TCRAP_Public/040624.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

             Thursday, June 24, 2004, Vol. 7, No. 124

                            Headlines

A U S T R A L I A

AMP LIMITED: Repurchases A$747M of Offshore Bonds
ARISTOCRAT LEISURE: Unveils Regulatory Approvals for CEO
GYMPIE GOLD: Posts Notice of Address Change
NATIONAL AUSTRALIA: Tax Shift Gives NAB Some Options
QANTAS AIRWAYS: Sees Profit in Line With Market Expectations


C H I N A  &  H O N G  K O N G

CHINA SILVER: Announces Results of Special General Meeting
FAR EAST: Perplexed By Top Exec's Resignation
HONG KONG INTERNATIONAL: Winding Up Hearing Slated on July 7
KOOLL INTERNATIONAL: Schedules Winding Up Hearing on July 28
SOUNDWILL HOLDINGS: Issues Bonds to Repay Debt

TODAYTECH ASIA: Faces Winding Up Hearing on June 30


I N D O N E S I A

BANK DANAMON: May Bid For Permata Stake
BUMI RESOURCES: Wins Three-Year Coal Supply Deal
INDOFOOD SUKSES: Sets 12.5% Coupon Rate on IDR1tln Bonds
PERTAMINA: To Be Audited By Government


J A P A N

MITSUBISHI MOTORS: Plans Company Makeover
MITSUBISHI MOTORS: Reveals 61 Cases of Vehicle Fires in 5 Years
NEC CORPORATION: Unveils 166th General Meeting Resolutions
PHOENIX SEAGAIA: To Make Money This Year, Says Ripplewood Exec
SOFTBANK CORPORATION: Issues Conversion of Convertible Bonds

SOFTBANK CORPORATION: Enters Deal to Settle Disputes With Ariba



K O R E A

HANARO TELECOM: Confident About 2004 Financial Targets
HYNIX SEMICONDUCTOR: Launches 1Gb DDR2 RDI Memory Module
HYNIX SEMICONDUCTOR: Partnership in China Sought by ST Micro
PASTEUR MILK: Acquired By Korea Yakult For KRW50B
SSANGYONG MOTORS: Attracts Three Bidders


M A L A Y S I A

ANCOM BERHAD: Shares Buy Back Completed June 17  
ANSON PERDANA: Issues Cause Of De-listing
BERJAYA LAND: Submits Quarterly Report For Period Ended April 30
BERJAYA SPORTS: Buys Back 2,800,000 Shares  
BOUSTEAD HOLDINGS: BMSB Grants Listing Of 32,000 Ordinary Shares

DENKO INDUSTRIAL: Seeks Extension To Implement Rights Issue
FARLIM GROUP: CB's Appeal On Court Decision Dismissed
FURQAN BUSINESS: Court Fixes Date On Application For Decision  
GEAHIN ENGINEERING: Restructuring Implementation Extended
GEAHIN ENGINEERING: Shareholders Approve Resolutions During AGM

GULA PERAK: Issues 17,000 Additional Ordinary Shares
HAP SENG: All Resolutions Approved At General Meetings
HAP SENG: Submits Quarterly Report For Period Ended April 30
JMR CONGLOMERATION: Units Enter Into Voluntary Liquidation
KEMAYAN CORPORATION: Issues Update On Restructuring Scheme

KILANG PAPAN: Issues Update On Proposed Restructuring Scheme  
METROPLEX BERHAD: AGM Slated For July 15
PROMTO BERHAD: Enters Into MoU With Eco Frame Holdings
PSC INDUSTRIES: SC Extends Completion Date Of Revised Proposals  
SRIWANI HOLDINGS: All Resolutions Passed During AGM

UTUSAN MELAYU: Releases Composition Of Nomination Committee


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: DBP Recommends Changes To Rehab Plan
MANILA ELECTRIC: Regulator to Appeal SC Ruling, Seeks More Time
MAYNILAD WATER: Banks Set Terms Before Govt Can Use Bond
NATIONAL POWER: Ex-Energy Secretary Calls For Rate Hike
PHILIPPINE LONG: PSE Grants Listing Of 1,500 Common Shares

PHILIPPINE TELEGRAPH: To Settle PhP43Mln Debt To PLDT


S I N G A P O R E

AWT LIMITED: Sets Court Hearing for Appointment of Liquidators
UNITED PILING: Faces Winding Up Petition


T H A I L A N D

M.D.X: Increases Registered Capital To THB3,100,000,000
SUNTECH GROUP: Issues Notice For Additional Information  
THAI WAH: Issues Update On Thai Wah Plaza Reorganization

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Repurchases A$747M of Offshore Bonds
-------------------------------------------------
AMP Limited, in a press release, announced the repurchase of
A$747 million of offshore bonds, following a successful reverse
tender process conducted last week.

On 7 June 2004, AMP announced its intention to accelerate debt
reduction plans by repurchasing up to A$700 million in sterling
and deutschemark-denominated bonds, issued through subsidiaries
AMP Group Finance Services Limited and AMP (UK) Finance Services
plc.

Tenders were accepted across AMP's four outstanding bond issues.
Full pricing details are outlined at the end of this release.
The tender volume was increased slightly, due mainly to exchange
rate movements and favourable pricing.

AMP Chief Executive Officer Andrew Mohl said he was pleased with
the tender outcome, which marked the end of AMP's accelerated
debt reduction program.

"Post demerger, we were intent on strengthening the financial
position of AMP by further paying down debt, and ultimately
restoring our A credit rating," Mr Mohl said.

"Our debt reduction goal has been achieved earlier than
anticipated, with the paydown in debt returning the Group's
liquidity to normal levels. Through 2004 and beyond we expect to
generate surplus cash, reflecting forecast cash operating
profits, proceeds from any future sale of non-core investments,
and capital releases from mature businesses. This surplus cash
will exceed the capital needs of contemporary businesses and the
dividends expected to be paid on the current policy basis of 60
percent of sustainable earnings.

"Our intention is to return excess capital to shareholders,
either in the form of higher dividends and/or share buybacks. We
will be working through the issues involved to determine the
best option for shareholders."

In terms of overall debt, at the time of the demerger from its
UK operations in December 2003, AMP had over A$4,300 million in
debt. Since then, around A$2,900 million in debt has been repaid
or repurchased - A$1,150 million through the redemption of the
Reset Preferred Securities (RPS), A$975 million through the buy
back of Income Securities, and A$747 million through the
repurchase of offshore bonds. Allowing for exchange rate
movements in recent months, AMP now has around A$1,560 million
in debt.

AMP's annual interest expense based on total debt of A$4,300
million would have been around A$230 million (post tax). This
has been reduced to an estimated A$80 million (post tax) at
current debt levels.

The estimated total cost of all debt restructuring initiatives,
including repaying the RPS, the Income Securities buyback, the
offshore bonds tender, foreign exchange translation, hedging
costs, break costs and transaction costs, will be an after-tax
loss of around A$25 million. This is a one-off loss that will
appear as a below-the-line item in the 2004 half-year accounts.

Final pricing details for the bond repurchases were:

Volume & Price   DM         GBP       GBP       GBP     Total
                Snr 2008  Snr 2010  Sub 2022  Sub 2009

A$m tenders    157.94      175.71   250.13    163.42     747
accepted
(face value)
        
Clearing spread  80          80       125       114
(basis points)  

Indicative    103.001     101.601   104.911    103.027
clearing price to
par

Media inquiries                 
Karyn Munsie                    
Ph: +61 2 9257 9870             
0421 050 430

Investors Inquiries
Howard Marks
Ph: +61 2 9257 7109


ARISTOCRAT LEISURE: Unveils Regulatory Approvals for CEO
--------------------------------------------------------
Aristocrat Leisure Limited, in a press release, announced that
the necessary regulatory approvals for the appointment of Mr.
Paul Oneile as Chief Executive Officer and Managing Director of
the Company have now been received.

Prior to taking up the appointment of Chief Executive Officer
designate on December 1 last year, Mr. Oneile held the position
of Chairman and Chief Executive Officer of United International
Pictures (UIP), based in London. From 1990 to 1996 he was the
Managing Director of The Greater Union Organisation Pty Ltd
based in Sydney.

"Paul Oneile had enjoyed a distinguished professional career in
managing international organizations before joining Aristocrat
last year, and on behalf of the board and management, I would
like to say how pleased we are that he has now received
regulatory approval," the Chairman, Mr. John Pascoe said.

"Paul's experience in international management and in driving
shareholder value has already resulted in him making a
significant contribution to Aristocrat," Mr. Pascoe went on to
say.

Sydney, Australia 22 June 2004
Media Inquiries: Margot McKay on 0412 132 769


GYMPIE GOLD: Posts Notice of Address Change
-------------------------------------------
From 1 July 2004, please note change of contact details for
Gympie Gold Limited as follows:

Suite 303
3 Spring Street
Sydney NSW 2000
Phone: 02 8249 4479 or 02 8249 4477
Facsimile: 02 8249 4001

The Company's E-mail and website address remain as follows:

E-mail: info@gympiegold.com.au
Web site: www.gympiegold.com.au

For further information in relation to the Receivership or media
enquiries, please contact Andrew Love, Receiver and Manager on
(02) 9286 9999.


NATIONAL AUSTRALIA: Tax Shift Gives NAB Some Options
----------------------------------------------------
A shake-up in Australian tax law has boosted the chance of
National Australia Bank (NAB) to offload some of its under-
performing banking operations in the United Kingdom and Ireland,
Dow Jones Newswires reports.

With NAB exploring options to squeeze higher returns from its
four European banking units, including Clydesdale and Yorkshire
Bank, there is mounting speculation that the bank may abandon
the operations in the near term.

Analysts say a sale of the entire European banking operation
would raise between A$8 billion and A$10 billion (US$5.5-US$7
billion), cash that could be plowed back into Australian
operations or returned to shareholders via a special dividend.

Australian lawmakers have approved a bill allowing Australian
businesses to sell offshore assets without incurring tax on any
profit. Though the new laws are yet to be formalized and could
be stalled by an impending federal election, the tax changes are
expected to be backdated to April 1.


QANTAS AIRWAYS: Sees Profit in Line With Market Expectations
------------------------------------------------------------  
Qantas Airways Limited Chief Executive Geoff Dixon said the
carrier's year to June net profit should come in line with
market expectations, AFX Asia reports. The current range of
market forecasts is for a year to June net profit of A$592-653
million, the report said.

