacific has earlier reported
that the Tokyo Stock Exchange may delist Livedoor Co if its
former executives are arrested again for tampering the Company's
financial statements.  Prosecutors arrested former Livedoor
President Takafumi Horie and three other former executives last
month.  They were indicted last week on charges of market
manipulation and accounting fraud by a Livedoor subsidiary.

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.


LIVEDOOR CO.: Chief Kumagai Faces Possible Arrest
-------------------------------------------------
Prosecutors have decided to arrest Livedoor Co's representative
director, Fumito Kumagai, for alleged involvement in falsifying
the Company's financial figures for the business year through
September 2004, Japan Today says.

Mr. Kumagai took up the post to represent the Company on January
24, 2006, a day after former Livedoor President Takafumi Horie
and three other executives were arrested over alleged securities
law violations.        

The three others who have been in custody with Mr. Horie are
former Livedoor Chief Financial Officer Ryoji Miyauchi, former
Livedoor Director and Livedoor Marketing Co. President Fumito
Okamoto as well as former Livedoor Operating Officer and Livedoor
Finance Co. President Osanari Nakamura.

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.


SANYO ELECTRIC: May be Forced to Cut Jobs
-----------------------------------------
Shares of Sanyo Electric Company, which climbed 15% since a
bailout by banks in November, may fall if it will not accelerate
job cuts and product lines, Bloomberg News states.

Sanyo, the world's biggest maker of rechargeable batteries,
expects a second year loss after its Xacti digital cameras and
Capujo flat-panel televisions lost out to South Korean and
Taiwanese brands.  

The Company is in need of cash for a three-year program to cut
costs and focus on products such as solar panels and batteries.

Fitch Ratings earlier reported that the proposed joint venture
combining the respective code-division multiple access (CDMA)
businesses of Finland's Nokia Corporation with that of Japan's
Sanyo Electric could offer benefits to both companies.  In
particular, the proposed venture offers Nokia the opportunity of
significantly boosting its share of a market where its presence
has been relatively weak and where its strategy has been somewhat
unclear.  

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd.
--  http://www.sanyo.co.jp/koho/index_e.html-- carries out its  
operations through its audio-visual and information division
which manufactures digital cameras, cellular phones, LCD
projectors,  televisions, video recorders and information
systems; home appliances division which manufactures
washing machines, vacuum cleaners, microwave ovens,
refrigerators and compressors; machinery division which
manufactures commercial air conditioners, vending machines,
commercial kitchen equipment and heat pump air conditioners;
electronic devices division which produces electronic components
for personal computers, cellular phones and semiconductors; and
batteries division which produces nickel metal hybrid batteries
for personal computers, lithium-ion batteries for cellular
phones and nickel-cadmium batteries for power tools.


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

HANARO TELECOM: Posts KRW370.9-Bln Revenue in 4Q/FYO5
-----------------------------------------------------
In a press release, Hanaro Telecom Incorporated disclosed it
booked a record revenue of KRW370.9 billion in its fourth-quarter
earnings for 2005.

The Company stated that it posted an operating profit of KRW26.3
billion (a 75.2% increase q-q) and Earnings Before Interest,
Taxes, Depreciation, and Amortization of KRW141.6 billion (a 9.8%
increase q-q), and as a result of its commitment to business
rationalization, significantly improved its profitability.

The revenue growth was driven by a 6.4% increase in voice
revenues based on subscriber net addition.  Due to the revenue
growth and a fall in marketing expenses, EBITDA margin rose 2.5%P
to stand at 38.2%.

The Company posted one-time expenses of KRW164.5 billion due to
expenses for restructuring as well as Thrunet-related losses,
including loss on valuation by the equity method and goodwill
impairment loss.  If these expenses are excluded, however, the
Company in effect recorded net profit, Hanaro said.

In addition, Hanaro improved its financial structure by repaying
the debt of about KRW180 billion with its cash on hand, thus
lowering the debt-to-equity ratio from 68.1% to 62.3%.

In a strategic bid to enhance service competitiveness via network
upgrades, the Company made significant investments in 100Mbps
optical LAN service last year, which resulted in the optical LAN
coverage of about 3,700 apartment complexes with 2.2 million
households (45% of the complex coverage), and the accumulated
subscribers of about 400,000 for its optical LAN service as of
the end of December 2005.

The Company will focus on network upgrade so it could expand the
coverage of 100Mbps services including the optical LAN service to
about 8,000 apartment complexes with four million households (70%
of the complex coverage).  It is looking at strengthening its
service competitiveness by providing differentiated value-added
services such as TV-Portal.

