TCRAP_Public/040630.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Wednesday, June 30, 2004, Vol. 7, No. 128

                            Headlines

A U S T R A L I A

AMP LIMITED: Issues Rights Offer Prospectus Update
GYMPIE GOLD: Issues Memorandum to Noteholders
HOMESAFE EQUITIES: ASIC Seeks Appointment of Liquidator
MITSUBISHI AUSTRALIA: Aussie Firms Eye Adelaide Plant
PRIMELIFE CORPORATION: Issues Update on Review Process

* ASIC Obtains Orders Against Adelaide Directors


C H I N A  &  H O N G  K O N G

AGL MEDIATECH: Net Loss Widens to HKD8.6M
ARCONTECH CORPORATION: Net Loss Shrinks to HKD93M
FAR EAST: Chairman Sells Stake for HKD30.95M
FAR EAST: Releases Substantial Shareholder Notice
SICHUAN RESTAURANT: Sets Winding Up Hearing on July 14

TAI SING: Net Loss Narrows to HKD6.9M
TANKWAY INTERNATIONAL: Faces Winding Up Proceedings on July 21
TS TELECOM: Reports Net Loss of HKD39M
WEALTH RAINBOW: Faces Winding Up Petition
WINNAN INDUSTRIES: Winding Up Hearing Set July 21


I N D O N E S I A

PERTAMINA: Tanker Bid Scandal Probed


J A P A N

HOKUTO KOTSU: Taxicab Firm Starts Rehab Proceedings
KANEBO LIMITED: To Issue JPY50B in New Shares to SMBC, IRCJ
MITSUBISHI MOTORS: Issues Preferred Shares for JPY130B
MITSUBISHI MOTORS: To Name Strategic Investor
MITSUBISHI MOTORS: To Spend JPY1.1T On Recovery Efforts

MITSUBISHI MOTORS: DaimleryChrysler Considers Suit
MITSUBISHI MOTORS: S&P Lowers Rating to 'SD'


K O R E A

HYNIX SEMICONDUCTOR: Creditors Mull Debt Buyout
HYNIX SEMICONDUCTOR: In Talks With STMicroelectronics


M A L A Y S I A

ANCOM BERHAD: Purchases Ordinary Shares Of RM1.00 Each  
BERJAYA SPORTS: Purchases 350,000 Shares On Buyback
BESCORP INDUSTRIES: All Resolutions Pass During AGM
CHASE PERDANA: BMSB To List Additional 5,371,540 Ordinary Shares
C.I. HOLDINGS: Issues Update On Rights Issue and Debt Settlement

CONSOLIDATED FARMS: Submits Revision to Proposed Rights Issue
CONSOLIDATED FARMS: Applies For Time Extension Re Rights Issue
ESAB BOUSTEAD: Placed Under Member's Voluntary Liquidation
FABER GROUP: All Resolutions Carried Out During AGM
FABER GROUP: Updates Proposed Restructuring Scheme

HHB HOLDINGS: Seeks For Extension To Make Requisite Announcement
INTAN UTILITIES: Issues Details Regarding Default in Payment
KUMPULAN BELTON: Issues Default in Payment Status
MANGIUM SAWMILL: Unit Issues Default In Payment Status
MBF HOLDINGS: All Resolutions Passed During EGM

MBF HOLDINGS: Releases Update On Call Option Deed By Permodalan
MEDAS CORPORATION: Issues Update On Restructuring Scheme
NALURI BERHAD: Issues Update On Proposals
PUNCAK NIAGA: Shares Reached RM2.74 On News Of Privatization
PWE INDUSTRIES: SC Rejects Proposed Corporate Restructuring

TANJONG PUBLIC: BMSB Issues Notification On Dealings By Selvam
WING TIEK: To Be Removed From Bursa Malaysia Official List


P H I L I P P I N E S

ASIAN CAPITAL: PhP21.52M In Payables Still Vague
C&P HOMES: Capital Restructuring Efforts Hit Snag
MAYNILAD WATER: Drawdown Compels Benpres To Honor Guarantees
MAYNILAD WATER: Government To Begin Takeover Review
MULTINATIONAL TELECOM: SEC Calls For Consolidation of Cases

NATIONAL POWER: Protest Greets News of Planned Rate Hike
PICOP RESOURCES: To Build PhP200M Power Plant To Boost Profit
VITARICH CORPORATION: Issues Clarification to News Article


S I N G A P O R E

CMD MEDIA: Must Submit Claims by July 25
CUTTING HOUSE: Issues Notice of Intended Dividend
ENG HENG: Faces Winding Up Petition
INFORMATICS HOLDINGS: Warns of Higher Losses
INFORMATICS HOLDINGS: Challenges PWC's Findings

KEARNS PRIVATE: Faces Winding Up Proceedings
ORTHOPAEDIC SPINE: Creditors To Submit Claims on July 26


T H A I L A N D

THAI PETROCHEMICAL: Prachai Junks Buyback Of $670M Shares

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AMP LIMITED: Issues Rights Offer Prospectus Update
--------------------------------------------------
AMP Limited wishes to update information provided in section
4.2.1 of the AMP Rights Offer prospectus, dated 17 October 2003,
on tax implications of the Rights Offer cash for Australian
resident AMP shareholders.

In a disclosure to the Australian Stock Exchange, shareholders
who did not exercise their rights under that Offer received a
cash payment of 8.2 cents per right.  Section 4.2.1 of the
prospectus stated that AMP shareholders would realize a capital
gain equal to the amount of the cash payment, and may not be
able to claim discounted Capital Gains Tax (CGT) treatment.

AMP has confirmed with the Australian Taxation Office (ATO) that
where the payment relates to shares acquired at least 12 months
before the close date of the Rights offer (9 December 2003),
discounted CGT treatment may be claimed.  This clarification
will only be relevant where a taxpayer has a net capital gain
for the 2004 tax year.

There are a number of other conditions that must be satisfied in
order to claim discounted CGT treatment. Whether these
conditions are satisfied will depend upon the particular
circumstances of an AMP shareholder.


GYMPIE GOLD: Issues Memorandum to Noteholders
---------------------------------------------
The second statutory meeting of creditors of Gympie Gold was
held in Sydney in 2 June 2004. Mr. Murray Smith chaired the
meeting. Richard McCarthy from the Trustee represented
Noteholders as unsecured creditors of Gympie Gold.

In a press release, the Administrators issued their report to
creditors on 26 May 2004 and made it available on the Gympie
Gold website. The report included the Administrators'
recommendation that Gympie Gold be would up. No proposal for a
deed of company arrangement has emerged, and it was
inappropriate for the control of Gympie Gold to be returned to
the directors, since in the Administrators' opinion Gympie Gold
was insolvent. The report noted that the second meeting of
creditors could be adjourned for up to 60 days if the creditors
so resolved. The receivers are currently undertaking a sale
process in respect of the gold and coal assets of the Gympie
Gold group companies.

At the meeting, the creditors of Gympie Gold voted to approve
the Administrators' remuneration, as set out in the
Administrators' report. The Trustee voted in favor of this
resolution. Other creditors present a the meeting then express
the view that the 60 day adjournment was appropriate, as there
were some indications from the asset sale process that a deed of
company arrangement may yet emerge which could be beneficial for
unsecured creditors, and the additional costs of the adjournment
would minimal. The creditors then voted to adjourn the meeting
until Wednesday 28 July 2004. The Trustee voted in favor of this
resolution.

At the adjourned meeting, unless a proposal for a deed of
company arrangement has emerged, it is likely that a resolution
to wind up the company will again be proposed. The Trustee is
presently of the view that the subordination provisions
applicable to the Notes prevent it and the Noteholders from
voting on such a resolution. The Administrators' report states
that until the asset sale process is complete, the
Administrators cannot estimate the likelihood of any payment to
unsecured creditors complete, the Administrators cannot estimate
the likelihood of any payments to unsecured creditors (such as
the Noteholders). Further, clause 12.3 of the Trust Deed
provides that all amounts payable to the Trustee rank in
priority to any amounts due to Noteholders. If any payment is
made, the Trustee therefore intends to apply the funds towards
amounts due to it before making any distribution to Noteholders.

Noteholders are encouraged to consult the Web site of Gympie
Gold at www.gympiegold.com.au for further information. If any
Noteholder requires any clarification as to the information
provided concerning Gympie Gold and/or its administration or
receivership please do not hesitate to contact the individual
whose name and contact details are set out below:

Mr. Philip Joseph, Vice President
JP Morgan Trust Australia Limited (formerly Guardian Trust
Australia Limited)
Institutional Trust Services
JPMorgan Chase Bank, Level 35, AAP Centre
259 George Street Sydney NSW 2000 Australia
Phone: 61 2 9250 4797
Fax: 61 2 9247 4913
E-mail: phil.j.joseph@jpmorgan.com

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_gympie0929.pdf


HOMESAFE EQUITIES: ASIC Seeks Appointment of Liquidator
-------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
commenced action in the Supreme Court of Victoria seeking the
appointment of a provisional liquidator to Homesafe Equities Pty
Ltd (Homesafe) and Home and Renovators Group Pty Ltd (HRG), the
ASIC reported on its Web site.

Homesafe and HRG are providers of Builder's Warranty and
Financial Guarantee Bonds. Between June 2003 and February 2004,
approximately 790 bonds were issued to builders in Victoria by
Homesafe.

ASIC alleges that:

HRG is insolvent;

Homesafe and HRG have breached the Corporations Act 2001 and the
Insurance Act 1973 by issuing insurance and financial products
without the necessary authority or license;

Homesafe continued to issue the bonds after being told by the
Australian Prudential Regulatory Authority to desist from doing
so; and

Homesafe may have insufficient assets available to meet
potential claims under the bonds, should they arise.

Builders in Victoria are required by the State Building Act to
be covered by an insurance policy that complies with that Act
and a related Ministerial Order. For domestic building
contracts, the required insurance covers property owners against
non-completion of work and structural defects for a specified
period, where the builder dies, disappears or becomes insolvent.

The matter is listed for hearing in the Supreme Court on Friday
2 July 2004.

ASIC's investigation is continuing.

If you have concerns regarding your builder's insurance, whether
you are a builder or a homeowner, please contact ASIC through
our Info line on 1300 300 630.  


MITSUBISHI AUSTRALIA: Aussie Firms Eye Adelaide Plant
-----------------------------------------------------
A number of Australian companies are interested in acquiring
Mitsubishi Australia's engine plant in Adelaide, which is due to
close in October 2005, Asia Pulse reports, citing Mitsubishi
Australia managing director Tom Phillips.

Australian operations are scheduled to cut about 1,000 jobs,
including about 650 at the Lonsdale engine facility and another
350 at the nearby Tonsley Park car assembly operations.

Mr. Phillips said some were interested in buying the whole
facility and others just parts, but declined to reveal any
names.


PRIMELIFE CORPORATION: Issues Update on Review Process
------------------------------------------------------
As previously identified in the 2003 annual and half yearly
reports, Primelife Corporation has embarked on a series of
restructuring initiatives, including a comprehensive review of
its business plan and operations, and a continuing review of
accounting policies and funding requirements.

In a disclosure to the Australian Stock Exchange, Primelife's
new Managing Director, Mr. Jim Hazel, appointed in 27 March
2004, is leading the review process. Primelife has also engaged
a number of professional consultants and advisers to assist with
the review, which is fully endorsed by the Company's recently-
reconstituted board.

The Company expects to be in a position to make definitive
announcements within the next 6 weeks. However, the company
considers it appropriate to make a number of preliminary
observations in relation to the review process.

PRIMELIFE STATEGIC POSITIONING

Primelife remains dedicated to providing the best in senior
living and aged care, and committed to the creation of wealth
for Primelife shareholders.

