TCRAP_Public/040604.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

              Friday, June 4, 2004, Vol. 7, No. 110

                            Headlines

A U S T R A L I A

INTERNATIONAL UNITY: Court Appoints Liquidator
NATIONAL AUSTRALIA: Lodges Memo for European MTN Program
TINGALPA CAPITAL: Drops Lawsuit Against EGI


C H I N A  &  H O N G  K O N G

BOOM EASY: Court Issues Winding Up Petition
FAME PROPERTIES: Winding Up Petition Scheduled June 30
GLOBALWISE HOLDINGS: Winding up Hearing Set June 30
QUALIBEST PRINTING: Winding Up Hearing Slated for June 30
URBIS (H.K.): Winding Up Petition Scheduled June 23


I N D O N E S I A

BANK INTERNASIONAL: Plans Financial Restructuring


J A P A N

FUJIKIN K.K.: Steel Firm Enters Bankruptcy
FUJITSU LIMITED: Expands Alliance With Sun
MATSUSHITA ELECTRIC: Reshapes Mobile, Auto Electronics Business
MITSUBISHI FUSO: Issues Current Status of Ongoing Activities
MITSUBISHI MOTORS: May U.S. Car Sales Down 20.5% Year-on-year

MITSUBISHI MOTORS: Reveals More Cover-ups of Vehicle Defects
MITSUBISHI MOTORS: Shares Plunge As Further Cover-Ups Emerge
MORIMOTO CORPORATION: Former Execs Face Accounting Fraud Charges
TANABE KURIETO: Construction Firm Goes Bankrupt
TOHOKU ENTERPRISE: Air Conditioning Firm Goes Bankrupt

UFJ BANK: May Seek Toyota's Help
UFJ GROUP: Facing Business Improvement Orders; On Watch Positive


K O R E A

HYNIX SEMICONDUCTOR: S&P Places Rating on Credit Watch Status
JINRO LIMITED: Merrill Lynch Leads Prospective Sale Advisers
SSANGYONG MOTOR: New Preferred Bidder to be Named this Month


M A L A Y S I A

ACTACORP HOLDINGS: Awaits Revised Restructuring Plan Approval
AMSTEEL CORPORATION: Issues Update On Proposed Parkson Disposal
BESCORP INDUSTRIES: Issues Update On Financial Condition
DISCCOMP BERHAD: Issues Update On Proposed Shareholders Mandate
DUOPHARMA BIOTECH: Sets EGM On June 25

DUOPHARMA BIOTECH: Appoints New Company Adviser
FABER GROUP: SC Approves Proposed Restructuring Scheme
FURQAN BUSINESS: Unit Disposes of 9,675,000 Ordinary Shares
INNOVEST BERHAD: Issues Update On Restructuring Scheme  
JASATERA BERHAD: Issues Financial Condition Details

JIN LIN: Appoints New Member Of Audit Committee
KILANG PAPAN: Issues Update On Restructuring Scheme
MALAYSIAN INDUSTRIAL: Member Of Audit Committee Resigns
MBF HOLDINGS: Issues Update On PDRS
MERCES HOLDINGS: Issues Notice of Annual General Meeting

MYCOM BERHAD: Issues Update On Proposed Restructuring Scheme  
OLYMPIA INDUSTRIES: Issues Restructuring Proposal Update
PM SECURITIES: Issues Price Of Ordinary Shares At RMO.50 Each
PROMTO BERHAD: Appoints New Audit Committee Member
PROMTO BERHAD: Appoints New Executive Director

RNC CORPORATION: Issues Update On Debt Restructuring Scheme
SELOGA HOLDINGS: Unit's Project For Glocon Cancelled
SIN HENG: Submits Proposed SFSB Disposal
SRIWANI HOLDINGS: Issues Update On Financial Condition
SUNWAY HOLDINGS: Details Voluntary General Offer Of CIMB

TELEKOM MALAYSIA: Chairman Of Audit Committee Resigns
UNITED CHEMICAL: SC Approves Restructuring Proposal
WAH SEONG: Appoints New Executive Director


P H I L I P P I N E S

MANILA ELECTRIC: Creditors Approve US$200M Bond Issuance
PHILIPPINE LONG: Extends Interim Agreement With AT&T


S I N G A P O R E

ASIA CREDIT: Creditors Must Submit Claims by June 28
AVO MARKETING: Winding up Hearing Slated for June 11
ELECTRONIC PURSE: Issues Intended Preferential Dividend Notice
HUNG FUNG: Final Meeting Set June 28


T H A I L A N D

CAPETRONIC INTERNATIONAL: Submits 2004 Business Plan  

* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


INTERNATIONAL UNITY: Court Appoints Liquidator
----------------------------------------------
The Australian Securities and Investments Commission (ASIC) on
Wednesday obtained orders in the Federal Court of Australia to
wind up International Unity Insurance (General) Limited (IUI
General), an unauthorized foreign insurer, and its Australian
agent, International Unity Insurance Pty Ltd (IUI Australia),
the ASIC reports.

Justice Lander ordered that Mr. Paul Pattison of Pattison
Consulting be appointed as the official liquidator of IUI
General and IUI Australia.

IUI General, a company incorporated in the Solomon Islands, held
a general insurers license in the Solomon Islands from March
2001 until March 2002, when the Solomon Islands' Controller of
Insurance canceled it.

At that time, IUI General stopped accepting or renewing new
policies of insurance.

ASIC's action follows complaints from Australian holders of IUI
General's policies that more than $1 million of insurance claims
and policy refunds had not been paid. These claims relate to
insurance policies accepted by IUI General before March 2002.

ASIC does not believe there are any current IUI General policies
of insurance on foot and that all policies have now expired.

Consumers who hold insurance policies accepted by IUI General
and who have claims that are unpaid or who wish to seek a refund
of their premium should contact the liquidator of IUI and IUI
General, Mr. Paul Pattison of Pattison Consulting, on (03) 9600
4611.

'ASIC's action will enable the assets of IUI General and IUI to
be realized for the benefit of Australian consumers who have
unpaid or unresolved claims and disputes under policies of
insurance accepted by IUI General', said Mr. Mark Steward,
Deputy Executive Director of Enforcement.

BACKGROUND

IUI General entered into agreements with a number of Australian-
based insurance brokers to place insurance policies with the
Australian public. The policies written included prestige motor
vehicle insurance, and commercial insurance risks for the
hospitality and hotel industry.

ASIC alleged that:

IUI General and IUI Australia were both insolvent.

IUI General did not have funds to meet all existing claims and
policy refunds that were due and payable.

The auditor of IUI Australia had raised serious concerns about
the conduct and management of the affairs of the company with
ASIC.

IUI General had claimed to enter into reinsurance and portfolio
transfers with insurance companies located in Serbia and Bosnia
and Herzegovina, represented in Australia by AMCO Group Pty Ltd
and associated companies (AMCO Group), but that these
transactions were sham transactions.

ASIC had previously taken action against AMCO in 2003 and it is
in liquidation (see ASIC Media Releases 03-326, 03-181 and 03-
167).

As part of these sham transactions, IUI Australia paid monies
held on behalf of IUI General in a Claims Reserve account to
companies within the AMCO Group.

Further investigation by ASIC with the Serbian and Bosnian
insurance companies and regulatory authorities revealed that the
AMCO Group were not authorized to act on those companies'
behalf, nor had they entered into the reinsurance and portfolio
transfer agreements.

IUI Australia had entered into a number of related party loans
that required review by an official liquidator;

A liquidator should be appointed to consider whether there are
any assets that may be realized for payment to creditors,
including payment of outstanding insurance claims and refunds of
insurance premiums;

It was appropriate that IUI Australia and IUI General be wound
up on just and equitable grounds, or alternatively on grounds of
insolvency.

IUI General is a foreign company that is not registered under
the Corporations Act 2001 (the Act). It has now ceased to carry
on business in Australia. As a result, IUI General is defined as
a 'Part 5.7 body'.

As such, IUI General may be wound up under Chapter 5 of the Act
in circumstances including:

a) If the Part 5.7 body is unable to pay its debts;

b) If the Part 5.7 body has ceased to carry on business in this
jurisdiction; and  

c) If the Court is of opinion that it is just and equitable that
the Part 5.7 body should be wound up.


NATIONAL AUSTRALIA: Lodges Memo for European MTN Program
--------------------------------------------------------
National Australia Bank (NAB) has lodged with the Luxembourg
Stock Exchange the offering memorandum for its European Medium
Term Note Program, the Company said in a press release. Notes
issued under the program may be listed on the Luxembourg Stock
Exchange.

NAB has previously announced it will raise subordinated debt as
part of its annual debt-raising program to increase its total
capital ratio to more than 10 per cent of risk weighted assets.

The increase in total capital is part of the remedial actions
required by the Australian Prudential Regulation Authority
following its review of irregular currency options trading.

Part of this additional capital will be raised under this
European Medium Term Note Program.

For further information:

Brandon Phillips     
Group Manager    
Group Corporate Relations   

03 8641 3857 work     
0419 369 058 mobile

For a copy of the Euro Medium-Term Notes, go to
http://bankrupt.com/misc/tcrap_nab0603.pdf


TINGALPA CAPITAL: Drops Lawsuit Against EGI
-------------------------------------------
In a disclosure to the Australian Stock Exchange, the liquidator
of Tingalpa Capital Pty Ltd has formally advised creditors that
it will not be pursuing any further legal claims against
Australian IT Company, eGlobal International Ltd (EGI).

"This is good news for EGI which will now be able to remove this
contingent liability of $2,050,000 from its balance sheet," said
EGI Chief Executive Officer Chris Teoh.

"This is another issue from the past that EGI is pleased to put
behind it as we strive to restore shareholder value to Company's
balance sheet."

EGI purchased the business, assets and undertakings of Tingalpa
Capital's business (which EGI later incorporated into Ozecorp
Global) in March 2001. This business was subsequently resold to
Tingalpa Capital in September 2001.

Legal proceedings brought by Tingalpa Capital claimed damages of
$1,900,000 arising from an alleged breach of contract and
claimed a further $150,000 owing as a final payment to Tingalpa
Capital under the business purchase agreement.

Mr. Teoh said EGI has defended itself against Tingalpa's claim,
which EGI has always maintained was unfounded and baseless. EGI
contends that Tingalpa had indeed acted in bad faith with
respect to the Ozecorp transaction.

As a result of Tingalpa's actions, EGI launched a counterclaim
against Tingalpa Capital for the $550,000, which was not paid as
consideration for the repurchase of Ozecorp Global. Tingalpa
Capital subsequently went into liquidation.

Mr. Tech said EGI was now looking into any rights that it might
have against the Directors of Tingalpa at the time the Company
went into insolvency to attempt to recover the monies that it is
owed by Tingalpa.

Media inquiries about eGlobal to Chris Teoh Tel: (03) 9500 2990

ABOUT EGLOBAL INTERNATIONAL LTD (EGI)

EGI is an ASX listed company with operations in Australia, U.S.
and China. The Australian business has recently changed its
trading name to Securix Australia (Securix) from Citadel
Securix.

Securix is a leading supplier of Internet and network security
products and solutions to the Australian market. Its core
business covers security solutions and implementation,
consulting and managed security services. Securix also has a
enterprise application development and integration business.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_tingalpa0603.pdf


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


BOOM EASY: Court Issues Winding Up Petition
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Boom Easy Development Ltd by the High Court of Hong Kong was on
April 30, 2004 presented to the said Court by Leung Mei Fung of
Flat H, 18/F., Block 1, Pirehead Garden, TMTL 291 Wu Chui Road,
Tuen Mun, New Territories, Hong Kong. The said Petition is
directed to be heard before the Court at 9:30 a.m. on the June
30, 2004 and any creditor or contributory of the said company
desirous to support or oppose the making of an order on the said
petition may appear at the time of hearing by himself or his
counsel for that purpose. A copy of the petition will be
furnished to any creditor or contributory of the said company
requiring the same by the undersigned on payment of the
regulated charge for the same.

Ms. ADA CHAU MING WAI
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 29th day of June
2004.


FAME PROPERTIES: Winding Up Petition Scheduled June 30
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
FAme Properties Ltd by the High Court of Hong Kong was on May 5,
2004 presented to the said Court by Bank of China (Hong Kong)
Limited whose registered office is situated at 14th Floor, Bank
of China Tower, No. 1 Garden Road, Central, Hong Kong. The said
Petition is directed to be heard before the Court at 10 a.m. on
the June 30, 2004 and any creditor or contributory of the said
company desirous to support or oppose the making of an order on
the said petition may appear at the time of hearing by himself
or his counsel for that purpose. A copy of the petition will be
furnished to any creditor or contributory of the said company
requiring the same by the undersigned on payment of the
regulated charge for the same.

