TCRAP_Public/040707.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Wednesday, July 7, 2004, Vol. 7, No. 133

                            Headlines

A U S T R A L I A

ARISTOCRAT LEISURE: Ex-CEO Ordered To Pay 10% of Court Costs
NATIONAL AUSTRALIA: Scandal Takes Toll On Market Share
NOVUS PETROLEUM: Posts Changes in Directors, CEO
QANTAS AIRWAYS: Crews Reject London Base Plans


C H I N A  &  H O N G  K O N G

ADVANTAGE TELECOMMUNICATIONS: Winding Up Hearing Set July 28
CHINA CONSTRUCTION: Plans USD4.8B Subordinated Bonds Issue
D & B PRINTING: Begins Winding Up Proceedings
FAR EAST: Police Deny Word of Chairman Cai's Arrest
HUABAO INTERNATIONAL: Net Loss Widens to HKD7.5M

JUNGLESOFT NET: Creditors Must Submit Claims on August 20
PERMAIR AUSTINS: Creditors to Prove Debts by July 21
RENAISSANCE KNITTERS: Winding Up Hearing Slated on July 28
SHANGHAI MERCHANTS: Discharges Receivers and Managers in Bermuda
SWIRE PACIFIC: Posts Change of Shareholder's Interest

VISION TECH: Net Loss Widens to HKD1.97M


I N D O N E S I A

KIANI KERTAS: Australian Bid Approved by Bank
PERTAMINA: Says Supply Problems Resolved


J A P A N

MISAWA HOMES: Toyota President Denies Acquisition Report
MITSUBISHI MOTORS: Japan May Help Save Automaker
MITSUBISHI MOTORS: Common Shares May be Delisted
MITSUBISHI MOTORS: Mum on Report of DaimlerChrysler's Exit
MITSUBISHI MOTORS: Tim Tozer to Head European Unit

UFJ BANK: Lifts Interest Rates on Housing Loans


K O R E A

LG CARD: Seeking More Funds From Creditors


M A L A Y S I A

ANCOM BERHAD: Buys Back 141,900 Shares
BERJAYA SPORTS: BMSB Grants Listing of New Shares
BERJAYA SPORTS: Issues Notice of Interest Payment For ICULS
FACB RESORTS: RAM Places RM420 Million in Bonds on Rating Watch
INNOVEST BERHAD: Issues Practice Notice No. 21/2001 Update

JASATERA BERHAD: AGM Set for July 28
KILANG PAPAN: 15th AGM Set July 28
K.P. KENINGAU: Posts Changes in Nomination Committee
KSU HOLDINGS: Issues Status of Financial Condition
LANKHORST BERHAD: Bursa Securities Issues Public Reprimand

NYLEX BERHAD: Releases Capital Reconstruction Update
PANTAI HOLDINGS: Buys Back 152,800 Shares
PILECON ENGINEERING: Releases Default Status Update
RHB CAPITAL: Monthly Disclosure Pursuant To Paragraph 5.11(2)
SRIWANI HOLDINGS: Unit Enters Purchase Deal With Naluri

UNITED CHEMICAL: Issues Restructuring Plan Update
WCT ENGINEERING: Unit Enters Deal With IJM Construction
YCS CORPORATION: Issues Defaulted Payment Update


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Sells US$214M Cement Assets
BAYAN TELECOMMUNICATIONS: On Track To Hit 2004 Target Revenue
LEPANTO CONSOLIDATED: Gives PSE Copy of Amended SEC Form 17-Q
MAYNILAD WATER: Government Takeover Review Hits Snag
MANILA ELECTRIC: To Ask SC To Junk Petition Against Rate Hike

PHILIPPINE LONG: Issues Clarification To News Article
PHILIPPINE REALTY: Creditors Yet To Comment On Rehab Plan
VITARICH CORPORATION: Provides Exchange With SEC Form 17-Q


S I N G A P O R E

DAVIN INDUSTRIES: Enters Winding Up Proceedings
INFORMATICS HOLDINGS: Shares Jump 13% on News of Tycoons' Tussle
MFSL LIMITED: Creditors Must Prove Debts on August 2
R.O. MENELL: Creditors To Submit Claims On August 2
SUMITOMO LIFE: Creditors to Prove Debts on August 2


T H A I L A N D

THAI PETROCHEMICAL: Ex-Chief Proposes 'Minor' Changes

     -  -  -  -  -  -  -  -

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


ARISTOCRAT LEISURE: Ex-CEO Ordered To Pay 10% of Court Costs
------------------------------------------------------------
The NSW Supreme Court has ordered Aristocrat Leisure's former
chief executive Des Randall to pay 10 percent of the legal costs
the poker machine company incurred defending itself in the case
Randall filed against his erstwhile employer, reports The Sydney
Morning Herald.

The remaining 90 percent of the court costs, or an estimated $1
million, will have to be shouldered by Aristocrat, the court
ruled.

Mr. Randall, who was dismissed in April last year for misleading
the board and the share market over the company's unachievable
2002 profit target, must also pay for his own costs. According
to Justice Cliff Einstein, this decision was reached because Mr.
Randall was partly successful in relation to relocation costs
and one bonus payment. He is expected to publish his reasons
setting out the calculation of the costs order within the next
few weeks.

Aristocrat's former CEO lost his $13 million unfair dismissal
claim in the Supreme Court last month. However, he succeeded in
getting his 2002 pre-tax bonus of $900,000 paid as well as
recouping relocation expenses for a move from Australia to the
US, which cost the Randalls between $300,000 and $400,000.

But because he missed hitting Aristocrat's 2003 profit target of
$109 million, he also missed out on receiving an expected
$600,000 performance bonus. Aristocrat's profit came in at $80
million and its share price plummeted from $4.22 to $2.25 at the
time of the downgrade.

Mr. Randall, who was not in court Monday to hear the costs
order, has a month to lodge an appeal against the decision in
Aristocrat's favor relating to the $13 million claim.


NATIONAL AUSTRALIA: Scandal Takes Toll On Market Share
------------------------------------------------------
The ill effects of the fallout of the $360 million foreign
exchange scandal that hit National Australia Bank (NAB) has been
made apparent by new official data showing lending growth at
less than half the rate of the rest of the banking industry
during the home lending boom, reveals The Australian.

NAB's business banking segment has gained only 1.1 percent, less
than half the industry average. Among the major banks, it is
also the worst home-loan performer along with Wespac.

According to NAB, it locally achieved overall lending growth of
4.1 percent in the first half to March 30, 2004, compared to the
industry average of 6.4 percent. In the same period, the bank's
Australian home lending slowed to a 7 percent growth, a far cry
from the 21 percent growth it achieved in the year to September
30.


NOVUS PETROLEUM: Posts Changes in Directors, CEO
------------------------------------------------
Novus Petroleum Limited announces that:

1) The following directors resigned effective 1 July 2004:

Mr. James Hornabrook
Mr. Noboru Tsuruta
Mr. J Stephen Mann

2) The following directors were appointed effective 1 July 2004:

Mr. Robert Bruce Anderson
Mr. Hilmi Panigoro
Drs. Sugiharto
Mr. Rashid Irawan Mangunkusomo

3) Dr Robert Charles Williams ceased as Chief Executive Officer
effective 5 July 2004 but continues as a company secretary and
director.

This is a company press release.


QANTAS AIRWAYS: Crews Reject London Base Plans
----------------------------------------------
The plan of Qantas Airways to set up a crew base in London is
facing tough opposition from its cabin crew, with the Flight
Attendants Association calling on members to reject the move,
reports The Age.

