TCRAP_Public/040702.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

             Friday, July 2, 2004, Vol. 7, No. 130

                            Headlines

A U S T R A L I A

DROMANA ESTATE: Commences Loyalty Program Based on Sales
PRIMELIFE CORPORATION: Unveils Stamp Duty Objection Case
VILLAGE ROADSHOW: Issues Update of Ordinary Share Buy-back


C H I N A  &  H O N G  K O N G

CHINA MOTION: Discloses Interests
CHINA SECURITIES: Communist Party Sacks Top Executives
LAI SUN: Nears Debt Restructure Deal
SOUTH CHINA: Announces Resignation of Director
VERTEX GROUP: Says Directors Unaware of Reason for Price Hike


I N D O N E S I A

BANK LIPPO: To Start Assets Sale Next Month
PERTAMINA: Clarifies Tanker Tender Bids
PERTAMINA: Withdraws Lawsuit Against Jakarta Post
SEMEN GRESIK: Declares Dividend
TELEKOMUNIKASI INDONESIA: Posts 24% Drop In '03 Profits


J A P A N

ALL NIPPON: Rolls Out E-Tickets For Domestic, Int'l Flights
DEKI BICYCLE: Bicycle Firm Goes Bankrupt
KOBE STEEL: Transfers Crushing Equipment Business
MATSUSHITA ELECTRIC: Enters Alliance With Victor, Thomson
MATSUSHITA ELECTRIC: Launches Blu-ray Disc Recorder July 31

MITSUBISHI FUSO: Offers Free Vehicle Inspections
MITSUBISHI FUSO: Can't Get Fix on Earnings Outlook
SOJITZ CORPORATION: R&I Places Rating on Monitor Scheme


K O R E A

DAEWOO ENGINEERING: Makes Early Debt Payments
HANBO STEEL: Legal Action Might Block US$800M Purchase
SSANGYONG MOTOR: Likely to be Sold to Shanghai Automotive


M A L A Y S I A

AMSTEEL CORPORATION: Receives RM1.496M For Parkson Settlement
BERJAYA SPORTS: Buys Back 290,000 Shares
BESCORP INDUSTRIES: Issues Default in Payment Update
BUKIT KATIL: Issues Update On Default Payment
CHG INDUSTRIES: All Resolutions Approved By Shareholders At AGM

CONSOLIDATED FARMS: Releases 1Q Report For Period Ended April 30
CRIMSON LAND: Issues Update On Proposals
DATAPREP HOLDINGS: Proposes Placement of 6,400,000 New Shares
DUNHILL OF LONDON: Struck Off By Companies Commission
FORESWOOD GROUP: All Resolutions Duly Passed At AGM

INTEGRATED RUBBER: Releases Details Of Entitlement
JIN LIN: AGM Slated For July 23
JIN LIN: Seeks Approval On Proposed Renewal Of Mandate
METROPLEX BERHAD: Files For Extension On Order to Convene
PICA CORPORATION: Issues Update On Status Of New Adviser

PICA CORPORATION: Releases Practice Note Monthly Status Update
PILECON ENGINEERING: Appeals On Decision Re Original Scheme
SUGAR BUN: Releases Unaudited 1Q Report
TANCO HOLDINGS: No Development On Status of Default in Payment
TANCO HOLDINGS: Shareholders Approve Resolutions Passed At AGM

TANJONG PUBLIC: Provides Bursa Malaysia A News Release Copy
TENCO BERHAD: Updates Status On Default Payment
TRI-PILE SDN: Court Issues Winding Up Petition
YCS CORPORATION: Applies For 3-Month Extension For RA


P H I L I P P I N E S

ABS-CBN BROADCASTING: Declares Dividend of PhP0.64 Per Share
NATIONAL POWER: Aims to Privatize 70% Of Assets By 2005
PILIPINO TELEPHONE: Unveils Actions Taken By Board At Meeting
VICTORIAS MILLING: Appoints New Executive Committee Members


S I N G A P O R E

FLEXTRONICS INTERNATIONAL: To Lay Off 400 Workers
HOCK CHUAN: Faces Winding Up Proceedings
INFORMATICS HOLDINGS: Audited Net Loss Widens To SGD42.5M
INFORMATICS HOLDINGS: Releases Qualified Auditor's Report
INFORMATICS HOLDINGS: 2004 Net Sinks Into the Red

IPCO INTERNATIONAL: Narrows Net Loss to SGD10.1M
SOPHISTRONIC PRIVATE: Holds Final General Meeting on July 23
STRAITS COTTON: Winding Up Hearing Set July 2


T H A I L A N D

TANAYONG: Clarifies Auditor's Opinion
TANAYONG: Releases Report On Results Of Operation

* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -  -

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A U S T R A L I A
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DROMANA ESTATE: Commences Loyalty Program Based on Sales
--------------------------------------------------------
Dromana Estate Limited announced that it has commenced a Loyalty
Program based on sales, focusing on high quality restaurants
throughout Australia. The initial reaction from restaurateurs
has been very encouraging.

In a disclosure to the Australian Stock Exchange, restaurant
owners will be granted options in the Company based on the level
of sales made during each quarter. These options are exercisable
at 25 cents and have an expiry date of 30 June 2008.

A pool of 2,000,000 options has been created for this program.
The program is aiming to achieve at least 100 of Australia's
high quality restaurants and wine bars. A number of these
leading restaurants have already agreed to enter the program.

If all options are granted during the financial year, sales
revenue from this program is estimated to provide a minimum of
$1.4 million. If next years sales are maintained at this years
levels and the loyalty scheme is added, then the overall impact
on sales will be an increase of approximately 40% for fiscal
2005.

If all options are exercised Dromana Estate will receive a
capital injection of $500,000.

Restaurant & Wine Bar owners that are interested in joining and
wish to find out the criteria should contact its Melbourne
Office for details.

Dromana Estate Limited is a producer of premium and ultra
premium Australian wine and markets under the labels Dromana
Estate, David Traeger Wines, Mornington Estate, Yarra Valley
Hills, Baptista, Brokern River and Garry Critenden "I".

DETAILS OF THE ISSUE

Under this prospectus, Dromana Estate Limited may issue up to
2,000,000 options to acquire fully paid ordinary shares in the
Company at an exercise price of 25 cents per share, exercisable
on or before 30 June 2008.

Dromana will issue up to 2,000,000 options in aggregate to
persons who quality for, and are admitted by Dromana into, the
Dromata Loyalty Program, and who satisfy the on-going
requirements for participation in the Loyalty Program.

To quality for the Dromana Loyalty Program a person was purchase
a minimum of $500 worth of Dormana product per month.

Persons who quality for, and who wish to be admitted into, the
Loyalty Program must apply to Dromana on its Application Form.
Dromana reserves the right in its complete discretion and
without giving its reasons to reject any application. If Dromana
accepts an Application, it will advise the applicant in writing
of the applicant's admission in the Loyalty Program.

Options will be granted to participants in the Loyalty Program
based on settled monthly purchases, at the rate of 1 Option for
each $1.00 of purchases (exclusive of GST), increasing as
follows:

Purchase per Month        Options Granted
$500+                     500 (1 option per $1.00)
$1,000+                   1,050 (1.05 options per $1.00)
$1,500+                   1,650 (1.1 options per $1.00)
$5,000+                   7,250 (1.45 options pe $1.00)

USE OF FUNDS

The issue of Options will not raise funds. Any Funds raised by
the subsequent exercise of options will be utilized as working
capital.

DIVIDENDS

Dividends will be paid to shareholders in proportion to the
shares held by them and will be paid proportionately to the
amount paid up (excluding amounts credited as paid up) on those
shares.

WINDING UP

On a winding up of the Company, shareholders will participate in
any surplus assets of the Company in proportion, as nearly as
may be, to the capital paid up on the Shares held by them
respectively at the commencement of the winding up.

For more information, go to
http://bankrupt.com/misc/tcrap_dromana0701.pdf

For further details please contact Mr. Chris Ritchie or Mr. Bede
Doherty on 03 9600 3242.


PRIMELIFE CORPORATION: Unveils Stamp Duty Objection Case
--------------------------------------------------------
Primelife Corporation Limited was successful in an appeal
brought by two of its subsidiaries against the Commissioner of
State Revenue relating to stamp duty paid on several villages
purchased from the IOOF Society, the Company announced on its
Web site.

The villages are Glendale Retirement Village & Hostel,
Cumberland View Retirement Village, Cumberland View Nursing Home
& Hostel, Heathglen SRS.

Supreme Court Justice David Harper has ruled that the sale of
these villages should be exempt from Victorian Government stamp
duty. Justice Harper has found in favor of Primelife on all
aspects of the objections, specifically that "the Commissioner's
assessments were not in accordance with the law".

Justice Harper held (consistent with recent Court of Appeal
decisions) that the Commissioner is not entitled to assess duty
on the value of aged care approved places purchased from IOOF,
nor is the Commissioner entitled to bring `general business
goodwill' to duty as part of the value of the real estate.

Primelife Corporation Limited has been invited to reach an
agreement with the State Revenue Office of Victoria on
appropriate values for assessment purposes.

An application to the Court will be made in due course for
Orders reducing the assessments to the figures agreed with the
State Revenue Office and an Order for costs.

Based on the valuations suggested as indicative by Justice
Harper, a substantial refund is expected, which incorporates
refunds on stamp duty paid, interest payable for four years and
an Order for costs.

The Company also announced a successful conclusion to the ATO
Income Tax Audit covering Primelife's recognition of income and
deductions under Taxation Ruling TR94/24 for the years ended 30
June 1998 to 2001. The ATO has written to Primelife advising
that the audit will not result in any income tax being payable
by the Primelife group.

For further enquiries please contact me on 03 8699 3300.

Primelife Corporation Limited
Gregory Flood
Company Secretary
Telephone +61-3-8699-3300
Facsimile +61-3-8699-3414


VILLAGE ROADSHOW: Issues Update of Ordinary Share Buy-back
----------------------------------------------------------
In relation to its proposed buy back of up to 10 percent of the
ordinary shares in Village Roadshow Limited, the Company wishes
to provide the following information as requested by the
Takeovers Panel (in relation to the previously announced
application by Boswell Filmgesellschaft mbH to the Takeovers
Panel on 15 June 2004) in respect of the:

(i)   Company's capital management objectives;
(ii)  proposed funding of the ordinary share buy-back;
(iii) effect of the preference share buy-backs and ordinary
share buy-back;
(iv)  proposed participation of Village Roadshow Corporation in
the ordinary share buy-back; and
(v)   current status of the Company's dividend policy.

Further to our announcement of 16 June 2004, the Company
proposes to commence the on market ordinary share buy-back on 2
July 2004, which at the request of the Takeovers Panel, is one
trading day after the date of this announcement.

Capital Management Objectives

The Company confirms that its capital management objective
continues to be to create a more efficient capital structure.

The Company currently has on issue:

(i)  234,418,904 ordinary shares; and
(ii) 110,129,033 preference shares.

In the event that Directors declare a dividend on the preference
shares, pursuant to the Company's constitution, the dividend
payable on each preference share is to be the greater of:

(i)  10.175 cents per share; and
(ii) the dividend paid on ordinary shares plus 3 cents.

The Directors believe that the Company's capital structure has
been a significant impediment to the reflection of the Company's
underlying value in share market prices (for both ordinary and
preference shares).

Prior to the recent on market buy-backs of preference shares,
the dividend entitlement of the preference shares meant that if
any dividends were paid on ordinary shares, a total dividend of
at least $25.45m must be paid to holders of preference shares.
To maintain a roughly proportionate payment to ordinary
shareholders, and pay the maximum amount possible without
increasing the preference dividend, would have required an
ordinary dividend of approximately $16.85m. This would have
resulted in a total dividend on both classes of shares of
approximately $42.31m.

Following the recent on market buy-backs of preference shares,
the dividend entitlements of the preference shares mean that, if
any dividends are paid on ordinary shares, a total dividend of
at least $11.205m must be paid to the holders of preference
shares.

To maintain a roughly proportionate payment to ordinary
shareholders, and pay the maximum amount possible without
increasing the preference dividend, would require an ordinary
dividend of approximately $16.820m. This would result in a total
dividend on both classes of shares of $28.025m.

Relative to the level of net profit after tax and significant
items for the year ending 30 June 2004, which is expected to be
approximately A$52m, the Directors continue to believe that this
level of dividends continues to be difficult to support.

Accordingly, the Directors believe the capital structure has the
effect of inhibiting the distribution of income on a consistent
and sustainable basis to holders of both ordinary and preference
shares and thereby reduces the investment appeal of both
ordinary and preference shares.

The original schemes to buy-back all of the preference shares
were designed to address this and, if successful, would have
reduced the issued capital by 250,214,147 shares (the number of
preference shares then on issue) to 234,903,107 ordinary shares.

The recent on-market buy-backs of preference shares have reduced
the issued capital by 140,086,114 shares to 345,032,140 shares
before any buy-back of ordinary shares. However, the Directors
believe these preference share buy-backs have only gone part of
the way in addressing the inherent issues with the capital
structure. Consistent with the above, the Directors still
believe that further buy-backs are appropriate to address the
underlying problem.

Village believes that the preference share buy-backs already
concluded are likely to have exhausted (at least for the time
being) the preference shares available to be bought back at a
reasonable price. Some of the remaining preference shares are
held by long term investors who Village believes are unlikely to
participate in any further buy-backs conducted by Village at
current prices. A significant number of preference shares
(approximately 7.4m) are held by Village employees under an
employee share plan and are not in any practical sense able to
participate in any buy-back. There are also other parties who
Village believes are not interested in selling their preference
shares under any current buy-back. As is the case with most
share registers, there are also a number of preference
shareholders who appear to be not contactable.

The Directors have therefore concluded that it is unlikely that
a further significant buy-back of preference shares would be
successful at this time.

From a capital management perspective, the Company believes its
objectives can appropriately be met by a buy-back of either or
both of ordinary and preference shares.