MESSRS. T.H. KOO & ASSOCIATES
Solicitors for the Petitioner,
Room A2, 15th Floor, United Centre
No. 95 Queensway
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 29th day of June
2004.


GLOBALWISE HOLDINGS: Winding up Hearing Set June 30
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Globalwise Holdings Ltd by the High Court of Hong Kong was on
April 30, 2004 presented to the said Court by Wong Siu Chun of
Room 1804, 18/F., Cheung Yuen House, Chuk Yuen North Estate,
Wong Tai Sin, Kowloon, Hong Kong. The said Petition is directed
to be heard before the Court at 9:30 a.m. on the June 30, 2004
and any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.

Ms. ADA CHAU MING WAI
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 29th day of June
2004.


QUALIBEST PRINTING: Winding Up Hearing Slated for June 30
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Qualibest Printing Ltd by the High Court of Hong Kong was on
April 30, 2004 presented to the said Court by Shak Kai Hung of
Fllat 2215,22/F., King Tsui Court, Fung Wah Estate, 8 Fung Ha
Road, Chai Wan, Hong Kong. The said Petition is directed to be
heard before the Court at 9:30 a.m. on the June 30, 2004 and any
creditor or contributory of the said company desirous to support
or oppose the making of an order on the said petition may appear
at the time of hearing by himself or his counsel for that
purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.

Ms. ADA CHAU MING WAI
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 29th day of June
2004.


URBIS (H.K.): Winding Up Petition Scheduled June 23
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
URBIS (H.K.) Ltd by the High Court of Hong Kong was on April 22,
2004 presented to the said Court by Wong Yick Fook Johnny of
Room 2704, Shek Kwong House, Shek Lei Estate, Kwai Chung, New
Territories, Hong Kong. The said Petition is directed to be
heard before the Court at 9:30 a.m. on the June 23, 2004 and any
creditor or contributory of the said company desirous to support
or oppose the making of an order on the said petition may appear
at the time of hearing by himself or his counsel for that
purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.

THOMAS E. KWONG
For Director of Legal Aid
27th Floor, Queensway Government Offices
66 Queensway
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 21st day of June
2004.


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


BANK INTERNASIONAL: Plans Financial Restructuring
-------------------------------------------------
PT Bank Internasional Indonesia, the country's sixth-largest
lender, announced Wednesday its plan for financial restructuring
to augment its balance sheet and for future expansion, Dow Jones
reports.

The plan, which is subject to shareholders' approval, aims to
reduce the par value of the company's seri A shares from
IDR5,000 ($1=IDR9,480) each to IDR900, its seri B and C shares
from IDR1,250 each to IDR225, and its seri D shares from IDR125
to IDR22.50.

With the shares' par value reduction, the bank's paid-in capital
will be reduced from IDR17.87 trillion to IDR3.22 trillion. The
gains from the reduction of the shares' par value of IDR14.65
trillion and assets revaluation of IDR1.2 trillion will then be
used to balance the bank's retained losses of IDR15.85 trillion.

The bank also said that with a zero-losses position, it would
then be able to pay shareholders' dividends.

After the implementation of the reorganizational plan, which
will be discussed in a shareholders' meeting on June 30, the
bank will be left with a net equity capital of IDR3.38 trillion,
compared with the previous IDR3.36 trillion.


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


FUJIKIN K.K.: Steel Firm Enters Bankruptcy
------------------------------------------
Fujikin K.K. has entered bankruptcy, according to Teikoku
Databank America. The iron and steel wholesale firm, which is
located at Nagoya-shi, Aichi Japan, has total liabilities of
US$130.83 million.


FUJITSU LIMITED: Expands Alliance With Sun
------------------------------------------
Sun Microsystems, Inc., and Fujitsu Limited announced the
expansion of their 20-year strategic relationship to include the
joint development and delivery of future generation Solaris and
SPARC-based systems. The move brings together two of the
strongest companies in the world to deliver best in class
platforms for all possible network computing workloads and grow
the market for Solaris and SPARC.

In a press release, Sun and Fujitsu will bring together their
Solaris and SPARC-based server product lines by mid-2006,
creating the industry's most complete data center systems
family, code named the Advanced Product Line (APL). APL will run
the world's leading enterprise-class operating system, Solaris,
the Java Enterprise System, and virtually every major enterprise
application. When complete, the APL will replace Sun's and
Fujitsu's existing Sun Fire and PRIMEPOWER product lines,
respectively. Customers will benefit from safe and seamless
binary compatibility along the SPARC roadmap.

During the transition period leading up to the launch of the
APL, Sun and Fujitsu will work together to quickly implement
arrangements to make each other's current Sun Fire and
PRIMEPOWER product lines available for distribution through both
companies. These arrangements will vary by geography. The
companies and their respective customers will all benefit from
the expanded distribution of both companies' existing product
lines prior to the introduction of the jointly-developed, next
generation products.

"Today's announcement further expands the available market for
the Solaris and SPARC family of systems and continues to prove
Sun is one of the most highly leveraged technology companies in
the world, with partnerships extending across consumers,
developers, and now with Fujitsu, well into the mainframe
computing environment," said Jonathan Schwartz, president and
chief operating officer, Sun Microsystems. "Sun continues to
grow the broadest operating platforms on earth, spanning Java
and the Java Enterprise System, the Solaris operating
environment running industry standard x86 servers, up into the
mainframe environment, and a newly expanded SPARC family,
providing the highest performance computing infrastructure for
the largest diversity of network workloads. Sun and Fujitsu
couldn't be better positioned to drive share in the growing
market for network computing."

"Fujitsu's leading-edge semiconductor technology and expertise
in developing high-performance, high-reliability processors for
world-class mainframe and supercomputer systems, together with
Sun's Solaris, Java and other industry-leading technology
strengths, represent a powerful combination for enterprise
customers," remarked Hiroaki Kurokawa, president of Fujitsu
Limited. "I'm confident that our enhanced partnership will
enable us to provide customers with optimal server products that
deliver maximum business value."

One Focus, One Family, All Workloads

The announcement brings together Sun's competence and expertise
in the Internet, and network computing, with Fujitsu's expertise
in mission-critical computing. It redoubles the industry's
investment in Solaris and SPARC, and ensures systems will be
available to cover every possible workload - both in the rapidly
evolving throughput computing marketplace, as well as the
requirement for mainframe scale and quality in traditional
computing.

Expanded Reach For World's Most Popular UNIX, Solaris

"This is not only good for Sun and Fujitsu who are essentially
doubling the number of 'feet on the street' globally, but their
customers, partners and investors will also benefit tremendously
from this alliance," said Vernon Turner, Group Vice President,
Global Enterprise Server Solutions, IDC. "It means a protected
investment, a clear product roadmap, high-quality and choice,
and a great potential to grow market share."

The enhanced partnership will also result in strengthened
systems integration capability and channels for Solaris and
SPARC systems. This will create increased opportunities for the
combined companies' thousands of integrated software vendors
(ISVs) and resellers by broadening the market for Solaris.

Sun and Fujitsu will also build on their combined strength
across virtually all-global markets to ensure customers receive
industry-leading service and support. The companies will also
optimize their distribution channels and leverage each other's
manufacturing facilities and Sun's established relationship with
third party manufacturers.

The announcement marks a historic milestone in SPARC's two-
decade history; marked by the "openness" that was the
fundamental principle behind the formation of SPARC
International in 1989. Openness of the processor architecture
allowed Sun and Fujitsu to collaborate on defining the
architecture and compete on implementations. Both the UltraSPARC
and the SPARC64 implementations are based on the open SPARC V9
Instruction Set Architecture, and it is the "openness" of the
architecture that has made this alliance possible.

ABOUT FUJITSU

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, highly reliable computing and
communications platforms, and a worldwide corps of systems and
services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
reported consolidated revenues of 4.7 trillion yen (US$45
billion) for the fiscal year ended March 31, 2004.

Fujitsu Limited aims to post a group net profit of 100 billion
yen and an operating profit of 300 billion yen for the fiscal
year ending March 2007, TCR-AP Vol. 7 No. 104 reports. After two
years of heavy losses, the Company booked a group net profit of
49.70 billion yen for the year that ended March 31, as special
profits from the return of part of its employee pension fund to
the government and sales of shareholdings offset heavy losses
from restructuring.

About Sun Microsystems, Inc.

Since its inception in 1982, a singular vision - "The Network Is
The ComputerTM" - has propelled Sun Microsystems, Inc. (Nasdaq:
SUNW) to its position as a leading provider of industrial-
strength hardware, software and services that make the Network.
Sun can be found in more than 100 countries and on the World
Wide Web at http://sun.com.

Press Contacts
Kasey Holman
Sun Microsystems, Inc.
Tel: (650) 786-3411
E-mail: kasey.holman@sun.com

Carrie Motamedi
Sun Microsystems, Inc.
Tel: (650) 786-0171
E-mail: carrie.motamedi@sun.com


FUJITSU LIMITED
Public & Investor Relations
Tel: +81 (0) 3-6252-2176
Fax: +81 (0) 3-6252-2783
Address:
Shiodome City Center
1-5-2 Higashi-Shimbashi
Minato-ku, Tokyo Japan
105-7123


MATSUSHITA ELECTRIC: Reshapes Mobile, Auto Electronics Business
----------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd., in a press release,
announced plans to reorganize and consolidate its mobile phone
and automotive electronics production in Japan. Under the
proposed plan, mobile phone manufacturing carried out at the
Hanamaki plant in Iwate Prefecture will be shifted to Shizuoka
Prefecture and automotive electronics manufacturing to Matsumoto
in Nagano Prefecture. The plan is a part of Matsushita's new 3-
year business plan, the "Leap Ahead 21" Plan, aiming at further
enhancing the company's strategy to achieve an optimum system
for global production.

The Shizuoka plant will be repositioned as a high value-added
production base for the latest-generation mobile phones such as
FOMA1. In the mobile phone market, competition is intensifying
in terms of price and technological development to create more
advanced and diversified services such as the third generation
(3G) mobile phone communication. The Shizuoka plant will become
one of the mobile phone manufacturing bases that can readily
respond to such global demands in line with overseas facilities
in China, the Philippines, Czech and other countries.

The Matsumoto plant will take over the production of auto-
related electronic components and will become the domestic
manufacturing base of automotive multimedia products,
manufacturing a wide range of automotive electronics from
components to systems such as car navigations and AV systems.
The Matsumoto plant will also become the "mother plant,"
specializing in the manufacture of high value-added products and
the development of advanced automotive electronics production
technologies. It will ensure quality consistency by transferring
its manufacturing technologies to overseas facilities.

With an increasing number of automotive manufacturers building
up overseas operations more aggressively, it is imperative for
Matsushita, one of the leading automotive electronics producers,
to have a production base that can deliver quality products at
the cost and speed that automotive manufacturers demand on a
global scale.

The consolidation is scheduled to begin from October 1, 2004,
subject to an agreement with the union. The mobile phone line
employees in Hanamaki will be asked to move to the Shizuoka
plant and those at the automotive electronics line to the
Matsumoto plant. For those who might find it difficult to move
for their own reasons, Matsushita will decide alternative
solutions including job relocation program in consultation with
the union.

PROFILE OF EACH MANUFACTURING FACILITY

Hanamaki Plant
Location:           Hanamaki City, Iwate Prefecture

Production line:    Mobile phones, PHS, automotive electronics
                    components

Foundation:         April 1983

Employees:          202 (at mobile phone line)(as of April 2004)
                    124 (at automotive electronics line)(as of
                    April 2004) Shizuoka Plant

Location:           Kakegawa City, Shizuoka Prefecture

Production line:    Mobile phones

Foundation:         September 1991

Employees:          406 (as of April 2004)

Matsumoto Plant

Location:           Matsumoto City, Nagano Prefecture

Production line:    Car audios and car navigation systems

Foundation:         April 1974

Employees:          418 (as of April 2004)

ABOUT MATSUSHITA ELECTRIC INDUSTRIAL CO., LTD.

