TCRAP_Public/040701.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Thursday, July 1, 2004, Vol. 7, No. 129

                            Headlines

A U S T R A L I A

ADSTEAM MARINE: Sells Non-Core Assets For A$9M
NEBRU GROUP: Receivers to Take Charge
PRIMELIFE CORPORATION: Shares Plunge on Write-offs
QANTAS AIRWAYS: Passenger Numbers Up 3.7% In May
WOODSIDE PETROLEUM: Terminates Kipper Field Sale


C H I N A  &  H O N G  K O N G

BEP INTERNATIONAL: Releases Profit Warning
CHANNEL MASTER: Faces Winding Up Proceedings
CHINA CONSTRUCTION: To Transfer Bad Debts to Cinda
CHINA MERCHANTS: Releases Notice On Connected Deal
HANG SENG: Gets US$50M QFII Quota in China


I N D O N E S I A

BANK PERMATA: Jamsostek Eyes Stake Bid
LONDON SUMATRA: To Issue Bonds Upon Refinancing Completion
PERTAMINA: Minister Denies IDR75M Salary
SEMEN GRESIK: Trading Suspended by Indonesia Bourse


J A P A N

MATSUSHITA ELECTRIC: U.S. Unit Names New CEO
MITSUBISHI FUSO: Posts JPY894B 2003 Net Sales
MITSUBISHI FUSO: Begins Radical Quality Issue Clean Up
MITSUBISHI FUSO: Unveils Full Support by Parent DaimlerChrysler
MITSUBISHI MOTORS: Issues Current Status of Recalls

MITSUBISHI MOTORS: Wants More Funds
MITSUBISHI MOTORS: May Seek Tax Breaks
MITSUBISHI MOTORS: June Sales Down 39%
TOSHIBA CORPORATION: Unveil Terms of Convertible Bonds


K O R E A

HYNIX SEMICONDUCTOR: Shares Up After STMicro Confirms JV Talks
KOOKMIN BANK: Clarifies Taiwanese Bank Acquisition Report
LG CARD: Aims to Post More Profits Next Year
SSANGYONG MOTOR: Creditors May Sign MOU This Month


M A L A Y S I A

AYER MOLEK: All Resolutions Approved During AGM   
BERJAYA SPORTS: BMSB To Grant Listing Of 52,000 New Shares  
DISCCOMP BERHAD: Ordinary Resolutions Approved During AGM
FEDERAL FURNITURE: Resolutions Unanimously Passed During AGM
GENERAL SOIL: Proposed Restructuring Scheme Still Pending

GULA PERAK: 56,200 New Shares To Be Listed At Bursa Malaysia  
HAP SENG: Details Shares Buyback  
JIN LIN: Details Proposed Restructuring Scheme
KILLINGHALL BERHAD: No Intention Of Selling Southern Bank Shares  
LONG HUAT: Issues Clarification To News Article

NALURI BERHAD: Updates Proposed SHB Acquisition   
PAN MALAYSIA: Issues Update On Case Filed By MUI   
PRINSIPTEK CORPORATION: Replies To Bursa Malaysia Query  
PUNCAK NIAGA: MARC Assigns Negative Outlook
PWE INDUSTRIES: Resumes Trading of Shares

SIN HENG: All Resolutions Passed During Meeting
SIN HENG: Issues Update On Proposed Revised Scheme
SRI HARTAMAS: Unit Enters Into Voluntary Liquidation   
SRIWANI HOLDINGS: Issues Update On Proposals  
SUBANG JAYA: Enters Into Voluntary Liquidation  

SUNWAY HOLDINGS: Issues Update On SunCon Shares  
TANJONG PUBLIC: Sees Possible Sale Of LPG Business By September
TANJONG PUBLIC: Receives Notification On Listing Requirements  
TANJONG PUBLIC: BMSB To Grant Listing of 791,000 New Shares
UTUSAN MELAYU: Issues Update On Civil Suit   


P H I L I P P I N E S

ABS-CBN BROADCASTING: To Expand Australia, Asia Ops
BENPRES HOLDINGS: Clarifies News Article
MANILA ELECTRIC: Urged To Help Soften Power Rate Hike Impact
NATIONAL POWER: Govt Launches US$250M Debt Sale For Power Firm
NATIONAL POWER: IMF OK With Govt Debt Absorption Plan

PHILIPPINE LONG: Declares Cash Dividend During Board Meeting
PICOP RESOURCES: Unveils Result of Annual Stockholders' Meeting

* Fitch Threatens RP With Ratings Downgrade


S I N G A P O R E

ECOWISE HOLDINGS: Ecowise H1 net slips into red
INFORMATICS HOLDINGS: Share Price Dives 6% After PWC Report
KINDERWORLD EDUCARE: Winding Up Hearing Slated for July 9
METRO HOLDINGS: Holds Annual General Meeting on July 16
NOVENA HOLDINGS: May Post 1H Net Loss

ROMANICUS COMPUTER: Creditors to Submit Claims by July 26
SELCO SLAVAGE: Issues Notice of Dividend


T H A I L A N D

THAI PETROCHEMICAL: Administrators To Scrap Share-Swap Plan

     -  -  -  -  -  -  -  -  

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


ADSTEAM MARINE: Sells Non-Core Assets For A$9M
----------------------------------------------
Adsteam Marine Limited announced the sale of its interest in the
non-core tug barging business in New Zealand and its stevedoring
interests in Australia.

In a press release, Adsteam Marine owned 50 percent of Sea-Tow
Ltd, a tug barging operator based in Auckland, New Zealand.
Adsteam and its partner, Northland Port Corporation, have each
sold their respective 50% interests in Sea-Tow as part of a
management buyout of the company.

Adsteam Marine's interest in stevedoring was via its one-third
interest in Oversea & General Stevedoring Co. Pty Ltd, which
owns 50% per cent of Northern Shipping & Stevedoring Pty Ltd, a
stevedoring business based in Townsville, Queensland.

Adsteam Marine has sold half its interest in the company to each
of the other shareholders of Oversea & General.

John Moller, Managing Director of Adsteam Marine said, "The sale
of these interests is part of our strategy to divest non core
businesses so we can focus on our core ship assist business."

Total proceeds from the sales were approximately A$9 million.

This was in line with management expectations and in excess of
the book value.

The proceeds will be used to repay borrowings.

For further information, please contact:
Paula Wilson
Adsteam Marine Limited
02 9369 9257 / 0419 489959


NEBRU GROUP: Receivers to Take Charge
-------------------------------------
The Nebru beef group has been placed in receivership by its
major creditor, Rabobank, seven months after winning a national
business award sponsored by the global rural lender, The Age
reports.

Mr. Martin Jones and Mr. Darren Weaver of Ferrier Hodgson were
appointed co-receivers to the Nebru feedlot and abattoir
operations earlier this month to protect Rabobank's exposure to
the group. The group's assets included the Three Springs feedlot
and farm and the Mandurah abattoir.

Mr. Jones said creditors were owed about $25 million in total.


PRIMELIFE CORPORATION: Shares Plunge on Write-offs
--------------------------------------------------
Shares in Primelife Corporation Limited plunged after the
company told the market Monday it might have to make write-offs
and losses of about $60 million and engage in a significant
capital raising, the Australian reports.

Company shares closed 26 cents, or 17.22 percent, lower at $1.25
on Tuesday, after sinking as low as $1.08.

Primelife, which provides aged care facilities for more than
7,000 people, said that under the previous management, it had
operated on a basis and corporate culture that was unsustainable
and unacceptable.

Managing director Jim Hazel, who was appointed in March this
year, is leading a review of the company. Accounting write-offs
would be required in response to the review.


QANTAS AIRWAYS: Passenger Numbers Up 3.7% In May
------------------------------------------------
Qantas Airways Limited announced a 3.7 percent increase in
passenger numbers for the year to May compared with the same
period in 2003, according to Travelbiz.com.

The airline said revenue per passenger kilometer was up 4.2
percent.

The airline has announced plans to base some 400 of its flight
attendants in London as it strives to cut costs and improve
operating efficiencies, the TCR-AP reported in its 124th
edition. The move would cut annual costs by around A$18 million
a year through rostering efficiencies and reduced accommodation
and allowance costs.


WOODSIDE PETROLEUM: Terminates Kipper Field Sale
------------------------------------------------
Woodside Petroleum Ltd. announced Tuesday that it has terminated
its agreement with Anzon Energy Australia Limited (Anzon) under
which Anzon was to acquire Woodside's 30 percent interest in
Retention Lease VIC/RL2, containing the Kipper gas field, in the
Gippsland Basin offshore southern Victoria.

On 26 February 2004, Woodside announced that it had agreed to
sell to Anzon its Bass Strait assets VIC/RL2, VIC/RL6, VIC/RL9
and VIC/RL10 for A$65 million subject to joint venture and
regulatory approvals.

The sale of Woodside's interests in VIC/RL6, VIC/RL9 and
VIC/RL10 was completed on 15 March 2004.

On 9 June 2004, the Victorian Department of Primary Industries
advised the Kipper Joint Venture Participants that the
Department considered production from the Kipper field to be
commercially viable and that the Department had therefore
rejected the Participants application to renew Retention Lease
VIC/RL2.

Woodside also considers that production from Kipper is currently
commercially viable. As a consequence of the Department's
decision, the joint venture now has one year to apply for a
production license.

The other participants in the VIC/RL2 joint venture are Esso
Australia Resources Pty Ltd (operator) 25 percent, BHP Billiton
Petroleum (Victoria) Pty Ltd 25 percent and Santos controlled
entities 20 percent.

Media
Niegel Grazia
W: + 61 8 9348 6663
M: + 61 417 930 795
E: niegel.grazia@woodside.com.au

Investors
Mike Lynn
W: + 61 8 9348 4283
M: + 61 439 691 592
E: mike.lynn@woodside.com.au


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


BEP INTERNATIONAL: Releases Profit Warning
------------------------------------------
The Board of BEP International Holdings Limited (Incorporated in
Bermuda with limited liability) wishes to inform the
shareholders of the Company and investors that the Group is
expected to record a loss for the year ended 31 March 2004.

Shareholders of the Company and investors should exercise
caution when dealing in the shares of the Company.

This announcement is made pursuant to Chapter 13.09 of the Rules
Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited (Listing Rules).

The board of directors of BEP International Holdings Limited,
which together with its subsidiaries are collectively referred
to as (the Group) by reference to the unaudited financial
statements of the Company, wishes to inform the shareholders of
the Company and investors that the Group is expected to record a
loss for the year ended 31 March 2004.

The loss for the year is principally due to three factors:

(1) the sudden outbreak of the Severe Acute Respiratory Syndrome
(SARS) epidemic in the Mainland China and Hong Kong caused some
of the Group's customers to cancel their scheduled buying trips,
resulting in loss of sales orders;

(2) the Group's competitors in the Mainland China cut their
selling prices sharply creating downward pressure on the selling
prices of the Group's products; and

(3) the prices of certain major raw materials such as
polypropylene, thermostat and connector increased substantially
during the year ended 31 March 2004.

As the Group's consolidated results for the year ended 31 March
2004 have not yet been finalized, the Board is not in a position
to quantify precisely the extent of the relevant effects at this
stage. The Group expects to publish such results in accordance
with the requirement of the Listing Rules.

Despite the anticipated loss for the year ended 31 March 2004,
the Board would like to emphasize that the Group's financial
position is solid and has sufficient cash reserves to meet its
present cash flow requirements.

Shareholders of the Company and investors should exercise
caution when dealing in the shares of the Company.

Chan Tat
Chairman
Hong Kong, 29 June 2004


CHANNEL MASTER: Faces Winding Up Proceedings
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Channel Master Asia Limited by the High Court of Hong Kong was
on May 11, 2004 present to the said Court by Channel Master Asia
Limited whose registered office is situate at 44/F., China
Resources Building, 26 Harbour Road, Hong Kong. And that the
said Petition is directed to be heard before the Court at 9:30
am on July 7, 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.

DEACONS
Solicitors for the Petitioner,
5th Floor, Alexandra House
16-20 Chater Road, Central
Hong Kong

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


CHINA CONSTRUCTION: To Transfer Bad Debts to Cinda
--------------------------------------------------
The Chinese Mainland's biggest property lender, China
Construction Bank, will transfer a total of CNY128.9 billion in
bad debts to Chinese asset management firm Cinda, Reuters
reported, citing a Cinda official.

Cinda Asset Management Corporation, which was established in
1999 along with Huarong, Orient and Great Wall to take over
CNY1.4 trillion in bad loans from large state banks, signed a
deal Tuesday with China Construction Bank and fellow state bank
Bank of China, which will transfer bad debts of CNY149.8
billion.

Both banks were at the receiving end of a US$45-billion
government bailout in 2003 to pull up their financial standings.


