TCRAP_Public/040616.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

             Wednesday, June 16, 2004, Vol. 7, No. 118

                            Headlines


A U S T R A L I A

ARISTOCRAT LEISURE: Oneile Cuts Spending, Pay to Boost Profit
NATIONAL AUSTRALIA: Eyes RBA Director For Board Spot
NATIONAL AUSTRALIA: Renews Credit Insurance Contract


C H I N A  &  H O N G  K O N G

CHINA CITY: Appoints WR Zhou as Chairman, CEO
HILLFUND LIMITED: Winding Up Hearing Slated for July 7
JET UNITED: Winding Up Hearing Scheduled June 23
ROAD KING: Plans to Issue US$150 Million Notes
RUBY SOURCE: Court Issues Winding Up Petition

VICTOR (FAR EAST): Enters Winding Up Proceedings
WEALFIELD PROPERTY: Sets Winding Up Hearing on July 7
YUE FUNG: To Face Third Stage of Delisting


I N D O N E S I A

PERTAMINA: Legislators Oppose VLCC Sale
PERTAMINA: Seeks Partnerships With Foreign Firms


J A P A N

MATSUYADENKI CO.: R&I Affirms CCC Rating
MITSUBISHI FUSO: Admits 62 Additional Defect Cover-ups
MITSUBISHI FUSO: Unveils Urgent Countermeasures
MITSUBISHI FUSO: Discloses Radical Clean-up of Past
MITSUBISHI MOTORS: Issues Statement Regarding Recalls

MITSUBISHI MOTORS: To Fix Defective Vehicles
MITSUBISHI MOTORS: May Sales Slump to 4,113 Units
UFJ HOLDINGS: Clarifies Media Reports

* Japan Bankruptcies Fall 20.2% in May


K O R E A

DAEWOO HEAVY: 10 Bidders Vying for 51% Government Stake
HANBO IRON: INI-Hyundai Consortium Starts Due Diligence


M A L A Y S I A

ARUS MURNI: Changes Name To Naim Indah Corp. Berhad
BERJAYA SPORTS: Issues Additional 45,000 Ordinary Shares
CONSOLIDATED FARMS: Proceeds With Revised Proposed Rights Issue
DENKO INDUSTRIAL: Details Proposed Ratification And Mandate
EMICO HOLDINGS: Sets EGM On June 29

EMICO HOLDINGS: Financial Condition Has Regularized
GADANG HOLDINGS: Signs MOU With Environmental Holding
GEAHIN ENGINEERING: Details Contact Information Changes
JIN LIN: Court Extends Restraining And Stay Order For 180 Days
MTD CAPITAL: Issues 20,000 Additional Ordinary Shares

MWE HOLDINGS: BMSB Grants Listing Of 4,000 Ordinary Shares
OSK HOLDINGS: BMSB Grants 21,900 Ordinary Shares For Listing
PAN PACIFIC: Issues Update On Default In Payment
SIME DARBY: Issues Additional 49,000 Ordinary Shares
SIME DARBY: Issues Update On Mandatory Take-Over

SOUTHERN STEEL: Bursa Malaysia Grants Listing Of Ordinary Shares
SUBUR TIASA: Completes Shares Buyback
SUNWAY HOLDINGS: Issues Update On Acquisition Of Ordinary Shares
SURIA CAPITAL: Issues Statement On Involvement In Litigation
TANJONG PUBLIC: Issues Additional 7,000 Ordinary Shares

TELEKOM MALAYSIA: Issues Statement On Article Re Rate Increase
TELEKOM MALAYSIA: Issues Update On Proposals


P H I L I P P I N E S

BENPRES HOLDINGS: Issues News Article Clarification
BENPRES HOLDINGS: Issues Clarification To News Article
DIGITAL TELECOMMUNICATIONS: Issues Clarification To News Article
MANILA ELECTRIC: Stocks Gain On Lower Refund Claim
NATIONAL POWER: Cebu Potential Site For 400-MW Coal Plant

NEGROS NAVIGATION: Issues Clarification To News Articles


S I N G A P O R E

FORMOSATEK: Creditors to Submit Claims on July 9
GEK HONG: Winding Up Order Granted
PINKROCCADE EDUCATIONAL: Posts Dividend Notice
TECHNICDELTA ELECTRICAL: Winding Up Order Granted
TECK LEONG: Issues Notice of Intended Dividend

UNITED OVERSEAS: Warrants Exercised Before Friday Deadline


T H A I L A N D

SIAM SYNTEC: Issues Change Of Shareholder Name Info
THAI PETROCHEMICAL: Submits Revised Plan To Finance Ministry

     -  -  -  -  -  -  -  -

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


ARISTOCRAT LEISURE: Oneile Cuts Spending, Pay to Boost Profit
------------------------------------------------------------
Aristocrat Leisure Chief Executive Paul Oneile accepted an
annual pay package less than half the size of his predecessor's
when he joined the Company in December, Bloomberg News relates.

Mr. Oneile replaced former CEO Des Randall, who was fired in
April 2003 after falling profit forecasts caused shares of the
company to dive 65 percent in the first quarter of the year.

Mr. Oneile's cost-cutting campaign has helped the slot machine-
maker return to profit after a record A$106 million loss last
year. The company earned A$8.5 million in net income in the
first quarter and expects a first-half profit of as much as A$60
million.


NATIONAL AUSTRALIA: Eyes RBA Director For Board Spot
----------------------------------------------------
National Australia Bank Ltd. (NAB) has approached Reserve Bank
of Australia (RBA) board member Jillian Broadbent to join the
bank's board, Dow Jones reports, citing the Australian Financial
Review newspaper.

NAB has compiled a wish list of potential directors, including
Wesfarmers Ltd. Chief Executive Michael Chaney, to fill the
vacancies on the embattled bank's board.

Ms. Broadbent is a former executive of fund management group
Bankers Trust and is also a director for companies such as Coca-
Cola Amatil, Woodside Petroleum Ltd. and Westfield Trust. She
was also reappointed for a second five-year term on the RBA
board in May 2003.

NAB Chairman Graham Kraehe recently said two new board members
would be named shortly.


NATIONAL AUSTRALIA: Renews Credit Insurance Contract
----------------------------------------------------
National Australia Bank (NAB) announced the renewal of its
credit insurance contract for the United Kingdom and Ireland
with insurer Norwich Union, the Europe Intelligence Wire
reports.

Under the agreement, customers from NAB's four European banks--
Clydesdale, Yorkshire, Northern and National Irish--are to be
offered Norwich Union creditor insurance.

The deal replaces a current three-year agreement between the two
parties, which is due to expire in September 2004.

NAB is still trying to recover from a scandal triggered by
unauthorized transactions by four currency traders led to $180
million in pre-tax losses, which was later doubled to $360
million. The scandal has forced NAB's bank's chief executive and
chairman and many other senior staff to quit their posts.


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


CHINA CITY: Appoints WR Zhou as Chairman, CEO
---------------------------------------------
China City Natural Gas announced that Zhou Weirong's acquisition
of equity interest in CCNG from Daniel King-shiu Wong has been
completed. Capital Fortune Investments Ltd (wholly owned by
Zhou) currently holds 2.18 billion shares, or 22.9% of the
issued share capital, in CCNG. Zhou has been appointed the
Chairman and CEO of CCNG.

Wong has ceased to act as Chairman but remained as an Executive
Director of CCNG. He has been appointed as Deputy Chairman and
the authorized representative of the company in Hong Kong. On
the other hand, Danny Kui-shing Wong has resigned as an
Executive Director and CEO of the company of his own accord. He
has also ceased to act as the Deputy Chairman and the authorized
representative of the company in Hong Kong.


HILLFUND LIMITED: Winding Up Hearing Slated for July 7
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hillfund Limited by the High Court of Hong Kong was on May 6,
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 9:30 a.m.
on July 7, 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.

CHU & LAU
Solicitors for the Petitioner,
2nd Floor, The Chinese General Chamber of Commerce Building
24-25 Connaught Road Central
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 6th day of July
2004.


