TCRAP_Public/040708.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Thursday, July 8, 2004, Vol. 7, No. 134

                            Headlines

A U S T R A L I A

NATIONAL AUSTRALIA: Unveils Interim Dividend Reinvestment Plan
NOVUS PETROLEUM: Soon To Disappear From ASX After Takeover
QANTAS AIRWAYS: Flight Attendants Back Possible Strike


C H I N A  &  H O N G  K O N G

BALLINGTON INTERNATIONAL: Creditors Must Prove Debts by July 19
ESPRIT CONTAINER: Winding Up Hearing Set July 21
PAK TAK: Net Loss Shrinks to HKD4.99M
RINGO TRANSPORTATION: Enters Winding Up Proceedings
ROYAL DISTILLERS: Creditors To Prove Debts by July 21


I N D O N E S I A

ASIA PULP: Challenges Environmental Group to Show Proof
BUMI RESOURCES: Sets Aside US$100 Mln for Investments this Year
MERPATI NUSANTARA: To Lease More Boeing 737-200 Aircraft


J A P A N

ASAHI MUTUAL: JCR Upgrades Rating to BB-
MITSUBISHI MOTORS: To Slash Jobs at U.S. Plant
MITSUBISHI MOTORS: First-half Sales in Russia Up 72%
MITSUBISHI MOTORS: Details Current Status of Recalls
SOJITZ CORPORATION: Forms Business Partnership With CNG Travel

UFJ BANK: Promise Wants Out of Joint Venture


K O R E A

HYNIX SEMICONDUCTOR: KDB Rethinking Stand on China Plant Opening
KOOKMIN BANK: Excludes Collateral from Corporate Credit Scoring
LG CARD: Creditors Considering New Share Issue
LG CARD: Posts Notice of Address Change
LG CARD: Bailout Call to Burden Local Banking Sector


M A L A Y S I A

ACTACORP HOLDINGS: Investigation On PJSD Extended for 45 Days
AKTIF LIFESTYLE: Releases Details On Reconciliation Of Results
BESCORP INDUSTRIES: Issues Update On Corporate Proposals
BINA PURI: BMSB To Grant Listing Of 9,000 Ordinary Shares  
BOUSTEAD HOLDINGS: Issues 21,000 New Ordinary Shares  

GULA PERAK: Issues Additional 27,000 New Ordinary Shares
HAP SENG: BMSB To Grant Listing Of Additional 25,000 Shares
INNOVEST BERHAD: Submits Written Presentation Re De-listing  
LONG HUAT: 2-Month Extension Of Restructuring Completion Granted
MALAYSIA BUILDING: Details Property Disposal

MENTAKAB RUBBER: Updates Practice Note 10/2001
NYLEX BERHAD: Director Intends To Deal During Closed Period
PANGLOBAL BERHAD: Issues Update On Profit Guarantee  
PRINSIPTEK CORPORATION: Issues Additional 2,400,000 New Shares
SATERAS RESOURCES: Amends Winding-Up Announcement

SUNWAY CITY: Issues Additional 18,000 New Ordinary Shares
SUNWAY HOLDINGS: BMSB To Grant Listing of 15,000 Shares
TANJONG PUBLIC: Issues Additional 303,000 Ordinary Shares
WAH SEONG: Acquires Entire Issued and Paid Up Capital Of TOT


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Unveils Result of Board Meeting
NATIONAL POWER: PSALM Raising US$250 Mln Via Private Placement
NEGROS NAVIGATION: Issues Clarification To News Article
PHILIPPINE BANK: Issues Changes In Articles Of Incorporation
SEMIRARA MINING: Submits Details of Equity Restructuring


S I N G A P O R E

ECON INTERNATIONAL: Sells Econ Corporation Shares
ESTMACH PRIVATE: Creditors Must Submit Claims on August 2
FALMAC LIMITED: Undergoes Restructuring
INFORMATICS HOLDINGS: Oei, Tan Work out Win-win Solution
LHT HOLDINGS: Company Secretary Resigns

LIPTON PRIVATE: Creditors Must Prove Debts by August 2
MARLEX MARKETING: Winding Up Order Made


T H A I L A N D

THAI PETROCHEMICAL: Debt Administrators Pushing New Plan

     -  -  -  -  -  -  -  -

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


NATIONAL AUSTRALIA: Unveils Interim Dividend Reinvestment Plan
--------------------------------------------------------------
The issue price for ordinary shares under the National Australia
Bank's Dividend Reinvestment Plan and Bonus Share Plan in
respect of the 2004 interim dividend will be $28.9920 per share.
This represents a 2.5% discount to the arithmetic average of the
daily volume weighted average price during the 15 trading days
from 15 June 2004 to 5 July 2004 inclusive.

Shares will be allocated to participating shareholders on 14
July 2004, the interim dividend payment date.

For further information:
Brandon Phillips
Group Manager
Group Corporate Relations
03 8641 3857 work
0419 369 058 mobile

This UK Wire announcement is dated 7 July 2004.


NOVUS PETROLEUM: Soon To Disappear From ASX After Takeover
----------------------------------------------------------
Novus Petroleum Limited will be removed from the official list
of Australian Stock Exchange Limited at the close of trading on
Tuesday, 13 July 2004, following compulsory acquisition of the
Company by Medco Energi (Australia) Pty Ltd, in accordance with
listing rule 17.14.

Richard Hajzuk
Companies Advisor

This Australian Stock Exchange announcement is dated 7 July
2004.


QANTAS AIRWAYS: Flight Attendants Back Possible Strike
------------------------------------------------------
Qantas Airways flight attendants have endorsed any industrial
action to protest the carrier's plan to relocate hundreds of
jobs overseas, the Associated Press reports.

The airline said last month it would establish a new base in
London for 400 of its international flight attendants to save
the carrier around AU$18 million annually.  The airline also
promised not to cut jobs and to offer any new positions to
existing crew first. But the Flight Attendants' Association of
Australia (FAAA) international division secretary Michael
Mijatov said staffers were still concerned about job losses and
inferior working conditions.


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


BALLINGTON INTERNATIONAL: Creditors Must Prove Debts By July 19
---------------------------------------------------------------
The creditors of Ballington International Limited, which is in
Creditors' Voluntary Liquidation, are required (if they have not
already done so), on or before the close of business on July 19,
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 27th Floor, Alexandra House, 16-20
Chater Road, Central, Hong Kong. If required by notice in
writing from the said Liquidators, they are to come 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.

Jacky Chung Wing Muk
Gabriel Chi Kok Tam
Joint and Several Liquidators

This announcement is dated July 2, 2004.


ESPRIT CONTAINER: Winding Up Hearing Set July 21
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Esprit Container Transportation by the High Court of Hong Kong
was, on
April 23, 2004, presented to the said Court by Chan Kam Wing of
Flat 4, 3/F., Kwai Yue House, Kwai Chun Court, Kwai Chung, New
Territories, Hong Kong.  

The said Petition will be heard before the Court at 10:00 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; 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.

Thomas E. Kwong
For Director of Legal Aid
27th Floor, Queensway Government Offices
66 Queensway
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.


PAK TAK:  Net Loss Shrinks to HKD4.99M
--------------------------------------
Infocast News reported that Pak Tak International Limited posted
a net loss of HKD4.991 million for the fiscal year ended March
31, compared with a net loss of HKD38.219 million a year ago.
Loss per share was $0.02. No final dividend was declared.  


RINGO TRANSPORTATION: Enters Winding Up Proceedings
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Ringo Transportation Company Limited by the High Court of Hong
Kong was, on May 31, 2004, presented to the said Court by Lam
Kim Man of 2/F., 169 Wong Uk Tsuen, Yuen Long, New Territories,
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.


ROYAL DISTILLERS: Creditors Must Prove Debts By July 21
-------------------------------------------------------
The Creditors of Royal Distillers International 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.


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


ASIA PULP: Challenges Environmental Group to Show Proof
-------------------------------------------------------
Singapore-based Asia Pulp & Paper Co. denied an environmental
group's accusations that its pulp mill in Sumatra used logs
sourced from a protected forest, the Financial Review says.

