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

                     A S I A   P A C I F I C

             Friday, June 25, 2004, Vol. 7, No. 125

                            Headlines

A U S T R A L I A

AMP GROUP: Moody's Reviews Rating for Possible Upgrade
BRAMBLES INDUSTRIES: Streamlines CHEP Organization
DUKE ENERGY: Sells Nevada Facility
DUKE ENERGY: Declares Quarterly Dividend
NATIONAL AUSTRALIA: Director Brian Clark To Stand Down


C H I N A  &  H O N G  K O N G

GOLDEN HARVEST: Pursues Discussions with Third Parties
KEL HOLDINGS: Widens Net Loss to $9.1M
NANYANG HOLDINGS: Nanyang buys back 20K shares
PROSTEN TECHNOLOGY: Narrows Net Loss to $41M
WAH SING: Announces Director's Shares Interest


I N D O N E S I A

BANK NIAGA: To Launch Rights Issue
BANK PERMATA: Anwar OK With Temasek's Permata Bid
BUMI RESOURCES: Sees US$1.3B Income This Year
PERTAMINA: Fuel Stocks Meet 22-day Demand
PERTAMINA: To Pay Goldman-Sachs US$3.68M in Tanker Deal


J A P A N

FUJITSU LIMITED: Unveils Realignment of Solutions Business
HOKUTOKOTSU K.K.: Taxicab Firm Files For Bankruptcy
MITSUBISHI FUSO: Unveils 6 Vehicle Accidents Between June 14-21
MITSUBISHI MOTORS: Receives JPY165B for Class A Preferred Shares
MITSUBISHI MOTORS: Submits Status of Recalls to Ministry

MITSUBISHI MOTORS: To Repay JPY75B Loan Ahead of Schedule
UFJ BANK: To Replace 20 Senior Officials


K O R E A

HANARO TELECOM: To Boost Long Distance Services Market


M A L A Y S I A

BERJAYA SPORTS: Purchases 1,100,000 Shares During Buy Back
CHG INDUSTRIES: Extends Date For Implementation Of Restructuring
GADANG HOLDINGS: Issues Update On Unit's Joint Venture Agreement
HAP SENG: Completes Proposed Acquisition Of A Parcel Of Land
HYTEX GARMENTS: Placed Under Voluntary Winding Up

INNOVEST BERHAD: Details Notices Issued To Bursa Malaysia
INTAN UTILITIES: Issues Update On Mandatory Takeover Offer
K.P. KENINGAU: Releases Update On Default In Payments
NORTH BORNEO: Seeks Extension To Implement Original Scheme
NYLEX BERHAD: Issues Proposal Update

NYLEX BERHAD: Updates Reorganization Scheme
OCEAN CAPITAL: Updates Application For Extension Of Time
OILCORP BERHAD: Unit Acquires Contract For Gas District Cooling
OILCORP BERHAD: Shareholders Approve All Ordinary Resolutions
PARK MAY: Issues Notice On Resignation Of Director

PARK MAY: Shareholders Approve All Resolutions Passed At AGM


P H I L I P P I N E S

ATLAS CONSOLIDATED: Government Writing Off PhP200M Tax Dues
MANILA ELECTRIC: Seeks Exemption From Registration Requirements
PHILIPPINE BANK: To Sell PhP10B in Bad Assets
PHILIPPINE LONG: S&P Affirms 'BB' Foreign Currency Rating
TRENDLINE SECURITIES: Allowed To Suspend Debt Payments


S I N G A P O R E

ACMA LIMITED: Posts Change In Director's Interest
AVO MARKETING: Winding Up Order Made
INFORMATICS HOLDINGS: Auditor Withdraws Statement As CEO Quits
KIM ENG: Voluntarily Delists WPG International Limited


T H A I L A N D

DATAMAT: Adds Info On Resolutions Passed At Board Meeting
THAI PETROCHEMICAL: PTT Makes Sure Decision Is Worthy
THAI WAH: Details Sale Of Non-core Assets
TPI POLENE: CBC Hearing Moved To September 20

* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -  -  -

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


AMP GROUP: Moody's Reviews Rating for Possible Upgrade
------------------------------------------------------
Moody's Investors Service has placed the long-term ratings of
the AMP Group under review for possible upgrade.

The review reflects AMP's successful repurchase of A$747 million
of its offshore bonds, following a reverse tender process
conducted last week. Moody's says that the repurchase represents
a sizeable reduction in debt levels from AMP's pre-demerger
position. The review also reflects AMP's success in maintaining
its very strong branding and position in the Australian market.
The demerger process appears to have had a limited effect on
AMP's brand image in terms of its effect on new business
volumes. The company's diversified and extensive distribution
approach, as well as its product offerings, positions it for
continued growth.

The rating agency said that its review for possible upgrade
would focus on AMP's financial and business strategy, 2004 half-
year financial results, the sustainability of current lower
leverage ratios and the ability to maintain the flow of new
business. Also, Moody's will assess AMP's ability to sustain the
earnings quality and solvency levels at its key operating
entities, including its flagship company AMP Life.

The following ratings were placed under review for possible
upgrade:

AMP Life Ltd -- Insurance financial strength A1

AMP Group Holdings Ltd -- Senior debt Baa1

AMP (UK) Finance Services plc -- Senior debt Baa1

AMP Group Finance Services Ltd -- Senior debt Baa1; Subordinated
debt Baa2

AMP Bank Ltd -- Long-term deposit rating Baa1

Long-term senior debt -- Baa1

Long-term subordinated debt -- Baa2

Long-term junior subordinated debt -- Baa2

The following ratings have been affirmed with a continuing
stable outlook

AMP (UK) Finance Services plc -- P-2 commercial paper

AMP Group Finance Services Ltd -- P-2 commercial paper

AMP Bank Ltd -- P-2 commercial paper

D bank financial strength


BRAMBLES INDUSTRIES: Streamlines CHEP Organization
--------------------------------------------------
Brambles Industries Plc announced changes in the organizational
structure of its pallet and container pooling business, CHEP, to
streamline business processes.

A key component is the creation of two regional groups for CHEP,
each reporting directly to Brambles' Chief Executive Officer,
David Turner. They are:

- CHEP Europe, comprising the operations in Europe, Africa and
Asia-Pacific; and

- CHEP Americas, comprising the operations in North and South
America.

Mark Luby, who is successfully leading the restructuring of CHEP
Europe, will become President of the combined CHEP Europe,
Africa and Asia-Pacific organization. David Mezzanotte, who has
successfully led the turnaround in CHEP USA, will become
President of CHEP Americas.

Both Mark and David will join the Brambles Executive Committee.

The CHEP global management structure will be eliminated,
although certain key functions such as IS, Marketing, Product
Development and Operations will continue to be managed globally
under the new structure, reporting to Mark and David. Victor
Mendes, CEO of CHEP, will complete the transition of his
executive responsibilities on 30 June 2004 but will be available
for a further three months to consult with the Board, as
required.

David Turner said, "The work that Victor and the team have done
to refocus CHEP on its core competencies and the fundamental
drivers of growth means the business is now in a stronger
position to deliver sustainable growth and sound returns for
shareholders. Victor has contributed significantly to CHEP in a
period of very positive change and is leaving the group with our
very best wishes.

"The reorganization of CHEP will result in increased regional
accountability and operational efficiency, and reflects
Brambles' continuing focus on operating with the most cost-
effective organization."

The pre-tax cost of the reorganization is estimated to be œ6
million / A$15 million, and will be included as an operating
exceptional item under UK GAAP and as a significant item under
Australian GAAP in the accounts to 30 June 2004. The
reorganization is expected to result in a pre-tax benefit at
least equal to the cost of the reorganization within 12 months.

Brambles reaffirm its full year outlook, as announced in its 26
May 2004 trading update. In that update, Brambles confirmed that
CHEP is expected to deliver strong growth in profit in the
second half of 2004 (compared with both the first half of 2004
and the second half of 2003) due to good performance in all
regions. Brambles' outlook for the year ended 30 June 2004
remains unchanged from the Interim Results statement on 25
February 2004.

Notes:

(a) Profit is defined as profit before interest, tax, goodwill
amortization and exceptional items.

(b) Relative profit performances in this announcement are based
on constant currency comparisons. Constant currency is
calculated by translating foreign currency results at the
exchange rates applicable during the last year.

For further information

UK
Investor Sue Scholes, Head of Investor Relations +44 (0) 20 7659
6012

Media Richard Mountain, Financial Dynamics +44 (0) 20 7269 7291

Australia
Investor John Hobson, Head of Investor Relations +61 (0) 2 9256
5216
+61 (0) 414 239 188 (mobile)

Media Jeannette McLoughlin +61 (0) 2 9256 5255
Group General Manager Corporate Communications +61 (0) 401 990
425 (mobile)

Brambles' global headquarters is in Sydney, Australia.

This is a company press release.


DUKE ENERGY: Sells Nevada Facility
----------------------------------
Duke Energy announced Wednesday an agreement to sell its Moapa
facility to Nevada Power Company for $182 million.

In a Company press release, the Moapa facility is a partially
completed 1,200-megawatt, combined-cycle generating facility
located in Clark County, Nev., that is currently in a
construction deferral. Duke Energy has two other facilities in a
deferred construction status, Grays Harbor in Washington and
Deming in New Mexico.

"Consistent with our January decision to reduce exposure in the
merchant energy sector, we have been looking for a partner or a
buyer for our deferred construction projects," said Fred Fowler,
president and chief operating officer of Duke Energy. "Even
before this sale, we had exceeded our asset divestiture target
of $1.5 billion for 2004, and with this transaction we continue
delivering on our plan to strengthen the balance sheet and to
sharpen Duke Energy's merchant focus on key markets going
forward."