"We will be putting to crew that we absolutely oppose the Qantas
move," said the head of the union's international division,
Michael Mijatov. The union was set to hold the first of a series
of meetings with long-haul flight attendants yesterday, just two
weeks after Qantas chief executive Geoff Dixon outlined the
relocation plan, which is projected to save the Australian
carrier some $18 million in costs.

The FAAA, however, is restricted from launching widespread
industrial action until its enterprise bargaining agreement with
Qantas expires on December 18. Nevertheless, the union is
lobbying the federal Labor Party to oppose the move, and
possibly enact legislation if it wins power.

Qantas, which, under the agreement, can base only 370 cabin crew
at its Bangkok and Auckland crew bases, plans to put a
relocation offer to Australian crews next week. It hopes to base
25 percent of its 4000 flight attendants overseas next year.


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


ADVANTAGE TELECOMMUNICATIONS: Winding Up Hearing Set July 28
------------------------------------------------------------
A Petition for the Winding up of Advantage Telecommunications
Limited by the High Court of Hong Kong was, on June 5, 2004,
presented to the said Court by Chan Wai Shun, whose usual or
last known address is situate at Room 8, 24th Floor, King Sam
House, King Tin Court, Shatin, New Territories, Hong Kong.

The said Petition will be heard before the Court at 9:30 am on
July 28, 2004.

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

ROWDGET W. YOUNG & CO.
Solicitors for the Petitioner,
3rd Floor, Wings Building
110-116 Queen's Road Central
Hong Kong

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


CHINA CONSTRUCTION: Plans USD4.8B Subordinated Bonds Issue
----------------------------------------------------------
China Construction Bank plans to issue CNY40 billion (US$4.8
billion) in subordinated bonds to boost its capital adequacy to
above 8 percent, Asia Pulse reports.

The bank, one of China's four state-owned banks, will issue the
bonds in batches. The first group of CNY10 billion, consisting
of CNY5 billion in fixed rate and CNY5 billion of floating rate,
will be issued in mid-July, with the remainder to be issued
before the first half of 2005. The first batch has an AAA credit
rating and will be sold to legal buyers through the national
interbank bond market.

The bank has the option to redeem the bonds on the fifth year.

China International Capital Corporation is appointed as lead
underwriter for the first bond issuance.


D & B PRINTING: Begins Winding Up Proceedings
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of D &
B Printing Company Limited by the High Court of Hong Kong was,
on May 28, 2004, presented to the said Court by Fu Shing Lau of
Room F, 9/F., Han Palace Building, 441-447 King's Road, North
Point, Hong Kong.

The said Petition will be heard before the Court at 9:30 am on
July 21, 2004.

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

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

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


FAR EAST: Police Deny Word of Chairman Cai's Arrest
---------------------------------------------------
Fuzhou police and Far East Pharmaceutical Technology's top
management denied rumors of Chairman Cai Chongzhen's arrest, The
Standard reports.

The troubled drug maker's general manager Barton Tso confirmed
that Mr. Cai is a free man and is, in fact, meeting with the
firm's directors everyday.

Far East Pharmaceutical was responding to reports of local
newspaper Ta Kung Pao that Mr. Cai was caught by Fujian police,
bailed on June 22, and was awaiting trial.

On June 17, trading of the Hong Kong-listed drug firm's shares
was halted after the firm's shares plummeted 92 percent
following Mr. Cai's disappearance and an unpaid installment of
the company's US$80 million (HK$624 million) loan.

Mr. Cai, who lowered his stake by 15.81 percent after the price
drive, now holds 42.16 percent shares or 917.4 million shares
from the previous 57.97 percent stake or 1.26 billion shares.

In a brief interview with the Hong Kong press in the past week,
Mr. Cai said his absence was due to his heart condition. He
added that he had already submitted all necessary information to
the stock exchange to clarify the situation.


HUABAO INTERNATIONAL: Net Loss Widens to HKD7.5M
------------------------------------------------
According to Infocast News, News Huabao International Holdings
Limited posted a net loss of $7.502 million for the fiscal year
ended March 31, compared to a net loss of $5.957 million for the
previous year. The loss per share was $0.095. No final dividend
was declared.


JUNGLESOFT NET: Creditors Must Submit Claims on August 20
---------------------------------------------------------
The creditors of Junglesoft Net Limited, which is in Creditors'
Voluntary Liquidation, are required (if they have not already
done so), on or before the close of business on August 20, 2004,
to send in their names, addresses and particulars of their debts
or claims, and the name and address of their solicitors, if any,
to the undersigned at Room 2101-3 China Insurance Group
Building, 141 Des Voeux Road Central, Hong Kong. If required by
notice in writing from the said Liquidators, they are to come in
personally or by their solicitors and prove their said debts or
claims at such time and place as shall be specified in such
notice, or in default thereof, they will be deemed to waive all
of such debts or claims and the Liquidators will be entitled,
seven days after the above date, to distribute any and all
surplus assets or funds available or any part thereof to the
members.

D K L Mak
Chu Yiu Keung
Joint and Several Liquidators.

This announcement is dated June 21, 2004.


PERMAIR AUSTINS: Creditors to Prove Debts by July 21
----------------------------------------------------
Notice is hereby given that the Creditors of Permair Austins
Limited (In Member's Voluntary Liquidation) whose debts or
claims have not already been admitted, are required on or before
the 21st day of July 2004 to prove by affidavit their debts or
claims by sending in their names, addresses and descriptions and
full particulars of their debts or claims in accordance with
Form 63A of the Companies (Winding-up) Rules, and the names and
addresses of their Solicitors (if any) to the undersigned
Liquidators of the said Company, and, if so required by notice
in writing from the said Liquidators, are personally or by their
Solicitors or duly authorized Representative, to come and prove
their said debts or claims and to establish any title they may
have to priority at such time and place as shall be specified in
such notice.  In default of complying with this Notice, such
creditors will be excluded from the benefit of any distribution
made before such debts or claims are proved and/or from
objecting to any distribution made before such priorities are
established.

Natalia SENG
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong

Susan LO
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong

This announcement is dated July 6, 2004.


RENAISSANCE KNITTERS: Winding Up Hearing Slated on July 28
----------------------------------------------------------
A Petition for the Winding up of Renaissance Knitters Limited by
the High Court of Hong Kong was on June 7, 2004 present to the
said Court by Chan Yuk Kum of Room 404, 4/F., Ko Shing House, Ko
Yee Estate, Yau Tong, Kowloon, Hong Kong.

The said Petition will be heard before the Court at 9:30 am on
July 28, 2004.

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

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

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


SHANGHAI MERCHANTS: Discharges Receivers and Managers in Bermuda
----------------------------------------------------------------
The board of directors of Shanghai Merchants Holdings Limited
(incorporated in Bermuda with limited liability) announces that
Mr. Alan Chung Wah Tang and Ms. Alison Wong Lee Fung Ying, both
of Grant Thornton, Certified Public Accountants, of 13th Floor,
Gloucester Tower, the Landmark, Central, the joint and several
receivers and managers of the Company appointed in Bermuda on
July 11, 2003 by an order of the Chief Justice in the Supreme
Court of Bermuda, were discharged in Bermuda pursuant to an
order made by the Chief Justice in the Supreme Court of Bermuda
on July 2 2004.

Trading in the shares of the Company has been suspended with
effect from 9:30 a.m. on June 2, 2003 and will remain suspended
until further notice.

The board of directors of the Company currently comprises of 2
persons, namely, Yue Jialin and Lau Yau Cheung Brent as
executive directors.

Further announcement(s) regarding any further developments of
the Company will be made by the Company as and when appropriate.

By order of the Board
Shanghai Merchants Holdings Limited
Lau Yau Cheung, Brent
Director.