The airline earlier announced its plans to base some 400 of its
flight attendants in London as it strives to cut costs and
improve operating efficiencies. The move would cut annual costs
by around A$18 million a year through rostering efficiencies and
reduced accommodation and allowance costs.


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


CHINA SILVER: Announces Results of Special General Meeting
----------------------------------------------------------
CHINA SILVER DRAGON GROUP LIMITED (Incorporated in Cayman
Islands and continued in Bermuda with limited liability)
announces its change of Auditor.

(1) Proposed open offer of new shares on the basis of one offer
share for every two shares held on record date;

(2) Proposed amendments to the By-laws of the company; and

(3) Change of Auditor

Results of Special General Meeting and Adjustment to the
Convertible Notes

As a Result of the Open Offer

The Board is pleased to announce that at the SGM held on 21 June
2004, the Shareholders approved, among other things, (1) the
Open Offer (2) the amendments to the bye-laws of the Company;
and (3) the change of auditors.

Reference is made to the announcement dated 28 April
2004 (the "Announcement") and the circular dated 28
May 2004 of the Company (the "Circular"). Terms used in this
announcement shall have the same meanings as defined in the
Circular unless provided otherwise.

Results of the Special General Meeting

The Board is pleased to announce that at the SGM held on 21 June
2004, the Shareholders approved, among other things, (1) the
Open Offer (2) the amendments to the bye-laws of the Company;
and (3) the change of auditors.

At the SGM, voting in respect of the ordinary resolution as
regards the Open Offer (ordinary resolution No. 2), was
conducted by way of poll. The total number of Shares as at the
date of this announcement is 292,027,800 Shares (100%). (1) The
total number of Shares entitling the holders to attend and vote
for or against the above resolution at the SGM is 230,031,134
Shares (78.77%); (2) the total number of Shares entitling the
holder to attend and vote only against the resolution at the SGM
is 61,996,666 Shares (21.23%); and (3) the total number of
Shares represented by vote for the resolution at the SGM is
45,971,266 Shares (15.74%) and against the resolution at the SGM
is 6,000 Shares (0.002%).

In accordance with the Listing Rules, Asset Full and its
associates control or are entitled to exercise control over the
voting rights in respect of 61,996,666 Shares, representing
about 21.2% of the total issued share capital of the Company as
at the date of this announcement. Asset Full and its associates
have abstained from voting for the above ordinary resolution at
the SGM

The Company's share registrar and transfer office in Hong Kong,
Tengis Limited at Ground Floor, Bank of East Asia Harbour View
Centre, 56 Gloucester Road, Wanchai, Hong Kong, was appointed as
the auditor at the SGM for the purpose of vote-taking.
The poll results for ordinary resolution No. 2, in relation to
the Open Offer are set out as follows:

For (number of Shares) percentage

Against (number of Shares) percentage

Resolution No. 2   45,971,266   99.99%   6,000   0.01%

Remaining Conditions of the Open Offer

In the event that the conditions to the Underwriting
Agreement have not been fulfilled or that the Underwriters
terminate the Underwriting Agreement on or before 5:00 p.m. on
the fifth business day after Friday, 9 July 2004, being the
latest date for acceptance of the Offer Shares (which is
expected to be on 16 July 2004), the Underwriting Agreement will
lapse and the Open Offer will not proceed.

Reference is made to the expected timetable set out in the
Circular. If the Underwriters terminate the Underwriting
Agreement, or if any conditions of the Underwriting Agreement
have not been fulfilled in accordance with the terms thereof,
the Open Offer will not proceed. Shareholders and potential
investors should therefore exercise caution when dealing in the
Shares, and if they are in any doubt about their position, they
should consult their professional advisers.

Shareholders should note that the Shares will be dealt with on
an ex-entitlement basis commencing from Tuesday, 15 June 2004
and that dealings in such Shares will take place while the
conditions to which the Underwriting Agreement is subject remain
unfulfilled. Any Shareholder or other person dealing in such
Shares up to the date on which all conditions to which the Open
Offer is subject are fulfilled (which is expected to be on
Friday, 16 July 2004), will accordingly bear the risk that the
Open Offer cannot become unconditional and may not proceed. Any
Shareholders or other persons contemplating selling or
purchasing Shares who is in any doubt about his/her/its position
is recommended to consult his/her/its own professional advisers.

Adjustment to the Convertible Notes

As at the date of this announcement, there were outstanding
convertible notes amounted to HK$10,608,000 issued to the CN
Holder at the initial conversion price of HK$0.8 to convert and
subscribe for an aggregate of up to 13,260,000 Shares,
representing approximately 4.5% of the issued share capital of
the Company as at the date of this announcement and about 3.0%
of the total issued share capital of the Company as enlarged by
the Open Offer.

However, the conversion price of the Convertible Notes will be
adjusted in accordance with the terms and conditions of the
Convertible Notes as a result of the Open Offer with effect from
the day the Open Offer becomes unconditional. Save as follows,
there will be no alternations to the rights of the CN
Holder.

Initial convention price per Share and number of Shares subject
to the Convertible Notes initial conversion price of HK$0.8 to
convert and subscribe for an aggregate of up to 13,260,000
Shares New conversion price per new Share and number of new
Shares subject to the Convertible Notes new conversion price of
HK$0.72 to convert and subscribe for an aggregate of up to
14,733,333 Shares

This Stock Exchange of Hong Kong is dated June 23, 2004.


FAR EAST: Perplexed By Top Exec's Resignation
---------------------------------------------
Troubled mainland medicine maker Far East Pharmaceutical
Technology is still in a state of confusion over the resignation
Monday of its executive director Barton Tso, The Standard
reports.

Still, Mr. Tso will act as non-executive administrator for the
meantime while the company awaits the return of Far East
chairman Cai Chongzhen, who remains missing amid the company's
share collapse and a missed installment on a HK$624 million
(US$80 million) loan obtained last month.

Mr. Tso affirmed they have already contacted Mr. Chongzhen and
that the latter will be able to answer media inquiries in one or
two days to clarify the situation.

Mr. Chongzhen's brother, Cai Chongyi, said that his brother was
ill but will talk to the press this week. He denied the
chairman's rumored arrest in the mainland, insisting that his
brother is in his hometown in Fuzhou. He refused to comment on
reports that the Fuzhou factory has ceased its operations.

Citing personal reasons, Mr. Tso announced his resignation
Monday as executive director of Far East. However, he backdated
his resignation last Friday after the company's share price
plunged 92 percent, which prompted regulators to suspend the
firm's trading.

"The company's operation has been fine and our financial
position is healthy," he said.


HONG KONG INTERNATIONAL: Winding Up Hearing Slated on July 7
------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hong Kong International Fair Planning Center Limited by the High
Court of Hong Kong was on May 11, 2004 presented to the said
Court by PHOENIX SATELLITE TELEVISION COMPANY LIMITED whose
registered office is situated at 9th Floor, One Harbourfront, 18
Tak Fung Street, Hunghom, Kowloon, 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.

DAVID RAVENSCROFT & CO.
Solicitors for the Petitioner,
Unit 6110, 61st Floor, The Center,
99 Queen's Road Central,
Hong Kong


Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 6th day of July
2004.


KOOLL INTERNATIONAL: Schedules Winding Up Hearing on July 28
-----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Kooll International (Hong Kong) Limited by the High Court of
Hong Kong was on May 7, 2004 presented to the said Court by ROXY
PROPERTY INVESTMENT COMPANY LIMITED whose registered office is
situated at Rooms 1712-1713, Admiralty Centre, Tower 1, 18
Harcourt Road, Hong Kong. The said Petition is directed to be
heard before the Court at 9:30 a.m. on July 28, 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.

PHILIP K.H. WONG,
KENNEDY Y.H. WONG & CO.
Solicitors for the Petitioner,
3rd Floor,
Admiralty Centre Tower II,
18 Harcourt Road,
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 27th day of July
2004.


SOUNDWILL HOLDINGS: Issues Bonds to Repay Debt
----------------------------------------------
Property investor Soundwill Holdings is issuing convertible
bonds in order to refinance a HK$146 million loan due in March
next year, The Standard revealed.

The bonds can be converted into more than 87.63 million
Soundwill shares, which make up about 41.9 percent of the
company's enlarged share capital. The conversion price of
HK$1.68 per share represents an 18.31 percent premium of the
closing price of HK$1.42 before trading was suspended on Friday.

The full conversion of the bonds will dilute the public float
from 26.33 percent to 15.3 percent.

The bond issuance, however, still has to be approved by the
firm's shareholders by August 16.


TODAYTECH ASIA: Faces Winding Up Hearing on June 30
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Todaytech Asia Limited by the High Court of Hong Kong was on May
7, 2004 presented to the said Court by INTEL SEMICONDUCTOR
LIMITED whose registered office is situated at Corporation Trust
Center, 1209 Organge Street, in the City of Wilmington, County
of New Castle, State of Delaware, USA. The said Petition is
directed to be heard before the Court at 9:30 a.m. on June 30,
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.

STEPHENSON HARWOOD & CO.
Solicitors for the Petitioner,
18th Floor, Edinburgh Tower,
The Landmark, 15 Queen's Road Central,
Hong Kong.

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


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


BANK DANAMON: May Bid For Permata Stake
---------------------------------------
PT Bank Danamon Indonesia (BDMN.JK) said it is mulling plans to
bid for a 51% stake in PT Bank Permata later this year, Dow
Jones reports.

"We are currently studying if there will be synergy between Bank
Danamon and Bank Permata if we buy its shares," Bank Danamon
Vice President Emirsyah Satar said.

The government, which owns 91.33% of Bank Permata, hopes to
complete the stake sale by the third quarter of 2004. Recently,
it has appointed ABN Amro as financial adviser for the planned
divestment of 71% of Permata's stakes.


BUMI RESOURCES: Wins Three-Year Coal Supply Deal
------------------------------------------------
In a press statement, Indonesia's PT Bumi Resources TBk (BUMI)
announced it has signed on June 18 a three-year contract to
supply coal to PT Indonesia Power, a major steam-powered
electricity plant in Suralaya district, West Java, reveals Asia
Pulse.

BUMI will ship 2.4 million metric tons of coal to Suralaya
through its subsidiary, PT Arutmin Indonesia, for the first year
from June 2004 to May 2005. For the next two years, Arutmin will
annually deliver 3 million metric tons of coal at US$21 per ton.

The Suralaya plant will be supplied with coal from Arutmin's
mining concession in Satui village in South Kalimantan province.