The sale is subject to approval by the Public Utilities
Commission of Nevada and is expected to close in the fourth
quarter.

TRANSACTION BACKGROUND

Plant

1200-megawatt, combined-cycle facility in Clark County, Nev.
Original groundbreaking: October 2001
Approximately 50 percent complete

Financial Implications

Sale Price                  $182 million
Expected Tax Benefit        $148 million
Approximate Cash Benefit    $330 million
Realized price/kilowatt     $275/kilowatt
Annualized reduction
in DENA cost due to sale    $14 million

Duke Energy is a diversified energy company with a portfolio of
natural gas and electric businesses, both regulated and
unregulated, and an affiliated real estate company. Duke Energy
supplies, delivers and processes energy for customers in North
America and selected international markets. In 2004, the company
celebrates a century of service with the 100th anniversary of
its electric utility Duke Power. Headquartered in Charlotte,
N.C., Duke Energy is a Fortune 500 company traded on the New
York Stock Exchange under the symbol DUK. More information about
the company is available on the Internet at: www.duke-
energy.com.

Contact: Peter Sheffield
Phone: 704/373-4503
24-Hour Phone: 704/382-8333
E-mail: pvsheffield@duke-energy.com

Contact: Pat Mullen
Phone: 805/595-5597
24-Hour Phone: 704/382-8333
E-mail: pwmullen@duke-energy.com


DUKE ENERGY: Declares Quarterly Dividend
----------------------------------------
Duke Energy, in a press release, announced its quarterly cash
dividend on its common stock of U.S. $0.275 a share. The
dividend is payable on September 16, 2004, to shareholders of
record on the close of business Aug. 13, 2004.

This is the 78th consecutive year that Duke Energy has paid
quarterly cash dividends on its common stock.

The company also announced that it would be paying quarterly
dividends on its preferred stocks on Sept. 16, 2004, to
shareholders of record on the close of business Aug. 13, 2004.

Duke Energy Canada Exchangeco Inc., a subsidiary of Duke Energy,
today also announced a quarterly cash dividend on its
exchangeable shares of Cdn $0.37 per exchangeable share. The
dividend is payable on Sept. 16, 2004, to shareholders of record
on the close of business Aug. 13, 2004.

Duke Energy is a diversified energy company with a portfolio of
natural gas and electric businesses, both regulated and
unregulated, and an affiliated real estate company. Duke Energy
supplies, delivers and processes energy for customers in North
America and selected international markets. In 2004, the company
celebrates a century of service with the 100th anniversary of
its electric utility Duke Power. More information about the
company is available on the Internet at: www.duke-energy.com.

Contact: Randy Wheeless
Phone: 704/382-8379
24-Hour Phone: 704/382-8333
E-mail: crwheele@duke-energy.com


NATIONAL AUSTRALIA: Director Brian Clark To Stand Down
------------------------------------------------------
National Australia Bank (NAB) announced that Dr. Brian Clark
would stand down as a non-executive Director in August because
of extended commitments with Vodafone in Asia.

Dr. Clark was Chief Executive of Vodafone Pacific and located in
Sydney when he joined the National Australia Bank Board in
October 2001.

During 2003, Brian was appointed Chief Executive of Vodafone
Asia Pacific and relocated from Sydney to Tokyo.  Last night,
Vodafone announced that he would become President and Chief
Executive of Vodafone Holdings K.K. and Vodafone K.K. in Tokyo.

The National Australia Bank's Chairman, Mr. Graham Kraehe, paid
tribute to Dr. Clark's valuable contribution to the Board over
the last two and a half years.

"I and my fellow Directors are sad to see Dr. Clark leave the
Board but we realize that his new appointment with Vodafone will
extend the time he must spend in Tokyo and make it difficult for
him to make the necessary time commitment to the National," Mr.
Kraehe said.  "Brian will attend the August meeting of the Board
and formally resign at that time.  His replacement will be
considered as part of the Board renewal program currently
underway."

Dr. Clark thanked his fellow Directors for their support and
wished them well in rebuilding the reputation of the National.

"I have been delighted to be a member of the National Board over
the last two and a half years and I am disappointed that I will
not have the necessary time available to devote to the National
as a result of my extended commitments with Vodafone," he said.
"I remain committed to the National, its shareholders, its
customers and its people.  In spite of recent events, this is a
great company.  I am sure John Stewart and his team will restore
the reputation of the National.

"Following discussions with Graham Kraehe, we agreed that the
best course of action was for me to resign and focus on my
Vodafone commitments and allow the National to appoint another
Director to replace me.  In particular, I would like to express
my strong support for Graham Kraehe and my fellow Directors."

For further information:

Brandon Phillips
Group Manager
Group Corporate Relations
03 8641 3857 work
0419 369 058 mobile

This is a company press release.


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


GOLDEN HARVEST: Pursues Discussions with Third Parties
------------------------------------------------------
It was stated in the announcement dated May 30, 2004 that Golden
Harvest Entertainment (Holdings) Limited has preliminary
discussions with a number of independent third parties about the
possibility of their acquisition of new shares in the Company
which might amount to a possible change in controlling
shareholding and which might or might not result in general
offer being made to shareholders of the Company to acquire their
shares in the Company.

The directors of the company wish to state that the Company
continues to pursue its discussions with independent third
parties. However, no terms have been reached yet as a result of
such discussions and such discussions may or may not lead to any
agreement. Further announcements will be made should there be
any significant development of the negotiations as and when
appropriate.

On behalf of the Board
CHOW TING HSING, RAYMOND

This announcement is dated June 23, 2004.


KEL HOLDINGS: Widens Net Loss to $9.1M
--------------------------------------
According to Infocast News, KEL Holdings posted a net loss of
$9.13 million for the fiscal year ended March 31, compared with
a net loss of $8.76 million a year ago. LPS was 0.63 cent. No
final dividend was declared.


NANYANG HOLDINGS: Nanyang buys back 20K shares
----------------------------------------------
Infocast reported that Nanyang Holdings bought back 20,000
shares at $7.3 each, or at a total of $146,000, on June 23.


PROSTEN TECHNOLOGY: Narrows Net Loss to $41M
--------------------------------------------
Infocast reported that Prosten Technology Holdings Limited
(8026) posted a net loss of $41.12 million for the financial
year ended March 31, compared with the restated net loss of
$110.538 million for the preceding financial year. LPS was
$0.08. No final dividend was declared.


WAH SING: Announces Director's Shares Interest
----------------------------------------------
(1) Name of listed corporation: Wang Sing International Holdings
Group Ltd.

(2) Stock code: 02389

(3) Class of shares: Ordinary Shares

(4) Number of issued shares in class: 396,508,000

(5) Name of director (English) as printed on HKID/Passport:
(Surname) Chen
(Other names) Wai Yuk

(8) Name of director (Chinese):

(9) Chinese Character Code: 711519796877

(12) Date of relevant event: June 18, 2004

(13) Date when director became aware of the relevant event/
interest in the shares (if later): June 18, 2004

(14) Details of relevant event:
Relevant event code describing circumstances: 136
Code describing capacity in which shares were/are held: 205
Number of shares bought/sold or involved: 1,032,000
Currency of transaction: HKD
Before relevant event: 1.130
After relevant event: 1.106
Average price per share: 0.000
Average consideration per share
Consideration code 301

(15) Total shares in listed corporation immediately before the
relevant event: 208,356,000
Total number of shares Percentage figure (%): 52.55

(16) Total shares in listed corporation immediately after the
relevant event: 208,356,000
Total number of shares Percentage figure (%): 52.68

(17) Capacity in which interests disclosed in Box 16 are held
(required for Initial Notification only):
Code describing capacity Number of shares
Nil

(18) Further information in respect of derivative interests in
listed corporation:
Code describing derivatives
Exercise period Consideration - if derivatives granted by
listed corporation
Number of shares
Begins
Ends
Price for grant
Exercise price
Price on assignment
Nil

(19) Further information in relation to interests of children
under 18 and/or spouse:
Name of child/spouse Number of shares
Nil

(20) Further information in relation to interests of
corporations controlled by Director:
Name of controlled corporation Address and place of
incorporation Name of controlling shareholder % control Direct
interest Number of shares
Nil

(21) Further information in relation to interests held by
Director jointly with another person:
Name of joint shareholder Address Number of shares
Nil

(22) Further information from a director who is a trustee, or
beneficiary of a trust, or a person who has set up a
Discretionary Trust:
Names of Trust Address Status code Number of shares
Nil

(23) Further information from a party to an agreement under
Section 317:
Names of other parties Address Number of shares
Nil
Total number of shares in which substantial shareholder is
interested under section 317 and 318:

(24) Date of filing this Form 3A: June 18, 2004
(26) Number of attachments: 0

This Stock Exchange of Hong Kong announcement is dated June 18,
2004.


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


BANK NIAGA: To Launch Rights Issue
----------------------------------
In line with its aim to strengthen its capital, Bank Niaga has
announced its plans to launch in August a rights issue to raise
IDR1 trillion (US$21.8 billion), Indoexchange reports.

According to Bank Niaga vice president Hashemi Albakri, the bank
needs to bolster its capital to comply with Indonesian Banking
Architecture requirements.

On the other hand, state-held PT Perusahaan Pengelola Aset (PPA)
said it wants to sell its Bank Niaga stake, since the Indonesian
government has no funds to follow the corporate action of the
bank.

According to PPA President Mohammad Syahrial, the rights issue
could dilute its shares in Bank Niaga to 14 percent.