This announcement is dated July 5, 2004.


SWIRE PACIFIC: Posts Change of Shareholder's Interest
-----------------------------------------------------
Swire Pacific Ltd. discloses Change of Corporate Substantial
Shareholder Interest.

(1) Name of listed corporation: Swire Pacific Ltd. 'B'

(2) Stock code: 00087

(3) Class of shares: Ordinary Shares

(4)Number of issued shares in class: 3,003,486,271

(5) Name of substantial shareholder: Aberdeen Asset Management
Asia Ltd
(6) Registered office: 21 Church Street, #01-01 Capital Square
Two, Singapore 049480

(7) Principal place of business in Hong Kong: Not Applicable

(13) Exchange on which listed: Nil

(14) Name of listed parent and exchange on which parent is
listed: Aberdeen Asset Management Plc - Listed in London,
Singapore

(15) Date of relevant event: July 2, 2004

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

(17) Details of relevant event:
Relevant event code describing circumstances: 103
Code describing capacity in which shares were/are held
Before relevant event: 202
After relevant event: 202
Number of shares bought/sold or involved: 120,000
Currency of transaction: HKD
On Exchange
Highest price per share: 8.838
Average price per share: 8.838
Off Exchange
Average consideration per share
Consideration code

(18) Total shares immediately before the relevant event:
Total number of shares: 154,950,900
Percentage figure (%): 5.16

(19) Total shares immediately after the relevant event:
Total number of shares: 155,070,900
Percentage figure (%): 5.16

(20) Capacity in which interests disclosed in Box 19 are held:
Code describing capacity: 202
Number of shares: 155,070,900

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

(22) Further information in relation to interests of
corporations controlled by substantial shareholder:
Name of controlled corporation Address and place of
incorporation Name of controlling shareholder % control Direct
interest Number of shares
Nil

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

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

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

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

(27) Date of filing this Form 2: July 5, 2004

(29) Number of attachments: 0


VISION TECH: Net Loss Widens to HKD1.97M
----------------------------------------
Infocast News reported that Vision Tech International Holdings
Limited posted a net loss of $1.974 million for the fiscal first
half ended 30 September 2003, compared to a net loss of $1.63
million a year ago. Loss per share was 0.5 cent. No interim
dividend was declared.


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


KIANI KERTAS: Australian Bid Approved by Bank
---------------------------------------------
Indonesia's state-owned PT Bank Mandiri has approved Australian
firm Ashmoor's proposal to bid for a stake in debt-ridden PT
Kiani Kertas, reports AFX-ASIA.

Mandiri president ECW Neloe confirmed that Ashmoor, earlier
named as preferred bidder for Kiani's 40-50% stake sale along
with US-based Amrook, agreed to the bank's demand of a US$50
million working capital injection. The bank awaits Amrook's
offer this month.

The divestment is part of the pulp and paper firm's scheme to
restructure an IDR1.7 trillion debt owed to Bank Mandiri.

Mandiri's failure to restructure Kiani's loan last year within
the central bank's one-year deadline downgraded the latter's
debt into "non-performing', increasing Mandiri's fourth quarter
gross non-performing loan from 6.6% to 8.4%.

The bank, which allotted an IDR1.9 trillion loan-loss provision
to cover Kiani's debt, bought Kiani loans from the now-defunct
Indonesian Bank Restructuring Agency in 2001 for $150 million.


PERTAMINA: Says Supply Problems Resolved
----------------------------------------
Indonesian state oil and gas firm PT Pertamina said that supply
problems have been resolved and national fuel stocks are back to
normal, The Jakarta Post reports.

Pertamina spokesman Hanung Budya Yukyanta assured the public
that the fuel supply problems, which affected the country two
weeks ago, were technical in nature and not due to stock
shortage.

The oil company dismissed reports that suggested a national fuel
shortage which could affect the economy and spark social unrest
during the election period, saying that the problems were due to
transportation issues and increasing consumption.

Mr. Hanung blamed the scarcity of automotive diesel in Jambi
Province two weeks ago to transportation problems, but also
confirmed that supplies there are now back to normal levels.

Pertamina acknowledged a recent drop in national fuel stocks to
19 days but declared that the stockpile is back to the normal 22
days, eventually climbing to a safe level of 24 days.

Pertamina attributes the fall to its cash problems, which is
partly due to the failure of the government to refund the
company's monthly fuel expenses, including importation of raw
materials.

The state normally makes the reimbursement the following year
after the Supreme Audit Agency audits Pertamina accounts.
However, since Pertamina needs US$900 million in cash to import
crude and oil based products each month, the government agreed
to reimburse fuel subsidy funds on a monthly basis.

"If Pertamina can fix the cash flow problem than we can meet our
commitments to our suppliers abroad," Mr. Hanung said.


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


MISAWA HOMES: Toyota President Denies Acquisition Report
--------------------------------------------------------
Toyota Motor Corporation President Fujio Cho denied Monday a
media report that the automaker is considering the acquisition
of a stake in struggling housing maker Misawa Homes Holdings
Inc., Kyodo News reports.

Founded in 1962, Misawa is known for its well-designed homes and
ranked third in low-rise residential buildings. However, the
company posted a net loss of JPY128.7 billion in the year ended
March.

In March 2002, Misawa received JPY70 billion yen in debt waivers
and other forms of financial assistance from UFJ Bank after
accumulating interest-bearing debts of more than JPY500 billion
yen through resort development and real-estate investments.


MITSUBISHI MOTORS: Japan May Help Save Automaker
------------------------------------------------
The Japanese government is looking into ways to help save
Mitsubishi Motors Corporation from the impact of slumping sales
and deteriorating brand name, Bloomberg News reports, citing
Japan's Trade Minister Shoichi Nakagawa.

Mr. Nakagawa said the government would decide within the next
few days on the details of how it can help.

Mitsubishi Motors and its truck affiliate Mitsubishi Fuso Truck
& Bus Corporation have announced recalls of more than 800,000
cars, trucks and buses so far this year to fix defects ranging
from faulty wheel hubs to brakes.


MITSUBISHI MOTORS: Common Shares May be Delisted
------------------------------------------------
Mitsubishi Motors Corporation said in its fiscal 2003 securities
report for investors that its common shares may be delisted,
driving the stock down, Bloomberg News reports, citing Yasuhiro
Matsumoto, a credit analyst at BNP Paribas Securities (Japan)
Ltd. in Tokyo.

A bailout plan worth as much as JPY546 billion ($5 billion),
which was approved by shareholders last month, may not be enough
to help it return to profitability.

Mitsubishi shares fell as much as 4.2 percent Tuesday after the
Yomiuri newspaper reported that a Mitsubishi Rosa minibus caught
fire following a brake malfunction, the latest in a series of
fires linked to mechanical faults in Mitsubishi-brand vehicles,
Mr. Matsumoto said.


MITSUBISHI MOTORS: Mum on Report of DaimlerChrysler's Exit
----------------------------------------------------------
Mitsubishi Motors Corporation declined to comment on news
reports that its biggest shareholder DaimlerChrysler AG is
eyeing ways to dismantle their alliance, The Agence France-
Presse reports.

Citing industry sources, the Financial Times said
DaimlerChrysler was set to reclassify its investment in
Mitsubishi Motors Corporation as "non-strategic and available
for sale" later this year.

The reclassification was "a significant further step towards the
dismantling of their relationship," it said, adding the move
reversed DaimlerChrysler's previous position that Japan's
fourth-largest carmaker was the cornerstone of its Asian
strategy.

A spokesman for Mitsubishi declined to comment on the report.