INDOFOOD SUKSES: Sets 12.5% Coupon Rate on IDR1tln Bonds
--------------------------------------------------------
PT Indofood Sukses Makmur, the world's largest instant-noodle
maker, has set a 12.5 % coupon rate on its IDR1 trillion bonds
to be issued late this month, Asia Pulse reports.

PT Danareksa Sekuritas, a co-underwriter for the bonds along
with PT Bahana Securities and PT Trimegah Securities, said the
market is expected to accept that coupon rate.

The offer is valid on June 17 and will be effective by June 29.

Indofood said it would use 75 percent of the bond issue's
proceeds to refinance debt amounting to US$82.1 million,
including a short-term debt of USD48.8 million. The rest will be
used to repay long-term debts.

Sri Dewi, one of Indofood's directors, said the firm has debts
in foreign exchange worth a total of US$392 million.


PERTAMINA: To Be Audited By Government
--------------------------------------
As an initial step in solving PT Pertamina's financial woes, the
Indonesian government will conduct an audit on the state-owned
oil firm, Asia Pulse reports, citing a company spokesman.

According to Darmin Nasution, director general of financial
institutions at the Finance Ministry, the audit aims to
establish the history of Pertamina's debt, which amounted to
IDR8.5 trillion at the end of 2003.

He further disclosed that the government would work to have the
debts rescheduled over a period of three to five years. "If we
can pay the debts in three years, that would be good. If not, we
could extend the period to four or even five years," Mr. Darmin
said.


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


MITSUBISHI MOTORS: Plans Company Makeover
-----------------------------------------
Mitsubishi Motors Corporation (MMC), in a press release,
announced plans to revise its organization. The revisions, which
come into effect on June 29, will see the company's organization
slim down from 230 departments to 131, speeding up the decision-
making process and clarifying responsibilities.

RESTORING TRUST, IMPLEMENTING REFORM

The new organization will include a number of changes geared
towards restoring consumer trust in MMC and pushing through
restructuring initiatives outlined in the company's business
revitalization plan.

A Business Ethics Committee consisting mainly of experts from
outside the company will be established to supervise the
company's efforts to comply with its pledge to place utmost
importance on customers, safety, and quality. The committee will
also directly advise the board of directors, dramatically
strengthening quality and governance auditing.

A new Quality Affairs Office will handle all issues related to
quality assurance and management, while the Corporate Social
Responsibility (CSR) Promotion Office will be established
directly under the CEO to promote quality auditing and
compliance issues throughout the company. The CSR Promotion
Office will also monitor quality management and make
improvements.

To carry out the reforms outlined in the company's business
revitalization plan, a Corporate Restructuring Committee headed
by a Corporate Restructuring Officer appointed from among
outside investors will be set up directly under the CEO for one
year and cross-functional teams created for all issues related
to the revitalization plan. The teams will reach through the
entire organization and make bold proposals to the Corporate
Restructuring Committee. The committee will present
implementation plans to those in charge of operations and
promote awareness of reform issues by directly involving
employees. A secretariat will also be set up to support the
committee and cross-functional teams.

ORGANIZATIONS DIRECTLY UNDER CEO AND COO

In the new corporate organization, the CEO will supervise
departments related to overall management of the group, while
the COO will supervise departments involved in executing
business operations. Newly established organizations reporting
directly to the CEO include the CSR Promotion Office, Finance
Group Headquarters, Group Corporate Strategy Office, and the
secretariat of the Corporate Restructuring Committee. Newly
established organizations reporting directly to the COO include
the Quality Affairs Office, Corporate Staff Office, Product
Operations Group Headquarters, Domestic Operations Group
Headquarters, Overseas Group Headquarters, and the Production
and Logistics Office. The Global Aftersales Office will also
report to the COO.

CSR PROMOTION OFFICE

The CSR Promotion Office will be set up to keep watch on the
company's stance towards customers and compliance issues, and
take the lead in implementing necessary improvements. Based on
information from customers, corporate audits and whistle
blowers, the office will report to top management, propose and
follow up on countermeasures, and propose and follow up on new
measures to improve corporate culture. The office will also
include enhanced functions for corporate auditing and the
Business Ethics Committee.

FINANCE GROUP HEADQUARTERS

The organization of the Finance Group Headquarters will be kept
simple to speed up the decision-making process and clarify
responsibility. The current controlling and accounting
departments will be reorganized into the Group Controlling and
Accounting Department, Overseas Operations Controlling and
Accounting Department, Domestic Operations Controlling and
Accounting Department, and Product Controlling and Accounting
Department. The Corporate Finance and Financial Service Block
will be merged into the Financial Department.

GROUP CORPORATE STRATEGY OFFICE

Currently, the Group Corporate Strategy Office is in charge of
setting out management strategy while the Product Planning and
Program Management Office is responsible for product strategy.
Both of these functions will be consolidated into the new Group
Corporate Strategy Office.

QUALITY AFFAIRS OFFICE

Quality assurance and quality management functions - currently
divided among four departments - will come under the control of
the Quality Affairs Office to ensure prompt cross-functional
information exchange, clarify responsibilities, expedite quality
improvement measures, and improve development and production
quality. The Quality Affairs Office will also have a safety
quality auditor function.

The company will beef up the office's ability to conduct quality
audits and assure the quality of newly purchased items during
the product development and production stages. Responsibility
for the final delivery of products will also be clarified.
Personnel working on market measures at manufacturing plants,
purchasing, and the Quality Engineering Center will be
integrated into the Quality Affairs Office, speeding up the
implementation of market measures.

The CSR Promotion Office will monitor the quality management
operations of the Quality Affairs Office and make improvements
where necessary.

CORPORATE STAFF OFFICE

To speed up the decision-making process and clarify
responsibilities, the functions of the current Corporate Affairs
Office, Human Resources Office, and Global IT Office will come
under the umbrella of the Corporate Staff Office.

PRODUCT OPERATIONS GROUP HEADQUARTERS

The Product Operations Group Headquarters will be built to
deliver quick results in terms of cost savings and developing
products to put the company back on track to growth as outlined
in the business revitalization plan. The leaner set up - with
fewer departments and less layers - will allow policies set out
by senior management to easily filter through the organization.

A Product Development Office, Development Engineering Center,
and Global Procurement Office will be newly established within
the Product Operations Group Headquarters, while the Product
Design Office will also be transferred there and renamed Design
Center.

PRODUCTION AND LOGISTICS OFFICE

Current production and production management departments, such
as production control and logistics, will be merged to bring
production and logistics functions closer together. All
production plants will also come under the control of the
Production and Logistics Office.

GLOBAL AFTERSALES OFFICE

To maintain consistency in aftersales operations, the Global
Aftersales Office will be responsible for all development and
logistics issues related to parts and accessories.

DOMESTIC OPERATIONS GROUP HEADQUARTERS

The current Domestic Sales and Marketing Headquarters will be
renamed Domestic Sales Office and transferred to the Domestic
Operations Group Headquarters. The areas of responsibility of
the Domestic Sales Office will be reorganized to achieve a
simpler organization with a quicker decision-making process.

A Business Planning Department will be established within the
Domestic Operations Group Headquarters to clarify responsibility
of financial results for domestic operations.

OVERSEAS OPERATIONS GROUP HEADQUARTERS

A North America Office, Europe Office, North Asia Office, and
ASEAN Office will be established in the Overseas Operations
Group Headquarters to clarify the responsibilities for profit
and loss in each regional business and speed up the decision-
making process. MMC will also enhance its sales support for
overseas markets by bringing related functions under the direct
control of the Overseas Operations Group Headquarters. The new
organization will also allow the company to remain up to date on
potential risks to its overseas operations.

In addition to the different market offices, the Export
Operations Department, Overseas Product Marketing Department,
and Overseas Sales Promotion Department will be placed directly
under the Overseas Operations Group Headquarters.


MITSUBISHI MOTORS: Reveals 61 Cases of Vehicle Fires in 5 Years
---------------------------------------------------------------
There were 61 cases of fires involving vehicles built by
Mitsubishi Motors Corporation and its affiliate Mitsubishi Fuso
Truck & Bus Corporation during the five years to March 31 this
year, Kyodo News reports, citing the Japanese Ministry of Land,
Infrastructure and Transport.

The tally was collated from accident reports on the Tokyo-based
automaker's cars, buses and trucks, the ministry said Tuesday.

The companies this month announced the recall of more than
606,000 Mitsubishi-brand vehicles up to the end of October,
after they admitted breaking Japanese law by making repairs on
faulty vehicles without notifying the ministry about the
problems.

Mitsubishi Fuso Truck & Bus was spun off from Mitsubishi Motors
in January 2003.


NEC CORPORATION: Unveils 166th General Meeting Resolutions
----------------------------------------------------------
NEC Corporation announced the resolutions passed at its 166th
Ordinary General Meeting of Shareholders on 22 June, as follows.

Matters to be Reported Upon:

A report on the Business Report, Balance Sheet and Statement of
Income with respect to the 166th Business Period from April 1,
2003 to March 31, 2004 was made.

Matters to be Voted Upon:

'PROPOSAL NO. 1: APPROVAL OF PROPOSED APPROPRIATION OF RETAINED
EARNINGS FOR THE 166TH BUSINESS PERIOD'

It was resolved that the proposed be approved as proposed. It
was decided to distribute year-end dividends of 3 yen per share
for the 166th Business Period.

'PROPOSAL NO. 2: PARTIAL AMENDMENTS TO THE ARTICLES OF
INCORPORATION'

It was resolved that the proposed be approved as proposed. The
new Article was established to enable the Company to purchase
its own shares pursuant to a resolution of the Board of
Directors in response to amendments to the Commercial Code of
Japan, and the amendments were made to shorten the term of
office of Directors from two years to one year in order to
clarify Directors' responsibilities for management in each
business period.

'PROPOSAL NO. 3: ELECTION OF FIFTEEN DIRECTORS'

It was resolved that Messrs. Hajime Sasaki, Akinobu Kanasugi,
Kaoru Yano, Toshiro Kawamura, Shunich Suzuki, Tsutomu Nakamura,
Kazumasa Fujie, Toshio Morikawa, Koichi Kimura, Akira Uehara,
Kazuhiko Kobayashi, Konosuke Kashima, Yasuo Matoi, Iwao
Fuchigami and Saburo Takizawa be elected to the Board of
Directors (Messrs. Toshio Morikawa and Koichi Kimura are outside
directors stipulated in Paragraph 2 (7)-2, Article 188 of the
Commercial Code of Japan).

