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

                     A S I A   P A C I F I C

             Tuesday, June 29, 2004, Vol. 7, No. 127

                            Headlines

A U S T R A L I A

AMP LIMITED: Considering Share Buyback, Dividend Payment
NATIONAL AUSTRALIA: Chairman Says Three Seats 'Easy to Fill'
NOVUS PETROLEUM: Medco Issues Takeover Bid Update
QANTAS AIRWAYS: Offshoot Jetstar Will Struggle, Says BAA
SOUTHCORP LIMITED: Discloses Result of Asset Review

* ASIC Moves to Wind Up Property Companies


C H I N A  &  H O N G  K O N G

ABACUS ENTERTAINMENT: Faces Winding Up Proceedings on July 14
BILLION RICH: Winding Up Hearing Set July 28
CENTRAL CHINA: Announces Odd Lot Arrangement
DENTSU CHINA: Winding Up Hearing Scheduled July 6
FAR EAST: Chairman Denies Rumors

FONG ON: Winding Up Hearing Slated on July 14
HIP SING: Winding Up Hearing Set July 21


I N D O N E S I A

INDOFOOD SUKSES: New Head Plans Expansion to Plantations
INDOFOOD SUKSES: To Pay IDR28 per Share Dividend
MERPATI AIRLINES: Seeks Financial Advisor
PERTAMINA: Minister Laksamana Urged to Quit
PERTAMINA: U.S. Supreme Court To Rule on Karaha Dispute


J A P A N

HITACHI LIMITED: Enters Alliance With NEC Corporation
JAPAN AIRLINES: Changing Name to Japan Airlines Corporation
KOKUSAI KOGYO: Selling Hotel to Cut Debts
MATSUSHITA ELECTRIC: Setting Up Market Research Firm in Russia
MITSUBISHI FUSO: Implements Emergency Vehicle Inspection

MITSUBISHI MOTORS: Names Ethics Committee Head
SOFTBANK CORP.: U.S. Firm Files US$1.5B Lawsuit


K O R E A

LG CARD: Delinquent Ratio Rises to 16.4% in May
LSH HOLDINGS: FSS Orders to Close Credit Information Bureau
SK GROUP: Former Chairman Gets Three Years Jail For Graft
SSANGYONG MOTORS: Workers to Strike for More Wages


M A L A Y S I A

ANTAH HOLDING: Updates Default in Payment Status
AYER MOLEK: To Acquire Land In Relation To Capital Restructuring   
BERJAYA SPORTS: Replies To Query of Bursa Malaysia
BERJAYA SPORTS: Answers Berjaya Group Query Letter
CONSOLIDATED FARMS: Issues Update On Practice Note And Summons

KRAMAT TIN: Updates Proposals Issued to Bursa Malaysia  
K.P. KENINGAU: Appoints Law Kiok Tiong as New Director
MANGIUM INDUSTRIES: All Ordinary Resolutions Pass During AGM
NALURI BERHAD: All Resolutions Passed At AGM
PILECON ENGINEERING: Unveils AGM Result

SARAWAK ENTERPRISE: Posts General Meetings' Outcome
SUNWAY HOLDINGS: Issues Update on General Offer By CIMB
TANJONG PUBLIC: Replies to Notification Issued By BMSB
WOO HING: Issues Update On Kamdar Proposals
YCS CORPORATION: Issues Update On Civil Suit  


P H I L I P P I N E S

INTERNATIONAL SAVINGS: Issues Notice to Creditors
NATIONAL POWER: PSALM Sets Masinloc Plant Sale In October
NATIONAL STEEL: GIHL Seeks 35% Tariff Hike
NEXTSTAGE INCORPORATED: Issues Update On Equity Restructuring
PHILIPPINE BANK: Hopes to Pay PhP8B PDIC Loan In 3 Years

PHILIPPINE LONG: PSE Approves Listing of 1,300 Common Shares
PHILIPPINE REALTY: Sets Stockholders Meeting On October 29
VITARICH CORPORATION: Hopes Feed Business Turns Firm Around
VITARICH CORPORATION: Releases List Of Committee Members


S I N G A P O R E

BOXX ASIA: Enters Winding Up Proceedings
BUAN CHUA: Winding Up Hearing Set July 9
EXPLORATION PNG: Issues Notice of Intended Dividend
INFORMATICS HOLDINGS: Analysts Quit Coverage
LULEE METAL: Creditors' First Meeting Slated on July 9

ORTHOPAEDIC SPINE: Releases Notice of Resolutions
STONEHENGE TELECOM: Issues Notice of Intended Dividend


T H A I L A N D

PAE THAILAND: Unveils Board Of Directors Meeting Results

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Considering Share Buyback, Dividend Payment
--------------------------------------------------------
AMP Limited will decide within the next two months whether to
return surplus cash to shareholders via a dividend payment, a
share buyback or a combination of the two, according to Reuters.

Last week, AMP reaffirmed plans to reward shareholders after
announcing it had paid off A$747 million ($515 million) of
offshore debt, marking the end of its accelerated debt reduction
plan.

"We'll determine over the next couple of months the
position...and we'll announce that to shareholders," AMP Chief
Executive Andrew Mohl told the Australian Broadcasting
Corporation's Inside Business television program.

As for the possible size of any buyback or dividend payment, he
said that "the more buoyant the markets are, then the more
abundant our capital is and vice versa so I don't think we want
get into medium term numerical projections."

The Company has repurchased about A$2.9 billion of debt,
lowering its overall debt to about A$1.56 billion and saving
A$150 million in annual interest payments.

The overall debt restructuring would lead to a one-off after-tax
loss of around A$25 million in its 2004 half-year accounts.


NATIONAL AUSTRALIA: Chairman Says Three Seats 'Easy to Fill'
------------------------------------------------------------
National Australia Bank (NAB) claims it will have no problem
filling the three vacant seats at the boardroom table, saying
they will be financial services-focused people, The Advertiser
reports, citing NAB Chairman Graham Kraehe.

For the past few weeks, the bank has been looking for two new
board members, which became three last week when director Brian
Clark quit unexpectedly.


NOVUS PETROLEUM: Medco Issues Takeover Bid Update
-------------------------------------------------
Medco Energie (Australia) Pty Ltd (MEAPL) gives notice of the
following information as referred to in Australian Stock
Exchange (ASX) Listing Rule 3.3:

a) The offer period in respect of the offers dated 8 January
2004 made in accordance with MEAPL's bidder's statement dated 24
December 2003 (as supplemented) in relation to the takeover bid
for all of the ordinary shares in Novus Petroleum Limited, being
the bid class securities under the offers, expired at 7 p.m.
(Melbourne time) on 25 June 2004.

b) MEAPL and its associates had a relevant interest in 92.29%
of the bid class securities at the expiry of the offer period
and continue to hold that same relevant interest.

c) MEAPL will proceed with compulsory acquisition of the
remaining bid a class securities under the Corporations Act 2001
(Cth).

Dated 25 June 2004

Greg Bosmans
Attorney for Hilmi Panigoro, Director
For and on behalf of MEAPL

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_novus0628.pdf


QANTAS AIRWAYS: Offshoot Jetstar Will Struggle, Says BAA
--------------------------------------------------------
British Airports Authority (BAA), a leading airport traffic
broadcaster, predicted that there is an even chance that Qantas
Airways low-cost offshoot Jetstar will be a failure, Asia Pulse
reports.

"I'm not 100 percent convinced that Jetstar will be around in
five years time," British Airports Authority (BAA) research
director Stan Maiden said Monday.

"It's got to be at least 50 percent likely Jetstar won't work as
a model. If you look at airlines around the world that have done
that sort of thing, it's quite difficult to have a part of your
entity which is operating to a totally different cost structure,
competing with yourself."

New to the skies, Jetstar launched its first services in May
taking on the Richard Branson-backed Virgin Blue, which now has
taken more than 30 percent of the local domestic market since it
began three years ago.

Mr. Maiden is not the first expert to cast doubt on Jetstar's
chance of survival. Four weeks ago, Flight Centre Chief Graham
Turner said Jetstar's decision not to use travel agent
distribution would hurt the carrier's numbers.

Mr. Maiden was critical of Jetstar's decision to run services
from Avalon in Victoria as an alternative to Tullamarin.


SOUTHCORP LIMITED: Discloses Result of Asset Review
---------------------------------------------------
Southcorp Limited, in a press release, unveiled a new production
and distribution blueprint for its Australian operations as part
of its ongoing corporate recovery under the Veraison1 program.

The new blueprint will deliver incremental cash flow of $28
million per annum and incremental EBIT of $27 million per annum
by fiscal year 2008 through a streamlining of packaging and
distribution facilities and some rationalization of the
Company's wineries. These improvements are primarily from
savings on fixed and freight costs.

Additional cost savings will be delivered over time through
productivity gains from the new asset structure. Under the
Veraison program the Company will undertake end-to-end business
process reviews in order to simplify, standardize and
consolidate its current processes and practices.

The asset review involved a comprehensive analysis of available
options for Southcorp's asset base and logistics structure. It
is one of the biggest strategic Veraison initiatives undertaken
since the continuous improvement program's launch in August
2003. The Veraison program is currently delivering savings at an
annualized run rate of $40 million.

Southcorp Managing Director and CEO John Ballard said the
changes to the asset base, which will be phased in over 18
months, are being made to strengthen Southcorp for the future
and in the best interests of its shareholders, employees,
customers and growers.

"Southcorp is committed to being a dedicated and leading premium
winemaker with a portfolio of brands and wines that range from
the contemporary to the iconic, are distinctive in style, high
in quality and represent the best of Australia's wine growing
regions," Mr. Ballard said.

"Central to that goal is the ability to source fruit from
diverse geographies, and to make wine in close proximity to
where the fruit is grown. This requires that we maintain
strategic holdings of vineyards and wineries throughout
Australia's premium wine districts.

"The major opportunity to realize efficiencies whilst
maintaining the high quality of our wines is in rationalizing
packaging and distribution where Southcorp has an uncompetitive
cost structure," Mr. Ballard said.