MITSUBISHI MOTORS: Tim Tozer to Head European Unit
--------------------------------------------------
Mitsubishi Motors Corporation has appointed Tim Tozer as
President & CEO of its Amsterdam-based subsidiary Mitsubishi
Motors Europe BV, effective September 1.

Mr. Tozer was for a time managing director of the former
independent UK Mazda distributor and held senior posts at
Chrysler and Rover. He joins from Mondial Assistance (UK).

Mr. Tozer said: "I am delighted to be joining Mitsubishi Motors
Europe at such an exciting stage of its development. The company
has returned to profit, the strategic direction for the brand is
clear and 10 cars are to be launched within the next three
years, supported by a professional network of distributors and
dealers."


UFJ BANK: Lifts Interest Rates on Housing Loans
-----------------------------------------------
In response to recent surges in yields of Japanese government
bonds, UFJ Bank Limited has raised the interest rates on some of
its housing loans, according to Asia Times on Tuesday. The
lender raised rates by 0.3 to 0.45 percent on fixed-rate
mortgages of five to seven years.

The bank also raised its 10-year, fixed rate-based loans by 0.4
percent to 4.1 percent per year. Fixed-rate lending rates on
loans three years or shorter remain unchanged.


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


LG CARD: Seeking More Funds From Creditors
------------------------------------------
LG Card has asked for US$1.3 billion in additional financial
support from creditors in an effort to keep itself afloat, the
Financial Times reports.

Creditors saved the Company from bankruptcy with a US$4.2
billion lifeline earlier this year, after the company was hit by
the bursting of a consumer credit bubble in Asia's fourth-
largest economy. The banks authorized the bailout on the
condition that they would not have to provide any additional
support to the card issuer.

LG Card shares tumbled more than 5 percent on Friday, as the
news dampened hopes that the company was recovering from last
year's default crisis.


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


ANCOM BERHAD: Buys Back 141,900 Shares
--------------------------------------
Ancom Berhad disclosed to Bursa Malaysia Securities Berhad the
details of its shares buyback dated July 5, 2004.

Date of buy back: 05/07/2004
Description of shares purchased:  Ordinary shares of RM1.00 each
Total number of shares purchased (units): 141,900
Minimum price paid for each share purchased (RM): 0.845
Maximum price paid for each share purchased (RM): 0.920
Total consideration paid (RM):
Number of shares purchased retained in treasury (units): 141,900
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 3,638,300
Adjusted issued capital after cancellation (no. of shares)
(units) :


BERJAYA SPORTS: BMSB Grants Listing of New Shares
-------------------------------------------------
Berjaya Sports Toto Berhad's additional 7,094 new ordinary
shares of RM1.00 each arising from the conversion of RM7,094
nominal amount of 8 percent irredeemable convertible unsecured
loan stocks 2002/2012 into 7,094 new ordinary shares
(Conversion)will be granted listing and quotation with effect
from 9 a.m., Wednesday, 7 July 2004.


BERJAYA SPORTS: Issues Notice of Interest Payment For ICULS
-------------------------------------------------------------
Berjaya Sports Toto Berhad issued a notice of fourth interest
payment for the RM751,348,605 nominal amount of 8 percent
Irredeemable Convertible Unsecured Loan Stocks 2002/2012 (ICULS)
for the period from 5 February 2004 to 4 August 2004.

Kindly be advised of the following:

1) The above Company's securities will be traded and quoted [Ex
- Interest] as from: [19 July 2004]

2) The last date of lodgment: [21 July 2004]

3) Date Payable: [5 August 2004]


FACB RESORTS: RAM Places RM420 Million in Bonds on Rating Watch
---------------------------------------------------------------
Rating Agency Malaysia Berhad (RAM) is placing the C1(s) rating
of FACB Resorts Berhad's (FACB) RM420 million redeemable zero
coupon secured bonds (the Bonds) on rating watch, with a
negative outlook.

The rating action is premised on the Company's inability to
honor the sinking fund payment of RM 220 million due on time
despite the numerous extended deadlines granted by the
bondholder in addition to a revision in final settlement value
earlier.

The RM220 million, due on 30 June 2004 represents the
accumulated amount that FACB was supposed to remit into the
sinking fund. Under clause 9.1(b) of the Trust Deed, should FACB
materially breach any of the covenants or provisions in the
Trust Deed and if such a transgression is not remedied within 14
days, the event will be tantamount to a technical default. We
understand that FACB is currently seeking the bondholders'
further indulgence on the overdue payment.

RAM's Rating Watch highlights a possible change to an issuer's
existing debt rating. It focuses on identifiable events such as
mergers, acquisitions, regulatory changes and operational
developments that place a rated debt under special surveillance
by RAM. In a broader sense, it covers any event that may result
in changes in the risk factors relating to the repayment of
principal and interest.

Issues will appear on RAM's Rating Watch when some of the above
events are expected to or have occurred. Appearance on RAM's
Rating Watch, however, does not inevitably mean that the
existing rating will be changed. It only means that a rating is
under evaluation by RAM and a final affirmation is expected
soon. A "positive" outlook indicates that a rating may be raised
while a "negative" outlook indicates that a rating may be
lowered. A "developing" outlook refers to those unusual
situations in which future events are so unclear that the rating
may potentially be raised or lowered.

Analyst
Chan Lai Fong
03-7628 1038
laifong@ram.com.my


INNOVEST BERHAD: Issues Practice Notice No. 21/2001 Update
----------------------------------------------------------
The Board of Directors of Innovest Berhad announced the
recurrent related party transactions pursuant to Paragraph 2.0
of the Practice Note No. 12/2001 of the Listing Requirements of
Bursa Malaysia Securities Berhad.

For a copy of the recurrent related party transactions for the
month of June 2004, go to
http://bankrupt.com/misc/tcrap_innovest0706.xls


JASATERA BERHAD: AGM Set for July 28
------------------------------------
Jasatera Berhad will be holding the 21st Annual General Meeting
at The Greens Room, Jalan  Kelab Tropicana,Tropicana Golf &
Country Resort , 47410 Petaling Jaya, Selangor Darul Ehsan on
Wednesday, 28 July 2004 at 10 o'clock in the morning.

For more details, go to
http://bankrupt.com/misc/tcrap_jasateara0706.pdf.


KILANG PAPAN: 15th AGM Set July 28
----------------------------------
Notice is hereby given that the Fifteenth Annual General Meeting
of Kilang Papan Seribu Daya Berhad will be held at the Reception
Lounge, Kilang Papan Seribu Daya Berhad, Lot 1, Harmoni
Industrial Estate, Kolombong, 88450 Inanam, Kota Kinabalu, Sabah
on 28 July 2004 at 11 am to transact the following business:

1 Resolution 1

To receive and adopt the audited Financial statements, the
Directors' Report and the Auditors' Report for the year ended 31
January 2004.

2 Resolution 2

To re-elect Dato' Dr Abdullah bin Sepien as director who is
retiring in accordance with Article 105 of the Company's
Articles of Association.

3 Resolution 3

To appoint Messrs Moores Rowland who has given their consent to
act as Auditors of the Company in place of the retiring
Auditors, PKF, who do not wish to seek re-appointment. In
accordance with section 172(11) of the Companies Act, 1965, the
notice of nomination has been received and the following
resolution has been proposed as an ordinary resolution:

"That Messrs Moores Rowland be and are hereby appointed Auditors
of Kilang Papan Seribu Daya Berhad in place of the retiring
Auditors, PKF, to hold office until conclusion of the next
Annual General Meeting at a remuneration to be fixed by the
Directors."