Matsushita Electric Industrial Co., Ltd. (TSE: 6752; NYSE: MC),
best known for its Panasonic brand name, is a worldwide leader
in the development and manufacture of electronic products for a
wide range of consumer, business, and industrial needs. Based in
Osaka, Japan, the company recorded consolidated sales of
US$71.92 billion for the fiscal year ended March 31, 2004.
Matsushita's shares are listed on the Tokyo, Osaka, Nagoya, New
York (NYSE:MC), Euronext, Amsterdam and Frankfurt stock
exchanges. For further information, please visit the Matsushita
Electric Industrial Co., Ltd. home page at:
www.panasonic.co.jp/global/top.html

Contact:
Mike Kitadeya/Karl Takahashi            
International PR
(Tel: +81-6-6949-2293)

Ryuichi Tsuruta
Investor Relations
(Tel: +81-6-6908-1121)

Akihiko Takei
Panasonic Finance (America), Inc.
(Tel: +1-212-698-1365)

Norio Iino
Panasonic Finance (Europe) plc.
(Tel: +44-20-7562-4400)


MITSUBISHI FUSO: Issues Current Status of Ongoing Activities
------------------------------------------------------------
In a continuing effort to proactively improve corporate culture
Mitsubishi Fuso (MFTBC) updates the public on the current status
of ongoing activities and initiatives, a company press release
said. The company hereby provides an update on three key
measures:

Initiation of disciplinary action against 29 employees in
connection with quality issues surrounding the so-called "Hub
Case" and "Clutch Housing Case" recalls.

Strengthening of its corporate governance structures.

Enhanced channels of communications aimed at better providing
the public with information on quality issues.

During the last week, a number of former executives and
employees were indicted. MFTBC takes this very seriously.
President and CEO, Wilfried Porth, once again, expressed his
sincerest apologies to MFTBC's customers and all effected
persons for any inconvenience and anguish caused by this matter.

"We deeply regret the wrongdoings in the past. The new
management will strive constantly to improve our quality
management. In doing so, we will continue with our internal
quality investigation in order to regain the fullest trust of
our long-established customers and the general public," Porth
said.

MFTBC continues to fully cooperate with all relevant police and
investigating authorities.

MFTBC had announced on May 20th that it would take disciplinary
action against employees in connection with the quality issues
related to two previously announced recalls: the "Hub Case" and
the "Clutch Housing Case".

An internal investigation has determined that three departments
should be held accountable for previous misconducts. These
departments are:

The Development Office for such wrongdoings as poor performance
in its day-to-day operation, noncompliance with testing
standards, insufficient follow-up of design results and
unsatisfactory and indifferent reaction to accidents reports;

The Quality Department for mismanagement of so-called "Product
Quality Reports" (PQR's) and delayed reporting to the Ministry
of Land, Infrastructure and Transport (MLIT) and for failing to
take appropriate and timely; and

The Service Departments for such wrongdoings as neglect of
appropriate market reactions, such as not filing for recalls or
undermining warranty inspections of vehicles.

The responsibility of the former truck division's management and
employees, in this respect, has been proven material. Provided,
however, that in some way the respective former management and
employees acted in a framework which made them follow
established yet unwritten rules imposed by top management,
leniency was taken into account while deciding on disciplinary
actions against them.

As a result of the ongoing internal investigation, 29 staff
members were subjected to the following disciplinary actions for
direct involvement:

4 Suspensions: (2 Executive General Managers and 2 Senior
Managers); suspension period = 5 days

6 Pay cuts: (2 Senior Executive Officers, 1 Executive General
Manager and 3 Senior Managers) = SEO; 30% of pay for 3 months;
EGM and SM = 5th grade, 50% of pay for one day.

19 Reprimands: (3 Senior managers, 16 Managers and Experts) =
written letter of apology.

These actions are in line with Japanese "Labor Standards Law" as
well as in-house company rules and procedures.

The second proactive measure that seeks to improve MFTBC's
corporate culture relates to the corporate governance structure.
MFTBC believes that a clear prerequisite for change is to
develop and improve this structure. It has therefore established
two committees in the wake of the recent findings. These
committees are the:

Quality Advisory Committee

Corporate Culture Reform Committee.

Both Committees, respectively, have by now met in session and
decided upon a time frame for future reform.

The "Quality Advisory Committee" plays a decisive role for
reform. Its task is to evaluate and decide upon concrete
measures for quality improvement.

The Committee held its inaugural meeting on May 17. It is
comprised of four members, MFTBC's Chairman Michio Hori, and
three external experts:

Committee Chairman, Dr. Naomasa Nakajima, Vice-President, the
University of the Air (Chiba Prefecture), Professor Emeritus,
The University of Tokyo.

Dr. Masuru Yoshimori, Professor, the University of the Air
(Chiba Prefecture). Professor Emeritus, Yokohama National
University.

Hideaki Imamura, Vice President, Boston Consulting Group.

MFTBC is deliberately seeking the counsel of external
specialists as it considers their expertise and independence key
to developing impartial directives.

This committee has three sub-committees, which deal with the
following issues:

Engineering and testing.

Quality information management processes.

Customer quality information and dealer services.

The Chairman of MFTBC, Michio Hori said: "Our job is to provide
a framework for reform and to drive action which supports the
reform of corporate governance. We very clearly have our
customers and the public in focus."

The second committee is the Corporate Culture Reform Committee.
It is headed by Atsushi Ueki, Expert, Corporate Office. This
committee is comprised of 12 members from different areas of the
company. It has already met a number of times and has set an
agenda calling for the examination of the following points:

Defining challenges to the existing corporate culture and the
nature of organization at MFTBC.

Defining the ideal corporate culture for the company.

Exploring possible disparities between existing corporate
culture and the ideal approach.

Proposal to bridge this disparity.

Both committees have set themselves a clear timeline of 12
months, taking into account the complexity of the matter. There
will be regular up-date reports.

As a third point of practical corporate action, MFTBC announced
the start of an ongoing, internet-based quality progress report.
The aim of this initiative is to consistently update the public
on background facts as well as progress made in quality issues.
These details can be accessed at www.mitsubishi-fuso.com/jp.
This new service - for the domestic market - will start next
week. It will provide information on the work-progress of the
Committees as well as the recall issues. Countermeasures for
export models will also be conducted, but in line with the
regulations of the respective markets.

In its effort to update the public MFTBC would like to point out
the progress of the ongoing quality issues:

Regarding the recall of the front and rear hubs (Hub Case"),
MFTBC is currently, as announced, employing temporary measures
while doing further evaluation to confirm permanent measures by
the end of the June.

Regarding the "Clutch Housing Case", MFTBC has again initiated a
temporary measure. During the period required to develop a
permanent solution, affected vehicles are subject to stringent
inspection and will have replacement parts provided if defective
parts are found.

MFTBC is currently working on three additional cases including
the propeller shaft and braking system of the heavy-duty
"Sightseeing" bus, as well as the propeller shaft of certain
heavy-duty trucks, which it announced on May 20. An official
recall date has yet to be determined, but MFTBC will endeavor to
submit this as soon as possible.

MFTBC would like to point out that this report represents the
status of the quality findings as of Wednesday. In line with its
approach on improved transparency, MFTBC will hold a press
conference in the near future to further discuss the exploration
and resolution of quality issues. As the internal investigation
continues in earnest, the company cannot exclude the discovery
of further quality issues that might require a recall campaign.
As such, MFTBC believes that any future disclosure should be
conducted on a step-by-step basis as and when new information
emerges. It will then be presented to the public. This, MFTBC
believes, reflects the systematic improvement of its quality
management system since early 2003.

Mitsubishi Fuso Truck & Bus Corporation
2-16-4, Kounan,Minato-ku,Tokyo 108-8285,
Japan Communication Team
Tel +81-3-6719-4821 Fax +81-3-6719-0111


MITSUBISHI MOTORS: May U.S. Car Sales Down 20.5% Year-on-year
-------------------------------------------------------------
Mitsubishi Motors North America, Inc. (MMNA) reported May 2004
U.S. sales of 16,371 units, according to Reuters.

                            May 2004       May 2003    % Change

All Vehicles                16,371         21,375      -20.5%
Domestic Car                 6,485          8,333      -19.2%
Domestic Truck               2,362          2,354        4.2%
Import Car                   5,006          5,576       -6.8%
Import Truck                 2,518          5,112      -48.8%
Dom+Imp Cars                11,491         13,909      -14.2%
Dom+Imp Trucks               4,880          7,466      -32.1%
Domestic Vehicles            8,847         10,687      -14.0%
Imported Vehicles            7,524         10,688      -26.9%

                            Yr-to-Date      Prev Year   % Change

All Vehicles                89,501        116,216      -23.0%
Domestic Car                35,191         50,068      -29.7%
Domestic Truck              11,757          4,383      168.2%
Import Car                  27,166         29,556       -8.1%
Import Truck                15,387         32,209      -52.2%
Dom+Imp Cars                62,357         79,624      -21.7%
Dom+Imp Trucks              27,144         36,592      -25.8%
Domestic Vehicles           46,948         54,451      -13.8%
Imported Vehicles           42,553         61,765      -31.1%

Percent changes are based on the daily sales rate and reflect 26
selling days this month versus 27 in the month last year, and
128 this year to date versus 128 last year to date.


MITSUBISHI MOTORS: Reveals More Cover-ups of Vehicle Defects
------------------------------------------------------------
Mitsubishi Motors Corporation admitted hiding 92 types of
vehicle defects for years, Kyodo News reported on Thursday.

Mitsubishi President Yoichiro Okazaki said the carmaker should
have recalled 26 models that had the more serious types of
defect.  These models include the Lancer, Mirage, Gallant and
the Pajero.

The admission coincided with the carmaker's announcement to
recall over 160,000 cars, mostly sold in Japan, according to the
Associated Press.


MITSUBISHI MOTORS: Shares Plunge As Further Cover-Ups Emerge
------------------------------------------------------------
Shares of Mitsubishi Motors Corporation fell by as much as 13
percent to JPY187 on Thursday, as further admissions of car
recall cover-ups clouded the recovery prospects for the ailing
car maker, according to Dow Jones.

Analysts expect this latest development to further hit the
automaker's slumping sales, as well as stain its brand's image
following a series of recalls and admissions of attempts to
cover up defective products at Mitsubishi Fuso Truck & Bus
Corporation, its former truck division.

Mitsubishi Motors may have little choice but to rethink its
overhaul plans following the latest setback, analysts say.


MORIMOTO CORPORATION: Former Execs Face Accounting Fraud Charges
----------------------------------------------------------------
Four top honchos of failed construction company Morimoto
Corporation were accused Wednesday of manipulating the company's
accounts, according to Kyodo News.

The Osaka District Public Prosecutors Office sued President
Yoshihide Morimoto, Vice-Presidents Miyoshi Arima and Asao Wada,
and executive board member Toshikazu Sagara for "window
dressing."

The firm constructs roads, railroad tracks, water mains and
sewerage, houses, factories, medical/welfare facilities and also
engages in real estate sales. Construction accounted for 98
percent of fiscal 2002 revenues; real estate, 2 percent.


TANABE KURIETO: Construction Firm Goes Bankrupt
-----------------------------------------------
General civil engineering and construction firm Tanabe Kurieto
K.K. has entered bankruptcy, according to Teikoku Databank
America. Based in Oita-shi, Oita Japan, the company has total
liabilities of US$30.58 million.


TOHOKU ENTERPRISE: Air Conditioning Firm Goes Bankrupt
------------------------------------------------------
Tohoku Enterprise Co. Ltd. recently filed for bankruptcy,
according to Teikoku Databank America. The air conditioning and
heating equipment installation firm, which is located at
Koriyama-shi, Fukushima Japan, has total liabilities of US$66.58
million.


UFJ BANK: May Seek Toyota's Help
--------------------------------
UFJ Bank may request financial aid from Toyota Motor Corporation
to strengthen the struggling bank's capital, Japan Times
reported on Wednesday, citing UFJ Bank President Takamune
Okihara.

"We may ask for it in line with our cooperative relationship,"
Okihara said.

Mr. Okihara said the capital reinforcement is the biggest issue
that must be considered by management. He added that the bank
would step up efforts to raise its capital adequacy ratio back
above 10 percent as quickly as possible.


UFJ GROUP: Facing Business Improvement Orders; On Watch Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on UFJ Bank
Ltd. (BBB/Watch Pos/A-2) and UFJ Trust Bank Ltd. (BBB/Watch
Pos/A-2) remain on Credit Watch with positive implications
following media reports that the government's Financial Services
Agency (FSA) may issue business improvement orders to the UFJ
group.