BANK PERMATA: Anwar OK With Temasek's Permata Bid
-------------------------------------------------
Bank Indonesia deputy senior governor Anwar Nasution said the
Singaporean government's investment arm, Temasek Holdings,
should not be prevented from bidding for Bank Permata, The
Jakarta Post reported.

According to Mr. Anwar, there is no reason to discriminate
against Temasek just because it is foreign and already owns
stakes in two other large Indonesian banks, Bank Danamon and
Bank Internasional Indonesia (BII).

"Why not (let Temasek acquire the bank) if they make a better
bid than the other investors? What's important is how to fix our
banking situation," he said.

Citing how Temasek fixed Bank Danamon and BII, Mr. Anwar
insisted the government should not be too choosy as to who buys
Permata stakes considering that it badly needs funds to fix its
budget deficit. He added that if the government wants the
country's banking sector reformed, it should not depend on local
investors who might lack the funds and the expertise.

Mr. Anwar's statements are in contrast to the suggestion of
legislators to prioritize local banks over foreign banks in the
Permata bid, saying that it would encourage local banks to enter
global banking.

Temasek, which owns 62 percent of Bank Danamon and 51 percent of
BII, is one of the 19 investors that expressed interest in Bank
Permata. Local Banks such as BNI, Bank Central Asia, Bank Panin
and Bank Artha Graha are also eyeing stakes in the bank.


BUMI RESOURCES: Sees US$1.3B Income This Year
---------------------------------------------
After winning a number of coal sales deals, PT Bumi Resources is
projecting a US$1.3 billion consolidated income this year, Asia
Pulse says.

BUMI finance director Eddie J. Soebari said that the long-term
deal with state-owned PT Indonesia Power to supply 5.4 million
tons of coal worth US$113.4 million annually to its power plants
would help the company achieve its income target.


PERTAMINA: Fuel Stocks Meet 22-day Demand
-----------------------------------------
Indonesia's state-owned oil and gas firm PT Pertamina has raised
its oil products stockpile to a "safe level", which means it is
enough to meet a 22-day demand, Dow Jones reports.

According to Pertamina media relations officer Mochamad Harun,
they have managed to boost the supply after the government,
which sells oil to the public at below-market prices,
remunerated the costs of fuel subsidies.

With the July 5 presidential elections fast approaching,
Pertamina has to keep the stockpile at a safe level to avoid a
supply shortage, which could spark social unrest and disrupt the
polls.

Pertamina depends on imported oil products since the firm's
refineries are unable to produce enough oil to meet domestic
demand.


PERTAMINA: To Pay Goldman-Sachs US$3.68M in Tanker Deal
-------------------------------------------------------
Once the controversial sale of its two giant tankers is
completed, state-run oil and gas firm PT Pertamina will pay its
financial adviser Goldman Sachs a total of US$3.68 million,
according to Asia Pulse.

Goldman Sachs not only acts as Pertamina's financial advisor,
but was also tasked to look for potential buyers of its two Very
Large Crude Carriers (VLCCs).

It was earlier reported that Pertamina is facing allegations
that it funded a trip by legislators to Hong Kong and South
Korea in order to get their approval on the intended sale.

The two tankers, now being built in South Korea, are to be sold
for a total price of US$184 million.


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


FUJITSU LIMITED: Unveils Realignment of Solutions Business
----------------------------------------------------------
Fujitsu Limited, in a press release, announced that it would
realign its sales and software and services groups to develop
closer relationships with its customers. The move will help
Fujitsu keep on top of market shifts and changing customer needs
and enhance Fujitsu's ability to provide group-wide integrated
support over the entire lifecycle of customers' IT systems. With
this realignment, Fujitsu plans to change its business structure
to increase customer satisfaction and to generate solid profit
from its solutions business.

[Reforming the Organization and Approach]

Fujitsu has four fundamental priorities underlying this reform:

(1) Creating an organization that is easy for customers to
understand

(2) Accelerating its speed of responsiveness to customers

(3) Providing seamless support throughout the customers' IT
systems lifecycle

(4) Eliminating overlap and competition among business
operations and functions

To accomplish this, today Fujitsu is implementing an
organizational realignment of its sales and software and
services groups.

[Objectives of the Realignment]

The groups will be organized for better customer accessibility
around the principles of customer-centric perspective, speed,
and simplicity. The new organizational structure will reflect
the following four points:

(1) Business groups will be organized by market segment, with
    their sales and systems engineers combined together within
    each group;
(2) Regional sales group will be realigned to nine units
    nationwide;
(3) Collaborations with outside partners will be strengthened
    and expanded, particularly in relation to servicing mid-
    sized corporate customers;
(4) Marketing and shared technology development functions will
    be enhanced, while administrative staff units will be
    streamlined.

These changes will provide customers with an integrated point of
contact and accelerate Fujitsu's responsiveness to customers.

For related information:
"Comments Regarding Our Management Direction"
http://pr.fujitsu.com/en/profile/kurokawa/2004/0526.html

About Fujitsu Limited

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, highly reliable computing and
communications platforms, and a worldwide corps of systems and
services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 4.7 trillion yen
(US$45 billion) for the fiscal year ended March 31, 2004. For
further information, please visit the Fujitsu Limited home page
at: www.fujitsu.com/

Contact:
Fujitsu Limited
Public & Investor Relations
Inquiries: http://www.fujitsu.com/news/contacts/


HOKUTOKOTSU K.K.: Taxicab Firm Files For Bankruptcy
---------------------------------------------------
Hokutokotsu K.K. has entered bankruptcy, according to Teikoku
Databank America. Based in Sapporo-shi, Hokkaido Japan, the
general taxicab operation firm has total liabilities of US$44.67
million.


MITSUBISHI FUSO: Unveils 6 Vehicle Accidents Between June 14-21
---------------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation revealed Wednesday that
there were six accidents between June 14 and June 21 involving
vehicles built by the carmaker and that drivers were killed in
three of them, Kyodo News reports.

Mitsubishi Motors Corporation confirmed the same day incidents
involving its cars that resulted in injuries to nine people
after combing 56,000 records of vehicle defects retained by its
affiliate dealers dating back to March 1986.

Forty-two of Japan's 47 prefectural governments have stopped
buying Mitsubishi cars and trucks after a series of vehicle
defect cover ups, TCR-AP reported recently.


MITSUBISHI MOTORS: Receives JPY165B for Class A Preferred Shares
----------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced Thursday that it
received payments totaling 165 billion yen for the issuance of
preferred shares. A company press release said the payments were
for both No. 1 Class A and No. 2 Class A preferred shares.

No. 1 Class A preferred shares

(Billion yen)

  Mitsubishi Heavy Industries, Ltd. 40.0
  Mitsubishi Corporation 40.0
  The Bank of Tokyo-Mitsubishi, Ltd. 40.0
  The Mitsubishi Trust & Banking Corporation 10.0
  TOTAL 130.0

No. 2 Class A preferred shares
(Billion yen)

  China Motor Corporation 10.0
  The Tokio Marine and Fire Insurance Co., Ltd. 10.0
  Meiji Yasuda Life Insurance Company 7.0
  Mitsubishi Electric Corporation 2.5
  NYK Line 2.5
  Mitsubishi Materials Corporation 1.0
  Mitsubishi Chemical Corporation 1.0
  Mitsubishi Logistics Corporation 1.0
  TOTAL 35.0

Some media reported Wednesday that a condition would be attached
whereby the Mitsubishi companies can ask MMC for compensation if
the appraisal value of their holdings declines due to MMC's
faults after payment is made. However, these reports are not
true.

MMC is currently moving forward with the measures outlined in
its business revitalization plan, aiming to turn the company
around and rid itself of past practices. By steadily
implementing its revitalization plan, MMC is working to reform
itself into a company that enjoys the trust of its customers and
the public while making a positive contribution to all countries
in which it operates.


MITSUBISHI MOTORS: Submits Status of Recalls to Ministry
--------------------------------------------------------
Mitsubishi Motors Corporation (MMC) on Wednesday submitted its
weekly report to the Japanese Ministry of Land, Infrastructure
and Transport on the current status of recalls and other
improvement measures stemming from past "repair directives," or
so-called shiji-kaishu. The report is the second weekly report
submitted by the company.

MMC submitted its first weekly report on June 16 to update the
public on the current status of the 26 recalls and four
improvement measures resulting from past recall directives
announced on June 2.

On June 18, the company reported on its investigation into
accidents and fires related to vehicles that were subject to
repair directives. Today's report outlines measures the company
is taking based on this investigation.

CURRENT STATUS OF SUBMISSIONS

        Submission date   June 4  June 18  June 30  By end July

Recalls  No. of cases      1        10        8          7
(26)   (accumulated)              (11)      (19)      (26)
         No. of units
        (accumulated)    115      50,837   12,501    92,775
                                 (50,952) (63,453)  (155,228)

Improvement No. of cases           1                     3
measures   (accumulated)          (1)                   (4)
(4)        No. of units          12                  54,886
           (accumulated)                             (54,898)

N.B. NO. OF UNITS FOR JAPAN ONLY

Of the 30 cases related to past repair directives, MMC had
submitted a total of 11 recalls and one improvement measure as
of June 18. The company plans to submit a further eight recalls
on June 30.

MMC has also reported it will submit the remaining seven recalls
and three improvement measures by the end of July, completing
the submission of all 30 cases related to repair directives.

ACCIDENTS/FIRES IN JAPAN

As previously reported, MMC extended its investigations to
include product information reports at dealers (information
before April 2001 no longer kept at MMC), information from the
company's customer relations department, product liability
suits, and notes on repairs carried out by dealers. As a result,
the company has confirmed that one accident and two fires
occurred in Japan to vehicles related to the 30 repair
directives.