4 Resolution 4

PROPOSED RENEWAL OF SHAREHOLDERS' MANDATE FOR RECURRENT RELATED
PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE

"THAT approval be and is hereby given pursuant to paragraph
10.09 of the Listing Requirements of Bursa Malaysia for the
Company and its subsidiary to enter into recurrent transactions
with those related parties as specified in Section 2.2.2 of the
Company's Circular to shareholders dated 30 June 2004 provided
that such transactions are of a revenue or trading nature which
are necessary for the day-to day operations and are carried out
in the ordinary course of business on normal commercial terms
which are not more favorable to the related parties than those
generally available to the public and are not detrimental to the
minority shareholders of the Company (the Mandate), AND THAT
such authority shall continue to be in force until:

(i) The conclusion of the next AGM of KPSD (and will be subject
to annual review), at which time it will lapse, unless renewed
by a resolution passed at the AGM; (ii) the expiration of the
period within which the next AGM of KPSD 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 (iii) revoked or varied by resolution passed by the
shareholders in an AGM or Extraordinary General Meeting;
whichever is the earlier.

And that disclosure will be made in the annual report of the
Company of the aggregate value of transactions conducted
pursuant to the Mandate during the current financial year and in
annual reports of subsequent years during which the Mandate is
in force; AND THAT the directors of the Company be authorized to
complete and do all such acts and things (including executing
all such documents as may be required) as they may consider
expedient or necessary to give effect to the Mandate."

5 To transact any other business of which due notice shall have
been given.

By Order of the Board
Tiang Lee Kiin
Company Secretary
Kota Kinabalu
6 July 2004


K.P. KENINGAU: Posts Changes in Nomination Committee
---------------------------------------------------
The Board of Directors of K. P. Keningau Berhad announced the
following changes:

1. Mr. Law Kok Tiong, an independent Non-executive director, was
appointed as a member of the Nomination Committee and
Remuneration Committee on 29 June 2004.

2. Dato' Mohamed Salleh Bin Bajuri, an independent Non-executive
director, resigned as a member of the Nomination Committee and
Remuneration Committee on 30 June 2004.

The new compositions are as follows:

NOMINATION COMMITTEE

a) Law Kok Tiong - Chairman, Independent Non-executive director
b) Aw Hong Boo - Independent Non-executive director

REMUNERATION COMMITTEE

a) Aw Hong Boo - Chairman, Independent Non-executive director
b) Law Kok Tiong - Independent Non-executive director


KSU HOLDINGS: Issues Status of Financial Condition
--------------------------------------------------
Further to KSU Holdings Berhad 's announcement dated 20th August
2003, 10th September 2003, 9th October 2003, 10th November 2003,
5th December 2003, 2nd January 2004, 4th February 2004, 1st
March 2004, 1st April 2004, 5th May 2004 and 1st June 2004, the
Company wishes to inform that as of to date, there has been no
further development on its plan to regularize its financial
condition.


LANKHORST BERHAD: Bursa Securities Issues Public Reprimand
----------------------------------------------------------
Bursa Malaysia Securities Berhad (Bursa Securities) in
consultation with the Securities Commission (SC), publicly
reprimanded Lankhorst Berhad (LANKHOS) for breach of paragraph
9.19(19) of the Bursa Malaysia Securities Listing Requirements
(Bursa Securities LR).

Paragraph 9.19(19) of the Bursa Securities LR states that a
listed issuer must make immediate announcements to Bursa
Securities of any commencement of winding-up proceedings against
the listed issuer or any of its subsidiaries or major associated
companies.

LANKHOS has breached paragraph 9.19(19) of the Bursa Securities
LR for failure to make an immediate announcement when a winding-
up petition was served on Lankhorst Pancabumi Sdn Bhd, a wholly
owned subsidiary of the Company on 26 February 2004 (the
Petition). The Company only made the announcement of the
Petition to Bursa Securities for public release on 25 March
2004.

The public reprimand was imposed pursuant to paragraph 16.17 of
the Bursa Securities LR after taking into consideration various
relevant factors and after consultation with the SC.

Bursa Securities views this contravention seriously and hereby
cautions the Company and its board of directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.


NYLEX BERHAD: Releases Capital Reconstruction Update
----------------------------------------------------
Nylex (Malaysia) Berhad issued an update of its capital
reconstruction plan as follows:

(a) Capital reduction of the existing issued and paid-up share
capital of Nylex from RM224,487,720 comprising 224,487,720
ordinary shares of RM1.00 each to RM112,243,860 comprising
224,487,720 ordinary shares of RM0.50 each via the cancellation
of RM0.50 from each existing ordinary share of RM1.00 par value
in Nylex pursuant to an order of the High Court of Malaya under
Section 64 of the Companies Act, 1965 resulting in a capital
reserve of RM112,243,860 utilized for the Capital Distribution
(Capital Reduction).

(b) Consolidation of 224,487,720 ordinary shares of RM0.50 each
in Nylex after the Capital Reduction into 112,243,860 ordinary
shares of RM1.00 each (Consolidated Nylex Share) on the basis of
two (2) ordinary shares of RM0.50 each into one (1) ordinary
share of RM1.00 each in Nylex.

(c) Capital distribution of Nylex's entire investment in Tamco
Corporate Holdings Berhad (Tamco) of RM112,243,860 comprising
224,487,720 ordinary shares of RM0.50 each on the basis of two
(2) Tamco shares for each Consolidated Nylex Share held
(Collectively referred to as Capital Reconstruction)

Further to Listing Circular No. L/Q 25272 of 2004, advised that
trading of 112,243,860 Consolidated Nylex Shares arising from
the Capital Reconstruction will resumed with effect from 9.00
a.m., Tuesday, 6 July 2004.

The reference price for Nylex is RM1.00 and the price limit on
the first day of requotation will be 500 percent.


PANTAI HOLDINGS: Buys Back 152,800 Shares
-----------------------------------------
Pantai Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad the details of its shares buyback dated July 5, 2004.

Date of buy back: 05/07/2004
Description of shares purchased:  Ordinary shares of RM1.00 each
Total number of shares purchased (units): 152,800
Minimum price paid for each share purchased (RM): 0.860
Maximum price paid for each share purchased (RM): 0.920
Total consideration paid (RM): 134,472.57
Number of shares purchased retained in treasury (units): 152,800
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 20,069,300
Adjusted issued capital after cancellation (no. of shares)
(units) :


PILECON ENGINEERING: Releases Default Status Update
---------------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
(PEB) on 4 June 2004 with regards to the status of default in
payment pursuant to Practice Note 1/2001 by its subsidiary,
Transbay Ventures Sdn Bhd (TVSB), PEB wishes to hereby announce
that there have not been any changes to the status of default
since then.

The Board of TVSB is in the process of deliberating on the
possible course of action to best address and resolve the
matter.

This announcement is dated 5 July 2004.


RHB CAPITAL: Monthly Disclosure Pursuant To Paragraph 5.11(2)
-------------------------------------------------------------
Conversion of RHB Capital Berhad Call Warrants issued by Rashid
Hussain Berhad (Call Warrants 2003/2007).

On behalf of Rashid Hussain Berhad, RHB Capital Berhad disclosed
to the Bursa Malaysia on 5 July, the following information up to
30 June 2004 pursuant to Paragraph 5.11(2) of the Listing
Requirements.

Particulars      No. of Call Warrants

The number of Call Warrants 2003/2007 exercised during the month
of June 2004 Nil

The cumulative number of Call Warrants 2003/2007 exercised up to
30 June 2004 Nil

The number of Call Warrants 2003/2007 outstanding as at 30 June
2004. 340,438,934

This announcement is dated 5 July 2004.