JET UNITED: Winding Up Hearing Scheduled June 23
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Jet United Finance Company Limited by the High Court of Hong
Kong was on April 22, 2004 resented to the said Court by Asia
Resource Investment Limited whose registered office is situated
at 1st Floor, 15 Wanag Chiu Road, Kowloon Bay, Hong Kong. The
said Petition is directed to be heard before the Court at 9:30
a.m. on 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.

ANDREW LAM & CO.
Solicitors for the Petitioner,
Suite 2205A, 22nd Floor
No. 9 Queen's Road Central
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 22nd day of June
2004.


ROAD KING: Plans to Issue US$150 Million Notes
----------------------------------------------
China toll-road operator Road King Infrastructure Ltd. is
planning to list about US$150 million notes on the Singapore
Stock Exchange, Dow Jones says.

Though a final decision has not been made, the firm has already
named Hong Kong & Shanghai Banking Corporation, the Asian unit
of HSBC Holdings PLC (HBC), as bookrunner and lead manager of
the issue.  The newswire said the notes, which may be issued by
a unit and guaranteed by the parent company, are not convertible
into shares.

Road King did not disclose the purpose for this loan.  The
company has HK$713 million in outstanding debts maturing within
a year and another HK$263 million a year later.


RUBY SOURCE: Court Issues Winding Up Petition
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Ruby Source Promotion Limited by the High Court of Hong Kong was
on May 6, 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 9:30 a.m. on July 7, 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.

CHU & LAU
Solicitors for the Petitioner,
2nd Floor, The Chinese General Chamber of Commerce Building
24-25 Connaught Road Central
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 6th day of July
2004.


VICTOR (FAR EAST): Enters Winding Up Proceedings
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Victor (Far EAst) Limited by the High Court of Hong Kong was on
May 6, 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 9:30
a.m. on July 7, 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.

CHU & LAU
Solicitors for the Petitioner,
2nd Floor, The Chinese General Chamber of Commerce Building
24-25 Connaught Road Central
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 6th day of July
2004.


WEALFIELD PROPERTY: Sets Winding Up Hearing on July 7
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wealfield Property Project Consultancy Limited by the High Court
of Hong Kong was on May 6, 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 9:30 a.m. on July 7, 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.

CHU & LAU
Solicitors for the Petitioner,
2nd Floor, The Chinese General Chamber of Commerce Building
24-25 Connaught Road Central
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 6th day of July
2004.


YUE FUNG: To Face Third Stage of Delisting
------------------------------------------
The Stock Exchange of Hong Kong Limited announces that effective
from the date of this announcement, Yue Fung International Group
Holding Limited (provisional liquidators appointed) will be put
into the third stage of the delisting procedures in accordance
with Practice Note 17 to the Exchange Listing Rules ("Delisting
Procedures").  Practice Note 17 formalizes the procedures to be
adopted in dealing with long suspended companies.

Dealing in the shares of the Company has been suspended since 16
December 2002. The Company has been placed in the second stage
of the delisting procedures pursuant to Practice Note 17 since 1
November 2003. Prior to the expiry of the second stage of the
delisting procedures on 30 April 2004, the Company has not
submitted a valid resumption proposal. A valid resumption
proposal means a proposal that, if it were implemented, would
enable an issuer to demonstrate that it complies with Rule 13.24
of the Exchange Listing Rules.  Rule 13.24 of the Exchange
Listing Rules requires an issuer to carry out, directly or
indirectly, a sufficient level of operations or have tangible
assets of sufficient value and/or intangible assets for which a
sufficient potential value can be demonstrated to the Exchange
to warrant the continued listing of the issuer's securities on
the Exchange.

In view of the absence of any valid resumption proposals prior
to the expiry of the second stage of the delisting procedures
and the Company's continued failure to meet the requirements as
stipulated under Rule 13.24 of the Exchange Listing Rules, the
Company will now proceed to the third stage of the Delisting
Procedures.  The provisional liquidators of the Company however
submitted on 22 April 2004 a resumption proposal setting out, in
broad terms, the commercial terms of a proposal received from a
potential investor in connection with the restructuring of the
Company.  The Company has yet to demonstrate that the proposal
is a valid resumption proposal.  The Company will have a final
six months for the submission of a valid resumption proposal to
the Exchange.  If the Company does not submit a valid resumption
proposal by 9 December 2004, the Exchange intends to cancel the
listing of the Company.

This announcement is dated June 9, 2004


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


PERTAMINA: Legislators Oppose VLCC Sale
---------------------------------------
The Jakarta Post reveals that legislators have stated Monday
that the proposed sale of two Very Large Crude Carriers (VLCCs)
by PT Pertamina will not get their approval, as owning the giant
oil tankers have long-term benefits for the company.

Based on information gathered during a controversial visit to
Hong Kong and South Korea, members of the House of
Representatives Commission VIII for energy and mining concluded
that owning the VLCCs would be more profitable for Pertamina and
for Indonesia, commission member Irwan Prayitno declared.

According to legislator Djusril Djusan, "Under the existing law,
the sale of state assets must be approved by the House of
Representatives. The commission is against the sale." Mr.
Djusril is one of the 15 legislators who took part in the tour
allegedly shouldered by Pertamina.

It was earlier reported that Pertamina's involvement with the
junket was part of a plan to get the commission's approval of
the intended VLCC sale. Pertamina, however, denied the
allegations. Mr. Irwan also attested that the legislators
present during the tour only met with officials from tanker
maker Hyundai Heavy Industries, and consulted with Goldman Sachs
and World Tanker about the tanker market.

Mr. Irwan further explained that maintaining and using its
doubled-hulled VLCCs to transport fuel products would be cheaper
in the long run because of the new rule on maritime pollution,
or Marpol, to ban single-hulled oil tankers to prevent oil
spills. The new Marpol rule will take effect next month for
tankers bound for US, Europe and Australia, and is expected to
result in a 40 percent reduction in global tanker supply.

In a recent report, Troubled Company Reporter-Asia-Pacific
revealed that Pertamina is already finalizing this week the sale
of the two VLCCs to Norway's Frontline LTD for over US$190
million.


PERTAMINA: Seeks Partnerships With Foreign Firms
------------------------------------------------
Indonesian state-owned oil and gas company PT Pertamina is
seeking for foreign oil and gas firms to be its partner in the
exploration of more reserves and production opportunities in
Indonesia, reports the Asia Intelligence Wire, citing Pertamina
president-director and chief executive Ariffi Nawawi.

"With the economy improving, we expect investors will come to
Indonesia and join Pertamina, or other companies, to explore
more reserves. We are allocating some US$5 billion for
exploration and production in Indonesia this year," he said.

Mr. Nawawi said the state oil firm is hoping for a rise in its
output this year and thereby become less dependent on crude oil
imports. Currently a net importer of oil, Pertamina imports
about 410,000 barrels per day (bpd) of crude oil and 300,000 bpd
of fuel.

"Once the economic environment improves, I hope investors will
come to Indonesia so that we can jointly increase the country's
oil production viability," he said.


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


MATSUYADENKI CO.: R&I Affirms CCC Rating
----------------------------------------
Rating and Information Investment, Inc. (R&I) has affirmed the
following ratings of Matsuyadenki Co. Limited:

Long-term Bonds (1 Series)

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Sec. Conv. Bonds No. 1 Jul 24, 1989 - Yen 10,000

R&I RATING: CCC (Affirmed)

RATIONALE:

On June 9, Matsuyadenki's plans for revitalization were
finalized. Sale of the company's No. 1 Secured Convertible Bonds
has not been completed but payment of dividends has been secured
for 55 percent of the total amount. Taking into consideration
the remaining unsold properties and assets for liquidation under
the company's rehabilitation plans, the rating agency believes
that the likelihood of redemption of the bonds is very high.

The rating of these Matsuyadenki bonds reflects the
recoverability of liabilities and at CCC is the highest post-
default rating possible. R&I have affirmed the rating on this
occasion. R&I said there is little significance in making
further announcements regarding the rating and will cancel it as
of the end of June 2004.