Japanese media reported Wednesday that the UFJ group has
received an improvement order from the FSA, saying the group has
been too lenient in its assessment of non-performing loans. The
reports also indicated that the FSA is considering other
business improvement orders and whether to take action against
the group, which it reportedly suspects of concealing documents
during an inspection conducted by the agency in 2003. UFJ has
denied these media reports.

"Even if the allegations turn out to be true, they will not
affect the intrinsic financial status of the UFJ group
significantly," Standard & Poor's credit analyst Nana Otsuki
said. "But these latest developments, following UFJ's drastic
revision to its earnings forecast for fiscal 2003, further limit
the chances of an upgrade to its credit ratings," Ms. Otsuki
added.

Standard & Poor's put the ratings on UFJ Bank and UFJ Trust on
Credit Watch with positive implications on April 28, 2004, along
with its ratings on the Mizuho banks, Sumitomo Mitsui Banking
Corp., and Chuo Mitsui Trust & Banking Co. Ltd. One of the
reasons for the Credit Watch placement was the overall
improvement in the business environment. UFJ's asset risks have
also receded since fiscal 2001, when the ratings on the
operating banks were lowered to 'BBB', as indicated by
improvement in the group's net non-performing loan ratio to 4.8%
from 9.5% between March 2002 and March 2004.

However, in Standard & Poor's view, upgrades of UFJ Bank and UFJ
Trust may be more difficult to achieve than for other major bank
groups.

"Although Standard & Poor's still believes that the
macroeconomic environment has recovered to some extent, and that
the asset risks of the UFJ group are gradually declining, we are
more concerned about the risk of capital erosion, particularly
in light of possible additional costs that may be generated by
its efforts to shed non-performing assets in fiscal 2004," Ms.
Otsuki said.

Nevertheless, an immediate downward revision of the ratings on
UFJ's operating banks because of the losses incurred in fiscal
2003 is unlikely.

The ratings are still supported by the expectation that the
government will extend support to the bank group if needed, as
well as by the group's strong business franchise and stable core
earnings. Completion of a review of UFJ's asset risks is
expected in June 2004.


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


HYNIX SEMICONDUCTOR: S&P Places Rating on Credit Watch Status
-------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'CCC+' long-
term corporate credit rating on Hynix Semiconductor Inc. on
Credit Watch with positive implications, following the
announcement by the company's creditor banks that they have
accepted an increased offer from Citigroup to purchase Hynix's
remaining non-memory chip division. At the same time, the rating
agency also placed its 'CCC+' long-term corporate and senior
unsecured debt ratings on Hynix Semiconductor Manufacturing
America Inc. on Credit Watch with positive implications.

"Hynix's credit profile is expected to continue strengthening,
supported by favorable conditions for the memory business and
expected cash of around W575 billion, net of the loan provided
to Citigroup, from the sale of the non-memory chip business,"
said Standard & Poor's credit analyst Eun Jin Kim.

"Nevertheless, Hynix still faces large capital investment
requirements in the medium term to maintain its competitiveness,
and over W950 billion of debt maturing this year," Ms. Kim
added.

In resolving the Credit Watch status, Standard & Poor's will
review the full terms of the deal, which will be finalized in
the next few weeks. Also of importance will be Hynix's long-term
ability to generate cash flow from its core memory business to
meet investment requirements and debt repayments. Any upgrade is
likely to be within one notch.


JINRO LIMITED: Merrill Lynch Leads Prospective Sale Advisers
------------------------------------------------------------
At least eight investment banks are lobbying to become the
adviser to the sale of Jinro Limited.  According to Dow Jones,
Merrill Lynch is leading the pack with Citigroup and Lehman
Brothers mounting a serious challenge.

Expected to generate investment-banking fees of around US$100
million, the juicy appointment has also attracted Doosan
Corporation, Newbridge Capital, CVC Capital Partners, Lotte
Group and Taihan Wire.

The sale is expected to gross US$2.1 billion for creditors led
by Goldman Sachs, the report said.  Some 20 bidders, including
South Korean conglomerates, international drinks companies and
western private equity funds, are believed to be interested in
the sale.

The sale adviser will be named by the end of this month with
bids likely to be lodged in October and a deal completed by the
end of the year.


SSANGYONG MOTOR: New Preferred Bidder to be Named this Month
------------------------------------------------------------
Creditors of Ssangyong Motor Co. will pick their preferred
bidder for the troubled carmaker this month, Yonhap News
reports.

According to Chohung Bank, the company's main creditor, several
automakers have shown interest in Ssangyong since sale talks
with China National Bluestar Corporation broke down.  Creditors
dropped Bluestar as preferred bidder in April after it failed to
submit a firm offer and a letter of support from Beijing.

Chohung said it is now reviewing the terms of the sale, adding
it will definitely name the bidder this month.


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


ACTACORP HOLDINGS: Awaits Revised Restructuring Plan Approval
-------------------------------------------------------------
Further to the Company's announcements to Bursa Malaysia
Securities Berhad dated May 5, 2004, May 18, 2004 and May 24,
2004, PM Securities Sdn Bhd, on behalf of the Board of
Directors, Actacorp Holdings Berhad (AHB) disclosed that the
Company is presently awaiting for the approvals of the
Securities Commission and the Foreign Investment Committee in
relation to the Revised Proposed Restructuring Scheme of AHB (as
defined in our announcement dated 8 April 2004).

The Ministry of International Trade and Industry had, via its
letter dated 17 May 2004 had taken note and has no objection to
the Revised Proposed Restructuring Scheme of AHB.

This announcement is dated June 1, 2004.


AMSTEEL CORPORATION: Issues Update On Proposed Parkson Disposal
---------------------------------------------------------------
With reference to the announcements made to Bursa Malaysia
Securities Berhad on September 9, 2003, October 7, 2003, October
23, 2003, February 5, 2004, March 4, 2004, March 9, 2004, March
19, 2004, March 25, 2004, March 26, 2004 and April 15, 2004 by
Amsteel Corporation Berhad and its adviser, Public Merchant Bank
Berhad.

The Company wishes to announce that:

(1) The sale and purchase agreement for the Proposed Parkson
Disposal became unconditional on May 31, 2004.

(2) Lion Diversified Holdings Berhad had on June 1, 2004
allotted 95,222,000 LDHB RCULS to the Company for the Proposed
Parkson Disposals; and

(3) The Proposed Parkson Disposals is deemed completed on June
1, 2004.

Consequent upon the aforementioned details, the Parkson Retail
Group, which comprises the following companies, together with
their respective subsidiaries, ceased to be its subsidiaries

(1) Parkson Investment Pte Ltd;
(2) Parkson Management Pte Ltd;
(3) Parkson Supplies Pte Ltd;
(4) Parkson Glomart Pte Ltd;
(5) Parkson Pacific Pte Ltd;
(6) Parkson Corporation Sdn Bhd;
(7) Xtra Supercenter Sdn Bhd;
(8) Serbadagang Holdings Sdn Bhd; and
(9) Exonbury Limited

Unless otherwise stated, defined terms used in this announcement
shall carry the same meaning as defined in the previous
announcements.


BESCORP INDUSTRIES: Issues Update On Financial Condition
--------------------------------------------------------
Bescorp Industries Berhad in a notice submitted to Bursa
Malaysia Securities Berhad disclosed with reference to paragraph
4.1(b) of the Practice Note 4/2001 of the Listing Requirements
of Bursa Malaysia whereby the affected listed issuer is required
to announce the status of its plan to regularize its financial
condition on a monthly basis until further notice from Bursa
Malaysia.

The shareholders of WCT Engineering Berhad at an Extraordinary
General Meeting held on May 31, 2004, have passed inter alia the
resolution that the approval be and is hereby given for the
Proposed Corporate Exercise involving the listing of WCT Land
Berhad (WCTL), in place of the Company, which will be delisted
from the Second Board of Bursa Malaysia and the Proposed
Transfer of WCTL from the Second Board to the Main Board of
Bursa Malaysia.

Aside from the details mentioned, there were no further
developments since our previous announcement with regard to this
Practice Note.


DISCCOMP BERHAD: Issues Update On Proposed Shareholders Mandate
---------------------------------------------------------------
Disccomp Berhad disclosed to Bursa Malaysia Securities Berhad
the Proposed shareholders' mandate pursuant to Rule 6.8 and
Guidance Notes 12 of the Listing Requirements of Bursa Malaysia
(formerly known as Malaysia Securities Exchange Berhad) for the
MESDAQ Market in relation to recurrent related party
transactions of a revenue or trading nature (Proposed
Shareholders' Mandate).

The following announcement is released on behalf of Disccomp:

Further to our earlier announcements dated March 25, 2004 and
April 26, 2004, the Board of Directors of the Company wishes to
announce that in addition to the shareholders' approval that is
proposed to be sought for the renewal of shareholders' mandate
at the forthcoming Twenty-Fourth Annual General Meeting (AGM) of
the Company to allow Disccomp and its subsidiaries (Disccomp
Group) to enter into existing recurrent related party
transactions of a revenue or trading nature which are necessary
for the day to day operations (RRPT).

Shareholders' approval will also be sought for the new
shareholders' mandate at the forthcoming Twenty-Fourth AGM to
allow Disccomp Group to enter into additional RRPT provided that
all the aforesaid RRPT are in the ordinary course of business
and are on terms which are not more favorable to the related
parties than those generally available to the public and are not
to the detriment of the minority shareholders.

A circular relating to the aforesaid proposal will be dispatched
to the shareholders of the Company in due course.


DUOPHARMA BIOTECH: Sets EGM On June 25
--------------------------------------
Duopharma Biotech Berhad submitted to Bursa Malaysia Securities
Berhad a notice of its Extraordinary General Meeting.

Contents:

(I) proposed share split into two (2) ordinary shares at par
value of rm0.50 each for every one (1) existing ordinary share
at par value of rm1.00 each held in the company (proposed share
split);

(II) proposed bonus issue of 12,000,000 new ordinary shares of
rm0.50 each in the company on the basis of one (1) bonus share
for every ten (10) existing ordinary shares of rm0.50 each held
in the company after the proposed share split (proposed bonus
issue);

(III) Proposed establishment of an employees' share option
scheme (proposed esos);

(IV) Proposed amendments to the memorandum and articles of
association of the company (proposed m&a amendments);

(V) Proposed grant of authority to the company to purchase its
own ordinary shares (proposed share buy-back); and

(VI) Proposed renewal of shareholders' mandate for recurrent
related party transactions of a revenue or trading nature
(proposed renewal of shareholders' mandate)

Notice Of Extraordinary General Meeting (EGM)

On behalf of the Board of Directors of DBB, Affin Merchant Bank
Berhad announced that the EGM of the Company will be held at
Crystal Crown Hotel, No. 217, Persiaran Raja Muda Musa, 42000
Pelabuhan Klang, Selangor Darul Ehsan on Friday, 25 June 2004
following the conclusion and/or adjournment of the 3rd Annual
General Meeting, which is to be held on the same day at 9:30
a.m.

The announcement is dated June 1, 2004

To view full copy of the EGM notice, click
http://bankrupt.com/misc/DUOPHARMA060104.doc


DUOPHARMA BIOTECH: Appoints New Company Adviser
----------------------------------------------
Duopharma Biotech Berhad disclosed to Bursa Malaysia Securities
Berhad that Dato' Chor Chee Heung is appointed as an Adviser of
DBB Group effective June 1, 2004.

Dato' Chor Chee Heung, a Malaysian, aged 49, obtained his
professional Barrister at Law in 1978 and Master of Arts in
Business Law Degree in 1980. In the same year, he was also
admitted as a Member of the Chartered Institute of Arbitrators
London. Dato' Chor is also a Member of the Honourable Society of
Lincoln's Inn.

He began his career as a practicing lawyer dealing mainly in
Commercial and Corporate Law for more than 15 years. He was
elected as a Member of Parliament for Alor Star in 1990. In
1995, upon re-election, he was appointed as a Parliamentary
Secretary in the Ministry of Transport. In 1999, he was
appointed as the Deputy Minister of Home Affairs. He retired
from front bench politics and is currently still a Member of
Parliament representing Alor Star. Since 1990, he had
represented Malaysia and the National Parliament in various
international forums such as United Nations, ASEAN Inter-
Parliamentary Association, Commonwealth Parliamentary
Association and Inter-Parliamentary Union.