The packaging and distribution functions will be consolidated
into two centres at the Karadoc winery in Victoria's Sunraysia
region and at the Nuriootpa winery in South Australia's Barossa
Valley. To further enhance the efficiency gains, the Company
will also consolidate more winemaking at these two wineries and
rationalize the Australian distribution system.

The key features of the new blueprint for Southcorp's operations
are:

FINANCIAL

(i)   Additional net cash flow of $28 million per annum and
additional EBIT of $27 million per annum by FY08.

(ii)  Write-downs of the carrying values of fixed and other
assets of $73 million and provisions for redundancy and other
implementation costs of $20 million in the current financial
year.

(iii) Net capital expenditure of $58 million largely to upgrade
facilities at Nuriootpa in the Barossa Valley and Karadoc in
Victoria's Sunraysia district.

(iv)  Further productivity gains will be delivered from the
rationalized footprint.

OPERATIONAL

Consolidation of packaging and distribution operations and more
winemaking into the Karadoc and Nuriootpa wineries and
rationalization of the Australian distribution system will
result in the following changes:

PACKAGING:

(i)   Consolidating from four packaging centres (Nuriootpa,
Karadoc, Great Western and Denman) into two - at Nuriootpa and
Karadoc.

(ii)  The bottling and packaging functions and equipment at
Denman and Great Western will be relocated to Nuriootpa and
Karadoc by the end of fiscal year 2005.

(iii) Karadoc and Nuriootpa packaging centres will be expanded
to increase capacity.

DISTRIBUTION:

(i)   Consolidating nine distribution centres into three - a
National Distribution Centre at Karadoc, an International
Distribution Centre at Nuriootpa and a West Australian
Distribution Centre at Bassendean.

(ii)  The State Distribution Centres at Villawood (NSW),
Nunawading (Victoria), Archerfield (Qld) and Magill (SA) will no
longer be needed as part of the supply chain and will be closed
later this year.

(iii) A third-party cross docking distribution system will be
used to support those customers who do not receive direct
deliveries.

(iv)  Additional warehousing space will be built at the Karadoc
and Nuriootpa wineries by the end of FY05.

WINEMAKING:

(i) Sparkling wine production, except Methode Champenoise, will
be relocated from Great Western to Karadoc from March 2005.

(ii)  From 2005, vintage operations (i.e.: fruit crushing) for
all fortified wines will be relocated from Seppeltsfield to
Nuriootpa and Karadoc.

(iii) The winemaking activities from the Yenda winery near
Griffith and Waikerie winery in the South Australian Riverland
will be transferred to Nuriootpa and Karadoc, eliminating the
current duplication of winemaking facilities in irrigated areas.
The Yenda winery will be closed or sold later this year and the
Waikerie winery will be sold or closed following the 2005
vintage.

(iv)  Karadoc's vintage capacity will be expanded by 80,000
tonnes to 150,000 tonnes by FY08.

(v)   Nuriootpa's vintage capacity will be expanded by 10,000
tonnes to approximately 50,000 tonnes by FY07.

Mr. Ballard said that while the changes were vital to the future
health of the Company, he regretted the personal impact they
would have on a number of employees.

"We regret that the changes will mean that approximately 300
current positions across a number of our locations will no
longer be required at Southcorp," Mr. Ballard said. There will,
however, be approximately 110 new positions created by our
operational expansion at Nuriootpa and Karadoc, reducing the
overall impact to around 190 positions.

"Everyone affected by these changes will be treated with the
utmost respect and fairness and will be offered a redundancy
package and outplacement services which are equivalent to or
better than the wine industry standard. We will also be
encouraging them to apply for other roles in the company
including one of the 110 new roles we will be creating.
Applications from employees affected by these changes will be
given priority," Mr. Ballard said.

Mr. Ballard confirmed that the Denman, Great Western and
Seppeltsfield wineries, which all see some change under the new
plan, would remain significant winemaking centres for Southcorp.
He said, "Denman winery will continue to make wines from the
fruit it sources from the Hunter, Mudgee, Orange and other
regions of NSW. Our Great Western winery will continue to make
our Seppelt table wine range from Victoria as well as all of
Southcorp's Method Champenoise wines. Seppeltsfield will
continue as the Company's premium fortified wine production and
maturation centre.

"Southcorp will continue to rely on its 1,000-plus growers
across Australia as trusted and vital business partners. We will
continue to require their fruit under our existing contracts. We
will work with growers in those areas where the new blueprint
will require changes to delivery locations, and it will take
time to assess our needs moving forward."

Mr. Ballard also provided an update on the anticipated earnings
position for the company for the current financial year and key
issues for the 2005 financial year.

"As confirmed in February, we are comfortable with the market's
consensus earnings forecasts for EBITA (pre SGARA) which is in
the range of $160 - $175 million for the current financial
year," Mr. Ballard said. "This result will be heavily weighted
towards strong performances from the Australasian and
UK/European regions. The U.S. continues to experience tough
trading conditions, which are impacting its returns."

Mr. Ballard said the key issues for the FY05 year were the
strength of the Australian dollar and the lower availability of
its super premium wines. "If the Australian dollar remains at
current levels during FY05, we start next financial year with a
potential negative impact from currency and super premiums of
around $30 million compared to FY04," Mr. Ballard said.

"We do however expect to continue to improve the underlying
performance of the business, which to some extent will offset
this issue. In the year ahead we will accelerate our marketing
activity to support our key brands through above-the-line
advertising and promotional campaigns. Our ability to improve on
our FY04 performance will ultimately depend on our success in
profitably driving top line growth from this strategy," Mr.
Ballard concluded.

Veraison is a viticultural term that was adopted as the name of
the Southcorp business improvement program launched in August
2003.

For further information please contact:

MEDIA: Michelle Lawlor
Tel: 02 9465 1224
Mobile: 0402 894 303

ANALYSTS: Kristina Devon
Tel: 02 9465 1048
Mobile: 0409 030 767


* ASIC Moves to Wind Up Property Companies
------------------------------------------
The Australian Securities and Investments Commission (ASIC) on
Friday commenced proceedings in the Supreme Court of Victoria to
protect shareholders in a Melbourne- based group of property
development companies.

ASIC has applied to wind up four companies, Kingsley Brown
Finance Pty Ltd, Kingsley Brown Properties Pty Ltd, Kingsley
Brown Holdings Pty Ltd, and Kingsley Brown (Cowes) Pty Ltd (the
Kingsley Brown group).

ASIC also sought injunctions restraining Boronia-based
accountant Mr. Robert Kingsley Brown, the sole Director of the
companies in the Kingsley Brown group, from being involved in
further fundraising for the companies.

ASIC is concerned that investments by shareholders in Kingsley
Brown Finance Pty Ltd and Kingsley Brown Holdings Pty Ltd are
not adequately protected and have been applied to property
developments undertaken by other companies in the Kingsley Brown
group, and for other purposes. The Kingsley Brown group has
developed a number of properties in Cowes, Phillip Island.

His Honour Justice Mandie on Friday made interim orders, by
consent, prohibiting Mr. Brown and the companies in the Kingsley
Brown group from raising funds from investors, disposing of or
mortgaging any assets of the Kingsley Brown group, and requiring
them to provide further information.

The matter was adjourned to 4 August 2004.


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


ABACUS ENTERTAINMENT: Faces Winding Up Proceedings on July 14
-------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Abacus Entertainment (Hong Kong) Limited by the High Court of
Hong Kong was on May 25, 2004 presented to the said Court by
Giovanni Auletta Armenise of Via del Monti Parioli 33, 00197,
Rome, Italy. The said Petition will be heard before the Court at
9:30 a.m. on July 14, 2004.

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

ALLEN & OVERY
Solicitors for the Petitioner
9th Floor, Three Exchange Square
Central
Hong Kong.

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


BILLION RICH: Winding Up Hearing Set July 28
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Billion Rich Engineering Limited by the High Court of Hong Kong
was on June 8, 2004 presented to the said Court by Wing On Metal
Company Limited whose registered office is situated at Ground
Floor, 181 Reclamation Street, Yaumatei, Kowloon, Hong Kong. The
said Petition will be heard before the Court at 9:30 a.m. on
July 28, 2004.

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

MESSRS. BOSCO TSO & PARTNERS
Solicitors for the Petitioner,
8th Floor, Luk Hoi Tong Building
31 Queen's Road Central
Hong Kong.

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 27th day of July
2004.


CENTRAL CHINA: Announces Odd Lot Arrangement
--------------------------------------------
The Stock Exchange has received a message from Central China
Enterprises Limited, 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."

This Stock Exchange of Hong Kong announcement is dated June 28,
2004.


DENTSU CHINA: Winding Up Hearing Scheduled July 6
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Dentsu China Limited by the High Court of Hong Kong was on May
21, 2004 presented to the said Court. The said Petition will be
heard before the Court at 9:30 a.m. on July 6, 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.

SQUIRE, SANDERS & DEMPSEY
Solicitors for the Petitioner,
4008 Gloucester Tower
The Landmark, Central
Hong Kong.

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 5th day of July
2004.


FAR EAST: Chairman Denies Rumors
--------------------------------
Far East Pharmaceutical Chairman and largest shareholder Cai
Chongzhen has denied rumors that emerged during his absence in
an interview with the Hong Kong Economic Times, Infocast News
reveals.

In a brief 10-minute interview, Mr. Cai denied rumors that his
academic qualifications are bogus. He also brushed aside
allegations about his fake assets, margin-cut of pledged shares,
and banned emigration. He further insisted that the forged
value-added tax invoices issue had nothing to do with the drug
firm, adding that the investigation is basically finished.

The chairman also said that his doctor restricts him from seeing
and talking to people due to his heart disease, which explains
the short duration of the interview.

Mr. Cai had been reported missing amid the company's
share collapse and a missed installment on a HK$624 million
(US$80 million) loan obtained last month. Meanwhile, the firm's
executive director, Barton Tso, announced his resignation
last week as the company's share price plunged 92 percent, which
prompted regulators to suspend the firm's trading.