In a letter to customers dated July 3, APP criticized WWF
Indonesia for accusing the company of wrongdoing without
presenting any evidence.  It also reiterated its policy of not
knowingly buying illegally logged wood for its pulp and paper
mills.

WWF Indonesia, in a report last month, said that a team of
investigators had witnessed an illegal logging operation in the
Tessa Nilo protected forest in Sumatra in April.  Accordingly,
the team spotted one logging truck, involved in the operation,
enter a nearby pulp mill run by APP unit in Sumatra, PT Indah
Kiat Pulp and Paper.

According to the paper, the company is deeply concerned about
the expose as it could lead the WWF or other environmental
groups to call for a boycott on APP products.  Earlier this
year, U.S. store chain Office Depot Inc. indicated that it would
cut off paper purchases from APP after WWF dropped an
environmental cooperation deal with the paper maker.

APP, which defaulted on US$13.9 billion- (US$19.9 billion) debt
in March 2001, is currently negotiating a debt workout plan.


BUMI RESOURCES: Sets Aside US$100 Mln for Investments this Year
---------------------------------------------------------------
Indonesian miner PT Bumi Resources plans to inject US$90 million
into PT Kaltim Prima Coal (KPC).  

According to Asia Pulse, the company intends to invest US$100
million of its capital this year, but only US$10 million will be
used to cover its own investment expenditures.  The rest will go
to its subsidiary, Investment Relations Chief Martinus Peter
told the newswire.

The company's US$647 million outstanding debt consists of
US$91.8 million in Bumi's own debt, US$190.6 million in debts of
Bumi's subsidiary PT Arutmin, and US$365 million in KPC debts.


MERPATI NUSANTARA: To Lease More Boeing 737-200 Aircraft
--------------------------------------------------------
In response to the expected surge in demand, Indonesia's state-
owned PT Merpati Nusantara Airlines will lease six more Boeing
737-200 aircraft this year, Asia Pulse reports.  The carrier
expects demand to soar in the second half, especially during
school holidays.  

Merpati General Manager Jaka Pujiyono, meanwhile, said the
airline will limit regional flights to Malaysia and Australia
next year.  He said the carrier will, instead, focus on domestic
flights, its main operation.

The company is still awaiting government approval on its
proposal to convert government debt into shares.  The company
plans to use the proceeds to purchase new aircraft.


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


ASAHI MUTUAL: JCR Upgrades Rating to BB-
----------------------------------------
Japan Credit Rating Agency (JCR) has upgraded the rating on
ability of Asahi Mutual Life Insurance Company to pay insurance
claims of the company from B+ to BB-.

RATIONALE:

Asahi Mutual was forced to defer payment of interest on initial
capital for fiscal 2002. This caused reduction in equity
capital. JCR upgraded the rating for Asahi Mutual Life by one
notch to BB-, given the fact that payment of interest on initial
capital including deferred interest was determined for fiscal
2003 ended March 31, 2004.

Although investment risk was lowered with the equity securities
being reduced, Asahi Mutual remains vulnerable to fluctuations
in stock market for its earnings power and capital strength. Its
equity capital is not sufficient to combat the fluctuations.

It has been focusing its attention on financial restructuring
and improvement in earnings power in line with the management
plan. These efforts are now paying off. These improvements
should continue into the future and improve earnings. JCR will
watch the future performance.


MITSUBISHI MOTORS: To Slash Jobs at U.S. Plant
----------------------------------------------
Mitsubishi Motors Corporation (MMC) plans to cut jobs at its
U.S. plant in Normal, Illinois, the Automotive News reports,
citing MMC Chief Operating Officer Hideyasu Tagaya.

Although Mr. Tagaya declined to mention a figure, Japanese
analysts expect the carmaker to eliminate more than 10 percent
of the plant's jobs this year.  Mr. Tagaya said the cuts are
part of a U.S. cost-reduction plan scheduled for completion by
September.

The plant, which produced 174,000 vehicles in 2003 operating at
73 percent capacity, employs about 3,000 people.


MITSUBISHI MOTORS: First-half Sales in Russia Up 72%
---------------------------------------------------
Mitsubishi dealers in Russia sold 12,208 automobiles in the
first half of 2004, a 72 percent increase year-on-year, Interfax
says.  

Last year, Russian dealers only managed to sell 7,082 vehicles,
according to Sergei Kirillov, a marketing coordinator at Rolf
Holding, the Moscow-based official distributor of Mitsubishi
cars in Russia.  He attributes the increase to soaring demand
for new foreign cars and the success of the Lancer, which went
on sale in Russia last August, and the sport-utility vehicle
'Outlander'.

Mitsubishi now has 51 dealerships in 38 cities in Russia.


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

July 7 recalls and improvement measures:

MMC submitted eight recalls and one improvement measure with the
ministry, finalizing all 30 cases related to past repair
directives. In its original report, MMC said it would submit six
of today's nine cases as recalls and three as improvement
measures. However, the company has since decided to submit two
of the improvement measures as recalls, raising the total number
of recalls related to repair directives to 28 from 26 and
reducing the number of improvement measures from four to two.
The overall number of cases remains unchanged at 30.

           Date submitted June 4 June 18 June 30 July 2 July 7

Recalls    No. of cases   1        10     8        1      8
(28)       (accumulated)          (11)   (19)     (20)   (28)

           No. of models  2        10    10        1     14
          (Accumulated)           (11)   (15)     (15)   (25)

           No. of units         50,837  12,501   48,718  53,926
          (accumulated)  115  (50,952)(63,453)(112,171)(166,097)

Improvement No. of cases
measures   (accumulated)   1                              1
   (2)                                                   (2)
          No. of models
          (Accumulated)   1                               8
                                                         (9)
          No. of units
          (accumulated)  12                             43,504
                                                       (43,516)

N.B.  No. of units for Japan only

SUMMARY OF DEFECT INFORMATION FOR 52 CASES SUBJECT TO SERVICE
CAMPAIGNS

MMC has looked into defect information contained in 55,000
product information reports dating back to April 2001 held by
MMC and 75,000 product information reports from before March
2001, which MMC collected from dealers.

The company is currently checking to see if any of the 52 cases
subject to service campaigns contain defects related to
accidents or fires. MMC is working with the ministry and will
take the appropriate steps needed by the end of July.  


SOJITZ CORPORATION: Forms Business Partnership With CNG Travel
--------------------------------------------------------------
Sojitz Corporation has formed a business partnership with CNG
Travel Group Plc (Head office: Kerry, Ireland), with the aim to
distribute in Japan `CNG Hotels.com (http://www.cnghotels.com)',
an overseas hotel reservation site that boasts a high number of
users in Europe and the US.

Sojitz will conduct a survey and analyze the Japanese market,
which is the target market where the subject product is to be
distributed (*1), and provide advice on sales and marketing
strategies. In addition, Sojitz will, as main operations,
introduce the subject product to customers such as major
airlines and travel agencies, negotiate terms and conditions
with customers, carry out support activities concerning links to
client websites, and perform customer management after receiving
orders. Sojitz has already undertaken sales and marketing
activities for `CNG Hotels.com' for the Japanese market, and
will expand sales through distribution of the hotel program to
Web sites run by major airlines and travel agencies, through
introduction of the program to leading company intranets, and
through distribution to portal sites via web links.

(*1) Management of overseas hotels provided by the CNG hotel
reservation engine and other engines (approximately 17,000 CNG
affiliate hotels and approximately 40,000 other hotels) `CNG
Hotels.com' already boasts excellent performance in Europe and
the U.S., where it is highly evaluated for the three
characteristics shown below. In the US in particular, about 60
percent of the one hundred top-ranking companies employ the
service as a hotel reservation tool for overseas travel for
occasions such as business trips and sightseeing visits. `CNG
Hotels.com' simplifies the troublesome process of making hotel
reservations for overseas business trips, and contributes to
reductions in overseas travel expenses.

1. Affiliated with about 57,000 prestigious hotels overseas.
Direct links to the computer reservation systems of each hotel
enables hotel reservations to be made at low prices, which
prices cannot be found at any other hotel reservation site.