CHINA MERCHANTS: Releases Notice On Connected Deal
--------------------------------------------------
China Merchants Holdings (International) Company Limited  
(Incorporated in Hong Kong) announces its Connected Transaction
on the acquisition the land use rights of Zhangzhou Land.

The Board is pleased to announce that the Subsidiary has entered
into the Agreement on June 29, 2004 for the purpose of acquiring
the land use rights in respect of the Zhangzhou Land from
CMZ. Pursuant to the Agreement, Subsidiary will pay
RMB159,830,000 (approximately HKD150,783,000), subject to final
adjustment for the land area upon the granting of the land use
right certificate, in installments to CMZ for the acquisition of
such land use rights.

CMZ is an indirect subsidiary of China Merchants Group Limited,
the ultimate holding company of the Company. Therefore, the
transaction contemplated under the Agreement constitutes a
connected transaction of the Company under the Listing Rules.
However, as the total consideration payable by the Subsidiary
represents more than 0.1% and less than 2.5% of the applicable
percentage ratios of the Company, independent shareholders'
approval will not be required. The Company will include the
details of the Agreement in its next published annual report and
accounts.

On June 29, 2004, the Subsidiary entered into the Agreement with
CMZ for the purpose of acquiring the land use rights in respect
of the Zhangzhou Land.
TERMS OF THE AGREEMENT
Parties:                       CMZ as transferor and the
                               Subsidiary as transferee
Subject matter to be           Land use rights in respect of
transferred:                   Zhangzhou Land
Consideration:                 A cash consideration of
                               RMB159,830,000 (approximately
                               HKD150,783,000) subject to
                               final adjustment for the land
                               area upon the granting of the
                               land use right certificate,
                               payable in installments. The
                               first installment of
                               RMB10,000,000 (approximately
                               HK$9,434,000) is payable
                               within 15 days of the date of
                               the Agreement. The second and
                               third installments of
                               RMB47,949,000 (approximately
                               HK$45,234,900) each are
                               payable before 15 December
                               2004 and 15 June 2005,
                               respectively. The balance of
                               the consideration, being
                               RMB53,932,000 (approximately
                               HK$50,879,200) is payable
                               before 15 December 2005,
                               subject to CMZ having
                               completed certain
                               infrastructure and utilities
                               work on the Zhangzhou Land
                               before the even date. Such
                               consideration was arrived at
                               after arm's length
                               negotiations, and represents
                               a discount of 7.6% to the
                               value of the Zhangzhou Land
                               (being approximately
                               HK$162,242,500) as determined
                               by Grant Sherman on the
                               valuation date of 31 May
                               2004. The consideration will
                               be funded by internal
                               resources of the Group. In
                               the event that any
                               adjustments results in the
                               consideration exceeding 2.5%
                               of the applicable percentage
                               ratios, the Company will
                               comply with the relevant
                               provision of the Listing
                               Rules.


Under the Agreement, the Subsidiary is entitled to the land use
rights in respect of the Zhangzhou Land for 50 years from the
date of the Agreement. The Agreement is unconditional and there
is no long-stop date.

REASONS FOR THE TRANSACTION

Acquisition of land use rights in respect of the Zhangzhou Land
It has been the Group's strategy to further expand its port and
port-related business through investment in new port projects
and the acquisition of high quality port business in Hong Kong
and the PRC.

Currently, the Subsidiary owns and operates Berths No. 3, 4 and
5 in the Zhangzhou Economic Development Zone, Fujian, the PRC.
The acquisition of land use rights in respect of Zhangzhou Land
reflects the Group's development and expansion of its port
business in the Zhangzhou Economic Development Zone. The
Zhangzhou Land will be used to build Berths No. 7, 8, 9 and 10
as well as a new port storage logistics centre, with funding
from internal resources.

The Directors, including the independent non-executive
Directors, believe that the terms of the transaction are fair
and reasonable and in the interests of the shareholders of the
Company as a whole.

CMZ is an indirect subsidiary of China Merchants Group Limited.
Its principal business is the management and development of the
Zhangzhou Economic Development Zone. CMZ acquired its land use
rights in respect of the Zhangzhou Land in different phases
between 1993 and 2000 for a consideration of RMB135,855,500
(approximately HKD128,165,600) and has paid in full the land use
rights transfer fees.

CONNECTED TRANSACTION

China Merchants Group Limited, the ultimate holding company of
the Company, currently holds indirectly approximately 52.359% of
the issued share capital of the Company. CMZ is an indirect
subsidiary of China Merchants Group Limited and is therefore a
connected person of the Company under the Listing Rules. The
transaction contemplated under the Agreement constitutes a
connected transaction of the Company under the Listing Rules.
However, as the consideration payable by the Subsidiary to CMZ
under the Agreement represents more than 0.1% and less than 2.5%
of the applicable percentage ratios of the Company, no
independent shareholders' approval is required. The
Company will include details of the Agreement in its next
published annual report and accounts in accordance with Rule
14A.46 of the Listing Rules.

This Stock Exchange of Hong Kong announcement is dated June 30,
2004.


HANG SENG: Gets US$50M QFII Quota in China
--------------------------------------------
Asia Pulse reports that the State Administration of Foreign
Exchange approved a QFII (qualified foreign institutional
investor) investment quota of US$50 million for Hang Seng Bank
of Hong Kong.

On the same day, Hang Seng Bank signed a custodial agreement
with the China Construction Bank.


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


BANK PERMATA: Jamsostek Eyes Stake Bid
--------------------------------------
Indonesia's biggest fund management firm Jamsostek is mulling
plans to take part in the bid for a stake in Bank Permata,
Bisnis Indonesia reports, citing the firm's president director
Achmad Junaidi.

According to the Bisnis report, Mr. Junaidi also expressed
interest in forming a consortium for the stake buy.

The Indonesian government has proposed to divest its entire
97.17% stake in Bank Permata, a revision from the previous plan
to sell a 71% stake in the state-held bank.


LONDON SUMATRA: To Issue Bonds Upon Refinancing Completion
----------------------------------------------------------
PT London Sumatra Indonesia Tbk (JSX: LSIP) will pursue their
plan to issue between IDR700 billion and IDR1 trillion bonds
this year after it completes its US$75 million loan repayment,
Indoexchange reports. Proceeds from US$104 million conversion
bonds and US$48.8 million conversion shares issuance will be
used to refinance the US$75 million loan.

At present, London Sumatra has US$122 million in syndicated
loans to PT Namalatu Cakrawala Securities and Deutche Bank AG of
London Branch, a conditional loan of US$86 million to First
Durango International Limited and Deutche Bank AG of London
Branch, and US$20 million of promissory notes to Deutche Bank AG
and First Durango.

PT Mandiri Sekuritas, PT Indo Primier Securities, and PT
Nusantara Capital were named as underwriters for the bond
issuance.


PERTAMINA: Minister Denies IDR75M Salary
----------------------------------------
Indonesia's Minister of Energy and Mineral Resources Purnomo
Yusgiantoro denied Tuesday reports that he is being IDR75
million a month as an advisor to the board of commissioners of
PT Pertamina, The Jakarta Post reports.

In a statement, Mr. Purnomo who is also the current president of
the Organization of Petroleum Exporting Countries (OPEC), argued
that he only receives a pre-tax monthly salary of IDR 21.8
million from the state-owned oil company.

He affirmed that he acted as chief commissioner of the Governing
Board of Commissioners for Pertamina (DKPP) and became advisor
along with Minister of Finance Boediono after the introduction
of Law No. 22/2001 on oil and gas, which converted the firm into
a limited liability company.

According to documents received by The Jakarta Post, Mr. Purnomo
is responsible for market development, crude oil prices,
provision of fuel products for domestic consumption and
government subsidies while Mr. Boediono provides Pertamina's
board of commissioners advice about fuel subsidies and business
development.

Mr. Boediono likewise denied Trust Magazine's report that he
also receives a monthly pay of IDR75 million, saying his salary
was less than the reported amount.

Pertamina allegedly pays this handsome remuneration despite
claims that it is suffering from cash flow problems, which
prompted the sale of two Very Large Crude Carriers (VLCC),
currently being built by South Korea's Hyundai Heavy Industries.


SEMEN GRESIK: Trading Suspended by Indonesia Bourse
---------------------------------------------------
PT Semen Gresik's (SMGR.JK) shares were suspended Monday by The
Jakarta Stock Exchange following an unfavorable report from
PricewaterhouseCoopers (PWC.XX) and the refusal of the firm's
auditor to comment on its 2002 and 2003 financial accounts, Dow
Jones reports.

The Indonesian cement-maker appointed a new auditor in May after
Deloitte Touche Tohmatsu gave an adverse opinion on the firm's
2002 consolidated accounts due to unaudited financial figures
from its unit PT Semen Padang.

Semen Gresik postponed its filing of audited accounts due to
issues with Semen Padang, who had demanded to be spun off from
its parent. Last year, the unit's management refused to hand
over its 2002 financial statements to Gresik executives and
barricaded their offices.

Semen Gresik managed to regain control over Semen Padang in
September following a local court ruling that ordered the unit's
management to vacate their posts.

The Jakarta Bourse would allow trading resumption of Gresik's
stocks after the firm gives a thorough explanation of their
accounts.


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


MATSUSHITA ELECTRIC: U.S. Unit Names New CEO
--------------------------------------------
Matsushita Electric Industrial Co., Ltd. (NYSE: MC) best known
by its Panasonic brand, announced Tuesday that Yoshihiko "Yoshi"
Yamada, most recently director of the company's Systems Business
Group and Vice President of Panasonic AVC Networks Company in
Osaka, Japan, has been named Chairman and CEO of Matsushita
Electric Corporation of America, which is based in Secaucus, New
Jersey.

In this position, Mr. Yamada will oversee Panasonic's consumer,
business- to- business and industrial component sales operations
as well as its R&D and manufacturing operations in North
America. Along with its subsidiaries and affiliates, the company
has close to 100 business locations and employs 26,000 people in
the U.S., Mexico, Canada and Puerto Rico. Its sales in North
America in the last fiscal year topped $8.3 billion.

Building on experience he acquired in supplying Panasonic
components to the U.S. computer industry, Mr. Yamada rose to
become Director of the company's Personal Computer Division,
where he oversaw the introduction of Panasonic's well-regarded
ToughBook(TM) line of ruggedized laptop PCs. Later as head of
the Systems Business Group, he revitalized the company's
broadcast and professional video equipment production
operations.

Also today, Masaru "Martin" Kono was named President and COO of
Panasonic Consumer Electronics Company. In his new position, Mr.
Kono will report directly to Mr. Yamada. Prior to this
appointment, Mr. Kono was Executive Vice President of Panasonic
Automotive Systems Co. of America based in Southfield, Mich.

Mr. Kono also has extensive experience in the U.S. market. From
1992 to 2001, he was President of Panasonic Personal Computer
Company, where he guided the development and market introduction
of the ToughBook(TM) laptop PC line. Between 1988 and 1992, Mr.
Kono had senior marketing and sales responsibilities in the
U.S., including a three-year assignment within Panasonic
Company, the predecessor of the company he now heads.

As Chairman and CEO, Mr. Yamada succeeds Hideaki "Don" Iwatani,
who held the position from 2000 until June of this year. Mr.
Iwatani will become Executive Officer for International Affairs
in Matsushita Electric's headquarters and will concurrently hold
the position of Director of the Global Strategy Research
Institute in Osaka.

As President of Panasonic Consumer Electronics Company, Mr. Kono
succeeds Hideatsu "Andy" Takani, who held the position from
2000. Mr. Takani will become Deputy Director of Matsushita
Electric's Panasonic Corporate Marketing Division in Osaka.

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

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


MITSUBISHI FUSO: Posts JPY894B 2003 Net Sales
---------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation (MFTBC)'s consolidated
net sales in fiscal 2003 rose to JPY894 billion (EUR 6.94
billion) from JPY724 billion in fiscal 2002, a company press
release said. This translates into a 23 percent year-on-year
increase and even exceeded the forecast of JPY790 billion by 13
percent.

Operating profit on a consolidated basis increased nearly four-
fold from JPY 8.6 billion in fiscal 2002 to JPY 32.4 billion
(EUR 251 million) in fiscal 2003.

Net Income likewise improved year-on-year significantly from 1.5
billion yen to JPY17.5 billion (EUR 136 million).

MFTBC CEO and President Wilfried Porth said, "During our first
year as an independent company, Mitsubishi Fuso was able to
substantially improve its business performance. We kept our
market-leading position in Japan, but also strengthened our
business in overseas markets, which account for more than half
of our global unit sales."

Figures for MFTBC on a non-consolidated basis also improved over
the previous year. Net sales in fiscal 2003 reached 611 billion
yen, ordinary income stood at 12.3 billion yen, while net income
rose to 6.6 billion yen. Therefore the carried-forward loss of
MFTBC non-consolidated was significantly reduced from 9.9 to 3.3
billion yen.