FONG ON: Winding Up Hearing Slated on July 14
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Fong On Building Contractor 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 will 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


HIP SING: Winding Up Hearing Set July 21
----------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hip Sing Materials Limited by the High Court of Hong Kong was on
May 27, 2004 presented to the said Court by Bank of China (Hong
Kong) Limited whose registered office is situated at 14th Floor,
Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The
said Petition will be heard before the Court at 9:30 a.m. on
July 21, 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.

W.I. CHEUNG & CO.
Solicitors for the Petitioner,
Rooms 2505-10, Wing On House
71 Des Voeux Road Central
Hong Kong.

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 20th day of July
2004.


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


INDOFOOD SUKSES: New Head Plans Expansion to Plantations
--------------------------------------------------------
PT Indofood Sukses Makmur has announced expansion plans to cover
the plantation sector under three options, namely organic
growth, partnership or acquisition, the Antara news agency
reports, citing the noodle-maker's newly-appointed Chief
Executive Anthony Salim.

According to Mr. Salim, the organic growth option will offer
gradual plantation expansions from 5000 to 7000 hectares. The
second option, meanwhile, will allow the formation of
partnerships with third parties. The last option would be
acquisition.

Mr. Salim was appointed Friday to replace Eva Riyanti Hutapea,
who reportedly resigned due to an alleged rift with the Salim
family, which runs Indofood through Hong Kong's First Pacific
Company.


INDOFOOD SUKSES: To Pay IDR28 per Share Dividend
------------------------------------------------
Instant noodle giant PT Indofood Sukses Makmur, under new
president director Anthony Salim, will pay a dividend of IDR28
($1=IDR9, 419) per share from its 2003 net profit, Business
Times reports.

Reuters data revealed that the payment represents around 4.15
percent dividend yield, slightly higher than the average for
listed firms in the Jakarta bourse. The total dividend due
amounts to IDR238.85 billion.


MERPATI AIRLINES: Seeks Financial Advisor
-----------------------------------------
In line with its plan to conduct strategic sales in August,
Indonesia's Merpati Nusantara Airlines (MNA) will be on the
lookout for a financial advisor after the July 5 presidential
polls, Antara reports.

According to Merpati Privatisation Team chairman Hariadi
Soepangkat Friday, MNA will seek for a financial advisor through
an open bid. He, however, did not disclose the firm's strategy
in obtaining a total of IDR600 billion in fresh capital.

During the past seven years, Merpati's equity has risen to
IDR1.3 trillion while its assets only stand at IDR500 billion to
IDR800 billion.


PERTAMINA: Minister Laksamana Urged to Quit
-------------------------------------------
Indonesian Minister for State Enterprises Laksamana Sukardi
should step down from his post as president commissioner of
state oil and gas company PT Pertamina for conflict of interest,
Antara reports, citing Petromine Watch Indonesia (PWI) Chairman
Pontas Limbong.

Mr. Pontas said Mr. Laksamana should resign from Pertamina
because there is a conflict of interest between his post at the
state oil firm and his position as minister for state
enterprise.

"Laksamana in his capacity as state minister for state
enterprises is in charge of overseeing and evaluating the
performance of the state companies, including Pertamina. Then
how can he as the minister control Pertamina well, if he is also
the president commissioner of the company?" Mr. Pontas said.

Mr. Laksamana is also head of experts at Mega Centre, which
conducts the nationwide campaign for incumbent Indonesian
president Megawati Sukarnoputri.


PERTAMINA: U.S. Supreme Court To Rule on Karaha Dispute
-------------------------------------------------------
The U.S. Supreme Court ruling on the contractual dispute between
Indonesian state oil firm PT Pertamina and US Karaha Bodas will
be handed down in September, Asia Pulse reports, citing a
Pertamina official.

Karaha Bodas sued PT Pertamina for the unilateral cancellation
of a contract to build a geothermal power project in Garut, West
Java and demanded a US$261 million compensation plus US$30
million interest.

PT Pertamina, which appealed the case to the Supreme Court after
Karaha won in the lower court, has earlier said it would agree
to pay only the US$110 million Karaha Bodas spent on the 400MW
power project.  

The Karaha Bodas project was among a number of large ventures
the Indonesian government dismissed during the 1997 crisis.


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


HITACHI LIMITED: Enters Alliance With NEC Corporation
-----------------------------------------------------
Hitachi Limited and NEC Corporation have signed an agreement to
join forces in the business of backbone routers/switches for
networks of telecommunications carriers, government and public
sectors and large corporations, a Company press release said.

Based on the agreement, Hitachi and NEC will establish a joint
venture company in October 2004, providing highly competitive
products. The new company will be located in Tokyo with about
350 employees from both companies. It will have a capital of
around 5.5 billion yen. Hitachi will own 60% of the new company
while NEC will own 40%.

The new company will supply products to Hitachi and NEC
respectively, and the two companies will market them to their
individual clients. Hitachi and NEC will strongly promote system
integration offerings using the new company's products by
effectively combining servers with network equipment. The new
company will also market its products through its business
partners under the new company's own brand name.

"Under the recent expansion of the broadband network market in
Japan due mainly to the implementation of the e-Japan concept,
there are emerging business opportunities in establishing new
Internet Protocol (IP)-based network service infrastructure
among telecom operators and service providers. The trend is also
seen on a global scale. The strong combination of Hitachi's
backbone router/switch business and NEC's development capability
will create a new leading vendor in this promising market," said
Isao Ono, executive vice president and executive officer of
Hitachi. "Teaming up with Hitachi will multiply our efforts to
develop state of-the-art and highly-reliable, mission-critical
router/switch products for IP networks, one of the most
important infrastructure in the information society and for
corporate/business activities," said Kaoru Yano, senior
executive vice president of NEC.

The new company aims to introduce competitive products to the
market on a timely manner by combining Hitachi and NEC's
technologies such as IPv6 and bandwidth control to become a
leading vendor of high-end backbone routers/switches.

About Hitachi

Hitachi, Ltd., headquartered in Tokyo, Japan, is a leading
global electronics company, with approximately 326,000 employees
worldwide. Fiscal 2003 (ended March 31, 2004) consolidated sales
totaled 8,632.4 billion yen ($81.4 billion). The company offers
a wide range of systems, products and services in market
sectors, including information systems, electronic devices,
power and industrial systems, consumer products, materials and
financial services. For further information, please visit the
Hitachi home page at: www.hitachi.com

Hitachi Ltd.'s cash and cash equivalents as of December 31, 2003
amounted to 614.5 billion yen (US$5.744 billion), a net decrease
of 94.4 billion yen (US$883 million) during the third quarter,
TCRAP Vol. 7 No. 94 reports.

Debt as of December 31, 2003 stood at 2.797 trillion yen
(US$26.141 billion), 94.4 billion yen (US$883 million) higher
than at September 30, 2003 as a result of an increase in short-
term debt.

About NEC Corporation

NEC Corporation is one of the world's leading providers of
Internet, broadband network and enterprise business solutions
dedicated to meeting the specialized needs of its diverse and
global base of customers. Ranked as one of the world's top
patent-producing companies, NEC delivers tailored solutions in
the key fields of computer, networking and electron devices, by
integrating its technical strengths in IT and Networks, and by
providing advanced semiconductor solutions through NEC
Electronics Corporation. The NEC Group employs more than 140,000
people worldwide and had net sales of 4,906 billion yen (approx.
$47 billion) in the fiscal year ended March 2004. For further
information, please visit the NEC Corporation home page at:
www.nec.com

Contact:
NEC Corporation
Diane Foley
d-foley@ax.jp.nec.com
+81-3-3798-6511


JAPAN AIRLINES: Changing Name to Japan Airlines Corporation
-----------------------------------------------------------
Japan Airlines System Corporation plans to change its name to
Japan Airlines Corporation, Kyodo News reports. The airline was
established in October 2002 through the integration of Japan
Airlines Co. and Japan Air System Company.

The carrier decided to go with the simpler name after the two
airlines were reorganized into Japan Airlines International Co.
and Japan Airlines Domestic Co. in April this year.

Japan Airlines System Corporation aims to return to profit in
2005, TCR-AP reported recently. The airline was looking to meet
a net profit forecast of JPY36 billion (US$323.6mil) for the
year started April 1 despite the recent surge in oil prices.


KOKUSAI KOGYO: Selling Hotel to Cut Debts
-----------------------------------------
Kokusai Kogyo Co. will sell its equity stake in Imperial Hotel
Limited and reduce unprofitable business operations as part of a
revised rehabilitation plan being negotiated with its main
creditor, the UFJ banking group, Kyodo News reports.

Kokusai Kogyo, which operates transportation, leisure and real
estate businesses, is likely to sell all of its 39% interest in
the hotel in a move to cut interest-bearing debts totaling more
than 300 billion yen.


MATSUSHITA ELECTRIC: Setting Up Market Research Firm in Russia
--------------------------------------------------------------
Matsushita Electric Industrial Co. will set up a market research
firm and a research and development base in Moscow this fall to
pave the way for a full-fledged foray into the Russian market,
Kyodo News reports.

The company plans to develop household appliances and
audiovisual equipment that would meet the needs of Russian
consumers by learning about local market trends, and will even
consider building a production base there in the future.

Despite returning to profit for the first time in three years,
Matsushita Electric Industrial Co. is planning to cut about
3,000 jobs from its group workforce in Japan along with a plan
to shift production of unprofitable electronics parts and
batteries offshore by the end of next March, TCR-AP reported in
its 122nd edition.

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


MITSUBISHI FUSO: Implements Emergency Vehicle Inspection
--------------------------------------------------------
Mitsubishi Fuso Truck and Bus Corporation is currently
finalizing the schedule until recall submission and field fix
measures for the items the Company have announced on 23 June.
The Company would like to report the outline of the actions
responding to customers and planned emergency/free inspection.

(1) Response to customers' inquiries and explanations to
customers

In order to respond to the inquiries and requests from customers
for the issues that need countermeasures, defect phenomena and
emergency inspection guidelines were given to dealers (36
companies) June 15th.

