TCRAP_Public/040628.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

             Monday, June 28, 2004, Vol. 7, No. 126

                           Headlines

A U S T R A L I A

ARISTOCRAT LEISURE: Loses Chairman to Court Post
COTECH PTY: Director Pleads Guilty to Insolvent Trading
MITSUBISHI AUSTRALIA: Government Releases Rescue Package
NATIONAL AUSTRALIA: ASIC Investigates Foreign Exchange Trading


C H I N A  &  H O N G  K O N G

ASIA TELE-NET: Issues Substantial Shareholder Notice
CENTRAL CHINA: Appoints Agent for Odd Lot Arrangement
CHINA MOTION: Reports HK$47.5M Loss Despite Higher Turnover
I-CHINA HOLDINGS: Issues Disclosure of Obligations
NGAI LUN: Faces Winding Up Petition

PROSPERITY ENGINEERING: Sets Winding Up Hearing on July 14
PROSPERITY INTERNATIONAL: Net Loss Widens to HKD29M
SINCERE COMPANY: Announces Financial Results
TOWN HEALTH: Reports HK$88M Net Loss
UNIVERSAL TECHNOLOGIES: Narrows Net Loss to HK$10.6M


I N D O N E S I A

ASIA PULP: Widjajas Admit Bond Buying
BANK PERMATA: Indonesian Government Selling Bank Stake
INDOFOOD SUKSES: Appoints New CEO
PERTAMINA: Sold Tankers to Avoid Huge Debts
PERTAMINA: Union Calls For Bosses' Ouster Over Tanker Sale

PERTAMINA: In Talks with India's IOC for Refinery Revamp
PERTAMINA: Taps PPLi to Treat Waste


J A P A N

MITSUBISHI FUSO: Books JPY6.614B Net Profit in 2003
MITSUBISHI MOTORS: May Global Output Down 6.3%
MITSUBISHI MOTORS: North American VP to Quit
MITSUBISHI MOTORS: To Boost Russian Car Sales Next Year
UFJ BANK: More Bank Executives Stepping Down

UFJ HOLDINGS: Unveils June 25 OGM Resolutions
UFJ HOLDINGS: Apologizes To Shareholders For JPY402.81B Loss


K O R E A

ASIANA AIRLINES: Disputes Extra Japan Flights With Korean Air
ASIANA AIRLINES: Unions Refuse to Transport Troops to Iraq
HYNIX SEMICONDUCTOR: Creditors Mull Debt Buyout Plan
SSANGYONG MOTOR: GM Claims No Plan To Invest In Automaker
SSANGYONG MOTOR: Launches Rodius Multi-purpose Vehicle


M A L A Y S I A

ANCOM BERHAD: Buys Back Ordinary Shares Of RM1.00 Each
BERJAYA SPORTS: Buys Back 1,388,900 Ordinary Shares
CONSOLIDATED LIQUID: Seeks Reconsideration of Winding-Up
CRIMSON LAND: Issues Update On Proposals
CSM CORPORATION: Shareholders' Resolve AGM Motions

FEDERAL FURNITURE: Submits Proposals To Bursa Malaysia
GADANG HOLDINGS: Issues 13,000 New Ordinary Shares
MBF TRADING: CSE Withdraws Winding-Up Petition
METROPLEX BERHAD: Submits Quarterly Report For April 30
NORTH BORNEO: AGM Resolutions Approved

SIN HENG: Details Renounceable Rights Issue
SRIWANI HOLDINGS: Issues Restructuring Plan Update
TANJONG PUBLIC: Issues Notice to Deal On Closed Period


P H I L I P P I N E S

ATLAS CONSOLIDATED: TCC To Acquire 40% In Copper Assets
ATLAS CONSOLIDATED: Issues News Article Clarification
MAYNILAD WATER: Government To Draw From Bond This Week
NATIONAL POWER: ADB Favors Government Absorption of PhP500B Debt
PHILIPPINE BANK: Clarifies News Article

PHILIPPINE LONG: PSE Grants Listing of 19,559 Common Shares
VICTORIAS MILLING: Asset Sale Generates PhP94,849,171.02
VICTORIAS MILLING: Unveils Result Of Elections During Meeting


S I N G A P O R E

INFORMATICS HOLDINGS: Releases Announcement
INFORMATICS HOLDINGS: Shares Dive After E&Y Retraction
LULEE METAL: Under Provisional Liquidation


T H A I L A N D

MANAGER MEDIA: Releases Details of Amended Rehabilitation Plan
THAI PETROCHEMICAL: To Submit Revised Plan This Week

     -  -  -  -  -  -  -  -

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


ARISTOCRAT LEISURE: Loses Chairman to Court Post
------------------------------------------------
Aristocrat Leisure Limited announced that Mr. John Pascoe AO has
been appointed to the position of Chief Federal Magistrate
effective 14 July 2004.

In a press release, the Company stated Mr. Pascoe was appointed
Chairman of Aristocrat on 15 September 2003.

Mr. Paul Oneile, Chief Executive Officer and Managing Director,
thanked Mr. Pascoe on behalf of the Board for his contribution
to the Company.

"The Company owes a debt of gratitude to John Pascoe.
Aristocrat, under his Chairmanship, has become strong
financially with sound strategies for future expansion. Mr.
Pascoe's legal skills and commercial expertise enabled the
Company to respond to the serious challenges that it has faced
over the past 12 months," Mr. Oneile said.

Mr. Oneile congratulated Mr. Pascoe on his new appointment and
wished him well in his new career. "I have enjoyed working with
John who was instrumental in my coming to the Company. I have
greatly appreciated his support and I wish him the very best in
this next stage of his career," he said.

The Board is well advanced in the search for new Directors, and
a further statement concerning the appointment of new Directors
and the position of Chairman will be made after the next Board
meeting on 7 July 2004.

Enquiries: Margot McKay 0412132769


COTECH PTY: Director Pleads Guilty to Insolvent Trading
-------------------------------------------------------
Mr. Jeffrey Lucy, Chairman of the Australian Securities and
Investments Commission (ASIC), announced Thursday the sentencing
of Mr. Timothy Rhys Hawker Williams, of Mount Nelson, Tasmania,
to 15 months imprisonment following his plea of guilty to 38
charges of insolvent trading and two counts of fraudulent
conduct, the ASIC reported on its Web site.

The charges were laid following an investigation by ASIC into
the failure of Cotech Pty Ltd (Cotech).

Cotech produced baby furniture (cots and change tables) at
Goodwood in Tasmania and went into liquidation on 20 October
2000 with debts to creditors of more than $1.7 million.

The Court found that between 20 December 1999 and 10 September
2000, Mr. Williams, while a director of Cotech, dishonestly
failed to prevent Cotech from incurring debts of $329,979 when
there was reason to suspect that the company was insolvent; and
between 15 February 2000 and 3 March 2000 Mr. Williams was
knowingly concerned in Cotech making two false representations
to BRG Capital Facilitation Pty Ltd, in contravention of the
Corporations Act. The total amount involved was $50,000.

In passing sentence, Justice Evans noted that, 'those involved
in the commercial world are expected to conform to demanding
standards of honesty and if they engage in commercial crime,
they must expect condign punishment'.

'This is the first occasion where a person charged with
insolvent trading has been sentenced to serve time in jail.
Preventing an insolvent company from incurring debts is one of
the most fundamental obligations owed by company directors, and
as this case shows, the consequences of failing to satisfy this
obligation can lead to imprisonment', Mr. Lucy said.

Mr. Williams will be released after serving six months of his
sentence upon entering into a recognizance in the sum of $2,000
to be of good behavior for a period of two years following his
release.

This matter was prosecuted by the Commonwealth Director of
Public Prosecutions.


MITSUBISHI AUSTRALIA: Government Releases Rescue Package
--------------------------------------------------------
The Australian government's $10 million labor adjustment package
will help not only those workers taking voluntary redundancies
from Tonsley Park but all workers at Mitsubishi's Lonsdale
Plant, which is due to close by October 2005, the Australian
Government Department of Employment and Workplace Relations said
on its Web site.

Workers of Mitsubishi's suppliers who are made redundant as a
result of Mitsubishi's restructure will also be helped.

All affected workers will receive immediate access to
retraining, job search training and advice, counseling, access
to vacancies, equipment and assistance and access to the Job
Seeker Account - with an extra supplement of $450 for each
worker.

Job Network members can also offer wage subsidies of up to
$4,000 to employers who offer affected workers a job. Relocation
assistance is also available for workers who want to relocate
within South Australia or interstate to take up a full time job.

OTHER HELP INCLUDES:

(i) Self-employment assistance for workers who want to start
their own business (under the New Enterprise Incentive Scheme -
NEIS);

(ii) Self-Employment (Non NEIS eligible businesses) - small
business training may be offered to workers who want to start
their own business if the business does not meet NEIS
eligibility.

(iii)Industry specific training- funding will be provided where
a group of Mitsubishi workers take training with another
employer.

(iv) Australian Job Search Facilities- There will be two hi-tech
touch screen kiosks and telephones on site at the Lonsdale site
so Mitsubishi workers can look for work and contact prospective
employers.

QUESTIONS AND ANSWERS

Why is this assistance package available?

The Australian Government recognizes that the number of workers
to whom Mitsubishi plans to offer voluntary redundancy at the
Tonsley Park plant and who will lose their jobs with the closure
of the Lonsdale plant is large for a labor market the size of
South Australia's. This labor adjustment package, coupled with
the $40 million investment package, will assist these workers
find employment more quickly.

Is Mitsubishi closing?

No. Mitsubishi will continue to have a large presence in South
Australia with a $600 million investment in a new locally
produced model. However, Mitsubishi have announced that as part
of its global restructuring it plans to offer voluntary
redundancies at its Tonsley Park site from June 2004 and close
its engine plant at Lonsdale by October 2005.

How many workers will be affected?

Mitsubishi advise they currently plan to offer in the order of
350 voluntary redundancies at the Tonsley Park site. There are
around 670 workers at the Lonsdale Plant who will leave
progressively before the plant closes in October 2005.

Is it only Mitsubishi workers?

No. Employees of suppliers who are made redundant as a result of
the restructuring of Mitsubishi's manufacturing operations and
register with a Job Network member within six months are also
eligible for assistance.