The consolidated MFTBC also reduced its interest bearing-debt by
35 percent from 220.4 billion yen in fiscal 2002 to 143.1
billion yen (EUR 1.1 billion) at the end of fiscal 2003. MFTBC's
equity ratio on March 31, 2004, stood at 32 percent.

Dieter Buhl, MFTBC's newly appointed Chief Financial Officer as
of June 1, said, "Our balance sheet is one of the strongest in
the Japanese commercial vehicles industry and gives us a solid
basis to surmount future financial challenges."


MITSUBISHI FUSO: Begins Radical Quality Issue Clean Up
------------------------------------------------------
Any financial forecast for fiscal 2004 has to take into account
the specific situation Mitsubishi Fuso Truck & Bus Corporation
(MFTBC) is facing currently in Japan, the Company announced on
its Web site. Since early this year the cover-up of past quality
problems has been revealed. As a direct response, the new
management of MFTBC has accelerated the enforcement of strict
quality standards already initiated in early 2003 and
implemented a radical clean-up of the past. After addressing
various single issues over the previous months, the company
announced the implementation of 43 recall and 4 improvement
campaigns on June 14, addressing quality issues dating back more
than 10 years.

"We are fully committed to radically cleaning-up the past. We
are creating a socially responsible company, respected by our
customers for our high-quality products and by the society in
general for a transparent corporate culture," said Porth.

The encompassing clean up of the past poses an enormous
challenge to the new Mitsubishi Fuso and will impact sales
performance in Japan in fiscal year 2004. As the company regards
safety and quality as its top priority, Mitsubishi Fuso is
currently implementing various measures to quickly serve the
needs of its customers and to regain their and the general
public's trust.

"Our sound financial basis will help us to fully implement all
measures that are necessary for our customers despite the short-
term impact of this clean-up process," Porth added.

It is currently not possible to finally assess the financial and
business impact of all quality related measures and issues.
Against this background, MFTBC currently does not see itself in
a position to provide a prudent business forecast and financial
outlook for fiscal year 2004. However, it foresees a significant
decline of the overall market in Japan as a result of the phase-
out of the extraordinary effect of the new NOx-regulations of
2003.


MITSUBISHI FUSO: Unveils Full Support by Parent DaimlerChrysler
---------------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation (MFTBC) is fully
supported in this effort by its parent company DaimlerChrysler
AG.

In a Company press release, DaimlerChrysler, among other actions
has already sent a team of top engineers and technical experts
from Germany to support Mitsubishi Fuso to secure optimal
quality and swift implementation of all necessary measures.

With the support of DaimlerChrysler, MFTBC is determined to
overcome its current challenges. In addition to making quality
and safety its number one priority, MFTBC remains committed to
the following three mid-term key objectives as announced in
2003:

Material costs will be reduced by 20 percent by 2005, as the
strengthened alliance with DaimlerChrysler enables Mitsubishi
Fuso to increasingly adopt effective and efficient processes,

Investment in people, processes, products and facilities will be
increased to 200 billion yen between 2003 and 2005, up 50
percent compared to the previous 3 years.

International business will be increased by 20 percent until
2008 as profitable growth is one of the main objectives.

In March 2004, MFTBC became a fully consolidated subsidiary of
DaimlerChrysler. By raising its share in MFTBC to 65%,
DaimlerChrysler expressed its full long-term technical,
managerial and financial commitment to Mitsubishi Fuso. As an
integral part of DaimlerChrysler the largest global producer of
commercial vehicles, MFTBC is better positioned than ever to
master its current challenges and to compete in the highly
competitive global truck and bus market in the long run.

Note: Euro amounts are translated from yen for convenience only
at the rate of 128.88 yen/euro, the exchange rate of March 31,
2004, the final day of the fiscal year 2003.  


MITSUBISHI MOTORS: Issues Current Status of Recalls
---------------------------------------------------
Mitsubishi Motors Corporation (MMC) on 30 June submitted its
weekly report to the Japanese Ministry of Land, Infrastructure
and Transport on the current status of recalls and other
improvement measures stemming from past "repair directives," or
so-called shiji-kaishu. The report is the third weekly report
submitted by the company.

LIBERO WAGON RECALL ON JULY 2.

MMC has confirmed two more accidents (injuries), one on June 23
and one on June 24, related to a defect in the tailgate. On
further investigation of the information at hand, the company
has also discovered that a further three accidents (injuries)
may have occurred, bringing the total to 16. As such, the
company needs to take quick action and will submit a recall on
June 2.

CURRENT STATUS OF SUBMISSIONS

Of the 30 submissions (26 recalls, 4 improvement measures)
related to past repair directives, MMC has submitted 19 recalls
and one improvement measure as of today. In addition to the
Libero wagon recall on July 2, MMC will also submit six recalls
and three improvement measures on July 7, finishing all
submissions related to past repair directives.


        Submission Date   June 4  June 18  June 30 July 2 July 7
          No. of cases
Recalls   (accumulated)    1     10       9       1      6
(26)                     (11)   (19)     (20)   (26)
          No. of units    115  50,837  12,501  48,718 42,544
          (accumulated)       (50,952)(63,453)(112,171)(154,715)

Improvement No. of cases                  1                3
measures  (accumulated)                  (1)              (4)
(4)    
           No. of units                   12             54,866
          (accumulated)                                 (54,898)

N.B.  No. of units for Japan only

Although all submissions related to past repair directives will
be finalized on July 7, the company will continue its
investigations for 52 service campaigns. The company will
continue working with the ministry and take appropriate steps as
needed.


MITSUBISHI MOTORS: Wants More Funds
-----------------------------------
Scandal-hit Mitsubishi Motors Corporation is asking some of the
companies in a previously announced US$4 billion rescue package
for an additional JPY96 billion (US$890 million) in fresh funds,
the Wall Street Journal reported on Wednesday, citing Mitsubishi
Motors Chief Executive Yoichiro Okazaki.

Most of the new money would come from J.P. Morgan Chase & Co.,
which might invest JPY50 billion on top of the JPY100 billion of
preferred shares it has pledged to buy. Mr. Okazaki said Phoenix
Capital might also increase its investment, previously set at
JPY70 billion, to JPY100 billion.

The savings were needed to offset losses from an expected 40-
percent decline in sales this fiscal year after the company
admitted it covered up vehicle defects for years to avoid the
embarrassment of issuing recalls.


MITSUBISHI MOTORS: May Seek Tax Breaks
--------------------------------------
Crisis-ridden Mitsubishi Motors Corporation is considering
applying for tax breaks and other preferential measures under
the Industrial Revitalization Law this month to help facilitate
its revival, according to Kyodo News on Wednesday.

The automaker is planning to apply for government aid after it
receives a total of JPY250 billion from Tokyo-based corporate
revival fund Phoenix Capital Co. and JP Morgan Securities on
July 15.


MITSUBISHI MOTORS: June Sales Down 39%
--------------------------------------
Mitsubishi Motors Corporation said sales of new vehicles in
Japan in the first 25 days of June were 39 percent lower than
the same period a year earlier, according to Reuters.

Domestic sales dropped 56.3 percent in May, sharply under
performing a 10.6 percent drop in the industry as a whole, after
a string of recall and cover-up scandals at the automaker and
its affiliate Mitsubishi Fuso Truck and Bus Corporations kept
buyers away.

The bigger-than-expected dent in domestic sales forced
Mitsubishi to rewrite its initial revival plan earlier in June,
only a month after it had unveiled sweeping restructuring steps.


TOSHIBA CORPORATION: Unveil Terms of Convertible Bonds
------------------------------------------------------
Toshiba Corporation has determined the terms of issue and
certain other matters in respect of the issuance of the Euro Yen
Zero Coupon Convertible Bonds (bonds with stock acquisition
rights, tenkanshasaigata shinkabu yoyakuken-tsuki shasai) due
2009 (2009 Bonds) and due 2011('2011 Bonds') as follows:

I. 2009 Bonds

(1) Conversion Price   587 yen

(Reference)

Share price and Conversion Premium on Pricing Date (June 29,
2004)

(a) Share price (closing price) on the Tokyo Stock Exchange) 451
yen

(b) Conversion Premium

     Conversion Price          -1    X 100            30.16%
     Share Price (closing price)

The price per share at which shares shall be acquired upon
exercise of the Stock Acquisition rights is referred to as
the 'Conversion Price'.

(2) Amounts to be accounted for as stated capital 294 yen per
share

II. 2011 Bonds

(1) Conversion Price                              542 yen

(Reference)

Share price and Conversion Premium on Pricing Date (June 29,
2004)

(a) Share price (closing price) on the Tokyo Stock Exchange) 451
yen

(b) Conversion Premium


     Conversion Price          -1    X 100        20.18%
     Share Price (closing price)

The price per share at which shares shall be acquired upon
exercise of the Stock Acquisition rights is referred to as the
'Conversion Price'.

(2) Amounts to be accounted for as stated capital  271 yen per
share.

Use of Proceeds

Toshiba will apply the net proceeds of the issue of the Bonds
principally towards repayment of debt as well as the timely
implementation of its strategies, in particular in its high-
growth businesses.

This UK Wire announcement is dated 30 June 2004.


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


HYNIX SEMICONDUCTOR: Shares Up After STMicro Confirms JV Talks
--------------------------------------------------------------
Shares in Hynix Semiconductor Inc. jumped more than five percent
on Wednesday after French-Italian chipmaker STMicroelectronics
confirmed it was in talks with the South Korean firm to set up a
manufacturing joint venture in China, according to Reuters.

Such a deal would give both parties, an entry into China's $30
billion semiconductor market. The two already have a tie-up in
chip development.

The proposed plant would make dynamic random access memory
(DRAM) chips used for computer memory and flash memory chips
used in digital cameras and mobile phones.


KOOKMIN BANK: Clarifies Taiwanese Bank Acquisition Report
---------------------------------------------------------
On June 29, 2004, the Korea Stock Exchange asked Kookmin Bank to
clarify the rumor on the bank's possible purchase of a stake in
a Taiwanese bank.

Upon this request, Kookmin Bank announced that although it
received an offer indirectly to buy a partial stake in a
Taiwanese bank, no detailed review of the offer has been made.

Ki Sup Shin
Senior Executive Vice President and Chief Financial Officer

This U.S. Securities and Exchange Commission Form 6-K
announcement is dated 29 June 2004.


LG CARD: Aims to Post More Profits Next Year
--------------------------------------------
LG Card Co. has submitted a management improvement plan that
seeks to post a net profit of KRW200 billion to KRW260 billion
in 2005, Asia Pulse reported on Tuesday.

The credit car issuer, which suffered a serious cash crunch late
last year, is now controlled by a group of creditors led by the
Korea Development Bank.

In return for a huge bailout, the creditors required the company
to put forward a "management normalization plan."

"Creditors will vote later on whether to approve LG Card's
normalization plan," a creditor bank source said.

In the year ended on March 31, the Company incurred a net profit
of KRW121 billion, but had a negative net worth of KRW290
billion as of the end of March.


SSANGYONG MOTOR: Creditors May Sign MOU This Month
--------------------------------------------------
Creditors of Ssangyong Motor Co. will likely sign a memorandum
of understanding (MoU) around mid-July to sell the carmaker, Dow
Jones reports, citing an executive at main creditor Chohung
Bank.

Earlier this month, creditors had received bids from China's
Shanghai Automotive Industry (Group) Corporation, China National
Bluestar (Group) Corporation and several other investment funds
based in the United States and Hong Kong.

Shanghai Automotive Industry (Group) Corporation (SAIC) is a
likely buyer for Ssangyong Motor, the report said. Chohung Bank
declined to confirm the report, saying creditors are still
reviewing the proposals from potential buyers.

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


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


AYER MOLEK: All Resolutions Approved During AGM   
-----------------------------------------------
The Board of Directors of the Ayer Molek Rubber Co. Berhad
wishes to inform Bursa Malaysia Securities Berhad that the
Eighty-Eighth Annual General Meeting of the Company convened at
Permata Executive Meeting Room, 23rd Floor, Hotel Istana, 73
Jalan Raja Chulan, 50200 Kuala Lumpur on Tuesday, 29 June 2004
at 10:30 a.m. has been duly held. The shareholders have duly
approved all resolutions tabled at the said Eighty-Eighth Annual
General Meeting.

This announcement is dated 29 June 2004.


BERJAYA SPORTS: BMSB To Grant Listing Of 52,000 New Shares  
----------------------------------------------------------
Kindly be advised that Berjaya Sport Toto Berhad's additional
52,000 new ordinary shares of RM1.00 each arising from the
conversion of RM52,000 nominal amount of 8 percent irredeemable
convertible unsecured loan stocks 2002/2012 into 52,000 new
ordinary shares will be granted listing and quotation by Bursa
Malaysia Securities Berhad (BMSB) effective 9:00 a.m.,
Wednesday, 30 June 2004.


