TCRAP_Public/040622.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, June 22, 2004, Vol. 7, No. 122

                            Headlines

A U S T R A L I A

NATIONAL AUSTRALIA: Names Michael Chaney as Chairman
QANTAS AIRWAYS: Plans European Services Expansion


C H I N A  &  H O N G  K O N G

CHARMING SHOES: Winding Up Hearing Set July 14
FORTUNE ROOT: Court Issues Winding Up Petition
I-CHINA HOLDINGS: Proposes Share Consolidation and Name Change
RISING LEADER: Winding Up Hearing Slated for July 7
ROBERTSON PRODUCTS: Sets Annual Meeting of Members and Creditors

ROOTS (CHINA): Schedules Winding Up Hearing on July 14
SPEEDY PLAN: Sets Winding Up Petition Hearing on July 7


I N D O N E S I A

ASIA PULP: Admits Involvement of Staff in Debt-Swap Vote
BANK NEGARA: Shelves Rights Issue Plan
BANK PERMATA: Indonesian Parliament Junks Temasek Bid
HANJAYA MANDALA: May Issue Bonds to Pay Debt
PERTAMINA: Junket Could Lead to Lawmakers' Prosecution

PERTAMINA: To Explore Algeria and Iran Oil Fields


J A P A N

KOWA REAL: Y175.7B Debts to Mizuho May Be Irrecoverable
MATSUSHITA ELECTRIC: Slashing 3,000 Jobs
MITSUBSIHI FUSO: Discloses Fire Accident in Nagano Prefecture
MITSUBISHI MOTORS: Data on 20,000 Defect Claims Found At Dealers
MITSUBISHI MOTORS: R&I Downgrades Rating to CCC+

MITSUBISHI MOTORS: Japanese Governments Shun Mitsubishi Cars
SKYNET ASIA: May Seek IRCJ Support
UFJ HOLDINGS: Issues Statement on Administrative Actions
UFJ HOLDINGS: To Sell Unit for US$2.63 Billion


K O R E A

KOOKMIN BANK: Hopes Overseas Investors Will Buy 8% Stake
LG CARD: KDB Predicts W500B Loss This Year


M A L A Y S I A

ADVANCE SYNERGY: Unit Signs MOU With Unified Communications
AKTIF LIFESTYLE: Shareholders Approve Proposed Unit Disposal
ANCOM BERHAD: Releases Result Of Shares Buy Back
ANTAH HOLDINGS: Acquires Antah Healthcare As New Subsidiary
BERJAYA GROUP: BMSB Suspends Trading Effective June 21

BERJAYA GROUP: Issues Proposals Update
BERJAYA SPORTS: Releases Quarterly Report For April 30 Period
CONSOLIDATED FARMS: Seeks Consideration To Pay Debts
FARLIM GROUP: Releases Update On Financial Assistance Rendered
KRETAM HOLDINGS: Shareholders Approves Disposal Of Yunnan

MANGIUM INDUSTRIES: Releases Update On Proposals
MBF HOLDINGS: Unit Disposes Off Motor Vehicle For RM105,000
MBF HOLDINGS: To File Notice Of Appeal For Units Civil Suit
OSK HOLDINGS: Shareholders Approve All Resolutions of EGM
OMEGA HOLDINGS: Discontinues Legal Action Filed To High Court

OSK HOLDINGS: Issues Details Of Shares Buyback
PANCARAN IKRAB: Issues Restructuring Scheme Update
PANTAI HOLDINGS: Purchases 47,000 Shares During Buy Back
SUBUR TIASA: Releases Result Of Shares Buy Back
SUNWAY HOLDINGS: Updates Conditional Voluntary Offer By CIMB

SUNWAY HOLDINGS: Releases Update On General Offer By CIMB
TAIPING SUPER: Shareholders Approve Ordinary Resolutions Of AGM
TAIPING SUPER: Shareholders Approve Ordinary Resolutions Of EGM
TANJONG PUBLIC: Releases Quarterly Report For April 30 Period
TANJONG PUBLIC: Issues First Interim Dividend

TAP RESOURCES: BMSB To Grant 10,000 Ordinary Shares For Listing
TELEKOM MALAYSIA: Issues Update On Disposal Of Telkom SA Stake


P H I L I P P I N E S

NATIONAL POWER: FDC Wants Independent Audit Of Public Debts
NATIONAL POWER: Posts 2.2% Power Sales Increase
NEGROS NAVIGATION: Court Apponts Monico V. Jacob As New Receiver
PHILIPPINE BANK: Incurs PhP200.72Mln Net Loss In 1Q 2004
PHILIPPINE LONG: Ups DSL Service Speed

PILIPINO TELEPHONE: Sees PhP400mln Profit On Smart Takeover


S I N G A P O R E

CAP GEMINI: Creditors Must Submit Claims on July 20
CDS CHESER: Winding Up Hearing Set July 2
INTERNATIONAL FATS: Schedules Notice of Final Meeting
KIN YUEN: Enters Winding Up Proceedings
NAMLY INDUSTRADES: Faces Winding Up Hearing on July 2

NMB TRADING: Creditors to Submit Claims on July 19
MULTIWAVE INNOVATION: Issues Dividend Notice
RAINBIRDS FIRE: Issues Preferential Dividend Notice
WAN SOON: Petition for Judicial Management Order Issued


T H A I L A N D

DATAMAT PUBLIC: Details Results of Board Meeting

* BOND PRICING: For the Week 21 June to 25 June 2004

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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NATIONAL AUSTRALIA: Names Michael Chaney as Chairman
----------------------------------------------------
The Board of National Australia Bank (NAB) announced Monday that
Michael Chaney will become a non-executive director effective
December 2004 and will assume the role of Chairman in September
2005.

Michael Chaney recently announced his intended retirement as
Managing Director of Wesfarmers in July 2005 after 13 years in
that position.

Graham Kraehe will continue as Chairman of the National until
Mr. Chaney assumes the position in September 2005. This will
enable Mr. Chaney to familiarize himself with the group before
he becomes Chairman and enable a smooth transition.

"We are delighted to have a person of the calibre and experience
of Michael joining the Board. He has an excellent track record,
a strong focus on shareholder value and has delivered
outstanding shareholder returns as Managing Director of
Wesfarmers," Graham Kraehe said.

Mr. Chaney said: "I believe the National is one of Australia's
outstanding companies and I have great confidence in the future
of the group. I look forward to working with the Board to help
the National achieve its full potential and further improve
shareholder returns."

Mr. Kraehe said the Board was also making significant progress
in its Board renewal program: "We are interviewing a number of
appropriate candidates including some with Australian banking
experience and expect to announce additional Board appointments
in the next couple of months."

Michael Chaney is Managing Director and Chief Executive Officer
of Wesfarmers Limited.

He worked in the finance and petroleum industries in Australia
and the United States of America before joining Wesfarmers in
1983.  He became a Board member in 1988, and was appointed CEO
in 1992.

In his time as CEO of Wesfarmers, the former farmers'
cooperative has increased in market value from $1 billion to
over $10 billion.  Prior to becoming CEO, Mr. Chaney served as
Wesfarmers' Chief Financial Officer for 8 years, in which
position his responsibilities included oversight of the group's
rural lending activities.

Mr. Chaney's previous experience includes three years in
corporate lending and financial advisory roles with the
Australian Industry Development Corporation.  He is also a
director of BHP Billiton Limited and the investment bank,
Gresham Partners Holdings Ltd.

He is a member of the JP Morgan International Council and the
Council of the National Gallery of Australia, Vice-President of
the Business Council of Australia and Chairman of the Australian
Research Alliance for Children and Youth.

He holds a Bachelor of Science and Master of Business
Administration degrees from the University of Western Australia.
He has also been awarded an Honorary Doctorate of Laws from the
University of Western Australia.  He completed the Advanced
Management Program at the Harvard Business School in 1992.

For further information:

Brandon Phillips
Group Corporate Relations
National Australia Bank
03 8641 3857 work
0419 369 058 mobile

Keith Kessell
General Manager, Public Affairs
Wesfarmers
08 9327 4281 work
0419 949 082 mobile

This is a Company press release.


QANTAS AIRWAYS: Plans European Services Expansion
-------------------------------------------------
Qantas Airways, in a press release, said it would expand its
European operations from 31 October by introducing daily code
share services with Air France to Paris via Singapore and
increasing services to London from 21 to 27 per week.

The Executive General Manager of Qantas Airlines, John
Borghetti, said Qantas was very pleased to enter its first code
share relationship with Air France.

"Qantas is restricted to operating only three flights to Paris a
week under the bilateral agreement between Australia and
France," Mr. Borghetti said.

"This limited schedule has made it difficult to achieve
profitability on the route and the losses we are incurring are
simply not sustainable.

"The new relationship with Air France will allow us to offer
daily code share services from Australia to Paris and therefore
greater choice and flexibility for both business and leisure
customers.

"Qantas Frequent Flyer members will be able to earn points on
all code share flights to Paris, including the new Air France
flights."

Mr. Borghetti said customers would fly on Qantas services
between Australia and Singapore and then connect to Air France
flights between Singapore and Paris' Charles de Gaulle Airport.

The Qantas Group will operate 52 services each week between
Australia and Singapore - 45 Qantas flights from Sydney,
Melbourne, Brisbane, Perth, Adelaide and Darwin and seven
Australian Airlines flights from Cairns and Sydney to Singapore.

Mr. Borghetti said Qantas would also, subject to approval by the
International Air Services Commission, increase services to
London from 21 to 27 per week with three new Perth-Singapore-
London flights and three new Sydney-Hong Kong-London services.

"These additional services will utilize new landing and take-off
slots at Heathrow that we purchased earlier this year." Mr.
Borghetti said.

"Under the new schedule, Qantas will operate 17 services to
London via Singapore, seven via Bangkok and three via Hong Kong.

"Together with the new services to Mumbai and Shanghai that will
begin later this year, Qantas is growing its international
operations.

Mr. Borghetti said Qantas would continue to operate daily
flights to Frankfurth via Singapore.

Issued by Qantas Corporate Communication (Q3101)
Media Enquiries: Simon Rushton - Telephone (02) 9691 3742


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C H I N A  &  H O N G  K O N G
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CHARMING SHOES: Winding Up Hearing Set July 14
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Charming Shoes Factory Limited by the High Court of Hong Kong
was on May 19, 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 14, 2004.

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.

ARTHUR K.H. CHAN & CO.
Solicitors for the Petitioner,
Unit C1, 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 13th day of July
2004.


FORTUNE ROOT: Court Issues Winding Up Petition
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Fortune Root Limited by the High Court of Hong Kong was on May
19, 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 14, 2004.

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.

ARTHUR K.H. CHAN & CO.
Solicitors for the Petitioner,
Unit C1, 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 13th day of July
2004.


I-CHINA HOLDINGS: Proposes Share Consolidation and Name Change
--------------------------------------------------------------
The Board of I-China Holding limited issued a Proposal for Share
Consolidation and Change of Name to the Hong Kong Stock Exchange
as follows:

The Board of the Company proposes the Share Consolidation.

The present board lot is 20,000 Shares. The Consolidated Shares
will be traded in board lots of 10,000 Consolidated Shares. The
authorized share capital of the Company after the Share
Consolidation will remain atHK$200,000,000.

The Directors also propose to change the name of the Company to
Build King Holdings Limited.

The Circular will be dispatched to the Shareholders as soon as
practicable.

PROPOSED SHARE CONSOLIDATION
The Board proposes a Share Consolidation, which will be made on
the basis that every ten Shares in the issued and unissued share
capital of the Company will be consolidated into one
Consolidated Share. As at the date of this announcement, there
were 7,814,084,941 Shares (and 1,500,000,000 Preference Shares)
in issue. On the basis of such issued share capital and assuming
no further shares will be issued prior to the Special General
Meeting (SGM), there will be 781,408,494 Consolidated Shares in
issue following the Share Consolidation becoming effective. The
authorized share capital of the Company after the Share
Consolidation will remain at HK$200,000,000. Fractional
entitlements of Consolidated Shares will be aggregated and sold
for the benefit of the Company.

The present board lot is 20,000 Shares. The Consolidated Shares
will be traded in board lots of 10,000 Consolidated Shares. The
Consolidated Shares will rank equal in all respects with each
other.

The Board believes that the Share Consolidation is beneficial to
the Company and its shareholders as a whole as the transaction
costs for dealings in the Shares will be reduced. In addition,
the Share Consolidation will increase the nominal value of the
Shares and the trading price of the Shares on the Stock
Exchange, and which may attract more investors, thereby
extending the Company's shareholders base. As such, it is in the
best interests of the Company and the Shareholders as a whole.
The Board also believes that the Share Consolidation will not,
of itself, alter the underlying assets, business operations,
management or financial position of the Company or the
proportionate interests of the Shareholders, except for the
payment of related expenses.