Is it only $10 million?

No. The labor adjustment package of $10 million is part of a
larger package. A further $40 million will be provided to boost
investment in South Australia and create new job opportunities.

What will the $10 million be spent on?

It will enable Job Network members to help individual workers. A
kit has been prepared for workers explaining the full range of
assistance to them.

Is there a time limit to the assistance?

Eligible workers must register with a Job Network member within
six months of being made redundant. Assistance will be available
until workers find another job. Access to Relocation Assistance
must be within 26 weeks of starting a new job in the new
location.

How are workers being told of the package?

Workers at Tonsley Park will be informed when they accept their
voluntary redundancy. Those wishing to take advantage of the
package will register with Centrelink while still at Tonsley
Park and be referred to a Job Network member of their choice.

While arrangements are still being finalized with Mitsubishi, it
is likely workers at Lonsdale will have access to Job Network
members on site. These Lonsdale workers will begin working with
Job Network members while still employed at Mitsubishi.

For media inquiries, contact
Felicity Dargan Press Secretary  0409 550 446

For information only: Nicky Govan (08) 8306 8770; Jennifer
Taylor (02) (02) 6121 6186


NATIONAL AUSTRALIA: ASIC Investigates Foreign Exchange Trading
--------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) on
Tuesday confirmed that it has commenced an investigation into
whether there have been any contraventions of the Corporations
Act by employees of National Australia Bank (NAB) involved in
foreign exchange options trading.

ASIC also advised that it is inquiring into whether the NAB has
properly informed the market about this matter and its
consequences.


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


ASIA TELE-NET: Issues Substantial Shareholder Notice
----------------------------------------------------
Asia Tele-Net and Technology Corporation Ltd. issues Substantial
Shareholder Notice on June 23, 2004.

(1) Name of listed corporation: Asia Tele-Net And Technology
Corporation Ltd.

(2) Stock code: 00679

(3) Class of shares: Ordinary Shares

(4) Number of issued shares in class: 276,463,400

(5) Name of substantial shareholder (English) as printed on
HKID/Passport: (Surname) Ngo
Other names: Cheng Long

(8) Name of substantial shareholder (Chinese):

(9) Chinese Character Code: 070272343186

(12) Date of relevant event: June 23, 2004

(13) Date when the substantial shareholder became aware of the
relevant event/ interest in the shares (if later): June 23, 2004

(14) Details of relevant event:
Relevant event code describing circumstances: 103
Code describing capacity in which shares were/are held
Before relevant event:  201
After relevant event:
Number of shares bought/sold or involved: 80,000
Currency of transaction: HKD
On Exchange
Highest price per share: 0.210
Average price per share: 0.210   Off Exchange
Average consideration per share
Consideration code

(15) Total shares immediately before the relevant event:
Total number of shares: 24,930,000
Percentage figure (%): 9.02

(16) Total shares immediately after the relevant event:
Total number of shares: 24,850,000
Percentage figure (%): 8.99

(17) Capacity in which interests disclosed in Box 16 are held:
Code describing capacity: 201
Number of shares: 24,850,000

(18) Further information in respect of derivative interests:
Code describing derivatives Number of shares
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 substantial shareholder:
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
substantial shareholder jointly with another person:
Name of joint shareholder Address Number of shares
Nil

(22) Further information from 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 1: June 23, 2004

(26) Number of attachments: 0


CENTRAL CHINA: Appoints Agent for Odd Lot Arrangement
-----------------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Central China Enterprises Limited on June 25, 2004, which is
reproduced as follows:

"In order to facilitate the trading of odd lots of Subdivided
Shares as a result of the Share Subdivision and the change of
the board lot size, the Company will appoint Hong Tong Hai
Securities Limited to act as agent in providing matching service
to those Shareholders who wish to top-up or sell their holdings
of odd lots of the Subdivided Shares.

The Matching Agent will provide the service to match the sale
and purchase of odd lots of Subdivided Shares during the period
from Monday, 31 May 2004 to Wednesday, 7 July 2004, both dates
inclusive. Holders of Subdivided Shares in odd lots who wish to
take advantage of this facility either to dispose of or top-up
their odd lots to a board lot of 10,000 Subdivided Shares may,
directly or through their brokers, contact Ms. Mabel Leung of
the Matching Agent at Unit 3606, 36/F., China Merchants Tower,
Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan,
Hong Kong at telephone number 3189-2192 during such period."


CHINA MOTION: Reports HK$47.5m Loss Despite Higher Turnover
-----------------------------------------------------------
Despite a 9 percent turnover growth to HK$801 million, China
Motion Telecom International has reported a HK$47.5-million
(SGD10.5-million) loss for the financial year ended March 31,
The Straits Times reports.

Company chairman Hau Tung Ying said that despite the firm's
growth in international services, Hong Kong's weak economy,
fierce competition, and the outbreak of SARS resulted to the
downward price pressure.

China motion reported a 9.03 HK cents loss per share value this
year, compared to a net profit of HK$7.3 million or a profit per
share of 1.38 HK cents in the previous year. The firm also had
cash and bank balances worth HK$53 million at the end of March.

Nevertheless, the company said it managed to expand its overseas
operations, which saw a 78 percent jump in turnover during the
year. The company is also planning to expand to overseas markets
such as Australia, it added.


I-CHINA HOLDINGS: Issues Disclosure of Obligations
--------------------------------------------------
I-China Holdings Limited (Incorporated in Bermuda with limited
liability) releases Disclosure of Obligations pursuant to Rules
13.13 and 13.15 of the Listing Rules.

Based on the consideration ratio test under the Listing Rules,
each of the Trade Receivables exceeded 8% of the Company's
Market Capitalization and therefore triggered the disclosure
requirements under Rules 13.13 and 13.15 of the Listing Rules.
In accordance with Rules 13.13 and 13.15 of the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong
Limited a disclosure obligation arises where any of the relevant
percentage ratios of the relevant advance to an entity (as
defined under Rule 13.11 the Listing Rules) exceeds 8%.

Based on the average closing price of the shares of I-China
Holdings Limited, and together with its subsidiaries, the of
approximately HK$0.018 for the five trading days prior to May
31, 2004 as quoted on the Stock Exchange and 7,814,084,941
Shares in issue, the Company's total market capitalization was
valued at approximately HK$140.65 million. As of May 31, 2004,
trade receivables from Hong Kong Special Administrative Region
Government and Kowloon-Canton Railway Corporation, which are
unsecured, interest-free and with credit terms of approximately
60 days upon certification and approximately one year after
completion of projects resulted from the ordinary and normal
course of business of the Group, amounted to approximately
HK$44.34 million and HK$14.00 million respectively, representing
approximately 31.88% and 10.07% of the Company's Market
Capitalization, and therefore triggered the disclosure
requirements under Rules 13.13 and 13.15 of the Listing Rules.

In the event that any of the above entity continues to exceed
the 8% disclosure level based on either the assets ratio test or
the consideration ratio test, disclosures will be made in the
interim report or the annual report of the Company pursuant to
Rule 13.20 of the Listing Rules.

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

Source: Stock Exchange of Hong Kong.


NGAI LUN: Faces Winding Up Petition
-----------------------------------
Notice is hereby given that a Petition for the Winding up of
Ngai Lun Construction Company Limited by the High Court of Hong
Kong was on May 24, 2004 presented to the said Court by Yau Tin
Lung of Room 3702, Chung Tai House, Fu Tai Estate, Tuen Mun, New
Territories, Hong Kong. The said Petition is scheduled before
the Court at 10:00 a.m. on July 14, 2004.

Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 13th day of July
2004.


PROSPERITY ENGINEERING: Sets Winding Up Hearing on July 14
----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Prosperity (Hong Kong) Engineering Limited by the High Court of
Hong Kong was on May 24, 2004 presented to the said Court by Yau
Tin Lung of Room 3702, Chung Tai House, Fu Tai Estate, Tuen Mun,
New Territories, Hong Kong. The said Petition is directed to be
heard before the Court at 10:00 a.m. on July 14, 2004.

Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 13th day of July
2004.


PROSPERITY INTERNATIONAL: Net Loss Widens to HKD29M
---------------------------------------------------
According to Infocast News, Prosperity International Holdings
(H.K.) Limited posted a net loss of HK$29.333 million for the
fiscal year ended March 31, compared to a net loss of HK$14.537
million for the previous fiscal year. The loss-per-share was
$0.0553. No final dividend was declared.


SINCERE COMPANY: Announces Financial Results
--------------------------------------------
The Sincere Company Limited announced its financial results on
June 24, 2004.

Year-end date: February 29, 2004.
Currency: HKD
Auditors' Report: Unqualified

                                                 (Audited)
                               (Audited   )       Last
                               Current           Corresponding
                                Period            Period
                                from 1/3/2003      from 1/3/2002
                                to 29/2/2004       to 28/2/2003
                               Note  ('000      )       ('000  )
Turnover                           : 313,381            314,047
Profit/(Loss) from Operations      : (150,281)
(222,822)
Finance cost                       : (8,328)            (13,999)
Share of Profit/(Loss) of
  Associates                       : (25,420)           (11,278)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (169,694)
(248,756)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.295)            (0.433)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (169,694)
(248,756)
Final Dividend                     : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

This Stock Exchange of Hong Kong announcement is dated June 25,
2004.


TOWN HEALTH: Reports HK$88M Net Loss
------------------------------------
According to Infocast News, Town Health International Holdings
Company Limited is in the red with a net loss of HKD87.669
million for the fiscal year ended March 31, compared to a net
profit of HKD4.741 million for the previous year. The loss-per-
share was HKD0.0898. No final dividend was declared.


UNIVERSAL TECHNOLOGIES: Narrows Net Loss to HK$10.6M
----------------------------------------------------
Infocast News reports that Universal Technologies Holdings
Limited posted a net loss of HKD10.693 million for the fiscal
year ended March 31, compared to a net loss of HKD12.685 million
for the previous year. The LPS was HKD1.66. No final dividend
was declared.


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


ASIA PULP: Widjajas Admit Bond Buying
-------------------------------------
A senior member of Asia Pulp and Paper's (APP) controlling
family, the Widjajas, told the Financial Times that companies
under the family's Sina Mas group have been buying APP's
distressed bonds since the firm's March 2001 US$13.9 billion
corporate default.