Primelife has a strong brand, an extensive footprint of senior
living and aged care facilities providing care for over 7,000
older Australians and a large pipeline of development projects.
The Board of Primelife believes that this provides a strong
platform for the Company's future prospects, and that Primelife
has the opportunity to become a market leader with a national
brand.

Primelife has previously communicated a change in its business
model, to focus on a long-term ownership and management of
retirement villages and aged care facilities. Primelife
continues to work on developing its long-term business strategy
and business plan. Primelife has previously acknowledged that
this change will require additional capital.

REVIEW PROCESS FINDINGS

Under previous management, Primelife operated on a basis and
corporate culture that in the view of the current Primelife
board and management is unsustainable and unacceptable.

The review had identified a range of issues that Primelife is
systematically working through. The aim is to identify and
quantify each issue, develop a commercial strategy for
resolution of each, and then move towards an appropriate
resolution. This is an ongoing process and will take time and
board and management input to complete.

MANAGED INVESTMENT ISSUES

Between 1998 and 2000, previous management of Primelife arranged
for 23 retirement village TR94/24 syndicates to be promoted by
third party agents, with cash contributions amounting to $130
million from more than 650 investors.

The review has raised the question as to whether or not the
syndicates arranged by previous management comply with the
managed investment, fundraising and licensing provisions of the
Corporation Act. The review is continuing in relation to this
issue.

Primelife's new board and management decided that they would not
wait for a final conclusion from the review, if any, and
approached ASIC on a voluntary basis on 24 June 2004. Primelife
has proposed the following course of action to ASIC:

(i)  Primelife will make full disclosure of the facts and issued
to ASIC.

(ii) Primelife will immediately move to regularize all
syndicates by lodging for registration with ASIC (by 30 June
2004) scheme documents for the management of these as schemes by
a licensed responsible entity.

If breaches of the Corporations Act are found and if Primelife
is unable to either regularize or restructure the syndicates as
planned, then it is possible that some of the syndicates may be
required to be wound up. The Company does not consider it
realistic that all 23 syndicates would be would up, given that
each syndicate would need to be assessed as a separate and
discrete entity, and some syndicates remain financially viable
and could thus likely to restructured.

However, for illustrative purposes, an outcome that required the
winding up of all 23 syndicates may be that Primelife is
required to make payments to syndicate investors, plus related
costs. The aggregate value of the 23 syndicates is $130 million,
offset by the value of the assets comprising the syndicates and
Primelife's own position as an investor in some of the
syndicates.

In addition to establishing whether or not breaches have
occurred, the review is seeking to establish Primelife's primary
liability and to realistically assess the company net liability
exposure.

Primelife will assist ASIC to the extent requested with
investigations into these issues, and if appropriate will pursue
any legal remedies it may have.

BALANCE SHEET ADJUSTMENTS

It is likely that a number of accounting write-offs will be
required in response to the issues identified by the review. The
final amount will to some extent reflect the ongoing strategy
Primelife adopts in relation to a range of its projects.

Current estimates are that write-offs and losses in the order of
$60 million would be an appropriate response, of which the
largest component relates to the write-back of profits and
receivables previously brought to account in relation to 94/24
syndicates. Primelife is currently undertaking work to identify
and accurately quantify these write-offs and losses, and expects
this work to be completed and announced within 6 weeks.

The new board and management of Primelife intend to continue
adopting a conservative approach to financial reporting, in line
with trend established in the 2003 annual and half yearly
reports.

For more information, go to
http://bankrupt.com/misc/tcrap_primelife0629.pdf

Contact information:

Mr. Jim Hazel
Managing Director
Tel: 03 8699 3300


* ASIC Obtains Orders Against Adelaide Directors
------------------------------------------------
The Australian Securities and Investments Commission (ASIC) on
Friday obtained orders in the Federal Court, by consent,
permanently restraining Mr. Noel Frederick Smith and his wife,
Mrs. Barbara Ann Smith from engaging in any conduct that amounts
to aiding, abetting, counseling, or procuring Mr. Maxwell John
Reid from managing corporations whilst disqualified.

Mr. Reid, who is disqualified from managing corporations by
order of the Federal Court until 10 August 2036, failed to
attend Court for today's hearing and a warrant was issued for
his arrest.

This action follows the commencement of contempt proceedings on
17 November 2003 against Mr. Reid in which ASIC has alleged that
he took part in the management of Battstone Australia Pty Ltd
(In Liquidation) and Australian Marble Pty Ltd (In Liquidation).

ASIC obtained interim injunctions on 23 December 2003 after
alleging that Mr. Reid, Mr. and Mrs. Smith and others were
involved in attempts by International Meats Pty Ltd and Adelaide
Granites Pty Ltd to purchase two other companies.

'ASIC has taken this action to prevent people acting as
directors of companies managed by Mr. Reid, on the basis that
Mr. Reid is an unfit person to be involved in the management of
corporations. The Federal Court's 44 year banning of Mr. Reid in
1992 from involvement in the management of companies
demonstrates his appalling corporate governance record', ASIC
Deputy Executive Director of Enforcement, Mr. Mark Steward said.


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C H I N A  &  H O N G  K O N G
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AGL MEDIATECH: Net Loss Widens to HKD8.6M
-----------------------------------------
Infocast News reported that AGL MediaTech Holdings Limited
posted a net loss of HKD8.577 million for the fiscal year ended
March 31, compared to a net loss of HKD3.967 million for the
previous year. The loss per share was HKD0.0179. No final
dividend was declared.  


ARCONTECH CORPORATION: Net Loss Shrinks to HKD93M
-------------------------------------------------
According to Infocast News, Arcontech Corporation posted a net
loss of HKD92.874 million for the fiscal year ended March 31,
compared to a net loss of HKD421.107 million for the previous
year. The loss per share was HKD 0.1133. No final dividend was
declared.  


FAR EAST: Chairman Sells Stake for HKD30.95M
--------------------------------------------
Far East Pharmaceutical (0399.HK) Chairman and largest
shareholder Cai Chongzhen divested shares in the listed drug
firm for HKD30.95 million following its 92.4 percent stock dive
on June 17, Dow Jones reports.

Hong Kong Stock Exchange records dated June 21 state that 343.98
million shares representing 15.81 percent of the issue share
capital of Far East Pharmaceutical were sold at an average price
of 9 HK cents per share, reducing Mr. Cai's shareholding from
57.97% to 42.16%.

On June 17, the Stock Exchange of Hong Kong halted trading in
the company's shares after the stocks crashed 92.4 percent, with
no authorized representatives present to explain the unusual
movement of price and trading volume. The firm traded 617.8
million shares worth HKD67.12 million compared to the previous
average daily volume of 220,000 shares.

In a very brief interview with the Hong Kong Economic Times
recently, Mr. Cai denied rumors of tax fraud, fake credentials,
and inflated corporate assets and announced that his doctor had
banned him from seeing and talking to people because of his
heart condition.


FAR EAST: Releases Substantial Shareholder Notice
-------------------------------------------------
(1) Name of listed corporation: Far East Pharmaceutical
Technology Co. Ltd.  

(2) Stock code: 00399

(3) Class of shares: Ordinary Shares  

(4) Number of issued shares in class: 2,175,742,400

(5) Name of substantial shareholder: Guotai Junan Securities Co.
Ltd  

(6) Registered office: No. 135, Yan Ping Road, Shanghai
(200042), PRC

(7) Principal place of business in Hong Kong: Nil  

(13) Exchange on which listed: Nil

(14) Name of listed parent and exchange on which parent is
listed: Nil  

(15) Date of relevant event: June 25, 2004
(16) Date when the substantial shareholder became aware of the
relevant event/ interest in the shares (if later): June 25, 2004

(17) Details of relevant event:
Relevant event code describing circumstances 102
Code describing capacity in which shares were/are held
Before relevant event: 203
After relevant event: 203
Number of shares bought/sold or involved: 423,736,000
Currency of transaction HKD
Highest price per share:  
Average price per share: 0.000
Average consideration per share 303

(18) Total shares immediately before the relevant event:
Total number of shares: 423,736,000  
Percentage figure (%): 19.47

(19) Total shares immediately after the relevant event:
Total number of shares: 0
Percentage figure (%): 0.00

(20) Capacity in which interests disclosed in Box 19 are held:
Code describing capacity Number of shares
Nil   

(21) Further information in respect of derivative interests:
Code describing derivatives Number of shares
Nil   

(22) Further information in relation to interests of
corporations controlled by substantial shareholder:

Name of controlled corporation: Guotai Junan Financial Holdings
Limited Offshore Chambers, PO Box 217, APIA, Samoa (Samoa)

Name of controlling shareholder: Guotai Junan Securities Co. Ltd
Guotai Junan Securities (Hong Kong) Limited 27/F, Grand
Millennium Plaza, 18 Queen's Road Central, Hong Kong (Hong Kong)
Guotai Junan Financial Holdings Limited 100 Y Long position 0

% control Direct interest Number of shares: 100

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

(24) Further information from a trustee, or beneficiary of a
trust, or a founder of a Discretionary Trust:
Names of Trust Address Status code Number of shares
Nil       

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

(26) Details of person(s) in accordance with whose directions
the substantial shareholder or its directors are accustomed to
act:
Names Address Relationship Code %
Nil       

(27) Date of filing this Form 2: June 25, 2004

(29) Number of attachments: 0

This Stock Exchange of Hong Kong announcement is dated June 29,
2004.


SICHUAN RESTAURANT: Sets Winding Up Hearing on July 14
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Sinchuan Restaurant Company Limited by the High Court of Hong
Kong was on May 24, 2004 presented to the said Court by Lo Iu
Ming of Room 3702, Sau Yat House, Sau Mau Ping Estate, Kowloon,
Hong Kong. The said Petition is directed to be heard before the
Court at 10:00 a.m. on July 14, 2004.

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

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

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


TAI SING: Net Loss Narrows to HKD6.9M
-------------------------------------
According to Infocast News Tai Shing International posted a net
loss of HKD 6.932 million for the fiscal year ended March 31,
compared to a net loss of HKD 56.829 million for the previous
year. The loss per share was HKD 0.1662. No final dividend was
declared.  


TANKWAY INTERNATIONAL: Faces Winding Up Proceedings on July 21
--------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Tankway International 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 is directed to 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.


TS TELECOM: Reports Net Loss of HKD39M
--------------------------------------
Infocast News reports that TS Telecom Technologies Limited
(8003) posted a net loss of $38.889 million for the fiscal year
ended March 31, compared to a net loss of $40.739 million for
the previous year. The LPS was $0.1378. No final dividend was
declared.


WEALTH RAINBOW: Faces Winding Up Petition
-----------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wealth Rainbow Enterprise Limited by the High Court of Hong Kong
was on May 28, 2004 presented to the said Court by Mok Chiu Yin
of Flat 22K, Block 1, Serene Garden, Tsing Yi, New Territories,
Hong Kong. The said Petition is directed to 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.

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 20th day of July
2004.


WINNAN INDUSTRIES: Winding Up Hearing Set July 21
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Winnan Industries Limited by the High Court of Hong Kong was on
May 27, 2004 present to the said Court by Bank of China (Hong
Kong) Limited whose registered office is situate at 14th Floor,
Bank of China Tower, No. 1 Garden Road, Central, Hong Kong.  The
said Petition is directed to be heard before the Court at 9:30
am on the July 21, 2004 and 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; and 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 on 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 July 20, 2004.


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PERTAMINA: Tanker Bid Scandal Probed
------------------------------------
Indonesia's Supervisory Commission for Business Competition
(KPPU) will investigate the alleged collusion in state oil firm
PT Pertamina's tanker sale tender, Asia Pulse reports, citing
KPPU chairman Sutrisno Iwantono.