FABER GROUP: SC Approves Proposed Restructuring Scheme
------------------------------------------------------
In compliance with PN4 paragraph 4.1 (b) of the Listing
Requirements of Bursa Malaysia Securities Berhad which requires
an affected listed issuer to announce the status of Faber Group
Berhad's (FGB) plan to regularize its financial condition on a
monthly basis until further notice from Bursa Malaysia.

FGB disclosed that the Securities Commission (SC) had on May 27,
2004, approved the Proposed Restructuring Scheme under Section
32(5) of the Securities Commission Act, 1993 and the Foreign
Investment Committee Guidelines for the Acquisition of Assets,
Mergers and Take-overs, 1974.

The approval of SC is however subject to a number of conditions
as disclosed in the announcement on the same release on behalf
of FGB by Aseambankers Malaysia Berhad on May 28, 2004.

Further to the above-mentioned details, FGB had on May 28, 2004,
entered into a conditional sale and purchase agreement with
Jeram Bintang Sdn Berhad and its wholly owned subsidiary,
Canggih Pesaka Sdn Berhad for the proposed transfer of assets
under the Proposed Restructuring Scheme.

This announcement is dated June 1, 2004.


FURQAN BUSINESS: Unit Disposes of 9,675,000 Ordinary Shares
-----------------------------------------------------------
The Board of Directors of Furqan Business Organization Berhad
(FBO) disclosed to Bursa Malaysia that its 100 percent indirect
owned subsidiary company, FBO Land (Serendah) Sdn. Bhd.
(formerly known as Profound View Sdn. Bhd.) (FBO Serendah) had
through various dates disposed 9,675,000 ordinary shares of
RM1.00 each, representing about 4.49 percent of the total paid
up capital in Cepatwawasan Group Berhad (Cepat) for the total
consideration of RM13,200,827.

The Company and FBO Serendah ceased to be a substantial
shareholder of Cepat after the disposal.


INNOVEST BERHAD: Issues Update On Restructuring Scheme  
------------------------------------------------------
The Board of Directors of Innovest Berhad disclosed to Bursa
Malaysia Securities Berhad that the Company on May 14, 2004
released an announcement that the Securities Commission (SC),
via its letter dated April 27, 2004, received on May 13, 2004,
did not approve the Company's appeal on the exemption from the
requirements of Paragraphs 6.13(a)(iv) and 6.14(a) of the SC's
Policies and Guidelines on Issue/Offer of Securities.

The Company then on May 20, 2004 made an application to Bursa
Malaysia requesting an extension of time for six (6) months from
April 27, 2004 (Extension of Time) to formulate a new
restructuring scheme to regularize its financial condition and
make a requisite announcement pertaining thereto pursuant to
Practice Note No. 4/2001 of the Listing Requirements of Bursa
Malaysia.

As at the date of this announcement, the Company is still
awaiting the decision of Bursa Malaysia on its application for
the Extension of Time.


JASATERA BERHAD: Issues Financial Condition Details
---------------------------------------------------
Jasatera Berhad disclosed to Bursa Malaysia Securities Berhad
with reference to the announcement dated May 5, 2004 and
paragraph 4.1 (b) of PN4/2001 wherein the listed issuer is
required to announce the status of its financial position on a
monthly basis until further notice from Bursa Malaysia.

The Company is still in the midst of preparing the necessary
documents to obtain the approval from the shareholders of
Jasatera at the Extraordinary General Meeting to be convened.
Presently, the Company is also in the midst of negotiating with
the bank lenders of Jasatera to further extend the completion of
the debt settlement agreement. The outcome of negotiation is
still pending and an announcement will be made upon the
finalization of the negotiation.

In addition, Public Merchant Bank Berhad, on behalf of the Board
of Directors of Jasatera, on May 19, 2004, made an application
to the Securities Commission (SC) for a further extension of
time to December 31, 2004 from June 3, 2004 to enable the
Company to complete the implementation of the Revised Proposed
Recapitalization Exercise. The decision from the SC is still
pending.


JIN LIN: Appoints New Member Of Audit Committee
-----------------------------------------------
Jin Lin Wood Industries Berhad disclosed to Bursa Malaysia
Securities Berhad the appointment of Dato' Dr Hj Sallehuddin bin
Kassim as a new member of the company's Audit Committee.

Composition of Audit Committee (Name and Directorate of members
after change):

- Ngui Ing Ing (Independent & Non Executive Director)-
Chairperson

- Dato' Dr Hj Sallehuddin bin Kassim (Independent & Non
Executive Director)- Member

- Kang Ching Hong (Non Independent Non Executive Director)-
Member

  
KILANG PAPAN: Issues Update On Restructuring Scheme
--------------------------------------------------
Further to the announcement dated May 5, 2004 by AmMerchant Bank
Berhad on behalf of Kilang Papan Seribu Daya Berhad (KPSD) to
Bursa Malaysia Securities Berhad, the company disclosed that
KPSD is currently revising the proposed restructuring scheme to
incorporate the revision approved by the Securities Commission
(SC) and will submit the revised scheme to the SC for its
consideration and approval in due course.

Save as disclosed above, there is no material change to the
Company's plan to regularize its financial condition.

This announcement is dated June 1, 2004.


MALAYSIAN INDUSTRIAL: Member Of Audit Committee Resigns
-------------------------------------------------------
Malaysian Industrial Development Finance Berhad disclosed to
Bursa Malaysia Securities Berhad the resignation of Dato' Kalsom
binti Abdul Rahman as a member of the company's audit committee.

Ms. Rahman has served in various capacities in the Ministry of
International Trade and Industry including as the Director of
Industrial Development and Deputy Secretary General (Industry)
and Minister Counselor (Economics Affairs) of the Mission of
Malaysia to the European Union, Brussels, Belgium. She is also
the Chairman of Small and Medium Industries Development
Corporation, a director of National Productivity Corporation and
alternate member of Malaysian External Trade Development
Corporation.  

Remarks: This is following her redesignation as a non-
independent non-executive director effective the same date.  


MBF HOLDINGS: Issues Update On PDRS
-----------------------------------
MBF Holdings Berhad (MBf-H) refers to the announcement made to
Bursa Malaysia Securities Berhad on October 9, 2003 in relation
to the company's Proposed Debt Restructuring Scheme (PDRS).

Alliance Merchant Bank Berhad (Alliance), on behalf of the Board
of Directors of MBf-H disclosed that the Securities Commission
(SC) vide its letter dated May 31, 2004, after taking into
consideration the requirements of equity structure as stipulated
in Foreign Investment Committee Guidelines regarding the Assets
Acquisitions, Mergers and Take-overs, 1974, approved the PDRS,
subject to the following conditions:

(i) MBf-H to obtain the shareholders' approval for the PDRS
prior to its implementation;

(ii) Alliance/MBf-H to inform the SC upon completion of the
PDRS; and

(iii) Alliance/MBf-H to comply with the requirements of the
Policies and Guidelines on Issue/Offer of Securities of the SC
in relation to the PDRS.

This announcement is dated June 1, 2004.


MERCES HOLDINGS: Issues Notice of Annual General Meeting
--------------------------------------------------------
Notice is hereby given that the Thirty-Eighth Annual General
Meeting of Merces Holdings Berhad will be held at Peacock I, 6th
Floor, Pearl International Hotel, Batu 5, Jalan Klang Lama,
58000 Kuala Lumpur on Friday, June 25, 2004 at 9:00 a.m. for the
following purposes:

AGENDA

Resolution 1

(1) To receive the Audited Financial Statements for the
financial year ended 31 December 2003 together with the Reports
of the Directors and Auditors thereon.

(2) To re-elect the following Directors who shall retire in
accordance with Article 78 of the Company's Articles of
Association and being eligible, seeks for re-election:

Resolution 2

(a) Dato' Nik Ismail bin Dato' Nik Yusoff

Resolution 3

(b) Dato' Lee Hock Soon

Resolution 4

(3) To re-elect Ching Hong Seng who shall retire in accordance
with Article 83 of the Company's Articles of Association and
being eligible, offers himself for re-election.

Resolution 5

(4) To re-appoint Messrs. TH Kuan & Co. as Auditors of the
Company and to authorize the Directors to fix their
remuneration.

AS SPECIAL BUSINESS

To consider and if though fit, to pass the following ordinary
resolutions:

Resolution 6

(5) Authority to Allot Shares Pursuant to Section 132D of the
Companies Act, 1965.

"That subject to the Companies Act, 1965, the Articles of
Association of the Company and the approvals from the Bursa
Malaysia Securities Berhad and other relevant
governmental/regulatory authorities, where such approval is
necessary.

The Directors be and are hereby empowered pursuant to Section
132D of the Companies Act, 1965 to issue new ordinary shares of
RM1.00 each in the Company from time to time and upon such terms
and conditions and for such purposes and to such persons
whomsoever the Directors may, in their absolute discretion deem
fit and expedient in the interest of the Company.

Provided that the aggregate number of shares issued pursuant to
this resolution does not exceed 10 percent of the issued and
paid-up capital for the time being of the Company and to obtain
the approval from the Bursa Malaysia Securities Berhad for the
listing of and quotation for the additional shares issued and
that such authority shall continue to be in force until the
conclusion of the next Annual General Meeting of the Company."

Resolution 7

(6) Authority to Deal with Substantial Property Transactions
Involving Directors.

"That in accordance with Section 132E of the Companies Act,
1965, authority be and is hereby given to the Company or its
related corporations to enter into arrangements or transactions
with the Directors of the Company or any persons connected with
such Directors, within the meaning of Section 122A of the
Companies Act, 1965.

Whereby the Company or its related corporations may acquire from
or dispose to such Directors or connected persons non-cash
assets including but not limited to capital equipment and
related machinery and/or any other assets or products of the
Company or its related corporations provided that such
acquisitions or disposals are on commercial terms and in the
ordinary course of business and that such authority shall
continue to be in force until the conclusion of the next Annual
General Meeting of the Company.

Resolution 8

(7) Proposed renewal of Shareholders' Mandate for Recurrent
Related Party Transactions of a Revenue or Trading Nature.

"That approval be and is hereby given for the renewal of
shareholders' mandate for the Company and/or its subsidiaries to
enter into recurrent related party transactions from time to
time, which are necessary for day-to-day operations as set out
in the Circular to Shareholders dated 1 June 2004 which are of a
revenue or trading nature and in the ordinary course of business
and are on terms not more favorable to the related parties than
those generally available to the public and are not detrimental
to the minority shareholders of the Company, subject to the
compliance with the Listing Requirements of the Bursa Malaysia
Securities Berhad, Companies Act, 1965, the Company's Memorandum
and Articles of Association and all other applicable laws,
guidelines, rules and regulations.

That disclosure is made in the Annual Report on the type of the
recurrent transactions made and the names of the related parties
involved in each type of the recurrent transactions made and
their relationship with the Company and the breakdown of
aggregate value of the recurrent transactions conducted pursuant
to the shareholders' mandate during the financial year.

That such authority shall commence upon the passing of this
resolution and shall continue to be in force until:

(a) Conclusion of the next annual general meeting of the Company
unless the authority is renewed by a resolution passed at the
said meeting;

(b) The expiration of the period within the next annual general
meeting after the date it is required to be held pursuant to
Section 143(1) of the Companies Act, 1965 but such period shall
not extend to any extension as may be allowed pursuant to
Section 143(2) of the Companies Act, 1965;

(c) Earlier revoked or varied by ordinary resolution of the
shareholders of the Company in general meeting, whichever is
earlier;

"And that authority be and is hereby given to the Directors of
the Company to complete and do all such act and things
(including executing all such documents as may be required) as
they may consider expedient or necessary or in the interests of
the Company to give effect to the transactions contemplated
and/or authorized by this ordinary resolution."

(8) To transact any other ordinary business for which due notice
shall have been given.

By Order of the Board
NG HENG HOOI (MAICSA 7048492)
TUA YAN KHIM (MAICSA 7046902)
Company Secretaries
Kuala Lumpur
June 1, 2004

NOTES:

(i) A member of the Company entitled to attend and vote at this
Meeting, is entitled to appoint a proxy to attend and vote on
his behalf. A proxy need not be a member of the Company and the
provisions of Section 149(1)(b) of the Companies Act, 1965 shall
not apply to the Company.

(ii) A member shall be entitled to appoint more than one proxy
(subject always to a maximum of two (2) proxies at each meeting)
to attend and vote at the same meeting.

(iii) Where a member appoints more than one (1) proxy (subject
always to a maximum of two (2) proxies at each meeting) the
appointment shall be invalid unless he specifies the proportions
of his holdings to be represented by each proxy.