The expected timetable of the proposed Share Consolidation is as
follows:

Dispatch date of Circular: Wednesday, June 30, 2004

Latest time for lodging forms of proxy for the SGM: 3:00 p.m.,
Wednesday, July 21, 2004

Special General Meeting: 3:00 p.m., Friday, July 23, 2004

Effective date of the Share Consolidation: Monday, 26th July,
2004

Existing counter for trading in Shares in board lots of 20,000
Shares closes: 9:30 a.m., Monday, July 26, 2004

Temporary counter for trading in Consolidated Shares in board
lots of 10,000 Consolidated Shares (in the form of existing
share certificates) opens: 9:30 a.m., Monday, July 26, 2004


First day for free exchange of existing share certificates for
new share certificates for the Consolidated Shares: Monday, July
26, 2004

Existing counter for trading in Consolidated Shares in board
lots of 10,000 Consolidated Shares (in the form of new share
certificates) reopens: 9:30 a.m., Monday, August 9, 2004

Parallel trading in Consolidated Shares (in the form of new
share certificates and existing share certificates) commences:
9:30 a.m., Monday, August 9, 2004

First day of operation of odd lot trading facility: Monday,
August 9, 2004

Temporary counter for trading in Consolidated Shares in board
lots of 10,000 Consolidated Shares (in the form of existing
share certificates) closes: 4:00 p.m., Monday, August 30, 2004

Parallel trading in Consolidated Shares (in the form of new
share certificates and existing share certificates) ends: 4:00
p.m., Monday, August 30, 2004

Last day of operation of odd lot trading facility: Monday,
August 30, 2004

Last day for free exchange of existing share certificates for
new share certificates for the Consolidated Shares: 4:00 p.m.,
Thursday, September 2, 2004

CONDITIONS
The Share Consolidation will be conditional upon:

(i) the passing of an ordinary resolution approving the Share
Consolidation by the Shareholders at the SGM;

(ii) the Listing Committee of the Stock Exchange granting
listing of, and permission to deal in, the Consolidated Shares;
and

(iii) the approval of the relevant authorities, if required.
Application will be made to the Listing Committee of the Stock
Exchange for the grant of the listing of, and permission to deal
in, the Consolidated Shares.

ODD LOTS ARRANGEMENT

In order to alleviate the difficulties arising from the
existence of odd lots of the Consolidated Shares, Mr. Paul Leung
of Quam Securities Company Limited has been appointed by the
Company to provide a matching service to those Shareholders who
wish to acquire odd lots of Consolidated Shares to make up a
full board lot, or to dispose of their holdings of odd lots of
Consolidated Shares. Details of the odd lots arrangement will be
stated in the Circular.

ADJUSTMENT OF CONVERSION PRICES OF PREFERENCE SHARES

Subject to the Share Consolidation becoming unconditional, the
conversion prices payable on exercise of the conversion rights
attaching to the Preference Shares are required to be adjusted
pursuant to the terms of the Preference Shares. Details of the
adjustment will be disclosed in the Circular.

PROPOSED CHANGE OF COMPANY NAME

The Company is an investment holding company. Its subsidiaries
carry on the principal business of construction related
activities. It is therefore proposed that the name of the
Company be changed to "Build King Holdings Limited" and "*" (for
identification only) to better reflect the business nature of
the Company and its subsidiaries.

The change of the Company's name is subject to the passing of a
special resolution at the SGM by the Shareholders and the
Registrar of Companies in Bermuda granting approval for the
change of name. The effective date of the change of name will be
the date on which the new name is entered by the Registrar of
Companies in Bermuda on the register in place of the existing
name.

SPECIAL GENERAL MEETING

The SGM is proposed to be held at The Constable Room, 1st Floor,
Inter Continental Grand Stanford Hotel, 70 Mody Road,
Tsimshatsui, Kowloon, Hong Kong, on 23rd July, 2004 at 3:00 p.m.
at which resolutions will be proposed to approve the Share
Consolidation and the change of the Company's name.

FREE EXCHANGE OF CERTIFICATES FOR CONSOLIDATED SHARES

Upon the Share Consolidation and the change of the Company's
name becoming effective, new share certificates for the
Consolidated Shares (together with a new company name) will be
issued and available for free exchange by the Shareholders.
Further details of the free exchange arrangement will be
provided to the Shareholders in the Circular.

As at the date of this announcement, the board of directors of
the Company comprises two executive directors, namely, Messrs.
Zen Wei Peu, Derek and Yu Sai Yen, and two independent non-
executive directors, namely, Dr. Chow Ming Kuen, Joseph and Mr.
Ng Chi Ming, James.

This Stock Exchange of Hong Kong announcement is dated June 21,
2004.


RISING LEADER: Winding Up Hearing Slated for July 7
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Rising Leader Company Limited by the High Court of Hong Kong was
on May 19, 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 14, 2004.

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.

ARTHUR K.H. CHAN & CO.
Solicitors for the Petitioner,
Unit C1, 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 13th day of July
2004.


ROBERTSON PRODUCTS: Sets Annual Meeting of Members and Creditors
----------------------------------------------------------------
The annual meetings of members and creditors of ROBERTSON
PRODUCTS LIMITED (In Creditor's Voluntary Liquidation will be
held at 13/F., Gloucester Tower, The Landmark, 11 Pedder Street,
Central, Hong Kong on July 9, 2004 at 2:30 p.m. and 3:00 p.m.
respectively for the purpose of having an account laid before
the meetings by the liquidators of their acts and dealings and
of the conduct of the winding-up during the year ended May 12,
2004.

Forms of the general proxy to be sued at the meetings must be
lodged at our office at 13th Floor, Glouceter Tower, the
Landmark, 11 Pedder Street, Central, Hong Kong or sent by
facsimile to 2218 3500 not later than 4:00 p.m. on the day
before the meetings. Proxies need not be members or creditors of
the Company.

Wong Kwok Man
Joint and Several Liquidator.

This Quamnet announcement is dated June 18, 2004.


ROOTS (CHINA): Schedules Winding Up Hearing on July 14
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Roots (China) Limited by the High Court of Hong Kong was on May
19, 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 14, 2004.

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.

ARTHUR K.H. CHAN & CO.
Solicitors for the Petitioner,
Unit C1, 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 13th day of July
2004.


SPEEDY PLAN: Sets Winding Up Petition Hearing on July 7
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Speedy Plan Limited by the High Court of Hong Kong was on May
25, 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.

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.

ARTHUR K.H. CHAN & CO.
Solicitors for the Petitioner,
Unit C1, 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 6th day of July
2004.


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=================


ASIA PULP: Admits Involvement of Staff in Debt-Swap Vote
--------------------------------------------------------
Asia Pulp & Paper (APP) has acknowledged that many voters who
approved the controversial debt-for-equity swap at its Chinese
holding company last year were Taiwanese employees, the
Financial Times reports. The admission confirmed some creditors'
doubts over the vote's legitimacy.

Indonesian-controlled APP was responsible for the largest
corporate default, at US$13.9 billion, in the history of
emerging markets. In a vote last year, creditors agreed to a
scheme, which was subsequently approved by a Bermuda court, for
a debt-for-equity swap that gave them 99.9 per cent of the
equity in its Chinese holding company, APP China Group.

According to the Financial Times, a senior advisor to APP said
Thursday that creditors holding 20-25 per cent of the Chinese
company's US$400m debt were Taiwanese employees of APP who
worked for the firm in Indonesia.

The senior advisor's statement comes on top of the revelations
of Robert Apfel, president of Bondholder Communications Group
and a former contractor of APP, who quit working for the company
after discovering that the scheme appeared to be the subject of
a "very professionally organized" fraud.

In a letter dated last week to the Financial Times, Mr. Apfel
declared that 150 of the 300 creditors listed at the Bermuda
vote were Taiwanese nationals portrayed to be holding between
US$200,000 and US$2.25 million debt. They were thought to hold a
total of US$200,000 of the US$400 million issued by the Chinese
holding company.

The letter confirmed suspicions among foreign creditors that APP
and its controlling Widjaja family may have purchased
substantial portions of the company's debt in an effort to
manipulate the restructuring scheme.


BANK NEGARA: Shelves Rights Issue Plan
--------------------------------------
Due to the current unfavorable market situation, state-owned PT
Bank Negara Indonesia (BBNI.JK) has cancelled its plan to issue
rights shares next month, Dow Jones reports, citing BNI
President Sigit Pramono.

According to Mr. Sigit, an exodus of funds from emerging markets
ahead of an expected U.S. interest rate hike has hit Indonesia's
markets, making it more difficult for BNI, which is 99.12-
percent owned by the government, to issue the rights shares,
which was projected to raise IDR1 trillion to bolster the bank's
working capital.


BANK PERMATA: Indonesian Parliament Junks Temasek Bid
-----------------------------------------------------
The bid by Singapore investment holding company Temasek for 51
percent of Bank Permata has been rejected by Indonesia's
parliament, citing competition issues, reports Channel News
Asia, quoting the Bisnis Indonesia newspaper.

According to the report, parliament rejected Temasek's bid in
order to increase competition and at the same time avoid
domination by certain investors in the banking sector. Temasek,
together with Deutsche Bank, already holds 61.8 percent of Bank
Danamon. It also controls along with South Korea's Kookmin Bank
51 percent of Bank Internasional Indonesia.

The Indonesian government plans to sell 20 percent of Permata on
the stock market this year and offer 51 percent to a single
investor or a group of investors.


HANJAYA MANDALA: May Issue Bonds to Pay Debt
--------------------------------------------
Indonesia's second largest cigarette producer PT Hanjaya Mandala
Sampoerna (HMSP.JK) is considering issuing bonds to refinance
some IDR1 trillion in debt due in January 2005, Dow Jones
reports.

In a statement Friday, the firm's president director Michael
Sampoerna said they are still on the lookout for various
options, including a bond issue, to repay its debts, which stand
at IDR2.3 trillion as of March 31. He, however, did not say
whether the company would issue IDR1 trillion worth of bonds. He
added they would decide in the next couple of months.


PERTAMINA: Junket Could Lead to Lawmakers' Prosecution
------------------------------------------------------
Indonesian legislators who took part in a controversial overseas
trip allegedly funded by state oil and gas firm PT Pertamina
could face 20 years in prison if they could not clarify the
payouts to the anti-corruption commission (KPK) within 30 days,
The Jakarta Post reported.

According to KPK deputy head Erry Riyana Hardjapamekas, the
lawmakers must prove the funds were not illegal gratuities from
Pertamina. Failure to do so means they could serve four to 20-
year jail terms.

Under Law No. 20/2001 on corruption, "any form of gratuity given
to government employees or state officials is considered a bribe
if it is related to one's position and goes against one's duties
or obligations to the public." Those receiving IDR10 million or
more worth of gratuities must be able to explain that they are
not bribes.

More than a dozen members of the House of Representatives
Commission VIII on mining and energy went on a junket to Hong
Kong and South Korea to get information about the tanker market
and the Very Large Crude Carriers (VLCCs) from consultant
Goldman Sachs and tanker maker Hyundai Heavy Industries. Some,
according to reports, even brought their wives with them.

It had been widely-reported that Pertamina had financed the trip
to get the Commission's approval on the intended sale of the two
VLCCs.

The involved legislators first claimed the IDR150 million budget
for the trip was from the Commission, but later admitted that
the amount was "borrowed" from Pertamina following the release
of an internal memo which confirmed Pertamina's funding of the
trip.

Still, Pertamina denied the allegations, saying that the
internal memo was annulled because it was incorrect.

KPK said it would investigate the memo's authenticity.

Last week, the parliament opposed the sale of the VLCCs, saying
that keeping the tankers could benefit the firm in the long run.
They, however, let the government make the final call.

In order to ease Pertamina's cash flow problems, Minister of
State Enterprises Laksamana Sukardi later approved the deal.
Pertamina has reportedly started the sale of the two VLCCs to
Norway's Frontline Ltd for a total of $184 million.


PERTAMINA: To Explore Algeria and Iran Oil Fields
-------------------------------------------------
Indonesia's state oil and gas company PT Pertamina has announced
its plans to explore Iran's Khoramabad Basin block and three
other oil fields in Algeria, Asia Intelligence Wire reports,
citing Pertamina's director for upstream affairs Bambang
Nugroho.

According to Mr. Bambang, the firm is readying its bid for the
Khoramabad block exploration in partnership with Petrovietnam
Investment Development Company (PIDC) and Singapore's Shenika,
which will take charge of the tender.