'PROPOSAL NO. 4: ELECTION OF THREE CORPORATE AUDITORS'

It was resolved that Mr. Tsuneo Kabe be re-elected and THAT
Messrs. Shigeo Matsumoto and Muneo Shigematsu be newly elected
to the Board of Corporate Auditors (Messrs. Tsuneo Kabe and
Muneo Shigematsu are outside corporate auditors stipulated in
Paragraph 1, Article 18 of the Law for Special Exceptions to the
Commercial Code Concerning Audit, etc. of Kabushiki-Kaisha).

'PROPOSAL NO. 5: ISSUANCE OF STOCK ACQUISITION RIGHTS WITH
FAVORABLE CONDITIONS TO PERSONS OTHER THAN THE SHAREHOLDERS FOR
THE PURPOSE OF GRANTING STOCK OPTIONS'

It was resolved that the proposal be approved as proposed. It
was decided that for the purpose of granting stock options with
a view to promoting the management highly conscious of the
shareholder value and creating a motivation to improve business
results of NEC Group, the rights to acquire no more than 350,000
shares of the Company's common stocks be issued to the persons
who are directors, corporate officers, executive general
managers, employees having important responsibilities equivalent
to those of corporate officers or executive general managers,
and full-time presidents of the Company's important subsidiaries
in Japan (excluding companies whose stocks are listed and their
subsidiaries) from the strategic viewpoint of the Company and
its group companies.

'PROPOSAL NO. 6: PRESENTATION OF RETIREMENT ALLOWANCES TO
RETIRING DIRECTORS AND CORPORATE AUDITOR'

It was resolved that retirement allowances to the retiring
Directors, Messrs. Koji Nishigaki, Mineo Sugiyama, Shigeo
Matsumoto, Yoshio Omori and Makoto Maruyama, and to the retiring
Corporate Auditor, Mr. Kenji Usui, be presented within a
reasonable amount according to the rules of the Company, and
THAT the Board of Directors and the Corporate Auditors then in
office be authorized to decide the amount, time and method of
payment, etc. in respect of the retirement allowances to the
retiring Directors and Corporate Auditor, respectively.

Very truly yours,
Hajime Sasaki
Chairman of the Board

This UK Wire announcement is dated 22 June 2004.


PHOENIX SEAGAIA: To Make Money This Year, Says Ripplewood Exec
--------------------------------------------------------------
Ripplewood Holdings LLC said its JPY28-billion (US$257 million)
purchase of Phoenix Seagaia will earn this year the New York-
based fund a profit for the first time, two years later than
expected, Bloomberg News reports.

According to Ripplewood Lodging Chief Executive Michael Glennie,
a shift that would make Seagaia an international destination
will enable the resort to start making money this year.

The 750-acre beachfront leisure complex, which was acquired by
Ripplewood in 2001, has two golf courses, two hotels and an
Ocean Dome complete with indoor surfing and fake volcano.

Seagaia, Japan's biggest resort, went bankrupt with JPY326
billion of debt in February 2001. Seagaia's main hotels, ocean
dome and convention center cost about JPY200 billion to build.


SOFTBANK CORPORATION: Issues Conversion of Convertible Bonds
------------------------------------------------------------
Softbank Corporation announces that the conversion price of
outstanding convertible bonds will be adjusted due to the
issuance of Stock Acquisition Rights by third party allotment
that was resolved by the Board of Directors on May 27, 2004.

The adjustment will be made in accordance with the terms and
conditions of each convertible bond.

(1)  Adjustment of Conversion Price

(Issue Title)     (Conversion Price After  (Conversion Price
Before
                        Adjustment)              Adjustment)

Convertible Bonds due 2013  6,493.50 yen      6,498.00 yen
Convertible Bonds due 2014  5,952.90 yen      5,957.00 yen
Convertible Bonds due 2015  5,484.20 yen      5,488.00 yen

(2)  Effective Date June 23, 2004

This is a Company press release.


SOFTBANK CORPORATION: Enters Deal to Settle Disputes With Ariba
---------------------------------------------------------------
On June 16, 2004, Ariba, Inc. (Ariba) entered into a binding
agreement with Softbank Corporation (Softbank) setting forth the
material terms under which the companies will settle their
previously-announced disputes related to Nihon Ariba K.K.,
Ariba's majority-owned Japanese subsidiary, and Ariba Korea,
Ltd., Ariba's majority-owned Korean subsidiary. Softbank is an
approximately 40% minority stockholder in each subsidiary.

In a disclosure to the U.S. Securities and Exchange Commission,
Ariba and Softbank have been in arbitration proceedings relating
to these joint venture relationships, as more fully described in
Ariba's joint proxy statement/prospectus filed with the
Securities and Exchange Commission on May 18, 2004, and in its
other SEC filings. The settlement will end Ariba's joint venture
relationship with Softbank and the related arbitration
proceedings.

Under the terms of the agreement, Ariba and/or its subsidiaries
will acquire all of Softbank's equity interests in Nihon Ariba
and Ariba Korea, and will return to Softbank certain disputed
interim payments Softbank has made in connection with the Nihon
Ariba-related arbitration proceedings. In addition, Softbank
will purchase a three-year license to certain of Ariba's
software products for use by Softbank and its affiliates for
their own benefit and for the benefit of unaffiliated third-
party customers in Japan. The terms of the settlement agreement
will be effected by definitive agreements to be negotiated and
entered into by Ariba and Softbank.

As a result of the transactions contemplated by the settlement
agreement, Ariba expects to realize an increase of approximately
$17 million in its unrestricted cash balance and a decrease of
approximately $27 million in its net cash balance on its
consolidated balance sheet (which currently includes
approximately $72 million in restricted cash, of which
approximately $43 million represents the above-mentioned interim
payments held by Nihon Ariba).

The acquisitions of Softbank's equity interests in Nihon Ariba
and Ariba Korea will be accounted for by Ariba as purchase
business combinations at fair value. Although Ariba does not
expect to finalize the accounting treatment of the settlement
until after the definitive agreements effecting the settlement
are completed, Ariba expects that it will recognize a
significant portion of the settlement consideration as revenue
on a ratable basis over the three-year term of the license
agreement.

DATE: June 22, 2004
James W. Frankola  
Executive Vice President and Chief Financial Officer  


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


HANARO TELECOM: Confident About 2004 Financial Targets
------------------------------------------------------
Hanaro Telecom Inc. is certain it would meet its 2004 financial
targets, Dow Jones Newswires reports, citing Hanaro Chief
Executive Chang-Bun Yoon. Mr. Yoon added that the company's
recent efforts to cut costs have been paying off.

The Company is aiming for a net profit of KRW500 million in 2004
on revenues of KRW1.5 trillion. However, Mr. Yoon did not
specify when the company might raise this year's financial
targets.


HYNIX SEMICONDUCTOR: Launches 1Gb DDR2 RDI Memory Module
--------------------------------------------------------
Hynix Semiconductor Inc. announced its 1Gb DDR2 based 4GB
Registered Dual In-line Memory Module (RDIMM) for high
performance server applications. With the 4GB RDIMM solidly
ahead of its industry, Hynix has also introduced the very first
2GB SoDIMM for the notebook PC market.

The newly-released modules will utilize Hynix's 1Gb DDR2 device
manufactured on the company's leading edge 0.11-micron process
technology. Hynix will plan mass production of both modules to
coincide with Intel's server and notebook DDR2 chipset launch.

Hynix expects its new products will meet the various needs of
high-density module in the high performance server and notebook
PC market, as it allows Hynix to maintain and enhance its market
leadership position in DDR2.

About Hynix Semiconductor Inc.

Hynix Semiconductor Inc. (HSI) of Ichon, Korea, is an industry
leader in the development, sales, marketing and distribution of
high-quality semiconductors, including DRAM, SRAM, Flash memory
and system IC devices. Hynix Semiconductor is the world's
leading DRAM supplier with thirteen semiconductor-manufacturing
facilities worldwide, and production capacity of over 300,000
wafer starts per month. In addition, Hynix is expanding its
system IC business unit with leading technology and added deep
sub-micron foundry services to strategically broaden its overall
semiconductor presence and achieve its goal of leading the
global semiconductor market. Hynix maintains worldwide
development, manufacturing, sales and marketing facilities.


HYNIX SEMICONDUCTOR: Partnership in China Sought by ST Micro
------------------------------------------------------------
A top executive of Switzerland-based ST Microelectronics
(STMicro) was recently in Korea to ask creditors of Hynix
Semiconductor to approve the South Korean chipmaker's plan to
build a US$1.5 billion chip plant in China, Digital Chosun
reports.

Carlo Bozotti, Vice President of STMicro, arrived in Korea on
June 15 to establish a partnership with Hynix in the flash
memory business.

Last April, Hynix's creditors rejected a plan to set up a chip
plant in China on the grounds that the proposal lacks commitment
from STMicro and the Chinese government, which is expected to
take up most of the funds needed to build the plant.

STMicro is one of the world's largest semiconductor companies.
It makes many types of discrete devices (such as transistors and
diodes) and integrated circuits (ICs), including micro
controllers, memory chips, and application-specific and custom
ICs. It sells to manufacturers in the telecommunications,
computer, consumer electronics, industrial, and automotive
markets.


PASTEUR MILK: Acquired By Korea Yakult For KRW50B
-------------------------------------------------
Yogurt producer Korea Yakult Co. has acquired bankrupt Pasteur
Milk Co. for KRW50 billion, paving the way for its entry into
the milk business, the Korea Herald reports.

The move would help Korea Yakult evolve into a well-rounded
dairy business with a comprehensive range of products, including
fresh milk, powdered milk and yogurt.

"Pasteur's strong brand image was one reason to buy the
company," Yakult said in a statement.

Pasteur went belly-up in 1998 under heavy debts stemming from
the expansion, coupled with the 1997-98 Asian financial crisis.

The same year, it received court approval for a settlement in
which creditors agreed to accept partial payment of debts.


SSANGYONG MOTORS: Attracts Three Bidders
----------------------------------------
Three bidders, including China's Shanghai Automotive Industry
Corp., an unidentified American fund and a consortium of Hong
Kong and European capital, are competing to acquire Ssangyong
Motors, the Korea Times reports.

Ssangyong creditors will select the preferred bidder this month.
The bidder will be asked to submit the bid bond equal to some 5
percent of the takeover price.

Creditors expect the final contract to be signed in August and
proceeds will reach their accounts by September. It is
speculated that the bidding price would be around US$600-US$700
million.


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


ANCOM BERHAD: Shares Buy Back Completed June 17  
-----------------------------------------------
Ancom Berhad issued a notice to Bursa Malaysia Securities Berhad
in relation to its shares buy back on June 9, 2004 to June 17,
2004.
    