DISCCOMP BERHAD: Ordinary Resolutions Approved During AGM
---------------------------------------------------------
The Board of Directors of Disccomp Berhad is pleased to announce
to Bursa Malaysia Securities Berhad that all the ordinary
resolutions as set out in the Notice of the AGM issued by
Disccomp on 7 June 2004 were passed by the shareholders of
Disccomp at the AGM of Disccomp held on Tuesday, June 28, 2004.


FEDERAL FURNITURE: Resolutions Unanimously Passed During AGM
------------------------------------------------------------
Federal Furniture Holdings (M) Berhad is pleased to announce to
Bursa Malaysia Securities Berhad that, at the Twenty-First
Annual General Meeting held at 10:30 a.m. on June 28, 2004 at
Level P1, Menara Choy Fook On, No.1B Jalan Yong Shook Lin, 46050
Petaling Jaya, all the resolutions tabled including the re-
election of directors were unanimiously passed.


GENERAL SOIL: Proposed Restructuring Scheme Still Pending
---------------------------------------------------------
General Soil Engineering Holdings Berhad (Gensoil) refers to the
announcement made to Bursa Malaysia Securities Berhad dated 16
February 2004 wherein Avenue Securities Sdn Bhd (Avenue), on
behalf of Gensoil, had on 14 February 2004 submitted the
application in relation to the Proposed Restructuring Scheme to
the Securities Commission (SC).

Pursuant to Paragraph 5.1(c) of Practice Note 4/2001 of the
Listing Requirements of Bursa Securities, Gensoil is required to
obtain all necessary approvals for the implementation of the
Proposed Restructuring Scheme within four (4) months from the
date of submission (i.e. by 13 June 2004).

As at the date of this announcement, the SC's approval for the
Proposed Restructuring Scheme is still pending. In view of this,
Avenue, on behalf of Gensoil, has made an application to Bursa
Securities for a time extension of three (3) months up to 13
September 2004 to comply with the said requirement.

This announcement is dated 29 June 2004.


GULA PERAK: 56,200 New Shares To Be Listed At Bursa Malaysia  
------------------------------------------------------------
Gula Perak Berhad's additional 56,200 new ordinary shares of
RM1.00 each issued pursuant to the conversion of RM56,000
irredeemble convertible secured loan stocks into 56,200 new
ordinary shares will be granted listing and quotation by Bursa
Malaysia Securities Berhad effective 9:00 a.m., Thursday, 1 July
2004.


HAP SENG: Details Shares Buyback  
--------------------------------
Hap Seng Consolidated Berhad disclosed to Bursa Malaysia
Securities Berhad the details of its shares buyback dated June
29, 2004.

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

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

Minimum price paid for each share purchased (RM): 2.520

Maximum price paid for each share purchased (RM): 2.520

Total consideration paid (RM): 5,078.26

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

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

Cumulative net outstanding treasury shares as at to-date
(units): 33,079,100

Adjusted issued capital after cancellation
(no. of shares) (units): 0
   

JIN LIN: Details Proposed Restructuring Scheme
----------------------------------------------
Jin Lin Wood Industries Berhad disclosed to Bursa Malaysia
Securities the details of the following proposals:

- PROPOSED SCHEME OF ARRANGEMENT WITH SHAREHOLDERS;

- PROPOSED SCHEME OF ARRANGEMENT WITH CREDITORS;

- PROPOSED ACQUISITIONS;

- PROPOSED EXEMPTION;

- PROPOSED DISPOSAL;

- PROPOSED OFFER;

- PROPOSED PLACEMENT; AND

- PROPOSED LISTING TRANSFER

(COLLECTIVELY KNOWN AS PROPOSED RESTRUCTURING SCHEME)

(1) INTRODUCTION

On 9 February 2004, Avenue Securities Sdn Bhd (Avenue) had on
behalf of Jin Lin, announced that Jin Lin had on the even date
entered into a conditional restructuring agreement
(Restructuring Agreement) with Seo Aik Leong (SBG Controlling
Shareholder) wherein Jin Lin and the SBG Controlling Shareholder
have agreed to undertake a restructuring scheme with the
intention of restoring Jin Lin onto stronger financial footing
via an injection of new viable business.

The Proposed Restructuring Scheme to be undertaken shall entail
the following:

(i) Proposed Scheme of Arrangement with Shareholders;

(ii) Proposed Scheme of Arrangement with Creditors;

(iii) Proposed Acquisitions;

(iv) Proposed Exemption;

(v) Proposed Disposal;

(vi) Proposed Offer;

(vii) Proposed Placement; and

(viii) Proposed Listing Transfer.

(The definitions of the above proposals are set out in Section 2
herein)

The salient terms of the Restructuring Agreement include,
amongst others the following:

(i) The Proposed Restructuring Scheme is conditional upon the
following condition precedents being obtained within one (1)
year from the date of the Restructuring Agreement or by such
later date(s) as may be mutually agreed upon in writing (Cut-off
Date):


(a) the approval of the following authorities (Authorities):

(i) the Securities Commission (SC), for the Proposed
Restructuring Scheme;

(ii) the Foreign Investment Committee (FIC), for the Proposed
Restructuring Scheme;

(iii) the Bursa Malaysia Securities Berhad (Bursa Securities),
for the admission of Gefung Holdings Berhad (Gefung) to the
Official List, the listing of and quotation for the entire
enlarged issued and paid-up shares of Gefung to be issued and
allotted pursuant to the Proposed Restructuring Scheme on the
Second Board of the Bursa Securities and the delisting of Jin
Lin; and

(iv) any other relevant authorities;

(b) if required, the approval of the shareholders of Jin Lin at
general meeting for the Proposed Restructuring Scheme;

(c) sanction and confirmation of the High Court of Malaya for
the Proposed Scheme of Arrangement with Shareholders approved by
the Jin Lin's shareholders at the court convened meeting;

(d) sanction and confirmation of the High Court of Malaya for
the Proposed Scheme of Arrangement with Creditors approved by
the creditors at the court convened meeting;

(e) the due execution and delivery of all agreements, documents
and instruments necessary to document and effect the Proposed
Restructuring Scheme including but without limitation to the
following:

(i) the entry into, execution and delivery of the definitive
agreement(s) by Gefung and the vendors of Syarikat Bukit Granite
Sdn Bhd (SBG) and Shanghai Ge Fung Marble & Granite Co Ltd
(SGMG) (collectively the Vendor) in respect of the Proposed
Acquisitions; and

(ii) the entry into, execution and delivery of the definitive
agreement(s) by Gefung and the purchaser to be identified in
respect of the Proposed Disposal;

(f) Jin Lin being reasonably satisfied with the results of the
due diligence on SBG and SGMG (collectively the SBG Group);

(g) the results of the due diligence on Jin Lin do not reveal or
identify any prohibition or restriction in respect of the
implementation for the Proposed Disposal and Proposed Listing
Transfer; and

(h) if required, the separate written approval of each or any of
the creditors (inclusive of secured, partially secured and
unsecured creditors) (Scheme Creditors) for the Proposed
Restructuring Scheme.

(ii) In the event the conditions precedent referred to in clause
(i) above are not obtained by the Cut-off Date, the
Restructuring Agreement shall be deemed to be terminated and
thereafter shall become null and void.

(iii) In the event the condition(s) of the authorities' approval
is not acceptable to any party, the parties concerned may within
30 days from the receipt of the conditional approval, either
make an appeal against the said condition(s) or reject the said
condition(s). In default of any election by the parties to
appeal or reject the said condition(s), all parties shall be
deemed to have accepted the condition(s).

(iv) Jin Lin shall be at liberty to conduct a legal and
financial due diligence on the SBG Group (SBG Due Diligence) for
the purposes of the Proposed Acquisitions and the submissions to
be made to the Authorities for approval. The SBG Due Diligence
shall commence on the business day immediately following the
date of the Restructuring Agreement and shall be completed
within a period of thirty (30) days from the date on which all
information and documents first requested by Jin Lin's advisers
have been furnished by the SBG Group to the said advisers or
prior to the execution of the definitive agreements by Gefung
and the Vendors in respect of the Proposed Acquisitions,
whichever is earlier.

(v) The SBG Controlling Shareholder (together with the Vendors)
shall be at liberty to conduct a legal due diligence on Jin Lin
("Jin Lin Due Diligence") for the purposes of ensuring that
there are no prohibitions or restrictions in respect of the
implementation of the Proposed Disposal and Proposed Listing
Transfer.

The Jin Lin Due Diligence shall commence on the business day
immediately following the date of the Restructuring Agreement
and shall be completed within a period of thirty (30) days from
the date on which all information and documents first requested
by the SBG Group's advisers have been furnished by Jin Lin to
the said advisers or prior to the execution of the definitive
agreements by Gefung and the Vendors in respect of the Proposed
Acquisitions, whichever is earlier.

(vi) Until this Restructuring Agreement is terminated:

(a) Jin Lin shall not enter into any discussion or negotiations,
give access or information to any third party with a view to or
execute any agreement in relation to a restructuring of Jin Lin
which will result, inter alia, in the indirect listing of the
assets of that third party (or if that third party is an agent
or adviser / consultant, of that third party's principal or
client) on the Bursa Securities through or in the place of Jin
Lin; and

(b) The SBG Controlling Shareholder shall not enter into and the
SBG Controlling Shareholder shall cause and ensure that the
other vendors of SBG Group shall not enter into any discussion
or negotiations, give access or information to any third party
with a view to or execute any agreement in relation to a direct
listing on the Bursa Securities or a back door listing or
reverse take-over of any other company listed on the Bursa
Securities.

On 4 March 2004, Avenue on behalf of Jin Lin, announced that Jin
Lin and its subsidiaries have been granted a restraining and
stay order (RO) for a period of 90 days effective from 3 March
2004 by the Kuala Lumpur High Court pursuant to Section 176(10)
of the Companies Act, 1965 (Act). An extension of the RO has
been granted to Jin Lin and its subsidiaries for a further
period of 180 days effective 2 June 2004 to 28 November 2004 by
the Kuala Lumpur High Court.

Avenue on behalf of Jin Lin would like to announce that pursuant
to the Proposed Restructuring Scheme, Jin Lin and the SBG
Controlling Shareholder have on 29 June 2004 entered into a
supplemental restructuring agreement (Supplemental Agreement) to
vary, inter-alia, the mode of settlement of the purchase
consideration of SBG Group, the Proposed Offer and to include
the Proposed Placement as well as seeking the approval of Bursa
Securities on the listing of and quotation for new Gefung Shares
to be issued pursuant to the conversion of irredeemable
convertible preference shares (ICPS).

In addition, on even date Gefung has entered into the following:

(a) a sale and purchase agreement with Seo Aik Leong and Siw
Seng Chiw @ Seo Seng Chew to acquire the entire equity interest
in SBG in respect of the Proposed SBG Acquisition (SPA-SBG);

(b) a sale and purchase agreement with Seo Aik Leong to acquire
the entire interest in the registered capital of SGMG in respect
of the Proposed SGMG Acquisition (SPA-SGMG); and

(c) a sale and purchase agreement with Hillitake Timber Sdn Bhd
(HTSB) to dispose the entire interest in Jin Lin in respect of
the Proposed Disposal (SPA-Disposal).

(Seo Aik Leong and Siw Seng Chiw@Seo Seng Chew are collectively
known as Vendors)

(2) DETAILS OF THE PROPOSED RESTRUCTURING SCHEME

The details of the Proposed Restructuring Scheme are as follows:

(2.1) Proposed Scheme of Arrangement with Shareholders

Jin Lin proposes to undertake the following:

(i) proposed reduction of the existing issued and paid-up share
capital of Jin Lin of RM44,000,000 comprising 44,000,000
ordinary shares of RM1.00 each (Jin Lin Shares) to RM8,800,000
comprising 44,000,000 ordinary shares of RM0.20 each;

(ii) proposed consolidation of the 44,000,000 ordinary shares of
RM0.20 each in Jin Lin into 8,800,000 Jin Lin Shares (Proposed
Consolidation);

(iii) proposed cancellation of the entire issued and paid-up
share capital of Jin Lin of RM8,800,000 comprising 8,800,000 Jin
Lin Shares, resulting in a credit reserve of RM8,800,000 arising
in the accounts of Jin Lin (Proposed Cancellation);

(iv) in consideration for the Proposed Cancellation, Gefung, a
company incorporated to serve as the holding company to
facilitate the implementation of the Proposed Restructuring
Scheme, shall allot and issue to the shareholders of Jin Lin
8,800,000 new ordinary shares of RM1.00 each in Gefung (Gefung
Shares) at par, credited as fully paid-up on the basis of one
new (1) Gefung Share for every one (1) Jin Lin Share held after
the Proposed Consolidation (Proposed Issuance of New Gefung
Shares to Jin Lin's Shareholders); and

(v) forthwith and contingent upon the Proposed Cancellation, Jin
Lin shall apply an amount of RM8,800,000 out of the credit
reserve arising in paying in full at par 8,800,000 Jin Lin
Shares which shall be allotted and issued, credited as fully
paid-up to Gefung.