After conducting a geological study, the firm is likewise
preparing a cooperation for the exploration of the three
Algerian oil exploration blocks.


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


KOWA REAL: Y175.7B Debts to Mizuho May Be Irrecoverable
-------------------------------------------------------
Mizuho Corporate Bank, Ltd. (MHCB), in a press release,
concluded the agreement of financial assistance to the business
restructuring of Kowa Real Estate Group today, with the related
entities including Kowa Real Estate Co., Ltd. Notice is hereby
given that, as a result of this development, the possibility has
arisen that certain claims, which will be left within the
Company after completing the business restructuring, may be
delayed or become irrecoverable.

MHCB, which is the main financing bank of the Company, will
continue to support Kowa Real Estate Group's efforts to
implement the above business restructuring steadily.

(1)  Outline of Kowa real Estate Group

(1) Location: 4-12-24, Nishi-Azabu, Minato-ku, Tokyo
(2) Representative: Mr. Yuji Watanabe
(3) Capital: JPY 1.800 billion

(2)  Details of Relevant Development

MHCB, the Company and its subsidiary Kowa Real Estate Sales Co.,
Ltd. concluded the agreement of financial assistance to the
business restructuring of Kowa Real Estate Group today.
The Company will split a part of its business to Kowa Real
Estate Sales Co., Ltd. at the end of this September.

(3)  Amount of claims, which may be delayed or become
irrecoverable Mizuho Corporate Bank, Ltd.  Estimated loan amount
of JPY 175.7 billion as the remaining balance for the Company
after the corporate split, out of total claims of JPY 218.363
billion against the Company

(4)  Effect of this Development on Profits/Losses of Mizuho
Financial Group, Inc.

Mizuho will recognize appropriate loss amounts for the uncovered
portion of remaining claims against the Company in this fiscal
year.

However, this development will have no effect on Mizuho's
previously announced earnings estimates for this fiscal year.


MATSUSHITA ELECTRIC: Slashing 3,000 Jobs
----------------------------------------
Despite returning to profit for the first time in three years,
Matsushita Electric Industrial Co. is planning to cut about
3,000 jobs from its group workforce in Japan along with a plan
to shift production of unprofitable electronics parts and
batteries offshore by the end of next March, Kyodo News reports.

The electronics maker, which returned to profit in the business
year that ended March 2004, will introduce an early retirement
scheme next month.


MITSUBSIHI FUSO: Discloses Fire Accident in Nagano Prefecture
-------------------------------------------------------------
Mitsubishi Fuso Truck and Bus Corporation, in a press release,
announced that a fire accident occurred on June 15, 2004 in the
evening at Zakoji Parking Area, Chuo Highway, Nagano Prefecture.

The affected vehicle was a Mitsubishi Fuso heavy-duty truck.
Details of the accident are not yet confirmed, but because this
vehicle is of the same model relating to the quality issue
concerning the rear hub bearing, Mitsubishi Fuso will send
direct mails to the owners of this model from Tuesday,
requesting to have their vehicles inspected at their dealership.


MITSUBISHI MOTORS: Data on 20,000 Defect Claims Found At Dealers
----------------------------------------------------------------
Scandal-ridden Mitsubishi Motors Corporation (MMC) revealed
Friday that more than 20,000 consumer complaints about defects
in its vehicles remained in the hands of dealers nationwide
without being examined or verified by the automaker, according
to Kyodo News, citing Mitsubishi Motors executive officer
Michihiro Honda.

The carmaker made the discovery after an in-house investigation
carried out since June 2, 2004.


MITSUBISHI MOTORS: R&I Downgrades Rating to CCC+
------------------------------------------------
Rating and Investment Information, Inc. (R&I) has removed the
following ratings of Mitsubishi Motors Corporation from the
Rating Monitor scheme and has downgraded them as follows:

ISSUER: Mitsubishi Motors Corp. (Sec. Code: 7211)
Senior Long-term Credit Rating

R&I RATING: CCC+
(Downgraded from B-; Removed from the Rating Monitor scheme)
Long-term Bonds (2 series)

R&I RATING: CCC+
(Affirmed; Removed from the Rating Monitor scheme)
Domestic Commercial Paper Programme

R&I RATING: c
(Downgraded from b; Removed from the Rating Monitor scheme)

RATIONALE:

Customer confidence in product safety and quality, a lifeline
for auto manufacturers, has been severely damaged at Mitsubishi
Motors by incidents that include the disclosure of repeated
recall cover-ups and the arrest of former managers. A rapid
recovery in the company's operational base is difficult to
envisage, and the preconditions for the business revival plan
announced in May are beginning a significant breakdown. Starting
with the Ministry of Land, Infrastructure and Transport, a
growing number of government ministries and agencies are
suspending the company from bidding for orders, and this has
spurred a decline in the strength of the brand. A preferred
stock capital increase totaling 295.0 billion yen including the
Mitsubishi group and China Motors is scheduled for the second
half of June, and this is expected to improve equity capital as
well as reducing liabilities and increasing funds on hand at the
moment. However, it is possible that funds to make up for the
losses would expand as sales slow sharply. In addition to this,
there is also the possibility that the difficulty of
negotiations with banking syndicates will also grow against a
background of rising social criticism in the event of
refinancing, for example, and bleak expectations for business
performance.

R&I has hitherto maintained the company on its Rating Monitor
scheme with a view to downgrading the B- rating given the
urgency of rebuilding and stabilizing the operational base.

However, R&I considers that the effectiveness of the business
revival plan, including financial management, has diminished
with the extreme deterioration in business performance, and it
has downgraded the Senior Long-term Credit Rating to CCC+. R&I
is positioning CCC+ of Senior Long-term Credit Rating as the
lowest grade of the company that continues as a going concern.

The rating is removed from the Rating Monitor scheme. Moreover,
the ratings for individual bonds have hitherto been set one
notch lower than the Senior Long-term Credit Rating taking into
consideration the recovery risk. However, as the recovery risk
is expected to be resolved through the purchase of preferred
stock scheduled for late June and the securitization of
liabilities, R&I have removed the notch disparity on this
occasion. With the regard to the rating for the commercial paper
programme, R&I considers that it will be difficult to operate a
stable programme under such conditions, and it is downgrading
from the previous (b) to (c).

R&I RATINGS:

ISSUER: Mitsubishi Motors Corp. (Sec. Code: 7211)

Senior Long-term Credit Rating: CCC+ (Downgraded from B-;
Removed from the Rating Monitor scheme)

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 5 May 28, 1997 May 28, 2009 Yen 30,000
Unsec. Str. Bonds No. 6 May 28, 1997 May 28, 2007 Yen 10,000

R&I RATING: CCC+ (Affirmed; Removed from the Rating Monitor
scheme)

ISSUE: Domestic Commercial Paper Programme

Issue Limit: Yen 250,000 million

R&I RATING: c (Downgraded from b ;
Removed from the Rating Monitor scheme)


MITSUBISHI MOTORS: Japanese Governments Shun Mitsubishi Cars
------------------------------------------------------------
Forty-two of Japan's 47 prefectural governments have stopped
buying Mitsubishi cars and trucks after a series of vehicle
defect cover ups, according to a Kyodo News survey released
Saturday.

In addition, 12 of 13 major cities have also stopped buying
vehicles from Mitsubishi Motors Corporation and Mitsubishi Fuso
Truck & Bus Corporation, with about 60 percent of the other
prefectural capital cities having taken similar steps.


SKYNET ASIA: May Seek IRCJ Support
----------------------------------
Skynet Asia Airways Co. is planning to seek support from the
state-backed Industrial Revitalization Corporation of Japan
(IRJC) after posting a net loss of JPY980 million last year,
Kyodo News reported on Saturday.

The struggling Miyazaki-based airline, which began flight
services between Tokyo and Miyazaki in 2002, brought its
cumulative deficit to about JPY4 billion.


UFJ HOLDINGS: Issues Statement on Administrative Actions
--------------------------------------------------------
UFJ Holdings and UFJ Bank received administrative sanctions from
the Japanese Financial Services Agency (FSA) on 18 June 2004.

In a company press release, UFJ takes this extremely seriously
and will undertake a series of measures to reinforce its
internal control systems in order to prevent these problems from
recurring in the future. UFJ regrets and sincerely apologizes
for the concern amongst its customers, shareholders and other
related parties that this has caused. The measures announced
today are also aimed at restoring confidence in UFJ as quickly
as possible.

Summary

UFJ understands that imperfections in the internal control
systems of UFJ Holdings and UFJ Bank led to the FSA taking the
administrative actions.

The UFJ Group makes a strong commitment to part from the past
and reinforce its internal control framework under the
leadership of the new management team, which was announced on
May 24th.

(1) Details of the administrative actions

The administrative actions we received today are as follows:

(A) UFJ response to the FSA's inspections

(1) Details of the administrative action

UFJ received the administrative action due to the following
reasons:

In the course of the FSA's inspections, there were deeds, which
were considered to be evasions from inspection, and
inappropriate responses to the inspections, including "movement
and concealment of documents and data that could have
substantially affected the classifications etc., had been
systematically conducted", "false responses regarding the
existence of separate rooms to stock documents", "destroying
some of the documents in the presence of inspectors",
"submission of altered documents, such as minutes of meetings
related to credit assessment and documents concerning a specific
borrower requested by inspectors, was systematically conducted",
"false explanations regarding some borrowers based on
concealment of documents and data".

As a result of these deeds and responses to the inspections, it
became difficult to correctly judge the classifications of
borrowers and the needed level of write-offs and provisions.
Moreover, efficient implementation of the inspections was
hampered and, as a result, the inspection period was
considerably prolonged.

The details of the administrative action are as follows:

(i)    The bank must strengthen its operations and internal
controls to properly receive the FSA's inspections.

(ii)   The bank must strengthen internal controls in order to
enhance compliance functions and to ensure the proper management
of operations.

(iii)  The bank must submit a business improvement plan to the
FSA.

(iiii) The bank must report the progress in the implementation
of the plan to the FSA on a quarterly basis.

(2) UFJ's understanding

"We sincerely regret that, in the course of the inspections,
there were some dissatisfactory and careless actions, which
could have been construed as violations of laws and ordinances,
although the actions were not so intended."

"We recognize that inadequacies in our internal control
framework caused these actions."

(3) Measures to prevent recurrence

UFJ Bank will take the following measures to prevent recurrence,
in addition to aggressively improving its compliance framework:

The bank will take measures such as restructuring its internal
control systems, reviewing its procedures to monitor large
troubled borrowers, and others.

Specifically, the bank will invite external specialists to
establish a "Credit Risk Management Committee", in order to
secure objective views of third parties. In addition, aiming to
strengthen mutual checking in credit risk management, the bank
will strengthen checking functions among the related divisions
by establishing a team, which will specialize in large
borrowers, within the Internal Audit Department.

The bank will review its rules on self-assessment, provisions
and write-offs, and disclosure of problem loans under the
Financial Reconstruction Law etc., and will thoroughly apply
these rules, and will heighten employees' awareness of
compliance.

(B) Failure to meet the profit target stated in plan to
revitalize management

(1) Details of the administrative action

In addition to the business improvement order based on the
financial results for fiscal 2002, UFJ received another business
improvement order, since profit for fiscal 2003 largely
undershot the target stated in the plan to revitalize
management.

The details of the order were as follows:

(i)   UFJ Holdings must revise its ongoing business improvement
plan and submit a new business improvement plan to the FSA,
which contains measures to establish responsible management and
to fundamentally improve profitability.

(ii)  UFJ Holdings must steadily implement the new business
improvement plan.

(iii) UFJ Holdings must report the progress in the
implementation of the plan on a quarterly basis, until it is
confirmed that the plan is fully implemented.

(2) UFJ's understanding

"We deeply regret that we posted a net loss as amounting to
372.3 billion yen (on a combined basis for UFJ's subsidiary
banks) so as to receive business improvement orders for two
consecutive years."

In spite of reporting a business profit before net transfer to
general reserve, which shows the profitability of our core
businesses, which overshot the plan to revitalize management,
net income largely undershot the target, because credit related
expenses exceeded the plan. This was because the bank increased
provisions primarily for large borrowers, considering the
uncertainty to incur unexpected additional losses in reducing
its problem loan ratio by half, by the end of fiscal 2004.

(3) Measures to prevent recurrence

The new management team will prepare a business improvement plan
in accordance with the FSA's guidelines. This plan will include
aggressive measures to increase profitability, such as the
development of marketing systems to expand our customer base.
UFJ's new management team is committed to making every effort to
achieve the new measures, which will be laid out in the business
improvement plan.

UFJ has already implemented large reduction in the compensation
for directors and executive officers, and are considering a 20%
reduction in bonuses for employees for the first half of this
fiscal year.