Accordingly, the Company announced on 28 May 2004 an on-market
buy-back of up to 10% of the ordinary shares on issue as a more
realistic and preferable alternative to a further preference
share buy-back.

The Directors believe that, over time and as business
circumstances permit, a total issued capital in the range of
235m to 285m shares will result in a capital structure that can,
when required, at least sustain future dividends on a reasonably
consistent basis, subject, of course to the financial
performance, capital requirements, business objectives and
prospects of the Company in the future.

Upon completion of the on-market ordinary share buy-back (which
would reduce the total issued capital to 321,541,830 shares),
the Directors will, circumstances permitting, review further the
alternatives open to the Company to achieve its capital
management objectives. This will include the consideration of
further buy-backs.

The reduction in issued capital arising from the 2 preference
share buy-backs and the current on-market buy-back of ordinary
shares will also have the effect of increasing earnings per
share.

The Company notes that the price of both the ordinary and
preference shares has risen substantially since the announcement
of the Company's capital management program in July last year.

Funding of the Buy-Back

As disclosed in the Scheme Booklets for the proposed schemes to
buy-back all of the preference shares, the funding sources for :

(i) the initial cash consideration of approximately $62.6m :
were the repatriation of divisional working capital and cash
reserves of the Company; and

(ii)for the payments of interest and installments of principal :
were cash reserves, repatriation of divisional working capital,
potential sale of surplus assets and/or access to the Company's
existing un-drawn finance facilities.

As announced on 28 May 2004, the on-market buy-back of
140,086,114 preference shares was at a cost of $169.4m. Payments
in the first year under the proposed schemes of arrangement
would have totaled approximately $171m (comprising the initial
payment of $62.6m, interest of $25m and principal payment of
$83.4m). This amount was funded utilizing working capital
repatriated from divisions, the cash reserves of the Company and
a partial draw down of the Company's long term revolving $100m
facility with ANZ Bank (ANZ Facility).

The buy-back of ordinary shares will be funded primarily out of
the ANZ Facility and a new US$25m (A$36m) secured facility with
CIBC INC (New Facility). The New Facility is for a fixed term of
5 years with quarterly principal reductions of US$1.25m for the
first 2 years with a bullet of US$15m at the end of 5 years.
Proceeds from the New Facility have been used to pay out the
balance of the ANZ Facility. Funds for the ordinary share buy-
back will be drawn down from the ANZ Facility as needed.

Effect of Preference Share Buy-Backs and Ordinary Share Buy-Back
Based on the price of the Company's ordinary shares on ASX on 28
June 2004 of $1.80, a buy-back of 23.4m ordinary shares at this
price will cost the Company approximately $42.3m.

As previously announced:

(i)   when added to the $169.4m paid under the two on-market
preference share buy-backs, the total amount expended by the
Company (and hence the reduction in net assets) arising under
the three buy-backs would be in aggregate approximately $211.7m;

(ii)  in the Scheme Booklet dated 12 December 2004, Grant
Samuel, in its Independent Expert's Report, valued the equity in
the Company in the range $1.040 billion to $1.324 billion;

(iii) in the Half Year Report of the Company released on 26
February 2004, the equity of the consolidated group as at 31
December 2003 disclosed in the financial statements was
$1,078,825,000 compared with $1,077,993,000 in the 30 June 2003
financial statements, i.e. there was no material change between
30 June 2003 and 31 December 2003; and

(iv)  the budgeted Net Profit after Tax and Significant items
for the year ending 30 June 2004 is expected to be approximately
A$52m.

There is an `interest cost' related to either cash used for the
buy-backs that would otherwise have been earning interest, or
debt used to fund the buy-backs. This 'interest cost' is not
expected to exceed (on an after tax basis) $8m per annum.

Subject to the risks associated with the business and operations
of the Company, the Company believes that the only material
effect on the Company's financial position as a result of the
three buy-backs will be this 'interest cost' and a reduction in
net equity of an amount expended by the Company in undertaking
the buy-backs (i.e. a reduction in net equity of approximately
$211.7m, on the assumption that the ordinary shares are bought
back at the current price of $1.80 per share).

A corresponding reduction in the valuation contained in the
Grant Samuel Independent Expert's Report would also appear to be
appropriate.

The Directors do not believe that there will be any material
adverse effect on the prospects of the Company arising from
these buy-backs.

Participation of VRC in Ordinary Share Buy-Back Shareholders
will be aware that, Village Roadshow Corporation Limited (VRC),
a company beneficially owned by interests associated with
executive directors, Robert Kirby (Chairman), John Kirby (Deputy
Chairman) and Graham Burke (managing Director and CEO), has a
relevant interest in approximately 50.51% of ordinary shares in
the Company.

VRC has advised the Company that it is undecided as to whether
or not it will participate in the current on-market buy-back of
ordinary shares.

However, the Company notes that under the Company's Group Policy
on employees trading in shares of Village Roadshow Limited, the
period from 30 June 2004 until the day after the Company's full
year results are released to the Australian Stock Exchange
Limited (which must occur by Friday 27 August 2004) is a "closed
window".

During this period, Designated Officers, which include all
Directors, may not deal in securities of the Company.
Accordingly, VRC has advised that it will not buy or sell
ordinary or preference shares until the day after the release of
the 2004 annual result to ASX.

VRC has advised the Company that it will review whether or not
it wishes to participate in the buy-back once the "closed
window" period is at an end.

DIVIDEND POLICY

As shareholders are aware, the Company's businesses and earnings
are subject to various risks, which result in both volatility
and unpredictability (these risks were explained more fully in
the Scheme Booklet dated 12 December 2003 sent to shareholders
late last year).

As previously advised, the Directors believe it is necessary and
prudent to make announcements in respect of dividends at a time
when the full audited accounts are available to them (including
movements in reserves, cash flows, capital commitments and other
relevant matters).

In keeping with prior practice, it will continue to be the
Company's policy that the Board will review its dividend policy
(and whether or not to declare a dividend and, if so, the amount
of such dividend) each year once the financial results for the
prior financial year are known. Previously, an announcement
would have occurred in the middle of September. With the time
for reporting of annual results now reduced from 75 days to 60
days, this is now expected to take place at the end of August.

The payment of dividends on both ordinary and preference shares
cannot be assured in any particular year.

Whether or not a dividend is declared in respect of the
financial year ending 30 June 2004 will depend on the financial
performance, capital requirements, business objectives and
prospects of the Company as well as the progress of the
Company's capital management initiatives.

The Company confirms that its capital management objective is to
enable the distribution of income on a consistent and
sustainable basis to holders of both ordinary and preference
shares.

The Board therefore believes that restructuring of the Company's
capital represents a higher call on the Company's resources than
does short term dividend payments.

This is a company press release.


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C H I N A  &  H O N G  K O N G
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CHINA MOTION: Discloses Interests
---------------------------------
The Stock Exchange has received a message from China Motion
Telecom International Limited, which is reproduced as follows:

From the monthly statement furnished by our Substantial
Shareholder to the Singapore Exchange Securities Trading
Limited, we note that the interest of it in the securities of
China Motion Telecom International Limited as at 30 June 2004 is
as follows:

Name of Substantial Shareholder: Goldtop Holdings Limited

Name of Beneficial Owner: Goldtop Holdings Limited

Number of shares held as at 30 June 2004:216,198,000

% of shareholding as at 30 June 2004: 41.14%

Number of shares held as at 31 May 2004: 216,198,000

Number of warrants held as at 30 June 2004: Nil

Number of warrants held as at 31 May 2004: Nil

Save as disclosed above, there has been no change in its
interest in the Company since the last notification.

Yours faithfully,
For and on behalf of
China Motion Telecom International Limited

Shui Ming Hua
Director

Re: Monthly Report to the Singapore Exchange Securities Trading
Limited, June 30, 2004.


CHINA SECURITIES: Communist Party Sacks Top Executives
------------------------------------------------------
The government has appointed Li Xiaohong as new secretary and
representative of the Communist Party in China Securities, one
of the country's four biggest brokerages. According to the
Financial Times, Mr. Li will likely succeed former chairman Zhou
Jipu, who was sacked recently along with President Zhao Dajian.

Rumors about possible financial problems at the company have
swirled in recent weeks.  A staff member had earlier admitted to
the official China Business newspaper that the brokerage has
booked severe losses from past diversion of funds from
customers' margin accounts.  The unnamed staff added this
practice had been common among long-standing operators in the
industry.

The company has refused to comment on the management changes and
maintained that its "financial situation is not as bad as the
rumors say."

Revelation of problems at leading brokerages could negatively
affect the flow of foreign investments into China's stock
markets, the paper said.


LAI SUN: Nears Debt Restructure Deal
------------------------------------
With negotiations going on smoothly, debt-laden property
developer Lai Sun Development believes it will resolve its debt-
restructuring plan this year, The Standard reports, quoting
director Keith Wu.

According to Mr. Wu, Lai Sun, whose shares were suspended from
trading Friday, will likely make an announcement this week
regarding the latest details of its debt-restructuring plan.

Lai Sun had reached a deal with creditors on its HK$3.6 billion
debt-restructuring plan, which involves the cancellation of
about 50 percent of its liabilities.

During the company's extraordinary general meeting, a resolution
to sell 50 percent of Lai Sun's stakes in the Majestic Hotel and
Majestic Centre, Jordan, was approved by the shareholders. Mr.
Wu said the company expects to report a HK$60 million revenue
from the divestment.

Lai Sun Development has outstanding debts of HK$6.67 billion as
of January 31, compared with the previous year's HK$7.63
billion.


SOUTH CHINA: Announces Resignation of Director
----------------------------------------------
The Board of Directors of South China Holdings Limited
(Incorporated in the Cayman Islands with limited liability)
announces that Mr. Yuen Kam Tim, Francis has tendered his
resignation as Non-Executive Director of the Company due to
personal reasons with effect from July 1,
2004.

The Board would like to take this opportunity to thank Mr. Yuen
for his valuable contribution to the Company during his period
as director of the Company. The Board and Mr.Yuen confirm that
there is no disagreement with each other and there is no matter
relating to the resignation of Mr. Yuen that needs to be brought
to the attention of the shareholders of the Company.

By Order of the Board
Chong Wai Sang
Company Secretary

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


VERTEX GROUP: Says Directors Unaware of Reason for Price Hike
-------------------------------------------------------------
Vertex Communications & Technology Group Limited (Incorporated
in Cayman Islands with limited liability) releases this
announcement at the request of the Stock Exchange of Hong Kong.

The directors of Vertex Communications & Technology Group
Limited have noted the today's increase in trading price of the
shares of the Company and wish to state that the Directors are
not aware of any reasons for such increase.

The Directors also confirm that there are no negotiations or
agreements relating to intended acquisitions or realisations
which are discloseable under Chapters 19 and 20 of the Rules
Governing the Listing of Securities on the Growth Enterprise
Market of the Stock Exchange, neither is the board of Directors
aware of any matter discloseable under the general obligation
imposed by Rule 17.10 of the GEM Listing Rules, which is or may
be a price-sensitive nature.

Made by the order of the Board, the Directors of which
collectively and individually accept responsibility for the
accuracy of this announcement.

By order of the Board
Vertex Communications & Technology Group Limited
Poon Shu Yan Joseph
Chief Executive Officer

This announcement is dated June 30, 2004.

As at the date of this announcement, the executive Directors of
the Company are Dr. Poon Kwok Lim Steven, Mr. Poon Shu Yan
Joseph and Ms. Au Yeung Pui Shan Karen, the non-executive
Directors of the Company are Dr.Lee Peng Fei Allen and Mr. Lee
Shu Fan, and the independent non-executive Directors of the
Company are Mr. Tsui Yiu Wa Alec and Mr. Yeung Pak Sing.


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BANK LIPPO: To Start Assets Sale Next Month
-------------------------------------------
Shareholders of Indonesia's PT Bank Lippo Tbk (JSX: LPBN)
finally approved the planned sale of its assets worth IDR2.3
trillion during the firm's extraordinary meeting on June 29,
Indoexchange reports.

The sale, which was previously blocked by the now-defunct
Indonesian Bank Restructuring Agency (IBRA), will start next
month for a period of three years, and will depend on market
conditions.

Bank Lippo's 2003 financial statement revealed unpaid
shareholder dividends due to a financial deficit, which the bank
currently tries to correct by considering a quasi-reorganization
in 2005.

The Swissasia Global group consisting of Swissfirst Bank AG,
Chaffron Limited, Matrix Asia Holding Ltd and Ferrel Opportunity
Capital Ltd holds majority of Bank Lippo's shares.


PERTAMINA: Clarifies Tanker Tender Bids
---------------------------------------
Indonesian state oil and gas firm PT Pertamina argued that its
controversial tanker sale followed proper procedures, and
affirmed that Norway's Frontline Ltd was the winning bidder, The
Jakarta Post reported, citing Pertamina chief financial officer
Alfred Rohimone.

The statement was made to clarify a previous Jakarta Post report
naming India's Essar Shipping Ltd as the highest bidder.

According to The Jakarta Post, the controversial article was
based on a May 26 document signed by Pertamina's divestment team
head Andri T. Hidayat. The said document contains short-listed
bidders for the sale of two Very Large Crude Carriers (VLCCs)
named by consultant Goldman Sachs.

Mr. Rohimone claimed the report is incomplete and explained that
based on a set of criteria, the board was inclined to name
Frontline as top bidder, followed by Essar and Overseas
Shipbuilding Group Inc (OSG). During the evaluation, the bid
price was valued at 80 percent, the ability to close the deal 5
percent, reputation 5 percent, and ability to provide a bid bond
10 percent.

New York Stock Exchange-listed shipping giant Frontline Ltd,
beat Essar in all aspects except for the bid price where Essar
offered a total of US$183 million compared to Frontline's US$178
million.