(2) Implementation of emergency inspection

Mitsubishi will implement emergency inspections in order to
ensure the safety of customers' vehicles as well as road traffic
safety until our field actions are completed.

Starting date: July 1st, 2004 (Thursday).

Implementation outline:

1) Implement free-of-charge checkups of the vehicles subject to
items requiring countermeasures, based on the defined procedures
of emergency inspection.

2) According to the result of the checkup, if necessary, make
appropriate repairs such as replacing defective parts with new
parts, etc.

3) To differentiate the vehicles already inspected from those
not inspected, affix "Inspected" sticker on the vehicles.

Announcement method:

Send to all the relevant customers direct mails announcing
implementation of urgent inspections and asking them to bring
their vehicles to all our dealers for inspection in the same way
as ordinary recalls.

(3) Implementation of "Mitsubishi Fuso Free of Charge
Inspection" Campaign

Purpose: Carry out preventive inspections in the "Mitsubishi
Fuso Free of Charge Inspection Program" of all Mitsubishi Fuso
trucks and buses in use so that customers can use the vehicles
without worries in the future.

Period: From Thursday, June 1, 2004 to Friday, December 24, 2004
(bring forward the starting date of July 7, which was initially
announced at the press conference on June 14 to July 1).

Implementation outline: Check up all the vehicles in use for
approx. 40 items related to basic functions of vehicles of
driving, turning and stopping.

Announcement methods:

1) Publicize the campaign on our Internet web site.

2) Display posters announcing the campaign near the shop
counters of dealers and sub-dealers.

3) Directly inform customers through direct mails, etc.

With regard to contents of the quick inspection and free-of-
charge inspection as mentioned above as well as status of recall
campaigns and other field campaigns filed in the past, MFTBC is
vigorously preparing so that we will be able to report them at
the press conference scheduled at 16:00 on Wednesday, June 30.

As we have been repeatedly stressing in past occasions, MFTBC is
doing its utmost to clarify quality issues so that we are able
to clean up past issues. We are doing our very best to file and
implement recall campaigns as early as possible. However, we
would appreciate your understanding that there are some time
consuming aspects such as finalizing technical solutions and
parts procurement, etc. for the large number of affected
vehicles.

Communication Team
Mitsubishi Fuso Truck and Bus Corporation


MITSUBISHI MOTORS: Names Ethics Committee Head
----------------------------------------------
Scandal-tainted Mitsubishi Motors Corporation has named Noboru
Matsuda, former governor of the state-backed Deposit Insurance
Corporation of Japan, as the Chairman of its Business Ethics
Committee to be launched today.

According to Kyodo News, Mr. Matsuda will head the committee of
outside experts charged with directly advising the automaker's
board of directors on issues concerning ethics.

Mr. Matsuda played a prominent role in investigating the
Lockheed bribery scandal in 1976 and the shares-for-influence
scandal involving information service company Recruit Co. in
1988.

The automaker, which has been roundly criticized for a spate of
attempted defect cover-ups, believes Mr. Matsuda is capable of
strengthening management oversight functions and improving the
company's tattered corporate image.


SOFTBANK CORP.: U.S. Firm Files US$1.5B Lawsuit
-----------------------------------------------
U.S. firm MarketXT Holdings Corporation has filed a lawsuit
against Softbank Corporation over the sale of MarketXT
subsidiaries to Softbank group company E*Trade Financial
Corporation (ET), Dow Jones reports.

MarketXT is seeking damages of at least JPY160 billion (USD1.5
billion). The defendants include E*Trade Financial as well as
Softbank and Softbank Finance Corporation.

In June 2002, MarketXT sold three of its subsidiaries, namely
Tradescape Momentum Holdings Inc., Tradescape Technology
Holdings, Inc., and Momentum Securities, LLC, to E*Trade for
US$280 million.

MarketXT Holdings claims its unit, MarketXT Inc., went bankrupt
due to a payment problem from E*Trade and the misconduct of
several outside directors at E*Trade and MarketXT Holdings from
Softbank and its wholly-owned unit Softbank Finance, Softbank
spokesman Takeaki Nukii said.


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

LG CARD: Delinquent Ratio Rises to 16.4% in May
-----------------------------------------------
LG Card Co. said Friday its credit delinquent ratio increased to
16.40 percent in May, up 1.62 percentage points from the month
before, Asia Pulse reported on Friday.

In a disclosure to the Korea Stock Exchange, the Company said
the ratio was 15.15 percent in March and 19.68 percent in
February.

Its assets fell by KRW1.7 billion (US$1.5 million) in May,
mainly through write-offs and the rescheduling of overdue credit
card debts. This decrease follows drops of KRW46.2 billion in
April and KRW27.5 billion in March.

Rescheduling refers to the practice of extending new terms to
defaulted loans and reclassifying them as normal loans.


LSH HOLDINGS: FSS Orders to Close Credit Information Bureau
-----------------------------------------------------------
The Financial Supervisory Service (FSS) had ordered U.S. private
equity fund Lone Star to close its credit information bureau in
South Korea because its partnership with a local company
breached regulations, according to Reuters.

"Lone Star breached regulations in its debt collecting
operations through irregular strategic alliances with a local
debt collecting agency," the FSS said in a statement following
an inspection of local credit agencies between March and April.

Lone Star was not immediately available for comment.

The statement said LSH Holdings Llc, a unit of Lone Star, had
entered debt collecting operations without regulators'
permission in a partnership through which it operated 11
independent debt collecting branches, using shared credit
information from 680,000 debtors at Shinhan Credit Information
Co.

Shinhan Credit, a unit of Shinhan Financial Group, manages bad
debts for group units.

The FSS ordered Lone Star, which has a controlling stake in
Korea Exchange Bank, to close its local debt collecting
operations and filed the findings to state prosecutors.


SK GROUP: Former Chairman Gets Three Years Jail For Graft
---------------------------------------------------------
Son Kil-Seung, the former Chairman of SK Group, was sentenced
Monday to three years in prison for diverting corporate money
into illegal investments and political donations, Channel News
Asia reports.

Mr. Son was found guilty of embezzling KRW788 billion (US$680
million) from SK Shipping for investment in overseas futures.

He was also found guilty of evading taxes, funneling SK
Shipping's money into a troubled SK Group sister company and
bribing politicians, the Seoul Central District Court said in
its ruling.


SSANGYONG MOTORS: Workers to Strike for More Wages
--------------------------------------------------
Union workers at Ssangyong Motors Co. are planning to stage a
strike for 8 hours on June 29 to demand more wages and benefits,
Bloomberg reports.

Ssangyong employees want their monthly wages to be raised by
10.5 percent. They are also demanding more bonuses and other
benefits.

Ssangyong Motors is currently being eyed for acquisition by
three bidders, including China's Shanghai Automotive Industry
Corp., an unidentified American fund and a consortium of Hong
Kong and European capital, according to a recent Troubled
Company Reporter-Asia Pacific report.


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


ANTAH HOLDING: Updates Default in Payment Status
------------------------------------------------
Antah Holdings Berhad issued to Bursa Malaysia Securities Berhad
an update in relation to the monthly status on default in
payments of various credit facilities to financial institutions
and non-financial institutions for the period from 26 May, 2004
to 25 June, 2004

Antah Holdings Berhad (Antah) wishes to announce that further to
the Company's announcement on 25 May, 2004, there are no further
development in respect of the default in payments of the various
credit facilities to the financial institutions and non-
financial institutions.

Antah is currently at an advanced stage of finalizing with the
lenders and creditors on the detailed terms of the Proposed Debt
Restructuring Scheme. Certain lenders and creditors have
indicated positive feedbacks on the Scheme. The Company is
expected to make an appropriate announcement in due course upon
finalization of the Scheme.


AYER MOLEK: To Acquire Land In Relation To Capital Restructuring   
----------------------------------------------------------------
The Ayer Molek Rubber Co. Berhad would like to advise the Bursa
Malaysia Securities Berhad that the Company has entered into a
Head Agreement to acquire approximately more than 9,000 acres of
matured and near matured Oil Palm Plantation Land in Kemena
District, Bintulu, Sarawak.

This proposed acquisition subject to formal agreement to be
signed by the parties within the next 30 days will form the
initial strategic acquisition for the Company's initiated
Capital Restructure Plans. This acquisition will be on cash
basis to be funded by way of internally generated funds and
partly through small bank borrowing.

Details of this proposed acquisition will be announced
appropriately within the next few weeks by the Merchant Bankers
appointed by the Company with the mandate to similarly announce
the details of the Company's Proposed Capital Restructuring
exercise. Submission for approval to the relevant Authorities is
expected soon thereafter.

The Capital Restructuring exercise to be proposed by the Company
will involve the declaration of Bonus and Right Issue. Upon
completion, subject to approval by the relevant authorities and
Company's shareholders, it will enable the Company to amicably
address and resolve the issues on:

(a) Listing Minimum Capital Compliance requirements for First
Board.

(b) Company's ability to maintain future sustainable earnings
vis-a-vis its new enlarged capital.

(c) Fully redeem and amicable settlement of its outstanding
existing debts.

The Company expects to make further appropriate announcement
upon the conclusion of agreements currently being finalized for
further acquisition of approximately 49,900 acres of matured,
immature and unplanted oil palm plantation land within the
district of Bintulu and Miri, Sarawak. Principle understandings
have been reached with its vendors comprising of State Agencies,
prominent local Sarawakian businessmen and foreign entities who
are currently the owners of these plantation lands.

To this end, the Company will also be expected to make its
relevant submission accordingly vide the appointed Merchant
Bankers to seek approval from the relevant Authorities and its
Shareholders.

Upon the completion of these latter proposed acquisition,
expected to be completed by the end of this year, the Company
will be positioned amongst key players of the industry, to
compete and meet the challenge with accumulation of landed
plantation assets 32 times its present size.

This will not only enhance but also assure future growth for
medium and long term turnover, profitability and earnings of the
Company. Capitalizing downstream value added activities of the
sector will be the Company's next endeavor.