Total number of shares purchased (units): 489,200

Minimum price paid for each share purchased (RM): 0.820

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

Total amount paid for shares purchased (RM): 411,962.39

The name of the stock exchange through which the shares were
purchased: BURSA MALAYSIA

Number of shares purchased retained in treasury (units): 489,200

Total number of shares retained in treasury (units): 2,965,800

Numbers of shares purchased that were cancelled (units): 0

Total issued capital as diminished: 201,856,767

Date lodged with registrar of companies: 22/06/2004

Lodged by: PFA Corporate Services S/B
           Level 14, Uptown 1, D'sara
           Uptown 47400 PJ

Contact:

Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Website: http://www.ancom.com.my


ANSON PERDANA: Issues Cause Of De-listing
-----------------------------------------
Anson Perdana Berhad issued to Bursa Malaysia Securities Berhad
a notice to show the cause on de-listing of securities of the
company.

The company announces that it has received the above Notice on
22 June 2004.

The Company further wishes to announce:

(a) That the Company has been accorded 14 days by the Exchange
to make written representations to the Exchange on why its
securities should not be removed from the Official List of the
Exchange;

(b) In the event the Exchange decides to de-list the Company,
the securities of the Company shall be removed from the Official
List of the Exchange upon the expiry of 14 days from the date of
notification of the decision to de-list the Company or upon such
other date as may be specified by the Exchange; and

(c) In the event the Exchange decides not to de-list the
Company, other appropriate action/penalty(ies) may be imposed
pursuant to paragraph 16.17 of the Listing Requirements.

Contact:

Anson Perdana Berhad
No. 35 Jalan Hussein
30250 Ipoh Perak  
Telephone: 05-24156333
Fax: 05-2415578  


BERJAYA LAND: Submits Quarterly Report For Period Ended April 30
----------------------------------------------------------------
Berjaya Land Berhad released to Bursa Malaysia Securities Berhad
its undaudited 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  
    183,042       167,412          779,231       1,488,364

(2) Profit/(loss) before tax
    -8,424        29,019          189,993        294,209

(3) Profit/(loss) after tax and minority interest
    -29,308       4,512           93,823         132,129

(4) Net profit/(loss) for the period
    -29,308       4,512           93,823         132,129

(5) Basic earnings/(loss) per shares (sen)
    -3.38          0.52          10.82           15.24

(6) Dividend per share (sen)  
     3.60          0.00           3.60            0.00

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

(7) Net tangible assets per share (RM)  

    3.7300                    3.6800

Remarks:

The gaming tax on revenue from lottery operations has been
reclassified from cost of sales to set off against revenue. As
such, the comparative figures for the periods have been restated
accordingly.

To view full copy of the report click
http://bankrupt.com/misc/BERJAYALAND062104.xls

Contact:

Berjaya Land Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Telephone: 03-293 5888
Fax: 03-2935 8043


BERJAYA SPORTS: Buys Back 2,800,000 Shares  
------------------------------------------
Berjaya Sports Toto Berhad disclosed to Bursa Malaysia
Securities Berhad that it has completed its shares buy back on
June 22, 2004.
   
Description of shares purchased: ordinary shares

Total number of shares purchased (units): 2,800,000

Minimum price paid for each share purchased (RM): 3.640

Maximum price paid for each share purchased (RM): 3.760

Total consideration paid (RM): 10,456,634.88

Number of shares purchased retained in treasury (units):
2,800,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 39,900,000

Adjusted issued capital after cancellation
(no. of shares) (units): -  
   
Remarks:
The number of shares with voting rights in issue after the above
share buyback is 997,994,013

Contact:

Berjaya Sports Toto Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Telephone: 03-2935888
Fax: 03-2935 8043


BOUSTEAD HOLDINGS: BMSB Grants Listing Of 32,000 Ordinary Shares
----------------------------------------------------------------
Bursa Malaysia Securities Berhad (BMSB) announced that an
additional 32,000 new ordinary shares of RM0.50 each issued
pursuant to the Employees' Share Option Scheme of Boustead
Holdings Berhad will be granted listing and quotation effective
9:00 a.m., Friday, 25 June 2004.


Contact:

Boustead Holdings Berhad
18th Floor, Menara Boustead,
69 Jalan Raja Chulan,
50200 Kuala Lumpur
Telephone: 03-2141 9044
Fax: 03-21430075
Website: http://www.boustead.com.my


DENKO INDUSTRIAL: Seeks Extension To Implement Rights Issue
-----------------------------------------------------------
Denko Industrial Corporation Berhad refers to the announcements
dated 30 December 2002, 11 December 2003 and 22 December 2003 in
relation to the Corporate Debt Restructuring Scheme (CDRS).

On behalf of Denko, Public Merchant Bank Berhad (PMBB) had on 2
June 2004 submitted an application to the Securities Commission
(SC) for extension of an additional six (6) months up to 23
December 2004, for Denko to implement the proposed two-call
rights issue, which forms part of the CDRS. In this regard, PMBB
is pleased to announce that SC had vide its letter dated 21 June
2004, which we received on 22 June 2004, approved the said
application.

Contact:

Denko Industrial Corp. Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Telephone: 03-7983 9099
Fax: 03-7981 7629


FARLIM GROUP: CB's Appeal On Court Decision Dismissed
-----------------------------------------------------
Farlim Group (Malaysia) Berhad issued to Bursa Malaysia
Securities Berhad an update in relation to the Federal Court of
Malaysia Civil Application Number 08-23-2004 (B), the Court of
Appeal of Malaysia Civil Appeal Number B-02-874-98 (Shah Alam
High Court Suit Number: MT3-24-693-98) between Cygal Berhad (CB)
(appelant) and Bandar Subang Sdn Berhad (BSSB) (respondent), a
wholly-owned subsidiary of Farlim Group.

BSSB has disputes with CB for a building contract entered into
on April 8, 1998 for the construction of 2 blocks of 27 storey
comprising 506 units, 1 block of 26 story, 243 units of
condominium and 1 block of 5 story clubhouses at Lot 14252 (PT
9262) Mukim Damansara, Daerah Petaling, Selangor Darul Ehsan. An
arbitrator has been appointed to resolve these disputes.

An application had been made by CB to the High Court to restrain
BSSB from demanding the Bank Guarantees for performance bond and
retention bond pending the resolution of the arbitration.
Pending the hearing of CB's application, CB had further applied
for an interim injunction to restrain BSSB from demanding on the
bonds. The High Court had upon hearing the parties dismissed
CB's application for an interim injunction with costs.

An appeal was filed by CB subsequently to the Court of Appeal
against the above decision of the High Court but the Court of
Appeal dismissed CB's appeal with costs.

CB had on March 9, 2004 applied to the Federal Court for leave
to appeal against the Court of Appeal's decision.

Farlim has been advised by its Solicitors on Tuesday, and wishes
to announce, that the Federal Court has dismissed CB's
application for leave to appeal against the decision of the
Court of Appeal.

This announcement is dated June 22, 2004.

Contact:

Farlim Group Berhad
No. 2-8, Bangunan Farlim
Jalan PJS 10/32, Bandar Sri Subang
46000 Petaling Jaya, Selangor
Telephone: 03-5635 5533
Fax: 03-5635 0301
Website : http://www.farlim.com.my


FURQAN BUSINESS: Court Fixes Date On Application For Decision  
-------------------------------------------------------------
The Board of Directors of the Furqan Business Organization
Berhad inform Bursa Malaysia Securities Berhad that at the
hearing on 18 June 2004 in respect of the application for
extension of the Restraining and Stay Order by Mandarin Tours &
Travel Sdn. Bhd., a 55 percent owned indirect subsidiary, the
Court had fixed the date for Application for Decision on 12
August 2004.


GEAHIN ENGINEERING: Restructuring Implementation Extended
----------------------------------------------------------------
GEAHIN Engineering Berhad refers to its announcements to Bursa
Malaysia Securities Berhad dated 23 January 2002, 21 January
2003 and 22 October 2003.

GEAHIN announces that the Company, MGSB and MKK have mutually
agreed on 22 June 2004 to extend the cut-off date, for the
purpose of obtaining all other regulatory approvals required for
the implementation of the Proposed Corporate Restructuring
Exercise and for the implementation of the same for a further
six (6) months to 22 December 2004.

Contact:

Geahin Engineering Berhad
8999 Kawasan Perindustrian
Batu Berendam
(Fasa IV) Batu Berendam
75350 Melaka
Telephone: 06-2819998
Fax: 06-2813988
Website: www.mssa.org.my/geahin


GEAHIN ENGINEERING: Shareholders Approve Resolutions During AGM
---------------------------------------------------------------
GEAHIN Engineering Berhad informs Bursa Malaysia Securities
Berhad that at the Thirtieth Annual General Meeting of the
company held at 8999, Kawasan Perindustrian Batu Berendam (Fasa
IV), Batu Berendam, 75350, Melaka, on Wednesday, 23 June 2004 at
10:00 a.m., all the resolutions put forth to the shareholders
were carried and adopted.


GULA PERAK: Issues 17,000 Additional Ordinary Shares
----------------------------------------------------
Kindly be advised that Gula Perak Berhad's additional 17,000 new
ordinary shares of RM1.00 each issued pursuant to the conversion
of RM17,000 irredeemable convertible secured loan stocks will be
granted listing and quotation by Bursa Malaysia Securities
Berhad effective  9:00 a.m., Thursday, 24 June 2004.

Contact:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Telephone: 03-4044 2828
Fax: 03-4044 6688


HAP SENG: All Resolutions Approved At General Meetings
------------------------------------------------------
The Board of Hap Seng Consolidated Berhad announced to Bursa
Malaysia Securities Berhad that all resolutions set out in the
Notice of AGM and Notice of EGM both dated 31 May 2004 were
approved during the relevant AGM and EGM held on even date at
Kristal Ballroom, Hilton Petaling Jaya, No. 2 Jalan Barat, 46200
Petaling Jaya, Selangor Darul Ehsan.