Chairman Sutrisno said that they would also look into the
possible breach of procedure in Pertamina's appointment without
tender of Goldman Sachs as its financial advisor for the sale.

Norway's Frontline Ltd., in which Goldman Sachs is a
shareholder, won the bid for the two Very Large Crude Carriers
(VLCCs) despite the supposedly higher offer by India's Essar
Shipping Ltd.


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J A P A N
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HOKUTO KOTSU: Taxicab Firm Starts Rehab Proceedings
---------------------------------------------------
Hokuto Kotsu K.K., which has total liabilities of JPY5.360
billion against a capital of JPY250 million, has applied for
civil rehabilitation proceedings, according to Tokyo Shoko
Research.

The taxicab firm is located in Sapporo, Hokkaido, Japan.


KANEBO LIMITED: To Issue JPY50B in New Shares to SMBC, IRCJ
-----------------------------------------------------------
Ailing textile maker Kanebo Limited will float JPY50 billion in
new shares to its main creditor bank Sumitomo Mitsui Banking
Corporation (SMBC) and the state-backed Industrial
Revitalization Corporation of Japan (IRCJ) under a third-party
share allotment scheme, Jiji Press reports. Payment is due in
late September.

The Company will issue JPY30 billion worth of new shares to SMBC
and JPY19,999 million to IRCJ. The move is part of the IRCJ's
business rehabilitation plan adopted on May 31.

Kanebo aims to use the funds for reducing its debt and improving
its business management.


MITSUBISHI MOTORS: Issues Preferred Shares for JPY130B
------------------------------------------------------
Mitsubishi Motors Corporation (MMC) has received 130 billion yen
for the issue of No. 1 Class G preferred shares. In addition to
the 165 billion yen received by the company for No. 1 and No.2
Class A preferred shares on June 24, MMC has now procured a
total of 295 billion yen from issuing preferred shares.

In a press release, the payment includes 90 billion yen from The
Bank of Tokyo-Mitsubishi and 40 billion yen from The Mitsubishi
Trust & Banking Corporation. MMC will use the funds to pay
outstanding debts at both banks.

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


MITSUBISHI MOTORS: To Name Strategic Investor
---------------------------------------------
DaimlerChrysler AG expects its struggling Asian affiliate,
Mitsubishi Motors Corporation, to announce that it has found a
strategic investor, the Wall Street Journal reports, citing
Rudiger Grube, DaimlerChrysler's chief of corporate strategy.

Speaking at an auto conference in Montreux, Switzerland, Mr.
Grube said the planned injection of capital would dilute the
German carmaker's stake in Mitsubishi Motors to between 20
percent and 25 percent from the current level of 37 percent. He,
however, did not name the investor.

Meanwhile, the Yomiuri Shimbun reported that corporate revival
fund Phoenix Capital Co. and J.P. Morgan Securities have decided
to increase the amount of planned capital injections into
Mitsubishi Motors Corporation.

Tokyo-based Phoenix Capital is finalizing a plan to purchase 75
billion yen worth of common shares, up from the initially
planned 70 billion yen. J.P. Morgan Securities is also
considering buying 125 billion yen worth of preferred shares, up
from the initially planned 100 billion yen.


MITSUBISHI MOTORS: To Spend JPY1.1T On Recovery Efforts
-------------------------------------------------------
Mitsubishi Motors Corporation will spend as much as JPY1.1
trillion ($10.1 billion) over two years to restore its sagging
business, Bloomberg News reported on Tuesday.

The carmaker, which is to receive all of the bailout funds
pledged by its stakeholders and investors on Monday, will get 17
percent more money than previously expected to improve its
business, Mitsubishi Chairman Yoichiro Okazaki said. The Company
would receive an additional JPY480 billion from its operations
and JPY70 billion from savings.

Mitsubishi is fighting to restore its sales and reputation after
recalls of more than 800,000 Mitsubishi-brand vehicles this year
and the arrest of its former President over fatal truck
accidents. The automaker turned to Japanese shareholders after
DaimlerChrysler AG, its biggest stake-owner, refused to invest
more money in April.


MITSUBISHI MOTORS: DaimleryChrysler Considers Suit
--------------------------------------------------
DaimlerChrysler AG plans to file a suit against Mitsubishi
Motors Corporation (MMC) over losses associated with the German
automaker's purchase of Mitsubishi Fuso Truck & Bus Corporation,
Dow Jones Newswires reported on Monday. DaimlerChrysler plans to
take legal action after determining the amount of losses on the
investment.

In March, DaimlerChrysler bought a 22 percent stake in
Mitsubishi Fuso Truck & Bus Corporation from Mitsubishi Motors
for JPY52 billion. The deal boosted DaimlerChrysler's total
stake in Mitsubishi Fuso to 65 percent, while reducing
Mitsubishi Motors' stake to 20 percent.

DaimlerChrysler officials have reportedly been concerned about
the quality of Mitsubishi Fuso, which was spun off from
Mitsubishi Motors in January 2003, in the wake of a series of
vehicle defect cover-up scandals involving Mitsubishi vehicles.


MITSUBISHI MOTORS: S&P Lowers Rating to 'SD'
--------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit rating on Mitsubishi Motors Corporation (MMC) to 'SD'
from 'CC'. The rating on the company's senior unsecured bonds
remains at 'CCC+'. The outlook on the debt rating remains
negative.

"The downgrade of MMC follows the completion of payment for
JPY130 billion of the company's class G preferred shares by its
main creditor banks," said Chizuko Satsukawa, a credit analyst
at Standard & Poor's.

According to MMC's press release dated June 8, 2004, the company
issued JPY90 billion of the preferred shares to Bank of Tokyo-
Mitsubishi Ltd. (A-/Stable/A-2) and JPY40 billion to Mitsubishi
Trust & Banking Corp. (A-/Stable/A-2). As proceeds from the
issuance will be used to pay off debts outstanding with the
banks, Standard & Poor's views this transaction as a debt-for-
equity swap on the bank loans.   

The rating agency's corporate credit ratings reflect an issuer's
willingness and ability to pay all financial obligations on a
timely basis. Under this criteria, transactions tantamount to
debt-for-equity swaps are regarded as selective defaults.

An 'SD' rating is assigned to a company if it selectively
defaults on a specific issue or class of obligations, but
continues to meet its payment obligations on other issues or
classes of obligations in a timely manner.  

The corporate credit rating on MMC will be revised within a few
weeks, following a review of the company's new capital structure
after the capital enhancement program and the prospects for a
recovery in its brand image and domestic sales.


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


HYNIX SEMICONDUCTOR: Creditors Mull Debt Buyout
-----------------------------------------------
Creditors of Hynix Semiconductor Inc. will meet next week to
decide on whether to reduce its interest-bearing debts with a
debt discount rate ranging from 7 percent to 37 percent,
according to Yonhap News, citing Kyobo Securities Company.

The creditors are considering the implementation of the debt
buyout plan for the chipmaker by applying the proposed debt
discount rate.


HYNIX SEMICONDUCTOR: In Talks With STMicroelectronics
-----------------------------------------------------
Semiconductor manufacturer STMicroelectronics recently confirmed
that it was in talks with Hynix Semiconductor Manufacturing to
set up a chip factory in Wuxi China, SinoCast reports.

The two sides have launched cooperation on NAND flash products
since April 2003.

Maria Grazia Prestini, the public relation executive of
STMicroelectronics, pointed out that the company was discussing
the feasibility of establishing factory in China with Hynix, But
declined to reveal the source of US$1.5-billion fund needed for
building the factory.


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


ANCOM BERHAD: Purchases Ordinary Shares Of RM1.00 Each  
------------------------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad the
details of its shares buyback dated June 28, 2004.
   
Description of shares purchased:  Ordinary shares of RM1.00 each

Total number of shares purchased (units): 85,000

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

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

Total consideration paid (RM):  

Number of shares purchased retained in treasury (units): 85,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 3,266,600

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

BERJAYA SPORTS: Purchases 350,000 Shares On Buyback
---------------------------------------------------
Berjaya Sports Toto Berhad issued to Bursa Malaysia Securities
Berhad the details of its shares buyback dated June 28, 2004

Description of shares purchased: ordinary shares

Total number of shares purchased (units): 350,000

Minimum price paid for each share purchased (RM): 3.820

Maximum price paid for each share purchased (RM): 3.840

Total consideration paid (RM): 1,344,516.29

Number of shares purchased retained in treasury (units): 350,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 43,648,800

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

The number of shares with voting rights in issue after the above
share buyback is 994,297,213.


Contact:

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


BESCORP INDUSTRIES: All Resolutions Pass During AGM
---------------------------------------------------
Bescorp Industries Berhad announced to Bursa Malaysia Securities
Berhad that during the 11th Annual General Meeting of the
Company held on 28 June 2004, all the resolutions as prescribed
in the notice convening the said meeting as contained in the
2003 Annual Report was unanimously passed.


CHASE PERDANA: BMSB To List Additional 5,371,540 Ordinary Shares
----------------------------------------------------------------
In a notice submitted to Bursa Malaysia Securities Berhad
(BMSB), Chase Perdana Berhad announced that an additional
5,371,540 new ordinary shares of RM1.00 each issued pursuant to
the conversion of redeemable convertible preference shares into
5,064,000 new ordinary shares, and conversion of redeemable
convertible unsecured loan stocks into 307,540 new ordinary
shares will be granted listing and quotation effective 9:00
a.m., Wednesday, 30 June 2004.


C.I. HOLDINGS: Issues Update On Rights Issue and Debt Settlement
----------------------------------------------------------------
C.I. Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad an update on its Right Issue and Debt Settlement.

(i) Renounceable rights issue of 57,377,835 new ordinary shares
of RM1.00 each (Rights Shares) together with 57,377,835 free
Warrants on the basis of one (1) share and one (1) free Warrant
for every one (1) existing share held at an issue price of
RM1.00 per share (Rights Issue);

(ii) Settlement of debt owing by Doe Industries Sdn Bhd, a
wholly-owned subsidiary of CIHLDG to Malaysian Assurance
Alliance Berhad amounting to RM15,000,000 via the issuance of
14,851,485 new ordinary shares of RM1.00 each (Settlement
Shares) at an issue price of RM1.01 per Settlement Share (Debt
Settlement).

Kindly be advised that the abovementioned Company's additional:

(a) 57,377,835 Warrants 2004/2009 will be admitted to the
Official List of the Exchange and the listing and quotation of
the Warrants on the Main Board under the Loans sector, on a
Ready basis pursuant to the Rules of the Exchange will be
granted effective 9:00 a.m., Wednesday, 30 June 2004;

(b) 57,377,835 Rights Shares issued pursuant to the Rights Issue
will be granted listing and quotation effective 9:00 a.m.,
Wednesday, 30 June 2004;

(c) 14,851,485 Settlement Shares issued pursuant to the Debt
Settlement will be granted listing and quotation effective from
9:00 a.m., Wednesday, 30 June 2004.

The Stock Short Name, Stock Number and ISIN Code of the Warrants
2004/2009 are CIHLDG-WA, 2828WA and MYL2828WAJ61 respectively.

Each Warrant 2004/2009 will entitle its registered holder, at
any time during the Exercised Period, to subscribe for one (1)
new ordinary share of RM1.00 each in CIHLDG at the Exercise
Price.

The Exercise Price is RM1.08 payable in cash for the
subscription of each new share in CIHLDG.

The Exercise Period is the period commencing from 24 June 2004
until 5:00 p.m. on 23 June 2009.

Kindly also be advised that the Warrants are prescribed
securities. Dealings in the Warrants 2004/2009 should be carried
out in accordance with the Securities Industry (Central
Depositories) Act, 1991 and the Rules of Malaysian Central
Depository Sdn Bhd.