Nevertheless, Pertamina initially decided to sell the tankers to
Essar considering the latter's high offer price. In a letter to
the oil firm, Essar informed Pertamina that it could provide
US$10 million worth of bid bonds. However, on the same day,
Essar notified Pertamina that they would have to wait 10 days
before converting the bonds into cash due to the Indian
government's capital controls. Essar then proposed to pay the 20
percent down payment in installments rather than fully
disbursing it in two days after signing the purchase agreement.

Worried about Essar's capability to pay for the tankers and
seeing, on the other hand, that Frontline had no problems making
bids and down payments, Pertamina granted the sale to Frontline
after raising its offer price to US$184 million.


PERTAMINA: Withdraws Lawsuit Against Jakarta Post
-------------------------------------------------
Indonesian state oil and gas firm PT Pertamina has withdrawn its
lawsuit against The Jakarta Post after both parties met to
clarify matters about the newspaper's June 23 editorial, relates
The Jakarta Post.

A letter withdrawing the lawsuit was submitted by Pertamina
lawyer Lucas to the National Police Headquarters on Tuesday,
saying that any misunderstanding has been settled after the
meeting.

Jakarta Post editors offered to meet with Pertamina directors to
get a direct clarification about the controversial sale of two
Very Large Crude Carriers (VLCCs).

Earlier, Pertamina president Ariffi Nawawi and members of the
board filed a case with the National Police, saying that the
June 23 Jakarta Post editorial entitled "Tentacles of
Corruption" which commented on Pertamina's tanker sale had
tarnished their reputation.

In behalf of Pertamina, Lucas SH and Partners law firm sent a
summons to the Jakarta Post on July demanding an apology to be
published 10 a.m. Monday and a revision of the editorial piece's
content.

In response, the Post confirmed that it wrote a letter to
Pertamina's lawyers, offering to meet and clarify the issue. It
also considered taking up matters on corruption allegations with
the Corruption Eradication Commission but cancelled the plan
after the meeting with Pertamina directors.

In a statement, the Post said that its editorial "was a
compilation of all news and analysis that has been reported
regarding the controversy over the sale of the giant tankers by
Pertamina. The editorial is part of the (newspaper's) function
in building a culture of greater transparency and accountability
that has become our common commitment."


SEMEN GRESIK: Declares Dividend
-------------------------------
Amid a special audit on its unit PT Semen Padang, Indonesia's
largest cement maker PT Semen Gresik (SMGR.JK) has declared a
2003 interim cash dividend of IDR174.68 ($1=IDR9,416) a share,
Dow Jones reports.

Thirty percent of the firm's and its unit PT Semen Tonasa's net
revenue will be used to pay the dividend which is payable in
August.

Earlier, the Jakarta Bourse halted trading of Gresik's shares
after its auditor PricewaterhouseCoopers (PWC.XX) declined to
comment on the firm's 2002 and 2003 accounts.

Gresik will be able to file its consolidated financial statement
after the completion of a special audit in its unit PT Semen
Padang, which refused to hand over its financial report to the
parent in a fight for management control.

Gresik shareholders will convene in November to determine Semen
Padang's dividend to be declared.

Fifty-one percent of Semen Gresik is government-owned while
25.53 percent is held by Mexico's Cemex SA de CV (CX).


TELEKOMUNIKASI INDONESIA: Posts 24% Drop In '03 Profits
-------------------------------------------------------
State telecommunications operator PT Telekomunikasi Indonesia
reported on Wednesday a 24.28 percent drop in its 2003 net
profit to IDR6.09 trillion (US$648 million) from the previous
year, Asia Pulse reports.

Telkom said that the fall was due to the divestment of shares
worth IDR3.196 trillion in its subsidiary and cellular phone
unit PT Telkomsel.

However, the firm reported that its 2003 business profit rose
31.16 percent to IDR11.98 trillion compared to the previous
year's IDR9.13 trillion.


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


ALL NIPPON: Rolls Out E-Tickets For Domestic, Int'l Flights
-----------------------------------------------------------
From July 1 this year passengers traveling to and from Japan
with domestic connecting flights in Japan will be able to use e-
tickets for all portions of their journey on All Nippon Airways
Co. Limited (ANA).

In a company press release, ANA said the service will initially
be rolled out on flights between Tokyo Narita and Osaka Itami
and Nagoya; and on flights between Tokyo Haneda and Osaka-
Kansai, meaning, for example, that passengers traveling from
Nagoya to New York via Tokyo can do so with the same e-ticket.
From October this year the service will be extended across the
entire ANA Connection network to the domestic cities of:
Sapporo, Sendai, Hiroshima, and Fukuoka. Komatsu will also join
the line-up of ANA Connection destinations from November this
year.

E-tickets are among the most sought after products by airline
passengers, affording greater convenience and ease of use, while
at the same time safe-guarding against loss or theft. As they do
not require the issue of a paper ticket, there is no wait once
reservations have been made, and changes are possible with just
one phone call.

1) E-ticket rollout program

Route                             Start of Service

Tokyo Narita - Osaka Itami
Tokyo Narita - Nagoya
Tokyo Haneda - Osaka Kansai           July 1, 2004

Tokyo Narita - Sapporo
Tokyo Narita - Sendai
Tokyo Narita - Hiroshima
Tokyo Narita - Fukuoka               October 1, 2004

Tokyo Narita - Komatsu              November 1, 2004

2) Applicable fare

E-tickets are applicable to all fares except children's


DEKI BICYCLE: Bicycle Firm Goes Bankrupt
----------------------------------------
Deki Bicycle Co. Ltd. has entered bankruptcy, according to
Teikoku Databank America. Based in Sakai-shi, Osaka Japan, the
bicycle firm has total liabilities of US$41.67 million.


KOBE STEEL: Transfers Crushing Equipment Business
-------------------------------------------------
Kobe Steel, Ltd. and Kawasaki Heavy Industries, Ltd. have agreed
to transfer the manufacturing of crushing equipment to their
50/50 joint venture, Earth Technica Co., Ltd., on April 1, 2005,
the two companies said on Wednesday. Earth Technica currently
designs and markets crushing equipment.

The domestic aggregate market, the main market for the crushing
equipment business, has been shrinking due to structural changes
brought about by the decrease in public works, and a recovery is
difficult to foresee.   Kobe and Kawasaki hold leading positions
in Japan's crusher market.  With their main products being
highly competitive, their respective menus complement each
other.

Utilizing their know-how in crusher technology in the growing
environmental business, Kobe is involved in soil remediation,
while Kawasaki supplies refuse paper and plastic fuel systems to
the recycling field.

On this background, Kobe and Kawasaki agreed in January 2003 to
merge their crushing equipment businesses, as both saw each
other as ideal partners.  They also announced they would later
shift manufacturing to Earth Technica.  As a first step, the two
companies transferred the marketing and design portions of their
businesses to the joint venture, which began operations in July
2003.

Earth Technica will become an independent unit with marketing,
design and manufacturing functions.  In addition to the mutual
use of sales networks, the improvement in product line-up, and
the advantages of new product development, sales and technology,
the joint venture benefits from higher production efficiency,
lower supply costs, and the streamlining of duplicated
functions.

The integration of manufacturing will further strengthen the
business foundation of the joint venture.

Earth Technica aims to further develop by proactively focusing
its management resources in the environmental and other new
areas that are anticipated to grow in the medium to long-term
future.

Outline of the Joint Venture

Name:          Earth Technica Co., Ltd.

Headquarters:  Tokyo

President:     Kyoichi Yahagi

Capital:       1.2  billion  yen  (plus  1.1  billion  yen  of
               additional paid-in capital)

Equity share:  Kobe Steel 50%, Kawasaki Heavy Industries 50%

Integration:   April 1, 2005

Business       1) Design, manufacture and sale of crushers,
               grinding mills, separators activities:
               2) Design, manufacture and sale of waste
               recycling equipment
               3) Design, manufacture and sale of wear and heat-
               resistant cast parts for crushers

Employees:     Roughly 300 (April 1, 2005)

Sales offices: Sapporo, Sendai, Tokyo, Nagoya, Osaka, Hiroshima
               & Fukuoka Plant

locations:     Yachio, Chiba and Takasago, Hyogo


Current Outline of Crushing Equipment Businesses

Kawasaki Heavy Industries Projected fiscal 2004 sales 12.5
billion yen  (consolidated with Earth Technica)

Fiscal 2003 sales                11.5 billion yen (consolidated
with Earth Technica)

Fiscal 2002 sales                12.0 billion yen

Employees                        212 (as of June 1, 2004)

Plant                            Yachio, Chiba

Kobe Steel

Projected fiscal 2004 sales      9.4 billion yen (consolidated
with Earth Technica)

Fiscal 2003 sales                5.7 billion yen (consolidated
with Earth Technica)

Fiscal 2002 sales                8.2 billion yen

Employees                        76  (as of June 1, 2004,
                                 excluding
                                 those in common  sections
                                 at Takasago Machinery Center)

Plant                            Takasago, Hyogo


Media Contacts:

Gary Tsuchida                   Public Relations Department
Publicity Group                 Kawasaki   Heavy   Industries,
Ltd.
Kobe Steel, Ltd.                4-1, Hamamatsu-cho, 2-chome
9-12 Kita-Shinagawa 5-chome     Minato-ku, Tokyo, JAPAN
Shinagawa-ku, Tokyo, JAPAN      Tel:  +81-3-3435-2130
Tel:  +81-3-5739-6010

Website:
www.khi.co.jp/index_e.html

Web site:
www.kobelco.co.jp

E-mail: webadmin@khi.co.jp
E-mail: admin@kobelco.co.jp

This UK Wire announcement is dated 30 June 2004.


MATSUSHITA ELECTRIC: Enters Alliance With Victor, Thomson
---------------------------------------------------------
Matsushita Electric Industrial Co., Thomson and JVC announced
today a cooperation agreement to establish a recycling scheme
for the electronics and electrical equipment industries, in
compliance with the requirements of the EU Directive on Waste
Electrical and Electronic Equipment (WEEE)*.

The cooperation agreement partners will (1) establish such a
recycling scheme in each Member State of the EU when Industry or
Sector related collective schemes are not feasible or not cost
competitive, (2) supervise the entire recycling operations where
necessary and (3) invite other manufacturers and recyclers to
join the scheme.

Initially, the main focus will be on solutions for the German
market, but the recycling scheme may be extended to other EU
countries, taking into account local conditions.

The cooperation agreement will cover the WEEE categories, e.g.
consumer electronics, communications and IT products, etc, as
well as other categories including white goods. This
collaboration may be further developed, as it will remain open
to other partners within these and other sectors, in order to
reinforce the impact and cost efficiency of the recycling
scheme.

The cooperation agreement aims to improve pollution prevention
(through waste reduction, reuse, recycling and other forms of
recovery) and increase the economic and environmental efficiency
(through economies of scale) of the recycling scheme. This
cooperation testifies to the three companies' commitment to
contribute to sustainable development.

*WEEE Directive Background

The European Directive on Waste Electrical and Electronic
Equipment (WEEE) requires producers to arrange for or contribute
to the transport, recycling, treatment or disposal of waste
electrical equipment from August 2005.

About Matsushita Electric Industrial Co., Ltd.

Matsushita Electric Industrial Co., Ltd., best known for its
Panasonic brand name, is a worldwide leader in the development
and manufacture of electronic products for a wide range of
consumer, business, and industrial needs. Based in Osaka, Japan,
the Company recorded consolidated sales of US$71.92 billion for
the fiscal year ended March 31, 2004. Matsushita's shares are
listed on the Tokyo, Osaka, Nagoya, New York (NYSE:MC), Euronext
Amsterdam and Frankfurt stock exchanges. For more information,
visit the Matsushita website at
www.panasonic.co.jp/global/top.html

About Thomson

Thomson (Euronext Paris: 18453; NYSE: TMS) provides end-to-end
solutions (technologies, equipment and services) to the
entertainment industries. To advance and enable the digital
media transition, Thomson has four principal divisions: Content
and Networks, Consumer Products, Components, and Licensing. The
company distributes its products under the Technicolor, Grass
Valley, THOMSON and RCA brand names. For more information:
www.thomson.net

About JVC

Victor Company of Japan, Limited (JVC)

JVC is a leading international electronics company that has
achieved success by combining its excellence in audio and video
hardware with its global-scale software business, and also has a
growing reputation for its professional equipment. JVC business
lines are Video, Audio, TV, Entertainment, Information-related
Equipment and Component Devices. Every endeavor still continues
to actively focus on discovering a new digital and network
society of the 21st century. Headquartered in Yokohama, Japan,
JVC was founded in 1927. For more information, visit the JVC Web
site at www.jvc.co.jp

Media Contacts:

Mike Kitadeya / Karl Takahashi

International PR
Tel: 06-6949-2293
Fax: 06-6949-2255

Panasonic News Bureau
Tel: 03-3542-6205
Fax: 03-3542-9018


MATSUSHITA ELECTRIC: Launches Blu-ray Disc Recorder July 31
-----------------------------------------------------------
Matsushita Electric Industrial Co. will start selling its large-
capacity Blu-ray disc recorders as a high-end model in the
growing DVD recorder market, Bloomberg News reports, citing
company spokesman Hirosi Ryu.

The DMR-E700BD recorders will go on sale in Japan on July 31 for
about JPY300,000 ($2,758). Blu-ray recorders also play and have
more storage than DVDs, and are so named because they a use blue
laser instead of the red beam used for DVDs.

The Company has no immediate plans to sell Blu-ray products
outside Japan, where in most cases, the shift to digital
broadcasting has yet to take place.

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 also introduce an early
retirement scheme this month.


MITSUBISHI FUSO: Offers Free Vehicle Inspections
------------------------------------------------
Mitsubishi Fuso Truck and Bus Corporation yesterday offered to
inspect for free all its 1.3 million vehicles in Japan, the
Associated Press reports.

The move was meant to allay concerns about the reliability of
these vehicles amid the spate of recalls the company has
undertaken in recent weeks.  On Thursday, the number of recalled
vehicles had climbed to more than 500,000, although the precise
figure was still being worked out.