The Widjaja family member, who refused to be identified, however
insisted that the move was legal since the APP group itself did
not buy its own bonds, denying allegations of their intention to
manipulate the firm's restructuring scheme.

He also unveiled APP's plans to replicate the controversial APP
China debt-to-equity swap in its parent company in Singapore.

Meanwhile, a Bermuda judge has rejected APP former consultant
Robert Apfel's appeal to reopen the APP China debt-to-equity
swap case. A New York Judge also ordered Mr. Apfel and his
company, Bondholder Communications, not to publicize information
about the controversy to give the court time to review the case.

Aside from APP, the Sinar Mas group also holds insurance and
property business based in China and Indonesia.


BANK PERMATA: Indonesian Government Selling Bank Stake
------------------------------------------------------
The Indonesian government is selling its 97.17 percent stake in
Bank Permata instead of the previously planned 71 percent to
plug its budget deficit, The Jakarta Post reports.

"We want maximum proceeds from the sale. Selling the stake in
its entirety at one time to strategic investors will enable us
to get the highest possible price for the shares," PT Peusahaan
Pengelolaan Aset (PPA) president director Mohammad Syahrial said
on Thursday after a meeting with House Commission IX for
financial affairs.

According to Mr. Syahrial, the plan to divest all of the state's
shares in Permata was one of the three options proposed to the
House of Representatives for approval. The second option is to
sell 51 percent of the stakes to strategic investors and 46.17
to the public, while the third is to sell 71 percent to
strategic investors and 26.17 percent to public investors. He
added that the share price for the other two options would be
lower than the first and the divestment process will be longer.

Mr. Syahrial believes that Permata shares could be worth more
than 1.8 times its book value considering that smaller banks
like Bank NISP and Bank Buana have divested some of its shares
more than twice their book value.

ABN Amro was appointed by the state to arrange the stake sale
this year. Twelve foreign and seven domestic investors are
currently eyeing Bank Permata, Indonesia's seventh-largest
lender by assets.


INDOFOOD SUKSES: Appoints New CEO
---------------------------------
Indonesia's largest instant noodle-maker Indofood Sukses Makmur
has a new chief executive. Anthony Salim id replacing Eva
Riyanti Hutapea, Dow Jones reports.

Mr. Salem has been the firm's acting CEO since Ms. Hutapea's
resignation in October. Ms. Hutapea allegedly quit due to a rift
with the Salim family, which runs Indofood through Hong Kong's
First Pacific Company.

Stiff market competition has trimmed the firm's share to 80%
from 95% in 2000. In efforts to recover, the firm added two
board members to the original eight.


PERTAMINA: Sells Tankers to Avoid Huge Debts
--------------------------------------------
Indonesian state oil firm PT Pertamina decided to sell its two
supertankers to avoid being indebted to its South Korean
manufacturer, the Antara news agency reports, quoting State
Minister of State Enterprises Laksamana Sukardi.

"The decision was not to sell the tankers but the debt (to South
Korea). We can call it a debt although it has yet to be entered
in the books as such," said Mr. Laksamana. He added that the
decision to sell Pertamina's two Very Large Crude Carriers
(VLCCs) was in line with the company`s policy to focus on oil
and gas production.

He further justified the sale by arguing that that many other
oil-producing countries with outputs larger than Indonesia`s
were also not using their own tankers in transporting their
products.


PERTAMINA: Union Calls For Bosses' Ouster Over Tanker Sale
----------------------------------------------------------
The Pertamina Workers Union (SPPSI), through Chairman Otto Geo
Diwira, demanded last week the resignation of Pertamina
president Ariffi Nawawi and finance director Alfred Rohimone for
lying to the public in defending the state oil firm's tanker
sale, Indoexchange reports.

According to Mr. Diwira, the two officials lied by saying that
leasing a single-hulled Very Large Crude Carrier (VLCC) at
US$20,000 a day is a lot cheaper than owning a double-hulled
VLCC that would cost US$45,000 a day in operational expenses.

The union, however, said that owning and operating a doubled-
hulled VLCC would only cost US$25,950 per day, while leasing a
single-hulled VLCC would be much more expensive at US$32,950 to
US$38,768, as offered by two companies that took part in
Pertamina's June 22 tender.

The previous management bought the two VLCCs from South Korea's
Hyundai Heavy Industries for US$130 million to cut oil
transportation expenses. The current management, however, sold
the tankers, which sparked suspicions that Pertamina made the
move so that tanker operators can continue leasing their ships
to Pertamina and thus enjoy high profits.

Suspicions were further heightened when Norway's Frontline Ltd
won the tanker bid, which, according to reports, came only
second to Mumbai-based Indonian Essar Shipping Ltd.


PERTAMINA: In Talks with India's IOC for Refinery Revamp
--------------------------------------------------------
Indian Oil Corporation (IOC) is negotiating with Indonesia's
state oil firm Pertamina for a possible partnership in three
Indonesian refinery revamp projects, Asia Pulse reports.

"Pertamina is seeking partners to build new refineries and
petrochemical plants, oil terminal facilities and pipelines, to
set up retail stations as well as for revamping its existing
refineries. We are in discussion for refinery revamp projects
and exploring retail opportunities," a senior IOC official said.

The Balongan refinery in West Java and the Balikpapan refinery
in East Kalimantan will be revamped to boost cleaner gasoline
production. On the other hand, paraxylene capacity will be
improved in the Cilacap refinery.

An official revealed IOC's plans to set up an office in
Indonesia and become a player in the country's retail sector.

Under Indonesia's Oil and Gas Law No. 22 of 2001, Pertamina will
no longer monopolize distribution of oil products especially
that the government had started releasing retail licenses to new
players this year.


PERTAMINA: Taps PPLi to Treat Waste
-----------------------------------
In order to solve its waste management problems, Indonesia's
state oil and gas firm PT Pertamina has forged a deal with waste
treatment company PT Prasadha Pamunah Limbah Industry  (PPLi) in
Cileungsi, West Java to treat 16,000 tons of hazardous waste
from Pertamina's Balongan Processing unit, The Jakarta Post
reports.

Pertamina said in a press release Thursday that it already
shipped 300 tons of rubbish to PPLi last week, with a second
shipment following in August. The firm also said in the
statement that PT Kramada, Elmindo Bandung concrete factory, CV
Dwi in Bandung, and a roof materials manufacturer in Siliwangi
is helping dispose Pertamina's hazardous waste.

After Pertamina terminated a PPLi contract following an
investigation into an alleged Pertamina collusion scam in 1990,
the firm had since encountered waste disposal problems at
Balongan.


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


MITSUBISHI FUSO: Books JPY6.614B Net Profit in 2003
---------------------------------------------------
Mitsubishi Fuso Truck and Bus Corporation posted a net profit of
JPY6.614 billion in the year ended March 2004, Jiji Press
reported on Thursday.

The carmaker reported a recurring profit of JPY12.303 billion on
sales of JPY611 billion, according to figures posted in a public
gazette.

The company's earnings are believed to have been bolstered by
strong replacement demand for trucks due to the introduction of
new gas emission regulations. Still, it held JPY3.355 billion in
carry-over losses.

DaimlerChrysler AG now controls the automaker, which was spun
off from Mitsubishi Motors Corporation in January 2003.

Mitsubishi Fuso, together with Mitsubishi Motors, has recently
suffered from a loss of public confidence in the safety of their
vehicles following the revelation of defect cover-ups.


MITSUBISHI MOTORS: May Global Output Down 6.3%
----------------------------------------------
Mitsubishi Motors Corporation (MMC) said its worldwide output in
May declined 6.3 percent from a year earlier to 117,744
vehicles, AFX-Asia reports.

The carmaker provided the following year-on-year data for May
(with percentage changes from year-earlier levels):

Domestic:

Vehicle output - down 18.5 percent to 44,752 units
Passenger car output - down 25.0 percent to 36,589 units
Vehicle sales - down 38.8 percent to 14,672 units
Passenger car sales, excluding minivehicles - down 62.9
   percent to 3,062
Minivehicle sales - down 27.0 percent to 10,459

Vehicle exports from Japan - up 15.2 percent to 24,487 units

Passenger car exports from Japan - up 15.4 percent to 23,570
units

Overseas output - up 3.2 percent to 72,992 units

Global output - down 6.3 percent to 117,744 units

MMC also provided the following data for the five months to May
(with percentage changes from year-earlier levels):

Domestic:

Vehicle output - down 2.1 percent to 302,136 units
Passenger car output - down 7.4 percent to 250,561 units
Vehicle sales - down 13.5 percent to 140,850 units

Vehicle exports from Japan - down 6.1 percent to 143,192 units

Overseas output - down 14.4 percent to 320,143 units

Global output - down 8.8 percent to 622,279 units


MITSUBISHI MOTORS: North American VP to Quit
--------------------------------------------
Mitsubishi Motors North America (MMNA) has confirmed that Paul
Mareski, Vice President of Advertising, will resign effective
July 9, Adweek reports.

A representative for the automaker gave no reason for Mareski's
impending departure. "We don't know who his replacement will be
yet, but it will be a very short interim," the representative
said.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States, Canada, Mexico and Puerto Rico. Mitsubishi
Motors sells coupes, convertibles, sedans and sport utility
vehicles through a network of nearly 700 dealers throughout
North America.


MITSUBISHI MOTORS: To Boost Russian Car Sales Next Year
-------------------------------------------------------
Mitsubishi Motors Corporation (MMC) plans to increase to 50,000
the number of cars sold in Russia in 2005, Mr. Sergei Kirillov,
PR manager for Rolf Holding, the Moscow-based official
Mitsubishi distributor in Russia, has told Interfax.

Mitsubishi intends to sell 30,000 vehicles this year, up from
the 17,663 it sold in 2003.

Sales growth will be achieved through dealership network
development. Currently, 51 dealers sell Mitsubishi vehicles in
Russia. By the end of 2007, their ranks are slated to swell to
85. Plans also call for improving network standards.


UFJ BANK: More Bank Executives Stepping Down
--------------------------------------------
Three of UFJ Bank executive managers will step down this month,
joining all other directors responsible for problems that
prompted the government to issue four management improvement
orders for the bank, Kyodo News reports.

