TCRAP_Public/040709.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, July 9, 2004, Vol. 7, No. 135

                            Headlines

A U S T R A L I A

MAYNE GROUP: Settles Paclitaxel Litigation With Mylan
PRIMELIFE CORP.: Confirms Billion Dollar Development Program
QANTAS AIRWAYS: Strike Threat Sends Shares Lower
VILLAGE ROADSHOW: Panel Issues Ordinary Shares Buy-back Update


C H I N A  &  H O N G  K O N G

BAIFOO SHARK'S: Winding Up Hearing Slated on July 21
CENTRAL CHINA: Appoints Honorary Chairman and Consultant
DBS KWONG: Creditors To Prove Debts on August 2
NEWSLINK LIMITED: Enters Winding Up Proceedings
QUEEN MILLION: Winding Up Hearing Scheduled July 21

SHEEN CROWN: Creditors Must Prove Debts by July 19
SURELIGHT HOLDINGS: Creditors Must Submit Claims by July 19
VICTORY GROUP: Executive Director Resigns


I N D O N E S I A

PELAYARAN NASIONAL: To Convert Ships Into Cargo Carriers
SEMEN GRESIK: Jakarta Bourse Lifts Trading Suspension


J A P A N

MITSUBISHI MOTORS: Unveils June Sales Performance
SOJITZ CORPORATION: To Open Large-scale Shopping Center
TAISEI HOUSING: Files for Special Liquidation Proceedings


K O R E A

HANARO TELECOM: Releases Open Interest Balance of Derivatives
HANARO TELECOM: Analyst Sees Full Recovery in 12 Months
LG CARD: Woori Financial Conducts Due Diligence on LG Investment
SK GROUP: Investing US$8 Billion in I.T. Sector
SK GROUP: MetLife Joins Race to Buy Unit


M A L A Y S I A

ACTACORP HOLDINGS: Issues Update On Proposed Acquisition
AOKAM PERDANA: EGM Slated For July 30
DAI HWA: BMSB Grants Extension of 90 Days Re PN10
INTEGRATED RUBBER: Details Capital Reduction and Consolidation
KUMPULAN HARTANAH: BMSB Grants Extension  

LONG HUAT: To Hold AGM For Approval Of Audited Accounts
MAGNUM CORPORATION: Issues Additional 6,000 Ordinary Shares
MCSB SYSTEMS: Issues Update on Listing Status
PASARAYA OCEAN: Enters Winding Up Proceedings
QUALITY CONCRETE: Details Securities Disposal And Acquisitions

SRIWANI HOLDINGS: Receives Notification From MSRS  
TA ENTERPRISE: Issues Update On Proposed Acquisition Of Unit
TANJONG PUBLIC: BMSB Gives Notification Re Listing Requirements
TELEKOM MALAYSIA: Issues Additional 1,242,000 Ordinary Shares


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Issues Additional Info On Sale Of Shares
BAYAN TELECOMMUNICATIONS: Court OKs US$477 Mln Debt Workout Plan
MANILA ELECTRIC: Says SC No Ruling On Refunds' Interest Payments
NATIONAL STEEL: Industry Players Oppose Tariff Protection
PHILIPPINE LONG: Listing of 9,312 Common Shares Set For July 9


S I N G A P O R E

INFORMATICS HOLDINGS: Posts Renounceable Rights Issue Proposal
INFORMATICS HOLDINGS: Withdraws Resolution To Be Tabled at EGM
INFORMATICS HOLDINGS: Students Worried About Scandals' Effects
SETIAUSAHA TRAVEL: Winding Up Hearing Set on July 16
T. HASEGAWA: Creditors Must Submit Claims By August 2

TONMAR TRADING: Creditors To Prove Debts by August 7
TONMAR OVERSEAS: Creditors Must Submit Claims on August 7


T H A I L A N D

EASTERN WIRE: Details Capital Increase and Allotment
SRITHAI FOOD: To Undergo Rehabilitation

* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


MAYNE GROUP: Settles Paclitaxel Litigation With Mylan
-----------------------------------------------------
Mayne Group Limited, in a press release, announced that it has
entered into a settlement and license agreement with Mylan
Laboratories Inc., ending the litigation relating to Mayne's
paclitaxel formulation patents.

Under the agreement, Mayne will receive a net benefit of
approximately $US3 million and has provided Mylan with a license
to its intellectual property, reflecting the strength of Mayne's
global patent position in paclitaxel.