MITSUBISHI FUSO: Admits 62 Additional Defect Cover-ups
------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation (MFTBC) admitted Monday
that it had covered up 62 cases of defects of vehicles it had
produced and secretly repaired them without notifying the Land,
Infrastructure and Transport Ministry as required by relevant
legislation, the Mainichi Daily News reported on Tuesday.

The troubled automaker's latest admission brings to 159 the
number of cases of concealed defects involving its vehicles
since 1989. On June 4, the carmaker reported 97 such cases to
the ministry.


MITSUBISHI FUSO: Unveils Urgent Countermeasures
-----------------------------------------------
Following an internal probe into past repair directives,
Mitsubishi Fuso Truck & Bus Corporation (MFTBC) announced that
it would carry out additional urgent countermeasures, including
submitting further recalls, a company press release said on
Monday.

MFTBC was a part of Mitsubishi Motors Corporation (MMC) until
the end of 2002 and the Company takes this scandal, which should
never have happened in the first place, very seriously. MMC once
again deeply apologizes for the repeated concern and trouble it
has caused.

As outlined on June 2, MFTBC is working to dramatically reform
its corporate culture and root out all past problems to restore
consumer and public trust in the company as a part of our
business revitalization.

MMC has also promised to submit a weekly report to the Japanese
Ministry of Land, Infrastructure and Transport and disclose the
status of how it is dealing with recalls and other measures
related to repair directives.


MITSUBISHI FUSO: Discloses Radical Clean-up of Past
---------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation (MFTBC) announced that
it intends to implement 47 field actions in Japan to clean up
with its outstanding quality issues of the past.

In a company press release, MFTBC has implemented a strict
internal investigation going back to 1992 over the full period
of 12 years. It has looked at potentially safety-relevant issues
including revisiting all former repair directives, so-called
shiji kaishu, from a technical perspective.

The company issued these repair directives to dealers before
deciding on the necessity for notifying the authorities about a
recall or other matter. Over the last two months, a number of
executives of the former management have been arrested and
indicted for professional negligence and violating the road
trucking vehicle law in relation to their handling of past
quality issues.

By now applying this new systematic approach into past quality
issues for the first time in the company's history, MFTBC has
overcome shortcomings of former disclosures. It has strictly
cleaned up quality issues, which had not been sufficiently dealt
with in the past.

MFTBC President and CEO Wilfried Porth said, "This clean-up
process was only possible by overcoming the old corporate
culture of concealment." He added, "Today's announcement marks a
milestone in transforming Fuso into a transparent and socially
responsible company."

MFTBC plans to implement 43 recall and 4 improvement campaigns
over the next four months starting immediately. The 43 recall
campaigns include 13 former repair directives. MFTBC awaits
final confirmation by the MLIT that the remaining 58 repair
directives do not need to be redone as a recall campaign as
judged by the company from a technical perspective.

The 47 field actions will affect approximately 450,000 units in
Japan. Concrete measures in overseas markets will be decided and
implemented in conjunction with national authorities. Despite
expecting a significant business impact, MFTBC remains confident
to keep its strong position in Japan and remain market leader
for commercial vehicles in many Asian countries.


MITSUBISHI MOTORS: Issues Statement Regarding Recalls
-----------------------------------------------------
Mitsubishi Motors New Zealand (MMNZ) on Monday confirmed that
there are a number of recalls occurring in the Japanese domestic
market and these are having ramifications in the New Zealand
market due to the trucks, buses and cars that have arrived here
as used imports.

In a company press release, these vehicles are not exported by
Mitsubishi Motors Corporation (MMC) in Japan, and nor are they
imported by Mitsubishi Motors New Zealand (MMNZ)

On Monday, MMNZ notified the Land Transport Safety Authority of
some further quality issues of which MMNZ have been advised by
MMC and Mitsubishi Fuso Truck and Bus Corporation and the steps
being taken by Mitsubishi Motors New Zealand to deal with these.

John Leighton, Managing Director of Mitsubishi Motors New
Zealand said today: "The domestic Japanese specifications of
these older vehicles tend to be very different to those used for
the export market. The Japanese market does not normally recall
anything over ten years old because they are assumed to have
been de-registered.

"New Zealand new vehicle distributors have no legal obligation
for the used imports. However, we have always looked out for
these vehicles in the past, contacting the owners of affected
models via the Transport Registry Centre and have facilitated
servicing.

"Over the recent Fuso truck and bus hub recalls we have already
contacted all the owners and had notified our truck service
departments. The parts will be made available to the owners as
soon as possible", Mr. Leighton said.

The Japanese domestic recalls that MMNZ has informed the LTSA of
are the front hub replacements on 843 Fuso trucks, buses and
crane-carriers manufactured between 1983-1996. Of these 400 will
also require a clutch bell housing rectification, and 47 will
require a replacement rear hub.

MMNZ has also been working with the LTSA on a Japanese market
recall of 1996/97 Galant VR4 automatics with the active
stability control option, there are 343 of these vehicles
registered in New Zealand.

"The recent recalls, however, have once again highlighted the
problem for New Zealand new vehicle distributors who are
constantly dealing with the issues raised by used vehicle
importers who are prepared to profit from the New Zealand
consumers but not prepared to protect them.

"MMNZ will continue to inform the LTSA of any Japanese domestic
recalls of which we have become aware. Obviously MMNZ stands
100% behind all the products we import and sell through our
dealer network. When we are aware of recalls involving used
imports we will seek to trace them through the register, to make
the relevant parts available to them, and to facilitate the
servicing of these vehicles at the owner's expense," Mr.
Leighton said.


MITSUBISHI MOTORS: To Fix Defective Vehicles
--------------------------------------------
Mitsubishi Motors New Zealand Ltd (MMNZ), in a press release,
has recommended to the Land Transport Safety Authority (LTSA)
that it require owners of 343 used import Galant/Legnum VR4s to
take their vehicles off the road until repairs to a faulty
active stability and brake system are carried out, citing
Mitsubishi Motors New Zealand Ltd Managing Director John
Leighton.

"In some cases nitrogen leaking into the braking system can
cause the brakes to go spongy and fail and we believe it is
responsible to require owners to stop using their cars," John
Leighton, Managing Director of Mitsubishi Motors New Zealand
said.

"All owners are being contacted directly by phone and mail by
the LTSA. The Company will contact owners as soon as parts are
available for their vehicle. The parts will be supplied free of
charge by Mitsubishi Motors Corporation and will need to be
fitted by an approved Mitsubishi Motors dealer. The cost of
fitting parts will be the responsibility of the vehicle owners.

"It may take up to three months to obtain sufficient parts to
get all the vehicles back on the road.

"We are conscious of the inconvenience this recall will cause
vehicle owners and recommend they contact the dealer from whom
they bought their vehicle. Mitsubishi Motors dealers who sold
these used imports will be supporting their customers and we
believe independent importers should be doing the same."

Details on the recall program and the vehicles covered are
available at: www.mitsubishi-motors.co.nz


MITSUBISHI MOTORS: May Sales Slump to 4,113 Units
-------------------------------------------------
Mitsubishi Motors' domestic car sales in May, excluding vehicles
with engines of 660cc and smaller, slumped to 4,213 units, after
five recall announcements in the past three months by its
Mitsubishi Fuso Truck & Bus Corporation affiliate due to defects
in its vehicles, Bloomberg News reported on Tuesday.

The flaws have caused at least 120 accidents and two deaths.
Fuso's unit sales also dropped 9.7 percent last month to 4,400.


UFJ HOLDINGS: Clarifies Media Reports
-------------------------------------
UFJ Holdings, Inc. issued the following statement in response to
media reports published at the weekend:

'While UFJ Holdings has been discussing details of joint
operation of trust businesses with The Sumitomo Trust & Banking
Co., Ltd., which include the matter of integration of our two
asset management subsidiaries, no decisions about the
integration are as yet finalized. The details will be announced
by the end of July 2004.'

This UK Wire announcement is dated 14 June 2004.