Yoshimi Maemura, Executive Managing Director in charge of
inspection, and Masayuki Inaba, Executive Director responsible
for the disposal of bad loans, will resign next Friday, while
Yasuhiko Matsumoto, Executive Managing Director for personnel
management, will step down next Wednesday.

The 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, TCR-
AP reported recently.

UFJ Bank President Takamune 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.


UFJ HOLDINGS: Unveils June 25 OGM Resolutions
---------------------------------------------
UFJ Holdings Inc. announced that following resolutions resolved
at the Company's third ordinary general meeting of shareholders
held on 25 June 2004.

Matters reported: Matters concerning the business report, the
balance sheet, and the profit and loss statement for the third
fiscal year (from 1st April 2003 to 31st March 2004)

The contents of the above mentioned financial documents were
reported.

Matters resolved:

Agenda Item No. 1: Matters concerning the approval of the plan
for disposition of profits for the third fiscal year

This item has been resolved and approved in accordance with the
original proposal.

To the company's regret, it was resolved that the Company shall
not pay any dividends of ordinary shares for this fiscal year.

Additionally, it was resolved that dividends of each class of
preferred shares for this fiscal year shall be in the
predetermined amount per share.

Agenda Item No. 2: Matters concerning partial amendment to the
Articles of Incorporation

Following the introduction of the "Law for Partial Amendments to
the Commercial Code of Japan and to the Law for Special
Exceptions to the Commercial Code of Japan concerning Audit,
etc. of Kabushiki kaisha" (Law No. 132 of 2003), it became
possible to acquire the company's treasury stocks upon a
resolution of the Board of Directors in accordance with the
provisions of the Articles of Incorporation. In accordance
therewith, this item intended to newly establish the necessary
provisions in order to realize the implementation of the mobile
plan to strengthen our capital base.

Also, following the introduction of the "Law for Partial
Amendments to the Commercial Code, etc. of Japan" (Law No. 128
of 2001), it became possible to prescribe the contents of the
voting rights of preferred shares in the Articles of
Incorporation. In accordance therewith, this item intended to
make amendments to reflect such.

In addition, in accordance with the conversion of preferred
shares into ordinary shares, this item intended to make the
necessary amendments.

This item has been resolved and approved in accordance with the
original proposal.

For more information, go to
http://bankrupt.com/misc/tcrap_ufj0625.pdf


UFJ HOLDINGS: Apologizes To Shareholders For JPY402.81B Loss
------------------------------------------------------------
UFJ Holdings Inc. apologized to its shareholders for incurring
another group net loss of JPY402.81 billion this year, omitting
dividend payments and receiving administrative orders to improve
its operations, Dow Jones reported on Friday. It is the bank's
third straight fiscal year of net losses.

The bank also pledged at its recent annual shareholders meeting
to return to profitability and resume dividend payouts for
common shareholders this fiscal year through March 2005.

The bank will not withdraw from overseas operations, and said it
needs to continue offering banking businesses overseas in order
to support financing and business activities of its customers
abroad.


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


ASIANA AIRLINES: Disputes Extra Japan Flights With Korean Air
-------------------------------------------------------------
Korean Air and Asiana Airlines are in dispute over how to
distribute flights to two Japanese cities, Asia Pulse reports.

According to the Ministry of Construction and Transportation,
the dispute came after South Korea and Japan agreed last month
to boost the number of flights between the two countries to meet
growing demand.

Under the agreement, an additional 14 passenger and two cargo
flights to Japan per week were to be allocated to the two
airlines. Of them, Korean Air and Asiana have been struggling to
get more flights on the Incheon-Osaka and Incheon-Fukuoka
routes.

In dividing up the flights, the ministry plans to favor carriers
that intend to use larger planes on the routes in question,
identifying Boeing's 737 as a standard.

For the Seoul-Osaka route, Asiana applied to the ministry to add
8.7 flights a week, while Korean Air asked to add 2.5 flights
weekly.

However, as South Korea and Japan decided to increase the number
of flights on the Seoul-Osaka route by only seven, the two
carriers began to squabble, with Asiana wanting to share the
flights at a ratio of 8.7:2.5 - the number of routes each
carrier applied for, while Korean Air asked the ministry to
distribute the flights evenly or to give it at least the 2.5
flights weekly it had requested.

The two carriers are waiting for the ministry's decision on how
the extra flights will be distributed.


ASIANA AIRLINES: Unions Refuse to Transport Troops to Iraq
----------------------------------------------------------
The labor unions of Asiana Airlines and Korean Air have said
they would not transport Korean soldiers, armor and military
equipment to Iraq, Digital Chosun reported on Thursday.

According to the Association of Airline Unions, the security of
union members cannot be guaranteed, as they may become a target
of terror during operation. Also, in order to show their
rejection of a war of invasion, they will suspend all flights.

In response, the management of the two airlines pointed out that
the South Korean government hasn't asked them yet to transport
troops to Iraq. "Unconditionally rejecting something before even
negotiations have begun is going too far," the carriers said.


HYNIX SEMICONDUCTOR: Creditors Mull Debt Buyout Plan
----------------------------------------------------
Creditors of Hynix Semiconductor Inc. are considering a debt
buyout plan for the memory chipmaker, Yonhap News reports.

"It is true that creditors are mulling a rescheduling of debt
for the chipmaker through a debt buyout," said a high-placed
official at the main creditor Korea Exchange Bank.


SSANGYONG MOTOR: GM Claims No Plan To Invest In Automaker
---------------------------------------------------------
GM Daewoo Auto & Technology Co. said that while it had
previously submitted a letter of intent to acquire Ssangyong
Motor Co., it has no plans to invest in the Company now, Dow
Jones reports, citing GM President Nick Reilly.

Creditors of Ssangyong are in talks with Shanghai Automotive
Industry (Group) Corporation, China National Bluestar (Group)
Corporation and a few other investors to sell the South Korean
automaker. The resumption in sale talks comes after creditors
failed in March to finalize negotiations with China National
Bluestar, which had been named as a preferred bidder at the
time.

Ssangyong was put up for sale after it separated from Daewoo
Group, which was dissolved in 1999 because of huge debts.
Creditors then took control of the carmaker through two debt-
for-equity swaps.


SSANGYONG MOTOR: Launches Rodius Multi-purpose Vehicle
------------------------------------------------------
IBM and Dassault Systemes announced Thursday that Ssangyong
Motor Company's new Rodius automobile, unveiled to the public
last month, was the first Korean vehicle designed and
manufactured using a "virtual platform" based on their Product
Lifecycle Management (PLM) Solutions, according to Market Wire.

Ssangyong developed the Rodius multi-purpose vehicle using IBM
PLM Solutions CATIA, for collaborative product development, and
ENOVIA, for data management and decision support -- both
developed by Dassault Syst確es. Ssangyong is the first Korean
automaker to use both design and data management solutions from
the IBM PLM Solutions portfolio for the entire automotive
manufacturing process -- from planning and design to production.
IBM Business Consulting Services (BCS) managed the
implementation of PLM Solutions at SsangYong's manufacturing
facilities, both in Korea and abroad.

Ssangyong designed the Rodius with CATIA software, the world's
leading virtual product development application. It is the
industry standard for automobile design, used by the majority of
top auto manufacturers to improve vehicle quality and innovation
and reduce time to market. Ssangyong also used ENOVIAVPM product
data and lifecycle management applications to execute digital
mock-ups and virtual product testing of the car and to handle
the product data management necessary for mass production of the
vehicle line.

Using the integrated PLM Solution and implementation management
from IBM Business Consulting Services, Ssangyong has made major
headway in cutting its vehicle production time. The company
transformed the Rodius from a concept car into a mass-production
vehicle in less than two years. Highlights of SsangYong's PLM
transformation include: creating an online design system,
enabling the company's designers to share product data and make
inquiries in real time; generating full-scale 3D digital images;
decreasing significantly the number of design changes required;
and reducing the time and cost of new product development.

Ssangyong now plans to extend the core capability of its IBM PLM
Solutions to after-sales services and overseas businesses in
order to further improve customer satisfaction.

"The Rodius is the first offering to embody the new and improved
Ssangyong Motor technology," said Sungshin Kim, vice president
and head of Ssangyong Motor Research. "It is the result of the
determination of Ssangyong employees to make an excellent
automobile effectively supported by advanced PLM technology.
Thanks to powerful PLM Solutions from IBM and Dassault Syst確es,
Ssangyong will step up its efforts to strengthen its technology
and produce more quality automobiles."

Jaemann Park, PLM Solutions Manager, IBM Korea, added, "The
Ssangyong Rodius can be considered a great achievement because
it's the first case in Korea in which an automaker has applied
both the design and data management aspects of the IBM PLM
vision, and this has given Ssangyong a substantial competitive
advantage. Ssangyong will continue to harness the benefits of
PLM with partners to achieve efficient process integration,
including design, production and after-sales services."

"The Rodius is a great accomplishment for the Korean automotive
industry and a tangible example of PLM delivering on its
promises end-to-end along the value chain, from concept design
down to the shop floor," said Christian Nardin, managing
director, Dassault Syst確es Asia. "SsangYong's successful
deployment of our PLM solutions also illustrates the importance
of having a systemic business transformation and 'best practice'
approach to PLM supported throughout all levels of the
organization. Dassault Syst確es and IBM together offer unmatched
capabilities to help customers along their journey to PLM."

About the "Rodius"

Ssangyong Motor Company announced its latest car model,
"Rodius," on May 11, 2004. Rodius is a Premium MPV (Multi
Purpose Vehicle), functioning comprehensively not only as a
passenger car, but also as a SUV (Sport Utility Vehicle) mini-
van combination -- a first for the Korean market. Rodius offers
modesty and the feeling of passenger car performance combined
with the power of an SUV. Size and its SUV-mini-van multi-use
capabilities are its special features.