At the same time, the Company hopes to increase the number of
VoIP subscribers to 550,000 this year by actively utilizing the
fixed-line number portability for about two million HFC
subscribers of Hanaro and Thrunet and launching digital
wired/wireless integrated services.

Headquartered in Seoul, South Korea, Hanaro Telecom Inc. --  
http://www.hanaro.com-- is a player in the Korean local  
telephone market.  It provides high-speed Internet
services in Korea.  In June 2001, the Company integrated
broadband Internet access services, which included ADSL, Hybrid
Fiber Coaxial cables and Broadband Wireless Local Loop into a
single brand called HanaFOS.  Hanaro offers VoIP services to its
broadband business customers as a bundled service and also as a
stand-alone service.  Its VoIP infrastructure consists of an
ADSL / VDSL circuit, a splitter and a modem.  The splitter,
which is connected through a DSL or cable modem line, converts
the user's voice into digital data packets, which are further
passed on through the Internet.  The operator had 1.5 million
VoIP subscribers at the end of July 2005.


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

DATUK KERAMAT: Bourse Halts Trading on Failure to Submit Report
---------------------------------------------------------------
Bursa Malaysia Securities Berhad decided to suspend Datuk Keramat
Holdings Berhad's securities from March 1, 2006, until it submits
its 2005 Third Quarter Report.

The Company explained it will not be able to submit its financial
report for the third quarter of 2005 on the deadline set by the
Bourse because it is still working on the proposed restructuring
scheme.

Trading in the Company's securities has been suspended since
August 1, 2005, following non-submission of its Annual Audited
Accounts together with the Auditors' and Directors' Reports for
the financial year ended December 31, 2004.

As previously reported in the Troubled Company Reporter - Asia
Pacific, Bursa Malaysia said it will suspend or delist
Datuk Keramat if it fails to submit these financial reports:

-- Annual Audited Accounts for financial period ended
   December 31, 2004;

-- First Quarterly Report ended March 31, 2005;

-- Annual Report for financial period ended December 31, 2004;

-- Second Quarterly Report ended June 30, 2005; and

-- Third Quarterly Report ended September 30, 2005.

Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings
Berhad is engaged in investment and property holding.  The
Company is also involved in management services; property
investment services; project management services and
development; credit and financing activities; distribution and
publication of magazines; media design and advertising;
management of supermarket and departmental store; trading and
distribution of pharmaceutical, management of car park, garment
manufacturing and financial services.


LAND & GENERAL: Says Wind-Up Action on Unit Won't Hurt Earnings
---------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific recently reported
that Bumiputra-Commerce Bank Berhad has filed a winding up
petition at the High Court on December 29, 2005, against Land &
General Berhad's wholly owned subsidiary, Lembah Beringin Sdn
Bhd.  The hearing date for the said petition has been fixed for
March 17, 2006.

In relation to this, Land & General Berhad does not expect any
material losses to arise from the wind-up action.

Headquartered in Kuala Lumpur, Malaysia, Land & General Berhad's  
-- http://www.land-general.com-- operates in Malaysia, Papua New  
Guinea, Australia, Fuji, the United States, Indonesia and in
other countries through its Properties, Petrochemical and Timber
divisions.

The Group also provides management and marketing services,  
underground car park, commercial complex, education services,  
marketing and selling of vapor sensor analyzer products, rental  
of golf course and club house, resort center, and manufactures  
and trades of Polyvinyl Chloride (PVC) resins, flooring and  
floor sheet.


LINEAR CORPORATION: Unit's Wind-Up May Bring in Losses
------------------------------------------------------
Linear Corporation Berhad expects losses arising from the
winding-up order served on Linear Cooling Industries Sdn Bhd to
reach MYR583,418.82.

The possible losses from the petition filed by Syarikat Success
Construction Berhad will be the interest accrued and damages
claims of MYR96,887.40, being part of the sum.

Troubled Company Reporter - Asia Pacific previously reported that
on November 11, 2005, LCI's solicitors had filed a suit against
Syarikat for liquidated damages of MYR530,000.00 for
rectification works and unspecified damages in respect of their
failure to satisfactorily complete works in respect of erecting a
district cooling plant located at Bandar Perda, Seberang Prai.

The disputed debt the subject of Syarikat's winding-up  petition.

Meanhwhile, the trading of the Company's shares has resumed on
February 22, 2006.

Headquartered in Penang, Malaysia, Linear Corporation Berhad's --
http://www.linear.com.my/-- principal activity is providing  
mechanical and engineering services.

The Company's other activities include the manufacture and trade
of cooling towers and water tanks, provision of water treatment
services and distribution of fiberglass reinforce plastics (FRP
or GRP), composites and other compounds, information and
communications technology services, provision of computer
programming services, consultancy, other computer related
services, provision of management services and investment
holding.  The Group's operations are carried out in Malaysia,
Thailand, British Virgin Islands and Singapore.