MMC also reported on June 18 that it was investigating a fire
that occurred in the city of Yokosuka in September 1996. A
report from the company's technical center has since confirmed
that there is a connection between the fire and the recall. This
case is one of the two mentioned above.

The company has also confirmed that nine people were injured
when their vehicle was stationary as a result of defective
springs in the rear tailgate of the 1992 model year Libero.

On June 18, MMC reported that it had found some 20,000 product
information reports at dealers. As of today, the company has now
gathered 56,000 reports from dealers. MMC is currently visiting
dealers to check if there are any more product information
reports other than those already found. The oldest report found
so far is from March 1986.

MMC also went through about 100,000 inquiries dating back to
October 1992 received by the customer relations department
looking for information on accidents or fires related to the 30
repair directive cases.

The company-investigated defects related to 81-product liability
cases stretching back to October 1995.

In addition, MMC checked the notes of repairs carried out by
dealers to look for information on accidents or fires for all
models with related defects that were subject to repair
directives.

PROGRESS OF EXTENDED INVESTIGATION

Based on the point of view of its customers, MMC decided to also
reexamine all documents inside and outside the company that may
contain information on defects relating to any vehicle,
regardless of whether a repair directive had been issued or not.

A 110-member team - made up of employees from the Quality
Management Office, manufacturing, sales, and the new CSR
Promotion Office to be established on June 29 - is now
conducting a probing quality audit and will present its finding
by the end of July.

Although the authorities confiscated the minutes from internal
meetings on quality in January this year, MMC has asked for
copies of the documents to continue its investigation.


MITSUBISHI MOTORS: To Repay JPY75B Loan Ahead of Schedule
---------------------------------------------------------
Prompted by its deteriorating financial condition, crisis-ridden
Mitsubishi Motors Corporation (MMC) plans to repay a syndicated
loan worth JPY75 billion ahead of the expiry date, AFX Asia
reports, citing the Nihon Keizai Shimbun.

The carmaker plans to raise more than JPY450 billion via a
private placement of shares and use part of the proceeds to
repay the loan. It then intends to negotiate with the financial
institutions on a new syndicated loan.

A syndicate of 52 financial institutions that was arranged by
Bank of Tokyo-Mitsubishi extended the loan last September.


UFJ BANK: To Replace 20 Senior Officials
----------------------------------------
UFJ Bank will replace 20 senior officials after the Financial
Services Agency (FSA) found it had falsified, destroyed and
covered up crucial data to embellish its bad loan position, the
Yomiuri Shimbun reported on Thursday.

Among those who will be replaced will be two board members in
charge of planning and loan screening departments who dealt with
the FSA inspection, the report said.

The bank will also eliminate its unique corporate secretariat
system to ensure the complete transition to a new management led
by President Takamune Okihara.

Mr. Okihara said the bank would establish the responsibility of
those involved in the operational irregularities, following a
thorough study of the business improvement orders issued by the
FSA.


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


HANARO TELECOM: To Boost Long Distance Services Market
------------------------------------------------------
Hanaro Telecom Inc. plans to expand its share of the long-
distance and international telephone services market, reports
the Korea Herald.

The broadband Internet carrier, which received a government
license to market long-distance and international phone services
starting in July, said it will bundle its inner-city, long-
distance and international phone services under the name
"Hanafone."

Subscribers will be offered 50 percent discounts on
international calls for three months.


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


BERJAYA SPORTS: Purchases 1,100,000 Shares During Buy Back
----------------------------------------------------------
Berjaya Sports Toto Berhad disclosed to Bursa Malaysia
Securities Berhad the results of its shares buy back dated June
23, 2004

Description of shares purchased: ordinary shares

Total number of shares purchased (units): 1,100,000

Minimum price paid for each share purchased (RM): 3.660

Maximum price paid for each share purchased (RM): 3.740

Total consideration paid (RM): 4,082,706.29

Number of shares purchased retained in treasury (units):
1,100,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 41,000,000

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 996,946,013.


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


CHG INDUSTRIES: Extends Date For Implementation Of Restructuring
----------------------------------------------------------------
CHG Industries Berhad disclosed to Bursa Malaysia Securities
Berhad an update in relation to the Proposed Restructuring
Scheme. The company refers to the announcements made on 4 June
2004 and 15 June 2004.

Alliance Merchant Bank Berhad (Alliance), on behalf of the Board
of Directors of CHG (Board), wishes to announce that Alliance,
on behalf of the Board, had made an application to the Bursa
Malaysia Securities Berhad (Bursa Malaysia) on 22 June 2004
seeking Bursa Malaysia's approval for a time period of twelve
(12) months from the date the Proposed Restructuring Scheme was
first announced (i.e. 4 June 2004) to implement the Proposed
Restructuring Scheme.

The Company and its advisers are in the midst of preparing the
applications for the Proposed Restructuring Scheme to the
relevant authorities and the submission of the said applications
is expected to be made within three (3) months from 4 June 2004.

The Company will make an immediate announcement upon receipt of
Bursa Malaysia's decision.

This announcement is dated 23 June 2004.

Contact:

B-12-15 Block B
Megan Avenue II
12 Jalan Yap Kwan Seng
50450 Kuala Lumpur
Telephone: 03-27112100
Fax: 03-27136999
Website: www.chg.com.my


GADANG HOLDINGS: Issues Update On Unit's Joint Venture Agreement
----------------------------------------------------------------
Gadang Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad an update in relation to a Joint Venture Agreement.

(1) INTRODUCTION

Gadang Holdings Berhad (Gadang) wishes to inform the Exchange
that further to the announcements made on 26 August 2002 and 4
July 2003 in relation to the various agreements entered into
between its wholly-owned subsidiary, Gadang Engineering (M) Sdn
Bhd (GESB) and Heavy Industries Valley Sdn Bhd (Heavy
Industries), GESB and Sama Pesona Sdn Bhd (SPSB), an indirect
subsidiary of Gadang, had on 23 June 2004 further entered into
the following agreements with Heavy Industries:

(i) A Conditional Supplemental Deed of Settlement (SDS) entered
into between GESB and Heavy Industries to vary the terms of the
Conditional Second Deed of Settlement (Second Deed of
Settlement) and whereby the parties have agreed to convert the
purchase of a piece of freehold land held under H.S.(D) 63713,
PT No. 852 in the Mukim of Damansara, District of Petaling,
State of Selangor measuring approximately 467,904 square feet
(Project Land) into a joint venture arrangement, and pursuant
thereto, Heavy Industries has accepted GESB's nomination of SPSB
to carry out and complete the development of 8 blocks comprising
600 units of apartments together with ancillary facilities and
car parks to be carried out on the Project Land on a joint
venture basis;

(ii) A Conditional Joint Venture Agreement (JVA) entered into
between SPSB and Heavy Industries, whereby SPSB shall carry out
and complete the Project;

(iii) Nine (9) separate Conditional Supplemental Industrial Land
Sale and Purchase Agreements (Supplemental Industrial Land SPAs)
entered into between Heavy Industries and GESB; and

(iv) Two (2) separate Conditional Supplementary Factory Land
Sale and Purchase Agreements (Supplemental Factory Lots SPAs).

(2.0) BACKGROUND INFORMATION

(2.1) The Second Deed of Settlement entered into between GESB
and Heavy Industries on 3 July 2003 is conditional upon the
completion of the sale and purchase of the Project Land from
Heavy Industries;

(2.2) However, due to the non-fulfillment of a condition
contained in the said Project Land SPA, Heavy Industries and
GESB resolved to enter into the Joint Venture Arrangement.

(3.0) DETAILS OF THE JOINT VENTURE ARRANGEMENT

(3.1) Information on the JVA

(i) Heavy Industries appoint SPSB exclusively to carry out and
complete the Project;

(ii) Heavy Industries shall be entitled to RM7,698,792 which
shall be paid by SPSB to Heavy Industries in the following
manner:

(a) RM7,669,792 being the outstanding redemption sum payable by
Heavy Industries to the lenders to redeem the Project Land will
be paid by SPSB to the lenders on or before the Completion Date
(defined therein) in the JVA.

The said redemption sum payable to the lenders will be via the
progress billings receivable from the development of the Project
and/or internal funds;

(b) The balance thereof, if any, shall be fully settled by SPSB
in accordance with the Housing Developers (Housing Development
Account) Regulations, 1991;

(c) The JVA is expected to be completed within 36 months subject
to an extension of 12 months from the Effective Date of the JVA
i.e. the date falling on or before the expiry of 3 months from
the date of the JVA (Completion Date).

(3.2) Information on SDS, Supplemental Industrial Land SPAs and
Supplemental Factory Lots SPAs

The salient terms and conditions are:

(i) Heavy Industries and GESB have agreed to convert the
purchase of the Project Land and the Project into a joint
venture arrangement, and pursuant thereto, the Second Deed of
Settlement shall become unconditional upon the fulfillment of
the conditions precedent contained in the JVA; and

(ii) Heavy Industries and GESB further agree that the Industrial
Land SPAs and Factory Lots SPAs shall become unconditional on
the Effective Date of the JVA.

(4.0) RATIONALE OF THE JOINT VENTURE ARRANGEMENT

The Joint Venture Arrangement will be the alternative solution
of the Project Land Acquisition and henceforth, allow the
completion of the Second Deed of Settlement.

(5.0) EFFECTS OF THE JOINT VENTURE ARRANGEMENT

The Joint Venture Arrangement will not have any material effects
on the issued and paid-up share capital, and net tangible assets
of the Company for the financial year ending 31 May 2005.
However, the Joint Venture Arrangement is expected to contribute
positively towards the earnings of the Group for the financial
years ending 31 May 2005 to 31 May 2007 from the development of
the Project.