BERJAYA SPORTS: Replies To Query of Bursa Malaysia
--------------------------------------------------
Berjaya Sports Toto Berhad refers to Bursa Malaysia Securities
Berhad's query to Berjaya Sports dated 24 June 2004 on the news
article appearing in The Star, StarBiz section, Page 1, on
Wednesday, 23 June 2004.

The Company, after due enquiry with its Directors and major
shareholders, wishes to inform as follows to clarify the
aforesaid Article:

(1) The proposal for the cash call by Berjaya Lottery Management
(HK) Limited (BLM) was approved by the Board of BLM on 23 April
2004 and as at to-date, the cash call exercise has not been
implemented. BLM is proposing a rights issue of at least 500
million new ordinary shares of HKD1.00 each at par.

BLM has also notified its shareholders, namely, Berjaya Sports
Toto (Cayman) Limited (BSTC) and Berjaya Group (Cayman) Limited
(BGC) of the intended cash call.

(2) The Board of Directors of BToto has on 18 June 2004 agreed
to subscribe for the proposed cash call by BLM and the
consideration for the subscription will be by way of
capitalization of the advances owing by BLM to BSTC.

(3) In view that the proposed cash call exercise has not been
implemented by BLM, the percentage of BToto's equity interest in
BLM remains unchanged at 51.5 percent as at to date. However,
should the proposed cash call be implemented and assuming only
BSTC subscribes in full its rights entitlement, BToto's interest
in BLM will increase from 51.5 percent to 83.7 percent based on
the enlarged share capital of HKD387.5 million.

(4) BLM was informed of BGC's decision not to subscribe to the
proposed cash call on 10 June 2004.

(5) Notwithstanding the disclosure in Note 24 on page 57 of
BToto's Annual Report 2003, BGC has informed BLM that it has
decided not to participate in the proposed cash call exercise
due to the current corporate restructuring exercise being
undertaken by its parent company, Berjaya Group Berhad.

(6) The above proposed cash call by BLM is not a related party
transaction as BLM is proposing a rights issue where all
shareholders are entitled to participate proportionately to
their existing shareholdings.

The company also wishes to clarify the underlined statements in
the aforesaid Article:

(a) The reference to "RM154 million charge" should be RM151.9
million charge as discussed.

(b) The reference to March in the said article is the period
during which the idea of the cash call was first mooted.

(c) The reference to the worst-case scenario would be a write
off of BLM and inter-company loans is incorrect. The worse-case
scenario discussed was a potential write off of the remaining
goodwill of about RM22.0 million in respect of the acquisition
of International Lottery & Totalizator Systems, Inc, a 71.4
percent subsidiary of BLM.

The company hopes the above clarification will suffice for your
requirements.

Query Letter content:

Berjaya Sports refer to the above news article appearing in The
Star, StarBiz Section, Page 1, Wednesday, 23 June 2004, a copy
of which is enclosed for your reference.

In particular, we would like to draw your attention to the
underlined sentences, which are reproduced as:

"BToto is reported to have taken a RM154mil charge in the fourth
quarter of its financial year ended April 2004 after Berjaya
Group (Cayman) Ltd (BGC), which owns 48.5 percent of BLM,
declined to subscribe to a cash call. BToto will subscribe to
BLM's cash call by capitalising on inter-company loans it had
given to BLM.

Analysts were told that BToto knew of BGC's decision in March.
They were also told that the worst-case scenario would be a
write-off of BLM and inter-company loans.

In accordance with the Bursa Malaysia Securities Berhad's (Bursa
Securities) Corporate Disclosure Policy, you are requested to
furnish Bursa Securities with an announcement for public release
confirming or denying the above reported article and in
particular the underlined sentences after due and diligent
enquiry with all the directors, major shareholders and all such
other persons reasonably familiar with the matters about which
the disclosure is to be made in this respect.

In the event you deny the above sentences or any other part of
the above reported article, you are required to set forth facts
sufficient to clarify any misleading aspects of the same. In the
event you confirm the above sentences or any other part of the
above reported article, you are required to provide the
following additional information:

(1) The date of the cash call exercise was approved and
implemented by Berjaya Lottery Management (HK) Ltd ("BLM") and
the details of the cash call;

(2) The date of BJTOTO's board of directors' approval to
subscribe for the cash call and the mode to subscribe for the
cash call;

(3) The percentage of BJTOTO's equity interest in BLM after the
cash call exercise;

(4) The date BJTOTO was informed of BCG's decision not to
subscribe to the cash call;

(5) The reasons for BCG not subscribing to the cash call, in
view of the disclosure in Note 24 on page 57 of BJTOTO's Annual
Report 2003; and

(6) Whether the above involves the interest of a related party
pursuant to the Listing Requirements.

Please furnish Bursa Securities with your reply within one (1)
market day from the date hereof via the KLSE Listing Information
Network (KLSE LINK).

Yours faithfully
SUZALINA HARUN
Sector Head
Listing Compliance
Group Regulations


BERJAYA SPORTS: Answers Berjaya Group Query Letter
--------------------------------------------------
Bursa Malaysia Securities Berhad refers to the letter from the
Bursa Malaysia Securities Berhad dated 24 June 2004 and wishes
to inform that based on the records of Berjaya Lottery
Management (HK) Limited (BLM) as at to-date, Berjaya Group
(Cayman) Limited holds a total of 63.0 million ordinary shares
of HKD1.00 each representing 48.5 percent equity interest in
BLM.

Query Letter content:

Bursa Malaysia refers to the above Quarterly Report which was
announced by the Company on 18 June 2004.

In particular, the exchange would like to draw your attention to
the remarks in the Unaudited Consolidated Income Statements on
page 2, which are reproduced as:

"The minority interests in prior year (as disclosed in the
condensed consolidated balance sheet on page 1) reflect a net
debit balance due to losses allocated to the minority corporate
shareholder, Berjaya Group (Cayman) Limited, by virtue of its
48.5 percent share of the investment. These losses are now
absorbed by the Group as the minority corporate shareholder has
indicated that it no longer wishes to invest further in the
investment."

In this connection, please furnish Bursa Securities with the
details of the above-mentioned investment by Berjaya Group
(Cayman) Limited within one (1) market day from the date hereof
via the KLSE Listing Information Network (KLSE LINK).

SUZALINA HARUN
Sector Head
Listing Compliance
Group Regulations


CONSOLIDATED FARMS: Issues Update On Practice Note And Summons
--------------------------------------------------------------
The Board of Directors of Consolidated Farms Berhad wishes to
announce on:

(1) Practice Note 1/2001 of the Listing Requirements of Bursa
Malaysia Securities Berhad

Further to the announcement under Practice Note No. 1/2001 on 18
June 2004, the Confarm Group is unable to pay the additional
principal and/or interest in respect of its credit facilities as
set out in Table (1) The Company and its financial advisors,
Deloitte KassimChan Business Services Sdn Bhd, have met with the
respective lenders to apprise them on Confarm Group's current
financial condition and have sought their indulgence and
consideration to provide a standstill period in respect of the
Group's credit facilities for it to carry out a financial review
and, if appropriate, formulate a restructuring/workout scheme.

(2) Summons Against Subsidiaries

Two subsidiaries of Confarm have been named as defendant in the
following summons:

(i) Consolidated Liquid Eggs Sdn Bhd (CLESB), a 70 percent-owned
subsidiary, in a Summons dated 11 June 2004 filed by Arachem (M)
Sdn Bhd (Arachem) in the Magistrate Court of Kuala Lumpur and
served on CLESB on 24 June 2004. Arachem has claimed for the
amount of RM9,813.00 together with interest of 2 percent per
month on RM4,173.00 from 22 November 2003 and on RM5,640 from 22
December 2003 until full resolution, costs and any other relief
to be granted by the Court; and

(ii) Consolidated Feedmill Sdn Bhd (CFSB), a wholly-owned
subsidiary, in a Summons dated 7 May 2004 filed by Prima Inter-
Chem Sdn Bhd (Prima) in the Session Court of Kuala Lumpur and
served on CFSB on 24 June 2004. Prima has claimed for the amount
of RM72,025.00 together with interest of 1 percent per month
from 12 April 2004 until full resolution, costs and any other
relief to be granted by the Court.

Both suits are in respect of goods sold and delivered to the
respective subsidiaries. The suits have no operational impact on
CLESB, CFSB and the Confarm Group. There are no expected losses
arising from the suits.

Both CLESB and CFSB have appointed lawyers to defend the suits.
The mention date for the suit against CLESB has been fixed on 30
August 2004 whilst that for CFSB has been fixed on 12 July 2004.

CLESB and CFSB will seek the indulgence of Arachem and Prima
respectively to withhold further legal proceedings while the
Confarm Group proceeds to formulate a restructuring/workout
scheme.

This announcement is dated 25 June 2004.

Table 1


Additional Amount of Principal and/or Interest Due from June 19
to June 25, 2004.


Lender        Borrower       Additional Amount     Type of
                             Due from June 19      Facilities
                             to 25, 2004
                             (RM'000)

Malayan       Confarm        713.0                Bankers'  
Banking                                           Acceptance
Berhad                                            (BA)

Bumiputra     Confarm        250.0                 BA
Commerce
Bank Berhad
(BCBB)

BCBB         Consolidated    103.2                Term Loan
             Breeder Farms
             Sdn Berhad

Total                        1,066.2

Note:

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


KRAMAT TIN: Updates Proposals Issued to Bursa Malaysia  
------------------------------------------------------
Kramat Tin Dredging Berhad (KTD) disclosed to Bursa Malayisia
Securities Berhad an update in relation to the following
proposals:

THE PROPOSED MEMBERS' SCHEME OF ARRANGEMENT UNDER SECTION 176 OF
THE COMPANIES ACT, 1965 WHICH INVOLVES THE FOLLOWING:

THE PROPOSED ACQUISITION OF SPJ;
THE PROPOSED ACQUISITION OF LAND;
THE PROPOSED ACQUISITION OF KTD;
THE PROPOSED PLACEMENT; AND
THE PROPOSED TRANSFER OF LISTING STATUS

Reference is made to the requisite announcement made on behalf
of KTD by Commerce International Merchant Bankers Berhad (CIMB)
on 24 April 2004, in relation to the Proposals (Requisite
Announcement).