Media and investor enquiries:
Larry Hamson
Ph: 03 9868 0380
Mb: 0407 335 907


PRIMELIFE CORP.: Confirms Billion Dollar Development Program
------------------------------------------------------------
In response to a request by the Australian Stock Exchange (ASX)
following comments by the Deputy Chairman Mr. Ron Walker on 1
July and further to our announcements of February 26 and June 28
2004, Primelife Corporation Limited confirms that its current
portfolio of development projects remains in the order of $1
Billion (retail value).

The company continues to develop its plans to finance this
planned construction book as previously announced.

For further enquiries please contact Company Secretary Gregory
Flood at 03 8699 3300.

Shares in Primelife Corporation Limited plunged earlier this
month after media reports said it might have to make write-offs
and losses of about $60 million and engage in a significant
capital raising, TCR-AP reported recently.


QANTAS AIRWAYS: Strike Threat Sends Shares Lower
------------------------------------------------
Qantas Airways shares lost nearly 3 percent on Thursday, as
threats of strike action loomed, the Age reports.  The shares
tumbled 10 cents, or 2.8 percent, to AU$3.45.

The Flight Attendants Association of Australia (FAAA) recently
warned of a possible strike later this year to protest Qantas'
plans to base 400 cabin crew in London by the middle of next
year.  The airline said last month it would establish a new base
in London for its international flight attendants to save the
carrier around AU$18 million annually.  The airline has promised
not to cut jobs and to offer any new positions to existing crew
first, but the FAAA remains unconvinced that the plan will not
involve job losses or result in inferior working conditions.


VILLAGE ROADSHOW: Panel Issues Ordinary Shares Buy-back Update
--------------------------------------------------------------
The Takeovers Panel advises that is has concluded the proceeding
arising from the application from Boswell Filmgesellschaft mbH
(Boswell) dated 15 June 2004 alleging unacceptable circumstances
in relation to the affairs of Village Roadshow Limited (VRL) and
in particular, VRL's on-market buy-back of ordinary shares,
which was initially announced on 28 May 2004 (the Buy-back). The
Application was described in more detail in the Panel's previous
announcement dated 15 June 2004.

The Panel considered that at the time of the Application,
holders of VRL ordinary shares had not been given enough
information to enable them to asses the merits of the Buy-back,
and that as a result, the acquisition of shares under the Buy-
back would not take place in an informed market.

The Panel invited VRL to provide further information to the
market in order to alleviate the Panel's concerns. VRL accepted
this offer by making an announcement on 1 July 2004, which
provided additional information in relation to the Buy-back. The
1 July Announcement was reviewed by the Panel prior to its
release. The Panel also invited comments on the 1 July
Announcement from the other parties to the Proceeding.

At the Panel's request, VRL agreed that it would not acquire any
shares under the Buy-back until one trading day after the
release of the 1 July Announcement, in order to allow the market
adequate time to digest its contents.

Following the release of the 1 July Announcement, the Panel
concluded the Proceeding on the basis that it was not necessary
or appropriate to make a declaration of the unacceptable
circumstances and that no order was required.

The sitting Panel comprised Andrew Lumsden (sitting President),
Chris Photakis (sitting Deputy President) and Denis Byrne.

George Durbridge
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3553
E-mail: george.durbridge@takeovers.gov.au

The Australian Stock Exchange announcement is dated 1 July 2004.


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


BAIFOO SHARK'S: Winding Up Hearing Slated on July 21
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Baifoo Shark's Fin Factory Limited by the High Court of Hong
Kong was on May 28, 2004 present to the said Court by Cheng Kwai
Chuen of Flat 811, 8/F., Block 13, Ming Wah Dai Ha, No. 13 A
Kung Ngam Road, Shau Kei Wan, 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; 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.

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


CENTRAL CHINA: Appoints Honorary Chairman and Consultant
--------------------------------------------------------
The board of directors of Central China Enterprises Limited
(Incorporated in Hong Kong with Limited Liability) is pleased to
announce that Mr. Liu Hongru has been appointed as Honorary
Chairman and consultant of the Company with effect from July 7,
2004.

Mr. Liu, aged 73, holds an Associate doctoral degree from the
University of Moscow and had held senior positions with The
People's Bank of China and The Agricultural Bank of China.
During 1992 to 1995, he served as the Chairman of the China
Securities and Regulatory Commission. Currently, Mr. Liu is a
professor in the Graduate School, advisor for PhD students and
Chairman of the Academic Committee of The People's Bank of
China; parttime professor of Tsinghua University, Peking
University, Nankai University and Renmin University of China;
visiting professor of City University of Hong Kong and
University of Hong Kong. Mr. Liu was awarded an honorary
doctoral degree from City University of Hong Kong in 1996.