The offer extends to vehicles that are not even being recalled,
the report says.  Worries about defects in Mitsubishi vehicles
are being fueled by frequent reports about mishap involving
Mitsubishi cars.

Meanwhile, local papers said Thursday that prosecutors would
formally charge some of the arrested Mitsubishi officials,
including former Mitsubishi Motors Corporation President
Katsuhiko Kawasoe, soon.

Mitsubishi Motors Corporation, which also recalled several
vehicles this year, spun off the truck unit last year.

Japanese media reports said Thursday that prosecutors would
formally charge some of the arrested officials, including former
Mitsubishi Motors Corporation President Katsuhiko Kawasoe, soon.

Mitsubishi Motors Corporation, which has also announced recalls
this year, spun off the truck unit last year.


MITSUBISHI FUSO: Can't Get Fix on Earnings Outlook
--------------------------------------------------
Scandal-tainted Mitsubishi Fuso Truck & Bus Corporation said it
is unable to make earnings projections for the current fiscal
year, Japan Times reported on Thursday.

"It is currently not possible to assess the financial and
business impact of all quality-related measures and issues," the
truck and bus maker said in its earnings report for fiscal 2003.

It was referring to its ongoing large-scale vehicle recalls
launched after revealing a series of defect cover-ups.

Mitsubishi Fuso's group net profit in fiscal 2003 jumped to
JPY17.5 billion from JPY1.5 billion the previous year on a 23
percent rise in-group sales to JPY894 billion.

The carmaker, which was spun off from Mitsubishi Motors
Corporation in January 2003, attributed the brisk earnings to
strong replacement demand for trucks to meet stricter emission
standards.


SOJITZ CORPORATION: R&I Places Rating on Monitor Scheme
-------------------------------------------------------
Rating and Investment Information, Inc. (R&I), has placed the
BB- rating of Sojitz Corporation on the rating monitor scheme,
with a view of downgrading its rating.

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)

Unsec. Str. Bonds No. 11 Nov 20, 1997 Nov 20, 2007 Yen 3,000
Unsec. Str. Bonds No. 19 Aug 27, 1998 Aug 26, 2005 Yen 4,000
(formerly issued by Nissho Iwai Corporation)

R&I placed Sojitz Corporation on the Rating Monitor scheme
following the announcement by UFJ Bank, Sojitz's main supporting
bank, to undertake a large-scale reduction of non-performing
loans, targeting loans for large-lot borrowers in particular.
When the bank announced its results for the March 2004 period,
it also announced its plans to focus on efforts to deal with
large-lot borrowers in the first half of the current fiscal
year.

In May 2003, the Sojitz Group undertook a capital increase
totaling 273.2 billion yen largely through the issue of
preferred shares. The group also streamlined assets and
businesses with low earnings and disposed of impaired assets
related to the former Nissho Iwai, particularly in real estate,
by posting enormous extraordinary losses for the March 2004
period and through a company merger on April 1.

However, in terms of debt, Sojitz's fundraising remains highly
dependent on short-term funds and the financial structure of the
company continues to lack stability with a liquidity ratio
remaining at 78.4 percent (on a parent company consolidated
basis) at the end of March 2004. There is also uncertainty
regarding the company's fundraising base.

R&I will carefully examine how UFJ Bank's handling of large-lot
borrowers will affect Sojitz's financial management and its
administrative rehabilitation and whether Sojitz will be able to
maintain the trust of the market and the main banks in a
difficult operational environment. After considering these
factors, R&I will issue a new rating.


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


DAEWOO ENGINEERING: Makes Early Debt Payments
---------------------------------------------
Daewoo Engineering & Construction Co. has paid off part of its
debts earlier than scheduled, helped by robust sales in recent
quarters, according to Yonhap News.

The construction company said in a disclosure that it paid off
KRW165.6 billion (US$144 million) of its debts to eight
creditors, including the Korea Asset Management Corporation, on
Wednesday.


HANBO STEEL: Legal Action Might Block US$800M Purchase
------------------------------------------------------
The US$800-million acquisition of Hanbo Steel by two affiliates
of Hyundai Motor was thrown into doubt on Tuesday when a failed
bidder launched a legal action to block the deal, the Financial
Times reported on Wednesday.

Investment firm AK Capital claimed a provisional deal it struck
last year to buy Hanbo had been unfairly cancelled.

The two Hyundai affiliates, namely, INI Steel and Hyundai Hysco,
have signed a memorandum of understanding (MOU) this month to
acquire Hanbo. The units are believed to have offered more than
twice the US$377 million AK agreed to pay for the bankrupt steel
maker in an earlier MOU.

AK Capital Chairman Alex Kwon accused Hanbo and its receiver of
sabotaging the deal upon realizing they could attract a higher
price by re-opening bidding.

The investment firm is demanding that it should either be
allowed to complete the acquisition on the original terms or
receive US$400 million in damages reflecting the increased value
of Hanbo since the first MOU was struck.

Legal papers were filed on Tuesday requesting a halt to the sale
to the Hyundai units while AK's case is considered.


SSANGYONG MOTOR: Likely to be Sold to Shanghai Automotive
---------------------------------------------------------
Ssangyong Motor is likely to be sold to Shanghai Automotive
Shanghai Automotive Industry Corporation (SAIC), one of the
largest automakers in China, the Maeil reports, citing creditor
banks in Korea.

The creditors plan to choose a single preferred bidder around
July 15 and finalize the deal either at the end of August or
early September.


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


AMSTEEL CORPORATION: Receives RM1.496M For Parkson Settlement
-------------------------------------------------------------
Amsteel Corp. Berhad and its adviser, Public Merchant Bank
Berhad refer to the announcements made to Bursa Malaysia
Securities Berhad on 9 September 2003, 7 October 2003, 23
October 2003, 5 February 2004, 4 March 2004, 9 March 2004, 19
March 2004, 25 March 2004, 26 March 2004, 15 April 2004 and 1
June 2004.

The Company wishes to announce that pursuant to the Parkson
Supplemental Agreement dated 25 March 2004, Amsteel (as nominee
for the Amsteel Group Vendors and Lion Asia Investment Pte Ltd)
had on 30 June 2004 received a cash payment of RM1.496 million
from Lion Diversified Holdings Berhad, as full and final
settlement of the net inter-company balance due to and owed by
the Parkson Retail Group to the relevant vendors and their
related companies for the period from 1 March 2004 to the
Completion Date, being 1 June 2004.

Unless otherwise stated, defined terms used in this announcement
shall carry the same meanings as defined in the previous
announcements.


BERJAYA SPORTS: Buys Back 290,000 Shares
-----------------------------------------
Berjaya Sports Toto Berhad disclosed to Bursa Malaysia
Securities Berhad the details of its shares buyback dated June
30, 2004.

Description of shares purchased: ordinary shares

Total number of shares purchased (units): 290,000

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

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

Total consideration paid (RM): 1,109,477.28

Number of shares purchased retained in treasury (units): 290,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 44,248,100

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

Remarks:

The number of shares with voting rights in issue after the above
share buyback is 993,705,007


BESCORP INDUSTRIES: Issues Default in Payment Update
----------------------------------------------------
As required by the Bursa Malaysia Practice Note 1/2001, Bescorp
Industries Berhad (BIB) hereby provides Bursa Malaysia
Securities Berhad an update on its default in payment, as
enclosed in Appendix A.

The default by BIB as at 31 May 2004 amounted to RM61,088,970.58
made up of a principal sum of RM32,220,139.42 plus
RM28,868,831.16 in interest for revolving credit facilities.

As at 31 May 2004, the remaining subsidiary companies of BIB,
namely Bescorp Construction Sdn Bhd (In Liquidation), Bescorp
Piling Sdn Bhd (In Liquidation), Bescorp Concrete Sdn Bhd (In
Liquidation), Bespile Sdn Bhd (In Liquidation) and Waktu Cerah
Sdn. Bhd. (Special Administrators Appointed), defaulted on a
total sum of RM167,449,325.80 made up of a principal sum of
RM58,780,492.90 plus RM45,092,762.84 in interest for revolving
credit facilities, term loan, banker's acceptance, hire purchase
and lease facilities, and RM63,626,070.06 for overdraft
facilities.

There were no further developments since our previous
announcement with regard to this Practice Note.

For more information, click
http://bankrupt.com/misc/BESCORPINDUSTRIES063004.xls


BUKIT KATIL: Issues Update On Default Payment
---------------------------------------------
The Board of Directors of Bukit Katil Resources Berhad provided
to Bursa Malayia Securities Berhad an update on the following
loan facilities:

- Bumiputra-Commerce Bank Berhad

Hearing for summary judgment, which came for hearing on 2 June
2004, was adjourned to 8 July 2004.

The Company is still in the process of seeking third party
financing to settle the loan facilities.

- OCBC Bank (Malaysia) Berhad

OCBC Bank (Malaysia) Berhad has obtained an order for sale on 14
November 2003 on Omega Bricks Sdn Bhd land held under Grant Reg
No. 31, Lot No 5058 Mukim Gunung Semanggol, Daerah Krian, Negeri
Perak. The company has filed a Notice of Appeal against the said
Order for Sale.

OCBC Bank (Malaysia) Berhad has also obtained a winding-up
petition under Section 218(2) of the Companies Act, 1965 on 6
October 2003 and was served on the company on 14 November 2003.
The winding-up petition, which came for hearing on 30 June 2004,
has been adjourned to 8 September 2004.

The company is still in the process of seeking alternative
financing from other financial institutions for the repayment of
the defaulted sums.

- Alliance Merchant Bank Berhad

Hearing has been fixed for 28 July 2004 to consider the Bank's
application for summary judgment as well as the Company's
counterclaim.

The Company is still actively negotiating with other financial
institutions to refinance the outstanding sums.

The Board of Directors of BKATIL would like to further provide
an update on the details of all facilities currently in default
in compliance with Section 3.1 of Practice Note 1/2001.

For more information, click
http://bankrupt.com/misc/bukitkatiltable063004.pdf


CHG INDUSTRIES: All Resolutions Approved By Shareholders At AGM
---------------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, CHG
Industries Berhad announced that at the Company's Fourteenth
(14th) Annual General Meeting held on 30 June 2004, the
shareholders of the Company have approved all the Ordinary
Resolutions as set out in the notice of meeting dated 8 June
2004.


CONSOLIDATED FARMS: Releases 1Q Report For Period Ended April 30
----------------------------------------------------------------
Consolidated Farms Berhad disclosed to Bursa Malaysia Securities
Berhad its unaudited quarterly report for the period ended April
30, 2004.

SUMMARY OF KEY FINANCIAL INFORMATION
30/04/2004

    INDIVIDUAL PERIOD              CUMULATIVE PERIOD
    CURRENT YEAR  PRECEDING YEAR  CURRENT YEAR   PRECEEDING YEAR
    QUARTER       CORRESPONDING   TO DATE        CORRESPONDING
                  QUARTER                              PERIOD
30/04/2004 30/04/2003 30/04/2004 30/04/2003
RM'000     RM'000   RM'000   RM'000

(1) Revenue
   6,300    15,815   6,300    15,815

(2) Profit/(loss) before tax
   -11,378 -4,492   -11,378  -4,492

(3) Profit/(loss) after tax and minority interest
    -10,629  -4,326  -10,629   -4,326

(4) Net profit/(loss) for the period
    -10,629  -4,326   -10,629  -4,326

(5) Basic earnings/(loss) per shares (sen)
    -50.86 -20.70   -50.86   -20.70

(6) Dividend per share (sen)
    0.00  0.00          0.00          0.00


AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR END


(7) Net tangible assets per share (RM)
    -0.7600                    -0.2700

For more information, click
http://bankrupt.com/misc/consolidatedfarms063004.xls
http://bankrupt.com/misc/consolidatedfarms063004_2.doc


CRIMSON LAND: Issues Update On Proposals
----------------------------------------
Crimson Land Berhad issued to Bursa Malaysia Securities Berhad
an update on the following proposals:

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

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

The Proposed Debt Restructuring above entails, inter-alia, the
issuance of RM27,800,000 nominal value of 2 percent, 6 to 10-
year redeemable convertible secured loan stocks (RCSLS) at 100
percent of the nominal value as full settlement of bank
borrowings owing by the Crimson Group to EON Bank Berhad (EON).

In connection thereto, Alliance Merchant Bank Berhad (Alliance),
on behalf of Crimson, is pleased to announce that Crimson had on
30 June 2004 allotted and issued RM27,800,000 nominal value
RCSLS to EON.

The RCSLS will be prescribed under the Scripless Securities
Trading System (SSTS) of the Real Time Electronic Transfer of
Funds and Securities System (RENTAS) of Bank Negara Malaysia
(BNM) and reported on the Fully Automated System for
Issuing/Tendering System (FAST) of BNM.

This announcement is dated 30 June 2004.


DATAPREP HOLDINGS: Proposes Placement of 6,400,000 New Shares
-------------------------------------------------------------
Dataprep Holdings Berhad (Dataprep) issued to Bursa Malaysia
Securities Berhad an update in relation to the Proposed private
placement of up to 6,400,000 new ordinary shares of RM1.00 each
in the Company, representing approximately 10 percent of the
issued and paid-up share capital of the Company (Proposed
Placement).

(1) INTRODUCTION

The Board of Directors of Dataprep wishes to announce that the
Company proposes to undertake a private placement of up to
6,400,000 Shares, representing approximately 10 percent of the
issued and paid-up share capital of the Company.

(2) DETAILS OF THE PROPOSED PLACEMENT

The size of the Proposed Placement will be up to 6,400,000
Shares, representing approximately 10 percent of the issued and
paid-up share capital of Dataprep (Placement Shares).

The Placement Shares will be placed out by independent placement
agent(s) to investor(s) to be identified by the Placement Agent
in accordance with the Policies and Guidelines on the
Issue/Offer of Securities issued by the Securities Commission
(SC) (SC Guidelines).