On 3 August 2001, KTD was classified as an affected listed
issuer having an inadequate level of operations under Practice
Note 10/2001 of Bursa Malaysia Securities Berhad's (Bursa
Securities) Listing Requirements (PN 10). As stipulated in
Paragraph 6.1(b) of PN 10, KTD is required to submit its
detailed submission on the Proposals to the relevant authorities
for approval within two (2) months from the date of the
Requisite Announcement, i.e. by 24 June 2004.

Pursuant to the above, CIMB, on behalf of KTD, had on 10 June
2004, sought the approval of Bursa Securities for an extension
of time by an additional three (3) months up to 24 September
2004 for the Company to submit its Proposals to the relevant
authorities for approval.

The approval of Bursa Securities for the extension of time is
currently pending.

This announcement is dated 25 June 2004.


K.P. KENINGAU: Appoints Law Kiok Tiong as New Director
------------------------------------------------------
K.P. Keningau Berhad issued to Bursa Malaysia Securities Berhad
the details on the appointment of Law Kok Tiong as a new
Independent and Non-Executive director of the company.

Nationality: Malaysian

Qualifications: Senior Cambridge

Working experience and occupation: 23 years in business
Directorship of public companies (if any): Nil

Family relationship with any director and/or major shareholder
of the listed issuer: None

Details of any interest in the securities of the listed issuer
or its subsidiaries: 68,000 ordinary shares in K. P. Keningau
Berhad.


MANGIUM INDUSTRIES: All Ordinary Resolutions Pass During AGM
------------------------------------------------------------
On behalf of the Board of Directors of Mangium Industries
Berhad, the company is pleased to inform Bursa Malaysia
Securities Berhad that all the Ordinary Resolutions as stated in
the Notice of the Eighth AGM of Mangium have been duly pased at
the Eighth AGM held at the Auditorium, Podium 1, Menara MAA,
Jalan Dewan Bahasa, 50460 Kuala Lumpur on 25 June 2004.


NALURI BERHAD: All Resolutions Passed At AGM
--------------------------------------------
The Special Administrators (SAs) of Naluri Berhad are pleased to
announce to Bursa Malaysia Securities Berhad the conclusion of
Naluri's 22nd Annual General Meeting and that all Ordinary
Resolutions including the Special Business giving authority to
the SAs or upon the discharge of the SAs, the Directors, to
issue shares under Section 132D of the Companies Act, 1965, as
set out in the Notice of the 22nd Annual General Meeting (AGM)
of Naluri dated 3 June 2004 were passed at the AGM held on
Friday.

This announcement is dated 25 June 2004.


PILECON ENGINEERING: Unveils AGM Result
---------------------------------------
Pilecon Engineering Berhad informs Bursa Malaysia Securities
Berhad that at its 27th Annual General Meeting held on Friday,
all the resolutions under the Ordinary Business and the ordinary
resolutions under the Special Business with regards to the
authority to issue and allot shares under ESOS and pursuant to
Section 132D of the Companies Act, 1965 have been approved by
the shareholders.


SARAWAK ENTERPRISE: Posts General Meetings' Outcome
---------------------------------------------------
Sarawak Enterprise Corp. Berhad issued to Bursa Malaysia
Securities Berhad the details of its:

(I) 37TH ANNUAL GENERAL MEETING

At the Company's Annual General Meeting held today, all the
ordinary resolutions tabled under Agenda 1 to 5 and the
following Ordinary Resolution which was tabled as Special
Business under Agenda 6 were duly passed:

"That, subject always to the Companies Act, 1965, the Articles
of Association of the Company and the approvals of the relevant
governmental and/or regulatory authorities, the Directors be and
are hereby empowered, pursuant to Section 132D of the Companies
Act, 1965, to issue shares in the Company from time to time and
upon such terms and conditions and for such purposes as the
Directors may deem fit provided that the aggregate number of
shares issued pursuant to this resolution does not exceed ten
per centum (10percent) of the total issued capital of the
Company and that such authority shall continue in force until
the conclusion of the next Annual General Meeting of the
Company."

(II) EXTRAORDINARY GENERAL MEETING

At the Extraordinary General Meeting held Friday, the following
Ordinary Resolutions which were tabled were duly passed:-

ORDINARY RESOLUTION 1

Proposed Shareholders' Mandate for Sarawak Enterprise
Corporation Berhad and/or its subsidiary companies to enter into
Recurrent Related Party Transactions of a Revenue or Trading
Nature and Proposed General Mandate for the Provision of
Financial Assistance involving the interests of The State
Government of Sarawak;

ORDINARY RESOLUTION 2

Proposed Shareholders' Mandate for Sarawak Enterprise
Corporation Berhad and/or its subsidiary companies to enter into
Recurrent Related Party Transactions of a Revenue or Trading
Nature with Multi-Purpose Holdings Berhad and/or its subsidiary
companies.

Dated this 25th day of June 2004


SUNWAY HOLDINGS: Issues Update on General Offer By CIMB
-------------------------------------------------------
Sunway Holdings Incorporated Berhad issued to Bursa Malaysia
Securities Berhad an update in relation to the general offer by
Commerce International Merchant Bankers Berhad (CIMB) on behalf
of Suninc to acquire the remaining ordinary shares of RM1.00
each of the issued and paid-up share capital of Sunway
Construction Berhad (SunCon) which are not already owned by
SunInc and such number of new SunCon shares that may be issued
pursuant to the exercise of any outstanding options granted
under SunCon's employees' share option scheme (offer shares) at
an offer price of RM2.73 comprising a cash price of rm1.10 and
one (1) ordinary share of RM1.00 in SunInc at an issue price of
rm1.63 credited as fully paid-up for each of the offer share.

The company refers to the announcements dated 17 November 2003
and 14 June 2004 in relation to the Offer.

CIMB, on behalf of SunInc, wishes to announce that SunInc has
received acceptances pursuant to the Offer which has resulted in
SunInc and persons acting in concert with SunInc (PACs) holding
in aggregate, together with such SunCon Shares that are already
acquired, held or entitled to be acquired or held by SunInc and
PACs, more than 90 percent of the voting shares of SunCon as at
25 June 2004. Table 1 sets out in detail the position and level
of acceptances of the Offer received as at 5:00 p.m. (Malaysian
time) on 25 June 2004.

Paragraph 8.15(5) of the Listing Requirements of Bursa Malaysia
Securities Berhad (BMSB) states that in relation to a take-over
offer for the acquisition of the listed shares of a listed
issuer pursuant to the Code as defined under the Listing
Requirements, upon the announcement by the offeror that
acceptances have been received resulting in the offeror holding
90 percent of the listed shares of the listed issuer, all the
securities of the listed issuer may be removed from the Official
List of BMSB.

CIMB, on behalf of SunInc, wishes to state that it is not the
intention of SunInc to maintain the listing status of SunCon on
the official list of BMSB.

SunInc had also disclosed in the Offer Document dated 31 May
2004 issued in respect of the Offer that it is the intention of
SunInc to invoke the provisions of Section 34 of the Securities
Commission Act, 1993 (SC Act). Pursuant to Section 34 of the SC
Act, SunInc would be able to acquire the remaining Offer Shares
when SunInc has secured acceptances of more than nine-tenths
(9/10) of the Offer Shares within four (4) months of the Offer,
consequent upon which steps shall be taken to delist SunCon.
Based on the level of acceptances and the issued and paid-up
share capital of SunCon as at 5:00 p.m. (Malaysian time) on 25
June 2004 as disclosed in Table 1 below, SunInc has secured
acceptances of more than nine-tenths (9/10) of the Offer Shares
on 25 June 2004.

Shareholders of SunCon who have yet to accept the Offer are
advised to refer to the Offer Document for the terms, conditions
and procedures for acceptance of the Offer, should they wish to
accept the Offer. The Offer shall remain open for acceptances
(notwithstanding any suspension of trading of the SunCon Shares
by BMSB) up to 5:00 p.m. (Malaysian time) on Tuesday, 29th June
2004 or such later date or dates as may be announced by CIMB on
behalf of SunInc.

This announcement is dated 25 June 2004.


Table 1: Level Of Acceptances    Number of
                                 SunCon Shares    %

Shareholding of SunInc           112.967.000    58.24    
in SunCon as at May 31
2004 (the date of dispatch
of the offer document)                                

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

Offer Shares for the acceptances      66.000       0.03
by the PACs (which are complete
and valid in all respects) have
been received by SunInc as at 5:00
p.m. on June 25, 2004    

Offer shares for which acceptances   73.101.767    37.69  
(which are complete and valid in
all respects) have been received
by SunInc as at 5:00 p.m. on
June 25, 2004

Total                               186.149.767     95.97


TANJONG PUBLIC: Replies to Notification Issued By BMSB
------------------------------------------------------
Tanjong Public Ltd. Co. disclosed to Bursa Malaysia Securities
Berhad (BMSB) a Notification pursuant to Paragraph 14.09 (a) of
the Listing Requirements of Bursa Malaysia on Dealings during
Open Period

The company wishes to announce that it has been notified of the
following dealings by Ng Eng Tong, a Principal Officer of the
Company pursuant to Paragraph 14.09 (a) of the Listing
Requirements of Bursa Malaysia:

Notifications on 25 June 2004:

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

(i) Date of transaction - 24 June 2004; and

(ii) Transaction price - RM12.70 per share of 7.5 pence each.

(b) (i) That he has disposed in the open market of the Bursa
Malaysia, 14,000 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 - 25 June 2004; and

(iii) Transaction price - RM12.80 per share of 7.5 pence each.


WOO HING: Issues Update On Kamdar Proposals
-------------------------------------------
Woo Hing Brothers (Malaya) Berhad refers to our announcements
made to Bursa Malaysia Securities Berhad dated 1 April 2004 and
29 April 2004 in relation to the Proposed Revisions.