About Ssangyong Motor Company

As a premier manufacturer of sports utility vehicles (SUV) and
recreational vehicles, Ssangyong Motor is making an all-out
effort to be a leader in the automotive industry, establishing
the Ssangyong corporate brand in global markets. Founded in
1954, Ssangyong Motor began its business as a manufacturer of
commercial vehicles such as trucks, buses, and special purpose
vehicles including mixers and fire-fighting trucks. Since the
launch of a new SUV in 1988, Ssangyong Motor has established its
reputation for innovation, leadership, and quality in the SUV
field in Korea. In 1991, Mercedes-Benz AG assisted Ssangyong
Motor to improve manufacturing quality of Ssangyong Motor
vehicles. Since, Ssangyong Motors has expanded its businesses to
light commercial vehicles, diesel engines, luxury passenger
cars, and gasoline engines. In 1994, Ssangyong Motor inaugurated
its engine plant to manufacture its own engines. Since then,
Ssangyong Motor established its presence in three major sectors
of the automobile market with its sports utility vehicles,
recreational vehicles and passenger cars launching such new
products as Rexton, Musso and Korando, an SUV with unique
styling and outstanding performance, Istana (MB 100), and
Chairman, luxury passenger car. Ssangyong Motors continues its
efforts to upgrade the existing products and develop new
products for both Korean and international markets. For more
information, please visit http://www.smotor.com.

About IBM

IBM is the world's largest technological company, providing
leadership and innovation throughout the world for more than 80
years. IBM is the largest supplier of "hardware", "software" and
Information Technology services, and pioneered the development
and implementation of "e-business" solutions. IBM Sales &
Distribution, which supports more than a dozen key industries
worldwide, works with companies of all sizes around the world to
deploy the full range of IBM technologies. The fastest way to
get more information about IBM is through the IBM home page at
http://www.ibm.com.

About Dassault Systemes

As world leader in PLM (Product Lifecycle Management) solutions,
the Dassault Systemes Group brings value to more than 70,000
customers in 80 countries. A pioneer in the 3D software market
since 1981, Dassault Syst確es develops and markets PLM
application software and services that support industrial
processes and provide a 3D vision of the entire life cycle of
products from conception to maintenance. For more information,
visit http://www.3ds.com

Ssangyong Motor Company
Press Contact:
Munjong Ju
+82 31 610 3176
E-mail: skyju15@smotor.com

IBM Press Contact:
Jennifer Feller
+33 1 41 88 61 89
E-mail: jennyfeller@fr.ibm.com

Dassault Syst確es
Press Contact:
Anthony MarDhal
+33 1 55 49 84 21
E-mail: anthony_marechal@ds-fr.com

Dassault Syst確es
Investor Contact:
Harriet Keen
Financial Dynamics
+44 207 831 3113


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


ANCOM BERHAD: Buys Back Ordinary Shares Of RM1.00 Each
------------------------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad the
details of its shares buy-back dated June 24, 2004.

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

Total number of shares purchased (units): 30,500

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

Maximum price paid for each share purchased (RM): 0.840

Total consideration paid (RM):

Number of shares purchased retained in treasury (units): 30,500

Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 3,181,600

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

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


BERJAYA SPORTS: Buys Back 1,388,900 Ordinary Shares
---------------------------------------------------
Berjaya Sports Toto Berhad disclosed to Bursa Malaysia
Securities Berhad its shares buy back dated June 24, 2004.

Description of shares purchased: ordinary shares

Total number of shares purchased (units): 1,388,900

Minimum price paid for each share purchased (RM): 3.700

Maximum price paid for each share purchased (RM): 3.800

Total consideration paid (RM): 5,254,771.97

Number of shares purchased retained in treasury (units):
1,388,900

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

Cumulative net outstanding treasury shares as at to-date
(units): 42,388,900

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

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


CONSOLIDATED LIQUID: Seeks Reconsideration of Winding-Up
--------------------------------------------------------
Consolidated Farm Berhad (Confarm) the parent firm of
Consolidated Liquid Eggs Sdn Berhad (CLESB) issued to Bursa
Malaysia Securities Berhad a notice pursuant to Section 218 of
the companies Act, 1965 on CLESB.

Further to the announcement dated 17 June 2004 on the above, the
Board of Directors of Confarm wishes to announce that Obayashi
Corporation has agreed, without prejudice to their rights and
remedies, to the request by Consolidated Liquid Eggs Sdn Bhd
(CLESB) to withhold filing the winding-up petition against CLESB
for a period of two months from 14 June 2004 while the Confarm
Group proceeds to formulate a restructuring scheme.

This announcement is dated 24 June 2004.

Contact:

Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199
Fax: 03-23002299


CRIMSON LAND: Issues Update On Proposals
----------------------------------------
Crimson Land Berhad issued to Bursa Malaysia Securities Berhad a
notice in relation to the following proposals:

- Proposed Rights ICULS Issue with Warrants;
- Proposed Acquisition;
- Proposed Debt Restructuring; and
- Proposed Increase in Authorized Share Capital

(1) Introduction

Reference is made to the announcements dated 26 July 2002, 8
August 2002, 27 November 2002, 16 December 2002, 3 January 2003,
22 January 2003, 24 February 2004, 9 March 2004, 29 March 2004,
31 March 2004 and 18 May 2004 in relation to the Proposals.

The Proposed Debt Restructuring includes, inter-alia, the
restructuring of debts amounting to RM36,014,191 (Existing
Indebtedness) owing by the Crimson Group to Malaysia Building
Society Berhad (MBSB) as at 30 November 2001.

The debts amounting to RM36,014,191 comprises the following:

RM

Principal sum 30,000,000
Accrued interest and other costs, charges and expenses 6,014,191
Total 36,014,191

In this connection, Alliance Merchant Bank Berhad, on behalf of
the Board of Directors of Crimson, is pleased to announce that
the Company and four (4) of its wholly-owned subsidiary
companies, namely, Crimson Properties Sdn Bhd (Crimson
Properties), Holcom Sdn Bhd, Crimson Resorts Sdn Bhd (formerly
known as Keris Perkasa Sdn Bhd) and Baris Bahagia Sdn Bhd, had
on 23 June 2004, entered into a Settlement Agreement (SA-MBSB)
with MBSB to restructure the Existing Indebtedness.

Under the SA-MBSB, MBSB had agreed to accept a sum of
RM34,550,000 (the Settlement Sum) which shall be settled by way
of issuance of 2 percent 10-year redeemable convertible secured
loan stocks (RCSLS) on the Completion Date (being the day
falling 14 days after the date on which the last of the
Conditions Precedent is fulfilled to the satisfaction of the
MBSB or such later date as may be specified by MBSB) by Crimson
to MBSB in the following manner as full and final settlement of
the Existing Indebtedness:

(a) RM34,550,000 nominal value of RCSLS at 100 percent of its
nominal value; and

(b) An additional RM8,520,000 nominal value of RCSLS
representing an additional yield of 4 percent on the said RCSLS.

The salient terms of the RCSLS was set out in Attachment I of
the Announcement dated 26 July 2002.

(2) Salient Terms of the SA-MBSB

The salient terms of the SA-MBSB are set out below:

(i) The parties agree that the SA-MBSB and the MBSB's
obligations are conditional upon the fulfillment of the
Conditions Precedent within the First Period (being the period
of seven (7) months from the date all of the RCSLS documents
shall have been executed, stamped and where applicable,
presented for registration or such extended period as may be
requested by Crimson and agreed to by MBSB).

(ii) In the event that any one or more of the Conditions
Precedent is not fulfilled by the last day of the First Period,
then the SA-MBSB shall immediately terminate and MBSB shall be
immediately discharged from all of its obligations to the
Obligors under the SA-MBSB.

(iii) At any time after the SA-MBSB is terminated, MBSB shall be
entitled:

(a) To make demand on the Obligors for the immediate repayment
of all outstanding indebtedness due to it under the existing
security documents together with interest thereon and all other
sums payable in connection therewith as if the SA-MBSB had never
been entered into; and/or

(b) Without being required to give further notice to any of the
Obligors institute such proceedings and/or continue with any
proceedings, take such steps (including any proceedings for the
realization of its security) and exercise any other rights which
it may have against any of the Obligors as it may think fit
under the existing security documents or by statute or otherwise
to recover all amounts due and payable to MBSB.

(iv) On the Completion Date Crimson shall issue to MBSB the
RM43,070,000 nominal value of RCSLS in accordance with the terms
of the Subscription Agreement and MBSB shall accept the same in
full and final satisfaction of all monies due or payable to it
under the existing facilities.

(v) Pending issuance of the RCSLS:

(a) Crimson Properties shall pay to MBSB interest on the
Settlement Sum (both before as well as after demand or judgment)
at the rate of 5.5 percent per annum calculated from and
including 1st December 2002 up to the date of issuance of the
RCSLS and shall accrue on a daily basis with monthly rests. All
interest accruing during the Interest Calculation Period and
capitalized interest shall be paid by Crimson Properties to MBSB
by monthly installments of RM200,000 each, the first of such
monthly Interest Installments shall be paid immediately upon the
execution of the SA-MBSB and subsequent monthly Interest
Installments shall be paid on the last business day of each
consecutive month thereafter until such time when all such
accrued interest has been paid in full to MBSB; and

(b) No interest is payable on the Settlement Sum for the period
commencing from and including 1st December 2001 up to and
including 30th November 2002.

(vi) Each of the Obligors irrevocably and unconditionally agrees
and undertakes as follows:

(a) Upon execution of the SA-MBSB and pending issuance of the
RCSLS, each of the Obligors shall defer and withhold all legal
actions and proceedings which it may have instituted against
MBSB in connection with or pertaining to the existing facilities
and/or the existing security documents; and

(b) Upon issuance of the RCSLS, each of the Obligors shall
withdraw and/or cause to be withdrawn all such legal actions and
proceedings forthwith without liberty to file afresh.

(vii) MBSB agrees that up until the Completion Date or such
earlier date when the SA-MBSB is terminated for any reason
whatsoever, it will defer and withhold all legal actions and
proceedings instituted by it against the Obligors or any of them
in connection with the existing facilities and the existing
security documents.

(viii) MBSB agrees that upon the expiry of the Second Period
(being the period of six (6) months from the date of issuance of
the RCSLS) and provided that no winding-up petition has been
presented against Crimson as at the expiry of the Second Period
and MBSB has received the written confirmation to that effect
and in form and substance acceptable to MBSB, MBSB will at the
cost and expense of the Obligors (including the MBSB's legal
costs on a solicitor and client basis) withdraw or discontinue
all such legal actions and proceedings instituted by it against
the Obligors or any of them in connection with the existing
facilities and existing security documents without prejudice to
MBSB's right to file fresh legal proceedings.