(6.0) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors and substantial shareholders of the
Company and/or persons connected with them have any interests,
direct or indirect, in the Joint Venture Arrangement.

(7.0) DIRECTORS' RECOMMENDATION

The Directors, having considered all aspects of the Joint
Venture Arrangement, are of the opinion that the Joint Venture
Arrangement is in the best interest of the Company.

Contact:

Gadang Holdings Berhad
Wisma Gadang 52, Jalan Tago 2
Off Jalan Persiaran Utama
Sri Damansara 52200 Kuala Lumpur
Telephone: 03-6275 6888
Fax: 03-6275 2136


HAP SENG: Completes Proposed Acquisition Of A Parcel Of Land
------------------------------------------------------------
Hap Seng Consolidated Berhad (HSCB) issued an update to Bursa
Malaysia in relation to the proposed acquisition of (1) all
those two contiguous parcels of freehold land held under Geran
36338 Lot No. 593 and Geran 36339 Lot No. 594 both situated at
Section 57, Town and District of Kuala Lumpur, Wilayah
Persekutuan together with the 22-storeyed building erected
thereon known as MUI Plaza and (2) all those two contiguous
parcels of adjoining freehold vacant land held under Geran No.
26089 Lot No. 1246 and Geran No. 1031 Lot No. 546, both situated
at Section 57, Town and District of Kuala Lumpur, Wilayah
Persekutuan pursuant to the sale and purchase agreements dated
25 March 2004 entered into in respect thereon.

With reference to our previous announcements dated 25 March
2004, 31 March 2004 and 16 June 2004 in relation to the Proposed
Acquisitions, the Board of Directors of HSCB is hereby pleased
to announce that the Proposed Acquisitions were completed on
even date in accordance with the terms and conditions contained
in the sale and purchase agreements entered into in respect
thereof.

Contact:

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


HYTEX GARMENTS: Placed Under Voluntary Winding Up
-------------------------------------------------
The Board of Hytex Integrated Berhad announced to Bursa Malaysia
Securities Berhad that its subsidiary, Hytex Garments (B) Sdn.
Bhd. [HGB] would be placed under Members' Voluntary Winding-up
pursuant to Chapter 276 of Brunei Darussalam's Companies Act.
Deloitte & Touche Management Services Pte Ltd. of 5th
Floor,Wisma Hajjah Fatimah, 22 & 23 Jalan Sultan, Bandar Seri
Begawan BS8811, Brunei Darussalam will be appointed as the
Liquidator of HGB.

HGB, incorporated on 23 March 2002 in Brunei Darussalam, is a
dormant company. The winding-up of HGB is not expected to have
any material impact on the net tangible assets and earnings of
the Hytex Group for the financial year ending 31 March 2005.


INNOVEST BERHAD: Details Notices Issued To Bursa Malaysia
---------------------------------------------------------
Innovest Berhad disclosed to Bursa Malaysia Securities Berhad a:

- Notice of suspension in trading of securities; and
- Notice to show cause on de-listing of securities of Innovest
Berhad

Innovest refers to the announcement made on 1 June 2004.

The Board of Directors (Board) of Innovest wishes to announce
that Bursa Malaysia Securities Berhad (Bursa Malaysia) had via
its letter dated 22 June 2004, informed that the trading of
securities of Innovest will be suspended effective 9:00 a.m.,
Wednesday, 30 June 2004 until further notice, pursuant to
Paragraphs 8.14 and 16.02 of the listing requirements of Bursa
Malaysia (Listing Requirements).

In addition, the Board of Innovest wishes to announce that Bursa
Malaysia had on 22 June 2004, issued a notice to show cause as
to why the securities of the Company should not be de-listed
(Show Cause Notice). This is due to the fact that the Company
had not been able to regularize its financial condition within
the prescribed time frame stipulated by Bursa Malaysia pursuant
to Paragraph 8.14 of the Listing Requirements and Paragraph 5.1
of Practice Note 4/2001 and no further extension of time has
been granted to the Company on its application to Bursa Malaysia
on 20 May 2004.

Based on the Show Cause Notice, the Company is required to make
an immediate announcement that:

(i) The Company has been given fourteen (14) days by Bursa
Malaysia to make written representations to Bursa Malaysia on
why its securities should not be removed from the Official List
of Bursa Malaysia;

(ii) In the event Bursa Malaysia decides to de-list the Company,
the securities of the Company shall be removed from the Official
List of Bursa Malaysia upon expiry of fourteen (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 Bursa Malaysia;
and

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

This announcement is dated 23 June 2004.

Contact:

Innovest Holdings Berhad
Suite 9B.2, Level 9B
Wisma E & C
No. 2 Lorong Dungun Kiri
Damansara Heights
50490 Kuala Lumpur
Telephone: 03-2533373
Fax: 03-2543733


INTAN UTILITIES: Issues Update On Mandatory Takeover Offer
----------------------------------------------------------
Intan Utilities Berhad refers to the Mandatory Take-Over offer
by Tan Sri Dato' Seri Vincent Tan Chee Yioun (TSVT) to acquire
the remaining ordinary shares of RM1.00 each in Intan Utilities
Berhad (Intan) not already held by TVST and parties acting in
concert with him upon the completion of the non-renounceable
restricted offer for sale of 16,062,000 shares (ROS) in Intan by
Veolia Water Asia Pte Ltd (formerly known as Vivendi Water Asia
Pte Ltd) to entitled ROS subscribers.

DISCLOSURE OF DEALINGS PURSUANT TO THE MALAYSIAN CODE ON TAKE-
OVERS AND MERGERS, 1998.

Pursuant to the Code, AmMerchant Bank Berhad announced to Bursa
Malaysia Securities Berhad on behalf of Intan, the dealings in
the Shares of Intan (Affected Security) by Directors of Intan
(the Offeree) as set out in the Code.

The details of the dealings in the Affected Security by the
Parties are set out in the attachment below.
http://bankrupt.com/misc/intanutilities062304.doc

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

This announcement is dated 23 June 2004.

Contact:

Intan Utilities Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Telephone: 03-2935 8888
Fax: 03-29358043
Website: http://www3.jaring.my/intan


K.P. KENINGAU: Releases Update On Default In Payments
-----------------------------------------------------
As required by the Bursa Malaysia Securities Berhad Practice
Note 1/2001, K. P. Keningau Bhd. (KPK) hereby provides an update
on its default in payments as at 31 May 2004, as attached in
Appendix A.

The total default by KPK on principal sum plus interest as at 31
May 2004 amounted to RM36,596,881.31. The default payments owing
to financial institutions are in respect of trade financing,
term loan, revolving credit and overdraft and details of
security cover thereof, are as per announcement made on 19
January 2004.

Apart from receiving legal letters of demand on some of the
default payments, there is no new development on the default of
payments since the previous announcement with regard to this
Practice Note.

APPENDIX A

         Principal(RM)  Interest(RM)   Principal & Interest (RM)
                                        at 31/05/2004

Secured     5,936,000.00  673,496.32    6,609,496.32
            7,957,000.00  649,793.46    8,606,793.46
            3,418,883.84  322,344.99    3,741,228.83

Kilang Papan
Keningau Sdn.
Bhd. (KPKSB)
(a) United
Overseas Bank
(Malaysia)  Bhd
(b) Bumiputra-Commerce
Bank Berhad
c) RHB Bank Berhad

Kilang Papan         6,135,000.00   692,341,16     6,827,341.16
                     2,986,000.00   257,388.37     3,243,388.37
Keningau (Mouldings)
Sdn. Bhd. (KPKM)
a) United Overseas
Bank (Malaysia) Bhd
b) Bumiputra-Commerce
Bank Berhad

KPK Properties      800,000.00       68,444.80      868,444.80
Sdn. Bhd. (KPK)
a) Bumiputra-Commerce
Bank Berhad

K.P. Keningau Bhd (KPK) 1,148,230.65  142,223.11    1,290,453.76
a) United Overseas
Bank (Malaysia) Bhd

Unsecured
K.P. Keningau    5,000,000.00      409,734.61      5,409,734.61
Bhd (KPK)
a) Bumiputra-Commerce
Bank Berhad
Grand total 33,381,114.49    3,215,766.82          36,596,881.31

Contact:

K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor
Telephone: 03-7784 3922
Fax: 03-7784 1988


NORTH BORNEO: Seeks Extension To Implement Original Scheme
----------------------------------------------------------
The North Borneo Corp. Berhad (NBC) refers to the announcements
made to Bursa Malaysia Securities Berhad dated 30 December 2003
and 7 January 2004 in relation to the Proposed Rescue cum
Restructuring Scheme (Original Scheme).

On behalf of NBC, Southern Investment Bank Berhad wishes to
announce that on 11 June 2004 the company had applied to the
Securities Commission (SC) on a further extension of time of six
(6) months from 30 June 2004 to 31 December 2004 for NBC to
complete the implementation of the Original Scheme. The said
application is currently pending the approval of the SC.

This announcement is dated 23 June 2004.