LION FOREST: 2Q/FY05 Net Loss Hits MYR12,532,000
------------------------------------------------
Lion Forest Industries Berhad has released its unaudited second
quarter financial report for the financial period ended December
31, 2005.

             Summary of Key Financial Information
                      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

    157,019       106,767         275,549        285,380

(2) Profit/(loss) before tax

    -12,741        -1,750         -16,632        14,958

(3) Profit/(loss) after tax and minority interest

    -12,532        -3,247         -16,970        11,162

(4) Net profit/(loss) for the period

    -12,532        -3,247         -16,970        11,162

(5) Basic earnings/(loss) per shares (sen)

      -5.97         -1.58           -8.08         5.47

(6) Dividend per share (sen)

      0.00           0.00            0.00         0.00

(7) Net assets per share (MYR)  

         As at end of               As at Preceding
       Current Quarter            Financial Year End  

           7.2100                      7.3900

A full-text copy of the financial report is available for free
at:

    http://bankrupt.com/misc/LionForestIndustries2Q.xls

Headquartered in Selangor Darul Ehsan, Malaysia, Lion Forest
Industries Berhad formerly known as Posim Berhad --
http://www.lion.com.my-- trades and distributes building  
materials, consumer goods and petroleum products.  Other
activities include trading, servicing, hiring and distributing of
industrial machines, equipment, lubricants, spark plugs,
automotive components.  The Group is also involved in the
manufacturing of petroleum products.  It undertakes integrated
wood-based activities, pulp and paper mill operations and
investment holding.  The Group operates in Malaysia.


MAGNUM CORPORATION: Repurchases Ordinary Shares
-----------------------------------------------
Magnum Corporation Berhad has repurchased 618,000 ordinary shares
of MYR0.50 each on February 21, 2006.

The minimum price paid for each share purchased is MYR1.830 while
maximum price paid for each share purchased is MYR1.910.

The cumulative net outstanding treasury shares to date are
107,945,900 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.


MAGNUM CORPORATION: New Shares up for Listing and Quotation
-----------------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Magnum
Coporation Berhad's additional 37,000 new ordinary shares of
MYR0.50 each on February 23, 2006.

The shares were issued pursuant to the Company's Employees' Share
Option Scheme.

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: Bourse to List and Quote New Shares
------------------------------------------------
Media Prima Berhad's additional 10,000 new ordinary shares of
MYR1.00 each will be granted listing and quotation by Bursa
Malaysia Securities Berhad today, February 23, 2006.

The shares arose from the conversion of 15,000 nominal amount of
Irredeemable Convertible Unsecured Loan Stocks 2003/2008

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.


MEDIA PRIMA: Converts ICULS to Ordinary Shares
----------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Media Prima
Berhad's additional 431,400 new ordinary shares of MYR1.00 each
arising from the conversion of 647,100 nominal amount of
Irredeemable Convertible Unsecured Loan Stocks 2003/2008 on
February 24, 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.


NOEWELL MANAGEMENT: Faces Dissolution in Three Months
-----------------------------------------------------
A final meeting of Noewell Management Company Sdn Bhd was
convened to conclude the Company's Member's Voluntary
Liquidation.

A Return by Liquidator Relating to Final Meeting was lodged with
the Companies Commission of Malaysia and the Official Receiver on
February 21, 2006.  Noewell will be dissolved after three months
following the lodgment date.

According to a Troubled Company Reporter - Asia Pacific report,
Hume Industries (Malaysia) Berhad, placed Noewell under Member's
Voluntary Winding-up pursuant to Section 254(1)(b) of the
Companies Act, 1965.

Ling Kam Hoong (I.C. No. 391019-08-5069) of Ling Kam Hoong & Co.,
No. 6-1, Jalan 3/64A, Udarama Kompleks, Off Jalan Ipoh, 50350
Kuala Lumpur, was appointed as liquidator.

Noewell was principally involved in the provision of management
services.  It ceased operations in the beginning of financial
year ended June 30, 2002 and remained dormant since then.  


POLYMATE HOLDINGS: Scheme Expires on February 21
------------------------------------------------
The Employees Share Option Scheme of Polymate Holdings Berhad
established on January 4, 2001 has expired on February 21, 2006.  
The Board of Directors of the Company has decided not to extend
or renew the ESOS.


POS MALAYSIA: Bourse to List and Quote New Shares Today
-------------------------------------------------------
POS Malaysia & Services Holdings Berhad's additional 161,000 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 today, February 23,
2006.