* Japan Bankruptcies Fall 20.2% in May
--------------------------------------
The number of bankruptcies by Japanese firms fell 20.2 percent
in May from a year earlier to 1,182 - marking 17 consecutive
months of declines, Japan Times reports, citing credit research
agency Teikoku Databank.

According to Teikoku Databank, combined debts left by the failed
companies came to JPY537.2 billion, falling 32.9 percent from a
year earlier.

The report covers failures involving liabilities of 10 million
yen or more. The research firm attributed the decline partly to
the amount of public financial assistance being extended to
small and medium-sized businesses, as well recoveries in leading
firms, which have helped boost capital investment in the private
sector.


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


DAEWOO HEAVY: 10 Bidders Vying for 51% Government Stake
-------------------------------------------------------
The South Korean government has short-listed ten bidders for
state-owned Daewoo Heavy Industries & Machinery Ltd. (DHI), the
Korea Herald said Tuesday.

The Public Fund Oversight Committee, according to the paper,
will pick from this list the preferred bidder before the end of
July. The committee declined to identify the bidders, citing
confidentiality agreements.

State run-corporate restructuring agency the Korea Asset
Management Corporation (KAMCO), which is the biggest shareholder
of Daewoo Heavy with a 35 percent stake, aims to sell 51 percent
or more of the Daewoo stake currently held by creditors, the
Troubled Company Reporter Asia Pacific reported recently.


HANBO IRON: INI-Hyundai Consortium Starts Due Diligence
-------------------------------------------------------
The consortium of local investors, recently picked as the
preferred bidder for ailing steel-maker Hanbo Iron & Steel Co.,
started its due diligence Monday, Yonhap News reports.

Over 140 representatives of INI Steel Co. and Hyundai Hysco, the
companies that make up the consortium, visited Hanbo's plant in
Dangjin to conduct the due diligence.  Troubled Company
Reporter-Asia Pacific earlier pegged the takeover price of Hanbo
at more than 452 billion won (US$384 million).


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


ARUS MURNI: Changes Name To Naim Indah Corp. Berhad
---------------------------------------------------
Arus Murni Corp. Berhad disclosed to Bursa Malaysia Securities
Berhad that it has changed its name to NAIM INDAH CORPORATION
BERHAD. As such, the Company's securities will be traded and
quoted under the new name effective 9:00 a.m., Wednesday, 16
June 2004.

The Stock Short Names will be changed as:

Securities                Old Stock     New Stock
                          Short Name     Short Name

(i) Ordinary Shares            ARUS         NICORP
(ii) Irreemable Convertible    ARUS-LA      NICOPR-LA
Unsecured Loan Stocks

However, the Stock Numbers remain unchanged.


BERJAYA SPORTS: Issues Additional 45,000 Ordinary Shares
--------------------------------------------------------
Berjaya Sports Toto Berhad disclosed to Bursa Malaysia
Securities Berhad that an additional 45,000 new ordinary shares
of RM1.00 each arising from the conversion of RM45,000 nominal
amount of 8 percent, irredeemable convertible unsecured loan
stocks 2002/2001 into 45,000 new ordinary shares will be granted
listing and quotation effective 9:00 a.m., Wednesday, 16 June
2004.


CONSOLIDATED FARMS: Proceeds With Revised Proposed Rights Issue
---------------------------------------------------------------
Consolidated Farms Berhad (Confarm) disclosed to Bursa Malaysia
Securities Berhad (Bursa Malaysia) on June 14, 2004, with
reference made to the announcements dated 29 May 2004 and 29
April 2004 that Confarm had on 7 June 2004 submitted an
application to the Bursa Malaysia for an extension of time of up
to 13 September 2004 to dispatch its Abridged Prospectus and any
supplemental thereto (Proposed Extension of Time).

Bursa Malaysia, via a letter dated 11 June 2004 advised it was
unable to consider Confarm's application for the Proposed
Extension of Time in view that the said application was made
after the due date for the dispatch of the notices of
provisional allotment together with the Abridged Prospectus,
i.e. on 29 April 2004.

Notwithstanding the above-mentioned decision from Bursa
Malaysia, the Board of Directors of Confarm clarifies that the
Company will proceed with its Revised Proposed Rights Issue.


DENKO INDUSTRIAL: Details Proposed Ratification And Mandate
-----------------------------------------------------------
The Board of Directors of Denko Industrial Corporation Berhad
(Denko) announced to Bursa Malaysia Securities Berhad the
Proposed Ratification and Proposed Shareholder's mandate for
recurrent related party transactions of a revenue or trading
nature.

(1) Introduction

Pursuant to paragraph 10.09 of the Listing Requirements of Bursa
Malaysia Securities Berhad (Bursa Malaysia), a listed issuer may
seek a shareholders' mandate in respect of related party
transactions involving recurrent transactions of a revenue or
trading nature (Recurrent Transactions) which are necessary for
its day-to-day operations subject to the following:

(i) The transactions are in the ordinary course of business and
there are no terms non-favourable more than the related party
than those generally available to the public;

(ii) The shareholders' mandate is subject to annual renewal and
disclosure is made in the annual report of the breakdown of the
aggregate value of transactions conducted pursuant to the
shareholders' mandate during the financial year; and

(iii) In a meeting to obtain shareholders' mandate, the
interested directors, interested major shareholders and
interested persons connected with a director or major
shareholder and where it involves the interest of an interested
person connected with a director or major shareholder.

Such director or major shareholder must not vote on the
resolution approving the transaction. An interested director or
interested major shareholder must also ensure that persons
connected with them will abstain from voting on the resolution
approving the transaction.

Pursuant to Practice Note No. 12/2001 issued in relation to
paragraphs 10.08 and 10.09 of the Listing Requirements of Bursa
Malaysia, a listed issuer and/or its subsidiaries must make
immediate announcement of Recurrent Transactions necessary for
the day-to-day operations of the listed issuer and/or its
subsidiaries where:

(a) The consideration, value of the assets, capital outlay or
costs of the Recurrent Transactions is equal to or exceeds RM1.0
million; or

(b) The percentage ratio of such Recurrent Transactions is equal
to or exceeds 1 percent whichever is lower.

Accordingly, Denko proposes to procure and to seek ratification
and mandate for Recurrent Transactions at the forthcoming
extraordinary general meeting (EGM), i.e. around September 2004.

(2) Proposed Shareholders' Mandate

It is anticipated that Denko Group will, in the normal course of
business, has entered or will enter into transaction with
classes of related parties set out in Table 1. It is likely that
such transactions will occur with some degree of frequency and
could arise at any time, in particular the newly acquired wholly
owned subsidiary company, Winsheng Plastic Industry Sdn Bhd
(Winsheng).

The acquisition of Winsheng by Denko was completed on 6 February
2004 and as such, Denko is seeking ratification for Recurrent
Transactions entered into by Winsheng from the date of
acquisition i.e. 6 February 2004 to the date of the resolution
relating to the Proposed Shareholders' Mandate at the EGM to be
convened.

In addition, Denko will apply to the Bursa Malaysia for an
extension of time to allow for the ratification of the Recurrent
Transactions.

In view of the recurrent and on-going nature of the Recurrent
Transactions, Denko will also seek the shareholders' approval
for the Proposed Shareholders' Mandate for Denko Group.

(3) Rationale for the Proposed Shareholders' Mandate

The Recurrent Transactions entered or to be entered into by
Denko Group are in the ordinary course of business. They are
recurring transactions which are likely to occur with some
degree of frequency and arise at any time and from time to time.

These transactions may be constrained by the time-sensitive
nature and confidentiality of such transactions and it may be
impractical to seek shareholders' approval on a case-to-case
basis before entering into such Recurrent Transactions.

The Proposed Shareholders' Mandate would also reduce substantial
administrative time, inconvenience and expenses of having to
frequently convene a separate general meeting for approval of
each transaction while still maintaining the objective of
keeping shareholders informed of the extent of Recurrent
Transactions occurring within Denko Group.

(4) Financial Effects

There will not be any effect on the issued and paid-up share
capital and substantial shareholders' shareholdings.

There will not be any material impact on the earnings per share
and net tangible assets per share as the cost incurred was
necessary for the operations to generate revenue.