The Placement Shares shall upon allotment and issue, rank pari
passu in all respects with the then existing Shares except that
they shall not be entitled to any dividends, rights, allotments
or other distributions if the date of allotment of the Placement
Shares is after the Record Date.

Record Date means the date as at the close of business on which
shareholders must be registered in the Record of Depositors with
Bursa Malaysia Depository Sdn Bhd (formerly known as Malaysian
Central Depository Sdn Bhd) in order to participate in any
dividends, rights, allotments or other distributions.

Not less than 30 percent of the Placement Shares shall be
reserved for placement to Bumiputera investor(s).

(3) PRICING OF THE PLACEMENT SHARES

The issue price of the Placement Shares shall be determined at a
later date following the receipt of the approval from the SC for
the Proposed Placement (Price Fixing Date) in the following
manner:

(i) Based on the prevailing market price of the Shares prior to
the Price Fixing Date, with a discount if deemed appropriate by
the Board; or

(ii) The par value of the Shares of RM1.00 each

Whichever is higher.

(4) RATIONALE OF THE PROPOSED PLACEMENT AND UTILISATION OF
PROCEEDS

The Proposed Placement will enable Dataprep to raise additional
working capital expeditiously for the Dataprep Group and to
defray expenses in relation to the Proposed Placement.

The exact quantum of gross proceeds from the Proposed Placement
would depend on the actual issue price and the number of new
Dataprep Shares issued.

The weighted average market price of the Shares for the five
market days prior to 30 June 2004 was RM0.87, which is lower
than the par value of the Shares of RM1.00 each. For
illustrative purposes only, assuming the Placement Shares are
issued at RM1.00 (being the par value of the Shares), the gross
proceeds to be raised pursuant to the Proposed Placement will be
approximately up to RM6.4 million.

(5) EFFECTS OF THE PROPOSED PLACEMENT

Barring unforeseen circumstances, the Board expects the
completion of the Proposed Placement to take place by the 4th
quarter of 2004 following satisfaction of all conditions
precedent as particularized in Section 6 of this announcement.

(5.1) Share Capital

The effect of the Proposed Placement on the issued and paid-up
share capital of Dataprep is set out in Table 1 below.

(5.2) Net Tangible Assets (NTA)

For illustrative purpose only, based on the announced unaudited
consolidated results of Dataprep as at 31 March 2004, the
proforma effects of the Proposed Placement on the consolidated
NTA per share, assuming the Placement Shares are issued at
RM1.00 each (being the par value of the Shares) and the Proposed
Placement had been effected on that date, are set out in Table 2
below.

(5.3) Earnings

The Proposed Placement is expected to contribute positively to
the future earnings of the Dataprep Group.

(5.4) Dividends

The Board does not expect to recommend any payment of dividend
for the financial year ending 31 March 2005.

(5.5) Shareholding of Substantial Shareholders

Based on the Record of Depositors of Dataprep as at 28 June
2004, the proforma effect of the Proposed Placement on the
substantial shareholders (holding 5 percent or more of the
Dataprep Shares) are as illustrated in Table 3.

(6) APPROVALS REQUIRED FOR THE PROPOSED PLACEMENT

The Proposed Placement is subject to the following approvals
being obtained:

(a) The SC pursuant to the SC Guidelines;

(b) The SC pursuant to the Guidelines of the Regulation of
Acquisition of Assets, Mergers and Take-overs issued by the
Foreign Investment Committee;

(c) Bursa Malaysia Securities Berhad (formerly known as Malaysia
Securities Exchange Berhad) for the listing of and quotation for
the new Shares arising from the Proposed Placement; and

(d) any other relevant authorities, if any.

At the Company's last Annual General Meeting (AGM) held on 25
September 2003, shareholders of Dataprep have passed a
resolution that empowers the Directors of Dataprep to issue new
Shares subject to the Companies Act 1965, the Articles of
Association of the Company and the approvals of the relevant
authorities, upon such terms and conditions and for such
purposes as the Directors of Dataprep deems fit, provided that
the aggregate number of new Shares to be issued shall not exceed
10 percent of the total issued and paid-up share capital of
Dataprep at the time of the issue, pursuant to Section 132(D) of
the Companies Act, 1965.
Such authority shall continue to be in force until the
conclusion of the next AGM of the Company, prior to which the
agreement(s) or offer letter(s) for the Proposed Placement is
expected to be executed.

(7) DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors, substantial shareholders of Dataprep and
persons connected to them have any interest direct or indirect,
in the Proposed Placement as the Placement Shares will not be
placed to them.

(8) DIRECTORS' STATEMENT

The Directors of Dataprep are of the opinion that the Proposed
Placement is in the best interests of the Company.

(9) OTHER MATTERS

(9.1) The Company has appointed RHB Sakura as the Manager for
the Proposed Placement.

(9.2) Barring any unforeseen circumstances, the relevant
applications to the authorities in relation to the Proposed
Placement will be made within 2 months from the date of this
announcement.

(9.3) To the best of the knowledge of the Board, the Proposed
Placement does not depart from the SC Guidelines.

This announcement is dated 30 June 2004.

For more information click
http://bankrupt.com/misc/dataprepholdings063004.doc


DUNHILL OF LONDON: Struck Off By Companies Commission
-----------------------------------------------------
In a notice submitted to Bursa Malaysia Securities Berhad,
British American Tobacco (Malaysia) Berhad writes to inform that
Dunhill Of London (Malaysia) Sendirian Berhad had been struck
off from the register of the Companies Commission of Malaysia
pursuant to the powers conferred under Section 308 of the
Companies Act, 1965.

This announcement is submitted to the Exchange on 30 June 2004


FORESWOOD GROUP: All Resolutions Duly Passed At AGM
---------------------------------------------------
Foreswood Group Berhad announced to Bursa Malaysia Securities
Berhad that all the resolutions as per Notice of Annual General
Meeting (AGM) dated 9th June 2004 were duly passed at the AGM of
the Company held at Bukit Tebu 1, Harbour View Hotel, Lorong
Temple, 93100 Kuching, on Wednesday, 30th June 2004 at 2:00 p.m.


INTEGRATED RUBBER: Releases Details Of Entitlement
--------------------------------------------------
Integrated Rubber Corp. Berhad issued to Bursa Malaysia
Securities Berhad details of entitlement on July 19, 2004.

Entitlement time: 05:00:00 PM

Entitlement subject: Offer for Sale

Entitlement description:

Non-renounceable restricted offer for sale by Chip Lam Seng
Berhad of 4,357,000 ordinary shares of RM0.50 each in Integrated
Rubber Corporation Berhad (IRCB) (IRCB Shares) to the existing
shareholders of IRCB excluding MMC Corporation Berhad (formerly
known as Malaysia Mining Corporation Berhad) at an offer price
of RM0.50 per IRCB Share on the basis of one (1) IRCB Share for
every two (2) IRCB Shares held at 5:00 pm on 19 July 2004
(Restricted Offer for Sale).

Period of interest payment: to

For year ending/Period ending/ended:

Share transfer book & register of members will be closed
from(both dates inclusive) for the purpose of determining the
entitlements: July 19, 2004 to July 19, 2004

Registrar's name, address, telephone number:

Signet Share Registration Services Sdn Bhd
Level 26, Menara Multi Purpose
Capital Square No.8, Jalan Munshi
Abdullah 50400 Kuala Lumpur
Telephone no.: 03-2721 2222

Payment date:

(a) Securities transferred into the Depositor's Securities
Account before 4:00 p.m. in respect of transfers: July 19, 2004

(b) Securities deposited into the Depositor's Securities Account
before 12:30 p.m. in respect of securities exempted from
mandatory deposit:

(c) Securities bought on KLSE on a cum entitlement basis
according to the Rules of the KLSE.

Number of new shares/securities issued (units) (If applicable):
4357000

Entitlement indicator: Ratio

Ratio: 1:2

Rights Issues/Offer Price: 0.5

Remarks:

Further, Notice is hereby given that the Record of Depositors of
Integrated Rubber Corporation Berhad (IRCB) will be closed at
5:00 p.m. on 19 July 2004 (Book Closure Date) for:

(i) The reduction in 80% of the existing issued and paid-up
share capital of 30,526,200 ordinary shares of RM1.00 each in
IRCB by the cancellation of RM0.80 of the par value of the
existing ordinary shares of RM1.00 each in IRCB thereby reducing
the par value to RM0.20 per share. Thereafter, two and a half
(2.5) ordinary shares of RM0.20 each will be consolidated into
one (1) ordinary share of RM0.50 each (IRCB Share) resulting in
the issued and paid-up share capital of 12,210,480 IRCB Shares
(Capital Reconstruction); and

(ii) Recall and cancellation of the existing ordinary shares of
RM1.00 each in IRCB. In order to facilitate the Capital
Reconstruction, the trading of IRCB Shares will be suspended
with effect from 9:00 a.m. on Tuesday, 13 July 2004, being a
date which is three (3) clear market days prior to the Book
Closure Date and the suspension will continue until the listing
of and quotation for the IRCB Shares on the Main Board of Bursa
Malaysia Securities Berhad. Please refer to the Circular to
shareholders issued by IRCB on 1 July 2004 for information on
the Capital Reconstruction.


JIN LIN: AGM Slated For July 23
-------------------------------
On behalf of Jin Lin Wood Industries Berhad (JLWIB), the Board
is pleased to announce that JLWIB will be holding its Fifth
Annual General Meeting on Friday, 23 July 2004. Set out
hereunder is the Notice of the Fifth Annual General Meeting of
JLWIB. The Notice will also appear in The Star on Thursday, 1
July 2004:

NOTICE OF FIFTH ANNUAL GENERAL MEETING

Notice is hereby given that the Fifth Annual General Meeting of
Jin Lin Wood Industries Berhad (JLWIB) will be held at Dewan
Berjaya, Bukit Kiara Equestrian & Country Resort, Jalan Bukit
Kiara, Off Jalan Damansara, 60000 Kuala Lumpur on Friday, 23
July 2004 at 10:00 a. m. for the purpose of transacting the
following businesses:

AGENDA

As Ordinary Business

(1) To receive the Audited Financial Statements of the Company
for the financial year ended 30 June 2003 together with the
Directors' and Auditors' reports therein. Ordinary Resolution 1

(2) To approve the Directors' fees for non-executive Directors
for the financial year ended 30 June 2003. Ordinary Resolution 2

(3) To re-elect Ms. Ngui Ing Ing who retires in accordance with
Article 90 of the Company's Articles of Association and being
eligible, she offers herself for re-election. Ordinary
Resolution 3

(4) To re-elect the following Directors retiring in accordance
with Article 96 of the Company's Articles of Association and
being eligible, they offer themselves for re-election:

(i) Y Bhg Dato' Dr Hj Sallehuddin Bin Kassim Ordinary Resolution
4
(ii) Mr. Kang Ching Hong Ordinary Resolution 5
(iii) Mr. Lim Chin Aik Ordinary Resolution 6

(5) To re-appoint Messrs Ernst & Young as Auditors of the
Company and to authorize the Directors to fix their
remuneration. Ordinary Resolution 7

As Special Business

(6) Authority to Directors under Section 132D of the Companies
Act, 1965 to allot and issue shares in the Company

"That the Directors be and are hereby empowered, pursuant to
Section 132D of the Companies Act, 1965, to issue shares in the
Company at any time and upon such terms and conditions and for
such purposes as the Directors may, in their absolute discretion
deem fit, provided that the aggregate number of shares issued
pursuant to this resolution does not exceed 10% of the issued
share capital of the Company as at the date of this Annual
General Meeting and that the Directors be and are also empowered
to obtain the approval for the listing of and quotation for the
additional shares so issued on Bursa Malaysia Securities Berhad
and that such authority shall continue in force until the
conclusion of the next annual general meeting of the Company."
Ordinary Resolution 8

(7) Proposed renewal of the Shareholders' mandate for recurrent
related party transactions of a revenue or trading nature
(Proposed Renewal)

"That the mandate granted by the Shareholders of the Company on
31 December 2003 pursuant to Paragraph 10.09 of the Listing
Requirements of Bursa Malaysia Securities Berhad, authorizing
the Company and its subsidiaries (the JLWIB Group) to enter into
the recurrent transactions of a revenue or trading nature which
are necessary for the JLWIB Group's day-to-day operations as set
out in Paragraph 2.6 of the Circular to Shareholders dated 1
July 2004 with the Mandated Party mentioned therein, be and is
hereby renewed, provided that:

(i) The transactions are in the ordinary course of business and
on normal commercial terms which are not more favorable to the
Mandated Party mentioned therein than those generally available
to the public and are not to the detriment of the minority
shareholders of the Company; and

(ii) The disclosure of the aggregate value of the transactions
conducted during a financial year will be disclosed in the
annual report of the said financial year,

And that the authority conferred by such renewed mandate shall
continue to be in force until:

(i) The conclusion of the next Annual General Meeting (AGM) of
the Company following the AGM, at which the Proposed Renewal is
approved, at which time it will lapse, unless by a resolution
passed at the AGM, the mandate is again renewed; or

(ii) The expiration of the period within which the next AGM is
required to be held pursuant to Section 143(1) of the Companies
Act, 1965 (but shall not extend to such extension as may be
allowed pursuant to Section 143(2) of the Companies Act, 1965);
or

(iii) Revoked or varied by resolution passed by the shareholders
in general meeting, whichever is the earlier.

And that the Directors of the Company be and are hereby
authorized to complete and do all such acts and things as they
may consider expedient or necessary to give effect to the
Proposed Renewal."
Ordinary Resolution 9

(8) To transact any other business for which due Notice shall
have been given.

By Order Of The Board
GWEE OOI TENG
(MAICSA 0794701)
Company Secretary
Kuala Lumpur
1 July 2004

Note 1

A member of the Company who is entitled to attend and vote at
this Meeting is entitled to appoint a proxy to attend and vote
on a show of hands or on a poll in his stead. A proxy may but
need not be a member of the Company.