On 31 March 2004, the SC approved the Proposed Revisions save
for the abortion of the proposed restricted offer for sale of
the KGB ICULS together with the KGB Warrants. Pursuant to the
aforementioned approval, the Kamdar Group Vendors are required
to undertake a restricted non-renounceable offer for sale of up
to RM7,800,000 nominal value KGB ICULS together with up to
7,800,000 KGB Warrants to the shareholders of WHB on the basis
of RM5.00 nominal value KGB ICULS and five (5) KGB Warrants for
every one (1) KGB Share held after the Proposed Share Swap, at
an offer price of RM1.00 for every RM1.00 nominal value KGB
ICULS together with one (1) KGB Warrant (Proposed ICULS and
Warrants Offer).

Further to the above, Commerce International Merchant Bankers
Berhad, on behalf of the Special Administrators of WHB, wishes
to announce that Messrs. Horwath, the Independent Adviser
appointed in relation to the Kamdar Proposals, has via its
letter dated 24 June 2004, opined that the Proposed ICULS and
Warrants Offer is reasonable. Accordingly, Messrs. Horwath are
of the view that it will not be necessary to convene any meeting
of the secured creditors, pursuant to Section 48 of the
Pengurusan Danaharta Nasional Berhad Act, 1998, as amended by
the Pengurusan Danaharta Nasional Berhad (Amendment) Act, 2000,
to consider the Proposed ICULS and Warrants Offer.

This announcement is dated 25 June 2004.


YCS CORPORATION: Issues Update On Civil Suit  
--------------------------------------------
YCS Corp. Berhad (YCS) refers to the announcement made to Bursa
Malaysia Securities Berhad on July 29, 2000 in relation to the
Kuala Lumpur High Court Civil Suit No.S2-22-130-98 Ling Hung
Trading (Plaintiff) YCS Corporation Berhad (Defendant).

The Company would like to announce that the Plaintiff has
initiated a Notice of Motion on the case. The hearing is
scheduled on September 9, 2004.

YCS would like to reiterate its position that shares were
allocated to the Plaintiff as full and final settlement of all
debts due to the Plaintiff vide the Scheme of Arrangement
sanctioned by the Court Order dated February 15, 2000, which is
binding to the Plaintiff. The Company will take all such actions
as may be necessary to protect its interest and will seek all
remedies available against the Plaintiff on the case.


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

INTERNATIONAL SAVINGS: Issues Notice to Creditors
-------------------------------------------------
Please take notice that the Philippine Deposit Insurance
Corporation, as Liquidator of International Savings and Loan
Bank, will submit to the Liquidation Court (Regional Trial
Court, Branch 3 - Manila) on June 30, 2004 at 8:30 a.m. the
"Motion for Approval of Final Project of Distribution of the
Assets of International Savings and Loan Bank, Inc.".

PHILIPPINE DEPOSIT INSURANCE CORPORATION          
Liquidator                                      


NATIONAL POWER: PSALM Sets Masinloc Plant Sale In October
---------------------------------------------------------
National Power Corp.'s 600-megawatt (MW) coal-fired power plant
in Masinloc, Zambales, is set to be sold by the Power Sector and
Liabilities Management Corp. (PSALM) by October, BusinessWorld
reports.

The Masinloc power plant is one of the biggest Napocor power
plants up for bidding. PSALM is tasked to sell Napocor's
generating assets and use the proceeds to settle a portion of
the power generator's debt.

Froilan Tampinco, PSALM vice president said they expect to get
at least 30 percent of its targeted assets by yearend. "We have
a target of 70 percent of generating assets of Napocor to be
privatized to trigger open access so by yearend, hopefully we'll
have 30 percent."  Mr. Tampinco added.

Other plants up for sale are Napocor's 22.0-MW Bohol plant and
the 1.2-MW Loboc hydroelectric plant by September and the 620-MW
combined cycle power plant in Limay, Bataan by December.


NATIONAL STEEL: GIHL Seeks 35% Tariff Hike
------------------------------------------
Global Infrastructure Holdings Ltd. (GIHL) has formally asked
the government to raise the tariff on steel products by 35
percent in order to make the mothballed National Steel Corp.
(NSC) viable again, according to ABS-CBN News.

GIHL said it needs tariff protection since it just reopened the
steel facilities of NSC in Iligan City last February following a
PhP13.25 billion deal with creditor banks of the steel giant.

The tariff requested by GIHL from National Economic and
Development Authority (NEDA) director general and Socioeconomic
Planning Secretary Romulo Neri is more than double than the 15
percent tariff protection it sought when it entered into an
agreement with creditor banks led by Philippine National Bank,
China Bank, Metrobank Group, Rizal Commercial Banking Corp. and
Land Bank of the Philippines.

The ABS-CBN News report stated that the India-based steel maker
pointed out that in order to make the operations of NSC feasible
and viable, there should be a difference in the tariff between
the raw materials used for the production of steel products and
the finished products itself.

According to a government source, GIHL had also asked the Tariff
and Related Matters (TRM) to raise the tariff on imported tin
plates to 35 percent from the current level of imported hot
rolled coils and cold rolled coils to 30 percent from three
percent.

The government currently allows the duty-free importation of
steel billets used for the manufacture of reinforced bars and
wire rods.

The Department of Trade and Industry has already been directed
by the TRM to conduct a study on the impact of raising the
import duties on certain steel products on the downstream
industries and the Filipino consumers.

For their part, business groups such as the Philippine Iron and
Steel Institute, the Tin Can Manufacturers Association of the
Philippines Inc., as well as the Alliance of Concerned
Downstream Industries and End Product Manufacturers warned that
the local downstream steel industry would be adversely affected
by any tariff protection granted to NSC's new owners.

The Federation of Philippine Industries also said that any
planned increase in tariff on steel imports would raise the
prices of consumer goods for both food and nonfood items as
prices of tin cans as packaging materials would go up. It would
also set back the government's ongoing mass housing, as well as
other infrastructure projects.

NSC closed down in November of 1999 as a result of a failure to
pay debts that originally stood at PhP12 billion and ballooned
to as much as PhP16 billion.


NEXTSTAGE INCORPORATED: Issues Update On Equity Restructuring
-------------------------------------------------------------
Pertaining to the approval by the Securities and Exchange
Commission (SEC) on June 17, 2004 of the equity restructuring of
Nexstage Inc. (NXT), in relation thereto, Nexstage in a letter
dated June 25, 2004, provided the Philippine Stock Exchange the
following additional information:

(1) The remaining balance of the corporation's deficit as of
December 31, 2003 after applying the additional paid-in capital
in the amount of PhP32,049,701.00 is PhP42,232,434.00.  As of
March 31, 2004, the corporation posted a deficit of
PhP49,039,000.00.

(2) Management is still studying its options in respect of the
remaining deficit and will advise the Exchange, together with
the Securities and Exchange Commission of any decision arrived
at on the matter.


PHILIPPINE BANK: Hopes to Pay PhP8B PDIC Loan In 3 Years
--------------------------------------------------------
If things turn out well for Philippine Bank of Communications
(PBCom), it will be able to pay a PhP8 billion loan from the
Philippine Deposit Insurance Co. (PDIC) for the next three
years, Yehey Finance reports, citing Isidro C. Alcantara, Jr.
PBCom president and chief executive.

"Things are looking good. With the political uncertainty
settled, we hope recovery will come in. We're really hopeful
that with the new government, there will be support to the
banking sector," Mr. Alcantara said.

The PhP3 billion emergency loan PBCom owed to Central Bank of
the Philippines (Bangko Sentral ng Pilipinas) has already been
paid. The bank now focuses on the PhP8 billion it owes PDIC.

PBCom is planning to dispose off its PhP10 billion in bad assets
in five to six months. It has inked an agreement with KPMG Laya
Mananghaya to determine on the mode of disposal.

PBCom expects to have the first successful unloading of NPLs
through SPV to take advantage of the incentives offered under
the law.


PHILIPPINE LONG: PSE Approves Listing of 1,300 Common Shares
------------------------------------------------------------
The Philippine Stock Exchange (PSE) approved on June 14, 2000,
the application submitted by Philippine Long Distance Telephone
Co. (PLDT) to list additional 1,289,745 common shares, with a
par value of PhP5.00 per share, to cover the Executive Stock
Option Plan (ESOP) of the company, at an exercise price of
PhP814.00 per share.

In this connection, please be advised that a total of 1,300
common shares have been availed of and fully paid by the
optionee under the company's ESOP.

In view thereof, the listing of the 1,300 common shares is set
today, June 29, 2004.  This brings the number of common shares
listed under the ESOP to a total of 69,874 common shares.

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


PHILIPPINE REALTY: Sets Stockholders Meeting On October 29
----------------------------------------------------------
The Board of Directors during its Board Meeting last June 21,
2004 set the Annual Stockholders Meeting for 2004 on October 29,
2004 at Ballroom A of the Plaza Penthouse, Philippine Stock
Exchange Center East Tower Exchange Road, Ortigas Center, Pasig
City, Metro Manila at 4:00 p.m.


VITARICH CORPORATION: Hopes Feed Business Turns Firm Around
-----------------------------------------------------------
After four years of losses, Vitarich Corp. hopes to post a
PhP4.5 billion in profit from its feeds business this year,
reports BusinessWorld.

"We have PhP1.5 billion in feeds sales in the past four months
so it is likely that our sales this year will be at PhP4.5
billion." Vitarich chairman Rogelio M. Sarmiento said.

From 22 percent in 2001, Vitarich's feeds business accounted for
36 percent of revenues last year. Vitarich is focusing on its
feeds business because of the stable prices and volumes of feeds
compared to the fluctuating prices and volumes of chicken, Mr.
Sarmiento added.  

Vitarich will be given a stable and longer term for
restructuring if it performs well next year, Mr. Sarmiento said,
referring to its three-year reprieve agreement with creditors.