Contact:

The North Borneo Corporation Bhd
Lot 1, 2nd Floor Wisma Siamloh
Jalan Kemajuan 87007
Federal Territory Labuan
Telephone: 087-417810
Fax: 087-424220


NYLEX BERHAD: Issues Proposal Update
------------------------------------
Nylex Berhad disclosed to Bursa Malaysia Securities Berhad the
following proposals:

(I) Listing proposal of Tamco Corporate Holdings Berhad (Tamco),
a wholly-owned subsidiary of Nylex, comprising:

- Proposed placement of up to 35,000,000 new ordinary shares of
RM0.50 each in Tamco (Bumiputera Placement shares) to Bumiputera
investors to be identified; and

- Proposed admission to the official list of the Mesdaq Market
of bursa Malaysia securities Berhad (formerly known as Malaysia
Securities Exchange Berhad) and the listing of and quotation for
the entire issued and paid-up ordinary share capital of Tamco
comprising up to 259,487,720 ordinary shares of RM0.50 each in
Tamco (including the Bumiputera placement shares) on the Mesdaq
market

(ii) Proposed additional placement of up to 40,000,000 new
ordinary shares of RM0.50 each in Tamco at an issue price of
RM0.50 per share to strategic investor(s)

The company refers to the announcements dated 31 October 2003, 2
March 2004 and 22 June 2004 in relation to the above Proposals.

On behalf of Nylex, Commerce International Merchant Bankers
Berhad (CIMB) is pleased to announce that Bursa Malaysia has,
via its letter dated 21 June 2004 (received on 22 June 2004),
approved:

(i) An extension of time of up to 27 October 2004 for the
implementation of the Listing Proposal;

(ii) The Proposed Additional Placement; and

(iii) The proposed listing and quotation of up to 40,000,000
ordinary shares of RM0.50 each in Tamco pursuant to the Proposed
Additional Placement.

The above approvals are subject to the following conditions:

(i) Tamco is required to make the disclosure on the utilisation
of proceeds from the Proposed Additional Placement in its
Prospectus; and

(ii) Tamco and CIMB are reminded that all terms and conditions
in Bursa Malaysia's decision letter dated 29 October 2003 remain
unchanged.

Tamco will be given six (6) months from the date of approval to
complete the Proposed Additional Placement.

This announcement is dated 23 June 2004.


Contact:

Nylex (Malaysia) Berhad
602, 6th Floor, Block A
Phileo Damansara 1
No. 9 Jalan 16/11
46350 Petaling Jaya
Selangor Darul Ehsan
Telephone: 03-76600008
Fax: 03-76601151
Website: http://www.nylex.com


NYLEX BERHAD: Updates Reorganization Scheme
-------------------------------------------
Nylex (Malaysia) Berhad issued an update to Bursa Malaysia
Securities Berhad in relation to the Reorganization scheme
involving:

- Capital Reconstruction, comprising the Capital Reduction,
Share Consolidation and Capital Distribution;
- Acquisitions; and
- Exemption

Further to the announcement dated 12 May 2004, Alliance Merchant
Bank Berhad, for and on behalf of Nylex, wishes to announce that
Nylex has on 23 June 2004, lodged a copy of the Court Order
dated 12 May 2004 confirming the special resolution passed by
the shareholders of Nylex at an extraordinary general meeting of
Nylex held on 15 August 2003 for the reduction of capital
pursuant to Section 64 of the Companies Act, 1965 with the
Companies Commission of Malaysia and by virtue thereof, the
capital reduction has taken effect 23 June 2004.

This announcement is dated 23 June 2004.


OCEAN CAPITAL: Updates Application For Extension Of Time
--------------------------------------------------------
In respect of the application for extension of time pursuant to
paragraph 5.1 of practice note number 4/2001 (PN4), Ocean
Capital Berhad announced that Bursa Malaysia Securities Berhad
(Bursa Malaysia) has, via its letter dated 22 June 2004,
informed Ocean that the issue of an extension of time to obtain
approvals from the relevant authorities on or before 21 June
2004 does not arise.

Bursa Malaysia notes that Ocean had, on 13 May 2004, obtained
the approval of the Securities Commission (SC) for the
implementation of its regularization plan and Bursa Malaysia
requires that Ocean implement its regularization plan within the
timeframe or extended timeframe prescribed by the SC.

Bursa Malaysia's decision is without prejudice to Bursa
Malaysia's right to proceed to de-list the securities of Ocean
from the official list of Bursa Malaysia in the event Ocean
fails to implement its regularization plan within the stipulated
period and no further extension of time is granted to Ocean.

This announcement is dated 23 June 2004.


Contact:

Ocean Capital Berhad
No. 43B, 2nd Floor
Changkat Bukit Bintang
50200 Kuala Lumpur
Telephone: 03-21480700
Fax: 03-21454825


OILCORP BERHAD: Unit Acquires Contract For Gas District Cooling
---------------------------------------------------------------
The Board of Directors of OilCorp Berhad announced to Bursa
Malaysia Securities Berhad that its wholly-owned subsidiary,
Oil-Line Engineering & Associates Sdn Bhd (Oil-Line) and its
joint-venture partner, PT Technic (M) Sdn Bhd (PTT), have been
jointly awarded the Contract for the Engineering, Procurement,
Construction and Commissioning (EPCC) of Putrajaya Precinct 1
Cogeneration/District Cooling Annex Plant Project by Gas
District Cooling (Putrajaya) Sdn Bhd, a subsidiary of Petroliam
Nasional Berhad. The contract is valued at approximately RM53.8
million.

Oil-Line holds a 49 percent stake in this joint venture, with
the remaining 51 percent held by PTT.

This EPCC contract is expected to complete in August 2005.

This announcement is dated 23 June 2004.


OILCORP BERHAD: Shareholders Approve All Ordinary Resolutions
-------------------------------------------------------------
The Board of Directors of OilCorp Berhad informs Bursa Malaysia
Securities Berhad that at the company's Third Annual General
Meeting held on Wednesday, 23 June 2004 at 10:00 a.m. at Rebana
1, Level 1, Grand Bluewave Hotel, Persiaran Perbandaran, Seksyen
14, 40000 Shah Alam, Selangor Darul Ehsan, all the Ordinary
Resolutions 1 to 12 as set out in the Notice of Meeting dated 1
June 2004 were duly passed by the shareholders.

This announcement is dated 23 June 2004.


PARK MAY: Issues Notice On Resignation Of Director
--------------------------------------------------
Park May Berhad disclosed to Bursa Malaysia Securities Berhad
the retirement of Yeo Keng Un as non-independent and non-
executive director of the company.

Remarks:

Pursuant to Article 80 of the Company's Articles of Association,
Mr. Yeo Keng Un was to retire as Director of the Company and
being eligible to seek re-election at the 31st Annual General
Meeting of the Company. The Company had received a notice from
Mr. Yeo Keng Un that he would not be seeking re-election at the
Company's 31st Annual General Meeting.

Contact:

Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama
58100 Kuala Lumpur
Telephone: 0379827060
Fax: 03-76254987
Website: www.parkmayberhad.com


PARK MAY: Shareholders Approve All Resolutions Passed At AGM
------------------------------------------------------------
On behalf of Park May Berhad, AmMerchant Bank Berhad announced
to Bursa Malaysia Securities Berhad that the shareholders of
Park May, present and voting, have approved the resolution for
the Proposed Shareholders' Mandate, which was set out in the
Notice of EGM dated 2 June 2004 and tabled at the EGM of Park
May held on Wednesday at Kenyalang Room, 7th Floor, Pearl
International Hotel, Batu 5, Jalan Klang Lama, 58000 Kuala
Lumpur.

This announcement is dated 23 June 2004.


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


ATLAS CONSOLIDATED: Government Writing Off PhP200M Tax Dues
-----------------------------------------------------------
The Bureau of Local Government Finance in Toledo City said it is
willing to write off more than PhP200 million in tax dues from
Atlas Consolidated Mining Corp., BusinessWorld reports, citing
Toledo City mayor Arlene Espinoza-Zambo.

Atlas owns the city some PhP500 million in taxes, an amount
which has accumulated since 1994.  However, Ms. Zambo said it is
willing to reduce the tax dues and would even accept real
properties as payment for the tax obligations as long as it
resumes its operations, which will result to an initial
employment of 2,000 workers.

According to the BusinessWorld report, Mines and Geosciences
Bureau information officer Eddie Llamedo said in a previous
interview that Atlas submitted in 2002 the documentary
requirements to support pending applications for mineral
production-sharing agreements.

Atlas filed six separate applications for permits to conduct
mining operations in: a 252-hectare site in Pinamungahan town in
the west coast; 648 hectares and a separate 485-hectare property
in Toledo City, also in the west; 2,552-hectare site in Toledo
City and Balamban town; 1,756 hectares in Cebu City; and 287
hectares in Minglanilla town in the east coast.

Atlas will dig for silver, gold and copper in the sites of
Toledo City, Balamban and Cebu City while it will look for
silica and basalt in Pinamungahan and Minglanilla, Mr. Llamedo
said.

Atlas Mines is located in Don Andres Soriano in Toledo City,
which became number one in terms of income during the time the
mines were still operational.

Atlas Mines shut down in 1994 due to weak copper prices, huge
debts and massive damage caused by typhoons. Acid mine drainage
further added to the mines' damage in late 1999.

Contact:

Atlas Consolidated Mining Corp.
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Telephone Numbers:  635-2387/4495
Fax Numbers:  633-3759; 634-2312
Email Address:  acmdcmla@info.com.ph


MANILA ELECTRIC: Seeks Exemption From Registration Requirements
---------------------------------------------------------------
Manila Electric Co. (Meralco) will likely ask the Securities and
Exchange Commission for an exemption from the registration
requirements of its planned refund notes issuance, reports
BusinessWorld.  The refund notes will be issued to commercial
and industrial customers.

Section 88 of the Securities Regulations Code states that
securities shall not be sold or offered for sale or distribution
without a registration statement duly filed with and approved by
SEC.