Contact:

Hap Seng Consolidated Berhad
No. 1A, Jalan 205
46050 Petaling Jaya
Selangor
Telephone: 03-7783 9888
Fax: 03-7781 6305


HAP SENG: Submits Quarterly Report For Period Ended April 30
------------------------------------------------------------
Hap Seng Consolidated Berhad 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
    266,649       208,077         266,649        208,077

(2) Profit/(loss) before tax
    54,095        38,798          54,095         38,798

(3) Profit/(loss) after tax and minority interest
    41,017        26,281          41,017         26,281

(4) Net profit/(loss) for the period
    41,017        26,281          41,017         26,281

(5) Basic earnings/(loss) per shares (sen)
    6.95          4.45            6.95           4.45

(6) Dividend per share (sen)  
    0.00          0.00            0.00           0.00


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

(7) Net tangible assets per share (RM)  
    2.2600                    2.1900

For more information, click
http://bankrupt.com/misc/hapsengconsolidated062104.doc


JMR CONGLOMERATION: Units Enter Into Voluntary Liquidation
----------------------------------------------------------
Further to the announcement on June 14, 2004 to Bursa Malaysia
Securities Berhad, JMR Conglomeration Berhad disclosed that its
following subsidiary companies have duly convened its
Extraordinary General Meeting of the company and its Creditors
on the following dates and the following resolutions have been
duly passed:

Names of Companies and date of meetings

(1) UCP RESOURCES BERHAD JUNE 21, 2004
(2) UCP MANUFACTURING (M) SDN. BHD. JUNE 21, 2004
(3) UCP MARKETING (M) SDN. BHD. JUNE 21, 2004
(4) UCP MIX (M) SDN. BHD. JUNE 22, 2004
(5) UCP TRUSS SYSTEMS (M) SDN. BHD. JUNE 22, 2004
(6) UCP CEMENTATION (M) SDN. BHD. JUNE 22, 2004
(7) UCP CONCRETE PRODUCTS SDN. BHD. JUNE 21, 2004

Resolutions passed

Special Resolution:

That it has been proved to the satisfaction of this meeting that
the company cannot by reason of its liabilities continue its
business and that it is advisable to wind up the same and
accordingly that the company be wound up voluntarily.

Ordinary Resolutions:

(1) That the consent of Mr. Lim Thian Huat and Mr. Adam Primus
Varghese Bin Abdullah of Ernst & Young to act as liquidators be
received and that they be nominated jointly and severally as
liquidators of the Company for the purpose of the Creditors'
Voluntary Liquidation;

(2) That the remuneration of the Liquidators shall be RM30,000
exclusive of reimbursable 5 percent service tax and out-of-
pocket expenses which are to be billed on actual incurred and
that, pursuant to Section 263(3) of the Companies Act, 1965, the
Liquidators may exercise all their powers and duties jointly and
severally;

(3) That in accordance with Section 284(3)(b) of the Companies
Act, 1965, the Liquidators shall destroy all books and papers
referred to in Section 284(1) immediately on the expiry of a
period of six (6) months after the filing of the Final Return
with the Companies' Commission of Malaysia;

(4) That no nomination of members in Committee of Inspection
will be made pursuant to Section 262(1) of the Companies Act,
1965.


KEMAYAN CORPORATION: Issues Update On Restructuring Scheme
----------------------------------------------------------
Further to the announcements dated 22 July 2003, 15 August 2003,
28 November 2003 and 8 January 2004, Public Merchant Bank
Berhad, on behalf of Kemayan Corp. Berhad (KBC) announced to
Bursa Malaysia Securities Berhad the execution of the following
supplemental agreements:

(i) Second Supplemental Agreement dated 22 June 2004 between
Jawira Holdings Berhad (Jawira) and the vendors of Amber
Resources Sdn Bhd (Amber) in respect of the following:

(a) revision of the purchase consideration for Amber from
RM14,222,222 to RM11,598,786, as approved by the Securities
Commission (SC);

(b) provision of profit guarantee and net tangible assets
guarantee by the vendors of Amber as required by the SC; and

(c) undertaking by the vendors of Amber to settle any shortfall
in the market value of the development project if the joint
venture agreement is terminated;

(d) extension of the time period to 30 September 2004 for the
relevant parties to fulfil the conditions precedent as set out
in the conditional agreements between Jawira and the vendors of
Amber dated 31 October 2002 and 25 August 2003; and

(e) waiver of one of the conditions precedent as set out in the
conditional agreement between Jawira and the vendors of Amber
dated 31 October 2002 i.e. in respect of obtaining approval from
a lender for any changes in the composition of Amber's
shareholders as no such approval from the lender is required
under the facility agreement dated 23 August 2002.

(ii) Second Supplemental agreement dated 22 June 2004 between
Jawira and the vendors of CDM Sdn Bhd (CDM) in respect of the
following:

(a) provision of profit guarantee by the vendors of CDM as
required by the SC; and

(b) extension of the period to 30 September 2004 for the
relevant parties to fulfil the conditions precedent as set out
in the conditional agreements between Jawira and the vendors of
CDM dated 31 October 2002 and 25 August 2003.

Further developments in relation to the Proposed Restructuring
Scheme will be made to the Exchange in due course.

This announcement is dated 23 June 2004.

Contact:

Kemayan Corp. Berhad
167, Jln Glasiar Taman Tasek
80200 Johor Bahru Johor
Telephone: 07-2362390  
Fax: 07-2365307


KILANG PAPAN: Issues Update On Proposed Restructuring Scheme  
------------------------------------------------------------
Kilang Papan Seribu Daya Berhad (KPSD) disclosed to Bursa
Malaysia Securities Berhad an update in relation to the revision
of its Proposed Restructuring Scheme.

(1) INTRODUCTION

Reference is made to the announcements made by AmMerchant Bank
Berhad (AmMerchant Bank) on 15 January 2001, 29 October 2003 and
1 June 2004 with regards to the Proposed Restructuring Scheme of
KPSD.

On 22 October 2003, the Securities Commission (SC) approved,
inter alia, the market value for the 60 years leasehold landed
interest held by Begaraya Sdn Bhd, a wholly owned subsidiary of
KPSD, on 60,000 hectares out of 91,115 hectares of logged-over
forest in a timber concession known as the Safoda-Begaraya
forest concession located at the District of Pitas and Kota
Marudu, Sabah (Begaraya Leasehold Landed Interest), to
RM118,500,000 instead of RM140,000,000 as proposed. As a result,
the Company is required to submit a revised restructuring scheme
incorporating the revised market value of Begaraya Leasehold
Landed Interest.

AmMerchant Bank, on behalf of KPSD, wishes to inform that the
Special Administrators of KPSD (SA), namely Mr. Kevin How Kow,
Mr Adam Primus Varghese bin Abdullah and Mdm Wong Lai Wah of
Messrs Ernst & Young have formulated a revised workout proposal
(Workout Proposal) incorporating the revised market value of
Begaraya Leasehold Landed Interest as approved by the SC and
other related revisions to ensure the Proposed Restructuring
Scheme complies with the SC's guidelines (Proposed Variation).
An application has been submitted to the SC for their approval
of the Proposed Variation.

(2) PROPOSED VARIATION

The principal variations to the Proposed Restructuring Scheme
previously approved by the SC are as set out in the file
entitled 'Proposed Variation' attached below.

Save for the Proposed Variation, the other terms of the Proposed
Restructuring Scheme as approved by the SC will remain
unchanged.

(3) PROPOSED WAIVER FOR MANDATORY TAKE-OVER

Dato' Dr Abdullah bin Sapien, one of the shareholders of KPSD,
had previously undertaken to subscribe for up to 10 million
unsubscribed rights shares of RM1.00 each in WCFI or RM10
million, with the remaining of approximately 10 million
unsubscribed rights shares of RM1.00 each in WCFI or RM10
million to be subscribed by two other individuals, who are
currently not the existing shareholders of KPSD.

Under the Proposed Variation, Dato' Dr Abdullah bin Sapien, has
now undertaken to subscribe for up to 20 million unsubscribed
rights shares of RM0.50 each in WCFI or RM10 million and the
remaining of up to approximately 20 million unsubscribed rights
shares of RM0.50 each or RM10 million will be subscribed by two
new individuals namely, YB Datuk Seri Panglima Hj. Lajim Hj.
Ukin and Hoh Guan Sian @ Hoh Guan Ling, the spouse of Hwong You
Soon, who are currently not the existing shareholders of KPSD.

Pursuant to Part II Section 6 of the Malaysian Code on Take-Over
and Mergers 1998 (Code), upon completion of the revised Proposed
Restructuring Scheme, DHYC, Dato' Dr Abdullah bin Sapien, Hwong
You Soon, Hoh Guan Sian @ Hoh Guan Ling and APH will be obliged
to extend an offer to the offeree shareholders for the remaining
shares in WCFI not already owned by them.

An application will be made on their behalf to the SC for a
waiver from the obligation to extend a mandatory general offer
pursuant to Practice Note 2.9.3 of the Code (exemption under
rescue operation).

(4) UTILISATION OF PROCEEDS

The gross proceeds raised via the Proposed Rights Issue and
Proposed Restricted Issue remains unchanged at approximately
RM41 million are set out in Table 1 attached below.

(5) FINANCIAL EFFECTS DUE TO THE PROPOSED VARIATIONS

(5.1) SHARE CAPITAL

The effects of the Proposed Variation on the issued and paid-up
capital of KPSD are set out in Table 2 attached below.

(5.2) NET TANGIBLE ASSETS (NTA)

The effects of the Proposed Variation on the consolidated NTA of
KPSD as at 31 January 2004 are set out in Table 3 attached
below.

(5.3) EARNINGS

The successful completion of the revised Proposed Restructuring
Scheme is expected to enhance the future earnings of the West
Coast Forests Industries Berhad (WCFI) Group.

(5.4) SHAREHOLDINGS

The effects of the Proposed Variation on the shareholdings of
KPSD are set out in Table 4 attached below.

(6) APPROVALS REQUIRED

The revised Proposed Restructuring Scheme is conditional upon
the following approvals being obtained:

(i) the approvals of the SC, Unit Pematuhan Ekuiti of the SC and
Ministry of International Trade and Industry;

(ii) the approval of the Bursa Malaysia Securities Berhad (Bursa
Malaysia) for the listing of and quotation for certain
securities, namely the ordinary shares and warrants in WCFI
arising from the revised Proposed Restructuring Scheme of KPSD
and the transfer of listing status on the Second Board of Bursa
Malaysia from KPSD to WCFI; and

(iii) the approvals of other relevant authorities (where
applicable).

(7) DOCUMENTS FOR INSPECTION

The following documents are available for inspection at the
Registered Office of the Company during normal office hours from
Monday to Friday (except public holidays) for a period of two(2)
weeks from the date of this announcements:

(i) Workout Proposal dated 28 May 2004, consisting the revised
Proposed Restructuring Scheme, which was formulated by the SAs
dated 28 May 2004;

(ii) The following agreements:

- Supplemental Sale and Purchase Agreement dated 10 June 2004
between the Vendors and KPSD;and

- Second Supplemental Substantial Shareholder Agreement dated 21
April 2004;

(iii) Share Valuation Report of Resofocus Corporation Sdn Bhd
from Messrs Pannell Kerr Forster dated 19 May 2004; and

(iv) Revised Term Sheets of RCSLS "A" and RCSLS "B".