2. Direct links to the computer reservation systems of each
hotel allow customers to make or cancel reservations until the
day of arrival.

3. Seamless Internet-based hotel reservations; from hotel
selection, reservation, and confirmation to payment (by credit
card) enables the performance of hotel reservation operations in
an efficient and secure manner.


UFJ BANK: Promise Wants Out of Joint Venture
--------------------------------------------
Consumer finance firm Promise Co. will end its business
partnership with UFJ Bank following its planned capital tie-up
with Sumitomo Mitsui Banking Corporation, the Asahi Shimbun
reports.

Promise will ask UFJ Bank to dispose of its stockholdings in and
sales rights to Mobit Co. Limited, a consumer loan company the
two firms own jointly, the report said.


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


HYNIX SEMICONDUCTOR: KDB Rethinking Stand on China Plant Opening
----------------------------------------------------------------
Korea Development Bank (KDB), one of Hynix Semiconductor
Inc.'s creditors, will reconsider Hynix's plan to set up a chip
plant in China, Dow Jones reports.

The bank had previously opposed the plan because of financing
issues.  But KDB governor Yoo Ji-Chang now believes that
uncertainties have eased, an observation bolstered by
STMicroelectronics' interest in jointly investing in the plant.

Hynix is just getting back on its feet amid a recovery in the
dynamic random access memory (DRAM) chips industry.  In the
first quarter of 2004, the chipmaker reported a net profit of
KRW351.1 billion on revenue of KRW1.3 trillion.


KOOKMIN BANK: Excludes Collateral from Corporate Credit Scoring
---------------------------------------------------------------
Kookmin Bank on Tuesday said it is excluding collateral items
from the credit scoring of corporate loans.  According to Asia
Pulse, the decision is the first made by any domestic bank.  
This means that approval of loans will be based only on the
capacity of the firm to repay or service the debt.


LG CARD: Creditors Considering New Share Issue
----------------------------------------------
Creditors of LG Card Co. may consider issuing new shares to
avoid delisting, according to Dow Jones, citing Korea
Development Bank (KDB) Governor Yoo Ji-Chang.

Mr. Yoo said the credit card firm is expected to post a
recurring loss of about one trillion won on an operating profit
of about KRW3 trillion for 2004 due to heavy provisioning
burden.  The card issuer swung to a net loss of KRW5.6 trillion
in 2003 from a net profit of KRW350.4 billion the previous year,
mainly because of a surge in loan loss provisions.


LG CARD: Posts Notice of Address Change
---------------------------------------
Please be advised that starting from July 5, 2004, LG Card has
changed its corporate address.

The new contacts of LG Card Investor Relations is:

LG Card Investor Relations

10th Floor, YTN Tower
6-1 Namdaemun-ro 5-ga,
Joong-Gu, Seoul, Korea
100-800

Phone: 822-6009-7206
Fax: 822-6009-7983

The company press release is dated 6 July 2004.


LG CARD: Bailout Call to Burden Local Banking Sector
----------------------------------------------------
LG Card Co.'s request for additional bailout will negatively
impact the banking sector, though creditor banks are unlikely to
accept it, the Korea Herald says, citing Samsung Securities Co.

The ailing company recently asked for an injection of 1.5
trillion won to improve its financial condition.  The request
comes just a few months after creditors bailed out the credit
card issuer.


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


ACTACORP HOLDINGS: Investigation On PJSD Extended for 45 Days
-------------------------------------------------------------
Further to the Company's announcement dated 8 April 2004 and 24
May 2004 relating to the above Proposed Acquisition of PJS
Development Sdn Berhad (PJSD), PM Securities Sdn Bhd on behalf
of the Board of Directors of Actacrop Holdings Berhad (AHB),
announced to Bursa Malaysia Securities Berhad that pursuant to
Clause 5.2 of the Share Sale Agreement between Kumpulan Jetson
Berhad, PJS Industries Sdn Bhd and AHB dated 7 April 2004, the
respective parties to the Share Sale Agreement have agreed that
the date for the fulfillment or satisfaction of the condition
precedent as set out in Clause 5.1(d) of the Share Sale
Agreement relating to the commercial, financial and legal due
diligence investigation on PJSD, be extended for another 45
days, commencing 7 July 2004 and expiring 21 August 2004.

This announcement is dated 6 July 2004.

c.c. Securities Commission
Encik Kris Azman Abdullah


AKTIF LIFESTYLE: Releases Details on Reconciliation Of Results
--------------------------------------------------------------
Aktif Lifestyle Corporation Berhad issued to Bursa Malaysia
Securities Berhad Reconciliation on the Deviation of Results and
Financial Impact on Qualification by External Auditors on the
financial statements ended 29 February 2004.

Deviation of Results

(a) In accordance with paragraph 9.19 (34) of Chapter 9 of the
Listing Requirements of Bursa Malaysia Securities Berhad (Bursa
Malaysia), the Board of Directors of Aktif Lifestyle Corporation
Berhad wishes to announce that the audited results of the Group
deviate from the unaudited results as announced on 30 April
2004. The reconciliation of the deviations thereof is set out
below.

Description             Note          Group  

Unaudited profit after   1            RM,000
taxation and minority
interest as previously   2               849
announced

Add/ (loss)
Write back of accumulated
losses of ALS Group
Other adjustment                      46,577
                                         (38)
Audited profit after
taxation and minority
interest                              47,388

(1) This represents accumulated losses of the ALS Group which
were written back into the consolidated income statement upon
the sale of ALS Group.

(2) This relates to year-end adjustments on revenue and accrued
expenses.

Save and except for the above, there are no other material
differences between the audited and the announced unaudited
results for the financial year ended 29 February 2004.

Financial Impact

(b) Further to our earlier announcement dated 1 July 2004 in
relation to the audit qualification made by our external
auditors, Messrs. Ernst & Young on the audited financial
statements for the year ended 29 February 2004, the Board of
Directors of the Company wishes to inform that the audit
qualification made by the auditors has no financial impact on
the income statement and balance sheet of the Group.

The difference in the opinion of the auditors and the directors
is in detailed itemization of the income statement, wherein
there is no difference in the net result. The following are the
comparative financial figures (income statement) between the
qualification and without qualification presentation in relation
to the Group income statement.

Group Income Statement Presentation and Itemization

Financial Year ended
29 February 2004          With Qualification        Without

Qualification

Description               R'000                     RM'000

Revenue                   1,724                     60,576                
Cost of sales             (707)                    (36,762)

Gross profit              1,017                      23,814

Other operating income      770                      1,123

Administrative expenses    (770)                     (36,266)

Distributive expenses      (111)                     ((2,766)

Other operating expenses    (95)                     (276)

Profit or (loss)
from operation              811                       (14,371)

Exceptional items         46,577                      61,507

Profit or (loss)
before taxation           47,388                      47,136   

Taxation                     -                           -

Profit or (loss)          47,388                      47,136
after taxation               

Minority interest            -                            252

Net profit for the year   47,388                       47,388

Basic earnings /(loss)
per share (sen)            231.40                          
231.40


BESCORP INDUSTRIES: Issues Update On Corporate Proposals
--------------------------------------------------------
Bescorp Industries Berhad disclosed to Bursa Malaysia Securities
Berhad an update on the following proposals:

- Proposed share split;
- Proposed share exchange;
- Proposed cash payment;
- Proposed capitalization;
- Proposed conversion of advances;
- Proposed offer for sale;
- Proposed transfer of listing;
- Proposed exemption; and
- Proposed liquidation

On behalf of Bescorp, Commerce International Merchant Bankers
Berhad (CIMB) wishes to announce that on 26 May 2004, CIMB had
on behalf of the Company, submitted an application to Bursa
Malaysia Securities Berhad (Bursa Securities) to waive the
requirement imposed on the period between the announcement of
the books closure and the books closing date in relation to the
Proposed Share Exchange from the required twelve (12) clear
market days pursuant to Chapter 9.19(1) of Bursa Malaysia
Securities Listing Requirements to four (4) clear market days.