(5) Interests of Directors and/or Major Shareholders and/or
Persons Connected

The interested directors and/or major shareholders and/or
persons connected with a director or major shareholder (as set
out in Table 1) will abstain from voting on the resolution
approving the Proposed Shareholders' Mandate at the forthcoming
EGM.

The interested directors will abstain from deliberating and
voting on the resolution relating to the Proposed Shareholders'
Mandate at the Board Meeting.

(6) Directors' Statement

The Board of Directors (with the exception of YB Senator Datuk
Nor Azah binti Awin and Mr. Yong Boon Cheong who had abstained
from expressing any opinion or recommendation on the Proposed
Shareholders' Mandate) after having carefully considered the
Proposed Shareholders' Mandate, is of the opinion that it is in
the best interests of the Company and the shareholders of the
Company.


EMICO HOLDINGS: Sets EGM On June 29
-----------------------------------
The Board of Directors of Emico Holdings Berhad disclosed to
Bursa Malaysia Securities Berhad that its Extraordinary General
Meeting (EGM) will be held at the Conference Room of Emico
Holdings Berhad at 18, Lebuhraya Kg Jawa, 11900 Bayan Lepas,
Penang on Tuesday, 29 June 2004 immediately after the conclusion
or adjournment of the Company's Twelfth Annual General Meeting
to be convened on the same date and venue at 10.00am for the
purpose of considering and, if thought fit, passing the
following resolutions as Ordinary Resolutions:

(1) Ordinary Resolution 1- Proposed Share Issue

(2) Ordinary Resolution 2- Proposed Shareholders' Mandate For
Recurrent Related Party Transactions of A Revenue or Trading
Nature.

Click for a copy of the Notice of EGM which was also advertised
in The Sun on 14th June 2004.
http://bankrupt.com/misc/emicoholdings061504.doc


EMICO HOLDINGS: Financial Condition Has Regularized
---------------------------------------------------
The Board of Directors of Emico Holdings Berhad announced that
the Company had received a letter dated 14 June 2004 from Bursa
Malaysia Securities Berhad informing that the Company has
regularized its financial condition and no longer fulfils the
criteria under paragraph 2.0 of the Practice Note (PN) 4/2001.

Further, the Exchange wants to remind that a public listed
company must on a continuing basis undertake an assessment of
its financial condition to determine whether it triggers the
criteria set out under the paragraph 2.0 of the PN 4/2001.


GADANG HOLDINGS: Signs MOU With Environmental Holding
-----------------------------------------------------
Gadang Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad that it has on 14 June 2004, signed a Memorandum of
Understanding (MOU) with Environmental Holding Pte. Ltd., a
company incorporated in Singapore, to form a joint venture
company to be based in Hong Kong (JV Company) for the purpose of
investing in China's water and wastewater treatment projects.

The salient terms of the MOU are:

(1) Both parties shall hold equal shares in the JV Company to be
formed.

(2) The MOU shall be terminated upon the formation of the JV
Company and the parties entering into a Shareholders' Agreement.
In the event that the JV Company is not formed and the
Shareholders' Agreement is not executed within 3 months from the
date of this MOU or such other date as may be mutually agreed
between the parties, the MOU shall be terminated and revoked.

None of the Directors or major shareholders of the Company
and/or persons connected with them has any interest, direct or
indirect, in the MOU.


GEAHIN ENGINEERING: Details Contact Information Changes
-------------------------------------------------------
Geahin Engineering Berhad disclosed to Bursa Malaysia Securities
Berhad the following changes:

Change description: Correspondence

Old address: 8999, KAWASAN PERINDUSTRIAN BATU BERENDAM (FASA
IV), BATU BERENDAM, 75350, MELAKA, MALAYSIA.

New address: 8999, KAWASAN PERINDUSTRIAN BATU BERENDAM (FASA
IV), BATU BERENDAM, 75350, MELAKA, MALAYSIA.

Name of Registrar: N/A

Telephone number: 06-2819998

Facsimile no: 06-2813988

E-mail address: geblink@geahin.com.my

Effective date: 14/06/2004

Remark: Change of e-mail address only


JIN LIN: Court Extends Restraining And Stay Order For 180 Days
--------------------------------------------------------------
Further to the announcement made on 2 June 2004 in relation to
the restraining and stay order (RO) for Jin Lin Wood Industries
Berhad, Avenue Securities Sdn Bhd (Avenue), on behalf of the
company, announced to Bursa Malaysia Securities Berhad (Bursa
Malaysia) that, on 14 June 2004, Jin Lin and its subsidiaries
have been granted an extension of the RO for a further period of
180 days effective 2 June 2004 by the Kuala Lumpur High Court
pursuant to Section 176(10) of the Companies Act, 1965.

The company further informs Bursa Malaysia that the aforesaid RO
was applied for in order to facilitate the Proposed
Restructuring Scheme, which was announced on 9 February 2004.

This announcement is dated 14 June 2004.


MTD CAPITAL: Issues 20,000 Additional Ordinary Shares
-----------------------------------------------------
Kindly be advised that MTD Capital Berhad's additional 20,000
new ordinary shares of RM1.00 each issued pursuant to the
Employees Share Option Scheme will be granted listing and
quotation effective 9:00 a.m., Wednesday, 16 June 2004 by Bursa
Malaysia Securities Berhad.


MWE HOLDINGS: BMSB Grants Listing Of 4,000 Ordinary Shares
----------------------------------------------------------
MWE Holdings Berhad announced that an additional 4,000 new
ordinary shares of RM1.00 each arising from the conversion of
RM4,000 nominal amount of 5.5 percent irredeemable convertible
unsecured loan stocks 1999/2004 into 4,000 new ordinary shares
will be granted listing and quotation by Bursa Malaysia
Securities Berhad (BMSB) effective 9:00 a.m., Wednesday, 16 June
2004.


OSK HOLDINGS: BMSB Grants 21,900 Ordinary Shares For Listing
------------------------------------------------------------
Bursa Malaysia Securities Berhad (BMSB) grants listing and
quotation of OSK Holdings Berhad's additional 21,900 new
ordinary shares of RM1.00 each issued pursuant to the Executive
Share Option Scheme effective 9:00 a.m., Wednesday, 16 June
2004.


PAN PACIFIC: Issues Update On Default In Payment
------------------------------------------------
On behalf of the Board of Directors of Pan Pacific Asia Berhad
(PPAB), disclosed to Bursa Malaysia Securities Berhad that a
Default in Payment as at 31 May 2004 of PPAB and it subsidiaries
in accordance with the Practice Note No. 1/2001.

The company announced that there are no material changes in
PPAB's status of default from the date of the last announcement
until 31 May 2004.

For more information, click
http://bankrupt.com/misc/panpacific061504.xls


SIME DARBY: Issues Additional 49,000 Ordinary Shares
----------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Sime Darby
Berhad announced that an additional 49,000 new ordinary shares
of RM0.50 each issued pursuant to the Employees Share Option
Scheme will be granted listing and quotation by the Exchange
effective 9:00 a.m., Wednesday, 16 June 2004.


SIME DARBY: Issues Update On Mandatory Take-Over
------------------------------------------------
With reference to Sime Darby Berhad's (SDB) mandatory take-over
by Space Tracks Sdn Berhad (STSB), a wholly-owned subsidiary of
SDB to acquire the remaining shares and warrants in Hyundai-
Berjaya Corp. Berhad (HBCorp.) not held by it upon completion of
the proposed acquisition of 51 percent equity interest in
HBCorp. (Disclosure of Dealings Pursuant to the Malaysian Code
on Take-Overs and Mergers, 1998 (Code))

Pursuant to Section 32 of the Code, AmMerchant Bank Berhad
(AmMerchant Bank) announced on behalf of SDB and STSB, the
dealings in the ordinary shares of SDB and HBCorp as well as
warrants of HBCorp (collectively, Affected Securities) by SDB
and/or STSB, persons acting in concert with SDB and/or STSB
and/or the persons connected to them as set out in Section 32 of
the Code.