(C) Stance on loans to small- & medium-sized enterprises (SMEs)

(1) Details of the administrative action

UFJ's procedure to monitor and verify SME lending was deemed to
be inadequate by the FSA. UFJ received a business improvement
order, since the FSA deemed this to be "a case where a bank is
deemed not to properly comply with the plan to revitalize
management", which was stated in the "administrative treatment
related to follow up of the capital injected banks".

The details of the administrative order were as follows:

UFJ Holdings and UFJ Bank must submit business improvement plans
to the FSA, which contain concrete measures to improve the
management of loans to SMEs.

UFJ Holdings and UFJ Bank must steadily implement the business
improvement plans.

UFJ Holdings and UFJ Bank must report the progress in the
implementation of the plans on a quarterly basis, until their
completion.

(2) UFJ's understanding

"We deeply regret that, at UFJ Bank, the procedure to manage SME
lending, an important item in the plan to revitalize management,
has not adequately functioned."

Specifically, the rules for registering customer information
such as industries, capital and number of employees for
segmenting purposes, and extraction of individual loans for
businesses, were not appropriate, and that examination of
accuracy in segmentation and registration was inadequate. As a
result, the bank counted some loans to large corporations as
lending to SMEs, and missed some SME lending.

In addition, since there were inadequacies in the measures taken
by the headquarters and the instructions given to branches, the
bank reported a certain amount of short-term lending at the
fiscal year end, which did not necessarily fit this purpose.

UFJ Holdings, which has a direct obligation to report to the
FSA, has reported figures without adequate examination.

"We sincerely apologize that our database management has not
appropriately functioned and that, as a result, we have
submitted inaccurate reports."

(3) Measures to prevent recurrence

UFJ will make and submit a business improvement plan, which
includes reform of the database management, based on appropriate
customer segmentation. In addition we will promote reform in our
lending business, and will review our marketing platform, in
accordance with the objectives of Law No.5 relating to Emergency
Measures for Early Reconstruction of Financial Systems. By these
measures, we will further provide sufficient funds in response
to the financing needs of healthy SMEs.

In addition, we are currently examining past results.

(D) Internal control framework related to credit risk management

(1) Details of the administrative action

"We received an administrative action because the FSA found a
critical imperfection in our internal control framework,
including inadequacy regarding appropriate procedures to manage
credit risk and intersectional monitoring functions. The
imperfection was demonstrated by the fact that provisions were
increased by JPY500 billion, when we announced our financial
results. This increase was deemed necessary, as we did not make
a management decision to revise earnings forecasts for fiscal
2003, based on an adequate review of provisions."

The details of the administrative action were as follows:

With a view to further enhancing credit risk management through
timely and correct understanding and control of future risk
factors, UFJ Holdings and UFJ Bank must strengthen internal
controls.

UFJ Holdings and UFJ Bank must submit business improvement plans
to the FSA, and steadily implement these plans.

UFJ Holdings and UFJ Bank must report progress in the
implementation of the plans on a quarterly basis, until their
completion.

(2) UFJ's understanding

(i)   UFJ Holdings revised its fiscal 2003 earnings forecasts on
April 28th followed by the announcement of the financial results
on May 24th. The earnings announcement on May 24th was
substantially different from the revised forecasts announced in
April.

(ii)  The difference between the two announcements resulted from
the approximately 500 billion increase in the amount of
reserves for loan losses at UFJ Bank. This increase reflected
our sufficiently considered and conservative forecasts that our
actions toward reducing the amount of problem loans would
increase uncertainty related to unexpected credit related
expenses.

(iii) However, if we had made such a decision on April 28th, we
would not have given concern to our customers, shareholders and
other related parties by the second revision.

(3) Measures to prevent recurrence

UFJ Holdings and UFJ Bank will clarify their stance in credit
risk management, reinforce the functions of the Board of
Directors' Meetings and improve internal control framework,
including strengthening intersectional monitoring functions
through the following measures, aiming to be able to make
sufficiently considered and conservative management decisions
concerning credit risk:

The bank will invite external specialists to establish a "Credit
Risk Management Committee" in order to secure objectivity.

The revision of rules and other important issues will be
discussed at the Credit Risk Management Committee.

The function of the Board of Directors will be reinforced in
order to strengthen intersectional monitoring, by reflecting the
opinions of the Credit Risk Management Committee into its
decision-making process.

(2) Future Direction of Management

The management teams of UFJ Holdings and UFJ Bank take the
business improvement orders very seriously. UFJ will place
improvement in corporate governance, primarily of the internal
control framework such as credit risk management, as a top
priority.

In addition to implementing the measures stated above to prevent
these problems from recurring, UFJ will make efforts to improve
transparency in management, including referring to objective
opinions of third parties. For this purpose, UFJ will consider
to become a corporation with an executive committee corporate
governance structure, as defined by the Japanese Commercial
Code.

"We are determined to implement thorough management reforms, in
order to part from the past. Our strong determination is
demonstrated by the complete renewal of our management teams as
well as the decision to reduce compensation for directors and
executive officers and bonuses for employees."

(3) Clarification of responsibilities

In response to the series of administrative actions, we will
clarify responsibilities.

(1) The previous top management, namely, the Presidents of UFJ
Holdings, UFJ Bank and UFJ Trust Bank, have already resigned or
been scheduled to resign, based on the fact that we posted a net
loss and suspend dividend payment to common shareholders for
fiscal 2003.

(2) Compensation for all directors and executive officers will
be cut by half for the time being. (Compensation for corporate
auditors will be discussed at the Board of Corporate Auditors.)

(3) In addition, in terms of the senior management, who were in
charge of the areas where we received the administrative orders,
six have already resigned or been scheduled to resign, and a
penalty (additional reduction in compensation by 5-15%) will be
applied to five of these executives.

(4) Furthermore, UFJ plans to further clarify responsibilities
of employees at senior positions, who are responsible for the
areas concerned by the administrative orders.


UFJ HOLDINGS: To Sell Unit for US$2.63 Billion
----------------------------------------------
UFJ Holdings Inc. plans to sell its trust-banking unit UFJ Trust
Limited to Sumitomo Trust & Banking Co. for JPY300 billion
(US$2.63 billion) in a move to shore up UFJ's capital base, Dow
Jones reports.

UFJ, which is under pressure from regulators to speed up its
write-offs of bad debt, is expected to report a group net loss
because of increased debt write-offs for the fiscal year ended
March 31, its third straight year in the red.

Under the proposed sale plan, UFJ Trust's corporate-lending
operations will be transferred to UFJ Bank Ltd., the group's
commercial-banking unit, as originally planned. But the rest of
the trust bank's businesses will be sold to Sumitomo Trust,
which will is likely to take place later this year.


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


KOOKMIN BANK: Hopes Overseas Investors Will Buy 8% Stake
--------------------------------------------------------
Kookmin Bank hopes overseas investors will purchase a stake it
is selling, Yonhap News reports.

Starting next month, the bank is permitted to sell the 8.15-
percent in treasury stocks it acquired from the South Korean
government last year, but the stake will not be sold on the
domestic market, the report said.


LG CARD: KDB Predicts W500B Loss This Year
------------------------------------------
LG Card Co. will probably post a loss of more than KRW500
billion (US$432 million) for this year because of bad-loan
write-offs, the International Herald Tribune reports, citing the
Korea Development Bank. The expected loss may delay plans to
sell the credit card company.

According to Korea Development Bank governor Yoo Ji Chang
Friday, it is probable that LG Card will be profitable next
year. He added that it might take a longer-than-expected two
years to whip LG Card into shape. The state-owned bank, which is
managing LG Card on behalf of creditors, is its biggest
shareholder with a 25 percent stake.

The projected KRW500 billion recurring loss, which excludes one-
time items, compares with a KRW5.57 trillion loss in 2003.


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


ADVANCE SYNERGY: Unit Signs MOU With Unified Communications
-----------------------------------------------------------
Advance Synergy Berhad disclosed to Bursa Malaysia Securities
Berhad that its 58.3 percent owned subsidiary, United
Communications Holdings Ltd. (UCH) which is listed on the SGX,
had on 18 June 2004 released their announcement and press
release concerning the signing of a Memorandum of Understanding
(MOU) between Unified Communications Sdn Bhd, a wholly-owned
subsidiary of UCH and Quintum Technologies Inc, a company
incorporated in the United States of America and a leading voice
over internet protocol equipment manufacturer.

Please refer to the attached file for the said announcement and
press release made by UCH to the SGX.
http://bankrupt.com/misc/ADVANCESYNERGI061804.pdf
http://bankrupt.com/misc/advancesynergy061804_2.pdf

This announcement is dated 18 June 2004


AKTIF LIFESTYLE: Shareholders Approve Proposed Unit Disposal
------------------------------------------------------------
The Board of Directors of Aktif Lifestyle Berhad announced to
Bursa Malaysia Securities Berhad that at its Extraordinary
General Meeting held on 18 June 2004 the shareholders of Aktif
have approved the ordinary resolution in respect of the Proposed
Disposal of Aktif Lifestyle Stores Sdn Bhd as set out in the
Notice of EGM dated 31 May 2004.

This announcement is dated 18 June 2004.


ANCOM BERHAD: Releases Result Of Shares Buy Back
------------------------------------------------
Ancom Berhad disclosed to Bursa Malaysia Securities Berhad that
it has completed its shares buy back on June 18, 2004.

Description of shares purchased: Ordinary shares of RM1.00 each

Total number of shares purchased (units): 42,300

Minimum price paid for each share purchased (RM): 0.830

Maximum price paid for each share purchased (RM): 0.850

Total consideration paid (RM):

Number of shares purchased retained in treasury (units): 42,300

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

Cumulative net outstanding treasury shares as at to-date
(units): 3,008,100

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


ANTAH HOLDINGS: Acquires Antah Healthcare As New Subsidiary
-----------------------------------------------------------
Further to the announcement made on 25 May 2004, the Board of
Antah Holdings Berhad (AHB) announced to Bursa Malaysia
Securities Berhad that on 18 June 2004, AHB had acquired the
entire issued and paid-up share capital of RM2.00 comprising 20
ordinary shares of RM0.10 each in Antah HealthCare Group Bhd
(Antah HealthCare). Antah HealthCare was incorporated on 28 May
2004.

The purpose of acquiring Antah HealthCare is to undertake the
listing of AHB's subsidiaries involved in the pharmaceutical and
healthcare industry on the MESDAQ Market of Bursa Malaysia
Securities Berhad.

The acquisition of the abovementioned new subsidiary is not
expected to have any material effect on the earnings or net
tangible assets per share of AHB Group for the year ending 30
June 2004.

None of the Directors and substantial shareholders of AHB have
any direct or indirect interest in the said acquisition.

This announcement is dated 18 June 2004.


BERJAYA GROUP: BMSB Suspends Trading Effective June 21
------------------------------------------------------
Bursa Malaysia Securities Berhad (BMSB) announced that the
trading in the securities of Berjaya Group Berhad has been
suspended effective 9:00 a.m., Monday, 21 June 2004. Trading in
its securities will resume effective 9:00 a.m., Tuesday, 22 June
2004.

Your attention is drawn to the announcement dated 19 June 2004
submitted by Commerce International Merchant Bankers Berhad.


BERJAYA GROUP: Issues Update To Proposals
-----------------------------------------
Berjaya Group Berhad disclosed to Bursa Malaysia Securities
Berhad update to the following proposals:

- Proposed disposal of shares and warrants in Hyundai-Berjaya
Corporation Berhad;

- Proposed disposal of shares in Hyumal Motor Sdn Bhd; and

- proposed disposal of shares in Inokom Corporation Sdn Bhd

TO SIME DARBY BERHAD

Berjaya Group refers to its announcement dated 17 June 2004 in
relation to the revised offer from Sime Darby Berhad (Sime) for
the company's stake in Hyundai-Berjaya Corporation Berhad at the
revised offer price of RM3.60 per ordinary share and RM2.60 per
warrant (Revised Offer).

The Board of Directors of the Company is pleased to announce
that on 18 June 2004, the Company and certain selling
shareholders to be procured by the Company have accepted the
Revised Offer from Sime.

The detailed announcement on the Revised Offer will be made upon
execution of the separate sale and purchase agreements.


BERJAYA SPORTS: Releases Quarterly Report For April 30 Period
-------------------------------------------------------------
Berjaya Sports Toto Berhad disclosed to Bursa Malaysia
Securities Berhad its unaudited Quarterly report for the
financial period ended April 30, 2004.