On behalf of the Company, CIMB also wishes to announce that on
15 June 2004, CIMB had on behalf of WCT Land Berhad (WCTL), a
wholly owned subsidiary of WCT Engineering Berhad which will be
utilized to implement the Corporate Proposals, submitted an
application to Bursa Securities for approval on the following:

(i) Admission to the Official List of Bursa Securities and the
listing of and quotation for the entire issued and paid-up share
capital of WCTL comprising 321,900,004 ordinary shares of RM0.50
each in WCTL (WCTL Shares) on the Main Board of Bursa Securities
in place of BIB which will be delisted pursuant to the Proposed
Transfer of Listing;

(ii) Admission to the Official List of Bursa Securities and the
listing of and quotation for RM120,000,000 nominal value of 5-
year 3 percent convertible redeemable debt securities (CRDS) A
of WCTL (WCTL CRDS A) on the Main Board of Bursa Securities;

(iii) Listing and quotation of up to 240,000,000 new WCTL Shares
to be issued pursuant to the conversion of the WCTL CRDS A; and

(iv) Listing and quotation of up to 24,000,000 new WCTL Shares
to be issued pursuant to the conversion of RM12,000,000 nominal
value of WCTL CRDS B,

Hereinafter collectively referred to as the "Initial Listing
Applications".

On behalf of the Company, CIMB is pleased to announce that Bursa
Securities had vide its letters dated 5 July 2004 approved the
Waiver and approved in-principle the Initial Listing
Applications, respectively.

This announcement is dated 6 July 2004.


BINA PURI: BMSB To Grant Listing Of 9,000 Ordinary Shares  
---------------------------------------------------------
Bina Puri Holdings Berhad's additional 9,000 new ordinary shares
of RM1.00 each issued pursuant to the Employees Share Option
Scheme will be granted listing and quotation by Bursa Malaysia
Securities Berhad (BMSB) effective 9:00 a.m., Friday, 9 July
2004.


BOUSTEAD HOLDINGS: Issues 21,000 New Ordinary Shares  
----------------------------------------------------
Bursa Malaysia Securities Berhad has granted the listing and
quotation of Boustead Holdings Berhad's additional 21,000 new
ordinary shares of RM0.50 each issued pursuant to the Employees'
Share Option Scheme effective 9:00 a.m., Friday, 2 July 2004.

Contact:

Boustead Holdings Berhad
18th Floor, Menara Boustead,
69 Jalan Raja Chulan,
50200 Kuala Lumpur
Telephone: 03-2141 9044
Fax: 03-21430075
Website: http://www.boustead.com.my


GULA PERAK: Issues Additional 27,000 New Ordinary Shares
--------------------------------------------------------
Kindly be advised that Gula Perak Berhad's additional 27,000 new
ordinary shares of RM1.00 each issued pursuant to the conversion
of 27,000 irredeemable convertible secured loan stocks into
27,000 new ordinary shares will be granted listing and quotation
by Bursa Malaysia Securities Berhad effective 9:00 a.m.,
Thursday, 8 July 2004.

Contact:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Telephone: 03-4044 2828
Fax: 03-4044 6688


HAP SENG: BMSB To Grant Listing Of Additional 25,000 Shares
-----------------------------------------------------------
Bursa Malaysia Securities Berhad (BMSB) grants listing and
quotation of Hap Seng Consolidated Berhad's additional 25,000
new ordinary shares of RM1.00 each issued pursuant to the
Employees' Share Option Scheme effective 9:00 a.m., Thursday, 8
July 2004.

Contact:

Hap Seng Consolidated Berhad
No. 1A, Jalan 205
46050 Petaling Jaya
Selangor
Telephone: 03-7783 9888
Fax: 03-7781 6305


INNOVEST BERHAD: Submits Written Presentation Re De-listing  
-----------------------------------------------------------
Innovest Berhad issued to Bursa Malaysia Securities Berhad a
Notice to show cause on de-listing of securities.

The company refers to the announcements made on 23 June 2004 and
1 July 2004.

The Board of Directors of Innovest wishes to announce that the
Company has on 6 July 2004 submitted a written representation to
Bursa Malaysia Securities Berhad (Bursa Malaysia) on why its
securities should not be removed from the Official List of Bursa
Malaysia.

Contact:

Innovest Holdings Berhad
Suite 9B.2, Level 9B
Wisma E & C
No. 2 Lorong Dungun Kiri
Damansara Heights
50490 Kuala Lumpur
Telephone: 03-2533373
Fax: 03-2543733


LONG HUAT: 2-Month Extension Of Restructuring Completion Granted
----------------------------------------------------------------
Long Huat Group Berhad refers to the announcement dated 22 July
2003 on the approval letter from the Securities Commission (SC)
dated 14 July 2003 in relation to the Restructuring Scheme.

Southern Investment Bank Berhad (SIBB) had on 24 June 2004 and 1
July 2004, made applications to the SC for an extension of time
of two (2) months from 13 July 2004 to 12 September 2004 to
complete the Restructuring Scheme.

On behalf of the LHGB Board of Directors, SIBB wishes to
announce that the SC had, via its letter dated 2 July 2004,
which was received on 5 July 2004, approved the said extension
of time.

This announcement is dated 6 July 2004.


MALAYSIA BUILDING: Details Property Disposal
--------------------------------------------
Malaysia Building Society Berhad released to Bursa Malaysia
Securities Berhad the details of its property disposal.

(1) INTRODUCTION

The Board of Directors of Malaysia Building Society Berhad
(MBSB) is pleased to announce that MBSB has entered into a Sale
and Purchase Agreement with Pesona Heights Sdn Bhd (the
Purchaser) to dispose of a piece of vacant land measuring
approximately 5.006 acres in area held under Lot No. 46, Geran
47093 Bandar Tanjung Bungah, Daerah Timur Laut Pulau Pinang (the
Property).

(2) DETAILS OF THE DISPOSAL

Pricing basis

The aggregate value of the consideration is RM40,500,000.00. The
sale consideration was arrived at through negotiations on a
willing buyer-willing seller basis after taking into
consideration the location and the present state of the
property.

The net book value of the property as per MBSB's latest audited
accounts as at December 2003 was RM 33,600,000.

Details of the Purchaser

Pesona Heights Sdn Bhd (Company No. 638564-U) is a company
incorporated in Malaysia having its business address at 36th
Floor, Menara Gurney, 18, Persiaran Gurney, 10250 Pulau Pinang.

The activity of the company is property development.

(3) RATIONALE FOR THE DISPOSAL

The disposal is in line with MBSB's overall objective of
disposing some of its non-strategis asset.

(4) UTILIZATION OF PROCEEDS

The total proceeds from the disposal of property will be
utilized for working capital and/or repayment of borrowings.

(5) EFFECT OF DISPOSAL

Share capital and substantial shareholders' shareholdings

There will be no impact on MBSB's share capital and substantial
shareholders' shareholdings and there were no liabilities to be
assumed arising from the above transaction.

Earnings

The sale of the Property is expected to result in a gain on
disposal to MBSB of approximately RM 6,900,000 for the financial
year ending 31 December 2004. The earnings per share of the
Group for the financial year ending 31 December 2004 is
estimated to increase by 2.04 sen as the result of the disposal.

NTA

There is no material impact on the net tangible assets per share
of the Group.

(6) CONDITION OF THE DISPOSAL

The disposal is subject to approval being obtained from the
Foreign Investment Committee

(7) SALE & PURCHASE AGREEMENT

The salient terms of the said Agreement are as follows:

The Property shall be purchased free from all liens claims and
encumbrances together with possession subject however to the
conditions and restrictions of title at the purchase price of
RM40,500,000.00 upon the terms and condition contained therein.
The Purchaser has paid earnest deposit amounting to RM450,000.00
and the balance deposit of RM3,600,000.00 upon execution of the
Sale & Purchase Agreement.

The balance purchase price of RM 36,450,000.00 shall be paid
within three months from the date of the Agreement (completion
period) or as the case may be, at an extended completion date
which is four months from the date of expiry of the completion
period subject to interest at the rate of 8% p.a. calculated on
a daily basis charged on all outstanding amounts due until the
date of full payment of the balance purchase price.