Kindly also be advised that only free securities can be utilized
for settlement of trades involving the Warrants 2004/2009.


CONSOLIDATED FARMS: Submits Revision to Proposed Rights Issue
-------------------------------------------------------------
Consolidated Farms Berhad disclosed to Bursa Malaysia Securities
Berhad its proposed revisions to the proposed rights issue
previously approved by Confarm shareholders and the relevant
authorities.

This announcement is dated 28 June 2004.

AmMerchant Bank Berhad, with reference made to the announcement
dated 29 May 2004 on behalf of the Board of Directors of
Confarm, wishes to inform that Tables 4 and 7 as disclosed in
the said announcement have been amended as set out in the tables
below.

Click to view a copy of the table
http://bankrupt.com/misc/consolidatedfarms062904.doc


Contact:

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


CONSOLIDATED FARMS: Applies For Time Extension Re Rights Issue
--------------------------------------------------------------
AmMerchant Bank Berhad on behalf of the Board of Directors of
Consolidated Farms Berhad had via a letter dated 28 June 2004
applied to the Securities Commission (SC0 for an extension of
time of up to six (6) months from the date of the approval of
the SC for the Revised Proposed Rights Issue to complete the
implementation of the Revised Proposed Rights Issue.


ESAB BOUSTEAD: Placed Under Member's Voluntary Liquidation
----------------------------------------------------------
Boustead Holdings Berhad (BHB) announced to Bursa Malaysia
Securities Berhad that ESAB-Boustead Sdn Bhd (EBSB), a 38
percent owned its members at an extraordinary general meeting
held on 28 June 2004 have placed associate company of BHB under
members' voluntary liquidation pursuant to the passing of a
special resolution.

EBSB was incorporated on 22nd April 1995. It is principally
involved in the manufacturing of welding electrodes.

In connection with the above, Messrs Folks Corporate Services
Sdn Berhad has been appointed as liquidator of EBSB.

The voluntary liquidation of EBSB is not expected to have a
material effect on the earnings or net tangible assets of BHB
Group for the financial year ending 31st December 2004.

None of the directors or substantial shareholders of BHB Group
or persons connected to them has any interest, direct or
indirect, in the voluntary liquidation.

This announcement is dated 28 June 2004.


FABER GROUP: All Resolutions Carried Out During AGM
---------------------------------------------------
Faber Group Berhad announced to Bursa Malaysia Securities Berhad
that the resolutions on all motions as set out in the Notice of
the 41st AGM and put to the shareholders at the 41st AGM, were
approved and carried.

This announcement is dated 28 June 2004.


FABER GROUP: Updates Proposed Restructuring Scheme
--------------------------------------------------
Faber Group Berhad disclosed to Bursa Malaysia Securities Berhad
an update in relation to the company's Proposed Restructuring
Scheme:

(i) Proposed Transfer of Hotel Merlin Kuantan Sdn Bhd, Mersing
Merlin Inn Sdn Bhd, Faber Kompleks Sdn Bhd, Merlin Labuan Sdn
Bhd, Subang Jaya Hotel Development Sdn Bhd, Langkawi Island
Resort Sdn Bhd, Hotel Merlin Cameron Highlands Bhd, Merlin Inn
Johor Bahru Sdn Bhd, Faber Plaza Sdn Bhd, Faber Centre Sdn Bhd,
Sungai Petani Land, Tower Block Land And Faber Towers To Jeram
Bintang Sdn Bhd (JBSB) and its wholly-owned subsidiary, Canggih
Pesaka Sdn Bhd for a cash consideration of RM1.00;

(ii) Proposed Waiver of the Accreted Yield on Redeemable
Convertible Secured Zero Coupon 2000/2005 Bonds (RCSB) amounting
to RM250.894 Million from the Date Of Issuance to 10 April 2003
(Being the date on which the RCSB Bondholders approved the
termination of further accrual of yield on the RCSB);

(iii) Proposed Novation of Liability amounting to RM929.460
Million under the RCSB and Proposed Issuance of RM985.611
Million of Non Convertible Redeemable Secured Zero Coupon
2004/2012 Bonds (JBSB Bonds);

(iv) Proposed Issuance of RM200.0 Million nominal value of
Redeemable Convertible Preference Shares of RM1.00 each and up
to RM185.528 Million nominal value of Redeemable Secured Loan
Stock (RSLS) to JBSB comprising of RM135.564 Million nominal
value of RSLS to be issued and 4 percent coupon compounded
annually up to maturity amounting up to RM49.964 Million nominal
value payable in the form of RSLS (with consequential amendments
to the Memorandum and Articles of Association);

(v) Proposed Acknowledgement of Debt and Settlement of the
Balance Sum amounting to RM51.442 Million;

(vi) Proposed Management and Maintenance Arrangements between
JBSB and its Subsidiary with FGB; And

(vii) Proposed Settlement by JBSB of the JBSB Bonds

Hereinafter collectively referred to as the Proposed
Restructuring Scheme

(viii) Proposed Amendment Of Memorandum And Articles Of
Association.

On behalf of FGB, Aseambankers Malaysia Berhad is pleased to
announce that at the EGM of the Company held today, 28 June
2004, convened pursuant to the Notice of the EGM dated 4 June
2004, the shareholders of the Company had approved the ordinary
resolution and the special resolution as set out in the Notice
of the EGM. The ordinary resolution and special resolution
passed respectively are as follows:

ORDINARY RESOLUTION - Proposed Restructuring Scheme Of FGB

"That contingent upon the approvals being obtained from the
relevant authorities, approval be and is hereby given for the
Company to undertake the Proposed Restructuring Scheme
comprising of the following as defined and set out in the
Circular ('the Circular') to shareholders forwarded to the
shareholders of the Company dated 4 June 2004:

(i) Proposed transfer of Hotel Merlin Kuantan Sdn Bhd, Mersing
Merlin Inn Sdn Bhd, Faber Kompleks Sdn Bhd, Merlin Labuan Sdn
Bhd, Subang Jaya Hotel Development Sdn Bhd, Langkawi Island
Resort Sdn Bhd, Hotel Merlin Cameron Highlands Bhd, Merlin Inn
Johor Bahru Sdn Bhd, Faber Plaza Sdn Bhd, Faber Centre Sdn Bhd,
Sungai Petani Land, Tower Block Land and Faber Towers to Jeram
Bintang Sdn Bhd ("JBSB") and its wholly-owned subsidiary,
Canggih Pesaka Sdn Bhd for a cash consideration of RM1.00;

(ii) Proposed waiver of the accreted yield on the Redeemable
Convertible Secured Zero Coupon 2000/2005 Bonds amounting to
RM250.894 million from the date of issuance to 10 April 2003
(being the date on which the Redeemable Convertible Secured
Bonds Bondholders approved the termination of further accrual of
yield on the Redeemable Convertible Secured Bonds);

(iii) Proposed novation of liability amounting to RM929.460
million under the Redeemable Convertible Secured Zero Coupon
2000/2005 Bonds and proposed issuance of RM985.611 million of
Non Convertible Redeemable Secured Zero Coupon 2004/2012 Bonds
("JBSB Bonds");

(iv) Proposed issuance of RM200.0 million nominal value of
Redeemable Convertible Preference Shares of RM1.00 each and up
to RM185.528 million nominal value of Redeemable Secured Loan
Stock to JBSB comprising of RM135.564 million nominal value of
Redeemable Secured Loan Stock to be issued and 4% coupon
compounded annually up to maturity amounting up to RM49.964
million nominal value payable in the form of Redeemable Secured
Loan Stock (with consequential amendments to the Memorandum and
Articles of Association);

(v) Proposed acknowledgement of debt and settlement of the
balance sum amounting to RM51.442 million;

(vi) Proposed management and maintenance arrangements between
JBSB and its subsidiary with Faber Group Berhad; and

(vii) Proposed settlement by JBSB of the JBSB Bonds

And that pursuant to the Proposed Restructuring Scheme, approval
is hereby given to the Directors to issue the Redeemable
Convertible Preference Shares and to issue such number of new
ordinary shares of RM1.00 each in the Company to be credited as
fully paid-up arising from the exercise of the conversion rights
in relation to the Redeemable Convertible Preference Shares,
upon the terms and conditions as set out in Appendix III of the
Circular with full power to assent to any conditions,
modifications, variations and/or amendments as may be imposed by
the relevant authorities."

"That the Directors of the Company be and are hereby authorized
to do all such acts, deeds and things, and to execute, sign and
deliver on behalf of the Company all such documents as may be
necessary to give full effect to the Proposed Restructuring
Scheme with full powers to assent to any conditions,
modifications, variations and amendments as may be required by
the relevant authorities in order to implement the Proposed
Restructuring Scheme."

SPECIAL RESOLUTION - PROPOSED AMENDMENT OF THE MEMORANDUM AND
ARTICLES OF ASSOCIATION

"That subject to the passing of the Ordinary Resolution for
approving the undertaking of the Proposed Restructuring Scheme
and pursuant to the Proposed Restructuring Scheme and to the
proposed issuance of Redeemable Convertible Preference Shares
thereunder, approval be and is hereby given for the Company to
amend, alter and add to the Memorandum and Articles of
Association of the Company as follows:

(1) The first line of Clause 5 of the Memorandum of Association
of the Company which now reads as:

"The capital of the Company is RM3,000,000,000 divided into
3,000,000,000 Ordinary shares of RM1.00 each"

shall be amended to read as follows:

"The authorized capital of the Company is RM3,000,000,000
divided into 3,000,000,000 shares of RM1.00 each, comprising
2,800,000,000 ordinary shares of RM1.00 each and 200,000,000
preference shares of RM1.00 each"

(2) Article 4(6) of the Articles of Association of the Company
which now reads as:

"Preference shares shall confer on the holders thereof the same
rights as holders of ordinary shares as regards receiving
notices, reports and audited accounts, attending general
meetings of the Company and the right to vote at any general
meeting convened for the purpose of the reduction of capital or
the winding-up of the Company, or for sanctioning the disposal
of the whole of the Company's property, business and
undertaking, or for the consideration of any matter which
directly affects their rights or privileges or when the dividend
or part of the dividend on the preference shares is in arrears
for more than six (6) months. A holder of a preference share
shall be entitled to vote during the winding-up of the Company
and to a return of capital in preference to holders of ordinary
shares when the Company is wound up."

shall be amended to read as follows:

"Subject to the Act, any preference shares issued by the Company
shall have no voting rights attached thereto except as set out
herein and may at the option of the Company be convertible into
ordinary shares or redeemable at par and such preference shares
shall not confer on the holders thereof any right to any
dividend whether cumulative or non-cumulative unless otherwise
expressly agreed in writing by the Company but shall confer the
right in a winding-up of the Company to the payment of capital
in priority to the holders of ordinary shares but shall not
confer any further rights to participate in profits or assets.

Preference shares shall confer on the holders thereof the same
rights of holders of ordinary shares as regards receiving
notices, reports and audited accounts, attending general
meetings of the Company and the right to vote at any general
meeting convened for the purpose of the reduction of capital or
the winding-up of the Company or for sanctioning the disposal of
the whole of the Company's property, business and undertaking or
for the consideration of any matter which directly affects their
rights or privileges or when dividend or part of the dividend on
the preference shares (if any) is in arrears for more than six
(6) months.

A holder of a preference share shall be entitled to vote during
the winding-up of the Company and to a return of capital in
preference to holders of ordinary shares when the Company is
wound up."

This announcement is dated 28 June 2004.