The Proposed Scheme of Arrangement with Shareholders will be
effected pursuant to Sections 64 and 176 of the Act.

The 8,800,000 new Gefung Shares to be issued pursuant to the
Proposed Issuance of New Gefung Shares to Jin Lin's Shareholders
shall rank pari passu in all respects with the existing Gefung
Shares except that they will not be entitled to any rights,
dividends, allotment and/or other distributions for which the
relevant entitlement date precedes the relevant issue date of
the said shares.

(2.2) Proposed Scheme of Arrangement with Creditors

Jin Lin proposes to implement a formal scheme of arrangement and
compromise in respect of the amounts owing to Scheme Creditors
aggregating RM62 million as at 30 June 2003 based on the
principle terms set out below:

(i) Secured and Partially Secured Scheme Creditors

Jin Lin proposes that the secured and partially secured scheme
creditors which are owed in aggregate of RM52.309 million be
settled in the following manner:

(a) A planned orderly disposal of the encumbered assets shall be
undertaken with the proceeds realised therefrom be distributed
in an equitable manner to the secured and partially secured
Scheme Creditors.

(b) The ascribed estimated realisable values of the encumbered
assets as set out below based on their appraised values shall be
recognised as security values which will crystallise as recovery
to the secured and partially secured Scheme Creditors from this
planned disposal. The shortfall arising from the planned orderly
disposals of the encumbered assets estimated at RM26.614 million
shall be recognised as a scheme liability of Jin Lin for which
it is proposed that the shortfall be settled by way of issuance
of Gefung Shares.

(c) In the event the sale proceeds from the disposal of the
encumbered assets subject to the respective charges of the
secured and partially secured Scheme Creditors exceed the
security values of the encumbered assets, the surplus proceeds
in excess of the security values of the encumbered assets shall
be applied in the following manner:

- Firstly, the net shortfall (if any) to the secured Scheme
Creditors arising after both the realization of the security
values for the encumbered assets and the proposed issuance of
Gefung Shares for settlement of the scheme liabilities.

- Secondly, the amount owing to the unsecured trade and other
creditors of Jin Lin Trading Sdn Bhd (JLT) and Syarikat Mustapha
and Ngu Timber Sdn Bhd (SMNT) which include the shortfall in
recovery to the partially secured creditors.

(ii) Unsecured Scheme Creditors

Jin Lin proposes that the unsecured Scheme Creditors which are
owed in aggregate of RM9.699 million shall be settled vide the
issuance of Gefung Shares as elaborated under Section (iii)
below.

(iii) Proposed Issuance of Gefung Shares for Settlement of
Scheme Creditors

The scheme liabilities of Jin Lin aggregating RM36.313 million
in respect of amounts owing to the secured and partially secured
Scheme Creditors and unsecured Scheme Creditors amounting to
RM52.309 million and RM9.699 million respectively as detailed
under Sections (i) and (ii) above shall be settled by way of the
proposed issuance of up to 15,000,000 new Gefung Shares of
RM1.00 each.

The new Gefung Shares to be issued pursuant to the Proposed
Scheme of Arrangement with Creditors shall rank pari passu in
all respects with the existing Gefung Shares except that they
will not be entitled to any rights, dividends, allotment and/or
other distributions for which the relevant entitlement date
precedes the relevant issue date of the new Gefung Shares.

The proposed issuance of the Gefung Shares to the Scheme
Creditors shall be based on the following principle terms:

(a) The Gefung Shares shall be subject to a proposed put and
call option arrangement between the Scheme Creditors and the
Vendors.

(b) The Scheme Creditors shall unconditionally release and
discharge the Jin Lin and its subsidiary companies (Jin Lin
Group) and Dachong Hong Sdn Bhd in full from all obligations and
liabilities (including indemnities, undertaking and/or debenture
instruments, if any) and where applicable, withdraw and/or
discontinue all legal proceedings whatsoever with no order as to
costs against the Jin Lin Group in their capacity as defendant
or respondent, upon issuance of the Gefung Shares.

(c) All obligations and liabilities of Jin Lin under the
corporate guarantees extended to the Scheme Creditors shall be
discharged and/or released in full upon issuance of the Gefung
Shares.

(d) Over and above the repayment to the Scheme Creditors from
the redemption of the charged assets and proposed issuance of
the Gefung Shares as provided in the Proposed Restructuring
Scheme, the Scheme Creditors will continue to retain all their
existing rights and entitlements to claim against the
unencumbered assets of their respective debtor company or
borrowing entity, as the case may be, for any shortfall in
recovery of their total liabilities as at 30 June 2003.

(e) Upon sanction by the High Court of Malaya on the
implementation of the Proposed Restructuring Scheme, all
previous arrangements, compromises, commitments, negotiations
and moratoriums entered into between Jin Lin and the Scheme
Creditors shall be superseded by the Proposed Restructuring
Scheme.

The proposed settlement to the Scheme Creditors under the
Proposed Scheme of Arrangement with Creditors is summarized in
Table 1. On conservative ground, the proposed settlement has
been derived based on the estimated realizable values of the
assets under the break-up basis.

Jin Lin intends to hold court convene meetings with all the
Scheme Creditors to be included in the Proposed Scheme of
Arrangement with Creditors to obtain approval for the Proposed
Restructuring Scheme.

For more information, click
http://bankrupt.com/misc/jinlinwood063004.txt
http://bankrupt.com/misc/TABLESJINLIN063004.doc


KILLINGHALL BERHAD: No Intention Of Selling Southern Bank Shares  
----------------------------------------------------------------
In a press release submitted to Bursa Malaysia Securities
Berhad, Killinghall (Malaysia) Berhad wishes to clarify that it
does not intend to sell its controlling stake in Southern Bank
Berhad and that it is not considering any proposal for a
possible sale.

The company which holds a 21.3 percent interest in Southern Bank
said on Monday that Southern Bank was a strong performer and had
always turned in consistent profits. Profit before tax for
Killinghall grew 22 percent from RM 70.8 million in 2002 to RM
86.4 million for the financial year ended 2003. There was also a
significant turnaround in profitability at company level, mainly
attributable to earnings from the company's investment in
Southern Bank.

Killinghall said in its latest annual report that Southern Bank
expected its current momentum in positive earnings to continue
given the growing economy, better market sentiment and the
group's clear line alignment of strategies with people, process,
structure and systems to ensure industry leadership in the
longer term.

Southern Bank has strong and growing intrinsic value and is a
strategic investment for Killinghall. Southern Bank remains the
sole investment with expectations of renewed growth and profits
in the coming year.

The Board of Directors of Killinghall also wish to state that it
will continue to fulfill its fiduciary responsibility to protect
the best interests of all stakeholders."

This announcement is dated 29 June 2004.


LONG HUAT: Issues Clarification To News Article
-----------------------------------------------
Long Huat Group Berhad refers to Bursa Malaysia Securities
Berhad (Bursa Malaysia)'s letter dated 28 June 2004 in relation
to the above news article appearing in The New Straits Times,
Business Times, page B5, on Monday, 28 June 2004, which states
that:

"LSK is forecasting a net profit of RM8 million for the
financial year ending December 31, 2004 and RM9 million next
year."

The statement was made in response to a press representative's
question on the forecasted net profit of Lee Swee Kiat Group
Berhad (LSKG or the Company) for the financial year ending 31
December 2004 and 2005 (Forecasted Profits).

The Board of Directors of LSKG (LSKG Board) is optimistic of
achieving the Forecasted Profits for the two (2) financial years
based on the growth trend of the sales of its products during
the current financial year. Further, the Company anticipates to
maintain the growth trend in view of the present encouraging
business environment.

The accounting bases, calculations and assumptions used to
arrive at the Forecasted Profits have not recently been reviewed
by the external auditors.

This announcement is dated 29 June 2004.


NALURI BERHAD: Updates Proposed SHB Acquisition   
-----------------------------------------------
Naluri Berhad refers to the announcement made by Aseambankers
Malaysia Berhad (Aseambankers) to Bursa Malaysia Securities
Berhad on behalf of Naluri on 13 December 2003 in relation to,
inter-alia, the Proposed SHB Securities Acquisition. Pursuant to
the Proposed SHB Securities Acquisition, Naluri will be
obligated to undertake a mandatory offer for the remaining SHB
Shares, warrants 1994/2004 in SHB and irredeemable preference
shares in SHB not held by Naluri (Proposed Offer).

On 20 May 2004, Aseambankers on behalf of Naluri announced that
the Securities Commission (SC) had, through its letter dated 18
May 2004, approved inter-alia, the Proposed SHB Securities
Acquisition under the Foreign Investment Committee Guidelines
for Acquisition of Assets, Mergers and Take-overs, 1974 (FIC
Guidelines)(FIC Approval).

On behalf of Naluri, Commerce International Merchant Bankers
Berhad (CIMB) wishes to announce that the SC had, through its
letter dated 28 June 2004 (which was received on 29 June 2004),
informed that the FIC Approval includes the Proposed Offer. In
addition, CIMB is requested to inform the SC of the completion
of the Proposed Offer and disclose to the SC the new equity
structure of SHB after the completion of the Proposed Offer.

This announcement is dated 29 June 2004.


PAN MALAYSIA: Issues Update On Case Filed By MUI   
------------------------------------------------
Pan Malaysia Securities Berhad refers to the announcement on 28
May 2004 concerning the suit filed on 17 May 1996 in the High
Court of Kuala Lumpur by Loyal Design Sdn Bhd (LDSB), a wholly-
owned subsidiary of Malayan United Industries Berhad (MUI),
against the Company and all its then existing directors for
breach of directors' duties in conducting the affairs of the
Company during the period involved with the takeover offer by
MUI through LDSB in respect of the Company. The suit also seeks
to declare, inter-alia, that various options granted by the
Company under the Company's Executive Share Option Scheme are
void.

The company wishes to inform Bursa Malaysia that the case has
now been fixed for mention on 28 September 2004.


PRINSIPTEK CORPORATION: Replies To Bursa Malaysia Query  
-------------------------------------------------------
Prinsiptek Corp. Berhad refers to Bursa Malaysia Securities
Berhad's letter dated 28 June 2004 (reference no. KM-040628-
43389) in relation to the statement appearing in the StarBiz,
page 3 on Saturday, 26 June 2004:

"For 2004, the company hopes to achieve turnover growth of 20
percent to 30 percent and a net profit of not less than RM22
million."

The Company, after due and diligent enquiry, wishes to inform
that we did not provide any detail forecast, projection and
financial estimation to the press during the interview.

This announcement is dated 29 June 2004.

Query Letter content:

Bursa Malaysia refers to the above article appearing in the
Star, StarBiz, page 3 on Saturday, 26 June 2004, a copy of which
is enclosed for your reference.

In particular, the exchange would like to draw your attention to
the underlined sentence, which is reproduced as follows:

"For 2004, the company hopes to achieve turnover growth of 20
percent to 30 percent and a net profit of not less than
RM22mil."

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

In the event you deny the above sentence or any other part of
the above article, you are required to set forth facts
sufficient to clarify any misleading aspects of the same. In the
event you confirm the above sentence or any other part of the
above article, you are required to set forth facts sufficient to
support the same, including the relevant basis and assumptions
in arriving at the above forecast. In this respect, you are also
required to confirm whether the accounting bases, calculations
and assumptions have been reviewed by the external auditors.

Please furnish the Exchange with your reply within one (1)
market day from the date hereof.

Yours faithfully
INDERJIT SINGH
Sector Head
Issues & Listing
Group Regulations
CKM


PUNCAK NIAGA: MARC Assigns Negative Outlook
-------------------------------------------
In a press release, Malaysian Rating Corp. (MARC) said it has
placed the ratings of AA ID (Double AA Islamic Debt)/MARC-1ID in
respect of Puncak Niaga Sdn. Bhd.'s RM1.02 billion ABBA serial
bonds and RM350 million MuCP/MTN programme and the A rating of
its RM546.875 million junior notes on a negative outlook,
pending the resolution of the substantial and long outstanding
trade receivables which stood at RM1.14 billion as at December
2003.

The maintenance of the present rating is subject to the
favourable outcome of PNSB's negotiations with the respective
parties on the resolution of the burgeoning collection problem
and the privatization of water distribution, going forward.