(3) Documents for Inspection

The SA-MBSB is available for inspection at the registered office
of Crimson at 5, Persiaran Lidcol, Off Jalan Yap Kwan Seng,
50450 Kuala Lumpur, Malaysia, during normal office hours from
Monday to Friday, except public holidays, for six (6) months
from the date of this announcement.

This announcement is dated 24 June 2004.

Contact:

Crimson Land Berhad
5, Persiaran Lidcol
Off Jalan Yap Kwan Seng
50450 Kuala Lumpur
Telephone: 03-2162 8099;
Fax: 03-2162 8711/2161 5045


CSM CORPORATION: Shareholders' Resolve AGM Motions
--------------------------------------------------
The Board of Directors of CSM Corporation Berhad announced to
Bursa Malaysia Securities Berhad that the members of the Company
had, at the 35th Annual General Meeting of the Company held on
24 June 2004, resolved all the motions as prescribed in the
Notice convening the AGM as contained in the Annual Report of
the Company for the financial year ended 31 December 2003.

This announcement is dated 24th day of June 2004.

Contact:

CSM Corporation
Suite 8.2, 8th Floor
Menara CSM, Jalan Semangat
46100 Petaling Jaya
Telephone: 03-7958888
Fax: 03-7953707
Website: www.csm.com.my


FEDERAL FURNITURE: Submits Proposals To Bursa Malaysia
------------------------------------------------------
Federal Furniture Holdings (M) Berhad (FHHB) disclosed to Bursa
Malaysia Securities Berhad the following proposals:

- Proposed Capital Reduction
- Proposed Share Premium Reduction
- Proposed Rights Issue with Warrants
- Proposed Issue of Shares
- Proposed Debt Restructuring

On behalf of FFHB, Aseambankers Malaysia Berhad (Aseambankers)
wishes to announce that the Board of Directors of FFHB has
proposed a capital reduction, a share premium reduction, rights
issue with warrants and a debt settlement scheme with some of
its financial institution lenders to restructure and settle a
substantial part of its total banks' borrowings as detailed
below:

(i) Proposed capital reduction by the cancellation of RM0.50 of
the par value of every ordinary share of RM1.00 each in FFHB to
set-off against the accumulated losses of FFHB (Proposed Capital
Reduction);

(ii) Proposed reduction of the share premium account to set-off
against the accumulated losses of FFHB (Proposed Share Premium
Reduction);

(iii) Proposed renounceable rights issue of up to 57,900,360 new
ordinary shares of RM0.50 each together with up to 49,628,880
free detachable new warrants at an issue price of RM0.50 each on
the basis of seven (7) new ordinary shares of RM0.50 each with
six (6) new warrants for every five (5) ordinary shares of
RM0.50 each held in FFHB at a book closure date to be determined
(Proposed Rights Issue with Warrants); and

(iv) Proposed debt settlement between FFHB and its affected
subsidiary companies (FFHB Companies) and their respective
scheme lenders, which involve, inter alia, the following:

(a) Proposed disposal of three (3) properties by FFHB and its
subsidiary companies (FFHB Group) to Bumper Wood Sdn Bhd (SPV1),
the proposed novation of FFHB's debt of RM35.322 million to SPV1
and the proposed issuance of Redeemable Secured Loan Stocks
(RSLS) by SPV1 (referred to as RSLS-SPV1) to the affected
secured lenders for partial settlement of debt owing to them;

(b) Proposed disposal of four (4) properties by the FFHB Group
to Paramount Wood Sdn Berhad (SPV2), the proposed novation of
FFHB Companies' debt of RM18.21 million to SPV2 and the proposed
issuance of RSLS by SPV2 (referred to as RSLS-SPV2) to the
affected unsecured lenders and the affected secured lenders for
partial settlement of debt owing to them;

(c) Proposed cash repayment of RM13.0 million from the proceeds
of the Proposed Rights Issue With Warrants to the affected
unsecured lenders and the affected secured lenders;

(d) Proposed issuance of up to 29,014,400 new ordinary shares of
RM0.50 each at an issue price of RM0.70 each to the affected
unsecured lenders and the affected secured lenders (Proposed
Issue of Shares); and

(e) Proposed bilateral settlement with other secured financial
institution by way of set-off against the borrowings of FFHB
Companies with transfer of properties and proposed issuance of
RSLS by FFHB (referred to as RSLS-FFHB).

(Herein collectively referred to as the Proposed Debt
Restructuring)

Further details of the abovementioned Proposals are set out in
the attachments of this announcement.
http://bankrupt.com/misc/federalfurniture062504.doc
http://bankrupt.com/misc/federalfurniture062404_2.doc
http://bankrupt.com/misc/federalfurniture062404_3.doc

Contact:

Federal Furniture Holdings (M) Berhad
Suite 1501B Menara Choy Fook On
1B Jalan Yong Shook Lin, Section 7
46050 Petaling Jaya
Telephone: 03-7955 9937
Fax: 03-7956 2812
Website: http://www.federal-furniture.com


GADANG HOLDINGS: Issues 13,000 New Ordinary Shares
--------------------------------------------------
Gadang Holdings Berhad announced that an additional 13,000 new
ordinary shares of RM1.00 each issued pursuant to the Employees'
Share Option Scheme will be granted listing and quotation by
Bursa Malaysia Securities Berhad effective 9:00 a.m., Monday, 28
June 2004.

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


MBF TRADING: CSE Withdraws Winding-Up Petition
----------------------------------------------
MBF Holdings Berhad refers to the announcement made to Bursa
Malaysia Securities Berhad dated 25 March 2004 in relation to
the Winding-Up Petition pursuant to Section 218 of the companies
Act, 1965 against MBF Trading.

The company would like to inform Bursa Malaysia that the
Petitioner, CSE Cobra Sdn Bhd has withdrawn its winding-up
petition against MBf Trading.

Yours faithfully,
For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
Date: 24 June 2004

Contact:

MBF Holdings Berhad
Block B1, Level 9
Pusat Dagang Setia Jaya
(Leisure Commerce Square)
No.9, Jalan PJS 8/9
46150 Petaling Jaya
Telephone: 03-7861200
Fax: 03-78612200


METROPLEX BERHAD: Submits Quarterly Report For April 30
-------------------------------------------------------
Metroplex Berhad disclosed to Bursa Malaysia Securities Berhad
its unaudited Quarterly report for the financial period ended
April 30, 2004.

SUMMARY OF KEY FINANCIAL INFORMATION
30/04/2004


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

30/04/2004        30/04/2003      30/04/2004     30/04/2003
RM'000            RM'000          RM'000         RM'000

(1) Revenue
    72,977        59,744          72,977         59,744

(2) Profit/(loss) before tax
    1,249         -31,754         1,249          -31,754

(3) Profit/(loss) after tax and minority interest
    -7,589        -25,706         -7,589         -25,706

(4) Net profit/(loss) for the period
    -7,589        -25,706         -7,589         -25,706

(5) Basic earnings/(loss) per shares (sen)
    -0.84         -2.85           -0.84          -2.85

(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)

  0.1900                       0.2000

Remarks:

The results include a write-back of accumulated losses of an
indirect subsidiary upon its dissolution.

For more information
http://bankrupt.com/misc/metroplexberhad062504.xls

Contact:

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


NORTH BORNEO: AGM Resolutions Approved
--------------------------------------
On behalf of the Board of Directors of The North Borneo
Corporation Berhad, the company hereby announces that at the
Fifty-Fourth Annual General Meeting of the Company held on 23
June 2004, all the resolutions put to the Meeting were duly
passed.

This announcement is dated 24 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


SIN HENG: Details Renounceable Rights Issue
-------------------------------------------
Sin Heng Chan (Malaya) Berhad disclosed to Bursa Malaysia
Securities Berhad its Renounceable rights issue of up to
37,988,750 new ordinary shares of RM1.00 each (Rights Shares),
with minimum subscription level of 30,000,100 Rights Shares, at
an issue price of RM1.00 per Rights Share, payable in full upon
acceptance, on the basis of two (2) Rights Shares for every one
(1) existing ordinary share of RM1.00 each held in Sin Heng Chan
(Malaya) Berhad- Special Administrators Appointed at 5:00 p.m.
on 24 June 2004.

On behalf of Sin Heng Chan (Malaya) Berhad, Special
Administrators Appointed (SHCM or Company), Southern Investment
Bank Berhad wishes to announce that the last date and time for:

(i) Tranfer of provisional allotment of rights will be on 07
July 2004 at 4:00 p.m.;

(ii) Acceptance and payment will be on 15 July 2004 at 5:00
p.m.; and

(iii) Excess share application and payment will be on 15 July
2004 at 5:00 p.m.

Copies of the Abridged Prospectus together with the accompanying
Notice of Provisional Allotment and the Rights Subscription Form
in relation to the Rights Issue will be dispatched on 30 June
2004 to the shareholders of SHCM whose names appear in the
Record of Depositors and Register of Members as at 5:00 p.m. on
24 June 2004.

Entitled shareholders who do not receive the aforesaid documents
within a week from the date of dispatch should notify the Share
Registrar of SHCM at:

Comprehensive Corporate Services Sdn Berhad
Suite 3.02, Level 3, Wisma E & C
No. 2, Lorong Dungun Kiri
Damansara Heights
50490 Kuala Lumpur

Telephone: 03 2094 7992

Pursuant to the announcement made to Bursa Malaysia Securities
Berhad on 29 March 2004, there will not be any trading of rights
entitlements. Accordingly, the closing date for the receipt of
the application and acceptance in respect of the Rights Issue
has been shortened from at least twenty-two (22) clear market
days to at least fourteen (14) clear market days to 15 July
2004.


SRIWANI HOLDINGS: Issues Restructuring Plan Update
--------------------------------------------------
With reference to the announcement dated 22 October 2003 and on
behalf of Sriwani Holdings Berhad (SHB), Commerce International
Merchant Bankers Berhad hereby announces that the Securities
Commission has on 24 June 2004 approved an extension of time to
30 November 2004 for the implementation of the Existing
Restructuring Plan and MA Sepang Debt Settlement.