Barring any unforseen circumstances the time frame for the
completion of the above transaction is approximately 7 months
from the date of the Sale and Purchase agreement.

(8) DIRECTORS AND MAJOR SHAREHOLDERS' INTEREST

Save as disclosed above, none of the Directors or major
shareholders of MBSB or persons connected to them have any
interest, direct or indirect in the disposal of the Property.

The Board also wishes to announce that in their opinion, the
transaction is in the best interest of the Company.

(9) STATEMENT IN RESPECT OF SC'S GUIDELINES AND OFFER OF
SECURITIES

The transaction does not involve any issuance or offer of
securities. Hence it has not departed from the Commission's
Policies and Guidelines on Issue/Offer of Securities.


MENTAKAB RUBBER: Updates Practice Note 10/2001
----------------------------------------------
Pursuant to the letter from Bursa Malaysia Securities Berhad
dated July 5, 2004, Mentakab Rubber Co. (Malaya) Berhad
announced that it has achieved an adequate level of operations
pursuant to Practice Note 10/2001 (PN10) and no longer triggers
any of the criteria under Paragraph 2.0 of PN10.


NYLEX BERHAD: Director Intends To Deal During Closed Period
-----------------------------------------------------------
Nylex (Malaysia) Berhad disclosed to Bursa Malaysia Securities
Berhad its Intention To Deal In Securities By Directors

Dato' Siew Ka Wei has requested Nylex to inform Bursa Securities
that he intends to deal in the securities of the Company during
the Closed Period.

Dato' Siew Ka Wei currently has an indirect shareholding of
58,293,986 ordinary shares of RM1.00 each representing 51.94% of
the total paid up of the Company.

This announcement is dated 6 July 2004

Contact:

Nylex (Malaysia) Berhad
602, 6th Floor, Block A
Phileo Damansara 1
No. 9 Jalan 16/11
46350 Petaling Jaya
Selangor Darul Ehsan
Telephone: 03-76600008
Fax: 03-76601151
Website: http://www.nylex.com


PANGLOBAL BERHAD: Issues Update On Profit Guarantee  
---------------------------------------------------
Further to the announcement made to Bursa Malaysia Securities
Berhad by PanGlobal Berhad (PGB) on 20th April 2004 in respect
of the Proposed Settlement of the shortfall in Profit Guarantee
by the Vendors [arising from the acquisition of Limbang Trading
(Limbang) Sdn Bhd and Global Minerals (Sarawak) Sdn Bhd], PGB
entered into a conditional Profit Guarantee Settlement Agreement
with the latter.

One of the conditions precedent of the said Profit Guarantee
Settlement Agreement was the approval of the Securities
Commission. PGB submitted an application to the Securities
Commission on 12th May 2004 in respect of the same. The
Securities Commission (SC) via its letter dated 29th June 2004
rejected the said proposed settlement of the shortfall in the
Profit Guarantee as contained in the conditional Profit
Guarantee Settlement Agreement.

This announcement is dated 7th July 2004


PRINSIPTEK CORPORATION: Issues Additional 2,400,000 New Shares
--------------------------------------------------------------
Kindly be advised that Prinsiptek Corp. Berhad's additional
2,400,000 new ordinary shares of RM0.50 each issued pursuant to
conversion of RM2,400,000 nominal value of irredeemable
convertible unsecured loan stocks 2003/2006 into 2,400,000 new
ordinary shares will be granted listing and quotation by Bursa
Malaysia Securities Berhad effective 9:00 a.m., Thursday, 8 July
2004.


SATERAS RESOURCES: Amends Winding-Up Announcement
-------------------------------------------------
Sateras Resources (Malaysia) Berhad issued to Bursa Malaysia
Securities Berhad this amended announcement under the heading
"Details of default or circumstances leading to the filing of
the winding up petition against DSSB" dated 2nd July 2004 should
read as:

The petition was filed by Kerajaan Malaysia due to default in
payment of RM1,897,780.51 instead of RM1,897,7890.51


SUNWAY CITY: Issues Additional 18,000 New Ordinary Shares
---------------------------------------------------------
Sunway City Berhad's additional 18,000 new ordinary shares of
RM1.00 each issued pursuant to the Employees' Share Option
Scheme will be granted listing and quotation by Bursa Malaysia
Securities Berhad effective 9:00 a.m., Thursday, 8 July 2004.


SUNWAY HOLDINGS: BMSB To Grant Listing of 15,000 Shares
-------------------------------------------------------
Bursa Malaysia Securities Berhad (BMSB) grants the listing and
quotations of Sunway Holdings Inc. Berhad's additional 15,000
new ordinary shares of RM1.00 each issued pursuant to the
Employees' Share Option Scheme effective 9:00 a.m., Thursday, 8
July 2004.


TANJONG PUBLIC: Issues Additional 303,000 Ordinary Shares
---------------------------------------------------------
Kindly be advised that Tanjong Public Ltd. Co.'s additional
303,000 new ordinary shares of 7.5 pence each issued pursuant to
the Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad effective 9:00
a.m., Thursday, 8 July 2004.

Contact:

Tanjong Public Limited Co.
Principal Office in Malaysia
Level 30, Menara Maxis
Kuala Lumpur City Centre
50088 Kuala Lumpur
Telephone: 03-23813388
Fax: 03-23813399


WAH SEONG: Acquires Entire Issued and Paid Up Capital Of TOT
------------------------------------------------------------
The Board of Directors of Wah Seong Corporation Berhad (WSC)
announced to Bursa Malaysia Securities Berhad that it has on 6th
July 2004 acquired the entire issued and paid-up share capital
of RM2.00 in Total Oil Technologies Sdn Bhd (525996-H) (TOT), a
company incorporated in Malaysia, at a purchase consideration of
RM2.00 only.

TOT was incorporated on 13 September 2000. The authorized share
capital of TOT is RM100,000.00 comprising of 100,000 ordinary
shares of RM1.00 each.

TOT is presently a dormant company.

None of the Directors, substantial shareholders and persons
connected with Directors and substantial shareholders of WSC has
any interest, whether direct or indirect in the above said
acquisition.

Yours faithfully
WAH SEONG CORPORATION BERHAD
Chan Cheu Leong
Managing Director


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


BACNOTAN CONSOLIDATED: Unveils Result of Board Meeting
------------------------------------------------------
In a disclosure to the Philippine Stock Exchange, the Board of
Directors of Bacnotan Consolidated Corp. at their regular
meeting held on July 5, 2004, approved and issued resolutions to
sell to Cemco Holdings Inc. Two Hundred Six Million Three
Hundred Thirty Thousand Seven Hundred (206,330,700) shares of
stock of Union Cement Holdings Corp. (UCHC) owned by the Corp.,
for the total purchase price of Eighty Nine Million Three
Hundred Eighty Three Thousand Eight Hundred Eight United States
Dollars (US$89,383,808.00), under such other terms and
conditions as the Corporation's Chairman and President, Mr.
Oscar J. Hilado and Mr. Ramon R. del Rosario, Jr. may determine
to be in the best interest of the Corporation.  The transaction
is expected to close by August 12, 2004.

On July 5, 2004, the Board of Directors of Atlas Cement Corp.
(ACC), a subsidiary of the company, also approved the sale to
Cemco Corp. Holdings Inc. of Five Hundred Fifty Five Thousand
Two Hundred Seventy Six United Sales Dollars
(US$124,555,276.00).

The Board of Directors of the Corp. also approved a resolution
to declare special cash dividends of PhP9.00 per share to
shareholders of record as of September 15, 2004, payable on or
before September 30, 2004.  The Board further approved a plan to
pay additional special cash dividends totaling PhP9.00 per share
on or before March 31, 2005 from out of such unrestricted
retained earnings as may result from the sale of the UCHC shares
of stock.

Contact:

Bacnotan Consolidated Industries nd
Phinma Plaza-Level 12
39 Plaza Drive, Rockwell Center
Makati City 1200
Telephone Number:  870-0100
Fax Number:  870-0456
Email Address: rapandrada@phinma.com.ph


NATIONAL POWER: PSALM Raising US$250 Mln Via Private Placement
--------------------------------------------------------------
National Power Corp. (Napocor) needs US$250 million by the end
of this month to finance its operating expenses and pay off
maturing debts, according to the Philippine Star.