As part of its massive cost-cutting effort last year, the
company diverted a chunky part of its resources from poultry and
chicken operations to feeds. The cost cuts also cost many of its
employees their jobs. From a high of 2,700 in 2001, manpower is
down 30 percent to 900 this year.

On Vitarich's venturing into the dog food business, Mr.
Sarmiento said the company may do so gradually. "Hopefully, we
can get to that level."

Vitarich incurred a net loss of PhP115.86 million in 2001 and
PhP783.14 million in 2002.


VITARICH CORPORATION: Releases List Of Committee Members
--------------------------------------------------------
Vitarich Corporation (VITA) furnished the Philippine Stock
Exchange a copy of the result of its Annual Stockholders Meeting
and Organizational Meeting of the Board of Directors of the
company.

In relation thereto, VITA, in its Current Report, using SEC Form
17-C dated June 25, 2004, further disclosed that:

"The Board of Directors elected the following for the ensuing
year:

Audit Committee:

(1) Douglas N. Vistan- Chairman
(2) Atty. Ma. Victoria M. Sarmiento-Member
(3) Benjamin I. Sarmiento - Member
(4) Lorenzo M. Sarmiento - Member

Compensation and Nomination Committee:

(1) Manuel Q. Lim - Chairman
(2) Ma. Luz Roxas-Lopez - Member
(3) Ma. Socorro S. Gatmaitan - Member
(4) Benjamin I. Sarmiento - Member
(5) Jose M. Sarmiento - Member
(6) Ma. Felicisima N. David -Non-Voting Member


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


BOXX ASIA: Enters Winding Up Proceedings
----------------------------------------
Notice is hereby given for the Winding Up of Boxx Asia Pacific
Pte Ltd by the High Court was on June 14, 2004 presented by
SITOH CHOON KEW of Apt Blk 137, Bishan Street 12 #11-410,
Singapore 570137, a creditor. The petition is scheduled before
the Court sitting at Singapore at 10:00 a.m. on July 9, 2004.

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

The Petitioner's address is Apt Blk 137, Bishan Street 12#11-
410, Singapore 570137.

The Petitioner's solicitors are Messrs CHOO & LIM LLC of 1 Park
Road, #04-43 to 45 People's Park Complex, Singapore 059108.

Messrs. CHOO & LIM LLC
Solicitors for the Petitioner.

Note: Any person who intends to appear at the hearing of the
Petition must serve and or send by post to the above named
solicitors, notice in writing of his or her intention to do so.
The notice must state the name and address of the person or if a
firm, the name and address of the firm, and must be signed by
the person or firm; of his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the above named not later than 12 o'clock noon of
July 8, 2004 (the day before the hearing of the petition).


BUAN CHUA: Winding Up Hearing Set July 9
-----------------------------------------
Notice is hereby given for the Winding Up of Buan Chua Seng
Trading Pte Ltdby the High Court was on June 16, 2004 presented
by BANK OF CHINA, a bank incorporated in the People's Republic
of China and having its registered office at 4 Battery Road,
#15-01 Bank of China Building, Singapore 049908, a creditor. The
petition is scheduled before the Court sitting at Singapore at
10:00 a.m. on
July 9, 2004.

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

The Petitioner's address is at 4 Battery Road, #15-01 Bank of
China Building, Singapore 049908.

The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908.

Messrs. RAJAH & TANN
Solicitors for the Petitioner.

Note: Any person who intends to appear at the hearing of the
Petition must serve and or send by post to the above named
solicitors, notice in writing of his or her intention to do so.
The notice must state the name and address of the person or if a
firm, the name and address of the firm, and must be signed by
the person or firm; of his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the above named not later than 12 o'clock noon of
July 8, 2004 (the day before the hearing of the petition).


EXPLORATION PNG: Issues Notice of Intended Dividend
---------------------------------------------------
EXPLORATION PNG (S) PTE LTD. (In Liquidation), issues Notice of
Intended Dividend.

Address of Registered Office: c/o The Liquidator's Office.

Nature of Matter: Companies Winding Up No. 368 of 2001.

Last day for receiving Proofs: July 24, 2004

Name of Liquidator: Mr. Don M. Ho, CPA.

Address: c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705.
Tel: 65320320 (8 lines).
Fax: 65320331.

This Singapore Government Gazette is dated June 25, 2004.


Last day for receiving proofs: Ong Yew Huat.

Address: 10 Collyer Quay
#21-01 Ocean Building
Singapore 049315.

This Singapore Government Gazette announcement is dated June 25,
2004


INFORMATICS HOLDINGS: Analysts Quit Coverage
--------------------------------------------
DBS Vickers, along with many other research houses, has halted
its coverage of troubled education services provider Informatics
Holdings Sunday, Business Times reports.

DBS Vickers, which earlier recommended that Informatics sell
stocks, wants to see the company turn itself around before
resuming coverage.

"We simply cannot properly value a stock that has the added
variable of legal contingent liabilities added upon the
impossible task of rating management's chances of reversing the
company from its losses," DBS Vickers said.

DBS Vickers decided to drop coverage of the "high-risk
speculative stock" after Informatics' previous external
investigator, Ernst & Young, withdrew its statement that
supposedly cleared Informatics' senior management of
intentionally misstating its financial results.

The day following the retraction, Informatics explained that E &
Y's move was due to the discovery of poison pen letters, which,
according to E & Y, was written by "a person or persons who had
an intimate knowledge of the circumstances surrounding the
misstatement of results."

Informatics reported its first-ever net loss in 11 years of
SGD20.6 million for the year ended March 2004. The loss, after a
provision of SGD19.1 million for doubtful debts, compares with a
net profit of SGD12.2 million the previous year.

According to the firm, which said in April that the pre-tax
profit for the nine months ended December 2003 should have been
SGD7.4 million and not SGD14.1 million, the actual profit for
that period should have been SGD5.5 million.


LULEE METAL: Creditors' First Meeting Slated on July 9
------------------------------------------------------
The first meeting of the creditors of Lulee Metal Pte Ltd (In
Provisional Liquidation) will be held at 6 Shenton Way, #32-00
DBS Building Tower Two, Singapore 068809 on Friday, July 9, 2004
at 3:00 p.m. To entitle you to attend, nominate and vote thereat
your Proof of Debt and form of proxy must be lodged with the
Provisional Liquidators no later than 12:00 p.m. on July 7,
2004.

A copy of the Proof of Debt form, form of proxy, a statement
showing the names of all creditors and the amount of their
claims and a copy of this Notice have been dispatched to all
known creditors of the Company on June 14, 2004. Any other
person claiming to be a creditor of the Company as of this date
may write to the Provisional Liquidators to request for copies
thereof.

TAM CHEE CHONG
Provisional Liquidator.
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809.

This Singapore Government Gazette announcement is dated June 25,
2004.


ORTHOPAEDIC SPINE: Releases Notice of Resolutions
-------------------------------------------------
At an Extraordinary General Meeting of the members of
ORTHOPAEDIC, SPINE AND HAND SURGERY PTE LTD (In Members'
Voluntary Liquidation) duly convened and held at 3 Mount
Elizabeth, #03-01/02 Mount Elizabeth Medical Centre, Singapore
228510 on June 21, 2004, the following Special Resolutions were
duly passed:

(1) That the Company be wound up volunatriyl pursuant to section
290 (1) (b) of the Companies Act, Cap 50 and that Mam Chia Lay
Beng and Mdm Goh Wei Ling, both of 1 Scotts Road, #21-07/08/09
Shaw Centre, Singapore 228208, be and are hereby appointed
Liquidators for the purpose of such winding up.

(2) That the Liquidators be indemnified by the Company against
all costs, charges, losses, expenses and liabilities incurred or
sustained by them in their duties in relation thereto.

Dr. PESI BEJONJI CHACHA
Chairman.

This Singapore Governement Gazette announcement is dated June
25, 2004.


STONEHENGE TELECOM: Issues Notice of Intended Dividend
------------------------------------------------------
STONEHENGE TELECOM SINGAPORE PTE LTD., issues Notice of Intended
Dividend.

Registered Office: c/o 10 Collyer Quay
#21-01 Ocean Building
Singapore 049315.

Last day for receiving proofs: Ong Yew Huat.

Address: 10 Collyer Quay
#21-01 Ocean Building
Singapore 049315.

This Singapore Government Gazette announcement is dated June 25,
2004.


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


PAE THAILAND: Unveils Board Of Directors Meeting Results
--------------------------------------------------------
In a disclosure to the Stock Exchange of Thailand, PAE
(Thailand) PCL announced the result of its Board of Directors
meeting held June 24, 2004, at 1:45 p.m., and the meeting passed
the following material resolutions:

(1) The Meeting resolved to appoint Mr. Kobsak Chinawongwatana
as the President of the Company.

(2) The Meeting resolved to appoint 3 following independent
directors as the Audit Committee members; namely, Mr. Kosol
Chantikul, Mr. Suchart Suppapayak and Mr. Hatasakdi Na Pombejra.
In this regard, Mr. Kosol Chantikul was appointed as the
Chairman of the Audit Committee.

(3) The Meeting resolved to approve the credit facility granted
by the Siam City Bank Public Company Limited in the amount of
THB60 million against which the company shall mortgage the 3
plots of land with the constructed building as the securities.

(4) The Meeting resolved to implement the transaction as per the
notification of the Plan Administrator to the Securities
Exchange of Thailand on March 24,2004 to mortgage the company's
land and constructed buildings as the additional securities
against the credit facilities which Freeinternet acquired from
the Krung Thai Bank Public Company Limited for the benefit of
the PAE Pcl. whereby the said credit facilities shall be used
for the company business which will be recommended or
subcontracted by Freeinternet for the benefit of  resuming  the
position of  the company  to its normal business operation.

Please be informed accordingly.
Respectfully yours,
(Mr. Kobsak Chinawongwatana)
Managing Director

Contact:

PAE (THAILAND) PCL   
69 SINAKHARIN ROAD,
SUAN LUANG, Bangkok    
Telephone: 0-2322-0222   
Fax: 0-2322-2970-1   
Website: www.pae.co.th


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

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

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