SUMMARY OF KEY FINANCIAL INFORMATION
30/04/2004


INDIVIDUAL PERIOD                    CUMULATIVE PERIOD
    CURRENT YEAR  PRECEDING YEAR  CURRENT YEAR   PRECEEDING YEAR
    QUARTER       CORRESPONDING   TO DATE        CORRESPONDING
                  QUARTER                              PERIOD

30/04/2004        30/04/2003      30/04/2004      30/04/2003

RM'000            RM'000          RM'000          RM'000

(1) Revenue
    634,865       619,145         2,476,559       2,205,646

(2) Profit/(loss) before tax

    100,306       85,980          436,891         393,560

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

    -95,456       50,574          134,042         257,479

(4) Net profit/(loss) for the period
    -95,456       50,574          134,042         257,479

(5) Basic earnings/(loss) per shares (sen)
    -10.15        6.97            15.86           39.84

(6) Dividend per share (sen)
    14.40         20.16           20.16           162.36

AS AT END OF CURRENT QUARTER    AS AT PRECEDING FINANCIAL YEAR
END

(7) Net tangible assets per share (RM)
    0.7700                      0.9400

For more information, click
http://bankrupt.com/misc/berjayasports061804.xls


CONSOLIDATED FARMS: Seeks Consideration To Pay Debts
----------------------------------------------------
Further to the announcement under Practice Note No. 1/2001 on 11
June 2004, the Board of Consolidated Farm Berhad announced to
Bursa Malaysia Securities Berhad that the Confarm Group is
unable to pay the additional principal in respect of its credit
facilities as set out in Table 1.

The Company and its financial advisors, Deloitte KassimChan
Business Services Sdn Bhd, have met with the respective lenders
to apprise them on Confarm Group's current financial condition
and have sought their indulgence and consideration to provide a
standstill period in respect of the Group's credit facilities
for it to carry out a financial review and, if appropriate,
formulate a restructuring/workout scheme.

This announcement is dated 18 June 2004.


Table 1
Additional Amount of Principal Due from 12 June to 18 June 2004

Lender         Borrower    Additional Amount Due  Type of
Facilities
                           from 12 June to
                           18 June 2004
                           (RM'000)
Malayan
Banking
Berhad        Confarm      362.0                 Bankers'
Acceptance                                                  (BA)
Bumiputra
Commerce
Bank
Berhad        Confarm      340.0                 BA
Total                      702.0

Note: The above figures are based on the respective companies'
records and exclude any penalty interest that may be charged by
the respective lenders.


FARLIM GROUP: Releases Update On Financial Assistance Rendered
--------------------------------------------------------------
Farlim Group (Malaysia) Berhad disclosed to Bursa Malaysia
Securities Berhad that pursuant to Paragraphs 8.23 and 10.08 of
the listing of Bursa Malaysia the financial assistance rendered
or made on June 18, 2004 as set out in the annexure.

To view full copy of Provision of Financial Assistance, click
http://bankrupt.com/misc/farlimgroup062104.xls


KRETAM HOLDINGS: Shareholders Approve Disposal Of Yunnan
---------------------------------------------------------
Kretam Holdings Berhad (KHB) disclosed to Bursa Malaysia
Securities Berhad the Proposed disposal by Rising Resources Sdn
Berhad (RRSB), a 91.7 percent subsidiary of KHB Nanyang
(Malaysia) Sdn Berhad, which is in turn a wholly owned
subsidiary of Kretam Holdings Berhad, of its entire 60 percent
equity interest in Yunnan Dehong Husong he power development co.
ltd. (Yunnan) to Yunnan Dehong Power Shareholding Co. Ltd.
(Dehong Power), and proposed assignment to Dehong Power of
Yunnan's debt in the sum of RMb102,023,200 (RM46.83 million) due
to RRSB and its wholly owned subsidiary, Rising Resources (BVI)
limited, for a total cash consideration of rmb160,000,000
(RM73.44 million).

This announcement is dated 18 June 2004.

On behalf of the Board of Directors of KHB, AmMerchant Bank
Berhad is pleased to announce that the shareholders of the
Company have, at the Extraordinary General Meeting (EGM)
convened on Friday, June 18, 2004 approved the ordinary
resolution as set out in the Notice of EGM dated 3 June 2004
pertaining to the Proposed Disposal of Yunnan.


MANGIUM INDUSTRIES: Releases Update On Proposals
------------------------------------------------
Mangium Industries Berhad disclosed to Bursa Malaysia Securities
Berhad an update on the following proposals.

I - Proposed debt settlement of Mangium Industries Berhad (MIB)
amounting to approximately RM53.35 million up to 31 December
2003 (including accrued interest up to 31 December 2003) between
the company and the secured and unsecured creditors to be
settled by a combination of new ordinary shares of RM1.00 each
in MIB, irredeemable convertible unsecured loan stocks (ICULS),
redeemable convertible secured loan stocks (RCSLS) and cash
payment (proposed debt settlement);

II - Renounceable rights issue of RM16.0 million nominal value
zero coupon 5-year ICULS together with 16.0 million free
detachable warrants attached on the basis of rm1.00 nominal
value ICULS with one (1) free detachable warrant attached for
every two (2) existing MIB shares (proposed rights issue of
ICULS);

III - Proposed joint venture between MIB and Telaga Chipmill Sdn
Berhad (TCSB);

IV - Proposed employee share option scheme for executive
directors and eligible employees of MIB and its subsidiaries
(Proposed ESOS); and

V - Proposed increase in the authorized share capital of MIB
from RM50,000,000 comprising 50,000,000 MIB shares to
RM200,000,000 comprising 200,000,000 MIB shares (proposed
capital increase).

With reference to the announcement dated 19 March 2004 whereby
OSK Securities Berhad (OSK) had, on behalf of Mangium Industries
Berhad (MIB), announced amongst others, that the submission of
the Proposals to the relevant authorities will be made within
three (3) months from the date of the announcement, i.e., by 21
June 2004.

On behalf of MIB, OSK announces that the application to the
relevant authorities in relation to the Proposals, will be
deferred for another three (3) months, i.e. to 21 September
2004, due to the delay in finalizing the financial forecast and
projections of MIB and its subsidiary companies.

This announcement is dated 18 June 2004.


MBF HOLDINGS: Unit Disposes Off Motor Vehicle For RM105,000
-----------------------------------------------------------
Pursuant to Paragraph 10.08 of the Listing Requirements of Bursa
Malaysia Securities Berhad, MBf Holdings Berhad (MBfH) announced
that its wholly-owned subsidiary, MBf Motors Sdn Bhd (MBf
Motors) had disposed one (1) unit of Hyundai Sonata 2.0L AT to
Nadin Management Sdn Bhd (Nadin) for a cash consideration of
RM105,000.00.

The sales transaction was carried out on an arm's length basis
based on the current market price of the motor vehicle.

Rationale for the Transaction

The disposal is in the ordinary course of business of MBf
Motors.

Financial Effect of the Transaction

Save as disclosed, the sale will not have any financial effect
to the Group.

Interests of Directors, Substantial Shareholders and Persons
Connected to the Directors and Substantial Shareholders

Dr. Ninian Mogan Lourdenadin, the Chief Executive
Officer/Executive Director of MBfH declared his interest in the
above transaction by virtue of his directorship and substantial
shareholding in Nadin.

Ms Susan a/p Rajanayagam, the Managing Director of MBfH is also
a Managing Director of Nadin and a Director of MBf Motors.

Save as disclosed, none of the Directors, substantial
shareholders and persons connected with the Directors and/or
substantial shareholders of MBfH have any interest, direct or
indirect in the above transaction.

Approval Required

The transaction is not subject to any approval.

Directors' Recommendation

The Board of Directors having considered all the relevant
factors is of the opinion that the above transaction is in the
ordinary course of business and is on terms not more favorable
to the related party than those generally available to the
public.

Yours faithfully,
For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
18 June 2004


MBF HOLDINGS: To File Notice Of Appeal For Units Civil Suit
-----------------------------------------------------------
MBF Holdings Berhad would like to inform Bursa Malaysia
Securities Berhad on the filing of a statement of claim by Affin
Bank Berhad (Affin, the Plaintiff) against Sri Hartamas
Marketing Sdn Bhd (previously known as MBf Marketing Sdn Bhd)
and MBfH, as guarantor (the Defendants) for a claim of
RM554,661.91 excluding interest and costs.

Background

The Plaintiff had on 13 May 2002 filed a statement of claim
against the Defendants for the claim in respect of the
outstanding sum of overdraft facilities granted to Sri Hartamas
Marketing. Sri Hartamas Marketing, a former subsidiary of MBfH,
was disposed to Sri Hartamas Berhad (Special Administrators
appointed) (SHB), a former corporate shareholder of MBfH in
1995. MBfH was the guarantor for the facilities granted by the
Plaintiff to its then subsidiary, Sri Hartamas Marketing.

Pursuant to the sale and purchase agreement entered into between
MBfH and SHB on 17 July 1995, SHB is to assume all the
guarantees and liabilities of Sri Hartamas Marketing.

The Plaintiff had filed an application for summary judgement on
4 September 2003 which was fixed for hearing on 7 January 2004.
The hearing on 7 January 2004 had been deferred to 10 March 2004
wherein the matter was postponed to 19 May 2004. In the hearing
on 19 May 2004, the summary judgement was entered into against
Sri Hartamas Marketing. The hearing against MBfH was postponed
to 17 June 2004.

On 17 June 2004, the summary judgement has been granted to the
Plaintiff.

Financial Effect on MBfH Group

Save as disclosed, the matter will not have any financial effect
to MBfH Group.

Steps taken by MBfH

Our solicitors are in the process of filing a Notice of Appeal
together with a Stay of Execution on behalf of MBfH. The
solicitors have expressed their opinions that MBfH has an
arguable case against the Plaintiff.

Yours faithfully,
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
18 June 2004


OSK HOLDINGS: Shareholders Approve All Resolutions of EGM
---------------------------------------------------------
The Board of Directors of OSK Holdings Berhad announced to Bursa
Malaysia Securities Berhad that at the Extraordinary General
Meeting of the company held on Friday, 18 June 2004, at 10:00
a.m., the shareholders of the Company have approved all the
resolutions as stated in the Notice of Extraordinary General
Meeting contained in the Circular to Shareholders in relation to
the Proposed Listing of OSK Ventures International Berhad, a
wholly-owned subsidiary of OSK Holdings Berhad, on the MESDAQ
Market of Bursa Malaysia Securities Berhad.


OMEGA HOLDINGS: Discontinues Legal Action Filed To High Court
-------------------------------------------------------------
The Board of Directors of Omega Holdings Berhad announced to
Bursa Malaysia Securities Berhad that the following Suits have
been discontinued by the company and its subsidiary, Omega
Securities Sdn. Bhd. on 17th June, 2004.

(1) Kuala Lumpur High Court Civil Suit No. D1-22-1829-1999 Omega
Holdings Berhad versus Dato' Thiah Thee Kian, Abdullah Ayub, Yeo
Lee Hoe, Thiah Thee Peng, Theresa Hooi and TA Securities Berhad
(the OHB Suit);

Consolidated With

(2) Kuala Lumpur High Court Civil Suit No. D3-22-3058-1999 Omega
Securities Sdn. Bhd. versus Dato' Tiah Thee Kian, Abdullah Ayub,
Yeo Lee Hoe, Thiah Thee Peng, Theresa Hooi and TA Securities
Berhad (the OSSB Suit).

The OHB Suit was an action commenced against the Defendants to
recover a sum of RM80,000,000-00 being the paid-up capital of
Omega Securities Sdn. Bhd. a subsidiary of Omega Holdings Berhad
and for the value of a loan sum amounting to RM348,000,000-00
with interest accruing thereon.

The OSSB Suit was an action commenced by Omega Securities Sdn.
Bhd. with consent from its provisional liquidators against the
Defendants for inter-alia a sum of RM319,112,000-00.

In addition the following suits which were brought against the
Company and Omega Properties Sdn. Bhd. respectively have also
been discontinued. They are:

(1) Kuala Lumpur High Court Civil Suit No. S6(S9)-23-76-2000
Datuk Tiah Thee Kian, TA Securities Berhad versus Dato' Nik
Ibrahim Kamil Bin Ahmad Kamil and Omega Holdings Berhad (the
Defamation Suit) and

(2) Kuala Lumpur High Court Civil Suit No. S2-22-770-01 (former
Suit No. D1-22-3290-98) Binaprestij Maju Sdn. Bhd. (formerly
known as TA Builders Sdn. Bhd.) versus Omega Properties Sdn.
Bhd. (the Binaprestij Suit).

The Defamation Suit was commenced against Dato' Nik Ibrahim
Kamil Bin Ahmad Kamil and Omega Holdings Berhad for inter-alia
RM400,000,000-00 in general and exemplary damages.