In the case of a corporate member, the instrument appointing a
proxy shall be either under its Common Seal or under the hand of
its attorney duly authorized in that behalf.

Where a member appoints more than one (1) proxy, the appointment
shall be invalid unless he/she specifies the proportion of
his/her shareholdings to be represented by each proxy.

The instrument appointing a proxy must be deposited at the
Company's Registered Office situated at Level 13, Menara
Milenium, 8 Jalan Damanlela, Damansara Heights, 50490 Kuala
Lumpur not less than forty eight (48) hours before the time
appointed for holding the Meeting or any adjournment thereof.

Note 2

Resolution pursuant to Section 132D of the Companies Act, 1965

The proposed Resolution 8, if passed, would enable the Directors
to issue up to a maximum of 10 percent of the issued and paid up
share capital of the Company as at the date of this Annual
General Meeting for such purposes as the Directors consider
would be in the best interest of the Company. This authority
unless revoked or varied by the Company at a general meeting
will expire at the next annual general meeting.

Note 3

Resolution for the proposed renewal of Shareholders' mandate for
Jin Lin Wood Industries Berhad and its subsidiaries (the JLWIB
Group) to enter into recurrent related party transactions of a
revenue or trading nature with Mandated Party

The proposed Ordinary Resolution 9 is to renew the shareholders'
mandate granted by the shareholders of the Company at the EGM
held on 31 December 2003.

The proposed renewal of the shareholders' mandate will enable
JLWIB Group to enter into any recurrent transactions of a
revenue or trading nature which are necessary for the JLWIB
Group's day-to-day operations subject to the transactions being
in the ordinary course of business and on normal commercial
terms which are not more favorable to the Mandated Party than
those generally available to the public and are not to the
detriment of the minority shareholders of the Company.

The detailed information on the Proposed Renewal are set out in
the circular to Shareholders of the Company dated 1 July 2004
which was circulated together with the Annual Report.


JIN LIN: Seeks Approval On Proposed Renewal Of Mandate
------------------------------------------------------
On behalf of Jin Lin Wood Industries Berhad (JLWIB), the Board
wishes to announce that JLWIB will be seeking the approval of
its Shareholders on the proposed renewal of shareholders'
mandate for recurrent related party transactions (Proposed
Renewal) at the Fifth Annual General Meeting of the Company.

The Company had, at an Extraordinary General Meeting held on 31
December 2003, obtained a mandate from the Shareholders of JLWIB
('the Shareholders' Mandate') for the JLWIB Group to enter into
recurrent related party transactions of a revenue or trading
nature, which are necessary for the day-to-day operations of the
JLWIB Group, with certain classes of Mandated Parties disclosed
therein.

The Shareholders' Mandate shall, in accordance with the Listing
Requirements, continue in force until:

(a) The conclusion of the next AGM of the Company, at which time
it will lapse, unless by a resolution passed at the AGM, the
authority is renewed; or

(b) The expiration of the period within which the next AGM is
required to be held pursuant to Section 143(1) of the Act (but
shall not extend to such extension as may be allowed pursuant to
Section 143(2) of the Act); or

(c) Revoked or varied by resolution passed by Shareholders in
general meeting, whichever is the earlier.

The Shareholders' Mandate, if renewed as aforesaid, shall
continue in force until the next AGM of the Company following
the Fifth Annual General Meeting, unless revoked or varied by
resolution passed by shareholders in general meeting.

A circular containing the details of the Proposed Renewal will
be dispatched to the Shareholders in due course.

This announcement is dated 30 June 2004


METROPLEX BERHAD: Files For Extension On Order to Convene
---------------------------------------------------------
Metroplex Berhad refers to earlier announcements made to Bursa
Malaysia Securities Berhad dated 9 March 2004, 22 March 2004, 21
April 2004, 21 May 2004 and 21 June 2004.

We wish to inform Bursa Malaysia that MB via its solicitors,
Messrs Cheang & Ariff, has on 30 June 2004 filed an application
with the High Court of Malaya for an extension on the Order to
Convene the Creditors' Meeting, which is due on 30 June 2004.

The company will advise Bursa Malaysia once the outcome of the
application is known.

This announcement is dated 30 June 2004.


PICA CORPORATION: Issues Update On Status Of New Adviser
--------------------------------------------------------
The Board of Directors of Pica (M) Corp. Berhad wishes to make
the following announcement for public release:

Further to the Company's announcement on Practice Note 4, the
Company is still in the process of identifying suitable party to
take over the function of Commerce International Merchant
Bankers Bhd (CIMB), the Company's adviser for the proposed
Composite Scheme that had resigned with immediate effect on
March 18, 2004 (CIMB), and continue with the Scheme. The
proposed Composite Scheme remains unchanged and is still pending
approval from the Securities Commission.


PICA CORPORATION: Releases Practice Note Monthly Status Update
--------------------------------------------------------------
The Board of Directors of Pica (M) Corp. Berhad disclosed the
following to Bursa Malaysia Securities Berhad for public
release.

(1) RM60 Million Guaranteed Revolving Underwriting Facility
Further to the Company's announcement on the status of the above
matter, the Court has fixed 17 August 2004 for further mention
in relation to the Defendant's striking out application. Apart
from the above, the legal proceeding is still pending in court.

(2) RM5 Million Revolving Credit Facility & RM7 Million Short
Term Loan

Further to the Company's announcement, the Company wishes to
inform that the Plaintiff's summary judgment application has
been postponed to 10 October 2004 for mention. Apart from the
above, the legal proceeding is still pending in court.

(3) RM50 Million Term Loan Facility
Further to the Company's announcement, the Company wishes to
inform that the Plaintiff's summary judgment application has
been fixed for further mention on 24 September 2004. Apart from
the above, the legal proceeding is still pending in court.

(4) RM4 million Revolving Credit Facility & RM7 million
Overdraft Facility

Further to the Company's announcement, the Company wishes to
inform that the Plaintiff's summary judgment application has
been further fixed for mention on 8 July 2004. Apart from the
above, the legal proceeding is still pending in court.

(5) Approx RM3 million Credit Facility

Further to the Company's announcement, the Company wishes to
inform that the Company has filed in its Statement of Defense
and the Plaintiff's summary judgment application has been fixed
for mention on 9 September 2004. Apart from the above, the legal
proceeding is still pending in court.


PILECON ENGINEERING: Appeals On Decision Re Original Scheme
-----------------------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
on 31 May 2004 with regards to the status of default in payment
pursuant to Practice Note 1/2001, the Company hereby announces
that there have not been any changes to the status of default
since then.

The Company has revised its earlier Proposed Scheme of
Arrangement (Scheme) and has on 28 February 2004 submitted to
the Securities Commission an appeal against their decision in
rejecting the original Scheme.

Please refer to the announcement dated 27 February 2004 made by
the Company on the revised Scheme for more details and
information.


SUGAR BUN: Releases Unaudited 1Q Report
---------------------------------------
Sugar Bun Corp. Berhad released its unaudited quarterly report
for the financial period ended April 30, 2004.

SUMMARY OF KEY FINANCIAL INFORMATION
30/04/2004

         INDIVIDUAL PERIOD              CUMULATIVE PERIOD
    CURRENT YEAR  PRECEDING YEAR  CURRENT YEAR   PRECEEDING YEAR
    QUARTER       CORRESPONDING   TO DATE        CORRESPONDING
                  QUARTER                              PERIOD
   30/04/2004   30/04/2003   30/04/2004    30/04/2003

   RM'000   RM'000          RM'000 RM'000

(1) Revenue
    9,656 12,837             9,656 12,837

(2) Profit/(loss) before tax
    -2,066 -1,413            -2,066 -1,413

(3) Profit/(loss) after tax and minorityinterest
    -2,046  -1,392     -2,046 -1,392

(4) Net profit/(loss) for the period
    -2,046 -1,392     -2,046 -1,392

(5) Basic earnings/(loss) per shares (sen)
   -2.29 -1.97             -2.29          -1.97

(6) Dividend per share (sen)
    0.00   0.00       0.00           0.00


AS AT END OF CURRENT QUARTER AS AT PRECEEDING FINANCIAL YEAR
END

(7) Net tangible assets per share (RM)
  0.8900                 0.9100

Remarks:

(i) The basic loss per share is based on the weighted average
number of ordinary shares in issue for the Quarter-to-Date and
Year-to-Date of 89,246,933 (2003: 70,680,449) and 89,246,933
(2003: 70,680,449) respectively.

For more information, click
http://bankrupt.com/misc/sugarbun063004.doc
http://bankrupt.com/misc/sugarbun063004_2.doc


TANCO HOLDINGS: No Development On Status of Default in Payment
--------------------------------------------------------------
Tanco Holdings Berhad (THB) issued to Bursa Malaysia Securities
Berhad the monthly announcement on Default in Payment status by
the company and some of its subsidiaries pursuant to Practice
Note 1/2001.

The Board of Directors of THB wishes to inform that there is no
material development to the status of default in payment of
interest to Lenders as announced previously on 28 May 2004.


TANCO HOLDINGS: Shareholders Approve Resolutions Passed At AGM
--------------------------------------------------------------
Tanco Holdings Berhad is pleased to inform Bursa Malaysia
Securities Berhad that at the Forty-Fifth Annual General Meeting
of the company held on 30th June 2004, shareholders present have
approved all the resolutions including the ordinary resolution
transacted as special business as set out in the notice
convening the Forty-Fifth Annual General Meeting.


TANJONG PUBLIC: Provides Bursa Malaysia A News Release Copy
-----------------------------------------------------------
Attached is a News Release made by Tanjong Public Ltd. entitled
"Tanjong to continue focus on core strength", in conjunction
with its Seventy-Seventh Annual General Meeting held on
Wednesday.

This release relates to information that has previously been
made available to the public.

To view full copy of the news release, click
http://bankrupt.com/misc/tanjongpublic063004.doc


TENCO BERHAD: Updates Status On Default Payment
-----------------------------------------------
The Board of Directors of Tenco Berhad informs Bursa Malaysia
Securities Berhad that there is no material development to the
status of default payment to Lenders as announced previously on
31 May 2004.


TRI-PILE SDN: Court Issues Winding Up Petition
----------------------------------------------
Pilecon Engineering Berhad announced to Bursa Malaysia
Securities Berhad that a winding-up petition had been presented
at the Shah Alam High Court on 1 April 2004 against Tri-Pile Sdn
Bhd (Tri-Pile), a wholly-owned subsidiary of the Company and
served onto Tri-Pile on 30 June 2004, for a claim of
RM195,678.67.

(1) The Details of default or circumstances leading to the
filing of the winding-up petition against Tri-Pile:The petition
was filed by Wirax Engineering Sdn Bhd (WESB) against Tri-Pile.
WESB supplied materials to Tri-Pile for pile-casting. WESB
alleged that a sum of RM195,678.67 is due and owing by Tri-Pile.

(2) The total cost of investment in Tri-Pile: RM2.00

(3) The financial and operational impact on the Group: There
would not be any operational impact. In the event the winding-up
petition succeeded, there would be an estimated exceptional loss
of RM12.4 million.

(4) The expected losses: Tri-Pile is expected to incur legal
fees of approximately RM15,000.00.

(5) The amount of interest claimed: RM24,496.37

(6) The date of hearing of the winding-up petition: 2 November
2004

(7) The steps taken and proposed to be taken by Tri-Pile in
respect of the winding-up proceedings:

Tri-Pile will take necessary actions to contest the winding-up
petition served.


YCS CORPORATION: Applies For 3-Month Extension For RA
-----------------------------------------------------
Further to the announcement dated April 22, 2004 on Practice
Note 4/2001 (PN4), YCS Corporation Berhad (YCS) was to release
the Requisite Announcement (RA) to Burse Malaysia Securities
Berhad (Burse Malaysia) on June 30, 2004.

YCS would like to announce that it is not ready to announce the
RA at this juncture due to delays in procuring agreement from
parties involved. The Company has applied to Burse Malaysia on
June 30, 2004 for a further extension of 3 months (up to
September 30, 2004) to enable the Company to announce its RA
pursuant to PN4.

Any further development will be announced accordingly.


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


ABS-CBN BROADCASTING: Declares Dividend of PhP0.64 Per Share
------------------------------------------------------------
The Board of Directors of ABS-CBN Broadcasting Corp. declared on
Wednesday, June 30, 2004 a sixty-four centavo (PhP0.64) per
share cash dividend to all stockholders of record as of July
26,2004, payable on August 10, 2004.


NATIONAL POWER: Aims to Privatize 70% Of Assets By 2005
-------------------------------------------------------
The government targets December 2005 to at least privatize 70
percent of National Power Corp.'s transmission assets, which
could generate at least US$2 billion, ABS-CBN News reports.

Vice President of the Power Sectors Assets and Liabilities
Management Corp. (PSALM) Froilan Tampinco said, "We have revised
our sales schedule in order to achieve a milestone by 2005
wherein at least 70 percent of the current generating assets are
to be privatized."

The law requires the government between one to two years to sell
the assets after the Electric Power Industry Reform Act (EPIRA)
was passed in June 2001.

So far, three power plants have been sold since March of this
year.

Hydro Electric, a unit of Aboitiz Equity Ventures Inc.,
submitted the winning bid of US$1.37 million for the Talomo
minihydroelectric power plant last March 25. Last June 8, the
government again sold for US$1.5 million the Agusan River
minihydroelectric plant to First Generation Holdings Corp. of
the Lopez group. The third asset, the 1.8-megawatt (MW) Barit
hydroelectric plant in Camarines Sur, was sold to lawyer Ramon
I. Constancio for US$480,000.

The bidding of the Cawayan mini-hydroelectric plant scheduled
last June 29 was declared a failure for none of the bidders met
the reserved price set by the government.