"We are trying to raise more funds as soon as possible.  
Normally we do it bit by bit but the bigger the better.  We plan
to do a private placement may be by the end of July," the
Philippine Star quoted Gerard Lotilla, who heads the risk
management and treasury division of Power Sector Assets and
Liabilities Management Corp. (PSALM).

Mr. Lotilla said the private placement had to be postponed after
investors opted to wait for the results of the May elections.  
Napocor's financing requirements for 2004 is US$1.5 billion.  
Since PSALM was only able to raise half of this amount through
direct loan and bond offering, it has to raise another US$750
million before the year ends.  

Mr. Lotilla said they are deliberating whether to borrow the
US$750 million directly or ask the government through the
Department of Finance to do it.  The government guarantees all
of PSALM's loans.

Under the Electric Power Industry Reform Act of 2001, PSALM is
mandated to handle the finances and the privatization of
Napocor's transmission and generation assets.


NEGROS NAVIGATION: Issues Clarification To News Article
-------------------------------------------------------
Negros Navigation Co. (Nenaco) submits to the Philippine Stock
Exchange a clarification of the news article entitled "Ship sale
to cause loss" published in the July 5, 2004 issue of the Manila
Times (Internet Edition).  The article reported that:

"Negros Navigation Co. and creditor Pilipinal Shell Petroleum
Corp. stand to lose a total of PhP333.27 million if the court
orders the immediate sale of the M/V St. Ezekiel Moreno. On June
8 the oil firm submitted to the Manila Regional Trial Court a
petition to immediately sell the Nenaco-owned ship, and to place
in escrow the proceeds of the sale in favor of the oil Company.  
In a six-page motion, the debt-saddled shipping firm urged the
court to dismiss the petition for the immediate sale of the
vessel, saying it would result in losses for both Nenaco and
Shell.  "The sale of the M/V St. Ezekiel Moreno will not put
creditor Shell in a better position or give it adequate
protection over the property securing its claims because the
proceeds of the sale would only amount to PhP18 million as
evidenced by the offer to purchase of Jensen Shipping Corp.

Nenaco also said the audited net book value of the shipping
vessel, as of May 2004 is PhP353.27 million.  The shipping firm
also opposed creditor Shell's claims that the vessel is not part
of its rehabilitation plan.  Nenaco said in its petition that
its goal is to generate funds for the upkeep of all shipping
vessels, including the M/V St. Ezikiel Moreno.  Selling the
vessel however, would reduce cash flow needed to rehabilitate
Nenaco as payment of obligations is mainly dependent on the
operation of the company's shipping vessels.  Nenaco said
repairs on the vessel to make it operational would total
PhP30.88 million, an amount the company is currently trying to
raise."  

The shipping company projected that a fully operational M/V St.
Ezikiel Moreno would earn an annual gross income of PhP248.75
million, annual vessel operating income of PhP48.61 million and
earnings before interest, tax, depreciation and amortization of
PhP72.21 million.  From this, the company in its motion said it
would be unwise to sell the M/V St. Ezikiel Moreno as it will be
instrumental in the rehabilitation of the petitioner."

Negros Navigation in its letter to the Exchange dated July 5,
2004 stated that:

"The above-mentioned article was lifted from the arguments
raised by Pilipinas Shell Petroleum Corp.(PSPC) in its Urgent
Motion for Sale of Mortgaged Property and Placing of Proceeds in
Escrow, dated June 8, 2004 and the arguments the company raised
in Comment/Opposition, dated June 22, 2004, to the said urgent
motion of PSPC, which were both filed with the Regional Trial
Court of Manila, Branch 46."

Contact:

Negros Navigation Co. Inc.
Pier II, North Harbor
Tondo, Manila
Telephone Number:  245-5588
Fax Number:  245-0780 (Telefax)
Email Address:  nnwebmaster@surfshop.net.ph
Website: http://www.nenaco.com.ph


PHILIPPINE BANK: Issues Changes In Articles Of Incorporation
------------------------------------------------------------
With reference to Circular for Brokers No. 686-2004 dated
February 11, 2004, pertaining to the approval by the
stockholders of Philippine Bank of Communications (PBC) of the
amendment to its Articles of Incorporation and By-Laws
increasing the number of directors from twelve (12) to fifteen
(15).

In relation thereto, the Bank provided the Philippine Stock
Exchange copies of:

(1) SEC Certificate of Filing of Amended Articles of
Incorporation dated June 29, 2004 approving the amendment
thereof, increasing the number of directors from 12 to 15; and

(2) SEC Certificate of Filing of the Amended By-Laws dated June
29, 2004 approving the amendment thereof deleting the number 12
indicating the number of directors, so that the number of
directors shall be deemed the number indicated in the Amended
Articles of Incorporation.

Contact:

Philippine Bank of Communications
PBCom Tower, 6795 Ayala Ave. Cor. Herrera St., 1226 Makati City
Telephone Number:  830-7000 (TL)
Fax Number:  818-2576 (Telefax)
Email Address: info@pbcom.com.ph
Website: http://www.pbcom.com.ph


SEMIRARA MINING: Submits Details of Equity Restructuring
--------------------------------------------------------
With reference to Circular for Brokers No. 2692-2004 dated June
16, 2004, pertaining to the indefinite trading suspension of
Semirara Mining Corp. relative to its proposed equity
restructuring.

Please be informed that the Company in its letter dated July 6,
2004, stated that:

"Please be advised that the Securities and Exchange Commission
has approved the equity restructuring of Semirara Mining
Corporation:

(1) Decrease of Authorized Capital Stock
         

   
           Present         Decrease            Balance/Total            
Authorized PhP1,662,200.00  PhP1,640,829,552.00 PhP21,370,448.00
Capital    (common)         (common)            (common)
Stock
           PhP150,000,000.00 PhP150,000,000.00  
           (preferred)       (preferred)

Subscribed PhP1,631,195,532.00 PhP1,652,852,920.00 PhP5,342,612
and paid   (common)            (common)            (common)
capital
stock

Common Shares with a par value of PhP1.00 per share and
preferred shares with a par value of PhP10,000.00 per share.

(2) Increase in Authorized Capital Stock

             Present         Increase           Total
Authorized  PhP21,370,448.00 PhP78,629,552.00   
PhP100,000,000.00
Capital     (common)         (common)           (common)
Stock

Subscribed  PhP5,342,612.00  PhP19,657,388.00   PhP25,000,000.00
and paid    (common)         (common)           (common)
in Capital
Stock

Common shares with a par value of PhP1.00 per share.

Further to our letter dated June 15, 2004, the company requests
that the PSE lift, at the soonest possible time, the suspension
on the trading of the Corporation's securities at the PSE."

However, the trading of SCC shares shall remain suspended
pending approval of the Philippine Stock Exchange of the
reduction in the number of listed common shares and the
delisting of the 15,000 preferred shares (SCCP) pursuant to its
Restructuring.

Further, with respect to the 19,657,388 common shares to be
issued to DMCI-HI out of the increase in the authorized capital
stock of the company from PhP21,370,448.00 to PhP100,000,000.00,
the said transaction may be subject to the Revised Rule on
Additional Listing of Shares.

The company shall inform the Trading Participant and the
investing public of further developments on the aforementioned
matters.


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


ECON INTERNATIONAL: Sells Econ Corporation Shares
-------------------------------------------------
Econ International Limited (EIL) had, on 1 July 2004, entered
into a conditional agreement to sell all its shares
(representing 100% of the shares) in Econ Corporation Limited
(ECL) to Mr. Toh Kok Swee for a consideration of $1.00.

The sale is conditional upon, amongst other things, the Judicial
Manager of ECL (ECL JM) obtaining approval from ECL's creditors
and the High Court for a scheme of arrangement to be proposed by
the ECL JM (the ECL Scheme) by December 31, 2004. Completion of
the sale of ECL shall take place within one month of the ECL JM
obtaining such approval for the ECL Scheme. The Purchaser has
agreed to pay the ECL JM $350,000; the first tranche of $50,000
has been paid to the ECL JM and the remaining sum of $300,000
shall be paid when the High Court sanctions the proposed ECL
Scheme.