Click for the details of the dealings in the Affected Securities
by the Parties.
http://bankrupt.com/misc/SIMEDARBY061504.doc

Any disclosures made by AmMerchant Bank pursuant to Section 32
of the Code, on behalf of the relevant Parties, are based on the
disclosures as furnished to us by SDB. AmMerchant Bank shall not
be responsible for any omission and/or error in such disclosure
to the authorities.

This announcement is dated 14 June 2004.


SOUTHERN STEEL: Bursa Malaysia Grants Listing Of Ordinary Shares
----------------------------------------------------------------
Bursa Malaysia Securities Berhad grants the listing and
quotation of Southern Steel Berhad's additional 3,200 new
ordinary shares of RM1.00 each arising from the conversion of
RM3,296 nominal amount of irredeemable convertible unsecured
loan stocks 2003/2008 into 3,200 ordinary shares of RM1.00 each
effective 9:00 a.m., Wednesday, 16 June 2004.


SUBUR TIASA: Completes Shares Buyback
-------------------------------------
Subur Tiasa Holdings Berhad disclosed to Bursa Malaysia
Securities Berhad that it has completed its shares buyback on
June 14, 2004.

Description of shares purchased: -

Ordinary Shares of RM1.00 each: -

Total number of shares purchased (units): 204,300

Minimum price paid for each share purchased (RM): 2.760

Maximum price paid for each share purchased (RM): 2.800

Total consideration paid (RM): 573,623.35

Number of shares purchased retained in treasury (units): 204,300

Number of shares purchased which are proposed to be cancelled
(units): 0

Cumulative net outstanding treasury shares as at to-date
(units): 9,865,200

Adjusted issued capital after cancellation (no. of
shares)(units): 0


SUNWAY HOLDINGS: Issues Update On Acquisition Of Ordinary Shares
----------------------------------------------------------------
Sunway Holdings Incorporated Berhad disclosed the following to
Bursa Malaysia Securities Berhad:

General offer by Commerce International Merchant Bankers Berhad
(CIMB) on behalf of SunInc to acquire the remaining ordinary
shares of rm1.00 each of the issued and paid-up share capital of
Sunway Construction Berhad (SunCon) which are not already owned
by SunInc and such number of new SunCon shares that may be
issued pursuant to the exercise of any outstanding options
granted under SunCon's employees' share option scheme at an
offer price of rm2.73 comprising a cash price of rm1.10 and one
(1) ordinary share of rm1.00 in SunInc (SunInc Shares) at an
issue price of rm1.63 credited as fully paid-up for each of the
offer share.

SunInc refers to its announcement dated 17 November 2003 in
relation to the Offer.

As disclosed in the Offer Document dated 31 May 2004 issued in
respect of the Offer (Offer Document), the Offer is conditional
upon SunInc receiving valid acceptances (on or before the close
of the Offer) which would result in SunInc and persons acting in
concert (PACs) with SunInc holding in aggregate, together with
such SunCon Shares that are already acquired, held or entitled
to be acquired or held by SunInc and PACs, more than 75 percent
of the voting shares of SunCon.

CIMB, on behalf of SunInc, announced that SunInc has received
acceptances pursuant to the Offer, resulting in SunInc and PACs
holding more than 75 percent of the issued and paid-up share
capital of SunCon as at 12 June 2004. Accordingly, on 12 June
2004 the Offer has become unconditional. Table 1 below sets out
in detail the position and level of acceptances of the Offer
received as at 1:00 p.m. (Malaysian time) on 12 June 2004.

CIMB, on behalf of SunInc, wishes to state that it is not the
intention of SunInc to maintain the listing status of Suncon on
the official list of Bursa Malaysia Securities Berhad (Bursa
Malaysia).

SunInc had also disclosed in the Offer Document that it is the
intention of SunInc to invoke the provisions of Section 34 of
the Securities Commission Act, 1993 (SC Act). Pursuant to
Section 34 of the SC Act, SunInc would be able to acquire the
remaining Offer Shares when SunInc has secured acceptances of
more than nine-tenths (9/10) of the Offer Shares within four (4)
months of the Offer, consequent upon which steps shall be taken
to delist SunCon.

In the event SunInc is unable to invoke Section 34 of the SC Act
due to insufficient acceptances, the possible courses of action
that may be taken by SunInc are set out below, based on the
possible outcome of the Offer:

- Where acceptances received results in SunInc and PACs holding
more than 90 percent of the issued and paid-up share capital of
SunCon, pursuant to Paragraph 8.15(5) of the Listing
Requirements of Bursa Malaysia, SunInc will be making an
announcement to that effect and all SunCon Shares may be removed
by Bursa Malaysia from the Official List of Bursa Malaysia; or

- Where SunInc and PACs hold less than 90% but more than 75% of
the issued and paid-up share capital of SunCon pursuant to the
Offer, SunCon Shares may also be suspended and/or delisted by
Bursa Malaysia pursuant to Paragraphs 16.02(d) and 16.09(b) of
the Listing Requirements as it would not have complied with the
public shareholding spread requirement.

Notwithstanding the above, and subject to SunInc receiving valid
acceptances resulting in it and PACs holding more than 75
percent of the voting shares of SunCon, SunCon will proceed to
make the necessary application for the withdrawal of its listing
status from Bursa Malaysia in accordance with Paragraph 16.06 of
the Listing Requirements.

Shareholders of SunCon who have yet to accept the Offer are
advised to refer to the Offer Document for the terms, conditions
and procedures for acceptance of the Offer, should they wish to
accept the Offer.

The Offer shall remain open for acceptances (notwithstanding any
suspension of trading of SunCon Shares by Bursa Malaysia) up to
5:00 p.m. (Malaysian time) on Tuesday, 29th June 2004 or such
later date or dates as may be announced by CIMB on behalf of
SunInc.

This announcement is dated 14 June 2004.

Table 1: Level of acceptances


                                    Number of       Percentage
                                    SunCon Shares

Shareholding of SunInc in           112,967,000     59.82
SunCon as at May 31, 2004
(the date of dispatch of
the Offer Document)

Shareholding of the PACs in              15.000      0.01
SunCon as at May 31, 2004
(the date of dispatch of
the Offer Document)

Offer Shares for which                28,728,767     15.21
acceptances (which are
complete and valid in all
respects) have been received
SunInc as at 1:00 p.m.
on June 12, 2004
                                      141,710,767     75.04


SURIA CAPITAL: Issues Statement On Involvement In Litigation
------------------------------------------------------------
Further to the announcement made on 8th April 2004, Suria
Capital Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad that Kuala Lumpur High Court on 11th April 2004 had
further fixed Suria's involvement in Litigation of Civil Suit
No. S1-22-38-04 versus Times Educational Co. Sdn Berhad, for
clarification/decision on 20th September 2004.

Announcement Authorized By:
HJ ABU BAKAR @ WAHAB HJ ABAS
Managing Director


TANJONG PUBLIC: Issues Additional 7,000 Ordinary Shares
-------------------------------------------------------
Bursa Malaysia Securities Berhad grants listing and quotation of
Tanjong Public Ltd. Co.'s additional 7,000 new ordinary shares
of 7.5 pence each issued pursuant to the Employees Share Option
Scheme effective 9:00 a.m., Wednesday, 16 June 2004.


TELEKOM MALAYSIA: Issues Statement On Article Re Rate Increase
--------------------------------------------------------------
With reference to the article on page 3 of BizWeek, The Star
dated 12 June 2004 (Saturday) entitled "Telekom Seeks to Up
Domestic Call Rates", wherein it was mentioned that, "Telekom
Malaysia has submitted a proposal to raise domestic call rates
and rental rates for its phones."

Telekom Malaysia Berhad clarifies to Bursa Malaysia Securities
Berhad that it has never submitted any proposal to raise any of
the rates as stated above.

All Local, National and Rental rates are regulated under the
Rate Regulations 2002. No change in rates can be effected
without the approval of the Minister of Energy, Water and
Communications. The last review of the above rates was in 2002.