Of immediate concern is PNSB's ability to allocate RM180 million
(the next 12 months' debt obligations) into its Debt Service
Reserve Account (DSRA) by 28 October 2004 as required under the
issue structure.

The annual rating review exercise is presently in progress and
MARC will continue to monitor developments on the resolution of
the long outstanding receivables and privatization of water
distribution and assess the impact on the ratings accordingly.


PWE INDUSTRIES: Resumes Trading of Shares
-----------------------------------------
Further to Listing's Circular No. L/Q 25610 of 2004, kindly be
advised that trading in the PWE Industries shares to Bursa
Malaysia Securities Berhad will resume effective 9:00 a.m.,
Tuesday, 29 June 2004.

Your attention is drawn to the Company's announcement dated 28
June 2004.


SIN HENG: All Resolutions Passed During Meeting
-----------------------------------------------
On behalf of the Board of Directors of Sin Heng Chan (Malaya)
Berhad, the company announced to Bursa Malaysia Securities
Berhad that all the resolutions (as set out in the notice of
meeting of Annual General Meeting and Extraordinary General
Meeting dated 7 June 2004) tabled at the 42nd Annual General
Meeting and Extraordinary General Meeting held at Bukit Kiara
Equestrian & Country Resort, Jalan Bukit Kiara, Off Jalan
Damansara, 60000 Kuala Lumpur on Tuesday, 29th June 2004 were
duly passed by the shareholders of Sin Heng Chan (Malaya)
Berhad.


SIN HENG: Issues Update On Proposed Revised Scheme
--------------------------------------------------
Sin Heng Chan (Malaya) Berhad (SHCM) refers to the series of
announcements relating to the Proposed Revised Scheme of SHCM.

The Proposed Revised Scheme involves, amongst others, the
issuance of Irredeemable Convertible Unsecured Loan Stocks
(ICULS) with free detachable warrants (Warrants) to the
financial institutions creditors of SHCM and its subsidiary
company (Unsecured Scheme Creditors). The ICULS and Warrants
will be listed on the Main Board of Bursa Malaysia Securities
Berhad (Bursa Malaysia).

For the purpose of the said listing of the ICULS and Warrants
and pursuant to Paragraph 6.38 of the listing requirements of
Bursa Malaysia, SHCM is required to comply with the minimum
public spread of not less than one hundred (100) holders of such
securities holding not less than one board lot of one hundred
(100) units each.

For the purpose of the said issuance of ICULS and Warrants, SHCM
will on 30 June 2004, issue a Prospectus to the Unsecured Scheme
Creditors and the one hundred (100) selected holders. The
purpose of the Prospectus is to provide the Unsecured Scheme
Creditors and the one hundred (100) selected holders, with
salient information relevant to the issuance and disbursement of
the ICULS and Warrants.

This announcement is dated 29 June 2004.


SRI HARTAMAS: Unit Enters Into Voluntary Liquidation   
----------------------------------------------------
Creditors' Voluntary Winding Up of a Subsidiary of Sri Hartamas
Berhad Special Administrators Appointed (SHB), Sri Hartamas
Builders Sdn Berhad.

The Special Administrators of Sri Hartamas Berhad (SHB), being
the ultimate holding company of SRI HARTAMAS BUILDERS SDN BHD
(the Company), wish to inform the Exchange that the directors of
the Company had on 29 June 2004 resolved:

- That the Company cannot by reason of its liabilities continue
its business and that it be wound up voluntarily;

- That pursuant to Section 255 of the Companies Act, 1965, Tam
Kok Meng c/o Tam & Associates Corporate Services Sdn Bhd, D-8-3
Level 10 Block D Menara Uncang Emas 85 Jalan Loke Yew 55200
Kuala Lumpur, be and is hereby appointed Provisional Liquidator
for the purpose of the winding up; and

- That separate meetings of members and creditors of the Company
be convened on 22 July 2004 pursuant to Section 255(1)(b) of the
Companies Act, 1965.

As at 30 June 2003 the shareholders' deficit of the Company was
RM 301,348,138 and the Company suffered a loss of RM11,342,919
for the year then ended. The aforesaid liquidation will not have
any material operational impact on Sri Hartamas Group of
Companies.

This announcement is dated 29 June 2004

Yours faithfully
For and on behalf of
Sri Hartamas Berhad -Special Administrators Appointed
Ooi Woon Chee
Special Administrator


SRIWANI HOLDINGS: Issues Update On Proposals  
--------------------------------------------
Sriwani Holdings Berhad issued to Bursa Malaysia Securities
Berhad an update in relation to:

(I) EXISTING RESTRUCTURING PLAN
(II) PROPOSED PROPERTY DISPOSALS
(III) PROPOSED ALTERNATIVE RESTRUCTURING PLAN

The company refers to the announcement dated 16 April 2004
pertaining to the above. Unless otherwise defined, all
abbreviations used herein shall have the same meaning as those
previously defined in the earlier announcement.

On behalf of SHB, Commerce International Merchant Bankers Berhad
(CIMB) is pleased to announce that the Securities Commission
(SC) (on behalf of the Foreign Investment Committee (FIC) has
through its letter dated 28 June 2004 (which was received on 29
June 2004), approved the Proposed Alternative Restructuring Plan
under the Foreign Investment Committee Guidelines for the
Acquisition of Assets, Mergers and Take-overs, 1974.

In relation to the aforesaid approval, CIMB and SHB are required
to inform the SC at such time when the Proposed Alternative
Restructuring Plan is completed.

In addition, CIMB and SHB are required to comply with all the
terms and conditions that have been previously imposed by the SC
in its approval for the Existing Restructuring Plan.

This announcement is dated 29 June 2004.


SUBANG JAYA: Enters Into Voluntary Liquidation  
----------------------------------------------
Sime UEP Properties Berhad (SUEPB) announced to Bursa Malaysia
Securities Berhad that its wholly-owned subsidiary, Subang Jaya
Cinema Sdn Bhd (SJC) held an Extraordinary General Meeting on 29
June 2004 at which it was resolved that SJC be wound up by way
of members' voluntary liquidation. The shareholders of SJC also
approved the appointment of Encik Khor Kok Chai and Encik
Sarkhan Kadis as the liquidators of SJC to act jointly and
severally.

SJC has been inactive since 1 July 2003.

The liquidation of SJC is not expected to have any material
effect on the earnings and net tangible assets of the SUEP
Group. None of the directors or substantial shareholders of SUEP
or persons connected to them has any interest direct and
indirect in the voluntary liquidation.

This announcement is dated 29 June 2004.


SUNWAY HOLDINGS: Issues Update On SunCon Shares  
-----------------------------------------------
Sunway Holdings Inc. Berhad refers to our announcements made to
Bursa Malaysia Securities Berhad dated 17 November 2003, 14 June
2004 and 25 June 2004 in relation to the Offer.

On behalf of SunInc, CIMB wishes to announce that the Offer has
closed at 5:00 p.m. (Malaysian time) on 29 June 2004 (Closing
Date). The position and level of acceptances of the Offer for
the Offer Shares as at the Closing Date are shown in Table 1
below.

SunInc had disclosed in the Offer Document dated 31 May 2004
issued in respect of the Offer (Offer Document) that it is the
intention of SunInc to invoke the provisions of Section 34 of
the Securities Commission Act, 1993 (SCA).

As announced on 25 June 2004, the level of acceptances received
by SunInc has exceeded nine-tenths (9/10) of the nominal value
of the Offer Shares (other than shares already held as at the
date of the take-over offer by SunInc or by a nominee for or a
related corporation of SunInc). We wish to state that SunInc
intends to invoke the provisions of Section 34 of the SCA to
compulsorily acquire the remaining Offer Shares for which
acceptances have not been received within two (2) months after
the Offer has been so accepted.

CIMB, ON BEHALF OF SUNINC, WISHES TO STATE THAT IT IS NOT THE
INTENTION OF SUNINC TO MAINTAIN THE LISTING STATUS OF SUNCON ON
THE OFFICIAL LIST OF BURSA MALAYSIA SECURITIES BERHAD.

This announcement is dated 29 June 2004.

Table 1: Level of acceptances           

                           Number of Suncon          %
                           Shares            

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

Shareholding of the              15.000              0.01      
persons acting in concert
with SunInc (PACs) in
SunCon as at May 31 2004
(the date of dispatch of
the offer Document)

Offer Shares for which       66.000                   0.03
have been received by
SunInc as at 5:00 p.m.
on June 29, 2004

Offer Shares for which    77.262.667                  39.84    
acceptances have been
received by SunInc as at
5:00 p.m. on June 29,
2004

- verified as valid
acceptances                   10.000                     0.01

- subject to verification  190.320.667                   98.13


TANJONG PUBLIC: Sees Possible Sale Of LPG Business By September
---------------------------------------------------------------
Tanjong Public Ltd. Co. may be able to sell its China-based
liquefied petroleum gas business by September, Dow Jones
reports.

The company said a potential buyer has expressed strong interest
in the China-based business and is currently conducting a due
diligence on Tanjong's profitable LPG unit.

"One party seems to be a lot keener than the rest," Tanjong
Chief Operating Officer Tan Kong Han told reporters at a media
briefing following the company's annual shareholders' meeting.
Mr. Tan declined to identify the party.

According to Tanjong Executive Director Ralph Marshall, the sale
would help the company writeback its investments.


TANJONG PUBLIC: Receives Notification On Listing Requirements  
-------------------------------------------------------------
Tanjong Public Ltd. Co. issued notifications pursuant to
Paragraph 14.09 (a) of the Listing Requirements of Bursa
Malaysia Securities Berhad (Bursa Malaysia) of Dealings during
Open Period.

The company wishes to announce that the Company has been
notified on 29 June 2004 of the following dealings by the
Principal Officers of the Company pursuant to Paragraph 14.09
(a) of the Listing Requirements of Bursa Malaysia:

(1) Notification by Uma Maniam Muthusamy:

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

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

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

(2) Notification by Selvam N @ Gerard a/l T N Nathan:

(i) That he has disposed in the open market of the Bursa
Malaysia, 30,000 shares of 7.5 pence each in Tanjong
representing 0.0074 percent of the issued share capital of
Tanjong as at the date of the transaction;

(ii) Date of transaction - 29 June 2004; and

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


TANJONG PUBLIC: BMSB To Grant Listing of 791,000 New Shares
-----------------------------------------------------------
Kindly be advised that Tanjong Public Ltd. Co.'s additional
791,000 new ordinary shares of 7.5 pence each issued pursuant to
the Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berahad (BMSB) effective
9:00 a.m., Wednesday, 30 June 2004.


UTUSAN MELAYU: Issues Update On Civil Suit   
------------------------------------------
The Board of Directors of Utusan Melayu (Malaysia) Berhad
(Utusan) has on 29 June 2004 been ordered by the Honourable
Court to pay the Plaintiff as:

a) The sum of RM80,000 as damages;

b) The imposition of interest of 8 percent per annum from the
date of filing of the Writ of Summons until the date
of realization; and

c) Costs.

The decision has no significant impact on the Net Tangible
Assets and Earnings of Utusan or the Utusan Group for the
financial year ending 31 December 2004. Utusan is contemplating
to appeal against the quantum of damages granted by the
Honorable Court.


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


ABS-CBN BROADCASTING: To Expand Australia, Asia Ops
---------------------------------------------------
In line with its aim to double its penetration rate in
international markets in five years, ABS-CBN Broadcasting Corp.
is expanding its Australia operations this year, reports
Businessworld. ABS-CBN is also planning to enter potential
markets in Hong Kong, Indonesia, and Singapore.

According to newly appointed president Luis Alejandro,
Australian satellite services will be launched in the third
quarter by ABS-CBN Global Ltd. the media giant's wholly-owned
unit which runs its international operations.

"We will put up our own office in Australia. We are looking at
the requirements," Mr. Alejandro said. He gave no timetable on
the firm's full penetration of the Australian market, where an
estimated 30,000 households are potential subscribers.

At present, ABS-CBN is already operating a cable business Dow
Under, where it distributes Filipino-produced content.

ABS-CBN is also in talks with a cable company in Singapore for a
possible tie-up, on top of its plans to conduct an initial
public offering (IPO) in Singapore in three to five years.

"There has to be a good timing. Also, we want to make sure that
it is a successful IPO," Mr. Alejandro said.


BENPRES HOLDINGS: Clarifies News Article
----------------------------------------
Benpres Holdings Corp. issued to the Philippine Stock Exchange a
clarification to the news article entitled "Benpres to answer
for $120 million performance bond of Maynilad" published in the
June 29, 2004 issue of The Philippine Star (Internet Edition).  
The article reported that:

"Banks will have to go after the Lopez-owned Benpres Holdings
Corp. if the government withdraws the $120 million performance
bond posted by Maynilad Water Services (Maynilad) for its water
service franchise.  Once the Metropolitan Waterworks and
Sewerage System (MWSS) draws the performance bond, a government
source said it would be up to the banks to go after Maynilad's
principals who paid for the bond, in this case parent firm
Benpres Holdings.