The ECL JM had previously petitioned the High Court to place ECL
in liquidation. In view of the above sale, the ECL JM had
requested and the High Court had agreed to adjourn the hearing
of the petition for the liquidation of ECL until such time the
ECL Scheme could be presented to its creditors at a creditors'
meeting to be held on September 30, 2004.

EIL had made full provisions in its accounts for the value of
its equity investment in ECL as well as for the amount owing by
ECL. Other than the possibility of a higher level of
distribution from the ECL JM for the amount owing by ECL to EIL,
the above transaction will have no material impact on EIL. None
of the Directors or substantial shareholders of EIL has any
interests, direct or indirect, in the transaction.

By Order of the Board

Submitted by Lee Mee Kium, Senior Manager on July 7, 2004 to the
Singapore Stock Exchange.


ESTMACH PRIVATE: Creditors Must Submit Claims on August 2
---------------------------------------------------------
The creditors of Estmach Private 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.


FALMAC LIMITED: Undergoes Restructuring
---------------------------------------
The Directors of Falmac Limited are pleased to announce that
pursuant to the memorandum of understanding signed on May 25,
2004 with the Sino Equity Group Limited (Sino Equity) and Mr Ho
Liong Fen, the current controlling shareholder of the Company,
the Company has on July 6, 2004 entered into the following
definitive agreements in relation to the restructuring of the
Company:

(1) Restructuring Deed (the Restructuring Deed) with Mr Ho Liong
Fen, Falmac Investment Holdings Pte Ltd, and the creditor banks
Creditor of the Company;

(2) Shareholder's Loan Agreement with Sino Equity (the
Shareholder's Loan Agreement); and

(3) Strategic Subscription Agreement with Sino Equity (the
Strategic Subscription Agreement).

Sino Equity is the investment vehicle of the controlling
shareholders of the JiangSu JianWei Group, a diversified private
PRC conglomerate whose businesses include construction and
building material, environmental engineering, rubber products,
branded processed food and cold storage, and commercial real
estate. We understand that the JiangSu JianWei Group has over
3500 employees, and generates over RMB1.3 billion in annual
turnover and RMB100 million in net profits.

Principal Terms of the Restructuring

(a) Under the Strategic Subscription Agreement, Sino Equity will
invest S$1.7 million in the Company by subscribing for the new
shares (the Strategic Shares) in the capital of the Company
amounting to 29% of the enlarged issued share capital of the
Company (such enlarged issued share capital calculated on the
basis of after the issue of the Strategic Shares, the
Capitalisation Shares (as defined hereunder) and the Salary
Shares (if any, and as defined hereunder). Of the S$1.7 million,
S$300,000 will be payable to the Company as a deposit within 3
business days from the date of the Strategic Subscription
Agreement, and the balance S$1.4 million (the Balance
Subscription Monies) will be paid to an escrow agent, to be
released by the escrow agent to the Company upon completion of
the strategic subscription and thereafter applied by the Company
in accordance with the terms of the Restructuring Deed on the
Effective Date (as defined hereunder).
Sino Equity has undertaken not to dispose of the Strategic
Shares for a period of three years, such undertaking may end
earlier if the Company fully repays the Restructured Loan before
end of the three-year period.

At completion of the strategic subscription, the current
Directors of the Company are to resign (to be on or before the
Effective Date (as defined hereunder) and the Board of Directors
are to appoint a minimum of three and a maximum of four persons
nominated by Sino Equity as Directors of the Company with effect
from the Effective Date (subject to their respective written
consents to act as Directors).

(b) Under the Shareholder's Loan Agreement, Sino Equity will
provide the Company with a shareholder's loan amounting to an
aggregate of S$2.6 million (the Shareholder's Loan) on the terms
set out in the Shareholder's Loan Agreement. The Shareholder's
Loan is subordinated to the Restructured Loan (as defined
hereunder).

SGD600,000 (the Shareholder's Loan First Tranche) will be
deposited by Sino Equity with an escrow agent, to be released by
the escrow agent to the Company on completion of the
Restructuring (the Effective Date) and thereafter applied by the
Company in accordance with the terms of the Restructuring Deed,
and the Renminbi equivalent of SGD2.0 million will be disbursed
to the Company within 30 days of the Effective Date.

(c) Under the Restructuring Deed:

(i) The Creditor Banks will convert their respective remaining
outstandings (after deducting the Escrow Amount (as defined
hereunder), the Requisite Amount (as defined hereunder) and the
Restructured Loan (as defined hereunder) of approximately SGD10
million owed by the Company to them into shares of the Company
at an issue price of SGD0.311 per share, such shares
(Capitalization Shares) amounting to approximately 21.27% of the
enlarged issued share capital of the Company, such enlarged
issued share capital calculated on the basis of after the issue
of the Strategic Shares, the Capitalization Shares and the
Salary Shares (if any, and as defined hereunder). The Creditor
Banks have undertaken not to dispose of any of the
Capitalization Shares for a period of six months from the
Effective Date, and not to dispose more than 25% of the
Capitalization Shares for a period of 12 months thereafter.

(ii) The Creditor Banks will restructure the repayment
obligations of the Company in respect of S$3,900,000 of the
aggregate outstandings owing to the Creditor Banks over a 3-year
period (the SGD3,900,000 outstandings as restructured shall be
referred hereafter as the Restructured Loan).

(iii) The Company undertakes to dispose of its fixed assets in
Singapore including property, machinery, miscellaneous assets
and inventory, and pay all proceeds thereof (the Requisite
Amount) to the Creditor Banks to reduce the aggregate
outstanding loans owing by the Company to the Creditor Banks.

(iv) The Company undertakes to pay the Balance Subscription
Monies and the Shareholder's Loan First Tranche amounting to
SGD2.0 million (the Escrow Amount) to the Creditor Banks on
Effective Date to reduce the aggregate outstanding loans owing
by the Company to the Creditor Banks.

(v) As security for the Restructured Loan, the Company has
agreed to:

(aa) execute a debenture in favor of the security agent of the
Creditor Banks, creating a fixed and floating charge over all
the assets of the Company;

(bb) create a first fixed charge over all the Company's shares
in Falmac Manchinery (Tianjin) Limited and Falmac Textile
(Tianjin) Limited in favor of the Creditor Banks.
In addition, Mr Ho Liong Fen will be executing a revised
personal guarantee in support of the Restructured Loan.

(vi) Mr Ho Liong Fen has undertaken to enter into a
shareholder's loan agreement (Ho's Loan Agreement) with the
Company, under which he will extend a loan of approximately
SGD400,000 (the Ho Loan) to the Company. 50% of the Ho Loan will
be applied by the Company for prepayment of the Restructured
Loan on the Effective Date, and the balance of the Ho Loan will
be for the purposes of the general corporate and working capital
requirements of the Company. The Ho Loan will be subordinated to
the Restructured Loan.

(viii) In consideration of the Creditor Banks entering into the
Restructuring Deed, Falmac Investment Holdings Pte Ltd (Mr Ho
Liong Fen's personal investment holding company) agreed to
transfer 24,447,846 shares (the Transfer Shares) in the capital
of the Company to the Creditor Banks. The Creditor Banks have
agreed to grant Mr Ho Liong Fen options to buy the Transfer
Shares in accordance with the terms of a transfer shares call
option deed to be entered between the Creditor Banks and Mr Ho
Liong Fen.

(d) Sino Equity will, subject to the terms and conditions of the
Strategic Subscription Agreement, enter into a conversion shares
put and call option deed (the Conversion Shares Put and Call
Option Deed) in respect of the Capitalization Shares (as
purchaser of the said shares) with the Creditor Banks (as
sellers of the said shares).

(e) The Company may settle back salaries and fees owing to its
employees and directors by a combination of cash and the issue
of approximately up to 2,572,347 new shares in the capital of
the Company (the Salary Shares) them.