Section 10 of the same law, meanwhile, gives exemptions to the
requirement. Among the transactions exempted from the
registration requirements are the sale of securities by an
issuer to fewer than 20 persons in the Philippines during any
12-month period, and the sale of securities to qualified
institutions such as banks, registered investment houses,
insurance companies, and pension funds.

"That [asking for exemption] would be considered. Certain
registrations will have to be complied with, but if it is
possible to get concessions, why not?" Mr. Mabale said.

However, Mr. Mabale said that Meralco has not focused on the
option as the firm will first have to get the approval of the
Energy Regulatory Commission (ERC) for its plan to issue refund
notes.

The refund notes function like zero coupon bonds, or bonds that
could be sold at a price that is lower than their value to big
customers.

"The plan for refund notes is what we will be presenting to the
ERC. But we don't know yet what the ERC will approve. We have
not seriously discussed the matter, what steps to take, who to
talk to, until we are sure that this [refund notes] is the
instrument that we will use [to service commercial and
industrial customers]," Mr. Mabale said.

If Meralco is granted an exemption, the firm is still required
to pay a fee that is one tenth of one percent of the value of
the bonds that will be issued. "If whereas Meralco registers,
the cost will be diminishing," the official said.

The issuance of the refund note is in line with the Supreme
Court's ruling that orders Meralco to refund commercial and
industrial customers in overcharges from February 1994 to April
2003.

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


PHILIPPINE BANK: To Sell PhP10B in Bad Assets
---------------------------------------------
The Philippine Bank of Communications (PBCom) has announced
plans to engage in special purpose vehicle (SPV) in selling some
PhP10 billion worth of non-performing assets in July, reports
The Manila Times.

According to PBCom president Isidro Alcantara, the bank will
sell nonperforming loans worth PhP5 billion and PhP5 billion of
real and other properties owned or acquired. The bank's
financial advisor, KPMG, is doing the evaluation on its bad
assets.

"We hope to do it before the September deadline of [SPV]," he
said.

The bank expressed optimism that it would return to profit this
year, with a fresh PhP3-billion capital infusion and P7.6
billion in government support.

PBCom, along with United Coconut Planters Bank (UCPB), will be
the first banks to engage in SPV since the law was passed last
year. The SPV will provide both banks and those who acquire
their bad assets incentives such as tax perks and a waiver on
various fees, which they can avail of over a five-year period.

Both commercial banks are set to submit to their applications to
engage in SPV to the central bank's Monetary Board.


Contact:

Philippine Bank of Communications
PBCom Tower, 6795 Ayala Ave. Cor. Herrera St., 1226 Makati City
Telephone Number:  830-7000 (TL)
Fax Number:  818-2576 (Telefax)
Email Address:  info@pbcom.com.ph
Website: http://www.pbcom.com.ph


PHILIPPINE LONG: S&P Affirms 'BB' Foreign Currency Rating
---------------------------------------------------------
Standard & Poor's Rating Services has affirmed its 'BB' foreign
currency credit rating on Philippine Long Distance Telephone Co.
(PLDT). The rating outlook is stable, according to AFX-Asia.

S&P said PLDT's rating remains constrained by weak cash flow
protection measures, its potential exposure to aggressive
pricing by existing and new competitors and uncertainties in
consumer sentiment and market forces.

"Despite steady improvements in PLDT's cash flow protection
measures in the past three years, the ratios remain weak as
indicated by funds from operations (FFO) to total debt of 25
pct, and FFO interest cover of 4 times in 2003." S&P added.

PLDT's capital expenditure requirements are also expected to
remain large due to the continued strong demand growth for
wireless telecommunications large telecommunications services in
the Philippines, S&P credit analyst Sharad Jain said.

PLDT accounts for more than half of the Philippine market
through its wireless subsidiaries Smart Communications Inc. and
Pilipino Telephone Corp. (Piltel). While its fixed line services
covers 62 percent of the market.

"The PLDT group's subscribers have increased by more than 2.5
million in each of the past three years. Growth in the market
and PLDT's subscriber base is expected to continue in the medium
term, albeit at a more moderate pace."

PLDT posted an unaudited net profit of PhP5.24 billion in the
first quarter to March, more than double the year-earlier level
of PhP2.5 billion, on strong gains in the mobile phone segment.
PLDT is expected to maintain an operating margin of about 60 pct
in the medium term, Mr. Jain added.

The rating also factors in the successful completion of the debt
exchange transactions between Smart and Piltel, which "is
expected to result in an increase in the PLDT group's debt
burden by about 10 to 15 billion pesos, or a 5 to 8 percent
increase to its adjusted debt of 190 billion pesos, including
off balance sheet liabilities, at December 31, 2003," according
to Mr. Jain.


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


TRENDLINE SECURITIES: Allowed To Suspend Debt Payments
------------------------------------------------------
The petition of troubled broker Trendline Securities Corp. and
its sister firm MJM Realty and Investment Corp. for a court-
mandated rehabilitation and suspension of debt payments has been
granted by a Manila trial court, reports Businessworld.

In an order dated June 10, Manila Judge Artemio Tipon said he
found enough "form and substance" in Trendline and MJM's
petition. He also cited both companies' claim they could still
repay their outstanding obligations once rehabilitated.

The order allowed the companies to stop paying roughly PhP81
million in bank debts pending the court's approval of their
proposed rehabilitation plan. It also set the initial hearing of
the rehabilitation proposal on July 9, and appointed Manuel D.
Yngson Jr. as receiver.

The brokerage firm and its sister company filed their petition
on June 3 to prevent creditors Metropolitan Bank and Trust Co.
and ChinaBank Corp. from foreclosing their assets.

Trendline Securities stated in that petition that the decision
of the Philippine Stock Exchange to suspend its operations in
1998 due to the non-payment of clearing fees rendered the
company unable to pay its debts. The brokerage firm, however,
insisted that the failure of Fil-Estate Land, Inc., its major
client, to settle some PhP100 million in clearing obligations is
to be blamed for its inability to pay the PSE fees.

On the other hand, its sister firm told the court that with
creditor Metrobank freezing the income from its four-storey
building in Binondo, Manila, it is having difficulty settling
its debts on time.

"As a consequence of the freezing and suspension, Trendline and
MJM experienced lack of working capital which resulted in the
inability to pay their maturing obligations with the two banks
aggravated by the 1997 financial crisis and prohibitive interest
rates," the petition said.


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


ACMA LIMITED: Posts Change In Director's Interest
-------------------------------------------------
Following is a Notice Of a Director's (including a director who
is a substantial shareholder) Interest and Change in Interest
filed by Acma Ltd. with the Singapore Exchange:

Part I

(1) Date of notice to issuer: June 23, 2004

(2) Name of Director:Kwok Chee Wai

(3) Please tick one or more appropriate box(es):a Director's
(including a director who is a substantial shareholder) Interest
and Change in Interest.
     (Please complete Parts II and IV)
     (Please complete Parts III and IV)

Part II

(1) Date of change of interest: June 22, 2004

(2) Name of Registered Holder:Kwok Chee Wai

(3) Circumstance(s) giving rise to the interest or change in
interest:Open market purchase

(4) Information relating to shares held in the name of the
Registered Holder: -

No. of shares held before the change: 292,400

As a percentage of issued share capital: 0.037

No. of shares which are the subject of this notice:50,000

As a percentage of issued share capital: 0.007

Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: $0.06

No. of shares held after the change: 342,400

As a percentage of issued share capital: 0.044

Part III

(1) Date of change of interest:

(2) The change in the percentage level: From % to %

(3) Circumstance(s) giving rise to the interest or change in
interest:

(4) A statement of whether the change in the percentage level is
the result of a transaction or
a series of transactions.

Part IV

(1) Holdings of Director, including direct and deemed interest:
-
(Enter any additional comments here)

Amount of consideration is denominated in Singapore dollars
unless otherwise noted.

This announcement is dated June 23, 2004.


AVO MARKETING: Winding Up Order Made
------------------------------------
In the matter of Avo Marketing Pte Ltd, a Winding Up Order was
made on June 11, 2004.

Name and address of the Liquidator: The Official Receiver
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118.

Messrs KHATTAR WONG & PARTNERS
Solicitors for the Petitioners.

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

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


INFORMATICS HOLDINGS: Auditor Withdraws Statement As CEO Quits
--------------------------------------------------------------
In a statement to the Singapore Exchange, Informatics Holdings
said that auditing firm Ernst & Young has withdrawn its earlier
statement clearing the senior management of the education
services provider of deliberately misstating the firm's
quarterly financial results, Channel News Asia reports.

At the same time, it also announced the resignation of its chief
executive Ong Boon Kheng Wednesday. The statement did not say
the reason for Mr. Ong's resignation. Michael Teng, who was
formerly connected with West Phamaceutical and Scott & English,
will take over the post vacated by Mr. Ong, who will remain as
an adviser of the company.

The Informatics saga began in mid-April when the company, which
provides tertiary education services mainly in Singapore and
Malaysia, revealed that it overstated sales and profit and
understated costs for the nine months ended December 2003.

On April 30, Ernst & Young, previously appointed by Informatics
as its external investigator, presented its findings on the
firm's unaudited results for the said period. In its report, the
audit firm said that it had no reason to suspect that
Informatics' senior management in Singapore intentionally
misstated the quarterly results.

Singapore's Commercial Affairs Department is also carrying out
its own probe on the matter.


KIM ENG: Voluntarily Delists WPG International Limited
------------------------------------------------------
KIM ENG CAPITAL PTE. LTD announces the Voluntary Delisting of
WPG International Limited from the Official List of the
Singapore Exchange Securities Trading Limited under Rule 1306 of
the Listing Manual.