HHB HOLDINGS: Seeks For Extension To Make Requisite Announcement
----------------------------------------------------------------
On 20 January 2004, Public Merchant Bank Berhad (PMBB) had
announced on behalf of HHB Holdings Berhad, that Bursa Malaysia
had via its letter dated 15 January 2004, granted an extension
of time of six (6) months from 31 December 2003 to 30 June 2004
for HHB to make its Requisite Announcement pursuant to Paragraph
6.1(a) of PN10 issued in relation to Paragraph 8.16 of the
Listing Requirements of Bursa Malaysia.

PMBB, on behalf of HHB, wishes to announce that an application
had been submitted to Bursa Malaysia for a further extension of
time for HHB to make its Requisite Announcement as stipulated
under Paragraph 6.1(a) of PN10.

This announcement is dated 28 June 2004.


INTAN UTILITIES: Issues Details Regarding Default in Payment
------------------------------------------------------------
Further to the announcement dated 28 May 2004 and pursuant to
Paragraphs 9.02 and 9.04 (1) of the Listing Requirements and
Practice Note No. 1/2001 of Bursa Malaysia Securities Berhad,
the Board of Directors of Intan Utilities Berhad wishes to
announce the summary of the borrowings in default and the steps
taken to address the defaults by IDS Electronics Sdn. Bhd. and
IDS Technology Sdn Bhd, 69 percent effectively-owned
subsidiaries of Intan Utilities.

For more details, click
http://bankrupt.com/misc/intanutilities062904.xls

Contact:

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


KUMPULAN BELTON: Issues Default in Payment Status
-------------------------------------------------
The Board of Directors of Kumpulan Belton Berhad announced to
Bursa Malaysia Securities Berhad the following updates on the
status of Belton's default in payment and involvement in
litigation for the period from 29/05/2004 to the date of this
announcement.

Click to view the full announcement.
http://bankrupt.com/misc/kumpulanbelton062904.doc


MANGIUM SAWMILL: Unit Issues Default In Payment Status
------------------------------------------------------
Mangium Industries Berhad (formerly known as Serisar Industries
Bhd) (MIB) announced that its wholly owned subsidiary, Mangium
Sawmill Sdn Bhd (formerly known as Kilang Papan Dasatu Sdn Bhd)
(MSSB) has not paid, and is deemed to have defaulted in its
repayments on facilities granted by Standard Chartered Bank
Malaysia Berhad and Southern Bank Berhad, which are unsecured.
The details of the facilities currently in default in compliance
with Section 3.1 of Practice Note 1/2001 are as tabulated in
Table 1 attached.

A) REASON FOR DEFAULT IN PAYMENTS

Due to the unfavorable timber market and depressed prices for
timber and timber related products throughout Asia since the
financial crisis in the year 1997, many of the Group's buyers
were adversely affected and are facing financial difficulties
leading to their inability to settle their outstanding balances
despite efforts made by the management to collect these
outstanding debts with the Group. As a result, the cash flow
generated from operations was not sufficient to service the
interest and principal obligations to the lenders as and when
they fell due.

B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS

Standard Chartered Bank Malaysia Berhad has agreed to the
Proposed Debt Settlement & Restructuring Scheme announced by MIB
on 22 December 2003.

C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN
PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY
IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR
THE INDEBTEDNESS

The estimated total outstanding as at 31 May 2004, in relation
to the payments, which are in default and are the subject matter
of this announcement amounts to RM10,401,097.88.

Since MIB is the guarantor for these loans, MIB is liable for
the full amount and any further interest and financial cost
levied there or until the settlement of these debts.

D) IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN STOCKS
OR BONDS, THE LINES OF ACTION AVAILABLE TO THE GUARANTORS OR
SECURITY HOLDERS AGAINST THE LISTED ISSUER

Not applicable.

E) IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER THE
DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER AND MANAGER

Not applicable.

F) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS
DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE

The facilities listed above represent the borrowings of the
MIB's wholly owned subsidiary, MSSB, and as a result of their
default, the remaining facilities granted by other lenders to
MSSB are all technically in default by virtue of the "Cross
Default" clauses in the Letter of Offers.

However, the lenders have kept in view further legal action
other than those, which have been disclosed in our Annual Report
and Announcements, since MIB is in active negotiations with them
to normalize and regularize the accounts.

For more information, click
http://bankrupt.com/misc/mangiumindustries062904.doc


MBF HOLDINGS: All Resolutions Passed During EGM
-----------------------------------------------
The Board of Directors of MBf Holdings Berhad is pleased to
inform Bursa Malaysia Securities Berhad that all the resolutions
as per the Notices dated 1 June 2004 were duly passed at the
Forty-First Annual General Meeting and Extraordinary General
Meeting of MBfH held at Damai Utama Ballroom, 1st Floor, Kelab
Century Paradise, Jalan Melawati 3, Taman Melawati, 53100 Kuala
Lumpur on Monday, 28 June 2004.

Yours faithfully,
For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
June 28, 2004


Contact:

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


MBF HOLDINGS: Releases Update On Call Option Deed By Permodalan
---------------------------------------------------------------
MBf HOLDINGS BERHAD issued to Bursa Malaysia Securities Berhad
details on the CALL OPTION DEED ENTERED INTO BY PERMODALAN MBf
SDN BHD, MBf INVESTMENTS PTE LTD WITH WARREN DONALD TURNER AND
EZY PRO CONSULTING SDN BERHAD

Introduction

The Company wishes to make the following announcement for public
release:

(a) On 14 March 2003, MBfH announced that its ultimate wholly
owned subsidiaries namely MBfI Resorts Pty Ltd (MBfIR) and
Wirrina Resort Pty Ltd (Wirrina) in Australia have appointed
Messrs Richard Albarran and Robert Elliot of Hall Chadwick
Chartered Accountants as Administrators of the respective
company on 12 March 2003.

(b) On 5 June 2003, the Company together with MBfIR and Wirrina,
the wholly-owned subsidiary of MBfIR entered into an individual
Deed of Company Arrangement with the Administrators (Deed of
Company Arrangement) to enable the Administrators to make
distributions to creditors in the priority from a pooled fund
referred to in the respective Deeds and to indemnify the
Administrators against any loss, damage, cost, expenses and
interest payments suffered or incurred by them as a result of
any failure of either MBfI and Wirrina to fulfill their
obligations stipulated in the Deed.

(c) Pursuant to the letter from the Administrators dated 26 May
2004, the Administrators have accepted the proposal from Sunset
Cove Developments Pty Ltd ACN 107 430 679 (SCD), a company owned
by Messrs Warren Donald Turner (Turner) which entailed the
following salient terms:

(i) SCD is to arrange for MBfIR and Wirrina to borrow AUD17
million of which AUD14.25 millions to be used to settle MBfIR
and Wirrina creditors by the Administrators;

(ii) SCD will enter into an exclusive Management Agreement with
MBfH for the management of the resort on behalf of MBfIR and
Wirrina;

(iii) SCD is responsible for all the arrangements or
transactions with MBfH in respect of the ownership and debts due
by MBfIR and Wirrina to MBfH and its subsidiaries or its
associates; and

(iv) SCD is to take over all the employees of MBfIR and Wirrina
and responsible for their employees leave entitlements.

On 4 June 2004, a meeting of creditors was held and resolved
that the Deed of Company Arrangement be varied by amending the
repayment dates for the Deed of Company Arrangement to the date
of agreement with SCD.

(d) MBf Investments Pte Ltd (MBfIN), a wholly-owned subsidiary
of Permodalan MBf Sdn Bhd (PM) is the legal owner of all the
shares in MBfIR. Both MBfIN and PM are ultimate wholly-owned
subdiaries of MBfH.

(e) MBfIN, being the sole member of MBfIR has appointed Turner
as the sole director of MBfIR.

(f) Pursuant to (c) above, several agreements were entered into
and were exchanged on 25 June 2004 as:

(i) Call Option Deed between PM, MBfIN and Turner with Ezy Pro
Consulting Sdn Berhad (Ezy Pro) (the Grantee) which involves the
grant by MBfIN to the Grantee a Call Option to purchase all its
issued shares in MBfIR (Shares) at the price of AUD1.00 each.

(ii) A Deed of Assignment of Debt whereby MBfH and certain of
its subsidiaries assigned all of their rights, title and
interest in and to the debt of approximately AUD40 million owed
to them by Wirrina and MBfIR to Ezy Pro in consideration of Ezy
Pro entering into the Call Option Deed with MBfIN.

(iii) A Power of Attorney to appoint SCD as its Attorney to
perform the deal with all the Shares registered in MBfIN's name
in MBfIR pursuant to the Call Option Deed above.

Salient Terms of the Call Option Deed

The salient terms of the Call Option Deed are, inter-alia,
includes:

(a) During the term of the Call Option, PM requires Turner to
ensure that at all times Turner and/or his nominees are the
directors of MBfIN;

(b) The Grantee must obtain the release and payments which
constitute the procuring of finance for MBfIR and Wirrina to
fully discharge and release the securities and guarantees which
MBfIN and MBfH have provided to the Bank of China and in respect
of the indebtedness of MBfIR and Wirrina whose shares are the
object of this Deed ("Call Option Fee") and deliver any
document(s) evidencing this release and payments to MBfIN's
solicitors or MBfIN on the date of the Deed;

(c) In consideration of the Call Option Fee paid in accordance
with the Deed, MBfIN grants to the Grantee (or its Nominee) an
option to purchase all its Shares in MBfIR from MBfIN;

(d) PM shall within seven (7) business days of the date of the
Deed remove all of the current directors and secretaries of
MBfIN and replace them with nominees nominated by Turner;

(e) Whilstsoever the nominees of Turner remain as officers of
MBfIN, MBfIN shall not carry on any business other than holding
the shares in MBfIR;

(f) PM shall not take any action to remove the nominees of
Turner as directors or secretaries of MBfIN;

(g) MBfIN must not sell, transfer, assign or otherwise deal with
its rights and obligations under the Deed without the Grantee's
prior written consent;

(h) After the date of the Deed and during the Call Option
Period, MBfIN must not:

(i) Create, vary or release any interest, right or obligation
affecting the Shares; or

(ii) Borrow any money using the shares as security or create any
mortgage, charge or other encumbrance over the Shares; or

(iii) Sell the Shares,

without the Grantee's prior written consent.

(i) The Grantee (or its Nominee) (the Purchaser) may exercise
the Call Option during the Call Option period commencing at the
time the Call Option Fee is satisfied and ending 5:00 p.m. on
the date 3 years from the date of the Deed (Call Option Period);

(j) The Call Option if exercised,

(i) MBfIN and the Purchaser are regarded as having entered into
a contract;

(ii) Within five (5) business days of the date when the exercise
notice is served, the Purchaser must prepare and execute
necessary share transfer forms for transfer of the Shares as
transferee and give the executed share transfer forms to MBfIN;
and

(iii) Within five (5) business days after the day on which the
Purchaser delivers the share transfer forms to MBfIN pursuant to
(ii) above, MBfIN must execute the share transfer forms as
transferor and return the executed share transfer forms to the
Purchaser.

Information on PM

PM was incorporated in Malaysia under the Companies Act, 1965 on
19 August 1981 and its principal activity is investment holding.
The present authorized share capital of PM is RM26,000,000
ordinary shares of RM1.00 each of which 25,500,000 ordinary
shares have been issued and fully paid-up.

Information on MBfIN

MBfIN was incorporated in Singapore on 8 April 1983 and its
principal activity is investment holding. The present authorized
share capital is S$10,000,000 ordinary shares of S$1 each of
which 8,319,502 ordinary shares have been issued and fully paid-
up.

Rationale for the Transaction

The arrangement would enable the corporate guarantee granted by
MBfH and MBfIN to Bank of China, Sydney branch of approximately
AUD10 million be released.

Financial Effect of the Transaction

The signing of the Call Option Deed and the granting of the
Power of Attorney will result in MBfH losing the management
control and affairs of MBfIN.