(iv) The instrument appointing a proxy shall be in writing under
the hand of the appointer or his attorney duly authorised in
writing or if the appointer is a corporation, under its Common
Seal or under the hand of an officer or its attorney duly
authorized.

(v) The instrument appointing a proxy must be completed and
deposited at the Registered Office of the Company at Suite 405,
4th Floor, Magnum Plaza, 128 Jalan Pudu, 55100 Kuala Lumpur, not
less than forty eight (48) hours before the time appointed for
the holding of the Meeting or at any adjournment thereof.

(vi) Explanatory Notes on Special Business

- Authority to Allot Shares Pursuant to Section 132D of the
Companies Act, 1965.

The Proposed Resolution 5, if passed, will give the Directors of
the Company, from the date of the above General Meeting,
authority to issue and allot Ordinary Shares from the unissued
capital of the Company being for such purposes as the Directors
consider would be in the interest of the Company. The authority
will unless revoked or varied by the Company in General Meeting,
expire at the next Annual General Meeting.

- Authority to Deal with Substantial Property Transactions
Involving Directors.

The Proposed Resolution 6 is in respect of Section 132E of the
Companies Act, 1965, which prohibits a company or its
subsidiaries from entering into any arrangement or transaction
with its directors or persons connected with such directors or
connected persons any non-cash asset of the requisite value
without prior approval of the Company in General Meeting.

According to the Act, a non-cash asset, is considered to be of
the requisite value if, at the time of arrangement or
transaction, its value is greater than two hundred and fifty
thousand Ringgit or 10 percent of the Company's net assets,
subject to a minimum of ten thousand Ringgit.

- Proposed Renewal of Shareholders' Mandate for Recurrent
Related Party Transactions of a Revenue or Trading Nature.

The Proposed Resolution 7 is to obtain a renewal of the
shareholders' mandate for the Company and/or its subsidiaries to
enter into Recurrent Related Party Transactions of revenue or
trading nature which are necessary for its day-to-day operations
and transacted in the normal course of business, with the
mandated related parties.

If the Proposed Resolution 7 is passed at the forthcoming Annual
General Meeting, the shareholders' mandate shall be renewed with
effect from the date of the forthcoming Annual General Meeting
until the conclusion of the next Annual General Meeting of the
Company, or the expiration of the period up to next Annual
General Meeting that is required to be held by law unless
revoked or varied by a resolution passed by shareholders at a
general meeting, whichever is the earlier, and shall apply to
all Recurrent Related Party Transactions entered or to be
entered into with Mandated Related Parties from the date of the
forthcoming Annual General Meeting.

Details on the Proposed Renewal of Shareholders' Mandate are
contained in the Circular to Shareholders dated June 1, 2004 of
the Company of which will be dispatched together with the 2003
Annual Report of the Company.


MYCOM BERHAD: Issues Update On Proposed Restructuring Scheme  
------------------------------------------------------------
Pursuant to PN 4/2001 of Paragraph 8.14 of the Listing
Requirements of BMSB, the Board of Directors of Mycom Berhad
disclosed to Bursa Malaysia Securities Berhad that there has
been no major development subsequent to the last announcement
made on May 5, 2004 in respect of the Proposed Restructuring
Scheme.


OLYMPIA INDUSTRIES: Issues Restructuring Proposal Update
--------------------------------------------------------
The Board of Olympia Industries Berhad disclosed to Bursa
Malaysia Securities Berhad that there has been no major
development subsequent to the last announcement made on May 5,
2004 in relation to the implementation of the Proposed
Restructuring Scheme.

This announcement is dated June 1, 2004.


PM SECURITIES: Issues Price Of Ordinary Shares At RMO.50 Each
-------------------------------------------------------------
Further to the announcement made to Bursa Malaysia Securities
Berhad dated April 23, 2004 in relation to the Private
Placement, PM Securities Sdn Bhd is pleased to announce that the
Board of Directors of PMC had on June 1, 2004 fixed the issue
price for the third and final tranche of 29,650,000 new ordinary
shares of RM0.50 each at RM0.50 per share based on a discount of
RM0.005 or 1 percent from the weighted average market price of
PMC shares for the five (5) market days ended 1 June 2004 of
RM0.505.

This announcement is dated June 1, 2004.


PROMTO BERHAD: Appoints New Audit Committee Member
--------------------------------------------------
Promto Berhad in a notice submitted to Bursa Malaysia Securities
Berhad announced that it has appointed Tho Tuck Woh as a Member
of the Audit Committee.

Mr. Woh is an associate member of the Malaysian Association of
Certified Public Accountant (MACPA) and Malaysian Institute of
Accountants (MIA).  He has over 23 years of working experience
in the accounting and corporate restructuring fields.

Composition of Audit Committee (Name and Directorate of members
after change):

(1) Datuk Haji Abdul Rashid Bin Ngah
(Chairman - Independent Non-Executive Director)

(2) Datuk Haji Hanafi Bin Ramli
(Member - Independent Non-Executive Director)

(3) Tho Tuck Woh
(Member - Independent Non-Executive Director)


PROMTO BERHAD: Appoints New Executive Director
----------------------------------------------
Promto Berhad in an notice submitted to Bursa Malaysia
Securities Berhad announced that it has appointed Ganesan A/L
Sundaraj as the company's new Executive Director.

Mr. Ganesan A/L Sundaraj is an associate member of the Chartered
Institute of Management Accountants and a member of the
Malaysian Institute of Accountants. He also has over 20 years of
working experience in the accounting and corporate restructuring
fields.


RNC CORPORATION: Issues Update On Debt Restructuring Scheme
-----------------------------------------------------------
RNC Corporation Berhad, in a notice submitted to Bursa Malaysia
Securities Berhad disclosed its Monthly Reporting of Status of
Corporate and Debt Restructuring Scheme pursuant to paragraph
4.1 (b) of the Practice Note No. 4/2001.

Contents:

(1) Reference is made to paragraph 4.1 (b) of the Practice Note
4/2001.

The company will announce the status of its plan to regularize
its financial condition on a monthly basis until further notice
from the Exchange.
  
(2) Reference is also made to the First Announcement on 19th
February 2001 on the Proposed Corporate and Debt Restructuring
Scheme (PRS), the previous Monthly Status Announcements since
1st March 2001 and also all the announcements pertaining to the
PRS.

(3) On 18th April 2003, the Company and its advisers, OSK
Securities Berhad had submitted the proposed modifications to
the PRS to the Securities Commission (SC), Ministry of
International Trade and Industry (MITI), Federal Economic
Planning Unit (EPU) and Foreign Investment Committee (FIC) for
their approvals.
  
(4) SC via its letters dated 13th November 2003 and 17th
November 2003 approved the proposed modifications to the PRS.
The approval of the SC on the PRS was subject to compliance of
stipulated terms and conditions as announced on 18th November
2003 and 19th November 2003.
  
(5) The Working Due Diligence Committee is in the process of
complying with the terms and conditions as stipulated by the SC.
  
(6) SC had vide its letter dated 15th April 2004 extended the
implementation of the PRS to 16th October 2004.


SELOGA HOLDINGS: Unit's Project For Glocon Cancelled
----------------------------------------------------
Further to the announcement dated February 26, 2004 on the
subject matter, Seloga Holdings Berhad disclosed to the Bursa
Malaysia Securities Berhad that the Project awarded by Glocon
Corporation (M) Sdn Bhd (GCSB) to Seloga Jaya Sdn Bhd (SJSB), a
wholly owned subsidiary of the Company, has been rescinded on
May 31, 2004 as the parties were unable to reach an agreement on
the final contract sum due to SJSB being unable to accommodate
GCSB's extra requirements on the Project.


SIN HENG: Submits Proposed SFSB Disposal
----------------------------------------
Sin Heng Chan (Malaya) Berhad (SHCM) disclosed to Bursa Malaysia
Securities Berhad that the company has appointed Special
Administrators as well as the submission of its Proposed
disposal of the entire equity interest in Southern Farms Sdn Bhd
(SFSB) (Proposed SFSB Disposal).

(1) INTRODUCTION

On behalf of SHCM, Southern Investment Bank Berhad announced
that on June 1, 2004, the Special Administrators (SA) of SHCM
and SFSB had entered into a conditional share sale agreement
(SPA) with Mr. Jarrod Kenneth Reyes (the Purchaser) for the
disposal of two (2) ordinary shares of RM1.00 each (Shares) in
SFSB, representing the entire equity interest in SFSB, a wholly-
owned subsidiary of SHCM, for a total cash consideration of
RM4,250,000.

(2) INFORMATION ON THE PROPOSED SFSB DISPOSAL

(2.1) Proposed SFSB Disposal

On June 1, 2004, the SA and SHCM had entered into an SPA with
the Purchaser to dispose of its entire equity interest in SFSB a
total cash consideration of RM4,250,000.

The SFSB Shares are to be disposed by SHCM to the Purchaser free
from all liens, pledges, charges and other encumbrances and with
all rights now and thereafter attaching to the SFSB Shares or
accruing thereon including without limitation, all bonuses,
rights, dividends and other distributions declared or paid with
effect from 30 September 2003.

There are no further liabilities to be assumed by the Purchaser
arising from the transaction.

(2.2) Background information on SFSB

SFSB was incorporated in Malaysia under the Companies Act, 1965
(Act) on 19 May 1981 as a private limited company under the name
of Southern Farms Sdn Bhd. SFSB is an investment holding
company, holding 1,988,548 Shares representing 13.65 percent
equity interest in Mauri Fermentation (M) Sdn Bhd (Mauri). The
present authorized share capital of SFSB is RM2,000,000
comprising 2,000,000 Shares, of which RM2 comprising 2 Shares
have been issued and fully paid-up.

Based on the latest audited financial statements of SFSB for the
financial year ended 31 December 2002, the net loss after tax
and net tangible liabilities of SFSB are RM1,893 and RM201,863
respectively.

The original cost of investment in SFSB by SHCM is RM2, which
was made on 19 May 1981.

(2.3) Background information on Mauri

Mauri was incorporated in Malaysia under the Act on 8 September
1971 as a private limited company under the name of Mauri
Fermentation (M) Sdn Bhd. The present authorized share capital
of Mauri is RM25,000,000 comprising 25,000,000 Shares, of which
RM14,557,920 comprising 14,557,920 Shares have been issued and
fully paid-up. The principal activities of Mauri are to
manufacture and wholesale of yeast products, vinegar and bakery
ingredient products.

Based on the latest audited financial statements of Mauri for
the financial year ended 30 June 2003, the net profit after tax
and net tangible assets (NTA) of Mauri was RM4,858,850 and
RM29,669,553 respectively.

The original cost of investment in Mauri by SFSB is RM591,070,
which was made on 3 September 2003.

(2.4) Basis of sale consideration

The sale consideration of SFSB of RM4,250,000 (Sale
Consideration) was arrived based on a willing buyer-willing
seller basis after taking into account the following:

(i) SFSB's principal activity as an investment holding company,
holding 1,988,548 Shares representing 13.65 percent equity
interest in Mauri; and

(ii) The latest audited NTA of Mauri as of June 30, 2003 of
RM26,669,553, representing NTA per share of RM2.04.

The Sale Consideration which is equivalent to RM2.14 per share,
represents a premium of approximately 4.90 percent over Mauri's
NTA per share of RM2.04 for its financial year ended 30 June
2003.

In addition, the Sale Consideration of RM4.25 million also takes
into consideration the following:

(i) SFSB has no principal assets, save and except for investment
of 1,988,548 Mauri Shares, representing 13.65% of the total
issued and paid-up share capital of Mauri, and/or those assets
as disclosed in the unaudited financial statements of SFSB for
the financial period ended 30 September 2003; and

(ii) SFSB has no liabilities (contingent or otherwise)
whatsoever as at 30 September 2003, save and except as disclosed
in the unaudited financial statements of SFSB for the financial
period ended 30 September 2003.

(2.5) Salient terms of the SPA

The salient terms of the SPA are as follows:

The Sale Consideration for the Proposed SFSB Disposal is to be
satisfied in cash in the following manner:

(i) A sum of RM212,500 prior to the execution of the SPA and as
part payment towards the Sale Consideration;

(ii) A further sum of RM637,500 at the time of execution of the
SPA and as part payment towards the Sale Consideration;

(iii) The remaining sum of RM3,400,000 (Balance Sale
Consideration) shall be paid by the Purchaser on or before the
expiry of thirty (30) days from the date of the SPA becomes
unconditional (Completion Date), subject to an automatic thirty
(30) days extension or such other extension of time at the sole
discretion of SHCM; and

(iv) In the event of any extension of time (as set out in point
(iii) above), an interest rate of eight per cent (8%) per annum
shall be levied on the Balance Sale Consideration or the balance
outstanding thereof, calculated on a daily basis commencing from
the Completion Date up to the actual date of payment.