Headquartered in Kuala Lumpur, Malaysia, POS Malaysia & Services
Holdings Berhad (PMS) formerly known as Phileo Allied Berhad
provides postal and its related services.  The firm's other
activities include property investment, financing, management
services and investment holding, fund management, unit trust
management, options, sale of digital certificates and financial
futures broking.  During the year, the Group discontinued its
fund management, unit trust management, options and financial
futures broking operations.  The Group activities are
principally conducted in Malaysia.  On December 8, 2000, the
Company disposed PhileoAllied Bank (Malaysia Bhd and Phileo
Allied Securities Sdn Bhd this subsidiaries are responsible in
the banking and stockbroking segments.


PUNCAK NIAGA: Wants to Extend Tenure of MCP/MMTN Programme
----------------------------------------------------------
Puncak Niaga (M) Sdn Bhd has on February 17, 2006, executed
agreements to effect the extension of the tenure of the MCP/MMTN
Programme for another two years (i.e. from five years to seven
years).

The Company signed:

   -- a Supplemental Agreement relating to the MCP/MMTN
      Programme Agreement between Puncak Niaga, United Overseas   
      Bank (Malaysia) Bhd as arranger and programme agent and
      United Overseas Bank (Malaysia) Bhd as issuing agent,
      paying agent and calculation agent; and

   -- a Supplemental Trust Deed in relation to the MCP/MMTN
      between PNSB and PB Trustee Services Berhad.

According to a Troubled Company Reporter - Asia Pacific report,
the MCP/MMTN Programme was issued by Puncak Niaga in October 2000
with a tenure and availability period of five years from the date
of the MCP/MMTN Programme.

Pursuant to the SC's approval, the tenure and availability period
of the MCP/MMTN Programme, has been extended to seven years,
expiring on October 11, 2007.

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


SINORA INDUSTRIES: Net Loss Widens to MYR624,000 in 4Q/FY05
-----------------------------------------------------------
Sinora Industries Berhad unveiled its unaudited fourth quarter
financial report for the financial period ended Dec. 31, 2005.

           Summary of Key Financial Information
                   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

         0        29,254           41,672        108,778

(2) Profit/(loss) before tax

      -624          -177           19,842          6,326

(3) Profit/(loss) after tax and minority interest

      -624          -177           19,842          6,326

(4) Net profit/(loss) for the period

      -624          -177           19,842          6,326

(5) Basic earnings/(loss) per shares (sen)

     -0.62         -0.18           19.84            6.33

(6) Dividend per share (sen)

      0.00          0.00            0.00            0.00


(7) Net assets per share (MYR)  

        As at end of               As at Preceding
      Current Quarter            Financial Year End  

          0.3200                      0.1200

A full-text copy of the financial report is available free of
charge at:

   http://bankrupt.com/misc/SinoraIndustries4Q2005.doc

Headquartered in Kota Kinabalu, Malaysia, Sinora Industries  
Berhad is engaged in the manufacturing and selling of plywood,  
sawn timber and moulded wood products.  It is also involved in  
investment holding and the provision of management services.   
The Group operates in Malaysia.


SOUTHERN STEEL: Books MYR18,306,000 Net Loss in 4Q/FY05
-------------------------------------------------------
Southern Steel Berhad has released its unaudited fourth quarter
financial report for the financial period ended Dec. 31, 2005.

           Summary of Key Financial Information
                   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

    547,963       556,072       2,430,494      2,398,866

(2) Profit/(loss) before tax

    -26,305        14,701         -40,398        138,418

(3) Profit/(loss) after tax and minority interest

    -18,306         7,295         -30,877        98,072

(4) Net profit/(loss) for the period

    -18,306         7,295         -30,877        98,072

(5) Basic earnings/(loss) per shares (sen)

      -5.10          2.40           -8.90         32.50

(6) Dividend per share (sen)

       0.00          5.00            7.50         10.00

(7) Net assets per share (MYR)  

        As at end of               As at Preceding
      Current Quarter            Financial Year End  
        
          1.5200                      1.9200

A full-text copy of the financial statement is available for free
at:

   http://bankrupt.com/misc/SouthernSteelBerhad022106.pdf

A full-text copy of the notes to the financial statement is
available for free at:

   http://bankrupt.com/misc/SouthernSteelQ405Notes.pdf

Headquartered in Penang, Malaysia, Southern Steel Berhad --
http://www.southsteel.com/-- has grown from a small-galvanized  
iron sheet plant to a major steel-manufacturing group.  The
Company has invested MYR1.2 billion in 1.3 million MT on of
billet making and 1,300,000 MT of bars and wire rod rolling
facilities.  Southern Steel Berhad is the first in Southeast Asia
to supply high quality easy drawing wire rods with low scale loss
to customers.