The debts due by MBfIR and Wirrina to MBfH and its subsidiaries
companies have been fully provided for in prior years.

Save as disclosed above, the arrangement is not expected to have
any material financial effects on the MBfH Group for the
financial year ending 31 December 2004.

Approvals Required

The arrangement is not subject to the approval of the
shareholders of MBfH and the relevant Governmental authorities.

Directors' and Substantial Shareholders' Interest

None of the Directors, substantial shareholders and/or person
connected to the Directors and/or substantial shareholders, has
any direct or indirect interest in the transaction.

Directors' Recommendation

The Board of MBfH, having considered all aspects of the
transaction, is of the opinion that the transaction is in the
best interest of the Group and the terms and conditions are fair
and reasonable.

Documents for Inspection

The aforesaid Call Option Deed, Deed of Assignment of Debt and
the Power of Attorney may be inspected at the registered office
of MBfH at Level 38, Bangunan AmFinance, No.8 Jalan Yap Kwan
Seng, 50450 Kuala Lumpur within fourteen (14) days from the date
of the announcement pertaining to the transaction.

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


MEDAS CORPORATION: Issues Update On Restructuring Scheme
--------------------------------------------------------
MEDAS CORPORATION BERHAD (Medas) issued to Bursa Malaysia
Securities Berhad an update in relation to the following
proposals:

- PROPOSED CAPITAL RECONSTRUCTION;
- PROPOSED ACQUISITION OF THE EMERALD GROUP;
- PROPOSED EXEMPTION FROM MANDATORY OFFER;
- PROPOSED PRIVATE PLACEMENT;
- PROPOSED DISPOSAL OF MEDAS; AND
- PROPOSED LISTING TRANSFER
(COLLECTIVELY THE PROPOSED RESTRUCTURING SCHEME)

(1) INTRODUCTION

Medas refers to the announcements dated 10 September 2003, 19
November 2003, 8 December 2003, 30 March 2004 and 6 April 2004
in relation to the Proposed Restructuring Scheme.

Avenue Securities Sdn Bhd (Avenue), on behalf of Medas, wishes
to announce that the Securities Commission (SC) and SC on behalf
of the Foreign Investment Committee had vide its letter dated 25
June 2004 (Reference Number: SC/SID1079-CB and SC/ECU/258)
approved the Proposed Restructuring Scheme (save for the
Proposed Exemption from Mandatory Offer, of which details of the
SC's consideration was announced on 30 March 2004) without any
variation subject to the following conditions:-

(i) Gromutual should inform the SC of the actual number of
ordinary shares of RM0.50 each in Gromutal (Gromutual Shares) to
be placed out to meet the public shareholding spread requirement
of Bursa Malaysia Securities Berhad (formerly known as Malaysia
Securities Exchange Berhad) (Bursa Securities) and the details
of the placement exercise;

(ii) Gromutual should disclose the status of utilization of
proceeds from the Proposed Disposal of Medas in its quarterly
and annual reports until such proceeds are fully utlized;

(iii) Moratorium should be imposed on 173,803,978 Gromutual
Shares, which represent fifty per cent (50%) of the
consideration shares issued for the Proposed Acquisition of the
Emerald Group to be received by the vendors of the Emerald
Group, as stipulated under the Policies and Guidelines on
Issue/Offer of Securities (Issues Guidelines).

As such, the relevant shareholders are not allowed to sell,
transfer or assign their shareholdings under moratorium for a
period of one (1) year from the date of listing of Gromtual on
the Main Board of Bursa Securities.

In this regard, the SC has no objection to Gromutual's proposal
to impose the moratorium as set out in Table 1.

(iv) Thirty per cent (30 percent) of the enlarged issued and
paid-up share capital of Gromutual should be held by Bumiputera
investors to be approved by the Ministry of International Trade
and Industry to comply with the National Development Policy
(NDP) requirement after the Proposed Restructuring Scheme;

(v) Avenue / Gromutual should inform the SC of the status of
compliance with the NDP requirement upon completion of the
Proposed Restructuring Scheme; and

(vi) Gromutual should fully comply with the other requirements
of the Issues Guidelines in relation to the implementation of
the Proposed Restructuring Scheme.

(2) EFFECTS OF THE PROPOSED RESTRUCTURING SCHEME ON THE EQUITY
STRUCTURE OF GROMUTUAL

The equity structure relating to Bumiputera, non-Bumiputera and
foreign shareholdings in Medas/Gromutual would change arising
from the implementation of the Proposed Restructuring Scheme, as
set out in Table 2.

(3) OTHER MATTER

The SC has no objection to Medas' proposal for the upliftment of
the condition imposed in the SC's letter dated 28 August 1995,
where the Bumiputera equity interest of Medas upon listing
should be maintained to be at least fifty one per cent (51%).

This announcement is dated 28 June 2004.

For more information click
http://bankrupt.com/misc/medascorporation062904.doc
http://bankrupt.com/misc/medascorp062904.doc


NALURI BERHAD: Issues Update On Proposals
-----------------------------------------
Naluri Berhad issued to Bursa Malaysia Securities Berhad an
update in relation to the following proposals:

(i) Proposed capital restructuring comprising a proposed capital
repayment, proposed share premium account utilization and
proposed share premium set-off (proposed Naluri Capital
Restructuring Scheme)

(ii) Proposed subscription of new ordinary shares of RM1.00 each
in Sriwani Holdings Berhad (SHB) (new SHB shares) and certain
new irredeemable convertible preference shares known as ICPS-a
(proposed SHB subscription)

(iii) Proposed acquisition of certain ordinary shares of RM1.00
each in SHB (SHB shares) and certain irredeemable convertible
preference shares of RM0.10 each in SHB from certain financial
institutions, certain trade creditors of SHB and Malaysia
Airports (Sepang) Sdn Bhd (proposed SHB securities acquisitions)

(iv) Proposed acquisition of certain properties from certain
subsidiaries of SHB (proposed SHB property acquisition)

(v) Proposed acquisition by Naluri of 100 percent equity
interest in United Industries Sdn Bhd (UISB), 100 percent
effective equity interest in United Vehicles Industries Sdn Bhd
(UVISB), 92.772 percent effective equity interest in United
Filter Sdn Berhad (UFSB) and 70 percent equity interest in
United Sanoh Industries Sdn Berhad (USISB) (proposed UI group
acquisition)

(vi) Proposed utilization of Malaysia Airline System Berhad
(MAS) proceeds

Hereinafter collectively referred to as the Proposals

Reference is made to our announcements on behalf of Naluri on 27
May 2004 and 14 June 2004 in relation to, inter alia, a Writ of
Summons and Statement of Claim, and an Originating Summons and
Affidavit, respectively, which were served on, inter alia,
Naluri and the Special Administrators of Naluri (SAs).

Aseambankers Malaysia Berhad (Aseambankers), on behalf of
Naluri, wishes to announce that Naluri and the SAs had on 25
June 2004 filed and served an Affidavit In Reply to oppose the
Originating Summons. The hearing of the Originating Summons on
28 June 2004 has been postponed to 10 August 2004 to enable the
Plaintiff to reply to the Defendants' affidavits.

Naluri and the SAs had also on 25 June 2004 filed and served a
defence to the Statement of Claim.

This announcement is dated 28 June 2004.


PUNCAK NIAGA: Shares Reached RM2.74 On News Of Privatization
------------------------------------------------------------
Puncak Niaga Holdings Berhad shares climb 20 sen higher to
RM2.74 for news on its privatization deals with the Federal
government is most likely to be finalized, according to Bernama,
citing market experts.

"However, investors will be watching for further developments as
to the privatization deals pending no firm announcement from the
government yet," the market expert said.


PWE INDUSTRIES: SC Rejects Proposed Corporate Restructuring
-----------------------------------------------------------
PWE Industries Berhad refers to the previous announcements of
PWE Industries Berhad (PWE) dated 16 July 2003, 10 October 2003
and 20 January 2004 and 16 February 2004 in relation to the
Proposed Corporate Restructuring.

On behalf of PWE, we wish to announce that the Securities
Commission (SC) has vide its letter dated 25 June 2004 informed
that in considering the Proposed Corporate Restructuring of PWE,
the SC had taken note of certain issues which give rise to
concerns to the SC on the suitability of the Bintang Bulk Mover
Sdn Bhd (BBMSB) and its group of companies (BBMSB Group) to be
listed indirectly via Bintang Mover Berhad (BMB), as follows:

(i) The delay in the submission of the relevant income tax
returns by the BBMSB Group to the Inland Revenue Board for the
previous years of assessment, the outstanding tax liabilities of
the BBMSB Group, the imposition of tax penalties on the BBMSB
Group and the delay in making full contribution to the Employees
Provident Fund by BBMSB prior to 2003, reflect a weak level of
corporate governance.

(ii) The deterioration of the construction sector and therefore
the cement industry which will have negative effects on the
business of BBMSB and the difference between the profit after
taxation of BBMSB (being the core company within the BBMSB
Group) as per the management accounts for the financial year
ended 28 February 2004 and that as forecasted, create doubt as
to the future performance of the BBMSB Group.

(iii) Any loss or reduction in the business from Lafarge Malayan
Cement Berhad (Lafarge), a main customer of BBMSB, will result
in adverse effects on the business and financial performance of
BBMSB, should it fail to expand its customer base.

(iv) Mr. Yap Hock Sing and Mr. Yap Hock Tian, the promoters of
BBMSB, have not proposed to dispose of their present interest in
all other transportation companies, which would result in
potential conflict of interest between the companies within the
BBMSB Group and those transportation companies owned by them.

After given due consideration and taken into account the above
issues, the SC has decided not to approve the Proposed Corporate
Restructuring of PWE.

Following the decision by the SC on the Proposed Corporate
Restructuring Scheme of PWE, the Board of Directors of PWE is
presently deliberating on the next course of action to be taken.
The Company shall announce any further development in due
course.

This announcement is dated 28 June 2004.


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

The company wishes to announce that the it has been notified on
28 June 2004 of the following dealing by Selvam N @ Gerard a/l T
N Nathan, a Principal Officer of the Company pursuant to
Paragraph 14.09 (a) of the Listing Requirements of Bursa
Malaysia:

(i) That he has disposed in the open market of the Bursa
Malaysia, 50,000 shares of 7.5 pence each in Tanjong
representing 0.012 percent 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.


WING TIEK: To Be Removed From Bursa Malaysia Official List
----------------------------------------------------------
In a disclosure made to Bursa Malaysia Securities Berhad, Wing
Tiek Holdings Berhad announced the admission of JAKS Resources
Berhad (JAKS) to the official list in place of Wingtek.