(3) RATIONALE FOR THE PROPOSED SFSB DISPOSAL

SHCM is currently a company classified under the Practice Note
4/2001 of the Listing Requirements of the Bursa Malaysia
Securities Berhad.

The rationale for the Proposed SFSB Disposal is to raise the
necessary cash to address the cashflow difficulties currently
experienced by SHCM and its subsidiary companies (SHCM Group).

Hence, the sale proceed from the Proposed SFSB Disposal is
intended to raise the working capital requirements of the SHCM
Group to provide a temporary relief to the SHCM Group's cashflow
position pending the completion of the proposed restructuring
scheme of SHCM which was approved by the Securities Commission
(SC) on 10 February 2004 and 19 February 2004 (Proposed
Restructuring Scheme). The Proposed Restructuring Scheme is
expected to be complete by the third quarter of 2004.

(4) UTILISATION OF PROCEEDS FROM THE PROPOSED SFSB DISPOSAL

The sale proceed of RM4,250,000 from the Proposed SFSB Disposal
will be utilized for current working capital requirements and
identification of future business opportunity of the SHCM Group.

(5) EFFECTS OF THE PROPOSED SFSB DISPOSAL

(5.1) Share capital

The Proposed SFSB Disposal does not have any effect on the
issued and paid-up share capital of SHCM as it is a cash
transaction.

(5.2) NTA

The proforma effects of the Proposed SFSB Disposal on the
consolidated NTA of SHCM as at 31 December 2003 are set out in
Table 1.

(5.3) Earnings

The Proposed SFSB Disposal, which is expected to be complete by
the second quarter of 2004, will not result in a gain or loss on
disposal at the Company level for the financial year ending 31
December 2004.

However, the Proposed SFSB Disposal is expected to register a
gain on disposal of RM3.66 million at the SHCM Group level for
the financial year ending 31 December 2004.

(5.4) Substantial shareholders' shareholding

The Proposed SFSB Disposal does not have any effect on the
substantial shareholdings of SHCM as it is a cash transaction.

(6) APPROVALS REQUIRED

The Proposed SFSB Disposal is not subject to the approval of any
authorities and does not form part of the Proposed Restructuring
Scheme of the Company.

(7) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors of SHCM and/or persons connected with them
has any interest, direct or indirect, in the Proposed SFSB
Disposal.

As far as the Directors of SHCM are aware, none of the
substantial shareholders and/or persons connected to them has
any interest, direct or indirect, in the Proposed SFSB Disposal.

(8) SA'S RECOMMENDATION

The SA, who were appointed by Pengurusan Danaharta Nasional
Berhad, are of the opinion that the Proposed SFSB Disposal is in
the best interest of the shareholders of SHCM based on the
current financial position of the SHCM Group.

(9) DOCUMENTS FOR INSPECTION

The SPA is available for inspection at the registered office of
SHCM during office hours (9 a.m. to 5 p.m.) from Mondays to
Fridays (except public holidays) at Level 3, Wisma E & C, 2,
Lorong Dungun Kiri, Damansara Heights, 50490 Kuala Lumpur for a
period of three (3) months from the date of this announcement.

For more information click
http://bankrupt.com/misc/SINHENG060104.xls

This announcement is dated June 1, 2004.


SRIWANI HOLDINGS: Issues Update On Financial Condition
------------------------------------------------------
Sriwani Holdings Berhad (SHB) in compliance with the
requirements of Paragraph 4.1 (b) of PN 4/2001, Commerce
International Merchant Bankers Berhad on behalf of SHB,
disclosed to Bursa Malaysia Securities Berhad the following
development since the last announcement on May 5, 2004
pertaining to SHB's plan to regularise its financial condition.

On May 11, 2004, SHB obtained the approval of the Securities
Commission for the proposed placement exercise of SHB Shares to
be received by Multi Esprit Sdn Bhd, Stuart Saw Teik Siew, Yeoh
San Hai and Saw Eng Huat Properties Sdn Bhd (other than those
shares which are under moratorium) pursuant to the restructuring
plan of SHB, in order to facilitate SHB in meeting the public
shareholding spread requirement of Bursa Malaysia, further
details of which have been announced on May 12, 2004.

This announcement is dated June 1, 2004.


SUNWAY HOLDINGS: Details Voluntary General Offer Of CIMB
--------------------------------------------------------
Sunway Holdings Incorporated Berhad (SUNINC) disclosed to Bursa
Malaysia Securities Berhad the conditional voluntary general
offer by Commerce International Merchant Bankers Berhad (CIMB)
on Behalf of SUNINC for the remaining ordinary shares of RM1.00
each in Sunway Construction Berhad (SUNCON or the offeree),
which are not already owned by SUNINC (Offer Shares) at an offer
price of RM2.73 to be satisfied by cash of RM1.10 and one (1)
ordinary share of RM1.00 each in SUNINC at an issue price of
RM1.63, credited as fully paid-up for each offer share (Offer).

With reference to the above-mentioned details the company
informs Bursa Malaysia that CIMB, on behalf of SunInc, had on
November 17, 2003 served a notice of Conditional Voluntary
General Offer on the Board of SunCon in relation to the offer.

Under Section 32(1) of the Malaysian Code on Take-Overs and
Mergers, 1998 (Code), the substantial shareholder of the Offeror
is required to make the disclosure of the total number and the
price of all voting shares in SunInc and/or SunCon which he has
dealt in for his own account.

In accordance with Section 36(2) of the Code, we wish to inform
that Sungei Way Corporation Sdn Bhd, had dealt in the shares of
RM1.00 each in SunInc on its own account on 1 June 2004, details
of which are as follows:

Date Counter
(SunInc/SunCon) Transaction Quantity Average Price
(RM) 01.06.2004 SunInc Acquisition 25,000 1.61

This announcement is dated June 1, 2004.


TELEKOM MALAYSIA: Chairman Of Audit Committee Resigns
-----------------------------------------------------
Telekom Malaysia Berhad in a notice submitted to Bursa Malaysia
Securities Berhad, announced the resignation of Dato' Dr Mohd
Munir bin Abdul Majid as the Chairman of the Audit Committee.

Mr. Majid was the First Executive Chairman of the Securities
Commission (SC), a position he held for two terms from March
1993 until February 1999. Upon his return from abroad, where he
worked at the LSE and for Daiwa Europe N.V. in London, he served
from 1979 to 1986 in various positions in the editorial
department of the New Straits Times Press Berhad (NSTP) ending
up as Group Editor (English) in NSTP.

He was the Chief Executive of Commerce International Merchant
Bankers Berhad (CIMB) from 1986, and was its Executive Chairman
before resigning to become Executive Chairman of the SC.

He has also served as Director and Chairman of several other
companies and council member of government agencies during his
career. Some of the prominent ones include the Association of
Merchant Banks, KLOFFE Sdn. Bhd., the Kuala Lumpur Stock
Exchange (now known as Bursa Malaysia Berhad), the Council of
Malaysian Industrial Development Authority (MIDA) and the
Foreign Investment Committee (FIC) of the Prime Minister's
Department.

Dato' Dr Mohd Munir was the Senior Independent Non-Executive
Director of Telekom Malaysia Berhad.  

Composition of Audit Committee (Name and Directorate of members
after change):

(1) Dato' Abdul Majid bin Haji Hussein (Non-Independent Non-
Executive Director)

(2) Dato' Lim Kheng Guan (Independent Non-Executive Director)

(3) Ir. Prabahar N.K. Singam (Independent Non-Executive
Director)
   

UNITED CHEMICAL: SC Approves Restructuring Proposal
---------------------------------------------------
Alliance Merchant with respect to the revised Proposed
Restructuring of United Chemical Industries Berhad (UCI), the
Company had, to date, received the approvals of the Securities
Commission (SC) and Ministry of International Trade and
Industry. The approval on the same from the SC, on behalf of the
Foreign Investment Committee (FIC), however, is pending.

Upon obtaining the approval from the SC, on behalf of the FIC,
UCI shall proceed to seek the creditors' and shareholders'
approvals for the Proposed Restructuring. Further development to
the Proposed Restructuring of UCI will be announced in due
course.

Save for the above, there is no other major development to the
Proposed Restructuring of UCI.

This announcement is dated 1 June 2004.


WAH SEONG: Appoints New Executive Director
------------------------------------------
Wah Seong Corp. Berhad disclosed to Bursa Malaysia Securities
Berhad the appointment of Giancarlo Magno as the company's new
Executive Director.

Mr. Magno is currently the Managing Director/Chief Executive
Officer of PPSC Industrial Holdings Sdn Bhd. Previously; he
worked in Socotherm S.R.L, Italy from 1984 to 1987 as Trainee in
Production and Project Management. He was appointed as Project
Manager for Socotherm S.R.L in Nigeria from 1987 to 1990. He was
seconded to Petro-Pipe Industries (M) Sdn Bhd (PPI) in 1990 to
assist in the setting up of PPI coating plant in Kuantan. In
1991 and 1992, he was the Country Manager for Socotherm S.R.L,
in Taiwan. He returned to Malaysia in 1993 to be the General
Manager of PPSC Industries Sdn Bhd in Kuantan. He has vast
experience in the global pipe coating business and oil and gas
business in general.


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


MANILA ELECTRIC: Creditors Approve US$200M Bond Issuance
--------------------------------------------------------
Creditors of Manila Electric Co. (Meralco) have allowed "in
principle" the troubled power distributor to tap the
international market to raise at least US$200 million worth of
bonds, Dow Jones reports.

The issuance of the bonds, which are expected to carry a
maturity of five to seven years, will help refinance Meralco's
existing debts. However, the company still needs to get approval
for the bond issue under certain local covenants in order to
incur additional debt.

Meralco had been planning to sell the bonds early this year, but
had to withdraw the deal following the Supreme Court's order to
suspend a provisional 0.12 peso-per-kilowatt-hour electricity
rate hike that was supposed to have taken effect this month.

Among other things that caused the delay was Meralco's plan to
look for other ways to raise funds by holding talks with other
investment banks about the possibility of extending the terms of
its existing debt.


PHILIPPINE LONG: Extends Interim Agreement With AT&T
----------------------------------------------------
Philippine Long Distance and Telephone Co. (PLDT) and U.S. based
phone firm AT&T have recently agreed to extend their interim
agreement involving termination rates.

In a press release, Alfredo S. Panlilio, PLDT Senior Vice
President and Head of International and Carrier Business Group,
said PLDT and AT&T were both pleased to have arrived at this
agreement as they continue to explore ways to reach mutually
acceptable rates without disrupting delivery of services to each
other's customers.

Last January, PLDT and AT$T signed an interim agreement that
will expire by the end of June this year.  Both parties have now
agreed to extend the interim rates agreed upon in the earlier
agreement until the end of December 2004.

The termination rates determine how much local and foreign
carriers will charge for carrying traffic through each other's
network.

"This is a welcome development for both parties.  It just shows
the desire of both PLDT and AT&T to ensure the best services for
customers at the best prices.  With this new interim agreement,
we have a stable basis for the rates we charge customers," said
Mr. Panlilio.

"The telecommunications business is rapidly changing and all
telecommunications entities faces big challenges.  We plan to
take that into consideration when arriving at mutually agreable
rates," added Mr. Panlilio.

The U.S. Federal Communications Commission and the Philippines'
National Telecommunications Commission have also been helping
U.S. and local carriers come up with a reasonable rate scheme to
ensure the viability of these companies and thereby protect
consumers who depend on the telecommunications services of these
companies.

Last year, PLDT also had several agreements with other U.S.
carrier such as Spirit Communications and WCI Worldcom
International regarding termination rates.  PLDT also holds
regular dialogues with these other carriers in order to arrive
at mutually acceptable rates.

About PLDT

PLDT is the leading telecommunications provider in the
Philippines. Through its three principal business groups- fixed
line, wireless and information, communications technology-PLDT
offers a wide range of telecommunications services across the
Philippines' most extensive fiber optic backbone and fixed line,
cellular and satellite network.

PLDT is listed on the Philippine Stock Exchange (PSE:TEL) and
its American depositary shares are listed on the New York Stock
Exchange (NYSE:PHI) and the Pacific Exchange. PLDT has one of
the largest market capitalizations among Philippine listed
companies.