The Binaprestij Suit is a claim of RM12,507,429-70 made against
Omega Properties Sdn. Bhd. on which summary judgement has been
obtained against Omega Properties Sdn. Bhd. in the sum
RM9,704,013-45 with interest accruing thereon. The balance sum
claimed was pending trial. Binaprestij Maju Sdn. Bhd. has
released and discharged Omega Properties Sdn. Bhd. from the
judgement sum of RM9,704,013-45 in addition to discontinuing the
Binaprestij Suit.


OSK HOLDINGS: Issues Details Of Shares Buyback
-----------------------------------------------
OSK Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad that it has completed its shares buy back on Friday, June
18, 2004.

Description of shares purchased: Ordinary Shares of RM1.00 each

Total number of shares purchased (units): 43,000

Minimum price paid for each share purchased (RM): 1.610

Maximum price paid for each share purchased (RM): 1.630

Total consideration paid (RM): 70,258.05

Number of shares purchased retained in treasury (units): 43,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 30,473,500

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


PANCARAN IKRAB: Issues Restructuring Scheme Update
--------------------------------------------------
Public Merchant Bank Berhad, on behalf of the Board of Dceil
International Berhad (DCIB), being the issuer of RM36,000,000
nominal value of zero coupon redeemable convertible unsecured
loan stocks 2004/2007 (RCULS),announced to Bursa Malaysia
Securities Berhad that the Board of DCIB has decided to fix the
conversion price of the RCULS at RM1.00 for every one (1)
ordinary share of RM1.00 each in DCIB.

The RCULS will be issued as part consideration for the Proposed
Acquisitions, which form part of the Proposed Restructuring
Scheme of Pancaran Ikrab Berhad (PIB), approved by the
shareholders of PIB at the Extraordinary General Meeting held on
29 April 2004.


PANTAI HOLDINGS: Purchases 47,000 Shares During Buy Back
--------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Pantai
Holdings Berhad announced that it has completed its shares buy
back on June 18, 2004.

Description of shares purchased: Ordinary shares of RM1.00 each

Total number of shares purchased (units): 47,000

Minimum price paid for each share purchased (RM): 0.845

Maximum price paid for each share purchased (RM): 0.850

Total consideration paid (RM): 40,023.37

Number of shares purchased retained in treasury (units): 47,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 19,521,000

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


SUBUR TIASA: Releases Result Of Shares Buy Back
-----------------------------------------------
Subur Tiasa Holdings Berhad disclosed to Bursa Malaysia
Securities Berhad that it has completed its shares buy back on
Friday, June 18, 2004.

Description of shares purchased:  Ordinary Shares of RM1.00 each

Total number of shares purchased (units): 167,000

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

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

Total consideration paid (RM): 469,389.84

Number of shares purchased retained in treasury (units): 167,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 10,608,200

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


SUNWAY HOLDINGS: Updates Conditional Voluntary Offer By CIMB
------------------------------------------------------------
Sunway Holdings Incorporated Berhad refers to 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), 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
and announced to Bursa Malaysia Securities Berhad that, CIMB, on
behalf of SunInc, had on 17 November 2003 served a notice of
Conditional Voluntary General Offer on the Board of SunCon in
relation to the offer.

Under Section 32 of the Malaysian Code on Take-Overs and
Mergers, 1998, 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 32(3) 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 18 June 2004,
details of which are:

Date     Counter
       (SunInc/SunCon)     Transaction   Quantity   Average
Price
                                                    (RM)

June 18, 2004 SunInc       Acquisition    56,000    1.57

This announcement is dated 18 June 2004.


SUNWAY HOLDINGS: Releases Update On General Offer By CIMB
---------------------------------------------------------
Sunway Holdings Berhad refers to the conditional voluntary
general offer by Commerce International Merchant Bankers Berhad
(CIMB) on behalf of Sunway Holdings Inc. Berhad for the
remaining ordinary shares of RM1.00 each in Sunway Construction
Berhad, which are not already owned by Suninc 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 and informs Bursa
Malaysia Securities Berhad that, CIMB, on behalf of SunInc, had
on 17 November 2003 served a notice of Conditional Voluntary
General Offer on the Board of SunCon in relation to the offer.

Under Section 32 of the Malaysian Code on Take-Overs and
Mergers, 1998, the officer/person acting in concert of the
Offeror and Offeree 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 32(3) of the Code, the company
announces that Mr. Evan Cheah Yean Shin, had dealt in the shares
of RM1.00 each in SunCon on his own account on 18 June 2004,
details of which are as follows:

Date            Counter
           (SunInc/SunCon)     Transaction    Quantity   ESOS
Price
                                                        (RM)
June 18, 2004 SunCon       Exercise of ESOS
                           (Acquisition)      26,400     1.25

June 18, 2004  SunCon      Exercise of ESOS
                           (Acquisition)      39,600     1.52

This announcement is dated 18 June 2004.


TAIPING SUPER: Shareholders Approve Ordinary Resolutions Of AGM
---------------------------------------------------------------
Taiping Super Berhad disclosed to Bursa Malaysia Securities
Berhad that all the Ordinary Resolutions as set out in the
Notice of Annual General Meeting (AGM) dated 28 May 2004 were
approved by the shareholders at the Ninth AGM of the Company
held on 18 June 2004.


TAIPING SUPER: Shareholders Approve Ordinary Resolutions Of EGM
---------------------------------------------------------------
Taiping Super Berhad disclosed to Bursa Malaysia Securities
Berhad that all the Ordinary Resolutions and Special Resolutions
as set out in the Notice of EGM dated 28 May 2004 were approved
by the shareholders at the EGM of the Company held on 18 June
2004.


TANJONG PUBLIC: Releases Quarterly Report For April 30 Period
-------------------------------------------------------------
Tanjong Public Ltd. Co. released to Bursa Malaysia Securities
Berhad its unaudited Quarterly report for the financial period
ended April 30, 2004.

SUMMARY OF KEY FINANCIAL INFORMATION
30/04/2004

         INDIVIDUAL PERIOD              CUMULATIVE PERIOD
    CURRENT YEAR  PRECEDING YEAR  CURRENT YEAR   PRECEEDING YEAR
    QUARTER       CORRESPONDING   TO DATE        CORRESPONDING
                  QUARTER                              PERIOD
    30/04/2004    30/04/2003      30/04/2004     30/04/2003
    RM'000        RM'000          RM'000         RM'000

(1) Revenue
    703,619       622,698         703,619        622,698

(2)Profit/(loss) before tax

    121,096       120,895         121,096        120,895

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

    81,435         83,954         81,435          83,954

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

    81,435         83,954         81,435           83,954

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

    20.48          21.68           20.48           21.68

(6) Dividend per share (sen)

    8.00           0.00             8.00            0.00

AS AT END OF CURRENT QUARTER   AS AT PRECEEDING FINANCIAL YEAR
END

(7) Net tangible assets per share (RM)

    5.5100                      5.3400

Note: For full text of the above announcement, please access the
Bursa Malaysia website at www.bursamalaysia.com

Remarks:
A first interim gross dividend of 8 sen per share less Malaysian
income tax, has been declared by the Board of Directors in
respect of the financial year ending 31 January 2005.

For more information, click
http://bankrupt.com/misc/TANJONGPUBLIC062104.doc


TANJONG PUBLIC: Issues First Interim Dividend
---------------------------------------------
Tanjong Public Ltd. Co. disclosed to Bursa Malaysia Securities
Berhad its issuance of first interim dividend, to expire on
August 18, 2004.  Entitlement date is August 20, 2004 at 5:00
p.m.

Entitlement description:

A first interim gross dividend of 8 sen per share less Malaysian
Income Tax at 28 (First Interim Dividend)

Period of interest payment: to

For year ending/Period ending/ended: January 31, 2005

Share transfer book & register of members will be closed from
(both dates inclusive) for the purpose of determining the
entitlements :August 21, 2004 to August 24, 2004

Registrar's name ,address, telephone no:

Principal Registrars:
The Registry
34 Beckenham Road
Beckenham, Kent BR3 4TU
England
Tel Number: 020 863 92157

Branch Registrars:
Signet Share Registration Services Sdn. Bhd.
Level 26, Menara Multi-Purpose, Capital Square
No. 8, Jalan Munshi Abdullah
50100 Kuala Lumpur
Tel Number: 03-27212222

Payment date: September 19, 2004

(a) Securities transferred into the Depositor's Securities
Account before 4:00 pm in respect of transfers: August 20, 2004

(b) Securities deposited into the Depositor's Securities Account
before 12:30 p.m. in respect of securities exempted from
mandatory deposit: August 18, 2004

(c) Securities bought on the Exchange on a cum entitlement basis
according to the Rules of the Exchange.

Number of new shares/securities issued (units) (If applicable):
-

Entitlement indicator: RM

Entitlement in RM (RM): 0.08

Remarks:

Any employee of the Company who has exercised, or wishes to
exercise, an option to subscribe for shares in the Company
granted to such employee under the Tanjong Public Limited
Company Employees' Share Option Scheme No. 2 should note that
the shares to be issued upon the exercise of such option will
not confer on any person any entitlement to the First Interim
Dividend unless as at the First Interim Dividend Record Date,
such person is recorded as depositor of such shares under the
Record of Depositors.

The Entitlement Time of 5:00 p.m. stated above refers to local
time in Malaysia and in the United Kingdom.

The times of 12:30 p.m. and 4:00 p.m. as stated above refer to
Malaysian time.


TAP RESOURCES: BMSB To Grant 10,000 Ordinary Shares For Listing
---------------------------------------------------------------
Tap Resources Berhad announced that an additional 10,000 new
ordinary shares of RM1.00 each issued pursuant to the conversion
of RM10,000 nominal value of 2 percent irredeemable convertible
unsecured loan stocks (ICULS) into 10,000 new ordinary shares
will be granted listing and quotation by Bursa Malaysia
Securities Berhad (BMSB) effective 9:00 a.m., Wednesday, 23 June
2004.


TELEKOM MALAYSIA: Issues Update On Disposal Of Telkom SA Stake
--------------------------------------------------------------
With reference to Telekom Malaysia Berhad's (TM) announcement
made to Bursa Malaysia Securities Berhad dated 15 June 2004 on
the proposed partial disposal of TM's stake in Telkom SA Limited
(Telkom) through a placement to institutional investors. TM
announces the successful placement on 18 June 2004.

Details of the sale are:

(1) Thintana Communications LLC (Thintana) disposed in total
82,997,741 ordinary shares of South African Rand (ZAR)10 each
representing approximately 14.9 percent of the issued and paid
up capital of Telkom at ZAR73.0 per share to South African and
international institutional investors. Total sale consideration
was ZAR6,059 million (equivalent to US$932 million).

(2) TM's portion of the above sale was 33,199,096 ordinary
shares (approximately 6 percent) of Telkom amounting to ZAR2,424
million (equivalent to US$373 million).

(3) SBC Communications Inc's (SBC) corresponding portion of the
sale was 49,798,645 ordinary shares (approximately 9 percent) of
Telkom.

(4) Settlement of the offering is expected to take place on June
25, 2004.

(5) The sale price of ZAR73.0 per share represents a discount of
0.7 percent to the closing price of the Telkom shares on the JSE
Securities Exchange (JSE) on June 17, 2004. The price was based
on a willing buyer and willing seller basis over a three-day
bookbuild process. The weighted average market price for Telkom
for the 5 days prior to the partial disposal was ZAR79.9.

In connection with the sale, Thintana has entered into a lockup
agreement, with customary terms, covering Thintana's remaining
15.1 percent holding in Telkom. The lockup agreement will
terminate upon the release of Telkom's interim financial results
for the period ending September 30, 2004, which is scheduled to
take place on November 22, 2004.

INFORMATION ON THINTANA

In May 1997, SBC and TM acquired a 30 percent stake in Telkom
through a joint-venture vehicle called Thintana, a Delaware
incorporated limited liability company. SBC through SBC
International Transatlantic LLC owns 60 percent of Thintana
whilst the remaining 40 percent is owned by TM through its
wholly owned subsidiary, TM International (L) Limited.

Pursuant to its investment in Telkom, Thintana entered into a
shareholders' agreement with the Government of South Africa to
become a strategic equity partner, which among others, gave
Thintana the right to appoint five directors to the Telkom
Board. In addition, Thintana also entered into a strategic
services agreement (SSA) with Telkom, whereby Thintana provides
management services and personnel to Telkom till May 2007 or
when its shareholding in Telkom falls below 15 percent,
whichever is the earlier.