Introduction

On 30 April 2004, WPG International Limited announced, inter
alia, that the directors of WPG have received a proposal from
World Peace Industrial Co., Ltd on 30 April 2004 to seek the
voluntary delisting of WPG from the Official List of the
Singapore Exchange Securities Trading Limited under Rule 1306 of
the SGX-ST Listing Manual.

Dealings

Pursuant to Rule 12.1 of the Singapore Code on Take-overs and
Mergers, Kim Eng Capital Pte. Ltd. wishes to announce that the
following dealings in the ordinary shares of S$0.20 each in the
capital of WPG were made on 23 June 2004 by or on behalf of
Prime Future Technology Limited (PFT):

(1) Total number of Shares purchased by PFT in the open market
2,332,000

(2) Percentage of issued capital of WPG 1.26%

(3) Price paid per Share (Excluding brokerage commission,
clearing fees and GST) S$0.34

(4) Resultant total number of Shares owned or controlled by PFT
120,389,340

(5) Resultant total percentage of issued capital held by PFT
64.94%

The above percentages are computed based on 185,373,485 issued
shares. On 26 May 2004, WPG announced that 50,000 ordinary
shares of S$0.20 each in the capital of WPG were issued on 26
May 2004 pursuant to the Employees' Share Option Scheme 2002.
Hence there are now 185,373,485 Shares in the issued capital of
WPG.

PFT is a wholly owned subsidiary of WPIC.

Current shareholdings of PFT and its concert parties

As of the Announcement Date:

As of the Announcement Date, other than the 112,654,340 Shares,
representing approximately 60.81% of the issued share capital of
WPG held by PFT as at such date, neither PFT nor any of the
parties acting or deemed to be acting in concert with it owned,
controlled or had agreed to acquire any Shares or securities
which carry voting rights in WPG or are convertible into Shares
or securities which carry voting rights in WPG, or rights to
subscribe for or options in respect of Shares or such
securities.

It was stated in the Delisting Announcement that the Selected
Shareholders (as defined in the Delisting Announcement) have
given WPIC and PFT an irrevocable undertaking to accept the Exit
Offer (as defined in the Delisting Announcement). In view of the
increased issued share capital of WPG as announced by WPG on 26
May 2004, the Selected Shareholders now hold in aggregate,
approximately 23.72% of the issued share capital of WPG.

Purchases between the Announcement Date and 23 June 2004:-

Between the Announcement Date and 23 June 2004, PFT acquired in
total 7,735,000 Shares representing approximately 4.17% of the
issued share capital of WPG.

On 4 May 2004, WPG announced that Taiwan Special Opportunity
Fund III has given WPIC and PFT an irrevocable undertaking to
accept the Exit Offer (as defined in the Delisting
Announcement). Taiwan Special Opportunity Fund III, holds in
aggregate, approximately 4.86% of the issued share capital of
WPG, via Raffles Nominees Pte Ltd.

As of the date of this announcement:

Taking into account the above purchase, as at the date of this
announcement, PFT and parties acting or deemed to be acting in
concert with it owned, or are deemed to own, 120,389,340 Shares
representing approximately 64.94% of the issued share capital of
WPG.

Responsibility Statement

The directors of PFT and WPIC (including any who may have
delegated detailed supervision of this announcement) have taken
all reasonable care to ensure that the facts stated and opinions
expressed in this announcement are fair and accurate and that no
material facts have been omitted from this announcement. The
directors of PFT and WPIC confirm, having made all reasonable
inquiries, that to the best of their knowledge, opinions
expressed in this announcement have been arrived at after due
and careful consideration and there are no other facts contained
in this announcement, the omission of which would make any
statement in this announcement misleading.

The directors jointly and severally accept responsibility
accordingly.

Issued by
Kim Eng Capital Pte. Ltd.

For and on behalf of
Prime Future Technology Limited

This announcement is submitted to the Singapore Stock Exchange
by Tay Toh Sin, Director/ Head on June 24, 2004.


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


DATAMAT: Adds Info On Resolutions Passed At Board Meeting
---------------------------------------------------------
Datamat PCL refers its letter dated June 18, 2004 to the Stock
Exchange of Thailand informing the Resolutions of the Board of
Directors' Meeting No. 6/2004 held on June 18, 2004.

The company would like to provide additional information in
relation to the following resolutions:

(1) Whereas the Meeting resolves to appoint Mr. Prasert
Thiranakanat, to be Member of the Company's Audit Committee, in
replacement of retired Mr. Theweesak Na Thakuatung.

The Board certifies that Mr. Prasert Thiranakanat is a qualified
director to assume the Company's Audit Committee membership.
Mr. Prasert Thiranakanat is not an executive director, nor a
related person to the executives or major shareholders of the
Company or its subsidiaries.

Mr. Prasirt does not hold shares of the Company or the
subsidiaries.  Therefore, the Company's Audit Committee
comprises of:

(1) Mr. Pisit Jirapinyo       Chairman of the Audit Committee
(2) Mr. Miguel Angel Aerni    Member of the Audit Committee
(3) Mr. Prasert Thiranakanat  Member of the Audit Committee
(4) Mrs. Ladda Rittisirin     Secretary of the Audit Committee

To view full copy of the resolutions, click
http://bankrupt.com/misc/datamatpublic062404.htm


Contact:

DATAMAT PUBLIC COMPANY LIMITED
ASOKE TOWERS, FLOOR 17, 18 AND 19,
219 SOI ASOKE (SUKHUMVIT 21),
SUKHUMVIT ROAD, KLONGTOEY NUA,
WATTHANA Bangkok
Telephone: 0-2310-5111
Fax: 0-2319-8208
Website: www.datamat.co.th


THAI PETROCHEMICAL: PTT Makes Sure Decision Is Worthy
-----------------------------------------------------
PTT will have to wait until Thai Petrochemical Industries PCL
(TPI) has settled its cases with the Central Bankruptcy Court
before it pushes through with its plan to buy a stake in the
debt-saddled company, Business Day reports citing PTT president
Prasert Bunsumpun.

According to Mr. Bunsumpun, PTT will not intervene with the
ongoing negotiations between TPI, its creditors and the plan
administrator.

"We have to carefully consider the worthiness of investing in
TPI, including investment risks and TPI's future," Prasert said,
adding that PTT will have to study these aspects in more detail.

Analysts said that even though the debt restructuring scheme is
completed, TPI will still have an outstanding debt of US$1.8
billion and the debt might be included in PTT's balance sheet if
it buys TPI's stake.

TPI became the biggest defaulter after the devaluation of the
Thai baht in 1997, which caused its foreign debts to soar.
After seven years, the government has decided to end the battle
for control of TPI between its founder Prachai Leophairatana and
its creditors.

The Ministry of Finance was asked by the central bankruptcy
court last July to manage and rescue the company, which has
US$2.9 billion of debt.


Contact:

THAI PETROCHEMICAL INDUSTRY PCL
TPI TOWER,FLOOR 8, 26/56
NEW JUN ROAD, THUNGMAHAMEK, SATHON Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Website: www.tpigroup.co.th


THAI WAH: Details Sale Of Non-core Assets
-----------------------------------------
Thai Wah Group Planner Ltd. refers to the letter to the Stock
Exchange of Thailand dated 22 June 2004 submitted 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 an update on its sales of non-core.

Following the Central Bankruptcy Court's order to reject the
business reorganization plan of Thai Wah Plaza Ltd on 21 June
2004, the Plan Administrator is currently discussing with the
potential investor to conclude the sale.  The results and
timeframe are still uncertain.

The company will inform the Stock Exchange of Thailand on the
results of these negotiations in due course.  With reference to
the letter to the Stock Exchange of Thailand dated 16 April
2004, we advise that the investor who proposed to inject new
equity capital into the Company is the same party as the
investor who proposed to purchase the non-core assets of the
Company.

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 COMPANY LIMITED

Contact:

THAI WAH PUBLIC COMPANY LIMITED
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
Website: www.thaiwah.com


TPI POLENE: CBC Hearing Moved To September 20
---------------------------------------------
The hearing for TPI Polene Plc's (TPIPL) case in relation to
debt buy-back was postponed until September 20, Business Day
reports, citing Central Bankruptcy Court (CBC) judge Kamon
Thirawetchaponkul.

Mr. Thirawetchaponkul said that TPIPL and its creditors have
agreed to negotiate the debt-restructuring plan and asked the
court for a later date.

According to TPIPL chief executive officer Prachai
Leophairatana, the court ruling favors the restructuring plan,
which would allow TPIPL to buy back debts at a discount of 18
percent on the condition that the creditors write-off all
outstanding interest. Along with the original debt, TPIPL would
get a combined discount of 31 percent on its debts.

Mr. Prachai said in a previous report that TPIPL would make a
profit of THB3.2 billion in the second quarter due to the debt
restructuring.

Contact:

TPI POLENE PUBLIC COMPANY LIMITED
26/56 NEW JUN ROAD,
THUNGMAHAMEK, SATHON Bangkok
Telephone: 0-2678-5100, 0-2678-5000
Fax: 0-2678-5001-5
Website: www.tpipolene.com




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

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

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

Guangdong Sunrise              200030    (-117.22)     45.09
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-10.87)      11.27
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-203.9)      52.16
Shenzhen Great Ocean           200057    (-10.87)      11.27
Shenzhen Petrochemical
Industry Group                 200013    (-290.79)     25.62

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


JAPAN
-----

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

MALAYSIA
--------

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


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

Pilipino Telephone Co.          PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46


  THAILAND
  --------

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






                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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contained herein is obtained from sources believed to be
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The TCR -- Asia Pacific subscription rate is $575 for 6 months
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subscription or balance thereof are $25 each.  For subscription
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                 *** End of Transmission ***