PSALM has scheduled the sale from August to December 2004 of 10
more power plants, including the 200-MW Manila and the 225-MW
Bataan thermal plants in August; the 22-MW Bohol, the 1.2-MW
Loboc and the 54-MW Cebu II plants in September; the 600-MW
Masinloc and the 22.3-MW Gen. Santos plants in October; the 210-
MW Navotas and the 108-MW Aplaya plants in November; and the
620-MW Limay, Bataan thermal site in December.

"By the end of 2004, we would have successfully sold 30 percent
of the generating assets and by mid-2005, following the
schedule, we would have achieved 50 percent. By year-end 2005,
the magnitude of the sale would be at 70 percent," Mr. Tampinco
told prospective bidders.

By 2005, PSALM has scheduled the sale of the 850-MW Sucat plant
in February; the 75-MW Ambuklao, the 100-MW Binga and the 114.7-
MW Iligan I and II plants in March; the 110-MW Pinamucan and the
36.5-MW Panay plants in April; the 600-MW Calaca plant in May;
the 275-MW Tiwi and the 410-MW Makban plants in June; the 112.5-
MW Tonogonan plant in July; the 100-MW Pantabangan and the 12-MW
Masiway plants in August; the 150-MW Bacman plant in September;
the 192.5-MW Palinpinon plant in October; and the 360-MW Magat
plant in December.

The government is selling power plants and its network of high-
voltage lines to cut the nation's power rates, which are the
seventh-most expensive in Asia.  The proceeds of the sale will
be used to partially pay Napocor's US$7 billion debt.


PILIPINO TELEPHONE: Unveils Actions Taken By Board At Meeting
-------------------------------------------------------------
Pilipino Telephone Corp. disclosed to the Philippine Stock
Exchange that at the meeting of the Board of Directors held on
June 30, 2004, the Board took the following actions:

(1) The Board approved the increase in the authorized capital
stock of Pilipino Telephone Corp. from Three Billion Five
Hundred Million Pesos (PhP3,500,000,000), dividend into three
classes: Two Billion Seven Hundred Sixty Million
(2,760,000,000)shares of Common Stock with par value of One Peso
(PhP1.00) each; One Hundred Twenty Million (120,000,000) shares
of Class I Preferred Stock with par value of Two Pesos (PhP2.00)
each; and Five Hundred Million (500,000,000) shares of Class II
Eight Hundred Million Pesos (PhP12,800,000,000), dividend into
three classes: Twelve Billion Sixty Million (12,060,000,000)
shares of Common Stock with par value of One Peso (PhP1.00)
each; One Hundred Twenty Million (120,000,000) shares of Class I
Preferred Stock with par value of Two Pesos (PhP2.00) each; and
Five Hundred Million (500,000,000) shares of Class II Preferred
Stock with par value of One Peso (PhP1.00) each; and the
corresponding amendment to the Article VII, paragraph 1 of the
Articles of Incorporation.

(2) The Board directed the Corporate Secretary to call a special
meeting of stockholders of the Corporation to be held on
September 3, 2004, and fixed July 14, 2004 as the record date
for the purpose of determining the stockholders entitled to
receive notice of, and vote their shares at said meeting.


VICTORIAS MILLING: Appoints New Executive Committee Members
-----------------------------------------------------------
Victorias Milling Corp. (VMC) disclosed to the Philippine Stock
Exchange that during the Regular Meeting of the Board of
Directors on June 25, 2004, the members elected Mr. Aristotle L.
Villaraza and Mr. Wilson T. Young as a member and an alternate
member respectively, of the VMC Executive Committee.


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


FLEXTRONICS INTERNATIONAL: To Lay Off 400 Workers
-------------------------------------------------
Due to a sharp dive of export orders, Singapore's Flextronics
International (FLEX) plans to lay off 400 of its staff, mostly
blue collar, from its plant in the western Hiungarian town of
Sarvar, Dow Jones reported citing Nepszabadsag.


HOCK CHUAN: Faces Winding Up Proceedings
----------------------------------------
Notice is hereby given that a Petition for the Winding Up of the
Hock Chuan Ann Construction by the High Court was on June 10,
2004, presented by PSL ENGINEERING PTE LTD (ROC No. 198403839N),
the Petitioner and that the said Petition is directed to be
heard before the Court sitting at the High Court, Singapore at
10.00 o'clock in the forenoon on July 2, 2004, and any other
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 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.

The Petitioner's address is No. 58 Sungei Kadut Drive, Singapore
729572.

The Petitioner's Solicitors are Messrs S H TAN & ASSOCIATES of
133 New Bridge Road, #09-04 Chinatown Point, Singapore 059413.

Messrs S H TAN & ASSOCIATES
Solicitors for the Petitioners.

Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the Solicitors
for the Petitioner, notice in writing of his intention to do so.
The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person 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 Solicitors not later than 12
o'clock noon of the 1st day of July 2004 (the day before the day
appointed for the hearing of the Petition)


INFORMATICS HOLDINGS: Audited Net Loss Widens To SGD42.5M
---------------------------------------------------------
Main board-listed Informatics Holdings Ltd (Informatics), a
global leader in quality lifelong learning services, today
announced its year-end results. Additional provisions for bad
debts and write downs totaling S$21.9 million widened its FY2004
net loss to S$42.5 million, from the net loss of S$20.6 million
previously announced on April 30, 2004.

The Directors adopted a more prudent assessment of the carrying
value of certain of the Group's assets and made these
adjustments after taking into account recent developments and
after discussions with PricewaterhouseCoopers (PWC) and the
company's auditors, Ernst & Young (E&Y).

Informatics has largely completed its housekeeping and put in
checks and balances in its financial management control systems,
including proper authorization of accounting entries, adoption
of consistent revenue recognition and strict adherence to the
Group's accounting policies.

The auditors, E&Y have provided a qualified audit opinion in
their report. Please refer to the auditors' report as posted on
the MASNET.

Due to the negative environment of the last two-and-a-half
months since the mid-April profit warning and increasing
competition in the markets where the Group operates in the
education sector, conditions will continue to be challenging.
Going forward, in the next 12 months, the Company will refocus
its effort in profitable business segments and markets, review
its non-profitable business, concentrate on collection of debts
and on financial management control systems.

A new Chief Executive Officer, Dr Michael Teng will join the
Group on July 12, 2004. Quoting Dr Teng: "I have actively served
14 years on the Board of the Marketing Institute of Singapore,
and worked with many Universities and Polytechnics. My
experience in corporate turnarounds, coupled with my CEO
experience in a large MNC will help me make necessary changes
and take Informatics to new heights. I am also excited about
exploring new educational opportunities in China, a country I
have had close associations with for 14 years. I have a passion
for education and am looking forward to working with the
Informatics team."

ABOUT INFORMATICS GROUP
The Informatics Group, established in 1983, is a multinational
corporation providing lifelong learning services in information
technology and business management. Through its international
franchising and licensing programs and strategic acquisitions,
Informatics presently has a global network of more than 647
centres spanning more than 50 countries. The company presently
offers the following products: Informatics Institute, Thames
Business School, Informatics Professional Development Centre,
CAL Learning Centre, Cambridge Child Development Centre, RACC,
NCC licensing and PurpleTrain.com licensing. For more
information, please visit http://www.informaticsgroup.com

ISSUED ON BEHALF OF: Informatics Holdings Ltd

BY: Citigate Dewe Rogerson i.MAGE Pte Ltd
CONTACT: Ms Lisa Heng/Ms Dolores Phua
DURING OFFICE HOURS: 6534-5122 (Office)
AFTER OFFICE HOURS: 9781-3924/9750-8237 (Handphone)
Email: lisa.heng@citigatedrimage.com/
dolores.phua@citigatedrimage.com

INFORMATICS Contact: Adeline Choo
(adelinechoo@informaticsgroup.com)
DID: (65) 6568 0871

Submitted by Raymond Quek Hiong How, Company Secretary on June
30, 2004 to the Singapore Stock Exchange.


INFORMATICS HOLDINGS: Releases Qualified Auditor's Report
---------------------------------------------------------
The Directors of Informatics Holdings Ltd would like to announce
that the Auditor's report in respect of the financial statements
of the Company and its subsidiaries for the year ended 31 March
2004 has been qualified.

The Auditor's Report is as follows:

Auditors' Report to the Members of Informatics Holdings Ltd

We were engaged to audit the accompanying financial statements
of Informatics Holdings Ltd and its subsidiary companies (the
"Group") set out on pages xx to xx for the year ended March 31,
2004. These financial statements are the responsibility of the
Company's directors.

Scope

Except as discussed in the following paragraphs, we conducted
our audit in accordance with Singapore Standards on Auditing.
Those Standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by the directors, as well as evaluating the
overall financial statement presentation.
Ongoing investigations

During the financial year, the Company over stated profits in
respect of its quarterly results for the nine months ended
December 31, 2003. The accounting misstatements led to an
investigation by PricewaterhouseCoopers (PwC), who were
appointed by the Audit Committee of the Company to review the
circumstances resulting in the accounting misstatements. In
addition, subsequent to the financial year-end, the Commercial
Affairs Department (CAD) commenced its investigations. As at the
date of this report, PwC's review and the CAD investigation have
not been completed. The outcome of the investigations might
uncover other information, which might require adjustments to be
made to the financial statements.

Going concern issues

On June 3, 2004, the Company entered into a subscription
agreement with Chip Lian Investments Pte Ltd to subscribe for
62,677,000 new ordinary shares (new shares) at an issued price
of S$0.25 per share, for a consideration of S$15,669,250. The
successful allotment and issue of above shares is pending
approval of the shareholders of the Company at an extraordinary
general meeting on July 9, 2004. As at March 31, 2004, there
were amounts due to banks by the Company and the Group amounting
to S$13.5 million and S$17.5 million respectively. In addition,
as stated in Note 33, the Company has provided guarantees
amounting to S$10.2 million to certain banks in respect of bank
facilities granted to a related party. As stated in Note 35, the
Group is committed to repay the S$16.2 million to the banks by
July 15, 2004. Due to the circumstances surrounding the Company
and the Group currently, the credit facilities may not be
available to the Company and the Group should the banks decide
not to continue to extend these facilities to the Group. The
ability of the Company and the Group to meet these financial
obligations is dependent on the successful allotment and issue
of the new shares. Should these arrangements not materialize,
the Company and the Group may be unable to continue as going
concerns.

If the Company and the Group were unable to continue in
operational existence for the foreseeable future, the Company
and the Group may be unable to discharge their liabilities in
the normal course of business and adjustments may have to be
made to reflect the situation that assets may need to be
realized other than in the normal course of business and at
amounts which could differ significantly from the amounts at
which they are currently recorded in the balance sheets. In
addition, the Company and the Group may have to reclassify long-
term assets and liabilities as current assets and liabilities.
No such adjustments have been made to these financial
statements.

Revenue recognition

During the course of our audit for revenue recognition, we were
unable to review the documentation to support certain
transactions for recognition of course fee income by a
subsidiary company, Informatics Group (Singapore) Pte Ltd.
Consequently, we were unable to obtain assurance on proper
revenue cutoff for these transactions.

Subsidiary companies - auditors' reports
We have not received the auditors' reports of all subsidiary
companies. In addition to the issue of going concern, our
inquiries of the subsidiary companies' auditors indicated that
(a) During the financial year, the books and records of two
Malaysian subsidiary companies Informatics Resource Corporation
Sdn Bhd and Informatics Resources Group (M) Sdn Bhd were not
kept in such a manner as to enable them to be conveniently and
properly audited and documentation supporting the certain
transactions were not available or incomplete. As a result, the
accounting records cannot be relied on to sufficiently explain
all the transactions so as to enable true and fair financial
statements to be prepared. Under these circumstances, the
subsidiaries' auditors have not been able to carry out certain
auditing procedures or to obtain all the information and
explanation they consider necessary for the purpose of their
audit.

(b) The auditors of a subsidiary company, Informatics Group
(Europe) Limited and its subsidiary companies, indicated that
they did not have access to the accounting records of
Informatics Group (UK) Limited, a subsidiary of Informatics
Group (Europe) Limited, whose results for the 6 months to
September 30, 2003 are included in the consolidated profit and
loss account for the year ended March 31, 2004. This was due to
the subsidiary company being placed in administration on October
29, 2003. As a consequence, the auditors of the subsidiary
company were unable to carry out auditing procedures necessary
to obtain adequate assurance regarding the operating results of
the subsidiary company for the 6 months to September 30, 2003.
We were unable to carry out additional procedures necessary to
satisfy ourselves as to whether these financial statements are
in form and content appropriate and proper for the purposes of
the preparation of the consolidated financial statements.

Consolidated Statement of Cash Flows and Notes to the financial
statements

The Company has undertaken to announce audited results for the
year ended March 31, 2004 by June 30, 2004. Owing to the time
constraints, the Company has not disclosed all the information
required to be disclosed by Singapore Financial Reporting
Standards, including segment information and information
relating to discontinuing operations. Owing to the matters
discussed above, we are unable to satisfy ourselves as to the
completeness of the notes to the financial statements and the
completeness and accuracy of the Consolidated Statement of Cash
Flows and the information disclosed in Notes 3 to 7, 11 to 19,
22 to 28 and 32 to 36 to the financial statements.

Opinion

Because of the significance of the matters discussed above, we
are unable to, and accordingly do not, express an opinion as to
whether

(a) the consolidated financial statements of the Group and
balance sheet of the Company are properly drawn up in accordance
with the provisions of the Companies Act (the "Act") and
Singapore Financial Reporting Standards so as to give a true and
fair view of the state of affairs of the Group and of the
Company as at 31 March 2004 and the results, changes in equity
and cash flows of the Group for the financial year ended on that
date; and

(b) the accounting and other records (excluding registers)
required by the Act to be kept by the Company and by those
subsidiaries incorporated in Singapore of which we are the
auditors have been properly kept in accordance with the
provisions of the Act.

ERNST & YOUNG
Certified Public Accountants

Singapore
30 June 2004

For full details of the financial statements of the Company,
please refer to the Singapore Exchange Limited's website at
www.sgx.com.sg.