The drawdown would compel Benpres 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.  Moreover, the government
said it will also be spared from paying the PhP4 billion
termination fee to Maynilad since the franchise would remain
active despite the takeover of the MWSS.  Sources said yesterday
that the Supreme Court decision allowing the MWSS to draw the
entire amount did not indicate a termination of the franchise.  
MWSS would be taking over Maynilad but the franchise would
remain a live contract even throughout its rehabilitation, the
sources added.

According to MWSS, however, the $120 million bond was not even
enough to pay for Maynilad's unpaid concession fees now
estimated at $180 million as of May 31, 2004."

Benpres Holdings Corp. in its letter dated June 29, 2004,
clarified that:

(1) The banks that issued the Performance Bons will step into
the shoes of MWSS as creditor for whatever amount is actually
drawn.  Benpres' guarantee remains in place as reflected in its
Balance Sheet Management Plan;

(2) A compromise agreement among Maynilad, its sponsors and MWSS
was submitted in March 2004 to the Rehabilitation Court with the
intention of replacing the rehabilitation plan Maynilad
submitted in November 2003;

(3) While we acknowledge that there are existing hurdles, we
believe that all parties are committed to ensure the delivery of
uninterrupted, safe and reliable water service to Maynilad
customers.


MANILA ELECTRIC: Urged To Help Soften Power Rate Hike Impact
------------------------------------------------------------
The Manila Electric Co. (Meralco) has been called upon to come
up with ideas that would help lessen the impact of a proposed
power rate increase, reports The Philippine Star, citing energy
secretary Vincent Perez.

Mr. Perez said Meralco could follow the example of the state-run
National Power Corp. (Napocor), which has already slashed the
number of its workforce.

"We are faced with a problem that needs to be resolved now even
though there is only little time left to do it. We need to get
rid of Napocor's debt by privatizing immediately its power
plants. The proposed rate hike is necessary in order to attract
investors into the power sector. Each of us should make
sacrifices," Perez said.

The energy chief said Napocor's PhP500-billion debt could
balloon to PhP1 trillion at the end of the decade if bold
measures are not carried out right away.

The higher power rates, Mr. Perez said, form part of the overall
restructuring scheme the power sector is currently undertaking.

"At the end of the decade, we want to see a reformed power
sector. We just need to make sacrifices for about two years. If
not, Napocor would be burdened with a huge debt," Perez said.


NATIONAL POWER: Govt Launches US$250M Debt Sale For Power Firm
--------------------------------------------------------------
In order to accommodate the financing needs of state power firm
National Power Corp. (Napocor), the Philippine government said
Tuesday it has launched the sale of US$250 million in fresh
debt, reports AFX-ASIA.

According to national treasurer Mina Figueroa, the national
government has increased the size of its US$750-million global
bonds maturing in 2017 by US$250 million to help fund the
operations of Napocor, whose PhP500-billion (US$8.9 billion)
debts it plans to absorb to pave the way for its privatization.

Ms. Figueroa said the state is able to borrow at a cheaper rate
than if the debt-saddled power firm were to do it on its own.
"Anyway, these (debts) would be assumed by the national
government eventually," she said.

The government also reopened in April two bond issues maturing
on 2011 and 2014 to borrow US$400 million more in behalf of
Napocor, whose 2004 financing requirement stands at US$1.5
billion.


NATIONAL POWER: IMF OK With Govt Debt Absorption Plan
-----------------------------------------------------
The International Monetary Fund (IMF) agrees with the Philippine
government's plan to absorb PhP500 billion in National Power
Corporation (Napocor) debts to make it more attractive to
investors, reports Businessworld, citing central bank governor
Rafael Buenaventura.

According to Mr. Buenaventura, who met with IMF officials
Monday, a review team the IMF sent to Manila to evaluate the
country's economic policies and projections underscored the
importance of privatizing the power sector.

"IMF said it was the right thing to do, to be able to sell the
power sector. They said what we're doing seems to make sense,"
he said.

However, Mr. Buenaventura quoted IMF officials, as saying that
absorbing Napocor debts and the sale of the power firm should be
among the steps the government has to immediately undertake.


PHILIPPINE LONG: Declares Cash Dividend During Board Meeting
------------------------------------------------------------
Philippine Long Distance Telephone Co. in its letter dated June
29, 2004, advised the Philippine Stock Exchange that:

"During the meeting of the Board of Directors of the company on
June 29, 2004, the following cash dividends were declared:

(1) PhP1.00 per outstanding share of the company's Series A 10
percent Cumulative Convertible Preferred Stock, for the Annual
period ending July 31, 2004, payable on August 31, 2004 to the
holders of record on July 28, 2004.

(2) PhP1.00 per outstanding share of the company's Series I 10
percent Cumulative Convertible Preferred Stock, for the annual
period ending July 31, 2004, payable on August 31, 2004 to the
holders of record on July 28, 2004.

(3) PhP1.00 per outstanding share of the company's Series R 10
percent Cumulative Convertible Preferred Stock, for the annual
period ending July 31, 2004, payable on August 31, 2004 to the
holders of record on July 28, 2004.

(4) PhP1.00 per outstanding share of the company's Series W 10
percent Cumulative Convertible Preferred Stock, for the annual
period ending July 31, 2004, payable on August 31, 2004 to the
holders of record on July 28, 2004.

(5) PhP1.00 per outstanding share of the company's Series AA 10
percent Cumulative Convertible Preferred Stock, for the annual
period ending July 31, 2004, to the holders of the record on
July 28, 2004.

(6) PhP1.00 per outstanding share of the company's Series BB 10
percent Cumulative Convertible Preferred Stock, for the annual
period ending July 31, 2004, payable on August 31, 2004 to the
holders of record on July 28, 2004."

Further, in reference to Circular for Brokers No. 148-2003 dated
January 21, 2003, please be reminded that the Securities and
Exchange Commission (SEC) in its letter to the company dated
December 16, 2002, has allowed the company to set the payment
date "in accordance with its by-laws and Board's Resolution".  
In addition, the SEC stated that the implementation of the same
should be "with proper coordination with the PCD."


PICOP RESOURCES: Unveils Result of Annual Stockholders' Meeting
---------------------------------------------------------------
In compliance with the Continuing Listing Requirements of the
Philippine Stock Exchange, Picop Resources Inc. wishes to inform
you that at the Annual Meeting of the Stockholders of the
company held on June 28, 2004, the following were elected as
directors of the company:

Atty. Leonardo T. Siguion Reyna
Mr. Joost Pekelharing
Mr. Teodoro G. Bernardino
Mrs. Eleanore B. Guttierez
Mr. Roberto A. Atendido
Mr. Michael G. Bernardino
Maj. Gen. Ramon E. Montano (retired) (Independent Director)
Mr. Pedrito M. Aragon
Mr. Cornelio P. Mapa (Independent Director)
Mr. Celso P. Vivas
Mr. David P. Camaya

At the said annual meeting, the stockholders, representing more
than two thirds (2/3) of the outstanding capital of the company,
approved and ratified the amendment of Article Sixth of the
amended articles of Incorporation of the Corporation reducing
the number of directors from eleven (11) to seven (7).

At the Organizational Meeting of the Board of Directors of the
company held immediately after the Stockholder's Annual Meeting,
the following were unanimously elected to the position indicated
after their names:

(a) Officers

Atty. Leonardo T. Siguion Reyna - Chairman of the Board
Mr. Joost Pekelharing - Vice Chairman of the Board
Mr. Teodoro G. Bernardino - President
Mrs. Eleanore B. Guttierez - Treasurer/CFO
Mr. Pedrito M. Aragon - Senior Vice President and Comliance
Officer
Mr. Wilfredo D. Fuentes - Vice President
Mr. Marvin E. Marcojos - Vice President
Mr. Viosmarte E. Ubalde - Assistant Vice President
Mr. Rolando A. Gonzales - Assistant Vice President
Atty. Edgardo G. Balois - Corporate Secretary
Atty. Lincoln L. Tan, Jr. - Assistant Corporate Secretary

(b) Executive Committee

Mr. Joost Pekelharing - Chairman
Mr. Teodoro G. Bernardino - Member
Mrs. Eleanore B. Guttierez - Member
Mr. Pedrito M. Aragon - Member

(c) Audit Committee

Ramon E. Montano - Chairman (Independent Director)
Roberto A. Atendido - Member
Celso P. Vivas - Member

(d) Compensation and Remuneration Committee

Teodoro G. Bernardino - Chairman
Joost Pekelharing - Member
Cornelio P. Mapa - Member (Independent Director)

(e) Nomination Committee

Cornelio P. Mapa - Chairman
Ramon E. Montano - Member
Pedrito M. Aragon - Member

(f) Compliance Officer - Pedrito Aragon

(g) Officers authorized by the Board to sign disclosures with
Philippine Stock Exchange and Securities and Exchange
Commission.

Mr. Teodors G. Bernardino
Atty. Edgardo G. Balois
Mr. Pedrito M. Aragon
Mr. Viosmarte E. Ubalde


* Fitch Threatens RP With Ratings Downgrade
-------------------------------------------
Fitch Ratings said the administration of President Gloria
Macapagal-Arroyo must commit to raising taxes and finding a
lasting resolution to the financial problems of the state-owned
National Power Corp. (Napocor).

In a statement, the international ratings agency warned that
without these measures the Philippines faces the risk of a
ratings downgrade.

"Failure to exploit the improved political backdrop by making
headway on fiscal policy tightening could see the Philippines'
rating strengths wither again, following the downgrade in 2003,"
says Brian Coulton, senior director of Fitch's Sovereign Group.

In a special report published Wednesday, Fitch assesses the
implications of financial problems at Napocor for the
Philippines' sovereign creditworthiness, highlighting the urgent
need for progress towards privatization.

Fitch is maintaining the Philippines' long-term foreign and
local currency sovereign ratings at "BB" and "BB+,"
respectively, both with a stable outlook.

Ms. Macapagal, who was sworn in at noon Wednesday after winning
a bitterly contested election on May 10, sought reconciliation
with her critics and promised a government that will exercise
fiscal prudence, fight corruption, and ensure economic growth in
the next six years.

Ms. Macapagal-Arroyo was elected vice-president in 1998 and took
over as president in 2001 when her predecessor, Joseph Estrada,
was ousted by a popular revolt on corruption allegations.

She will serve for six years.

"I pledge to you a government that will live within its means
and put every spare peso to real work," she said in her
inaugural speech.

The government has promised to balance the budget by 2009. For
this year, however, its budget deficit is expected to reach
197.8 billion pesos, or 4.2 percent of gross domestic product.

Election-related spending and interest payments on loans raised
the government's total expenditure in the January-May period.

As a result, the government recorded a budget deficit of 12.7
billion pesos in May, taking the cumulative deficit for the
first five months of the year to 77.4 billion, or only about two
billion below the first-half ceiling of 79.6 billion.

Fitch said the President's electoral victory "should bring to an
end the prolonged period of political uncertainty that has been
unnerving investor sentiment for several months."

"The (election) result ushers in the prospect of sustained
stability in political leadership that has not been seen since
the Philippines adopted democracy," it said.

"Moreover the election win provides Ms. Macapagal with a much
stronger political mandate than she enjoyed in her first term in
office, having gained the presidency after the second "people's
power" uprising against former President Estrada."

Fitch also believes that Ms. Macapagal's political rivals will
now find it much harder to question her legitimacy when opposing
legislative proposals, a tactic they employed to some effect in
her first term.

The President meanwhile is assured of support from Congress,
which will be dominated by her political allies in the next
three years.

"This new political environment offers the Arroyo administration
the opportunity to make significant inroads in dealing with the
Philippines' fiscal policy and governance problems," Fitch said.

Fitch noted that in past few years the Philippine government
achieved some success on the fiscal front, with the budget
deficit declining to 4.7 percent of GDP in 2003 from 5.3 percent
a year earlier.

The revenue-to-GDP ratio rose to 14.6 percent last year from
14.3 percent in 2002, reflecting improved tax administration and
collection, while downward pressures on non-interest current
expenditures helped the overall government spending-to-GDP ratio
decline by 0.4 percentage points, Fitch said.

It also believes that the government's fiscal performance so far
this year looks to be broadly on track, despite a slight
increase in the deficit in May, to meet the annual deficit
target.

"But the somewhat steadier near-term fiscal picture belies an
underlying trend deterioration in fiscal health as reflected in
five consecutive years of deficits of four percent of GDP or
more, a sharp fall in tax revenues since the late 1990s, a rise
in national government debt to 78 percent of GDP at end-2003
from 58 percent at end-1999, and an increase in the burden of
debt interest payments," Mr. Coulton said.