(i) Acquisition by JAKS from Dato' Jamian bin Mohamad, Ang Ken
Seng and Ang Lam Poah of 2,000,000 ordinary shares of RM1.00
each, representing the entire issued and paid-up share capital
of JAKS Sdn Bhd, for a purchase consideration of RM208.0
million, satisfied by the issuance of 208.0 million new ordinary
shares of RM1.00 each in JAKS (JAKS Share(s)) at par;

(ii) Acquisition by JAKS from Ang Ken Seng and Ang Lam Poah of
700,000 ordinary shares of RM1.00 each, representing 70.0
percent equity interest in Pipe Technology System Sdn Bhd, for a
purchase consideration of RM12.0 million, satisfied by the
issuance of 12.0 million new JAKS Shares at par;

(iii) Disposal by WINGTEK to JAKS of 9 pieces of freehold land
and buildings for a total purchase consideration of RM75.0
million, satisfied by the issuance of 40.0 million new JAKS
Shares at par and RM35.0 million nominal value of Redeemable
Convertible Secured Loan Stocks-B 2004/2011 (RCSLS-B) at 100
percent of its nominal value (WINGTEK Land Acquisition);

(iv) Disposal by WINGTEK to JAKS of 45,912 738 ordinary shares
of RM1.00 each, representing approximately 98.05 percent equity
interest in Wing Tiek Steel Pipe Sdn Bhd (WTSP) for a total cash
consideration of RM1;

(v) Scheme of arrangement between WINGTEK, its shareholders and
JAKS under Section 176 of the Companies Act, 1965 whereby the
entire issued and paid-up share capital of WINGTEK of 68,081,700
ordinary shares of RM1.00 each (WINGTEK Shares) (none of the
17,076,300 outstanding warrants were exercised) were exchanged
for 8,510,070 new JAKS Shares on the basis of 1 JAKS Share for
every 8 ordinary shares of RM1.00 each in WINGTEK;

(vi) Settlement and compromise repayment of the debts amounting
to a total of RM679.449 million owing by WINGTEK and certain of
its subsidiary companies namely, Wing Tiek Metal Industries Sdn
Bhd, Wing Tiek Ductile Iron Pipe Sdn Bhd, Wing Bee Hardware Sdn
Bhd, Victory Skyline Sdn Bhd (collectively WINGTEK Companies)
and WTSP to their respective scheme creditors under schemes of
arrangement pursuant to Section 176 of the Act by the following:

(a) RM35.0 million nominal value of RCSLS-B and 40.0 million new
JAKS Shares received by WINGTEK pursuant to the WINGTEK Land
Acquisition;

(b) RM60.0 million nominal value of Redeemable Convertible
Secured Loan Stocks-A 2004/2011 (RCSLS A) issued at 100% of its
nominal value to be issued by JAKS; and

(c) 35.0 million new JAKS Shares at par;

(vii) Transfer of WINGTEK's listing status on the Main Board of
the Bursa Malaysia Securities Berhad (Bursa Malaysia Securities)
to JAKS; and

(Collectively to be referred to as the Corporate and Debt
Restructuring Scheme)

Kindly be advised that WINGTEK which is an affected listed
issuer pursuant to Practice Note No. 4/2001 will be removed from
the Official List of Bursa Malaysia Securities following the
completion of WINGTEK's Corporate and Debt Restructuring Scheme.
JAKS will be admitted to the Official List of Bursa Malaysia
Securities in place of WINGTEK with effect from 9.00 a.m.,
Thursday, 1 July 2004.

In this connection, JAKS' entire issued and paid-up share
capital of RM303,510,072 comprising 303,510,072 ordinary shares
of RM1.00 each arising from the aforesaid Corporate and Debt
Restructuring Scheme will be admitted to the Official List of
Bursa Malaysia Securities, and the listing and quotation of
JAKS' ordinary shares on the Main Board under the "Construction"
sector will be granted with effect from 9:00 a.m., Thursday, 1
July 2004, on a "Ready" basis pursuant to the Rules of the Bursa
Malaysia Securities.

An additional 78,410,343 new JAKS Shares arising from the
conversion of RM51,002,360 RCSLS-A and RM27,407,983 RCSLS-B will
also be granted listing and quotation with effect from 9.00
a.m., Thursday, 1 July 2004.

The Stock Short Name, Stock Code and ISIN Code of JAKS are JAKS,
"4723" and "MYL4723OO002".

The reference price for JAKS' ordinary shares is RM1.00 and the
trading limit will be 500 percent.

Kindly be advised that the JAKS' ordinary shares are prescribed
securities. Dealings in the aforesaid securities shall be
carried out in accordance with Securities Industry (Central
Depositories) Act, 1991 and the Rules of Bursa Malaysia
Depository Sdn Bhd.

Kindly also be reminded that only free securities can be
utilized for settlement of trades involving the aforesaid
ordinary shares.


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


ASIAN CAPITAL: PhP21.52M In Payables Still Vague
------------------------------------------------
Troubled brokerage firm Asian Capital Equities (ACE) will likely
not be able to settle the PhP21.52 million in cash claims being
pursued by investors, ABS-CBN News reports.

ACE's cash for distribution is only PhP1.25 million and there
are still PhP9.87 million in total receivables from customers.  
The total cash liabilities that cannot be settled from cash and
receivables amounted to PhP10.39 million, the PSE said.

The mode of cash distribution will be taken from ACE's bank
accounts to clients on the basis of ratio and proportion.  The
PSE has already sent demand letters to International Exchange
Bank (iBank) and Equitable PCI Bank for release of the bank
proceeds.

IBank has already agreed to put on hold the proceeds of the
Asian Capital's existing account, but will only release it after
it receives a PSE order. Equitable-PCI Bank, for its part, has
said it will not turn off the proceeds from the bank account
since it has already applied the proceeds against all of the
bank's existing claims against Asian Capital. The claims would
be established using the records of Asian Capital and actual
submissions made by clients.

The PSE has also asked the Philippine Central Depository Inc.
(PCD) and Securities Clearing Corp. to turnover all securities
and monies due and payable to ACE.  All named certificates would
be released to the named customers and all securities in the PCD
vault would be distributed on the basis of ration and proportion
to all clients making claims on the particular security.  

The commission en banc last week approved in principle the PSE's
procedure for the validation and settlement of claims against
Asian Capital. "We find this to have covered the relevant
validation procedures that would provide us the assurance the
PSE will, among others, validate customer claims and establish
the claimants' identities and authority to receive or settle the
claim," the SEC said, according to the ABS-CBN news report.

However, the SEC said the total deficiency in securities
couldn't be measured in monetary terms because the claims vary
from one client to another, stock prices change daily and
settlement would be done through distribution of shares.

The firm's securities can be used to settle monetary claims of
clients, but only after all legitimate and established claims
have been settled, the SEC said.

Asian Capital president Francisco Borromeo is already the
subject of a criminal complaint filed with the Department of
Justice for fraudulent business transactions in the operations
of the brokerage house. Among other things, Mr. Borromeo
allegedly authorized and used fictitious accounts, engaged in
fictitious trades, sold clients' securities without their
knowledge and consent and fabricated records and reports
submitted to the SEC, in order to meet the required net capital
requirements.

As a result, Asian Capital's net worth stood at negative PhP65
million, although it had an excess net capital of PhP3.7
million. Without a subordinated loan worth PhP77 million, the
firm's net capital deficiency actually amounted to PhP73.55
million.

The Securities and Exchange Commission through the Philippine
Stock Exchange has directed Asian Capital to distribute cash and
securities to its clients before the end of June.


C&P HOMES: Capital Restructuring Efforts Hit Snag
-------------------------------------------------
In a statement to the stock exchange, low-cost property
developer C&P Homes said disagreement with creditor banks has
caused its capital restructuring proposal to barely move forward
after almost a year of negotiations, reports BusinessWorld.

"There has been no development relating to the aforementioned
reverse stock split as of the date hereof. To date, the company
and its creditors have not concluded any agreement on the
restructuring of the company's debts and the new par value of
the company's common shares has not been fixed," the firm told
the exchange.

As of March 31, C&P's bank loans stood at PhP830 million, its
loans and notes payable at PhP128 million and its commercial and
floating rate notes at PhP10.185 billion.

However, C&P still expressed optimism that its move to clean up
its books will proceed despite the difficulty in garnering the
approval of creditors. "The board has not formally passed any
resolution shelving the subject corporate act or indefinitely
postponing the implementation of the same," it said.

Under its plan to amend its articles of incorporation to
accommodate changes in its capital structure, C&P will increase
its authorized capital stock to PhP15 billion from PhP5 billion.


MAYNILAD WATER: Drawdown Compels Benpres To Honor Guarantees
------------------------------------------------------------
If the government withdraws the US$120 million bond performance
posted by Maynilad Water Services Inc., banks may pursue Benpres
Holdings Corp., the Philippine Star reports.

If a drawdown happens, it would be up to the banks to go after
Benpres, Maynilad's principal that paid for the bond. Benpres
would be compelled to honor the guarantees it made when the
franchise was first awarded because the compromise agreement for
Maynilad's reorganization and rehabilitation has not been
approved for implementation.

The government would be spared from paying the PhP4 billion
termination fee to Maynilad since the franchise would remain
active despite the MWSS takeover. It would only be required to
pay the said amount if the franchise would be returned to MWSS.

The Supreme Court ruling on Monday allowing MWSS to draw the
entire amount did not indicate termination of the franchise,
sources said.

MWSS would be taking over Maynilad but the franchise would
remain a live contract even throughout its rehabilitation, the
sources added. This means that Maynilad would continue to exist
as an entity and hold the franchise, a top official privy to the
ongoing negotiations said.

The official added that MWSS would also be free to use the
proceeds of the performance bond as it pleases.

MWSS said Maynilad's unpaid concession fees has now reached
US$180 million as of May 31, 2004, and that the US$120 million
bond issuance would not be enough as payment.

The concession fees are supposed to go into paying off loans
acquired by MWSS to finance the rollout of existing water
facilities in Maynilad's franchise area.


MAYNILAD WATER: Government To Begin Takeover Review
---------------------------------------------------
The National Economic and Development Authority (NEDA) said it
has finally received Friday from the Manila Water Sewerage
System (MWSS) the documents needed by the agency to start
reviewing the terms of the government takeover of Maynilad Water
Services, Inc., reports BusinessWorld, citing NEDA Director-
General Romulo L. Neri.

"We got a formal endorsement from MWSS last Friday and we'll
need a little time to process [the terms of the deal]," Mr. Neri
said. In his estimate, the review, which has been delayed for
weeks, may take a month to complete.

As the deal involves a government guarantee, NEDA is duty-bound
to dissect its terms, Mr. Neri said. NEDA's technical board will
be reviewing the deal, with the agency's Investment Coordination
Committee evaluating it afterwards, then the NEDA Board, which
is chaired by the President of the Philippines.

Mr. Neri also gave the assurance that NEDA will try to come up
with a "win-win" recommendation on the Maynilad takeover. "Our
foremost concern is to protect government finances here in the
light of the Supreme Court decision and also to ensure the water
supply of Maynilad. We will try to come up with a solution that
is fair to everybody," he said.


MULTINATIONAL TELECOM: SEC Calls For Consolidation of Cases
-----------------------------------------------------------
In order to avoid confusion in the distribution of the assets of
Multinational Telecommunications Investors Corp. (Multitel), the
Securities and Exchange Commission said the two court cases
being faced by the pseudo-investment firm should be
consolidated, relates BusinessWorld, citing SEC chair Lilia R.
Bautista.

According to Ms. Bautista, the Multitel cases filed separately
at the Makati and Muntinlupa courts should be consolidated under
one receiver. "SEC supports the view that there should only be
one receiver. I think the receiver now here in Makati, appointed
by Makati earlier and the receiver appointed by Muntinlupa
should get together," she said.

The Multitel receiver in the pending case at the Makati court is
Teodoro Eusebio, who had recommended that all claims against
Multitel, its owner Rosario Baladjay, and other corporations and
entities affiliated with the firm be compiled and validated.
Judge Sixto Marella Jr. subsequently approved Mr. Eusebio's
recommendation.


NATIONAL POWER: Protest Greets News of Planned Rate Hike
--------------------------------------------------------
The Quezon City office of the National Power Corporation
(Napocor) was picketed Monday by militant groups denouncing the
troubled power firm's plans to increase its rates, The
Philippine Star reports.

According to the Freedom from Debt Coalition (FDC), the
impending rate increase of PhP1.87/kWh, which is 80 percent
higher than Napocor's current basic power generation rates, is
on top of the recently-approved rate adjustment of both the
Manila Electric Company (Meralco) and Napocor amounting to a
total of 30-centavo increase starting next month.