By order of the Board
Raymond Quek Hiong How
Company Secretary
Singapore

Submitted by Raymond Quek Hiong How, Company Secretary on June
30, 2004 to the Singapore Stock Exchange.


INFORMATICS HOLDINGS: 2004 Net Sinks Into the Red
-------------------------------------------------
Reuters reported the following financial statement of
Informatics Holdings Ltd for the year ended March 31, 2004:

                         (in millions of S$ unless stated)
                                  2004  vs    2003
Operating profit/(loss)       (44.51)  vs    7.64
Exceptional items               3.57   vs     nil
Pre-tax profit/(loss)         (42.13)  vs    7.27
Net profit/(loss)             (42.49)  vs   12.23
Group shr (cents)             (13.58)  vs    3.91
Turnover                      134.10   vs  185.37
Interim dividend (cents)        0.65   vs    0.50
Final dividend (cents)           nil   vs    0.50
Special dividend (cents)         nil   vs    0.50

Note: Informatics Holdings Ltd is engaged in information
technology and commerce, business training and education. It is
also a franchisor for computer and commercial training centres,
and examination facilitators.

The exceptional items consist of net book gain on closure of a
60 percent subsidiary in United Kingdom and estimated expenses
related to the closure.


IPCO INTERNATIONAL: Narrows Net Loss to SGD10.1M
------------------------------------------------
In a press release, Singapore Stock Exchange-listed Ipco
International Limited Narrows Net Loss Attributable to
Shareholders from SGD85.1 Million in FY03 to SGD10.1 million in
FY04.

Loss per share of 1.36 Singapore cents for FY04 vs. 11.54
Singapore cents for FY03.

Loss of $1.5 million in second half of FY04, compared with loss
of $8.6 million in first half.

Proceeds from successful divestitures of Spring Sun and Mid-Con
enabled redirection of Group's focus towards opportunistic and
strategic investments.

New investments in FY04 expected to start contributing to the
Group's bottom line from FY05.

SGX Main board-listed infrastructure and investment group Ipco
International Limited announced today that, for the financial
year ended April 30, 2004 (FY04), the Company has narrowed the
net loss attributable to shareholders to SGD10.1 million, a
reduction of SGD75.0 million when contrasted with FY03's
results.

The Group achieved a 21% increase in turnover to SGD8.5 million
(FY03: SSGD 7.0 million). This increase was mainly attributable
to the Group's trenchless pipe rehabilitation business, which
has begun to resume normal operation after a brief interval
between the completion of existing projects and the commencement
of new projects in the first half of FY 2004 (1H FY04).

Ipco has been restructuring the Group's businesses since 2002
with the major objectives being the divestiture of Ipco's
subsidiary Spring Sun International Limited (SSIL), which owned
a 42.1% interest in a toll-road concession in China, as well as
Ipco's holding in Mid-Continent Equipment Group Pte Ltd (Mid-
Con), which was effected in two tranches over FY03 and FY04.

The sale of SSIL was successfully completed on 4 August 2003 for
US$81.3 million, thereby reducing the Group's excessive reliance
on a non-performing asset. The divestment of the second tranche
of Mid-Con shares, representing a 31.98% equity interest in Mid-
Continent for S$8.5 million, was completed on 27 April 2004.

The proceeds from these divestitures have enabled the
redirection of the Ipco Group's focus towards opportunistic
investments with the potential for returns over various time
horizons.

During the previous year Ipco has taken several strategic
stakes: real estate residential development in Washington State,
USA (through Asia Plan Ltd); natural gas distribution in Hubei,
China (through Excellent Empire Ltd); the high tech
semiconductor industry in Singapore (through ESA Electronics);
automotive component manufacturing in Malaysia (through APM
Industries Holdings) and telecommunications in Indonesia
(through PT NAP).

The Group's directors expect some of these investments to start
contributing to the Group's bottom line from FY05.

In August 2003, Ipco paid USD11.75 million for a 35% stake in
Asia Plan, representing an average purchase price per lot of
US$34,300 for the latter's Falling Water real estate development
project in Washington State, USA. In March 2004, Washington's
four leading home builders signed a Sale and Purchase agreement
and agreed to pay a total of USD8.315 million for the first 115
units, or an average sale price of USD72,300 per lot. This means
that the value of the land has more than doubled within the past
eleven months. While Ipco expects to derive positive net income
during the coming year from the delivery of the first 115 units,
the Directors are encouraged by the increased valuation implied
for the remaining land to be sold in the future.

The investments in ESA and NAP were made during a cyclical
downturn in their respective industries, and the fundamentals
for a recovery are becoming more evident. ESA is moving towards
more proprietary technology and products; NAP has a strong
customer base with recurring service revenues. Both companies
are expected to generate significant revenue and net income over
the coming financial year. As part of the acquisition terms, the
vendors have provided multi-year profit guarantees.

APMI manufactures wire harnesses and passenger seats for the
automotive industry in Malaysia and participates in joint
ventures and technical alliances with major automobile
assemblers and part manufacturers in Korea and Iran. The
directors are of the opinion that ESA, NAP and APMI show near-
term potential in terms of their suitability for listing on
regional stock exchanges, possibly by the end of the Group's
FY05.

The Group's wholly owned subsidiary Ipco Insituform (S.E. Asia)
Pte Ltd (2IPL) performs trenchless pipe rehabilitation and, as
such, represents by and large what remains of Ipco's previously
dominant infrastructure line of business. While 2IPL has been
successful in exploiting its exclusive Insituform license in
Singapore and Hong Kong, these are mature markets under
increasing competitive pressure. Consequently, Ipco's management
has been engaged in discussions with potential strategic
partners to pursue new geographic markets, as well as with
potential acquirers of Insitu Envirotech Pte Ltd, the immediate
holding company of 2IPL. Concurrently 2IPL has been evaluating
complementary technologies to expand its product line in related
trenchless technology applications.

The series of divestments and acquisitions during the past year,
when taken as a whole, have fundamentally transformed the nature
of Ipco's business from one dominated by infrastructure
projects, with their attendant margin pressures and
disproportionate financial risks, to become more of an incubator
of businesses for listing as well as an investment holding
company for acquisitions showing longer-term potential for
capital appreciation.

Issued on behalf of the Company by WeR1 Consultants Pte Ltd
Media Contact

WeR1 Consultants Pte Ltd
Tel: (65) 6737 4844, Fax: (65) 6737 4944,
Mona Leong, monaleong@wer1.net, Hp: (65) 9187 4449
or Lai Kwok Kin, laikkin@wer1.net

Submitted by Carlson C Smith, Executive Director & Chief
Financial Officer on June 30, 2004 to the Singapore Stock
Exchange.


SOPHISTRONIC PRIVATE: Holds Final General Meeting on July 23
------------------------------------------------------------
Notice is hereby given that a Final General Meeting of
Sophistronic (Singapore) Pte Ltd (In Members' Voluntary
Liquidation) will be held at 30 Robinson Road, #04-01 Robinson
Towers, Singapore 048546 on July 23, 2004 at 10.00 a.m. for the
following purpose:

(1) To consider the Liquidator's Statement of Accounts showing
how the winding up has been conducted and how the property of
the Company has been disposed of and to receive any explanation
thereon.

(2) To resolve that pursuant to section 320 (3) of the Companies
Act (Cap. 50), the books and records of the Company and of the
liquidator be disposed of by the liquidator upon the dissolution
of the Company.

WONG JOO WAN
Liquidator.
Singapore.

Note: A member entitled to attend and vote at the above meeting
may appoint a proxy to attend and vote instead of him. A proxy
need not be a member of the Company. The instrument appointing a
proxy must be deposited at 30 Robinson Road, #04-01 Robinson
Towers, Singapore 048546 at least 48 hours before the time
appointed for the meeting.


STRAITS COTTON: Winding Up Hearing Set July 2
---------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Straits Cotton Company Pte Ltd by the High Court was on June
10,2004 presented by PLEXUS COTTON LIMITED of Cotton Place, 2
Ivy Street, Birkenhead, Wirral CH41 5EF England, a Judgment
Creditor, and that the said Petition is directed to be heard
before the Court sitting at Singapore at 10.00 a.m. on July 2,
2004, and any creditor or contributory of the Company desiring
to support or oppose the making of an order on the Petition may
appear at the time of hearing by himself or his Counsel for that
purpose and a copy of the Petition will be furnished to any
creditor or contributory of the Company requiring the copy of
the Petition by the undersigned on payment of the regulated
charge for the same.

The Petitioners' address is at Cotton Place, 2 Ivy Street,
Birkenhead, Wirral CH41 5EF England.

The Petitioners' solicitors are Messrs Haridass Ho & Partners of
24 Raffles Place, #18-00 Clifford Centre, Singapore 048621.

Messrs HARIDASS HO & PARTNERS
Solicitors for the Petitioner.

Note:Any person who intends to appear on the hearing of the
petition must serve on or send by post to the abovenamed
Solicitors for the Petitioner, notice in writing of his
intention to do so. The notice must state the name and address
of the person, or, if a firm, the name and address of the firm,
and must be signed by the person 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 abovenamed
not later than 12 o'clock noon of the 1st day of July 2004 (the
day before the day appointed for the hearing of the Petition).


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


TANAYONG: Clarifies Auditor's Opinion
-------------------------------------
Tanayong PCL would like to explain to the Stock Exchange of
Thailand the reasons for the report of Independent Auditor,
which is unable to express any opinion on the financial
statements for the year ended March 31, 2004:

(1) The uncertainty of the success of the rehabilitation plan.
The rehabilitation plan was approved in the Creditors' meeting
however, the Central Bankruptcy Court rejected the plan and
ordered the cancellation of the Company's business
rehabilitation. A new request for business rehabilitation is
submitted.

The Central Bankruptcy Court issued an order approving the
business rehabilitation of the Company on December 30, 2003 and
appointed the Company as the planner on March 15, 2004. The
Company believes that this new business rehabilitation will
success if the Company revise the previous rehabilitation plan
which was approved by the creditors according to the Court's
judgment, the revised rehabilitation plan should be approved in
the Creditors' meeting and by the Court.

(2) The success of the debt restructuring, the realignment of
its capital structure and future operating results of Bangkok
Mass Transit System Public Company Limited. The negotiation with
the lenders on relaxation of the payment of debt and other
various conditions are ongoing. If the negotiation is a success,
there should be good result to the Company since the increase of
fare box revenue due to the increase of ridership and the
extension of sky train will be operated soon.

Furthermore, this business is a big infrastructure business of
the country. Then, this project should be maintained with
Bangkokian forever.

The above explanations are all due to the uncertainty. The
Company does not limit the scope of work of the auditors and
there is not any defect to the financial statement but these are
because of the contingency.

Please be informed
Yours sincerely,
Mr.Sudha Liptawat / Mr.Rangsin Kritalug
By Tanayong Public Company Limited
On behalf of the Planner of Tanayong Public Company Limited


TANAYONG: Releases Report On Results Of Operation
-------------------------------------------------
Tanayong PCL would like to give an explanation to the Stock
Exchange of Thailand for the increase in loss of THB1,732
million for the year ended March 31, 2004 as compared to the
same period of 2003.

(1) The increased expense was due to:

- The Company recorded claims totaling THB6,935 million as
provision for liabilities arising from claims for debts in order
to reflect the contingent liabilities.

- The operating results of the subsidiaries in the account"
Minority interests in net loss (earnings)"changed to an
increased in expense of THB1,424 million.

(2) The decrease expenses was due to

-  The positive result of exchange rate of THB2,907 million was
due to unrealized gain on foreign exchange arising from the
depreciation of Thai Baht.

- The result of the aggregate fair market value of assets
appraised in this year which was higher than the net book value
appraised in 2001 of THB1,261 million changed from the provision
for devaluation of assets of THB2,473 million in last year. This
caused positive result of THB3,734 million.

Please be informed accordingly
Yours sincerely,
Mr.Sudha Liptawat / Mr.Rangsin Kritalug
By Tanayong Public Company Limited
On behalf of the Planner of Tanayong Public Company Limited



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

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

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Shenzhen Great Ocean           200057    (-10.87)      11.27
Shenzhen Petrochemical
Industry Group                 200013    (-290.79)     25.62
Shenzhen Petrochemical
Industry Group                 000013    (-290.79)     25.62


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


JAPAN
-----

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

MALAYSIA
--------

CSM Corporation Bhd             CSM        (-8.40)      41.55
Faber Group Bhd                 FAB        (-7.16)     504.98
Kemayan Corp Bhd                KOP      (-353.12)      84.89
Panglobal Bhd                   PGL       (-41.07)     187.79
Sri Hartamas Bhd                SHB      (-138.37)      24.48


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

Pilipino Telephone Co.          PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46


  THAILAND
  --------

Asia Hotel PCL                  ASIA       (-26.62)     96.21
Asia Hotel PCL                  ASIA/F     (-26.62)     96.21
Bangkok Rubber PCL              BRC        (-41.29)     80.14
Bangkok Rubber PCL              BRC/F      (-41.29)     80.14
Central Paper Industry PCL      CPICO      (-37.02)     40.41
Central Paper Industry PCL      CPICO/F    (-37.02)     40.41
Datamat PCL                     DTM           2.27      17.21
Datamat PCL                     DTM           2.27      17.21
Jutha Maritime                  JUTHA      (-0.78)      29.03
Jutha Maritime                  JUTHA/F    (-0.78)      29.03
National Fertilizer PCL         NFC        (-91.34)    293.84
National Fertilizer PCL         NFC/F      (-91.34)    293.84
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.84)      13.32
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.84)      13.32
Thai Wah Public
Company Limited-F               TWC        (-43.88)     168.15
Thai Wah Public
Company Limited-F               TWC/F      (-43.88)     168.15
Tuntex (Thailand) PCL           TUNTEX     (-50.94)     398.25
Tuntex (Thailand) PCL           TUNTEX/F   (-50.94)     398.25




                            *********



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

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

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

This material is copyrighted and any commercial use, resale or
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