TELEKOM MALAYSIA: Issues Update On Proposals
--------------------------------------------
Telekom Malaysia Berhad disclosed to Bursa Malaysia Securities
Berhad the following proposals:

(I) Proposed issue of up to RM1,000 million nominal value 5-year
redeemable unsecured bonds by Telekom (Telekom bonds re-
opening); and

(II) Proposed issue of up to RM1,000 million nominal value 15-
year redeemable unsecured bonds by Tekad Mercu Berhad (TM)(TM
bonds re-opening)

On behalf of Telekom, Commerce International Merchant Bankers
Berhad (CIMB) is pleased to announce that the Securities
Commission (SC), via its letter dated 8 June 2004, approved an
extension of time from 7 June 2004 to 7 December 2004 for the
completion of the Proposed Bonds Issues.

The approval of the SC is conditional upon the following:

(i) CIMB informing all parties related to the issuance of the
Telekom bonds and TM bonds, including holders of the Telekom
bonds and TM bonds and the trustee, and if required, obtain the
approval of the relevant parties, on the extension of time;

(ii) CIMB obtaining the approval of any other regulatory
authorities on the extension of time;

(iii) CIMB furnishing the final term sheet and principal terms
and conditions of the Telekom bonds and TM bonds to the SC; and

(iv) CIMB confirming to the SC that the above conditions have
been met.

This announcement is dated 14 June 2004.


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


BENPRES HOLDINGS: Issues News Article Clarification
---------------------------------------------------
Benpres Holdings Corp. issues to the Philippine Stock Exchange
clarification of the news article entitled "PLDT, Five telecom
firms guilty of collusion-US" published in the June 12, 2004
issue of the Manila Standard.  The article reported that:

"The United States Federal Communications Commission ruled with
finality that six Philippine telecommunication companies were
guilty of exploiting the American market.

In a 25-page order, FCC affirmed its March 10, 2003 order
finding Philippine Long Distance Telephone Co., Smart
Communications Inc., Globe Telecom Inc., Bayan
Telecommunications Inc., Digital Telecommunications Philippines
Inc., and Subic Telecom Inc. guilty of 'whipsawing'."

Benpres Holdings Corporation (BPC), in its letter dated June 14,
2004, disclosed that:

"Our subsidiary, Bayan Telecommunications Inc., confirms that
the Manila Standard Article is correct with regards to the
ruling of the US FCC.  This has no effect on the operations of
Bayantel since interim arrangements with US carriers remain in
place."

Contact:

Benpres Holdings Corp.
4/F, Benpres Building
Exchange Road corner Meralco Avenue
Ortigas Center, Pasig City
Telephone Number: 633-3368
Fax Number: 634-3009
Email Address: jr_benpres@bayantel.com.ph
Website: http://www.benpres-holdings.com


BENPRES HOLDINGS: Issues Clarification To News Article
------------------------------------------------------
Benpres Holdings Corporation disclosed to the Philippine Stock
Exchange clarification to the news article entitled "Bayantel
wants debtors to be included rehab plan" published in the June
14, 2004 issue of Manila Times (Internet Edition). The article
reported that:

"The Lopez-led Bayan Telecommunications Inc. has asked the Pasig
Regional Trial Court for 'final guidance' to include Radio
Communications Philippines Inc. (RCPI) and Naga Telephone Co.
(Nagatel) as debtor companies in its rehabilitation plan.  In
its petition, Bayantel reiterated that the receiver, Atty.
Remigion Noval, 'sees the necessity for inclusion of RCPI and
Nagatel in these proceedings to ensure the complete
Rehabilitation of Bayantle in keeping with the spirit of Interim
Rules.'

In a four-page manifestation filed on June 4, Bayantel stressed
that 'the additional time required for RCPI to file its own
petition for corporate rehabilitation of [Bayantel]. 'The
schedule of debts and liabilities attached to the petition
included RCPI's liabilities and the rehabilitation plan of
petitioner states that it deals with the financial indebtedness
of Bayantel and RCPI in total,' the telephone company's petition
read."

Benpres Holdings Corp. (BPC), in its letter dated June 14, 2004,
disclosed that:

Benpres confirms that on June 4, 2004, Bayantel filed a motion
for the inclusion of Radio Communications of the Philippines,
Inc. and Naga Telephone Co. Inc. as debtor companies in the
rehabilitation proceedings of Bayantel, which is pending before
the Regional Trial Court of Pasig City, Brance 158."


DIGITAL TELECOMMUNICATIONS: Issues Clarification To News Article
----------------------------------------------------------------
Digital Telecommunications Phils., Inc. disclosed to the
Philippine Stock Exchange a clarification to the news article
entitled "PLDT, five telecom firms guilty of collusion-US"
published in the June 12, 2004 issue of the Manila Standard.
The article reported that:

"The United States Federal Communications Commission ruled with
finality that six Philippine telecommunication companies were
guilty of exploiting the American market. In a 25-page order,
FCC affirmed its March 10, 2003 order finding Philippine Long
Distance Telephone Co., Smart Communications Inc., Globe Telecom
Inc., Bayan Telecommunications Inc., Digital Telecommunications
Inc. and Subic Telecom Inc. guilty of whipsawing."

Digital Telecommunications Phils. Inc., in its letter dated June
14, 2004, disclosed that:

Digital confirms the veracity of the information contained in
said news article in that the US FCC has indeed released a 25-
page Order affirming the March 10, 2003 Order of its
International Bureau last week. Digital do not however agree
with the determination of the US FCC that Philippine public
telecommunications entities (PTEs) whipsawed US carriers."

Contact:

Digital Telecommunications Inc.
Digitel Building
110 E. Rodriguez Jr. Avenue
110 Bagumbayan, Quezon City
Telephone Number:  397-8888
Fax Number:  635-6142
Email Address:  pamintuan_b@ditsi.com.ph
Website: http://www.digitelone.com


MANILA ELECTRIC: Stocks Gain On Lower Refund Claim
--------------------------------------------------
The shares of Manila Electric Co. (Meralco) experienced a gain
Monday following the statement of Manila Electric Co. (Meralco)
president Jesus Francisco Friday that refunds to customers for
electricity meters would probably not exceed PhP2 billion, a
figure much lower than the PhP13 billion in deposits the company
collected as of the end of last year, reports The Manila Times.

Meralco's Class A shares gained 25 centavos, or 1.3 percent, to
PhP19, after falling 3.9 percent Friday. Meanwhile, its Class B
shares remained at PhP31.5 after a three-day 7.4 percent
decline.

Last week, the Energy Regulatory Commission said that there are
now new rules prohibiting power retailers such as Meralco from
charging deposits for their meters and power supply. Meralco is
currently servicing a PhP30-billion court-ordered refund to
customers for alleged overcharging.

Contact:

MANILA ELECTRIC CO.
Lopez Building
Ortigas Avenue, Pasig City
Telephone Numbers:  16220 (TL); 633-4553 (Corp. Sec.)
Fax Number:  631-5572
Email Address:  corcom@meralco.com.ph
Website: http://www.meralco.com.ph


NATIONAL POWER: Cebu Potential Site For 400-MW Coal Plant
---------------------------------------------------------
The National Power Corp. (Napocor) is setting its sights on
Naga, Cebu as a possible site for a 200-400 megawatt (MW) coal-
fired power plant, reports The Philippine Star, citing a ranking
Napocor official.

According to Napocor president Rogelio Murga, the Naga complex
has been identified as a potential location for future merchant
power facilities that might interest investors. He also said
that Napocor is all set to bid out the contract for a consultant
on the re-engineering study that the Department of Energy has
directed Napocor to undertake in light of the urgent need for
new power facilities.

Mr. Murga said the bidding for the re-engineering study contract
will be held anytime this month. The Napocor chief also said
they have already received inquiries from Australian and
Filipino power producers to further explore the generating
potential of Cebu.