UNITED BINTANG: Net Loss Shrinks to MYR1,721,000 in 4Q/FY05
-----------------------------------------------------------
United Bintang Berhad unveiled its unaudited fourth quarter
financial statement for the financial period ended December 31,
2006.

            Summary of Key Financial Information
                    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

    10,071          9,313          29,900         28,379

(2) Profit/(loss) before tax

    -1,721         -3,531          -5,617         -5,846

(3) Profit/(loss) after tax and minority interest

    -1,721         -3,531          -5,617         -5,846

(4) Net profit/(loss) for the period

    -1,721         -3,531          -5,617         -5,846

(5) Basic earnings/(loss) per shares (sen)

    -3.19          -6.54           -10.40         -10.83

(6) Dividend per share (sen)

     0.00           0.00             0.00           0.00

(7) Net assets per share (MYR)  

        As at end of               As at Preceding
      Current Quarter            Financial Year End

          0.4100                       0.5200

A full-text copy of the financial statement is available free of
charge at:

http://bankrupt.com/misc/UnitedBintangQuarterlyReport31122005.xls

Headquartered in Selangor Darul Ehsan, Malaysia --
http://www.ubb.com.my/-- is engaged in the trading of heavy  
equipment and spare parts and rental of heavy machinery.  Other
activity is investment holding.  Operations are carried out in
Malaysia and overseas


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

AFP SAVINGS: Unit Forecasts Lower Losses This Year
--------------------------------------------------
Centennial Bank, a subsidiary of the Armed Forces and Police
Savings and Loan Association Incorporated, expects its net loss
to shrink from last year's Php517 million to Php5.4 million this
year, BusinessWorld reports.

AFPSLAI President and Chief Executive Officer Rufino G. Ibay,
Jr., also told BusinessWorld that the Bank will begin to book
profits of around Php44 million next year.

Centennial Bank shut down in 2003 due to losses at its credit
card unit.  The collapse was also blamed on accounting losses
after the Bank's accountant allocated a very big provision for
probable losses.

The Bank is now undergoing rehabilitation and has started to
restructure past-due loans.

Currently, Centennial Bank is actively acquiring new loans.  Last
year, the bank recorded Php480 million worth of new loans and
this year, it projects the figure to rise to Php1.4 billion.

As reported previously by Troubled Company Reporter - Asia
Pacific, AFPSLAI, the credit and pension fund for policemen and
soldiers, has investments in both Centennial Savings Bank --
amounting to PhP521.5 million -- and its financial arm,
Centennial Financing Corporation -- amounting to Php30 million.

However, at the end of 2004, AFPSLAI's account with CSB went down
to Php49.6 million after losing Php471.8 million.  AFPSLAI's
financial interest in CFC, on the other hand, now amounts to only
Php22.3 million.

The Armed Force and Police Savings and Loans Association --
http://www.afpslai.com.ph/-- is a non-stock savings and loan  
association established by the Armed Forces of the Philippines
and registered with the Securities and Exchange Commission in
1972.  AFPSLAI aims to promote industry, frugality and savings
among its members.  This organization is supervised by the
Bangko Sentral ng Pilipinas.  To date, there are 21 branches
nationwide with more to be established in strategic locations to
serve more than 398,040 members from the Armed Forces of the
Philippines, Philippine National Police, Bureau of Jail
Management and Penology and Bureau of Fire Protection.


ATLAS CONSOLIDATED: Inks Heads of Agreement with Crescent Asian
---------------------------------------------------------------
The Directors of Atlas Consolidated Mining and Development
Corporation advised that the company has signed a Heads of
Agreement with Crescent Asian Special Opportunities Portfolio, an
investment fund comprising a group of institutional investors
whose funds collectively exceed US$15 billion.

The deal, which is subject to final due diligence work, will see
the investor group purchase a portion of outstanding Atlas debts
for US$7 million to be convertible into Atlas common stock at Par
Value.  The US$7 million proceeds will be injected into Atlas as
deposits for subscriptions for equity.

More importantly, the investor group will also be injecting US$33
million into Carmen Copper Corporation, Atlas' 100% owned
subsidiary that will own the operating rights to Atlas' Toledo
Copper mining operations in Cebu.  The equity into Carmen will
come in two tranches: a US$5 million convertible bond upfront and
a US$28 million subscription for new shares upon finalization of
a senior debt instrument and offtake agreement for the copper
project.  The proceeds from the convertible bond will initially
be used to dewater the underground mine in preparation for
rehabilitation.  The US$33 million equity infusion may earn the
investors around 34% of Carmen Copper Corporation.