Further information can be obtained by visiting the web at
www.pldt.com.ph

Contact person:

Menardo G. Jimenez, Jr.
First Vice President,
Corporate Communications and Public Affairs
Telephone Number: 816-8468


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


ASIA CREDIT: Creditors Must Submit Claims by June 28
----------------------------------------------------
Notice is hereby given that the creditors of Asia Credit
(Private) Ltd , which is being wound up voluntarily, are
required on or before 28 June 2004, to send in their names and
addresses, with particulars of their debts or claims and the
names and addresses of their solicitors (if any) to the
undersigned, the Liquidator of the said company and, if so
required by notice in writing by the said liquidator are, by
their solicitors or personally, to come in and prove their debts
or claims at such time and place as shall be specified in such
notice, or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.


LAI SENG KWOON
Liquidator.
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.

This Singapore Government Gazette announcement is dated 28 May
2004.


AVO MARKETING: Winding up Hearing Slated for June 11
----------------------------------------------------
Notice is hereby given that a petition for the winding up of Avo
Marketing Pte Ltd by the High Court was, on the 11th day of May
2004, presented by SUNTEC DEVELOPMENT PTE LTD of 5 Temasek
Boulevard, #07-03 Suntec Tower 5, Sinagpore 038985, the
Creditors of the above named company, and that the
Petition is directed to be heard before the Court sitting at the
High Court, Singapore at 10 a.m., on the 11th day of June 2004;
and any creditor or contributory of the company desiring to
support or oppose the making of an Order on the Petition may
appear at the time of the hearing by himself or his counsel for
that purpose; and a copy of the Petition will be furnished to
any creditor or contributory of the company requiring a copy of
the Petition by the undersigned on payment of the regulated
charge for the same.

Messrs KHATTAR WONG & PARTNERS
Solicitors for the Petitioner.
80 Raffles Place,
#25-01 UOB Plaza 1
Singapore 048624

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to Messrs Khattar Wong &
Partners, notice in writing of his intention to do so. The
notice must state the name and address of the person, firm, or
his or their solicitor (if any) and must be served, or, if
posted, must be sent by post in sufficient time to reach the
above named not later than 12 o'clock noon of the 10th day of
June 2004 (the day before the day appointed for the hearing of
the Petition).

This Singapore Government Gazette announcement is dated 28 May
2004.


ELECTRONIC PURSE: Issues Intended Preferential Dividend Notice
--------------------------------------------------------------
Electronic Purse Pte Ltd issued a notice of intended
preferential payment as follows:

Address of Registered Office: Formerly of 110 Lower Delta Road
Vikay Industrial Building
Singapore 169206

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 600037 of 2001.

Amount Per Centum: 66.76%

First and Final or otherwise: First & Final Dividend

When Payable: 21st June 2002.

Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

CHAN WANG HO
Assistant Official Receiver

This Singapore Government Gazette announcement is dated 28 May
2004.


HUNG FUNG: Final Meeting Set June 28
------------------------------------
Notice is hereby given pursuant to Section 308 of the
Companies Act, Chap. 50, that a Final Meeting of the Members of
Hung Fung Investments Pte Ltd will be held at 1 North Bridge
Road, #13-03 High Street Centre, Singapore 179094 on 28 June
2004 at 10:30 a.m. for the following purposes:

1. To receive an account from the Liquidator showing the manner
in which the winding-up has been conducted and the property of
the Company disposed of, and to hear any explanation that may be
given by the Liquidator.

2. To determine by Resolution the manner in which the books,
accounts and documents of the Company and of the Liquidator,
shall be disposed of.

TAY JOO SOON
Liquidator

Note: A member entitled to attend and vote at the Meeting is
entitled to appoint a Proxy to attend and vote on his behalf and
such Proxy need not be a member of the Company. The instrument
appointing a Proxy must be deposited at the Liquidator's Office
not less than 48 hours before the time appointed for the
Meeting.

This Singapore Government Gazette announcement is dated 28 May
2004.


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


CAPETRONIC INTERNATIONAL: Submits 2004 Business Plan  
----------------------------------------------------
Capetronic International (Thailand) PCL disclosed to the Stock
Exchange of Thailand its Business Plan for 2004.

(1) Objective

This business plan is a part of Capetronic International
(Thailand) PCL's restructuring plan.  Its objective is to
declare the tactical business plan of the Company. The complete
business-restructuring plan is under the consideration of and
negotiation with the strategic partner.  

(2) Background

Capetronic International (Thailand) PCL (the Company) is a
listed company in the SET.  The Company business is producing,
distributing, and providing after sales service of computer
monitor which is based in Thailand. The Company also produces
the monitor, LCD monitor and television under the brand of OEM
Customers.

The Company used to have an affiliate to sell the products and
provide after sales service. But the affiliate company went out
of business and the liquidation was completed. The Company has
stopped running business since 2003 due to the lack of demand.

According to this, the SET has taken the Company to the
rehabilitation group since November 15, 2003. Since then, the
Company has not prepared and submitted the restructuring plan to
the SET.   

The new group of shareholders consists of Mrs.Sunisa
Pathompreuk, Ms.Chayapa Wongsawat, Ms.Chinnicha Wongsawat, and
Mr.Yodchanan Wongsawat herein called shareholders group I (Group
I Shareholders).

The Group I Shareholders has an intention to purchase
1,125,283,667 CAPE's Ordinary shares or 80.32 percent of total
paid up capital and 58,135,644 warrants to buy shares or 91.96
percent of total issued warrants.

The said warrants above has the exercise ratio of 1 warrant:
1.074 shares at the exercise price of THB10 per share. The Group
I Shareholders agreed to pay US$7.15 million or THB286 million
for the Company's shares and warrants (Estimated by using the
exchange rate of approximately US$1/THB40).

The Group I Shareholders will make a tender offer to purchase
the shares from the public, mainly the minor shareholders, in
order to comply with the SEC's and SET's regulations.   

However the Group I Shareholders has agreed with a strategic
partner, which included Mr. Wisan Neranartkomol and Mr. Surasit
Tiyavacharapong, herein called shareholder group II (Group II
Shareholders), which will hold the Company's share not to exceed
20 percent of issued and paid up shares.

Upon purchasing the Company's ordinary shares, the ex-
shareholder will settle the debt including both as what appears
in financial statements and contingent liabilities as of
December 31st 2003. The land approximate 66 rai, building and
factory which has an area of 45,000 square meters will be left
with the Company. The said properties will be free from any
obligation.

As such, the Group I Shareholders will use properties to run
further operation. (The detail of agreement is in accordance
with the shares sale and purchase agreement dated December 31,
2003 and the revised one dated May 22, 2004.)      
        
(3) Nature of business

Mr. Surasith Tiyavacharapong, a strategic partner and one of new
shareholder group, has an experience in manufacturing and
distributing bicycle for more than 10 years. At present, he
operates Bangkok Cycle Industrial Company Limited and LA Bicycle
(Thailand) Company Limited by manufacturing bicycle under the
customers' brand names and LA brand name for export and local
distributions respectively. The total production capacity of
both companies is about 130,000 bicycles per month and their
actual production capacity is currently about 95% of the total
production capacity.

Bangkok Cycle Industrial Company Limited and LA Bicycle
(Thailand) Company Limited have policy to expand their
production in the field of manufacturing Go-Cart. The
feasibility study has showed that this project is feasible in
term of technology, marketing and finance. However, both
companies have located on the area of 65 rai and, such area is
almost used up. So, they plan to operate the assembly line of
such product on another place.  

The Company's overall business plan is on consideration and
negotiation so it has to take time to complete. Both Group I and
Group II Shareholders deem that Mr. Surasit Tiyawatcharapong
should be the leader of the Company. During the consideration
and negotiation of business time, Bangkok Cycle Industrial
Company Limited and LA Bicycle (Thailand) Company Limited, on
part of Mr. Surasit Tiyawatcharapong would like to hire the
Company as the Co-Cart manufacturer by a service contract. The
Group I and Group II Shareholders have considered that if the
consideration and negotiation is complete and end-up a new
business, it will not affect the Co-Cart manufacturing.

However, if the new business affects the manufacturing above,
the Company and the new shareholders will consider the overall
business plan again with the highest benefit of the Company and
all shareholders.
        
Therefore, the Co-Cart manufacturing is one way to utilize the
Company's assets as much as possible. The Company will have
income that can partly cover fixed costs. Given, any additional
businesses in the future, the Company's financial performance
will be better.  The Company plans to manufacture the Co-Cart in
August 2004 because it has to take time to transport the machine
and install the assembly line. The hirer will be the one who
invest on machine and installation, which is approximately Bt.
2-3 million.

At present Bangkok Cycle Industrial Company Limited and LA
Bicycle (Thailand) Company Limited has ordered approximately
50,000-60,000 Co-Carts. It is expected that the area to install
the assembly line will be 3,000-4,000 square meters.

At present, both group of shareholders are under drafting of the
MOU.
        
Strengths of the project

(a) Bangkok Cycle Industrial Company Limited and LA Bicycle
(Thailand) Company Limited have products of quality that are
trusted by both local and foreign customers. Both companies,
altogether, have 80 percent of market share in terms of value.

(b) Bangkok Cycle Industrial Company Limited and LA Bicycle
(Thailand) Company Limited have a team of experienced and well-
known management and selling agents in the line bicycle product
both local and abroad that result in the continuous increase of
sales and income.

(c) Manufacturing and selling of bicycle is the business that
has a few competitors in both local and abroad. Especially, in
the country can be considered as no competitor. Entering into
the business has a slim chance, since it requires experience,
technology, and capital.

With experience, trustworthy, reputation of the management team
of Bangkok Cycle Industrial Company Limited and LA Bicycle
(Thailand) Company Limited, and quality, models, modernity,
durability of the product, both groups of shareholders believes
that the manufacturing and sale of Co-Cart will be successful.
This will help the Company to have business and generate
continuous income.   

Contact:

CAPETRONIC INTERNATIONAL (THAILAND) PCL   
105 MOO 3,BANGNA-TRAT ROAD,
THAKHAM,BANG PAKONG Chacherngsao    
Telephone:(038) 573161-72   
Fax:(038) 573173-4



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

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

CHINA & HONG KONG
-----------------

Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-203.9)      52.16
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-203.9)      52.16


INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT       (50.67)     393.92
PT Smart Tbk                    SMAR      (-37.38)     398.89


JAPAN
-----

Fujitsu Comp Ltd                6719       (-46.88)    316.07
Kanebo Limited                  3102     (-3409.58)   4163.73
Prime Systems                   4830      (-100.79)     130.2

MALAYSIA
--------

CSM Corporation Bhd             CSM        (-8.40)      41.55
Faber Group Bhd                 FAB        (-7.16)     504.98
Kemayan Corp Bhd                KOP      (-353.12)      84.89
Panglobal Bhd                   PGL0      (-41.07)     187.79
Sri Hartamas Bhd                SHB      (-138.37)      24.48


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

Pilipino Telephone Co.          PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46


  THAILAND
  --------

Asia Hotel PCL                  ASIA       (26.62)      96.21
Asia Hotel PCL                  ASIA/F     (26.62)      96.21
Bangkok Rubber PCL              BRC/F      (-41.29)     80.14
Bangkok Rubber PCL              BRC        (-41.29)     80.14
Central Paper Industry PCL      CPICO      (-37.02)     40.41
Central Paper Industry PCL      CPICO/F    (-37.02)     40.41
Jutha Maritime                  JUTHA      (-0.78)      29.03
Jutha Maritime-F PCL            JUTHA/F    (-0.78)      29.03
National Fertilizer PCL         NFC        (-91.34)    293.84
National Fertilizer PCL-F       NFC/F      (-91.34)    293.84
Siam Agro-Industry Pineapple
And Others PCL                  SAIC      (-14.84)      13.32
Siam Agro-Industry Pineapple
And Others PCL-F                SAICO/F   (-14.84)      13.32
Thai Wah Public
Company Limited                 TWC       (-43.88)     168.15
Thai Wah Public
Company Limited-F               TWC/F     (-43.88)     168.15
Tuntex (Thailand) PCL           TUNTEX    (-50.94)     398.25
Tuntex (Thailand) PCL-F         TUNTEX/F  (-50.94)     398.25





                            *********


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, and
Reiza Dejito, Editors.

Copyright 2004.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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contained herein is obtained from sources believed to be
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                 *** End of Transmission ***