INFORMATION ON TELKOM SA

Telkom SA is South Africa's leading integrated communications
operator with over 4.8 million fixed lines, while Vodacom (50
percent owned by Telkom) has 9.7 million wireless subscribers.
Telkom has also extended its wireless services to other African
countries.

In March 2003, Telkom was listed on the JSE and the New York
Stock Exchange through American Depository Receipts. Telkom's
present registered share capital is ZAR10,000 million consisting
of 1,000,000,000 authorized of ZAR10 each, and its paid-up share
capital is ZAR5,570 million consisting of 557,031,819 issued
shares of ZAR10 each. Telkom has a market capitalization of
ZAR40,936 million (approximately US$6,298 million).

For the year ended 31 March 2004, Telkom SA reported net profit
of ZAR4,523 million whilst its shareholders funds stood at
ZAR22,058 million.

RATIONALE FOR THE PROPOSED DIVESTMENT

The partial disposal is in line with TM's move to consolidate
its strategic investment overseas and focus on markets closer to
Malaysia. The current market conditions in South Africa have
provided TM with the opportunity to dispose of its investment in
Telkom at a reasonable price.

FINANCIAL IMPACT

Based on the exchange rates of ZAR6.50 per USD and USD3.80 per
RM, the partial disposal will result in TM generating an
exceptional gain of approximately RM640 million for the current
financial year ending 31 December 2004. TM's initial cost of
investment for the disposed stake was approximately RM641
million. This is expected to improve TM's basic earnings per
share by 19.5sen and net tangible assets per share by 19.2sen.

The gross proceeds of approximately RM1,417 million will be
used, inter-alia, to reduce the group's borrowings, for possible
reinvestments and general financing requirements.

STATUS OF THINTANA'S INVESTMENT POST PARTIAL DISPOSAL

Post the partial disposal, Thintana will reduce its ownership of
Telkom to 15.1 percent. Accordingly TM's indirect interest will
reduce from 12 percent to 6 percent and SBC from 18 percent to 9
percent. Thintana will continue to provide management services
to Telkom through the SSA. In accordance with the terms of the
SSA, this partial disposal will not affect any change to the
management services arrangements where personnel are provided to
Telkom through Thintana.

On the completion of this partial disposal, the number of
directors Thintana is entitled to appoint to the Telkom board
will be reduced from five to three, in respect of which one
position will be appointed by TM.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

In so far as the Directors of TM are aware, none of the
Directors nor the substantial shareholders of TM have any
interest, whether directly or indirectly in Telkom SA.

STATEMENT BY THE DIRECTORS

The Board is of the opinion that the proposed divestment of
equity in Telkom is in the best interest of TM.


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


NATIONAL POWER: FDC Wants Independent Audit Of Public Debts
-----------------------------------------------------------
An advocacy group protested the national government's decision
to absorb the PhP500-billion debt of National Power Corp.
(Napocor) and called for an independent audit of the power
firm's public debts, according to ABS-CBN News on Sunday.

According to leaders of the Freedom from Debt Coalition (FDC),
"Napocor passes on to consumers the cost of payments of both the
principal and the interest on these debts so the Filipino
taxpayers will become the source of payments for this debt.
Hence, they have the right to decide whether these debts should
be paid for, in the first place."

Based on unofficial figures, Napocor's long-term debts amount to
PhP1.3 trillion as of the end of last year. Majority of this
amount is from lease obligations to independent power producers
as provided for by build-operate-transfer arrangements and
energy take-off contracts, FDC chairman Princess Nemenzo said.

"Through its own review, the national government acknowledged
that many of these contracts were plagued with onerous
provisions grossly disadvantageous to both government and
consumers," Ms. Nemenzo said, adding that these contracts helped
bury Napocor under debt.

Ms. Nemezo said the government has renegotiated the contracts
but details of the result still have not been disclosed to the
public.  Napocor said it saved some US$1.07 billion from the
renegotiations, though these savings did not result in a
decrease in power rates.

The FDC said that the government can no longer simply assume
Napocor's bad debts, even with the aim of making it palatable to
buyers. "This is the only place where I see a buyer of a company
not taking on the liabilities that the company has," FDC
secretary-general Liddy Nakpil said. "Debts are usually part of
the purchase."

According to the FDC, the business sector would be much
benefitted if Napocor opens its books for an independent audit
of its public debts.  "Determining which loans are fraudulent
would lead to repudiation of these debts. Transparency in
negotiations for contracts may lead to less expensive contracts.
These, hence, would lead to lower power rates," Ms. Nakpil
added.

The FDC wants the government to conduct an official
investigation to audit all public debts, beginning with
Napocor's.


NATIONAL POWER: Posts 2.2% Power Sales Increase
-----------------------------------------------
The sales and services group of National Power Corp. (Napocor)
has reported power sales of 10,863.67 gigawatt-hours (GWh) in
for the first four months of 2004, up by 2.2 percent from
10,631.58 gigawatt-hours (GWh) from the same period last year,
the Philippine Daily Inquirer relates.

The Mindanao grid contributed to the increase which generated
the highest growth of 9.8 percent during the first four months,
from 1,939.16 GWh last year to 2,129.98 GWh in 2004. The said
increase was attributed to the increasingly robust economic
activity in the region and the entry of new Napocor customer
Mindanao Silicon Metal Corp.

Power sales in the Visayas grid also went up 8.4 percent to
1,308.38 GWh from 1,207.34 GWh in 2003.

The entry of Waterfront Airport, Hotel and Casino, Visayan Oil
Mills Inc. and Philippine Water Spring Resources propped up
energy sales to the industrial sector in the Visayas by 11.3-
percent during the four-month period.

Visayan Electric Co. Inc., Napocor's single biggest customer in
the Visayas region, also reported a surge in power sales by 6.3
percent in the January to April period, contributing 20.8
percent to total energy sales in the region.

However, Luzon power sales dropped by 0.8 percent to 7,425.31
GWh compared to 7,485.08 in the same period last year. The
decrease stemmed from lower purchases by Lopez-led Manila
Electric Co. (Meralco), the state firm's single biggest customer
nationwide.

Napocor's energy sales to Meralco dropped 5.4 percent in the
first four months of the year to 4,755 GWh from 5,026 GWh in
2003.

Despite the slight decrease, Meralco still accounted for the
biggest share in Napocor's total energy sales in Luzon at 64
percent. On the other hand, energy sales to other customers in
the Luzon grid showed improvements.


NEGROS NAVIGATION: Court Apponts Monico V. Jacob As New Receiver
----------------------------------------------------------------
Negros Navigation Co. Inc. disclosed to the Philippine Stock
Exchange that on June 18, 2004, the Regional Trial Court of
Manila Branch 46, issued an order on the case of Petition for
Rehabilitation replacing Mr. Sulficion O. Tagud, Jr. as the
company's Rehabilitation Receiver with Atty. Monico V. Jacob.


PHILIPPINE BANK: Incurs PhP200.72Mln Net Loss In 1Q 2004
--------------------------------------------------------
Philippine Bank of Communications (PBCom) reported a widened net
loss of PhP200.72 million during the first quarter of 2004
compared to PhP192.81 million in the same period last year,
BusinessWorld reports.

PBCom attributed the net loss to higher funding costs and lower
trading gains. However, the bank expects a turnaround by the
second quarter as a result of the infusion of PhP3 billion in
fresh capital by major shareholders on March 26. The possible
completion of the intended sale of nonperforming assets (NPAs)
to a special purpose vehicle (SPV) is also seen to contribute to
the bank's stabilization in the second quarter.

For more information click
http://bankrupt.com/misc/philippinebank061804.pdf


PHILIPPINE LONG: Ups DSL Service Speed
--------------------------------------
In its bid to get ahead of its rivals in the DSL (digital
subscriber line) market, telecom giant Philippine Long Distance
Telephone Co. (PLDT) said in a statement it is increasing the
speed of its high-speed DSL service, reports Businessworld.

PLDT said that it is upgrading its DSL service to 512 kbps
(kilobytes per second) for subscribers on PhP2,500 monthly plans
and 768 kbps for subscribers who pay PhP3,000 a month.

According to the company, the upgrade is in line with its aim to
remain the dominant player in the DSL market with more than
30,000 subscribers across the Philippines. It also holds a huge
share of the internet cafe market due to its advanced network
and facilities.


PILIPINO TELEPHONE: Sees PhP400mln Profit On Smart Takeover
-----------------------------------------------------------
Smart Communications Inc.'s takeover of Pilipino Telephone Corp.
(Piltel) is expected to generate a profit of PhP400 million by
the end of 2004 in favor of the debt-saddled Piltel,
BusinessWorld reports.

According to Manuel V. Pangilinan, Chairman of Smart parent firm
Philippine Long Distance Telephone Co. (PLDT), the best way to
take advantage of the takeover is to push Smart's revenues to
Piltel. Since Smart will own a 92 percent stake in Piltel, the
revenues of the two telcos will be consolidated, he said.

If the PhP400 million revenue target for Piltel is achieved, it
would create a huge turnaround from the PhP3.3 billion in losses
Piltel incurred in 2003, Mr. Pangilinan added.

The deal to push through with the US$368 million debt-swap with
Piltel creditors was approved by the board two weeks ago. The
deal states that Smart will pay US$278 million worth of Piltel
debt papers and cash indebtedness of US$1.5 million to be able
to gain a 92 percent stake in its ailing sister company by the
second half of the year.

The payoff to be finalized in July will cover about PhP14.18
billion in Piltel debts.


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


CAP GEMINI: Creditors Must Submit Claims on July 20
---------------------------------------------------
Notice is hereby given that the creditors of Cap Gemini Telecom
Media & Networks Singapore Pte Ltd (In Member's Voluntary
Liquidation), are required on or before July 20, 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.

LOKE POH KEUN
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.
Singapore 469059.

This Singapore Government Gazette announcement is dated June 18,
2004.


CDS CHESER: Winding Up Hearing Set July 2
-----------------------------------------
Notice is hereby given for the Winding Up of CDS Cheser Pte Ltd
by the High Court was on June 3, 2004 presented by VIETNAM TREND
PROPERTY INVESTMENT CO. INC. and VIETNAM TREND INVESTMENT CO.
INC., creditors of the above named company. The Petition is
scheduled before the Court sitting at Singapore at 10:00 a.m. on
July 2, 2004.

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 hearing by himself or his counsel for that purpose.
A copy of the said 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 of the same.

The Petitioners' addresses are P.O. Box 3175, Road Town,
Tortola, British Virgin Islands and P.O Box No. 873, Road Town,
Tortola, British Virgin Islands respectively.

The Petitioners' solicitors are Messrs Shook Lin & Bok of 1
Robinson Road, #18-00 AIA Tower, Singapore 048542.

Messrs. SHOOK LIN & BOK
Solicitors for the Petitioners.

Note: Any person who intends to appear at the hearing of the
Petition must serve and or send by post to the above named
solicitors, notice in writing of his or her intention to do so.
The notice must state the name and address of the person or if a
firm, the name and address of the firm, and must be signed by
the person or firm; of 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
July 1, 2004 (the day before the hearing of the petition).


INTERNATIONAL FATS: Schedules Notice of Final Meeting
----------------------------------------------------
A final meeting of the members of International Fats and Oils
Pte Ltd will be held at 1 Scotts Road, # 21-07/08/09 Shaw
Centre, Singapore 228208 on July 19, 2004 at 11:00 a.m. for the
purposes as stated in Section 308 of the Companies Act, Cap. 50.

MADAM CHIA LAY BENG
MR. LOK LAI CHENG
Liquidators.

Note: Any member entitled to attend and vote at the General
Meeting is entitled to appoint a Proxy of the Company. The Form
of Proxy must be deposited at the Liquidator's Office not less
than 48 hours before the time appointed for holding the Meeting
or adjourned Meeting.

This Singapore Government Gazette Announcement is dated June 15,
2004.


KIN YUEN: Enters Winding Up Proceedings
---------------------------------------
Notice is hereby given for the Winding Up of Kin Yuen Petroleum
Pte Ltd by the High Court was on June 8, 2004 presented by
INTERNATIONAL FACTORS LEASING PTE LTD of 7 Temasek Boulevard, #
10-01 Suntec Tower One, Singapore 038987, a creditor.
The Petition is scheduled before the Court sitting at Singapore
at 10:00 a.m. on July 2, 2004.

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 hearing by himself or his counsel for that purpose.
A copy of the said 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 of the same.

The Petitioner's address is 7 Temasek Boulevard, # 10-01 Suntec
Tower One, Singapore 038987.

The Petitioners' solicitors are Messrs Lim & Lim of 18 Cross
Street, #07-01 China Square Central, Singapore 048423.

Messrs. LIM & LIM.
Solicitors for the Petitioners.