The overall transaction was arranged by Singapore-based boutique
investment bank, Presidio Capital.  Due diligence on this
transaction is expected to be completed in around six weeks time.

The Toledo Copper mine, located near Toledo City on the island of
Cebu in Central Philippines, has been producing copper since 1955
from several underground and open pit mines.  Atlas pioneered the
block-cave mining method and has applied this technique
underground successfully at the Toledo copper mine since 1964,
producing 220 Mt of ore to date.  At its peak production, Atlas
was the third largest copper producer in the world from 1979 to
1984.  In 1994, the active operations were the Carmen open pit
and the initial production from the Carmen underground mine, both
exploiting the Carmen ore body.  Mining was suspended in 1994
following a "super-typhoon" which flooded the Carmen open pit and
subsequently the Carmen underground mine.

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  Its
subsidiary, ACMDC Ventures, Inc., is 79%-owned and is engaged in
construction and engineering works.


MANILA ELECTRIC: Files Separate Appeal Against Rate Hike Ruling
---------------------------------------------------------------
Manila Electric Company and the Energy Regulatory Commission on
Tuesday appealed a Supreme Court ruling that nullified a 13.27
centavo power rate hike that took effect June 2, 2004, SunStar
Daily reports.

In separate motions for reconsideration, Meralco lawyer Manuel
Torres and ERC counsel Solicitor General Alfredo Benipayo asked
the Court to set aside its February 2 decision.

The Supreme Court, in its decision, said that the ERC has
breached discretionary rules when it approved Meralco's
generation charge from Php3.1886 kilowatt-hour to Php3.3213 per
kWh.

In its plea, Meralco claimed the Supreme Court's decision would
result in "severe repercussions to the entire electric industry
and to the public".

Meralco also claimed stated that it, along with other
distribution utilities and National Power Corporation, acted in
god faith relying upon the rules and regulations issued by the
ERC and claimed that the nullification of the rate hike must be
applied prospectively so as not to unduly prejudice the
utilities.

In an earlier report, the Troubled Company Reporter - Asia
Pacific relates that the Philippine Department of Energy is
concerned that the Supreme Court's decision could be
disadvantageous to consumers.  DoE Secretary Raphael Lotilla said
that adopting the automatic rate adjustment would benefit power
companies like the National Power Corporation but would burden
customers since power rates will shoot up.

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, and 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: 24 Investors Eye Generation Assets
--------------------------------------------------
The Power Sector Assets and Liabilities Management Corporation
has identified 24 foreign and local groups who are interested to
bid for four of National Power Corporation's power plants, Dow
Jones reveals.

PSALM, the state agency that handles Napocor's privatization,
disclosed that around 12 of the potential bidders are local
investors, while the rest are from Australia, Europe, Asia and
the United States.

Four groups are looking at the 600-megawatt Calaca coal-fired
plant.  Thirteen are interested in the 360-MW Magat and 112-MW
Pantabangan-Masiway hydroelectric plants.  Another 15 are keen on
the 700-MW Tiwi-Makban geothermal facility.

Dow Jones says that PSALM is preparing to auction the Calaca,
Pantabangan-Masiway and Tiwi-Makban facilities within the first
half of this year, while Magat is set for bidding in the third
quarter.

The Troubled Company Reporter - Asia Pacific previously reported
that the Government has targeted to privatize 70% of Napocor's
generating assets.  However, PSALM was able to divest only five
facilities or 0.0015% of the total assets set for privatization.

The report said that contracting issues, Napocor's huge losses,
and PSALM's poor creditworthiness caused the privatization delay,
among others.

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, the National Transmission
Corporation.


NATIONAL POWER: BFAR Team Helps Assess Semirara Oil Spill
--------------------------------------_------------------
A composite team recently formed by the Bureau of Fisheries and
Aquatic Resources will help analyze the effects of bunker oil
spilled by a National Power Corporation barge to the marine life
of the Semirara waters, SunStar Daily reports.

The team will assist the Department of Energy and Natural
Resources in deterring the extent of damage the oil spill has on
the coral reefs, fishes and sea grasses in Semirara, Antique.

As of February 22, the BFAR team has sampled soil up to one meter
in depth.  The group will present the results of the data
gathering and make corresponding recommendations as soon as the
assessment is completed, SunStar says.

The Troubled Company Reporter - Asia Pacific reported earlier
that a Napocor barge that carried bunker oil ran aground on
December 18, 2006, 200 meters off Semirara after encountering
huge waves and strong winds.   
  
According to the report, the spilled bunker fuel has contaminated
236 hectares of mangroves and 40 square kilomter of marine life
near Semirara Island.  The spill, which contaminated fish
sanctuaries and damaged sea grasses and coral reefs, has affected
at least 10,000 residents.