NEGROS NAVIGATION: Issues Clarification To News Articles
--------------------------------------------------------
Negros Navigation Co. Inc., (Nenaco) disclosed to the Philippine
Stock Exchange clarification of the following news articles:

(a) "Pilipinas Shell wants Nenaco to sell vessel to repay debts"
published in the June 12, 2004 issue of The Manila Times.  The
article reported that "The Pilipinas Shell Petroleum Corp. is
asking the Manila Regional Trial Court for immediate sale of the
ship St. Ezekiel Moreno owned by Negros Navigation Co. (Nenaco)
and to place in escrow the proceeds of the sale in favor of the
oil company which has claims against the shipping firm amounting
to PhP213.48 million."

(b) "Nenaco asked to prove compliance with SEC rules" published
in June 14, 2004 issue of the Philippine Star (Internet
Edition). The article reported that:

"Preliminary results of an audit conducted by SEC to determine
the veracity of Nenaco's third quarter report showed that the
company could have engaged in misrepresentation.  The audit was
conducted in lieu of the motion for reconsideration filed by
Nenaco with respect to the fine imposed on it by the SEC's
corporation and finance department.

'In their third quarter report filed with the SEC, they painted
a rosy picture but after a few months, they filed a petition for
suspension of debt payments and corporate rehabilitation,' SEC
general accountant Roberto Manabat said. Manabat said he will
make the necessary recommendation as to what course of action to
take against Nenaco.

The purpose of the audit is also to reconfirm the entries in
Nenaco's balance sheet that do not match the claims of the
creditors."

Negros Navigation Co. Inc., in its letter to the Exchange dated
June 14, 2004, stated that:

"With regards to the newspaper report in the June 12, 2004 issue
of the Manila Times newspaper, the company confirms the fact
that Pilipinas Shell Petroleum Corp. (Shell) filed its Urgent
Motion for Sale of Mortgaged Property and Placing of Proceeds in
Escrow, dated June 8, 2004, with the Regional Trial Court of
Manila, Branch 46.  Shell set the hearing of the said urgent
motion on June 18, 2004 at 8:30 a.m. Nenaco intends to ask the
Regioanl Trial Court of Manila, Branch 46, for time within which
to file our necessary responsive pleading on the said urgent
motion of Shell.

With regard to the newspaper report in the June 14, 2004 issue
of the Philippine Star newspaper, the company is not in a
position to confirm the same, particularly the report that the
General Accountant of the Securities and Exchange Commission
(SEC), Mr. Roberto Manabat, shall make the necessary
recommendation as to what courses of action the SEC would take
against us, because the same quotes Mr. Roberto Manabat
regarding the internal actions of the SEC."

Contact:

Negros Navigation Co. Inc.
Pier II, North Harbor
Tondo, Manila
Telephone Number:  245-5588
Fax Number:  245-0780 (Telefax)
Email Address:  nnwebmaster@surfshop.net.ph
Website: http://www.nenaco.com.ph


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


FORMOSATEK: Creditors to Submit Claims on July 9
------------------------------------------------
Notice is hereby given that the creditors of Formosatek Pte
Ltd, whose debts or claims have not already been admitted, are
required on or before July 9, 2004 to submit particulars of
their debts and claims and any security held by them to the
Liquidator.

This should be done by delivering or sending through the post to
the Liquidator's address a formal Proof of Debt in accordance
with Form 77 containing their respective debts or claims.

In default of complying with this notice, they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

LIM SAY WAN
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

This Singapore Gazette announcement is dated June 11, 2004.


GEK HONG: Winding Up Order Granted
----------------------------------
In the Matter of Gek Hong Enterprise Pte Ltd, a winding up Order
was made on May 21, 2004.

Petitioner: United Overseas Bank Limited

Name and Address of the Liquidator: Official Receiver
Singapore Insolvency and Public Trustees Office
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118

RAJAH & TANN
Solicitors for the Petitioner.

Note:
(1) All creditors of the above named company should file their
proof of debt with the Liquidator who will be administering all
the affairs of the company.

(2) All debts due to the above named company should be forwarded
to the Liquidator.


PINKROCCADE EDUCATIONAL: Posts Dividend Notice
----------------------------------------------
Pinkroccade Educational Services Pte Ltd (In Creditor's
Voluntary Liquidation) issues notice of First and Final Dividend
to Preferential Creditors.

Name of Registered Office: Formerly of 80 Raffles Place #33-01,
UOB Plaza 1, Singapore 048624.

First and Final Dividend: 74.09 per centum of all admitted
proofs of preferential creditors pursuant to Section 328 of the
Companies Act. Cap. 50.

When Payable: June 11, 2004

Where Payable: KPMG
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.

NEO BAN CHUAN
Liquidator.

This Singapore Government Gazette Announcement is dated June 11,
2004.


TECHNICDELTA ELECTRICAL: Winding Up Order Granted
-------------------------------------------------
In the Matter of Technicdelta Electrical Engineering Pte Ltd, a
Winding up Order was made on May 28, 2004.

Name and Address of the Liquidator: Official Receiver
The Insolvency and Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118

Messrs. ACIES LAW CORPORATION
Solicitors for the Petitioner.


TECK LEONG: Issues Notice of Intended Dividend
----------------------------------------------
Teck Leong Hardware Pte Ltd (In Liquidation) issues notice of
Intended Dividend.

Name of Registered Office: 336 Smith Street
#06-308 New Bridge Centre
Singapore 050336.

Last day of Receiving Proofs: July 5, 2004.

Name of Liquidator: GOH NGIAP SUAN.

Address of the Liquidator: c/o Goh Ngiap Suan & Co.
336 Smith Street
#06-308 New Bridge Centre
Singapore 050336.

GOH NGIAP SUAN
Liquidator.

This Singapore Government Gazette Announcement is dated June 11,
2004.


UNITED OVERSEAS: Warrants Exercised Before Friday Deadline
----------------------------------------------------------
United Overseas Land Ltd. (U14.SG) announced over the weekend
that majority of its warrants have already been exercised before
they expired last Friday, reports Dow Jones, citing the Business
Times. The firm's issued and paid-up capital will be boosted to
790.8 million with the exercise of the warrants and share
options.

From January 1 to June 11, 93.5 million warrants were converted
into shares at a price of $1.25 apiece. As of June 3, some 55.7
million warrants have yet to be converted. When the Friday
deadline came, only a total of 1.6 million warrants were not
exercised, and have accordingly lapsed.

The warrants were last traded at 99.5 cents, slightly lower than
Temasek Holdings Pte. Ltd.'s offer price of $1.01 apiece.


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


SIAM SYNTEC: Issues Change Of Shareholder Name Info
---------------------------------------------------
According to Richee Ventures Holding Co., Ltd being the major
shareholder in Syntec Construction PCL., in the number of
429,143,829 shares or 26.82 percent of entire shares, the Siam
Syntec PCL disclosed to the Stock Exchange of Thailand that it
has registered the change of the company's name from Richee
Ventures Holding Co,Ltd. to Natural Ventures Co.,Ltd.

Please be hereby informed accordingly
Sincerely Yours.
(Somchai Sirilertpanich)
Director


THAI PETROCHEMICAL: Submits Revised Plan To Finance Ministry
------------------------------------------------------------
Thai Petrochemical Industry PCL (TPI) said it has submitted its
revised plan to the Ministry of Finance (MoF) on Monday for
approval, Business Day reports.

Upon approval Of the MoF, it will then be forwarded to the
creditors for final consideration. TPI will need at least 50
percent of the votes from creditors present in their meeting
before its submission to the Central Bankruptcy Court for
endorsement. But the plan administrators still has to wait for
the MoF's approval before they set the exact date for the
creditors' meeting.

"We expect the creditors to agree with the plan because the
creditors' committee, which represents the majority of
creditors, has agreed in principle with the plan," Traitip
Siwakrisanakul, one of the plan administrators said.

TPI's main creditors include Bangkok Bank Plc (BBL),
International Finance Corporation (IFC), Bank of Ayudhya Plc
(BAY), Bangkok branch of the City Bank and the US Export and
Import Bank.

TPI is currently undergoing a restructuring of its US$2.6
billion-debt under the guidance of the Ministry of Finance.


                            *********


S U B S C R I P T I O N  I N F O R M A T I O N

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

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