For more information, click
http://bankrupt.com/misc/KILANGPAPAN062204.doc
http://bankrupt.com/misc/kilangpapan062204_2.doc

This announcement is dated 22 June 2004.

Contact:

Kilang Papan Seribu Daya Berhad
Lot 1, Harmoni Industrial Estate Inanam
88100 Kota Kinabalu, Sabah
Telephone: 088-423385
Fax: 088-423287


METROPLEX BERHAD: AGM Slated For July 15
----------------------------------------
The Board of Directors of Metroplex Berhad informs Bursa
Malaysia Securities Berhad that the Forty-First Annual General
Meeting (41st AGM) of the Company will be held at Ballroom 1,
9th Floor, The Legend Hotel, Putra Place, 100 Jalan Putra, 50350
Kuala Lumpur on Thursday, 15 July 2004 at 2:30 p.m.

The Notice of the 41st AGM is set out in the attached file.
http://bankrupt.com/misc/METROPLEX062104.doc

This announcement is dated 22 June 2004.

Contact:

Metroplex Berhad
Level 10, Grand Seasons Avenue,
No. 72, Jalan Pahang,
53000 Kuala Lumpur.
Telephone: 03-2931828, 03-4431828
Fax: 03-2912798


PROMTO BERHAD: Enters Into MoU With Eco Frame Holdings
------------------------------------------------------
The Board of Directors of Promto Berhad announced to Bursa
Malaysia Securities Berhad that on 22 June 2004, the Company
(PROMTO) has entered into a Memorandum of Understanding with ECO
Frame Holdings (M) Sdn Berhad (Company No.:509150-P).

Under the Memorandum of Understanding, the Company and on behalf
of its Subsidiaries and Associated Companies (Promto Group)
appoints Y. Bhg. Datuk Amir Shariffudin bin Ridzwan as Special
Advisor of the Promto Group whose reprensentative, servants and
agents are authorized:

(i) to conduct due diligence on the Promto Group;

(ii) to approach any party that may be relevant with a view to
restructure the business operations and the financial and other
commitments of the Promto Group; and

(iii) to approach any legislative or regulatory authority having
jurisdiction over the Promto Group with a view to resolve all
outstanding matters and issues that has arise.

This announcement is dated 22nd June 2004

Contact:

Promto Berhad
Lot 13A-2, Level 13A
Menara Milenium
Jalan Damanlela
Damansara Heights
50490 Kuala Lumpur
Telephone: 03-271 02332
Fax: 03-271 02662
Website: http://www.promto.com


PSC INDUSTRIES: SC Extends Completion Date Of Revised Proposals  
---------------------------------------------------------------
PSC Industries Berhad submits to Bursa Malaysia Securities
Berhad the proposed revision to the Original Proposals which
comprises of:

- Proposed Debt Restructuring; and
- Proposed Restricted Offer for Sale.

PSC Industries refers to the announcements dated 10 March 2004
and 15 March 2004 respectively, made by Avenue Securities Sdn
Bhd (Avenue) on behalf of the Company in relation to the Revised
Proposals wherein the Company had amongst others, sought the
approval of the Securities Commission (SC) for an extension of
time for a further period of six (6) months from 15 April 2004
up to 15 October 2004 to complete the Revised Proposals.

On behalf of PSCI, Avenue is pleased to announce that the SC
had, via its letter dated 21 June 2004 approved the aforesaid
extension of time.

In addition to the above, Avenue on behalf of the Board of
Directors of PSCI is pleased to announce that the Foreign
Investment Committee vide its letter dated 15 June 2004
(received on 21 June 2004), has no objections to the Revised
Proposals, subject to the approvals of the SC and the Ministry
of International Trade and Industry being obtained.

This announcement is dated 22 June 2004.

Contact:

PSC Industries Berhad
3rd Flr, Ming Building
Jln Bukit Nanas
50250 Kuala Lumpur
Telephone: 03-20787770/ 20716516
Fax: 03-20787768


SRIWANI HOLDINGS: All Resolutions Passed During AGM
---------------------------------------------------
On behalf of Sriwani Holdings Berhad, Bursa Malaysia Securities
Berhad informs that all resolutions as stated in the Notice of
the 20th AGM dated 31 May 2004, have been passed by the members
of the company at the 20th AGM held on 22 June 2004.

Enlosed herewith is a copy of the aforesaid Notice for your easy
reference.
http://bankrupt.com/misc/sriwaniholdings062204.pdf

This announcement is dated 22 June 2004.

Contact:

Sriwani Holdings Berhad
Wisma Sriwani, 418 Chulia Street
10200 Penang
Telephone: 04-2628535
Fax: 04-2614076
Website: http://www.sriwani.com.my


UTUSAN MELAYU: Releases Composition Of Nomination Committee
-----------------------------------------------------------
The Board of Directors of Utusan Melayu (Malaysia) Berhad
announced to Bursa Malaysia Securities Berhad that a member of
the Board:

i) Datuk Ruhanie Haji Ahmad, has been duly appointed as a member
of the Nomination Committee; and

ii) The resignation of Dato' Mohd Johari Baharum as a member of
the Nomination Committee effective 13 April 2004.

As a result of the afore-mentioned appointment/resignation, the
composition of the said Nomination Committee is as follows:

(i) Tan Sri Dato' Haji Husein Ahmad

(ii) Datuk Ruhanie Haji Ahmad


Contact:

Utusan Melayu (Berhad
46m, Jalan Lima
Off Jalan Chan Sow Lin
55200 Kuala Lumpu
Telephone: 03-92877777/ 92217055
Fax: 03-92825541/ 92227876 92220911
Website: http://www.utusan.com.my


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


BAYAN TELECOMMUNICATIONS: DBP Recommends Changes To Rehab Plan
--------------------------------------------------------------
The Development Bank of the Philippines (DBP) submitted to the
Pasig Regional Trial Court a manifestation to oppose the rehab
plan of Bayan Telecommunications Inc., the Manila Times reports.

DBP recommended a number of amendments to the rehab plan saying
that it failed to give due regard to the rights of secured
creditors.

According to the Manila Times report, the bank pointed out that
the proposal to share the cash flow of Bayantel with the
unsecured creditors would seriously erode the security interests
of secured creditors like them.

DBP also objects to the receiver's term sheet that states half
of Bayantel's secured debt, as well as the restructured debts of
chattel creditors and unsecured creditors, be repaid the same
terms.

"It is to be emphasized that the secured creditors have security
over certain fixed assets, which are depreciating in value over
time," the petition read.

DBP also claimed that the receiver's proposal wrongly estimated
the value of fixed assets at US$137 million, which have been
acquired since 1998 and as such not captured by the omnibus
agreement. Therefore, DBP said that 90 percent of all assets
obtained by Bayantel since 1998 are covered by the security
under the Omnibus Agreement and are not assets available to
Unsecured Creditors, the newspaper report stated.

"For the proper recognition of the legal rights and interests of
the Omnibus Creditors," DBP recommended the following in lieu of
the receiver's proposals:

- Tranche A restructured debt-to consist of 75 percent of the
secured debt A to be repaid in full over 10-year period;

- Tranche B restructured debt-to consist of balance of the
secured debt A and all of the restructured debts to be repaid in
full over a 15-year period;

- Interest on Tranche B will automatically capitalize and DRMs
(Debt reduction milestones) will automatically defer, in the
event that there is insufficient cash in the General Realization
Account.

- In the event of payment default in respect of Tranche A,
Creditors holding at least 50 percent of Tranche A restructured
debt should be given the right to elect termination of the
rehabilitation plan.

The bank also proposed that, "To the extent future acquisitions
are funded from cash flow of the BTI Group, such properties
should be secured in favor of the Omnibus creditors only."

"The removal of the provision which restricts the trading in
whole or in part of the restructured debt, and that it cannot be
traded independently from the trust share," DBP said.

Bayantel is currently reorganizing around US$477 million in
debt. US$277 million is owed to banks while the remaining US$200
million is owed to bondholders.  Bayantel hopes to finish the
rehabilitation process in the same month next year.

Contact:

Bayan Telecommunications Inc,
Investor Relations 3/F Bayantel
Corporate Center Maginhawa corner
Malingap Streets Teacher's Village East,
Diliman Quezon City 1101,
Website: http://www.bayantel.com.ph/


MANILA ELECTRIC: Regulator to Appeal SC Ruling, Seeks More Time
---------------------------------------------------------------
The Energy Regulatory Commission (ERC) said it will appeal the
Supreme Court's recent decision to declare ERC's provisional
authority for power distributor Manila Electric Co. (Meralco) to
raise distribution rates an average 12 centavos per kilowatthour
as illegal, reports AFX-ASIA

"Our legal staff and the general counsel are now preparing the
motion for reconsideration not because we intend to protect
Meralco, but to contest the declaration of illegality of the
provisional authority," ERC chairman Rodolfo Albano said.

According to Mr. Albano, the regulatory body would also ask for
a 15-day extension on the deadline for the filing of an appeal,
saying that they just received a copy of the SC ruling last
Monday, and that they need more time to study the document. The
decision requires ERC to file a motion for reconsideration
within 15 days from receipt of the order.

The rate increase, which was projected to bring Meralco an
additional annual revenue of PhP 1.9 billion, was supposed to be
the second for the power distributor after a 0.0865 peso/kwh
hike in May 2003. However, the Supreme Court nullified the
provisional rate increase, saying that Meralco did not publicly
publish its rate hike application, while the government
regulator failed to resolve the motions of opponents to
Meralco's application before issuing the provisional approval.

Nevertheless, Mr. Albano said that after the High Court's order,
the ERC will resume next month the public hearings on Meralco's
rate increase petition.

Contact:

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


MAYNILAD WATER: Banks Set Terms Before Government Can Use Bond
--------------------------------------------------------------
Unless state-run Metropolitan Waterworks and Sewerage System
(MWSS) officially takes over Maynilad Water Services Inc., the
consortium of banks that guaranteed the troubled Lopez-
controlled utility's US$120-million performance bond will not
allow the government to draw from it, reports Businessworld.