Note: Any person who intends to appear at the hearing of the
Petition must serve and or send by post to the above named
solicitors, notice in writing of his or her intention to do so.
The notice must state the name and address of the person or if a
firm, the name and address of the firm, and must be signed by
the person or firm; of 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
July 1, 2004 (the day before the hearing of the petition).


NAMLY INDUSTRADES: Faces Winding Up Hearing on July 2
-----------------------------------------------------
Notice is hereby given for the Winding Up of Namly Industrades
Pte Ltdby the High Court was on May 28, 2004 presented by
HART ENGINEERING PTE LTD, a company incorporated in Singapore
and having its registered office at No. 26 Kallang Junction,
hart House, Singapore 339279, a creditor. The Petition is
scheduled before the Court sitting at Singapore at 10:00 a.m. on
July 2, 2004.

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 hearing by himself or his counsel for that purpose.
A copy of the said 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 of the same.

The Petitioner's address is at No. 26 Kallang Junction, Hart
House, Singapore 339279.

The Petitioners' solicitors are Messrs Ang & Lee of No. 14
Robinson Road, #06-01 Far East Finance Building, Singapore
048545.

Messrs. ANG & LEE
Solicitors for the Petitioners.

Note: Any person who intends to appear at the hearing of the
Petition must serve and or send by post to the above named
solicitors, notice in writing of his or her intention to do so.
The notice must state the name and address of the person or if a
firm, the name and address of the firm, and must be signed by
the person or firm; of 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
July 1, 2004 (the day before the hearing of the petition).


NMB TRADING: Creditors to Submit Claims on July 19
--------------------------------------------------
Notice is hereby given that the creditors of NMB Trading Pte Ltd
(In Member's Voluntary Liquidation), are required on or before
July 19, 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.

SHOJI SHISHIDO
Liquidator.
c/o 1 Chai Chee Avenue
Singapore 469059.

This Singapore Government Gazette announcement is dated June 18,
2004.


MULTIWAVE INNOVATION: Issues Dividend Notice
--------------------------------------------
Multiwave Innovation Pte Ltd issues notice of Intended
Preferential Dividend.

Address of Registered Office: Formerly of 23 Tai Seng Drive
IPC Building, 4th Floor
Singapore 535224.

Court: High Court, Singapore.

Number of Matter: Companies Winding Up No. 600118 of 2001.

Last day of Receiving Proofs: July 2, 2004.

Name and Address of Liquidator: the Official Receiver
The URA Centre (East Wing)
45 MAxwell Road #06-11
Singapore 069118.

KAMALA PONNAMPALAM
Assistant and Official Receiver.

This Singapore Government Gazette announcement is dated June 18,
2004.


RAINBIRDS FIRE: Issues Preferential Dividend Notice
---------------------------------------------------
Rainbirds Fire Systems Pte Ltd issues notice of dividend.

Address of Registered Office: c/o Arthur Andersen
10 Hoe Chiang Road
#18-00 Keppel Towers
Singapore 089315.

Court: High Court, Singapore.

Number of Matter: Winding Up No. 401 of 1998.

Last day for Receiving Proofs: July 9, 2004.

Names of Liquidators: Mr. Tay Swee Sze &
Mr. Max Loh Khum Whai.

Addresses of Liquidators: c/o Tay Swee Sze & Associates
30 Robinson Road
#04-01 Robinson Towers
Singapore 048546.

TAY SWEE SZE
Liquidator.

This Singapore Government Gazette announcement is dated June 18,
2004.


WAN SOON: Petition for Judicial Management Order Issued
-------------------------------------------------------
Notice is hereby given for placing Wan Soon Engineering Pte Ltd
under judicial management of a judicial manager by the High
Court was, on May 10, 2004, presented by FIBRWRAP CONSTRUCTION
PTE LTD, a creditor. The Petition is scheduled before the Court
at Singapore at 10:00 a.m. on July 2, 2004. Messrs. Banerjee
Gautam, Ramasamy Subramaniam Iyer at Rajendran and Goh Thien
Phong of Messrs PricewaterhouseCoopers have been nominated as
the judicial managers.

Any person who intends to oppose the making of an order on the
Petition or the nomination of the judicial managers may appear
at the time of hearing by himself or his counsel for that
purpose. A copy of the said 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
of the same.

The Petitioner's address is at 10 Toh Guan Road, #03-10 TT
International Tradepark, Singapore 608838.

The Petitioners' solicitors are Messrs Tan Kok Quan Partnership
of 5 Shenton Way, #29-00 UIC Building, Singapore 068808.

Messrs. TAN KOK QUAN PARTNERSHIP
Solicitors for the Petitioners.

Note: Any person who intends to appear at the hearing of the
Petition must serve and or send by post to the above named
solicitors, notice in writing of his or her intention to do so.
The notice must state the name and address of the person or if a
firm, the name and address of the firm, and must be signed by
the person or firm; of 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
July 1, 2004 (the day before the hearing of the petition).


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


DATAMAT PUBLIC: Details Results of Board Meeting
------------------------------------------------
Datamat PCL, informs the Stock Exchange of Thailand that the
Board of Directors' Meeting held on June 18, 2004, resolves as:

(1) The Meeting resolves to appoint Mr. Prasert Thiranakanat,
Director, to be the Member of Audit Committee in replacement of
Mr. Thavisak Na Takuathung, periodically retired Director and
Member of Audit Committee.

Therefore, the Company's Audit Committee is made up of:

(a) Mr. Pisit Jirapinyo      Chairman of the Audit Committee

(b) Mr. Miguel Angel Aerni   Member of the Audit Committee

(c) Mr. Prasert Thiranakanat Member of the Audit Committee

(d) Mrs. Ladda Rittisirin    Secretary of the Audit Committee

(2) The Meeting resolves to approve additional investment in
Corporate Vision Asia Limited (CVA), who engages in the business
of developing software named Trade Vizion which is the program
providing information on stock market and exchange market
including the analysis. CVA will increase its registered capital
from THB4 million to THB10 million by issuing 60,000 shares at
THB100 per shares.

The Company will purchase 60,000 newly issued shares and hold 60
percent of total shares of CVA, after the capital increase.

(3) The Meeting resolves to approve the surety for Image
Technology Co., Ltd. in THB10 million Factoring Loan from
Kasikorn Factoring Co., Ltd.  Image Technology Co., Ltd. will
use the Factoring Loan for funding customer projects and for its
working capital.

(4) The Meeting resolves to approve the surety for Definitely
Corporation Ltd. in THB2 million Factoring Loan from Kasikorn
Factoring Co., Ltd.  Definitely Corporation Ltd. will use the
Factoring Loan for funding customer projects and for its working
capital.

(5) The Meeting resolves to approve the surety for Open
Computing Technologies Co., Ltd. in THB2.44 million L/C from
Siam City Bank PLC., for the imports of computers from abroad.

For your information
Sincerely yours,
Kusol Sangkananta
Director and Secretary to the Board



* BOND PRICING: For the Week 21 June to 25 June 2004
----------------------------------------------------


  Issuer                              Coupon   Maturity  Price
  ------                              ------   --------  -----



  AUSTRALIA
  ---------

Advantage Group                      10.000%     4/15/06    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
APN News & Media Ltd                  7.250%    10/31/08    5
Australian Food & Fibre Ltd.          4.000%     12/4/08   10
Bendigo Bank Ltd                      8.000%     5/29/49   10
BIL Finance Ltd                       8.000%    10/15/07    9
BIL Finance Ltd                       8.250%    10/15/04    9
BIL Finance Ltd                       8.750%    10/15/04    9
BIL Finance Ltd                       8.750%    10/15/05    9
BIL Finance Ltd                       9.000%    10/15/04    9
BIL Finance Ltd                       9.250%    10/15/06    9
BIL Finance Ltd                      10.000%    10/15/04    9
Capital Properties NZ Ltd             8.500%     4/15/05    7
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    8
Citigold Corp.                       12.000%     3/29/07    1
Consolidated Minerals Ltd            11.250%     3/31/05    1
Djerriwarrh Investments Ltd           7.500%     9/30/04    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    7
Fletcher Building Ltd                 8.300%    10/31/06    7
Fletcher Building Ltd                 8.600%     3/15/08    8
Fletcher Building Ltd                 8.750%     3/15/06    8
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    7
Fernz Corp Ltd                        8.560%    10/15/06    7
Futuris Corporation Ltd               7.000%    12/31/07    2
Gympie Gold Ltd                       8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    9
Hy-Fi Securities Ltd                  8.750%     8/15/08   13
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure and Utility            8.500%     9/15/13    8
New South Wales Treasury Corporation  0.500%     2/16/10   73
NPT Capital Ltd                       9.500%    11/30/04   10
Nuplex Industries Ltd                 9.300%     9/15/07    7
Powerco Ltd                           8.150%      9/1/07    7
Powerco Ltd                           8.400%     5/22/07    7
Queensland Treasury Corporation       0.500%     5/19/10   73
Richmond Ltd                         10.750%    12/15/04   10
Salomon Smith Barney Australia        4.250%      2/1/09   10
Sapphire Securities                   9.250%    12/20/06    9
Sky Network Television Ltd            9.300%    10/29/49    8
Strathfield Group Ltd                11.000%    12/31/05    1
Structural Systems Ltd               11.000%     6/30/07    1
Tower Finance Ltd                     8.750%    10/15/07    9
TrustPower Ltd                        8.300%     9/15/07    7
TrustPower Ltd                        8.500%     9/15/12    8
Vision Systems Ltd                    9.000%    12/15/08    2


  KOREA
  -----

Korea Electric Power Corporation       7.950%       4/1/96   56

  MALAYSIA
  --------

Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Arus Murni Corporation Bhd             0.500%      8/24/06    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder Holdings Bhd             1.000%      2/25/08    1
Crest Builder Holdings Bhd             3.000%      2/25/06    1
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Denko Industrial Bhd                   5.000%      3/15/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Fountain View Development Sdn Bhd      3.500%      11/3/06    5
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    2.000%     12/24/08    1
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Greatpac Holdings Bhd                  2.000%     12/11/08    1
Gula Perak Bhd                         6.000%      4/23/08    1
Halim Mazmin Bhd                       8.000%      6/30/04    3
Hong Leong Industries Bhd              4.000%      6/28/07    1
Hubline Bhd                            4.000%      1/10/06    2
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Killinghall Bhd                        5.000%      4/13/09    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Emas Bhd                      7.000%     11/15/04    1
Kumpulan Jetson                        5.000%     11/28/12    1
Lebar Daun Bhd                         2.000%       1/6/07    2
LBS Bina Group Bhd                     4.000%     12/31/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
Lion Diversified Holdings Bhd          2.000%       6/1/09    1
Malaysian Government                   6.850%      3/15/06   68
Media Prima Bhd                        2.000%      7/18/08    1
Mithril Bhd                            3.000%       4/5/12    1
Mithril Bhd                            8.000%       4/5/09    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
MWE Holdings                           5.500%      10/7/04    1
NAM Fatt Corporation Bhd               2.000%      6/24/11    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
OSK Holdings Bhd                       3.500%       3/1/05    1
OSK Holdings Bhd                       6.000%       3/1/05    1
Pantai Holdings                        5.000%      3/28/07    1
Patimas Computer Bhd                   6.000%      2/19/06    1
Poh Kong Holdings                      3.000%      1/20/07    1
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/20/16    1
POS Malaysia & Services Holdings Bhd   8.000%     11/26/04    1
Rashid Hussain Bhd                     0.500%     12/23/12    1
Rashid Hussain Bhd                     3.000%     12/23/12    1
Rhythm Consolidated Bhd                5.000%     12/17/08    1
Silver Bird Group Bhd                  1.000%      2/15/09    1
Southern Steel Bhd                     5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Tenaga Nasional Bhd                    3.050%      5/10/09    1
Time Engineering Bhd                   2.000%     12/25/05    1
VTI Vintage Bhd                        4.000%      8/22/06    2
Wah Seong Corporation Bhd              3.000%      5/21/12    3
Yu Neh Huat Bhd                        3.000%       9/2/08    1

  PHILIPPINES
  -----------

Bacnotan Consolidated Industries, Inc.  5.500%      6/21/04  46


  SINGAPORE
  ---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Rabobank Singapore                     1.000%      1/15/13   69
Sengkang Mall Ltd                      4.880%      11/20/12   1
Tampines Assets Ltd                    5.625%      12/7/06    1
Tincel Ltd                             5.000%      6/13/11    1
Tincel Ltd                             7.400%      6/13/11    1


  THAILAND
  --------

Bangkok Land                           3.125%      3/31/01    25
Bangkok Land                           4.500%     10/13/03    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, Reiza
Dejito, Editors.

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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***