This announcement is dated 24 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


TANJONG PUBLIC: Issues Notice to Deal On Closed Period
------------------------------------------------------
Tanjong Public Limited Co. issued a Notification pursuant to
Paragraph 14.08 (c) of the Listing Requirements of Bursa
Malaysia Securities Berhad (Bursa Malaysia) of Dealings during
Closed Periods.

Tanjong Public announced that further to the notification of
intention to deal during a Closed Period, in the securities of
the Company by Lee Siew Lan, a Principal Officer, announced on 2
June 2004, the Company has been notified today of the following
dealing by her pursuant to Paragraph 14.08 (c) of the Listing
Requirements of Bursa Malaysia:

(i) That she has disposed in the market of the Bursa Malaysia,
10,000 shares of 7.5 pence each in Tanjong representing 0.0025%
of the issued share capital of Tanjong as at the date of the
transaction;

(ii) Date of transaction - 18 June 2004; and

(iii) Transaction price - RM12.30 per share of 7.5 pence each

Contact:

Tanjong Public Limited Co.
Principal Office in Malaysia
Level 30, Menara Maxis
Kuala Lumpur City Centre
50088 Kuala Lumpur
Telephone: 03-23813388
Fax: 03-23813399


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


ATLAS CONSOLIDATED: TCC To Acquire 40% In Copper Assets
-------------------------------------------------------
Toledo Copper Corp. (TCC) a company listed in the London Stock
Exchange, has agreed to acquire a 40 percent stake in Atlas
Consolidated Mining and Development Corp.'s copper assets, Dow
Jones reports.

TCC will have to make payments and loans up to US$28 million to
fund in part the development of the Atlas copper mine, which
includes final feasibility work, the equity component of the
project funding and other related costs.

Independent consultant Behre Dolbear Australia is currently
performing an audit on the copper mine. The study is based on a
mine throughput of 42,000 tons of ore per day which, over an 11-
year period, is estimated to produce on average 100 million
pounds of copper and 45,000 ounces of gold per annum from
underground block caving operations, according to the Dow Jones
report.

On June 22, the BusinessWorld newspaper reported, quoting a
company source, that Atlas may reopen, after a 10-year hiatus,
its Toledo copper mine in Cebu province in two years after
securing US$28 million in funds from a UK company.

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


ATLAS CONSOLIDATED: Issues News Article Clarification
-----------------------------------------------------
Atlas Consolidated Mining and Development Corp. issued to the
Philippine Stock Exchange a clarification to the news article
entitled "Toledo officials write off PhP220M in Atlas taxes"
published in June 24, 2004 issue of the BusinessWorld (Internet
Edition).  The article reported that:

"Some PhP220 million in real estate tax dues of Atlas
Consolidated Mining and Development Corp. was written off to
convince the miner to reopen its copper mines in Toledo City.
Toledo City Mayor Arlene Espinoza-Zambo yesterday said the
taxes, which are owed to the city government, have been reduced
to PhP280 million from the original PhP500 million.  Ms. Zambo
said the Bureau of Local Government Finance had agreed to write
off more than PhP200 million in Atlas' tax dues.

She said the Toledo City government was willing to further
reduce the amount as long as the company reopens the copper
mines in Barangay Don Andres Soriano in Toledo City, around 50
kilometers west.

Ms. Zambo said the city government was even willing to accept
real properties as payment for the company's accumulated tax
obligations.  Based on the records of the Toledo City
Treasurer's Office, Atlas still has an outstanding obligation of
over PhP500 million in real property taxes excluding surcharges
and interests.  The amount was accumulated since 1994."

Atlas in its letter to the Exchange dated June 24, 2004,
disclosed that:

"We have not received any communication to date from the Toledo
City government informing us formally that our tax liability has
been reduced substantially."


MAYNILAD WATER: Government To Draw From Bond This Week
------------------------------------------------------
Government is set to draw from Maynilad Water Services Inc.'s
US$120-million performance bond this week, BusinessWorld
reports.

The amount to be collected has not yet been determined and is
subject to the provisions of Amendment No. 2, which is a
compromise agreement limiting the withdrawal of MWSS to only
US$50 million, and consultations with the boards of both the
state-run Metropolitan Waterworks Sewerage System (MWSS) and
National Economic and Development Authority (NEDA).

"[The amount] will still be subject to meetings and also inputs
from the NEDA [National Economic and Development Authority]
board," said Justice Undersecretary Manuel AJ Teehankee, newly
appointed Presidential Adviser on International Arbitration and
Trade Law.

Mr. Teehankee, however, said that the government can collect
more than what is stated in Amendment No. 2 for changes in the
terms could still be possible. The terms were submitted to the
rehabilitation court and are presently undergoing government
review as well as NGOs and other sectors.

"The purpose of Amendment No. 2 is to arrive at an overall
solution to the financial problems of Maynilad (Water Services
Inc.) and to preserve the interests of the water consumers and
arrive at a viable financially stable Maynilad that will serve
the west zone consumers," Mr. Teehankee said.

The Supreme Court approved last Monday the government's petition
to draw US$98.92 million from the bond posted by Maynilad, which
has failed to settle concession fees for taking over water
distribution in parts of Metro Manila.


NATIONAL POWER: ADB Favors Government Absorption of PhP500B Debt
----------------------------------------------------------------
Asian Development Bank (ADB), one of National Power Corp.'s
(Napocor) creditors, has commended the government's absorption
of the PhP500-billion debt of the state-owned power utility,
calling it "a good move," according to BusinessWorld, citing an
ADB official on Thursday.

"As far as the power sector is concerned, it is a good move to
give a clean sheet for Napocor's privatization," ADB director
Patrick Giraud, told BusinessWorld.

The government has been working out the privatization of Napocor
since the Republic Act 9136 and the Electric Power Industry
Reform Act (EPIRA) was signed into law in 2001. The EPIRA allows
the government to directly assume a portion of Napocor's
financial obligations in an amount not to exceed PhP200 billion
in exchange for the equivalent amount of the power firm's
equity.

However, questions have been raised, for the amount committed by
the government exceeds what is stated under the law. But the
Department of Finance has said it will assume PhP500 billion
because the power firm's debts are continually rising.

"The spirit of EPIRA, for the privatization to happen, is there
was a need for the government to contribute at least PhP200
billion. I don't know if they should amend the EPIRA for this
but if it [the government] decides to absorb more, I see no
harm," Mr. Giraud said.

"The issue on the government side is how it would operate the
absorption and how it would affect the financial situation. It's
up to government to resolve that," Mr. Giraud said.

The transfer of Napocor's assets to Power Sectors Assets and
Liabilities Management (PSALM) is presently reviewed by ADB and
still needs the approval of other creditors such as the World
Bank and the Japan Bank for International Cooperation.  PSALM is
mandated to dispose of all the assets of Napocor which includes
35 power plants as well as several non-power assets and real
estate.

"We have received the documents that were still missing and it
will go to the board probably in July. The transfer of the
assets can only be done after the government gets the consents
of the three lenders," Mr. Giraud said.

Napocor attributes its losses to fluctuations of the peso
against the US dollar wherein they incurred a loss totaling
PhP77 billion, TCR-Asia Pacific reported recently.


PHILIPPINE BANK: Clarifies News Article
---------------------------------------
Philippine Bank of Communications issued to the Philippine Stock
Exchange a clarification the news article entitled "Banks start
unloading bad loans, idle assets" published in the June 24, 2004
issue of the Philippine Daily Inquirer (Internet Edition).  The
article reported that:

"Three commercial banks plan to sell 39 billion pesos worth of
idle assets and soured loans this year, just before the
expiration of a law that gives incentives to 'special purpose
vehicles' that acquire these non-performing assets.

Philippine Bank of Communications (PBCom) plans to sell 10
billion pesos in soured loans and idle properties.  PBCom
president Isidro Alcantara Jr. said the bank might be left with
two billion pesos in idle assets if it succeeds in disposing its
target of 10 billion pesos before September.  PBCom has tapped
the accounting firm of KPMG Laya Mananghaya & Co. to help it
sell the assets."

Philippine Bank of Communications (PBC), in a letter to the
Exchange dated June 24, 2004, disclosed that:

"We are confirming the veracity of the news article that
appeared in the Philippine Daily Inquirer relative to the
intended disposition of an estimated 10 billion pesos of non-
performing assets (NPAs) to a special purpose vehicle. The
accounting firm of KPMG Laya and Co. is our financial advisor
for the intended sale of NPAs."

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: PSE Grants Listing of 19,559 Common Shares
-----------------------------------------------------------
The Philippine Stock Exchange (PSE) approved on June 14, 2000,
the application submitted by Philippine Long Distance Telephone
Co. 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 19,559
common shares have been availed of and fully paid by the
optionees under the company's ESOP.

In view thereof, the listing of the 19,559 common shares is set
for Friday, June 25, 2004.  This brings the number of common
shares listed under the ESOP to a total of 68,574 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


VICTORIAS MILLING: Asset Sale Generates PhP94,849,171.02
--------------------------------------------------------
Victorias Milling Co. Inc. furnished the Philippine Stock
Exchange a copy of the list of assets sold by the company from
August 2002 to present.  The total proceeds of the sale is
PhP94,849,171.02.

To view full copy of the list, click
http://bankrupt.com/misc/victoriasmilling062504.pdf


VICTORIAS MILLING: Unveils Result Of Elections During Meeting
-------------------------------------------------------------
Vitarich Corp. disclosed to the Philippine Stock Exchange the
company's elected Directors and Officers during the Annual
Stockholders' meeting held on June 25, 2004 at 2:00 p.m. at the
Discovery Suites, Columbus Room, ADB Avenue, Ortigas Pasig City.

Directors:

(1) Rogelio M. Sarmiento
(2) Lorenzo S. Sarmiento Jr.
(3) Danilo P. Sarmiento
(4) Benjamin I. Sarmiento Jr.
(5) Ma. Socorro S. Gatmaitan
(6) Ma. Luz S. Roxas Lopez
(7) Ma. Victoria M. Sarmiento
(8) Jose M. Sarmiento
(9) Aristotle I. Villaraza
(10) Deogracia N. Vistan
(11) Manuel Q. Lim

Thereafter during the organizational meeting held immediately
after the stockholders meeting the Board of Directors elected
the following officers for the ensuing year.