"Government officials say the rates increase is aimed at making
the power industry attractive to investors who have allegedly
been hesitant to enter the industry because of supposedly
artificially low and therefore uncompetitive rates. The rates
increase applied for by Napocor and PSALM is at the prodding of
ADB and WB - major architects of and lenders to the
privatization of the power industry in the Philippines and in
other countries," FDC said in a statement.

The electricity rate in the Philippines is the fourth highest in
the world, the group noted.

Napocor and Power Sector Assets and Liabilities Management Corp.
(PSALM) have petitioned the Energy Regulatory Commission (ERC)
for a PhP1.87/kWh increase last June 22. This proposed rate
increase is said to be the highest rate increase petition in
recent years.


PICOP RESOURCES: To Build PhP200M Power Plant To Boost Profit
-------------------------------------------------------------
In its bid to cut operating costs and improve profitability,
paper maker and timber giant Picop Resources, Inc. will put up
this year a PhP200-million power facility in its manufacturing
plant in Bislig, Surigao del Sur, BusinessWorld reveals.

"We have three existing power facilities at the moment but we
need to rehabilitate these. We will be spending about PhP200
million and start on the project in the third or fourth quarter
of the year," Picop president Teodoro G. Bernardo said.

The plan to build another power plant was prompted by the
continued rise in local electricity costs. "The National Power
Corp. has announced that it will raise generating costs by
PhP1.87 per kilowatt-hour and that will affect us," he said.

Picop, the country's second-largest paper producing firm, posted
a net loss of PhP274 million last year despite improved
production efficiency. Last year's figure, though, is
substantially lower than the PhP604-million loss it suffered in
2002.

Given the continued increase in local demand for paper products
and the improved efficiencies in production, Picop expects to
post a turnaround in the third or fourth quarter of 2005.


VITARICH CORPORATION: Issues Clarification to News Article
----------------------------------------------------------
Vitarich Corp. issued to the Philippine Stock Exchange a
clarification to the news article entitled "Vitarich eyes
turnaround after 4 years of losses" published in the June 28,
2004 issue of the Philippine Star.  The article reported that:

"Vitarich chairman and chief executive officer Rogelio Sarmiento
said the company is looking at a net income of PhP50 million
this year compared to a net loss of PhP471.93 million in 2003.  
Mr. Sarmiento said Vitarich is also targeting revenues of PhP4.5
billion by yearend as it expects its feeds operations to
contribute 50 percent to total sales.  For the first four months
of the year, sales of Vitarich reached PhP1.5 billion."

Vitarich Corp. in its letter dated June 28, 2004, disclosed
that:

"The company confirms the veracity of the statements made by our
Chairman of the Board, Mr. Rogelio M. Sarmiento, as contained in
the published article.  He made these statements in response to
the queries of news reporters during the stockholders' meeting
held last Friday, June 25, 2004."


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


CMD MEDIA: Must Submit Claims by July 25
----------------------------------------
The creditors of CMD Media (Singapore) Pte Ltd, which is being
wound up by Special Resolutions of members on June 21,2004, are
required on or before July 25, 2004 to send in their names and
addresses of their solicitors (if any) to the undersigned, the
Liquidators of the said Company, and, if so required by notice
in writing from the said Liquidators, are by their solicitors,
or personally, to come in and prove their said debts or claims
at such time and place as shall be specified in such notice or
in default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

CHIA SOO HIEN
NG GEOK MUI
Liquidators.
c/o BDO International
5 Shenton Way
#07-00 UIC Building
Singapore 068808.

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


CUTTING HOUSE: Issues Notice of Intended Dividend
-------------------------------------------------
The Cutting House Asia Pte Ltd released this dividend notice:

Name of Company: The Cutting House Asia Pte Ltd.
Address of Registered Office: Formerly of 261 Waterloo Street
#03-08 Singapore 180261.
Court: High Court, Singapore.
Number of Matter: Companies Winding Up No. 118 of 1999.
Last Day for Receiving Proofs : 9th July 2004.
Name & Address of Liquidator : The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
Dated : 25th June 2004.
KAMALA PONNAMPALAM
Assistant Official Receiver.


ENG HENG: Faces Winding Up Petition
-----------------------------------
NOTICE IS HEREBY GIVEN that a Petition for the winding up of ENG
HENG NOODLE FACTORY PTE LTD by the High Court was, on the 15th
day of June 2004,presented by Prima Ltd, a company incorporated
in Singapore and having its registered office at 201 Keppel
Road, Singapore 099419, a creditor, and that the Petition is
directed to be heard before the Court sitting at the High Court,
Singapore at 10.00 a.m., on the 9th day of July 2004; and 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 the hearing by himself or his counsel for that purpose;
and a copy of the 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 for the same.

The Petitioner's address is 201 Keppel Road, Singapore 099419.

The Petitioner's solicitors are Messrs David Lim & Partners of
50 Raffles Place, #17-01 Singapore Land Tower, Singapore 048623.

Messrs DAVID LIM & PARTNERS
Solicitors for the Petitioner.

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to Messrs David Lim &
Partners, notice in writing of his 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, 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 abovenamed not later than 12.00 o'clock noon of the
8th day of July 2004 (the day before the day appointed for the
hearing of the Petition).


INFORMATICS HOLDINGS: Warns of Higher Losses
--------------------------------------------
Troubled Singapore-based Informatics Holdings Ltd. (I03.SG) says
its audited losses are expected to be substantially higher than
the SGD20.6 million (USD1=S$1.708) loss it reported on April 30,
Dow Jones reports.

In a statement to the Singapore exchange, the tertiary education
provider, which mainly operates in Singapore and Malaysia, said
it will announce on June 30 its revised report for the year
ended March 31, 2004, which will show a wider loss due to
increased provisions in accounts receivables.

Informatics is at the center of a scandal that began in mid-
April when it admitted it has overstated profits and understated
costs for the nine months ended December 2003 in its quarterly
financial statement.

PricewaterhouseCoopers (PWC.XX), which is currently conducting a
probe on the firm separate from that of the Singapore Commercial
Affairs Department, is slated to report its findings to
Informatics' audit committee by mid-July.

Informatics also said it had implemented remedial action,
including adopting "consistent revenue recognition" and "strict
adherence to the group's accounting policies" as recommended by
its auditors, Ernst & Young LLP (EYG.XX).

Ernst and Young, which investigated and cleared Informatics'
senior management of wrongdoing, retracted its findings last
week on the same day chief executive Ong Boon Kheng resigned.
Informatics said two or three new independent directors will be
named at its extraordinary general meeting on July 9.


INFORMATICS HOLDINGS: Challenges PWC's Findings
-----------------------------------------------
Singapore-based tertiary education provider Informatics Holdings
challenged some aspects of PricewaterhouseCoopers' (PWC.XX)
report that delve into the firm's accounting and management
decisions, Dow Jones reported, citing Business Times.

PWC, hired by Informatics' audit team as external investigator,
released its findings Monday and highlighted three adjustments,
which may potentially increase Informatics' losses. The reports
state that the SGD400,000 revenue from its internal students
coming to Singapore (ISR) was incorrectly recognized in the
fourth quarter of fiscal 2004. It also stressed possible
adjustments on "Pathfinder" franchise deals worth SGD2.6
million, and possible additional provision needed for SGD15.6
million worth of old debts.

PWC revealed in the report that the firm did not keep proper
documentation as proven by the absence of management meeting
minutes and some franchise agreements were signed only by
applicants, not by Informatics itself.

Issues about the company's Pathfinder franchise deals arose,
saying that while the franchise fees are to be paid in
installments, Informatics booked 70 to 90 percent of the
franchise value as revenue on receipt of first installment,
which represents 10 to 20 percent of the contract value.

PWC also noted that Pathfinder was more interested in finding
another party to buy the franchise than operating the franchise
itself, adding that they acted more like agents.

Informatics, however, refutes the findings, saying that the
recognition of ISR profit merely continued with existing policy
and that there's no truth to the issue about Pathfinders acting
more like agents than franchisees.

The firm said it encountered franchisees who signed up but did
not start operations. "In such instances, provisions would be
made when the franchisees are being terminated."

Earlier, Informatics warned that its audited net loss ended
March 31, 2004 is likely to be wider than the reported SGD20.6
million loss.


KEARNS PRIVATE: Faces Winding Up Proceedings
--------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Kearns Private Limited by the High Court was on May 28, 2004,
presented by N.M.K. PRODUCTS & AGENCIES LANKA (PVT) LTD (RC No.
UNKNOWN), a business incorporated in Sri Lanka and having its
registered office at 18-B, Alfred Place, Colombo-3, Sri Lanka, a
creditor. The said Petition is directed to be heard before the
Court sitting at the High Court of Singapore at 10.00 a.m. on
July 2, 2004.

Any creditor or contributory of the said Company desiring 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 Company requiring the copy of
the Petition by the undersigned on payment of the regulated
charge for the same.

The Petitioner's address is at 18-B, Alfred Place, Colombo-3,
Sri Lanka.

The Petitioner's Solicitors are Messrs LESLIE YEO & ASSOCIATES
of No. 133 Cecil Street, #11-01 Keck Seng Tower, Singapore
069535.

LESLIE YEO & ASSOCIATES
Solicitors for the Petitioner.

Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the Petitioner's
solicitors, Messrs Leslie Yeo & Associates, notice in writing of
his intention to do so. The notice must state the name and
address of the firm, and must be signed by the person, 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 twelve o'clock noon on July 1, 2004
(the day before the day appointed for the hearing of the
Petition).

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


ORTHOPAEDIC SPINE: Creditors To Submit Claims on July 26
--------------------------------------------------------
Notice is hereby given that the creditors ORTHOPAEDIC SPINE AND
HAND SURGERY PTE LTD of which is being wound up voluntarily, are
required on or before July 26, 2004 to send in their names and
addresses with particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the
Liquidators at 1 Scotts Road, #21-07/08/09 Shaw Centre,
Singapore 228208 and, if so required by notice in writing from
the said Liquidators are, by their solicitors or personally, to
come in and prove their said debts or claims at such time and
place as shall be specified in such notice, or in default
thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

Mdm CHIA LAY BENG
Mdm GOH WEI LING
(Liquidators).


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


THAI PETROCHEMICAL: Prachai Junks Buyback Of $670M Shares
---------------------------------------------------------
Thai Petrochemical Industry PCL (TPI) founder Prachai
Leophairatana rejected an offer to buy back shares from
creditors amounting to $670 million, Business Day reports.

Mr. Prachai said he does not have that large an amount to
purchase the shares, but if the transaction is made in his
company's name and the Ministry of Finance appoints him as the
team's administrator, then funds for the share buy back could be
raised.

According to Mr. Prachai's debt restructuring proposal,
creditors' debts will be converted into equity at 20 baht per
share, thus enabling TPI to raise fresh funds between THB120
billion and THB130 billion.

"TPI could buy back shares from creditors at 20 baht per share
plus interest rates," said Mr. Prachai. "This is the best
solution for TPI's debt, given that creditors will be able to
get all their debts re-paid.

The debtors themselves will be able to continue running TPI
until it shows healthy operating results and strong growth
prospects," said Mr. Prachai.

The current administrators' debt restructuring plan allows a
conversion to creditors' debts at three baht per piece.  As
such, the proposed debt-to-equity conversion plan, if
implemented, could generate only a small amount of fresh funds,
which will not be enough to retire all of TPI's debts.

TPI will use the proceeds to refinance part of the $2.95 billion
existing debt and reduce it to $500 million, said Prachai. This
way, TPI will be able to redeem the remaining debt over the next
two to four years through annual operating results, said
Prachai.

Mr. Prachai said the fact that TPI has a combined cash flow of
THB38 billion only proves that he did not embezzle the company's
funds for personal use.


                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
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Copyright 2004.  All rights reserved.  ISSN: 1520-9482.

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