(f) The MOU also provides that Mr Ho Liong Fen will enter into a
3-year management agreement with the Company, on terms to be
negotiated between the Company and Mr Ho Liong Fen subject to
the prior approval of Sino Equity and the Creditor Banks.

Conditions Precedent

The Restructuring shall be subject to, inter alia, the following
conditions precedent being fulfilled, satisfied or effected and
in the manner set out below:

(a) An offer information statement (if necessary) which complies
as to form and content with Section 277 of the Singapore
Securities and Futures Act (Cap. 289) being lodged with and
accepted by the Monetary Authority of Singapore and the
Singapore Exchange Securities Trading Limited (the SGX-ST);

(b) the approval in-principle of the SGX-ST being obtained for:
(i) the issue of the Strategic Shares and the listing and
quotation on the SGX-ST of the Strategic Shares upon their issue
and allotment; and
(ii) the listing and quotation on the SGX-ST of the
Capitalization Shares upon their issue and allotment,

and where such approval is subject to any conditions (other than
moratorium provided however that the period of such moratorium
does not exceed 3 years) to the extent applicable to the
Strategic Shares, that such conditions (other than moratorium
provided however that the period of such moratorium does not
exceed 3 years) are acceptable to the Company and to Sino
Equity;

(c) the approval of the Company's shareholders in general
meeting being obtained for:

(i) the Restructuring;

(ii) the issue of the Strategic Shares and the allotment and
issue of the Strategic Shares in favor of Sino Equity or its
nominee or its concerted parties; and

(iii) the allotment and issue of the Capitalization Shares in
favor of the Creditor Banks (in an agreed proportion) or to a
nominee of the Creditor Banks;

(d) Sino Equity being satisfied upon the completion of a due
diligence review by Sino Equity on the Company, such review to
be completed within 7 days of the date hereof;

(e) the completion of the capital reduction exercise (the
Capital Reduction Exercise) to reduce the par value of each
ordinary share of the Company from SGD0.20 to S$0.01; and

(f) confirmation from the Securities Industry Council (the SIC)
that the issue and allotment of the Strategic Shares and the
Capitalization Shares will not trigger a mandatory offer
obligation under Rule 14 of the Singapore Code on Take-Overs and
Mergers (the Code), or evidence satisfactory to Sino Equity of
the Company having obtained a whitewash waiver (in accordance
with the provisions of the Code) from the Company's independent
shareholders in general meeting.

Completion

Completion of the Restructuring is expected to take place after
all the conditions precedent have been fulfilled, and in any
case, no later than 1 November 2004, and shall be
contemporaneous with the completion of the Strategic
Subscription Agreement, the Shareholder's Loan Agreement and the
Ho's Loan Agreement.

Circular To Shareholders

A circular containing further details of the Restructuring and
enclosing a notice of Extraordinary General Meeting in
connection therewith will be dispatched to Shareholders in due
course.

In addition, a circular containing the details of the Capital
Reduction Exercise and enclosing a notice of Extraordinary
General Meeting in connection therewith will also be dispatched
to Shareholders in due course.

Interests Of Directors And Controlling Shareholders

None of the Directors of the Company, save for Mr Ho Liong Fen
(who is the Executive Chairman) and Madam Theresia Indrawirawan
(who is a non-executive Director and the wife of Mr Ho Liong
Fen), has any direct or indirect interest in the above
transaction apart from their shareholdings in the Company. The
Directors are not aware of any controlling shareholders, save
for Mr Ho Liong Fen and Madam Theresia Indrawirawan, having any
direct or indirect interest in the above transaction and have
not received any notification of interest in the transaction
from any controlling shareholders.

Caution To Be Exercised On The Trading Of Shares

It should be noted that the Restructuring is subject to certain
conditions precedent being fulfilled or satisfied including the
approval, consent and/or waiver of various government authority
in Singapore such as the SGX-ST, the SIC and any other
applicable laws and regulations in Singapore. Such approvals,
consents and/or waivers are beyond the control of the parties
and there is no assurance that all such approvals, consents
and/or waivers will be granted by the relevant authorities or
that all other conditions precedent will be fulfilled or
satisfied. Accordingly, Shareholders of the Company are advised
by the Directors to exercise caution in their dealings in the
shares of the Company as the Restructuring may or may not
materialize. Further announcements will be made by the Company
as and when appropriate.


By Order of the Board

Submitted by Freddy Hanafi and Ho Liong Fen, Director on July 7,
2004 to the Singapore Stock Exchange.


INFORMATICS HOLDINGS: Oei, Tan Work out Win-win Solution
--------------------------------------------------------
The tussle for control of scandal-hit Informatics Holdings
Limited has been averted.  According to Dow Jones Newswire,
Indonesian-born Oei Hong Leong has agreed to drop a plan to buy
62.7 million new shares at 25 Singapore cents apiece.

Malaysian tycoon Vincent Tan had strongly opposed this stock
placement plan and was poised for a showdown with Mr. Oei at the
company's next general meeting.  On Tuesday, however, the two
agreed over dinner to replace the share placement with a one-to-
four rights issue at 25 cents a share.

Mr. Oei, who currently holds 8.3% of Informatics, would have
become the second largest shareholder in the company next to Mr.
Tan with 23.1%, had the share placement materialized.  Mr. Tan
owns 28.1 of Informatics.

Informatics founder and chairman Wong Tai, who holds 23.2%, and
former chief executive Ong Boon Kheng will sell off their rights
entitlement to Mr. Oei, giving the latter a minimum of 13.7%
stake.


LHT HOLDINGS: Company Secretary Resigns
---------------------------------------
The Board of Directors of LHT Holdings Limited wishes to
announce that Ms Yvonne Choo has resigned as Company Secretary
of the Company effective July 1, 2004.

Mr William Tan Tew Hian and Ms Sally Yap Mei Yen remain as
Secretaries.

Neo Koon Boo, Managing Director, submitted this announcement to
the Singapore Stock Exchange on July 6, 2004.


LIPTON PRIVATE: Creditors Must Prove Debts on August 2
------------------------------------------------------
The creditors of Lipton (Far East) Pte Ltd., 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.


MARLEX MARKETING: Winding Up Order Made
---------------------------------------
In the matter of Marlex Marketing Pte Ltd. (Under Judicial
Management), a Winding Up Order made on June 11, 2004.

Name and address of Liquidator: Mr David Kung Seah Lim
c/o Kung Seah Lim Consultancy Pte Ltd
336 Smith Street
#05-310 New Bridge Centre
Singapore 050336.

Messrs DAVID LIM & PARTNERS
Solicitors for the Petitioner.

This Singapore Government Gazette announcement is dated June 29,
2004.


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

THAI PETROCHEMICAL: Debt Administrators Pushing New Plan
--------------------------------------------------------
Thai Petrochemical Industry PCL's debt-administrator has taken
aggressive steps to force founder Prachai Leophairatana to
endorse the new plan, the Nation reports.

"Under the latest plan we have options which also benefit Mr.
Prachai. If he remains recalcitrant, he risks losing everything,
including his interest in sister company TPI Polene Plc
[TPIPL]," said General Mongkhol Ampornpisit, chairman of the
five-member administrator committee.

The plan also frees Mr. Prachai from a personal guarantee on a
THB60 billion loan to TPI if he lends his full support to the
new strategic partner, which would lead to the smooth
implementation of the new plan.  Mr. Prachai will also be able
to buy back his stake, pending his negotiations with Finance
Minister Somkid Jatusripitak.

The new draft of the debt-restructuring plan is now complete and
is considered to be fair to both creditors and shareholders. The
Finance Ministry has to approve the plan first before it would
be forwarded to the Central Bankruptcy Court, which is expected
to endorse it.  

The creditors will be able to see the plan later this month.  If
they accept it, they can recover up to 80 percent of the THB105
billion TPI owes them, Mr. Mongkhol said, implying that a
rejection would mean they would have to continue their fight
with Mr. Prachai over TPI's management.

Mr. Prachai earlier petitioned the Constitution Court to remove
the administrator, claiming article 90/12 of the Bankruptcy Law
conflicts with Constitutional Law.  The first hearing on the
matter is scheduled for July 20.





                            *********


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