The 13 banks that issued the US$120-million standby letter of
credit to Maynilad to pay for its arrears to MWSS also said it
will wait for the green light from a Quezon City regional trial
court, aside from the Office of the Government Corporate
Counsel's legal opinion that the takeover will be advantageous
and within the MWSS' scope of powers.

According to Angelito Chua of Chinatrust (Phils.) Commercial
Bank Corp., one of the guarantor banks, these conditions will
have to be fulfilled before they would allow a draw of the bond.

Though Mr. Chua acknowledges that the Supreme Court did rule
Monday that MWSS could draw US$98.92 million from the bond, he
said that a compromise agreement in March stipulates that MWSS
could only withdraw US$50 million, which will then be treated as
a loan to the banks and will be paid by Maynilad's new owners.

"The compromise agreement it entered with Maynilad and its
creditors is binding. As such, it cannot go against its word and
suddenly ask the banks to turn over more than US$50 million,"
Mr. Chua said.

For its part, Maynilad also expects MWSS to honor the compromise
agreement.

"This agreement was based on good faith negotiations conducted
in a transparent manner, in consultation with all the bank
creditors," Maynilad director Angel Ong said. "It is just a
matter of fulfilling the conditions that will make the
compromise agreement enforceable. For all intents and purposes,
the deal is sealed."


NATIONAL POWER: Ex-Energy Secretary Calls For Rate Hike
-------------------------------------------------------
Former Energy Secretary Francisco L. Viray said Tuesday the
government should raise National Power Corp.'s (Napocor) rates
to the level of those charged by independent power producers in
order to generate more investments and fuel competition in the
wholesale electricity market, BusinessWorld reports.

According to Mr. Viray, competition will at least stabilize
power rates or prevent them from rising further in the long run.
Napocor's rates are artificially low because they are
subsidized. He added, however, that since protests are expected
once the rate is increased, subsidies for some consumers should
still be provided.

"All these things will stabilize the rates and even bring it
down. But if you don't first raise the rates to market level, no
private sector [investment] would come in and the sale of
Napocor's generation assets will not be realized, so there will
be no competition," Mr. Viray told reporters.

The government's absorption of the PhP500 billion debt of
Napocor will relieve the power firm of its debt problems.  
However, the absorption will only yield favorable results if
privatization of the firm's plants is pursued, Mr. Viray said.

"I just hope that [the debt absorption] won't lead to a case
wherein just because government absorbed the debts of Napocor,
[the firm] again will go on a borrowing [binge] ... It's a step
in the right direction as far as the reforms are concerned and I
just hope it will be followed by another right step, which is
the privatization of the generation assets," said Mr. Viray.

He also said the 18-month period given by President Gloria
Macapagal-Arroyo for the disposal of Napocor's plants is
reasonable. The government has been preparing for privatization
for quite some time and a lot of work has been done.  With the
proclamation of the new president, there'll be stability and
with the desire of the government to bring rates to market
level, the country will start attracting private investment" Mr.
Viray concluded.


PHILIPPINE LONG: PSE Grants Listing Of 1,500 Common Shares
----------------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000 the
application submitted by Philippine Long Distance Telephone Co.
(PLDT) to list additional 1,289,745 common shares, with a par
value of PhP5.00 per share, to cover the Executive Stock Option
Plan (ESOP) of the company, at an exercise price of PhP814.00
per share.

In this connection, please be advised that a total of 1,500
common shares have been availed and fully paid by the optionee
under the company's ESOP.

In view thereof, the listing of the 1,500 common shares is set
for Thursday, June 24, 2004. This brings the number of common
shares listed under the ESOP to a total of 49,015 common shares.

The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.

Contact:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers:  814-3552; 888-0188
Fax Number:  813-2292
Website: http://www.pldt.com.ph


PHILIPPINE TELEGRAPH: To Settle PhP43Mln Debt To PLDT
-----------------------------------------------------
After almost two years, Philippine Telegraph & Telecom Inc. has
finally agreed to settle its PhP43 million unpaid access charges
to Philippine Long Distance Telephone Co. (PLDT), according to
the Manila Times.

Access charges are fees a carrier pays for every minute of a
call that passes through another carrier's network. The amount
payable to PLDT nearly doubled from its original value of
PhP25.6 million because of overdue charges.

Both firms agreed to a possible write off during a meeting
called in by the National Telecommunications Commission (NTC).
In case both fail to settle amicably the issue, it will be
referred to the regulator for consolidation and resolution.

Ernesto Reyes, PT&T vice president, said PLDT has been informed
of its settlement offer and both are currently working on the
mechanics of the settlement.

Following the settlement offer, PLDT has agreed to set aside its
claim for another related dispute with PT&T pending further
verification and matching of the call data records, according to
the Manila Times report.

PT&T has installed 189.2 million lines in end-2003 representing
a market share of three percent for fixed lines.  Subscribers
have reached 38.6 million, one percent of the total fixed-line
market share in the Philippines.

Contact:

Philippine Telegraph & Telephone Corp.
SJS Building, Casino St.
Barangay Palanan, Makati City
Telephone Numbers:  818-0511 to 18
Fax Number:  894-4622
Website: http://www.ptt.com.ph


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


AWT LIMITED: Sets Court Hearing for Appointment of Liquidators
--------------------------------------------------------------
NOTICE to all creditors and contributories of AWT Limited
(Formerly known as Affluence Warehouse & Transportation Limited)
which is in Compulsory Liquidation, that pursuant to a direction
given by Master Ho of the High Court a hearing has been fixed on
23 July 2004 at 12:00 p.m. at the High Court, High Court
Building, 38 Queensway, Hong Kong for the High Court to consider
the application made by the Provisional Liquidators pursuant to
Section 194 of the Companies Ordinance for the appointment of
Nicholas Timothy Cornforth Hill and Stephen Briscoe as Joint and
Several Liquidators of the Company.

Copies of the Provisional Liquidators' reports of the First
Meetings of Creditors and Contributories can be obtained from
the Provisional Liquidators at the address below.

Nicholas Timothy Cornforth Hill
Stephen Briscoe
Joint and Several Provisional Liquidators.
AWT Limited
RSM Nelson Wheeler Corporate Advisory Services Limited
7/F Allied Kajima Building
138 Gloucester Road
Wanchai
Hong Kong
Tel:  (852) 2598 5123
Fax: (852) 2598 0060  

This announcement is dated June 23, 2004.


UNITED PILING: Faces Winding Up Petition
----------------------------------------
Notice is hereby given that a Petition for the Winding Up of
United Piling & Construction Pte Ltd by the High Court was, on
June 11, 2004, presented by J LIM PILING PTE LTD (formerly known
as REALTY SYNERGIES PTE LTD) of Block 1769, Geylang Bahru, # 02-
05 Kallang Distripark, Singapore 339703, A Judgment Creditor.
The Petition is scheduled before the Court sitting at Singapore
at 10:00 a.m. on July 2, 2004.

The Petitioner's address is at Block 1769, Geylang Bahru, #02-05
Kallang Distripark, Singapore 339703.

The Petitioner's solicitors are Messrs Lam W.S. & Co. of 122
Middle Road, #02-06A Midlink Plaza, Singapore 188973.

Messrs LAM W.S. & CO.
Solicitors for the Petitioner.

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


M.D.X: Increases Registered Capital To THB3,100,000,000
-----------------------------------------------------
According to the capital restructuring, M.D.X. PCL increased its
registered capital for a total of THB3,100,000,000 consisting of
310,000,000 ordinary shares with a par value of THB10 each and,
then, allocated some of those shares to creditors who exercised
option 2 by means of the Debt to Equity conversion. The
remaining unpaid shares are reserved for creditors whose claims
have not been finalized. Details are shown in the Report to the
Thailand Stock Exchange on the Results of the Sale of Shares
dated April 2, 2004.
     
As the final order of the claim has already been issued by the
Official Receiver allowing those creditor for debt repayment,
MDX would like to inform the SET of an additional allocation of
5,196,797 ordinary shares totaling THB51,967,970 to a creditor
by Debt to Equity conversion. Consequently, MDX has total paid-
up capital of THB4,755,931,420. The remaining 37,236 unpaid
shares will not be allotted due to the Official Receiver's order
not allowing some creditors for repayment.

Please be informed accordingly.
(Mrs. Songsri Kalyanamitr)      
Authorized Director of Wittayu Planner Co., Ltd.
The Plan Administrator of MDX PCL    

Contact:

M.D.X. PCL   
NAILERT TOWER, FLOOR 7,
10,2/4 WIRELESS ROAD, LUMPINI,
PATHUM WAN, Bangkok    
Telephone Numbers: 0-2253-0428-36, 0-2267-9071   
Fax: 0-2253-0427, 0-2253-2731


SUNTECH GROUP: Issues Notice For Additional Information  
-------------------------------------------------------
Suntech Group PCL clarified facts in respect of transactions
with related companies to the Stock Exchange of Thailand (SET)
on March 17, 2004 as detailed in the Notification letter of the
company.  
  
To view full copy of the additional information on the issues
disclosed to the SET, click
http://bankrupt.com/misc/suntecgroup062204.htm

Contact:

SUN TECH GROUP PCL   
U.M. TOWER, FLOOR 17,
9 RAMKHAMHAENG ROAD,
SUAN LUANG, Bangkok    
Telephone: 0-2719-9743   
Fax: 0-2719-9744


THAI WAH: Issues Update On Thai Wah Plaza Reorganization
--------------------------------------------------------
Thai Wah PCL refers to the letter submitted to the Stock
Exchange of Thailand dated 25 May 2004 by Class B Director of
Thai Wah Group Planner Co Ltd. as a Plan Administrator of Thai
Wah PCL.

The company would like to provide the update on the status of
the Thai Wah Plaza Limited's business reorganization. The
company advises that on 21 June 2004, the Central Bankruptcy
Court rejected the rehabilitation plan approved by certain
creditors of Thai Wah Plaza Ltd and cancelled the business
reorganization order. As such, the shareholder's rights of Thai
Wah Plaza Ltd have been restored. This includes the rights of
the Company, which holds approximately 88 percent of the issued
share capital.

Yours sincerely,
Ian Pascoe
Class B Director of Wah Group Planner Co Ltd,
as the Plan Administrator of Thai Wah PCL.  
THAI WAH GROUP PLANNER CO. LTD.

Contact:

THAI WAH PCL   
THAI WAH TOWER,
FLOOR 21-22, 21/63-66
SOUTH SATHON ROAD,
SATHON Bangkok    
Telephone: 0-2285-0040, 0-2285-0241-56   
Fax: 0-2285-0269-70


                            *********


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

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