SRIWANI HOLDINGS: Unit Enters Purchase Deal With Naluri
-------------------------------------------------------
Commerce International Merchant Bankers Berhad refer to the
announcements dated 13 December 2003 and 16 April 2004
pertaining to the existing restructuring plan, proposed property
disposals and proposed alternative restructuring plan of Sriwani
Holdings Berhad.

On behalf of Sriwani Holdings Berhad (SHB), Commerce
International Merchant Bankers Berhad hereby announces that on 5
July 2004, Cergasjaya Properties Sdn Bhd (CPSB), a wholly-owned
subsidiary of SHB, entered into a supplemental agreement
(Supplemental SPA) to the conditional sale and purchase
agreement (CPSB SPA) dated 12 December 2003 between CPSB and
Naluri Berhad (Naluri) for the proposed disposal of the leases
of three (3) pieces of leasehold development land comprising a
golf and country club and vacant land (CPSB Land) to Naluri for
a total cash consideration of approximately RM27.481 million,
details of which have been announced on Bursa Malaysia
Securities Berhad (Bursa Securities) on 13 December 2003.

2) DETAILS OF THE SUPPLEMENTAL SPA

The Supplemental SPA is to revise certain terms in relation to
the payment of the balance purchase consideration of the CPSB
Land in order to comply with the condition imposed by the
Securities Commission (SC) in its letter of approval dated 6
April 2004 to Naluri whereby the SC imposed, inter-alia, the
condition that payment of the balance purchase price can only be
made upon Naluri obtaining written approval for the acquisition
of the CPSB Land and Naluri is the registered owner of the CPSB
Land.

The salient terms of the Supplemental SPA are as follows:

(i) The balance of the purchase price amounting to RM27.481
million shall be paid by Naluri to Naluri's Solicitors or such
other parties as may be mutually agreed upon as stakeholders,
simultaneously with the payment of the balance purchase price
pursuant to the terms of the KMSB SPA, BTSB SPA and CMSB SPA. If
Naluri shall fail to pay the balance purchase price within the
time provided, CPSB shall automatically grant Naluri further one
(1) month or such longer period as Naluri may reasonably require
to pay the balance purchase price (or such part thereof
remaining unpaid) to Naluri's Solicitors, without any interest
being payable on the outstanding purchase price or part thereof.

(ii) The balance purchase price will be placed into a fixed
deposit account with a bank or financial institution and shall
be released to the Lender/Chargee upon Naluri obtaining written
approval from Perbadanan Kemajuan Negeri Kedah, Majlis Mesyuarat
Kerajaan and the State Authority for the acquisition of the
leases of the CPSB Land and Naluri is the registered owner of
the leases of the CPSB Land within twenty four (24) months from
the date Naluri's Solicitors receive the balance purchase price.

(iii) The Lender/Chargee who has a charge over the CPSB Land
shall release to Naluri's Solicitors the charge documents over
the CPSB Land within seven (7) days of receipt of the
undertaking by Naluri's financier referred to in sub-clause
2.3.2 of the CPSB SPA (if applicable), upon confirmation from
Naluri's solicitors of receipt of the balance purchase price or
receipt of written approvals from the relevant authorities to
the acquisition of the leases of the CPSB Land, whichever is the
later.

(iv) The CPSB SPA is conditional upon completion of the KMSB
SPA, BTSB SPA and CMSB SPA but not vice-versa.

(v) The CPSB SPA will be deemed completed upon Naluri being
registered as proprietors of the said leases of the CPSB Land.

3) RATIONALE FOR THE SUPPLEMENTAL SPA

Considering the condition of the SC imposed on Naluri for its
proposed acquisition of the CPSB Land (as announced by Naluri on
8 April 2004), the Board of Directors of SHB anticipates the
registration process for the CPSB Land will require a longer
time frame and hence, may delay the implementation of the
remaining restructuring plan of SHB in view of the inter-
conditionality of the Proposed Alternative Restructuring Plan
and Proposed Property Disposals.

The Board of Directors of SHB believes that the execution of the
Supplemental SPA will meet the following objectives:

(i) will not delay the implementation and completion of the
Proposed Disposal by KMSB, Proposed Disposal by BTSB and
Proposed Disposal by CMSB due to the inter-conditionality of the
Proposed Property Disposals as proposed earlier; and

(ii) allow timely settlement of the amount owing to the other
scheme lenders who have charges over the KMSB Land, BTSB Land
and CPSB Land and allow SHB to proceed with the implementation
of the remaining restructuring plan.

4) EFFECTS OF THE SUPPLEMENTAL SPA

The execution of the Supplemental SPA will not have any effects
on the issued and paid-up share capital, shareholdings of major
shareholders, net tangible assets and earnings of SHB and its
subsidiaries.

5) DOCUMENTS FOR INSPECTION

The Supplemental SPA is available for inspection at the
Registered Office of SHB at 418, Chulia Street, 10200 Penang
during normal office hours from Monday to Friday (except on
public holidays) for a period of three (3) months from the date
of this announcement.

This Bursa Malaysia announcement is dated 5 July 2004.


UNITED CHEMICAL: Issues Restructuring Plan Update
-------------------------------------------------
Further to United Chemical Industries Berhad (UCI)'s
announcement on 6 January 2004 in respect of the approval and
conditions imposed by the Securities Commission (SC) on the
Proposed Restructuring, Alliance Merchant Bank Berhad
(Alliance), on behalf of the Board of Directors of UCI, wishes
to announce that the SC had, vide its letter dated 28 June 2004,
approved the application by Alliance, on behalf of UCI, to seek
a waiver from the SC from having to issue/transfer and register
the titles of the properties under the name of Jua Juara Sdn Bhd
(JJSB) and Tenaga Danawa Sdn Bhd (TDSB).

JJSB and TDSB are wholly owned subsidiaries of Harta Perak
Corporation Berhad (Harta Perak), which will be injected into
Newco as part of the Proposed Restructuring of UCI. Based on the
conditions imposed by the SC, vide its letter dated 31 December
2003 UCI is required to comply with the valuation of the
property/assets of Harta Perak and Syarikat Majuperak Berhad, as
set out in Table 1.

The approval of the SC is subject to the following conditions:

1) UCI is required to obtain a full and irrevocable power of
attorney from Perbadanan Kemajuan Negeri Perak in favour of JJSB
and TDSB, whichever is applicable, in respect of the properties
as set out in Table 1 before the implementation of the Proposed
Restructuring; and
2) UCI is required to disclose the information in the circular
to shareholders on the following:

(a) The ownership interest, rights and obligation on the
properties as set out in Table 1; and

(b) Risk factors associated with the ownership interest, rights
and obligation on the properties.

This Bursa Malaysia announcement is dated 5 July 2004.


WCT ENGINEERING: Unit Enters Deal With IJM Construction
-------------------------------------------------------
The Board of Directors of WCT Engineering Berhad (WCT)'s wholly
owned subsidiary, WCT Construction Sdn. Bhd. (WCTC) had on 5
July 2004 accepted a Letter of Award from IJM Construction Sdn.
Bhd. (IJMC), a wholly-owned subsidiary of IJM Corporation
Berhad, for Subcontract Works for the construction of a new
dual-three lane highway between Kajang and Mantin (CH1440 to
CH26000) (Package 1B and Package 2A) for RM370,000,000 (the said
transaction).

2.0 DURATION OF SUBCONTRACT

The subcontract period is twenty-four months from the Notice to
proceed with the Subcontact Works, which shall be a date not
later than 15 July 2004, or to be mutually agreed between the
parties.

3.0 FINANCIAL EFFECTS

The transaction will not have any effect on the issued and paid-
up share capital of WCT.

The transaction is expected to contribute positively to the
earnings of WCT Group for the financial years ending 31 December
2004 and 31 December 2005.