Mr. Liu will not perform the role of a director of the Company
but will give advice to the Board in the capacity of consultant.
Mr. Liu is not connected with the directors, chief executives
and substantial shareholders of the Company or any of its
subsidiaries or any of their respective associates.

The Board wishes to welcome Mr. Liu to join the Company.
Change of capacity of Mr. Kwong Jimmy Cheung Tim from non-
executive director to executive director

The capacity of Mr. Kwong Jimmy Cheung Tim has been changed from
nonexecutive director to executive director of the Company with
effect from 7 July 2004.

By Order of the Board
Chan Tat Chee
Chairman

Hong Kong, 7 July 2004


DBS KWONG: Creditors To Prove Debts on August 2
-----------------------------------------------
Notice is hereby given that the creditors of DBS Kwong On
Futures Limited, which is in Creditors' Voluntary Liquidation,
are required (if they have not already done so), on or before
the close of business August 2, 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 and
Mr. John Toohey, the Joint and Several Liquidators of the above
company. If required by notice in writing from the said
Liquidators, the creditors 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. 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.

Rainier Hok Chung Lam
Joint and Several Liquidators
22/F., Prince's Building
Central
Hong Kong

This announcement is dated July 2, 2004.


NEWSLINK LIMITED: Enters Winding Up Proceedings
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Newslink (HK) Limited by the High Court of Hong Kong was on the
28th day of May, 2004 present to the said Court by Leung Man Hoi
of Flat G, 30/F., Block 7, Jubilee Garden, Fo Tan, 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; 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.

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


QUEEN MILLION: Winding Up Hearing Scheduled July 21
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Queen Million Limited by the High Court of Hong Kong was on May
28, 2004 present to the said Court by Cheung Kwai Yung Anthony
of Flat 910, 9/F., Block A, Lux Theatre Building, 20 Ming On
Street, Hung Hum, 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; 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.

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


SHEEN CROWN: Creditors Must Prove Debts by July 19
--------------------------------------------------
The creditors of Sheen Crown 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, the creditors 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. 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.


SURELIGHT HOLDINGS: Creditors Must Submit Claims by July 19
-----------------------------------------------------------
The creditors of Surelight Holdings Limited, which is in
Creditors' Voluntary Liquidation, are required (if they have not
already done so), on or before the close of business 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, the creditors 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. 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.


VICTORY GROUP: Executive Director Resigns
-----------------------------------------
The board of directors of Victory Group Limited (Incorporated in
Bermuda with limited liability) announced on
June 8, 2004 that, due to personal reasons and permanent
residency in the United States of America, Madam Lam Mo Kuen,
Anna (Madam Lam) resigned as an executive director of the
Company with effect from June 7, 2004.

Madam Lam had confirmed that she had no disagreement with the
Board and there were no matters, which needed to be brought to
the attention of the shareholders of the Company upon her
resignation.

By order of the Board
Chan Chun Choi
Chairman

This announcement is dated July 8, 2004.


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


PELAYARAN NASIONAL: To Convert Ships Into Cargo Carriers
--------------------------------------------------------
The sharp decline in passenger volume has prompted Indonesia's
state-owned shipping firm to shift to the cargo transport
business, Asia Pulse reports.

PT Pelayaran Nasional Indonesia (PT Pelni) has converted several
of its passenger vessels into cargo ships.  According to
President Isnoor Haryanto, Pelni intends to modify all its ships
if the passenger count continues to fall.

Low airfare rates offered by airlines caused the number of sea
passengers to drop to 363,410 in the first quarter of this year
from 951,910 a year ago.  This sent first quarter revenues to
dive 33 percent to IDR94.9 billion (US$10.5 million), according
to the company.


SEMEN GRESIK: Jakarta Bourse Lifts Trading Suspension
-----------------------------------------------------
Cement maker PT Semen Gresik (SMGR.JK) resumed trading on the
Jakarta Bourse Thursday.

Jakarta Stock Exchange President Erry Firmansyah told Dow Jones
Newswires the bourse had lifted the suspension after Semen
Gresik clarified its accounting problems.  The JSX halted
trading of Gresik's shares on June 28 after its auditor
PricewaterhouseCoopers (PCW.XX) attached a disclaimer on the
company's 2002 and 2003 financial reports.

Semen Gresik postponed the filing of its audited accounts due to
issues with its rebellious unit Semen Padang, which has demanded
to be spun-off.  The firm will file its consolidated financial
statement after the completion of a special audit on Semen
Padang in October.  This will enable PwC to comment on the
accounts.

Fifty-one percent of Semen Gresik is state-held while 25.53% is
owned by Mexico's Cemex S.A. de CV (CX).