Meanwhile, environmentalist group Green Forum-Western Visayas
refuted the DENR's claim that the oil spill has been contained.  
GF-WV claims the Semirara oilo spill is likely to affect nearby
islands like Mindoro, Romblon, Boracay and Panay since the oil is
of the non-floating type.  This type of oil has been shown to
sink initially to the level of their specific gravity and to
surface later as the result of chemical changes caused by
weathering.

GF-WV suggests that there must be a long-term monitoring and
observation of the movements of the spilled non-floating oils,
SunStar relates.

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, the National
Transmission Corporation.


NEGROS NAVIGATION: Posts Turnaround Profit in 2005
--------------------------------------------------
Negros Navigation Company Incorporated has bounced back to black
in 2005, posting a net profit of Php17 million from a Php480-
million net loss in 2004, The Philippine Star reports.

The improvement in the shipping firm's financial performance was
attributed to lower expenditures and extensive cost-cuts, The
Star says, citing Nenaco Chairman and Chief Executive Officer
Sulficio Tagud, Jr.

Mr. Tagud also told the Star that the Company reduced its
manpower from 600 to 411, as part of cost-cutting efforts.  

In March 2004, Nenaco has filed for suspension of payments at the
Manila Regional Trial Court in order to restructure its Php2.4-
billion debts to:

     * Bank of Commerce (Php127.65 million);
     * Equitable-PCIBank (Php51.56 million);
     * Prudential Bank and Trust Co. (Php37.77 million);
     * Metropolitan Bank and Trust Co. (Php10.73 million);
     * Dutch firm Financial (Php108.22 million);
     * and PioneerInsurance (Php63.34 million);
     * Development Bank of the Philippines; and
     * Export-Import Bank.

Under the court-approved rehabilitation plan, Nenaco proposed to
settle its financial obligations through cash settlement, dacion
en pago of passage tickets and cargo space, debt conversion into
convertible shares at par value, and the restructuring of balance
into long-term notes or preferred shares.

The Court has allowed Nenaco to restructure its total secured
debt for 10 years, with a one-year grace period on interest
payments and a three-year grace period on the principal. Nenaco
has outstanding debts of Php1.7 billion.  Its past due
equipment/container vans leases shall be restructured into six-
year term loan with one year grace period on principal and 5%
annual interest.

Negros Navigation -- http://www.negrosnavigation.ph-- is the  
shipping unit of Metro Pacific Incorporated.  It owns, maintains,
services and operates vessels and engages in domestic shipping
operations.  Presently, the Company operates seven passenger and
cargo shipping vessels and two cargo container shipping vessels
which service 14 ports.  Nenaco also provides trucking and
forwarding services to both the Registrant and external
customers.  The Group also operates shuttle buses and besta vans
within Negros Island and offers domestic tour and other land
transport services, as well as ticketing services.


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

ACCORD CUSTOMER: Former Finance Chief Gets 4 Years for Fraud
------------------------------------------------------------
On February 21, 2006, the Singapore Court sentenced Accord
Customer Care Solutions Limited's former chief financial officer,
Yip Hwai Chong, to four years and four months' imprisonment after
he pled guilty to cheating, Channel NewsAsia reports.

Mr. Chong and other ACCS executives, including ex-Chief  
Executive Officer and founder Victor Tan, were arrested last year
after being accused of falsifying phone repair claims to cheat
Finnish mobile phone giant Nokia out of SGD4.3 million.  Mr.
Chong was also charged with falsifying financial documents and
overstating profits.

Mr. Chong was initially charged with 98 counts of aggravated  
Cheating and fraud, but the charges were dropped to 88 after he
entered into a plea bargain with the prosecution, the report
says.  The other ACCS executives involved in the cheating scandal
are also awaiting trial and sentencing.

Accord Customer Care Solutions - http://www.accordccs.com/-- is    
the leading provider of after market services for consumer  
mobile communication and digital electronic devices in Asia  
Pacific.  ACCS is a spin-off from supply network solutions  
provider Accord Express Holdings Pte Limited.  ACCS provides a
wide spectrum of after market services to both its trade partners
and end consumers.  ACCS provides professional, efficient and
convenient services to its end consumers by establishing one-stop
single brand or multi-brand proximity centres that are
conveniently and strategically located.  


FIRSTLINK INVESTMENTS: To Sell Property to Virtue for SGD5.76Mln
----------------------------------------------------------------
On December 9, 2005, Firstlink Investments Corporation Limited
entered an agreement with Virtue Point Pte Limited pertaining to
the sale of its industrial building at 506 Chai Chee Lane,
Singapore, for SGD5.76 million.