He said that interest payments accounted for 36 percent of total
government revenues in 2003, "a ratio that is already high
compared to other sub-investment grade sovereigns and set to
rise further."

With half of its debt external, the government's balance sheet
is also exposed to exchange rate volatility, Mr. Coulton added.

Moreover, Mr. Coulton said, "the national government finances
conceal major fiscal problems in the state enterprise sector--
specifically at Napocor, where losses have escalated sharply and
were much larger than expected in 2003."

Mr. Coulton said that the government's flexibility on
expenditure is thus diminishing, as interest payments increase
and higher investments in public infrastructure are needed.

"It will be important to see a strong commitment by the Arroyo
government to tax increases," he said.

He said the national government's plan to absorb some 500
billion pesos in debts of Napocor might "act as a catalyst for a
final resolution involving restructuring and privatization" of
the power sector.

"This proposal would increase the fiscal transparency of
Napocor's problems, which have been caused in part by political
decisions on electricity pricing," he said.

He said the privatization proceeds could offset some additional
debt to be absorbed by the government.

He expects the national government's debt to rise to 90 percent
of GDP after the absorption of additional Napocor debts, which
would be the highest of any sovereign in the "BB" category.

Additional interest payments by the national government would
add one percent of GDP to the deficit from 2005, he said, thus
pressuring national government fiscal targets and further
underlining the need for tax increases.


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


ECOWISE HOLDINGS: Ecowise H1 net slips into red
-----------------------------------------------
Ecowise Holdings releases its six months financial statement
ended April 30, 2004.

            (in millions of S$ unless stated)

                                 H1 2004      H1 2003

Operating profit/(loss)          (0.97)   vs    0.53
Pre-tax profit/(loss)            (0.97)   vs    0.53
Net profit/(loss)                (0.94)   vs    0.47
Group shr (cents)                (2.50)   vs    1.56
Turnover                          3.32    vs    4.30
Dividend (pct)                     nil    vs     nil

Ecowise Holdings Limited is engaged in the provision of waste
management services.


INFORMATICS HOLDINGS: Share Price Dives 6% After PWC Report
-----------------------------------------------------------
Singapore-based Informatics Holdings experienced a 6 percent
share drop Tuesday following the release of
PricewaterhouseCooper's report on Monday that revealed more
anomalies in Informatics' full-year financial statement, The
Straits Times reports.

Shares of the troubled education services provider fell two
cents or 5.8 percent to 32.5 cents on 6.6 million shares traded
yesterday.

Informatics had warned that the audited results will show losses
higher than the previously reported SGD20.6 million.

PWC, appointed by Informatics on April 30 to investigate the
misstatement of the firm's accounts ended December 31, released
a report that highlighted additional potential adjustments to
those uncovered by Ernst & Young, such as reversal of foreign
student's revenue, adjustments on certain franchise deals and
additional provisions needed for old debts.

Despite PWC's claim that its report was factual, Informatics, in
a detailed rebuttal, said that the report was inappropriate and
speculative.


KINDERWORLD EDUCARE: Winding Up Hearing Slated for July 9
---------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Kinderworld Educare Centre Pte Ltd by the High Court was on June
11, 2004, presented by Pangjwee Development Pte Ltd of 5 Stadium
Walk, Leisure Park, Singapore 397693 a creditor, and that the
said Petition is directed to be heard before the Court sitting
at Singapore at 10.00 a.m. in the forenoon on July 9, 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; and a copy of this 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.

The Petitioner's address is 5 Stadium Walk Leisure Park,
Singapore 397693.

The Petitioner's solicitors are Bee See & Tay of 10 Anson Road,
#24-11 International Plaza, Singapore 079903.

BEE SEE & TAY
Solicitors for the Petitioner.

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
solicitors Bee See & Tay, notice in writing of his intention so
to do. The notice must state the name and address of the person,
or, if a firm, the name and address of the firm, and must be
signed by the person or firm, 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 of the 8th day of July 2004 [the day before
the day appointed for the hearing of the petition].


METRO HOLDINGS: Holds Annual General Meeting on July 16
-------------------------------------------------------
Notice is hereby given that the Thirty-First Annual General
Meeting of Metro Holdings Limited will be held at 391A Orchard
Road #26-01 Tower A Ngee Ann City, Singapore 238873 on 16 July
2004 at 11:00 a.m. for the purpose of transacting the following
business:

ORDINARY BUSINESS

(1) To receive and consider the Directors' Report and Audited
Accounts for the year ended 31 March 2004 and the Auditor's
Report thereon. (Resolution 1)

(2) To approve the payment of a final dividend of 2.0 cents per
ordinary share (less income tax) for the year ended 31 March
2004. (Resolution 2)

(3) To consider and if thought fit, to pass the following
resolutions:

(a) That pursuant to Section 153(6) of the Companies Act, Cap
50, Mr. Ong Tjoe Kim be and is hereby re-appointed as a Director
of the Company to hold such office until the next Annual General
Meeting. (Resolution 3)

(b) That pursuant to Section 153(6) of the Companies Act, Cap
50, Mr. Lee Khoon Choy be and is hereby re-appointed as a
Director of the Company to hold such office until the next
Annual General Meeting. [see Explanatory Note (a)](Resolution 4)

(c) That pursuant to Section 153(6) of the Companies Act, Cap
50, Mr. Chan U Seek be and is hereby re-appointed as a Director
of the Company to hold such office until the next Annual General
Meeting. [see Explanatory Note (a)](Resolution 5)

(d) That pursuant to Section 153(6) of the Companies Act, Cap
50, Mr. Jackson Lee Chik Sin be and is hereby re-appointed as a
Director of the Company to hold such office until the next
Annual General Meeting. [see Explanatory Note (a)](Resolution 6)

(e) That pursuant to Section 153(6) of the Companies Act, Cap
50, Mr. Phua Bah Lee be and is hereby re-appointed as a Director
of the Company to hold such office until the next Annual General
Meeting. [see Explanatory Note (a)](Resolution 7)

(4) To approve the Directors' Fees of $245,000 for the year
ended 31 March 2004 (2003: $245,000). (Resolution 8)

(5) To re-appoint auditors and to authorize the Directors to fix
their remuneration. (Resolution 9)

(6) To transact any other business of an Annual General Meeting.

SPECIAL BUSINESS

(7) To consider and, if thought fit, to pass the following
resolution as ordinary resolution:-

"That notwithstanding the provisions of the Articles of
Association of the Company, pursuant to Section 161 of the
Companies Act, Cap. 50 and the listing rules of the Singapore
Exchange Securities Trading Limited, authority be and is hereby
given to the Directors of the Company to issue shares in the
Company (whether by way of rights, bonus or otherwise) at any
time and upon such terms and conditions and for such purposes
and to such persons as the Directors may in their absolute
discretion deem fit, provided that:

(i) the aggregate number of shares to be issued pursuant to this
Resolution does not exceed 50% of the issued share capital of
the Company, of which the aggregate number of shares to be
issued other than on a pro-rata basis to existing shareholders
of the Company does not exceed 20% of the Company's issued share
capital;

(ii) for the purpose of determining the aggregate number of
shares that may be issued under (i) above, the percentage of
issued share capital shall be based on the issued share capital
of the Company at the time this Resolution is passed, after
adjusting for

(a) new shares arising from the conversion or exercise of any
convertible securities or employee share options or vesting of
share awards that are outstanding or subsisting at the time this
Resolution is passed; and

(b) any subsequent consolidation or subdivision of shares; and

(iii) (unless revoked or varied by the Company in general
meeting), the authority conferred by this Resolution shall
continue in force until the conclusion of the next Annual
General Meeting of the Company or the date by which the next
Annual General Meeting of the Company is required by law to be
held, whichever is the earlier." [see Explanatory Note
(b)](Resolution 10)

Notice is hereby given that the Transfer Books and Register of
Members of the Company will be closed on 27 July 2004 to 28 July
2004, both dates inclusive, for the preparation of dividend
warrants.

Duly completed transfers received by the Company's Registrar,
Barbinder & Co Pte Ltd, 8 Cross Street #11-00 PWC Building,
Singapore 048424 to the close of business at 5:00 p.m. on 26
July 2004 will be registered to determine shareholders'
entitlement to the proposed dividend. The dividend, if approved,
will be paid on 6 August 2004 to shareholders registered in the
books of the Company on 26 July 2004.

In respect of shares in securities accounts with the Central
Depository (Pte) Limited ("CDP"), the said final dividend will
be paid by the Company to CDP which will in turn distribute the
dividend entitlements to holders of shares in accordance with
its practice.

By Order of the Board
Tan Ching Chek and Lee Chin Yin
Joint Company Secretaries
Singapore
30 June 2004

Explanatory Notes:

(a) Mr. Jackson Lee Chik Sin, Mr. Lee Khoon Choy, Mr. Chan U
Seek and Mr. Phua Bah Lee, if re-appointed, will remain as Audit
Committee Members and are considered independent directors for
purposes of Rule 704(8) of the Listing Manual of Singapore
Exchange Securities Trading Limited. Mr. Jackson Lee Chik Sin,
if re-appointed, will remain as Chairman of the Audit Committee.

(b) The proposed ordinary resolution 10 in item 7 above, if
passed, will empower the Directors of the Company from the date
of the above meeting until the next Annual General Meeting to
issue shares in the Company up to the limit as specified in the
resolution for such purposes as they consider would be in the
interests of the Company. This authority will continue in force
until the next Annual General Meeting of the Company, unless
previously revoked or varied at a general meeting.

Notes to Proxy Form:

(i) A member entitled to attend and vote at the meeting is
entitled to appoint not more than two proxies to attend and vote
in his stead. A proxy need not be a member of the Company.

(ii) If a proxy is to be appointed, the form must be deposited
at the registered office of the Company, 391B Orchard Road #23-
01 Tower B, Ngee Ann City Singapore 238874 not less than 48
hours before the meeting.

(iii) The form of proxy must be signed by the appointor or his
attorney duly authorized in writing.

(iv) In the case of joint shareholders, all holders must sign
the form of proxy.

Submitted by Tan Ching Chek and Lee Chin Yin, Joint Company
Secretaries on June 30, 2004 to the Singapore Stock Exchange.


NOVENA HOLDINGS: May Post 1H Net Loss
-------------------------------------
Singapore furniture retailer Novena Holdings said it may be
headed for an interim net loss when it announces its first-half
results on August 15, relates Channel News Asia.

The firm attributes the possible loss to non-recurring
professional fees incurred in the cancelled acquisition of a
stake in Green World Holdings and a weak retail industry. In
addition, Novena has also suffered quoted equity shares loss.


ROMANICUS COMPUTER: Creditors to Submit Claims by July 26
---------------------------------------------------------
Notice is hereby given that the creditors of Romanicus Computer
Services Pte Ltd (In Members' Voluntary Liquidation), which is
being wound up voluntarily are required on or before July 26,
2004 to send in their names and addresses and particulars of
their debts or claims, and the 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 by the
said Liquidators are, by their solicitors or personally, to come
in and prove their 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.

CHEE YOH CHUANG
LIM LEE MENG
Liquidators.
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.


SELCO SLAVAGE: Issues Notice of Dividend
----------------------------------------
SELCO SALVAGE LIMITED releases notice of dividend.

Name of Company : SELCO SALVAGE LIMITED
(In Compulsory Liquidation).

Address of Registered Office : 8 Cross Street
#11-00 PWC Building
Singapore 048424.

Court : High Court of the Republic of Singapore.

Number of Matter : Companies Winding Up No. 472 of 1986.

Amount per centum : 0.03022 cents to a dollar.

First and final or otherwise : First & final dividend.

When payable : 28th June 2004.

Where payable : c/o PricewaterhouseCoopers
8 Cross Street
#17-00 PWC Building
Singapore 048424.


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


THAI PETROCHEMICAL: Administrators To Scrap Share-Swap Plan
-----------------------------------------------------------
Thai Petrochemical Industry's (TPI) new debt plan will include a
fund-raising method to replace a debt-to-equity swap with TPI's
creditors, Dow Jones reports, citing the Krungthep Turakij
newspaper.

The new debt plan to be proposed to the Finance Ministry on
Friday states that, "TPI's new shareholder structure would
consist of retail investors, the company's strategic partners
and employees. But there won't be stakes held by creditors
left," the paper says, quoting a member of the debt plan
administrator team appointed by the Finance Ministry.

According to the newspaper report, the Finance Ministry should
be able to raise funds within one year or TPI will be forced to
implement the share-swap plan.

The creditors of TPI under the previous plan are expected to
swap TPI's US$650 million debt for the company's equity enabling
them to hold a 90 percent stake in TPI.

TPI's total debt amounts to US$2.95 billion.


                            *********


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

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