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


MITSUBISHI MOTORS: Unveils June Sales Performance
-------------------------------------------------
Mitsubishi Motors dramatically outperformed the new vehicle
market in June compared with the same month in 2003, Mitsubishi
Motors New Zealand reported on its Web site.

"The market as a whole was up 8.9 percent, while our sales
lifted 29.7 percent with great strength across the entire model
range," Peter Wilkins, general manager of sales and marketing
for Mitsubishi Motors New Zealand said.

"The car market rose 8.4 percent, we were up 11.5 percent and
the light commercial market was up 6.6 percent while Mitsubishi
increased sales by 45.8 percent.

"Heavy commercial sales were up a phenomenal 33.6 percent while
Mitsubishi heavy trucks increased 131 percent. Not only did the
our 141 registrations set an all time monthly record for
Mitsubishi trucks registered in New Zealand, they set a record
for the New Zealand truck industry as a whole. No other
manufacturer has come even remotely close to that figure.

"The heavy commercial sales were a reflection of the strength in
the New Zealand economy at the moment," he said.

"We are delighted with the result, particularly as we had to
deal with difficult recall issues throughout the month."


SOJITZ CORPORATION: To Open Large-scale Shopping Center
-------------------------------------------------------
Sojitz Corporation and Sojitz Commerce Development Corporation
(Head office: Daiba, Minato-ku, Tokyo; President: Shoji
Sekiguchi; a wholly-owned subsidiary of Sojitz) launched
'Mallage Kashiwa', a large-scale shopping center, on July 3,
2004.

'Mallage Kashiwa', which opened in Kashiwa-City, Chiba located
approximately 2.0 km north of JR Kashiwa Station, is a shopping
center with excellent transportation convenience at its location
adjacent to Route 16. 'Mallage Kashiwa' sets as its trading area
a 10 km radius centered on the facility (across Kashiwa-City,
from Noda-city in the north, Shonan-town in the south, Abiko-
city in the east to Yoshikawa-city in the west), and assumes a
population of approximately 1,130,000 in the trading area.

The name 'Mallage' is coined from the words 'mall' and 'age',
and has been so named in anticipation of malls entering the
mainstream of future large-scale shopping centers. The logo
design shows a stylized 'person' standing in the middle of the
Mallage mall. 'Mallage Kashiwa' gives due consideration to
environmental traffic concerns, such as the reduction of
noise/vibration and the alleviation of traffic congestion. In
addition, parking space for approximately 2,250 cars is
available, which is the largest such space for a shopping center
in the Kashiwa region.

`Mallage Kashiwa' holds `Discover a style of one's own' and
`Base for information on daily life' as its development
concepts. It is intended to become a shopping center where a
wide range of shoppers, from youngsters to senior citizens, can
have a good time, and mainly targets the `new family bracket'
consisting of parents around the age of 25 to 35 and their
children. Key tenants include `Yaoko' supermarket, the `Royal
Home Center' home center and the large-sale sports specialty
store `Super Sports XEBIO', and the mall will also house
approximately 80 specialty stores of great individuality such as
apparel stores, variety stores and restaurants. `Mallage
Kashiwa' has merchandise lines that fully respond to the `food,
clothing, and housing' that are essential to daily life.

`Mallage Kashiwa' is based on a design concept of `two anchor
stores with one mall', which represents the layout of key
tenants at each end of the mall, sandwiching specialty stores
between them. Further, the mall area has a skylight installed,
creating a bright, comfortable and naturally lit open space.

As part of its commercial facility development business, Sojitz
undertakes outlet mall business such as suburban location type
shopping centers like the 'Mallage Saga' which opened in March
2003, and 'Chelsea Premium Outlets', Japan's largest suburban
factory outlet (Premium Outlets in Gotemba, Rinku, Sano and Tosu
are currently in operation, Toki Premium Outlets is under
construction), and introduces a great number of domestic and
foreign name brands. Sojitz will continue to actively undertake
new projects, aiming to create shopping centers that enjoy the
overwhelming support of consumers.

This is a company press release.


TAISEI HOUSING: Files for Special Liquidation Proceedings
---------------------------------------------------------
Taisei Housing Nagano K.K. filed an application for commencement
of special liquidation proceedings with the Tokyo court, reports
the Tokyo Shoko Research. The residential construction firm,
which is located at Matsumoto-shi, Nagano, Japan has 3.8 billion
yen in liabilities against a capital of 60 million yen.


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


HANARO TELECOM: Releases Open Interest Balance of Derivatives
-------------------------------------------------------------
Hanaro Telecom, Inc. is furnishing under cover of Form 6-K, a
fair disclosure relating to the Company's forward exchange
transaction, filed with the Korea Securities Dealers Association
Automated Quotation Market (KOSDAQ) on July 2, 2004.