Officers:

(1) Rogelio M. Sarmiento  - Chairman/Chief Executive
Officer/President

(2) Wilfredo M. Angeles   - Vice President, Feed Sales And
Marketing

(3) Eduardo M. Molina     - Vice President, Poultry Production

(4) Guillermo B. Miralles - Vice President, Vismin Operations

(5) Atty. Ma. Victoria M. Sarmiento  - Treasurer

(6) Atty. Tadeo F. Hilado - Corporate Secretary

(7) Atty. Rolando B. Faller - Assistant Corporate Secretary

Contact:

Victorias Milling Co. Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Telephone No/s:  896-0381; 899-0485
Fax No/s:  895-4150
Email Address:  fal@philonline.com
Website: http://www.victoriasmilling.com


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


INFORMATICS HOLDINGS: Releases Announcement
-------------------------------------------
The Board of Directors of Informatics Holdings Ltd refers to the
announcement dated 23 June 2004 regarding Ernst & Young's
withdrawal of its statement in its 30 April 2004 Report of
Findings on the unaudited quarterly results of the Group for the
nine months ended 31 December 2003.

The Board of Directors of the Company wishes to further announce
that it has been informed by Ernst & Young that the withdrawal
of the Statement is due to its being unaware of the existence of
certain poison pen letters at the time of the issue of its
Report of Findings dated 30 April 2004. Further, Ernst & Young
has informed the Company of the following:

(i) Ernst & Young had been informed that several poison pen
letters were in the possession of the management as well as the
audit committee of the Company even before its Report of
Findings had been finalized on 30 April 2004. However, the very
existence of these poison pen letters and their contents were
not communicated to Ernst & Young for its consideration in
performing the agreed upon procedures on the unaudited Q1 - Q3
FY2004 results of the Group. Ernst & Young only learnt of the
existence of the poison pen letters in the later part of May
2004;

(ii) the poison pen letters contain allegations which closely
correlate with the misstatement of results that it had been
tasked to investigate and that it therefore appears that the
poison pen letters had not been written frivolously and appears
to have been made by a person or persons who had an intimate
knowledge of the circumstances surrounding the misstatement of
results. Ernst & Young is of the view that while investigations
are being conducted by the relevant authorities into allegations
and suggestions against some members of the senior management,
the existence and scope of such allegations and suggestions are
sufficient to constitute significant matters that would have
materially impacted its engagement;

(iii) its being unaware of the existence of the poison pen
letters has seriously compromised and undermined the basis upon
which it had approached its agreed upon procedures and
consequently its conclusions in the Report of Findings;

(iv) had it had prior knowledge of the poison pen letters, it
would have required more time to carry out its procedures and
would have significantly increased the nature, scope and extent
of its procedures in order to direct reasonable efforts towards
the areas of accounting misstatements and alleged misconduct
mentioned in the poison pen letters; and

(v) further clarification may be made if there are new
developments and new information made available to it that
impacts on its engagement and procedures.

The Company is of the opinion that Ernst & Young should not have
relied upon the poison pen letters as the basis for withdrawing
its Statement especially since they contain external allegations
by anonymous parties, which have not been verified. The Company
has in fact made its position clear to Ernst & Young.

By Order of the Board

Raymond Quek Hiong How
Company Secretary

Submitted to the Singapore Stock Exchange by Raymond Quek Hiong
How, Company Secretary June 24, 2004.


INFORMATICS HOLDINGS: Shares Dive After E&Y Retraction
------------------------------------------------------
Following Ernst & Young's withdrawal of an earlier statement
clearing Informatics' senior management of intentionally
misstating quarterly results, the education provider's shares
plunged 2.8 percent to 34.5 cents on Thursday, Channel News Asia
reports.

On Wednesday, Ernst & Young, previously appointed by Informatics
as external investigator, withdrew its earlier statement without
casting aspersions on Informatics' senior management.

Although the withdrawal brought negative results, analysts think
it was probably a wise move.

"From our perspective...our speculation is that E&Y was trying
to limit their legal liability, in the sense that they have
nothing to gain by putting that and exonerating Informatics
management when they themselves are also the auditors. So
perhaps it will compromise their legal defense if there was
indeed fraud," said Chris Sanda, Associate Director of DBS
Vickers Securities,

Informatics announced the auditor's retraction along with the
resignation of its chief executive officer (CEO) Mr. Ong Boon
Kheng. Michael Teng was appointed to replace Mr. Ong, who will
remain as the firm's adviser for a year.

Questions have been raised as to the extent of the management
shakeup, whether it would spread to the board of directors, or
whether tycoon Oei Hong Leong, a major Informatics shareholder,
and his team would get seats on the board. This uncertainty has
prompted DBS Vickers and other broking houses to recommend a
sell on the stock.

Mr. Sanda added, "Informatics is at the cross-roads right now.
It's at the most difficult part of its corporate history of all
time. And in the worst case scenario, they could go bankrupt, we
are not forecasting that right now, but it's a little bit
difficult to gauge as far as how successful the new management
is going to be."


LULEE METAL: Under Provisional Liquidation
------------------------------------------
Singapore-based Lulee Metal Pte Ltd., which has expressed its
incapacity to pay SGD70-80 million worth of debts to 15 local
and foreign banks, has named accounting firm Deloitte & Touche
as its provisional liquidator on June 11, OsterDowJones reports.

The firm is said to owe 50 percent of its total debt to local
banks such as DBS Bank, United Overseas Bank and Oversea-Chinese
Banking Group, with the remainder is owed to banks based in
Europe, India and the Middle East.

A former Lulee employee revealed that the firm, which is into
the base metals, scrap and semi-processed products business,
fired its entire staff effective June 11, the same day it named
its liquidator.

Deloitte will be given 30 days, under Singapore laws, to review
Lulee's books before meeting with the firm's creditors on July
9. The creditors will then have the option to appoint Deloitte
or hire another to start the liquidation process.

Industry participants expressed their concern that while the
losses, believed to have resulted from trading on the London
Metals Exchange, are not large enough to affect the metal
industry, it might start a chain of similar cases in the future.

Although Lulee still holds some metals in its warehouses, the
amount is insignificant compared to its SGD300 million turnover.


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


MANAGER MEDIA: Releases Details of Amended Rehabilitation Plan
--------------------------------------------------------------
Pursuant to the court made an order of approval of the proposal
to amend the Rehabilitation Plan of Manager Media Group Plc. on
June 7, 2004.

The Company, through the Plan Administrator, kindly informs you
the principles and procedures of the rehabilitation, which has
partly done, Step 1, 2 and 3, under the previous rehabilitation
plan, the details of Step 4 to 11 are:

(1) The Company by the Plan Administrator should make the 1st
capitals decrease by reducing the share value of 22.5 million
shares from THB10 per share to THB1 per share, which had been
already done under the previous plan.

(2) The Company by the Plan Administrator should make the 1st
capitals increase by issue of the new 40 million shares, THB1
per share valued, for distributing to the independent investors
and the creditor who supported the financial to the company
during the Rehabilitation, which had been already done under the
previous plan.

(3) The Company by the Plan Administrator shall make the 1st
issue of warrants, in a number of 38,239,548 units and THB10 per
unit, for providing as debt payment to the Finance Creditors
under the Rehabilitation Plan, which had been also done under
the previous plan.

(4) The Company by the Plan Administrator shall make the 2nd
capitals increase by issue of the new 40 million shares, THB1
per share valued, for distributing to the independent investors
and subtract the premium on share from the accumulated
profits (loss).

(5) The Company by the Plan Administrator shall make the 2nd
issue of warrants, in a number of 29,285,855 units without any
payment, for providing to the Creditors and the independent
investor who will be provided the shares from the 2nd capital
increase in ratio of 3.5 previous shares per 1 warrant unit.

(6) The Company by the Plan Administrator shall make the 3rd
capital increase by issue of the new 497,479,084 shares, THB1
per share valued, for converting the convertible debentures to
the ordinary shares, in a number of 174,745,467 shares, and the
debt to the company capitals in a number of 322,733,617 shares,
in ratio of THB2.80 per 1 ordinary share.

(7) The Company by the Plan Administrator shall make the 2nd
capitals decrease by reducing a number of shares, in average of
99 percents of the whole shares, to 5,999,802 shares and THB1
each.

(8) The Company by the Plan Administrator shall make the 4th
capitals increase by issue of the new 260 million shares, THB1
per share valued, provided by these 2 conditions:

(8.1) A number of 200 million shares shall sell to the
independent investors in the minimum price of Baht 1 each.

(8.2) A number of 60 million shares shall SWAP or interchange
with the shareholders of Thaiday.com Co., Ltd. in the minimum
price of THB1 each.

(9) The Company by the Plan Administrator shall make the 3rd
issue of warrants, in a number of 300 million units without any
payment, provided to the shareholders of Thaiday.com Co., Ltd.
who SWAP or interchange the shares.

(10) The Company by the Plan Administrator shall make the 5th
capitals increase by exercising the warrants of the Finance
Creditors, the previous shareholders (from the 1st capitals
decrease and 2nd capitals increase) and the shareholders who
comes from the 2nd capitals increase.

(11) The Company by the Plan Administrator shall make the 6th
capitals increase by exercising the warrants of the shareholders
who SWAP debt with Thaiday.com Co., Ltd.

Whenever Step 11 is fulfilled, there are complied that the Plan
will be concluded and the Company by the Plan Administrator
shall file a motion for terminating the rehabilitation.

For your acknowledgement
Sincerely yours,
(Ms. Saowaluck  Teeranujunyong)
Plan Adminstrator


THAI PETROCHEMICAL: To Submit Revised Plan This Week
----------------------------------------------------
Thai Petrochemical Industries PCL will present to its creditors
a revised plan this week, Business Day reports, citing Minister
of Finance Somkid Jatusripitak.

If creditors would agree to the plan, TPI will be able to enter
the debt restructuring process, Mr. Somkid said.

The plan administrators spent three months working on the
revision of the original plan after careful consideration of
various factors, said Pakorn Malakul Na Ayudhya, a team member
of the plan administrators.

Mr. Somkid said the Ministry of Finance, as a go-between, wants
to ensure fairness for both debtors and creditors.

"TPI's plan administrators will send it [the revised plan] to me
next week and have already sent a schedule for presenting the
matter to the court. I expect TPI's creditors to support the
plan," he said.

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


                            *********


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
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***