Based on a SGD11.2 million net book value as at Dec. 31, 2004,
the net loss arising from the sale is approximately SGD5.58
million after deducting costs.

The sale was completed on Feburary 20, 2006.

Incorporated in 1978, FirstLink Investments Corporation Limited
-- http://www.firstlinkcorp.com.sg/-- was converted into a   
public company in September 1987 and was listed on SESDAQ in
October 1987.  The principal activity of the Company is
investment holding.  FirstLink currently holds a stable of
companies (both listed and unlisted) in Singapore, Malaysia,
Australia and New Zealand, with proven expertise and success in
the electronic manufacturing and hospitality industries.  In
late 2003, the Company decided to venture beyond these
industries in order to deliver more efficient returns for
shareholders.  New areas that the Company is exploring or has
already initiated a presence include leisure and salt business.


ING BELGIUM: Prepares to Declare Dividend
-----------------------------------------
ING Belgium Singapore Limited will declare a dividend to its
creditors.

Creditors of the Company are required to submit their formal
proofs of claim to liquidators Tan Piah Tze, Ling Ming Choo
Alison and Joseph Jean Paul Kestemont by March 17, 2006.

Failure to comply with this requirement will exclude creditors
from the benefit of the dividend.


INTERMILLING COIMMODITIES: Creditor Seeks Liquidation
-----------------------------------------------------
On February 9, 2006, Agus Irawan filed a winding up petition
against Intermilling Commodities Pte Limited.

The Singapore High Court will hear the Petition on March 3, 2006,
at 10:00 a.m.

Any Company creditor or contributory who wants to support or
oppose the proposed wind-up may appear at the hearing after
serving on or sending by post to solicitors Messrs Shook Lin &
Bok 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 duly signed, and must be
received by the solicitors not later than 12:00 p.m. on March 2,
2006.


ROTOL SINGAPORE: Financial Controller Steps Down
------------------------------------------------
Rotol Singapore informs that John Ooi Gaik Seng resigned from his
position as financial controller and secretary of the Company.

As such, his resignation will take effect on March 19, 2006.

Headquartered in Singapore, Rotol Singapore Limited --  
http://www.rotol.com.sg/-- is the pioneer in fluorocarbon    
coating, despite difficult domestic and foreign market  
conditions.  Since its incorporation in 1980, Rotol has  
established itself as a specialist in architectural surface  
coating and aluminium curtain-wall cladding systems and has  
become the leading name in producing high quality finished  
panels, with one of the largest production capacity in  
Singapore.  With the help of Japanese investment holding firm J.  
Bridge Corporation, Rotol will re-establish its presence in the  
market sector by exploring new markets and products to establish  
a niche in relation to its coating and fabrication operations.


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

SUNTECH GROUP: To Submit Financial Statement on February 28
-----------------------------------------------------------
Suntech Group Public Company Limited informed the Stock Exchange
of Thailand that it will submit its reviewed financial statement
for the year ended December 31, 2005, next week.  The reviewed
financials will be available to general investors on Feb. 28,
2006.

The TCR-Asia Pacific recently reported that Suntech Group Public
Company Limited failed to submit its unreviewed semi-annual
financial statements ending December 31, 2005, on the deadline
specified by the Securities and Exchange Commission.


THAI HEAT: To Undertake Warrant Exercise
----------------------------------------
Thai Heat Exchange Public Company Limited reported that the
submission for the Exercise of THECO-Warrant for the first
quarter of 2006 will be on March 1 to 20, 2006.

The exercise ration will be one warrant for one ordinary share at
an exercise price of THB1.00 per share.

Warrant holders should submit:

   * The completed subscription form;

   * Warrant certificate or the substitution of warrant
     certificate;

   * Certified copy of identification card for normal citizen or
     certified copy of letter of guarantee from The Ministry of
     Commerce for Corporate entity; and

   * Check, draft, or bank order collectable within Bangkok
     Metropolitan.

     Payment to the account of Account for right issue shares
     of Thai Heat Exchange Public Company Limited:

     Bank: Siam Commercial Bank - Klongton
   
     Account No. 028-3-06892-4

Headquartered in Bangkok, Thailand, Thai Heat Exchange Public
Co. Limited -- http://www.thaiheat.com/-- manufactures car air-
conditioners.  Thai Heat has been on its own to develop
business, serving almost all European cars in Thailand on OEM
basis and exporting to various countries in Asia.  Today, export
includes Australia, Middle East, Europe, Far East and USA.
Thai Heat has also been manufacturing quality condenser coils,
evaporator coils for automobile and room air-conditioners and
other application such as slab coils, cooler coils, heater
coils, refrigeration coils, box air-conditioners, and cater to
the various sectors of its large clientele.




                            *********


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