The transaction will not have any material effects on the net
tangible assets of WCT Group for the financial year ending 31
December 2004.

4.0 DIRECTORS' OR MAJOR SHAREHOLDERS INTERESTS

Based on the available information, Employees Provident Fund
Board is a substantial shareholder of IJM Corporation Berhad
(the holding company of IJMC) and WCT. Save as disclosed above,
none of the Directors or major shareholders or persons connected
thereto have any interest, whether direct or indirect, in the
transaction.

5.0 APPROVAL REQUIRED

The award of the transaction is not subject to the approval of
shareholders of WCT or any other authorities.

This announcement is dated 5 July 2004.


YCS CORPORATION: Issues Defaulted Payment Update
------------------------------------------------
Further to the announcement on June 2, 2004, YCS Corporation
Berhad would like to announce that the default in payment in
respect of redeemable convertible secured loan stock B (RCSLS-B)
and Irredeemable Convertible Unsecured Loan Stock A (ICULS-A)
has not been remedied as at this date and it is taking steps to
work out the final settlement terms with the lenders.

Further progress will be announced monthly.

This Bursa Malaysia announcement is dated 5 July 2004.


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


BACNOTAN CONSOLIDATED: Sells US$214M Cement Assets
--------------------------------------------------
Citing "profound changes in the cement business brought about by
globalization," the board of Bacnotan Consolidated Industries,
Inc. approved Monday the sale of its direct and indirect stakes
in Union Cement Holdings Corp. to Cemco Holdings, Inc. for $214
million, reports BusinessWorld.

"The board came to the view that in order for a cement company
to maintain a leadership position in the industry, and to be
globally competitive, it [is] critical that it [has] access to
the best technology, to the most competitive and consolidated
supply sourcees, to global markets and to massive competitive
capital resources," the company said.

Bacnotan, the flagship firm of the Phinma Group, is selling its
21.31% direct stake in Union Cement Holdings, while 53%-owned
Atlas Cement Corp. will sell 29.69% of its Union Cement Holdings
stake. Cemco, a local investment holding company that is 40%
owned by Swiss cement group Holcim Ltd. through unit Holderfin
BV, will pay US$89 million for Bacnotan's direct holdings and
US$125 million for Atlas' shareholdings.

The sale of Union Cement Holdings, which a joint venture between
Bacnotan and Holderbank Financier Glaris or Holcim, is expected
to close by August 12.

The Bacnotan board also approved a resolution to declare a
special cash dividend of PhP9 per share to shareholders of
record as of Sept. 15, payable on or before Sept. 30.

A plan to pay additional special cash dividend of PhP9 per share
on or before March 31, 2005 from such unrestricted retained
earnings that may result from the sale of Union Cement Holdings
shares of stock.


BAYAN TELECOMMUNICATIONS: On Track To Hit 2004 Target Revenue
-------------------------------------------------------------
With Bayan Telecommunications (BayanTel) posting net revenues of
P2.233 billion as of May this year, the Lopez-owned firm is
right on track to meet its yearend target revenue of PhP5.7
billion, reveals The Philippine Star, citing BayanTel chief
consultant Tunde Fafunwa.

According to Mr. Fafunwa, the 10-percent increase in net
revenues can be attributed to higher revenues from voice
services, which covers the continued growth of the company's
subscriber base and increased revenue contributions from
international long distance, the expansion of data services in
the corporate market, and better cost management.

He said that the company is also expected to meet its PhP2-
billion EBITDA target by year-end, with its EBITDA level of
PhP740.2 million as of May being 28 percent over target at this
time of the year.

BayanTel's chief consultant also pointed out that the telco's
rehabilitation plan is now in the hands of the courts. "We look
forward to adopting a rehabilitation plan that would further
harness the potentials and unlock the competitive advantages of
BayanTel and fulfill our vision to become an end-to-end full-
service telecommunications provider," he said.

Contact:

Bayan Telecommunications Inc,
Investor Relations 3/F Bayantel
Corporate Center Maginhawa corner
Malingap Streets Teacher's Village East,
Diliman Quezon City 1101,
Website: http://www.bayantel.com.ph/


LEPANTO CONSOLIDATED: Gives PSE Copy of Amended SEC Form 17-Q
-------------------------------------------------------------
Lepanto Consolidated Mining Company (LC) has furnished the
Philippine Stock Exchange a copy of its Amended Quarterly Report
using SEC Form 17-Q for the quarter ended March 31, 2004.

A copy of LC's Amended Quarterly Report shall be made available
for reference at the PSE Centre and PSE Plaza libraries. The
same shall likewise be made available for downloading at the PSE
website: www.pse.com.ph (under Listed Companies).


MAYNILAD WATER: Government Takeover Review Hits Snag
----------------------------------------------------
Only a week into its review of the government's takeover of
Maynilad Water Services, Inc., the National Economic and
Development Authority (NEDA) has admitted that it does not have
all the documents to objectively evaluate the deal, reveals
BusinessWorld.

According to NEDA assistant director-general for infrastructure,
regulations and contract Ruben Reinoso Jr., the state-owned
Metropolitan Water Sewerage System (MWSS) submitted only the
draft amendment to the concession agreement between Maynilad and
MWSS in 1997.

"We need to see the numbers and their worksheets. We need to see
the details. They have to tell us how they arrived at the equity
valuation, the conversion of the Maynilad debt to equity so we
could arrive at an assessment that will be fair to all parties,"
he said. Mr. Reinoso added that NEDA is already considering
asking MWSS for additional documents related to its board
resolution to draw on Maynilad's US$120-million performance
bond.

The valuation, Mr. Reinoso said, is essential for NEDA to
evaluate the legality of converting Maynilad's unpaid concession
fees of more than PhP8 billion into a 63 percent equity for
MWSS.

Despite the looming delay, NEDA Director-General Romulo Neri
still expressed confidence the review will be completed within a
month.


MANILA ELECTRIC: To Ask SC To Junk Petition Against Rate Hike
-------------------------------------------------------------
The Manila Electric Co. (Meralco) said Monday it will seek from
the Supreme Court the dismissal of a petition by several
consumer groups seeking to nullify an Energy Regulatory
Commission order allowing the power firm to increase generation
charges by R0.137 per kilowatt hour, reports The Manila
Bulletin.

In a statement, Meralco said that the petition by the National
Association of Electricity Consumers, the Federation of Village
Associations and Federation of Las PiĄas Homeowners' Association
has "no basis".

"Unlike a petition or application for a rate increase, the
generation recovery adjustment mechanism (GRAM) is a system
adopted by the ERC where the distribution utilities recover the
costs of power they have paid to power producers," Meralco said.
The power distributor added that the process of a distribution
utility filing an application with the ERC before it recovers
generating costs is intended to give the regulatory agency the
opportunity to examine that the cost recovery is in order.

The consumer groups, which have claimed that the ERC order dated
June 2, 2004 "is null and void for lack of requisite publication
thereby depriving petitioners of procedural due process," have
also asked the court to issue a temporary restraining order to
stop the implementation of the rate increase pending the court's
decision on the case.

Contact:

MANILA ELECTRIC CO.
Lopez Building
Ortigas Avenue, Pasig City
Telephone Numbers:  16220 (TL); 633-4553 (Corp. Sec.)
Fax Number:  631-5572
Email Address:  corcom@meralco.com.ph
Website: http://www.meralco.com.ph


PHILIPPINE LONG: Issues Clarification To News Article
-----------------------------------------------------
Philippine Long Distance Telephone Company (PLDT) issued to the
Philippine Stock Exchange a clarification to the news article
entitled "Sky, Home Cable may finally merge" published in the
July 3, 2004 issue of Today. The article reported that:

"Several months after they agreed to restructure debts worth
PhP2.5 billion, creditors of Sky Vision Corp, Central CATV Inc.
and Philippine Home Cable Holdings Inc. finally signed yesterday
a debt-restructuring agreement, which would pave the way for the
full merger of the three cable firms into a single entity called
Beyond Cable Holdings Inc. The agreement states that the cable
operators have seven years to pay for their debts, which
amounted to PhP1.166 billion for SkyCable and PhP1.35 billion
for Home Cable."

PLDT, in its letter dated July 6, 2004, disclosed that:

"The company confirms that creditors of Philippine Home Cable
Holdings Inc., Sky Vision Corp., and Central CATV Inc signed a
debt restructuring agreement on July 2, 2004 under which Home
Cable restructured its debts aggregating PhP1.35 billion".


PHILIPPINE REALTY: Creditors Yet To Comment On Rehab Plan
---------------------------------------------------------
In a letter to the Philippine Stock Exchange, Philippine Realty
and Holdings Corp. said that none of its creditors have yet
commented on the company's rehabilitation plan, reports
BusinessWorld.

Last June 11, the Regional Trial Court of Quezon City, Branch
93, issued an order that gives creditors 15 days upon receipt of
the notice to file their comments on the company's petition for
rehabilitation.

Contact:

Philippine Realty and Holdings Corp.
3/F Magnitude Building
186 E. Rodriguez, Jr. Avenue
Libis, Quezon City
Telephone Numbers: 631-3179 to 80
Fax Number:  634-1504
Email Address:  philrltv@info.com.ph


VITARICH CORPORATION: Provides Exchange With SEC Form 17-Q
----------------------------------------------------------
Vitarich Corporation (VITA) has provided the Philippine Stock
Exchange a copy of its Amended Quarterly Report using SEC Form
17-Q for the quarter ended March 31, 2004.

A copy of VITA's Amended Quarterly Report shall be made
availablefor reference at the PSE Centre and PSE Plaza
libraries. The same shall likewise be made available for
downloading at the PSE website: www.pse.com.ph (under Listed
Companies).


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


DAVIN INDUSTRIES: Enters Winding Up Proceedings
-----------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Davin Industries Pte Ltd by the High Court was on June 24, 2004
presented by United Overseas Bank Limited, a company
incorporated in Singapore and having its registered office at
No. 80 Raffles Place, UOB Plaza, Singapore 048624, Judgment
Creditors.

The said Petition will be heard before the Court sitting at the
High Court in Singapore at 10.00 a.m. on July 16, 2004.

Any creditor or contributory of the said Company desiring to
support or oppose the making of an Order on the said Petition
may appear at the time of hearing by himself or his Counsel for
that purpose, and a copy of 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 Petitioners' address is No. 80 Raffles Place, UOB Plaza,
Singapore 048624.

The Petitioners' solicitors are Messrs Wong Partnership of No.
80 Raffles Place, #58-01 UOB Plaza 1, Singapore 048624.

Messrs WONG PARTNERSHIP
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 above named
Messrs Wong Partnership of No. 80 Raffles Place, #58-01 UOB
Plaza 1, Singapore 048624, 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 solicitors (if
any) and must be served, or, if posted, must be sent by post in
sufficient time to reach the above named not later than twelve
o'clock noon of 15th July 2004 (the day before the day appointed
for the hearing of the Petition).


INFORMATICS HOLDINGS: Shares Jump 13% on News of Tycoons' Tussle
----------------------------------------------------------------
A looming tussle for control over troubled Informatics Holdings
between two business tycoons drove the education provider's
share price up to 13 percent on Monday, Straits Times reports.

Informatics share price surged to 19 cents or 59 percent on
Thursday after Malaysian Berjaya Group owner Vincent Tan went on
a dramatic buying spree of Informatics shares in the open
market.

Dealers believe that the acquisition of 28.2 percent Informatics
shares by Berjaya Leisure Capital, a unit of Mr. Tan's Berjaya
Land and a related party boosted interest in Informatics shares.

On Monday, Informatics shares soared for the third straight
session hitting an intraday high of 53 cents before closing up
8.5 percent at 51 cents, making it the day's fourth most
actively traded stock with 21.1 million shares changing hands.

Analysts predict an even higher share price hike considering Mr.
Tan's plan to veto Informatics' stock placement plan to tycoon
Oei Hong Leong at a shareholder meeting this Friday.

Traders who have been short-selling Informatics stocks have
reversed their positions following Berjaya's acquisition of
Informatics stocks, which made it the firm's biggest
shareholder.

Dealers are confident that the firm's share price will continue
to go up as long as "there are two heavyweights fighting for the
same trophy and are on opposite sides."


MFSL LIMITED: Creditors Must Prove Debts on August 2
----------------------------------------------------
The creditors of MFSL Limited, which is being wound up
voluntarily, are required on or before August 2, 2004 to send in
their names and addresses and particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to the undersigned Liquidators of the said Company. If required
by notice in writing by the said Liquidators, they are to come
personally or by their solicitors and prove their debts or
claims at such time and place as shall be specified in such
notice. In default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

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

This Singapore Government Gazette announcement is dated July 2,
2004.


R.O. MENELL: Creditors To Submit Claims On August 2
---------------------------------------------------
The creditors of R.O. Menell (Far East) Pte Ltd., which are
being wound up voluntarily are required on or before August 2,
2004 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned Liquidators of the said
Company. If required by notice in writing by the said
Liquidators, they are to come personally or by their solicitors
and prove their debts or claims at such time and place as shall
be specified in such notice. In default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

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

This Singapore Government Gazette announcement is dated July 2,
2004.


SUMITOMO LIFE: Creditors to Prove Debts on August 2
---------------------------------------------------
Notice is hereby given that the creditors of Sumitomo Life
Investment Singapore Limited (In Member's Voluntary
Liquidation), whose debts or claims have not already been
admitted, are required on or before August 2, 2004 to submit
particulars of their debts or claims and any security held by
them to the Liquidator. This should be done by delivering or
sending through the post to the Liquidator's address, a formal
Proof of Debt in accordance with Form 77 containing their
respective debts or claims.

In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

LIM SAY WAN
Liquidator.
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809.

This announcement is dated July 2, 2004.


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


THAI PETROCHEMICAL: Ex-Chief Proposes 'Minor' Changes
-----------------------------------------------------
Thai Petrochemical Industry Plc's (TPI) former chief executive
has proposed to the Ministry of Finance six amendments to the
company's debt restructuring plan, reports Asia Intelligence
Wire.

"Although the new plan conducted by the Finance Ministry-
appointed planning team is good and Finance Minister Somkid
Jatusripitak insists that the plan must be followed, I hope he
will accept my proposal for minor amendments that will ensure
fairness," Mr. Prachai said.

Mr. Prachai proposed that plans to both reduce capital and write
off accumulated losses worth THB80 billion be scrapped; that
instead of selling TPI's 49% stake in TPI Polene, use TPI's
ability to raise funds to service its debt under the
restructuring scheme; that a share buy-back option at the same
price as an earlier debt-to-equity conversion by creditors plus
5% interest be retained; allow the debtor to conduct debt
refinancing through various financial schemes; permit the debtor
to manage the plan throughout the proposed period, with
accounting and management to be supervised by creditors; and
terminate all legal battles between the debtor and creditors,
including former plan administrator Effective Planners, or about
30 cases.

Talks on the approval of the new restructuring plan proposed
last week to Mr. Somkid is expected to take a month. Under the
new plan, TPI would raise at least US$650 million in new capital
to help settle its debt, equal to around 90% of its existing
capital.


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

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

                 *** End of Transmission ***