OPEN INTEREST BALANCE OF DERIVATIVES

[Changes]

1. Object of Trading       Forward Exchange Transaction (USD)

2. Open Interest Balance Reported
   Prior to This Time (a+b)      KRW 259,665,220,529
   a. Amount of Purchase         KRW 259,665,220,529
   b. Amount of Sale             None
   - Ratio to Total Assets (%)   7.68%

3. Amount of Change (a+b)        KRW 20,056,114,327
   a. Amount of Purchase         KRW 20,056,114,327
   b. Amount of Sale             None

4. Ratio of Change
   a. Ratio to Total Assets      0.59%
   b. Ratio to Open Interest     Reported  7.72%
      Prior to This Time

5. Reasons for Change         Entered into forward exchange
                              transactions.

6. Date of Change             July 1, 2004

7. Total Assets at the End of Preceding     
                               KRW3,381,922,386,883
                               Business Year (2003)

8. Others         Amount of change refers to the sum of the
                  transaction amount by 2 institutions,
                  including Korea Development Bank (KDB) (KRW
                  10,000,000,000) and Calyon (KRW
                  10,000,000,000).

                  Hanaro Telecom, Inc. entered into a contract
                  with KDB, due on August 2, 2004, whereby the
                  Company buys USD 8,681,807.85 from KDB (based
                  on KRW/USD = 1155.60).

                  Hanaro Telecom, Inc. entered into a contract
                  with Calyon, due on August 2, 2004, whereby
                  the Company buys USD 8,673,026.80 from KDB
                  (based on KRW/USD = 1155.70)


HANARO TELECOM: Analyst Sees Full Recovery in 12 Months
-------------------------------------------------------
Hanaro Telecom is ready to shake up South Korea's
telecommunications market, the Wall Street Journal reported
Thursday.

Mitchell Kim, an analyst at Morgan Stanley, predicts Hanaro's
share price will reach 4,000 won (US$3.46) in the next 12
months.  He also expects Hanaro to break even this year on sales
of about 1.5 trillion won, or $1.3 billion.

Resurrected from near-bankruptcy by a group of investors led by
U.S. insurer American International Group, the company incurred
a net loss of 165.3 billion won on sales of 1.38 trillion won in
2003.  The company has not earned an annual profit since it
began its service in 1999.  AIG teamed up with private-equity
firm Newbridge Capital in October last year to take a 39.56
percent controlling stake in the company for US$500 million.


LG CARD: Woori Financial Conducts Due Diligence on LG Investment
----------------------------------------------------------------
LG Card is selling a 21.2 percent stake in its brokerage unit LG
Investment and Securities to state-run Woori Financial Group for
an undisclosed sum, Channel News Asia reports.

Woori will submit a final bidding proposal for the stake after
conducting due diligence, LG Card said in a statement Thursday.  
LG Card has been looking for a buyer for LG Investment via open
bidding to help resolve its liquidity problems.


SK GROUP: Investing US$8 Billion in I.T. Sector
-----------------------------------------------
SK Group plans to invest more than US$8 billion in the
information and telecommunications sector over the next three
years, Channel News Asia reported Wednesday.  The company wants
to promote growth, while maintaining its leadership in the
sector.

Son Kil-Seung, the former Chairman of SK Group, was sentenced
last month to three years in prison for diverting corporate
money into illegal investments and political donations.  Mr. Son
was found guilty of embezzling KRW788 billion (US$680 million)
from SK Shipping for investment in overseas futures.  He was
also found guilty of evading taxes, funneling SK Shipping's
money into a troubled SK Group sister company and bribing
politicians, the Seoul Central District Court said in its
ruling.


SK GROUP: MetLife Joins Race to Buy Unit
----------------------------------------
U.S. life insurer MetLife Inc. has joined a race to buy SK Life
Insurance Co. in a bid to strengthen its presence in the world's
sixth-largest insurance market, according to Reuters.  

The report said MetLife and four other international financial
groups had tendered letters of intent to buy SK Life, which has
over 4 trillion won (US$3.46 billion) in assets.

The sale of SK Life is part of the restructuring efforts of
parent SK Group following an accounting fraud scandal at its
trading arm SK Networks, which was bailed out by creditors last
year. Hana Bank is managing the sale.


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




ACTACORP HOLDINGS: Issues Update On Proposed Acquisition
--------------------------------------------------------
Actacorp Holdings Berhad (AHB) disclosed to Bursa Malaysia
Securities Berhad the PROPOSED ACQUISITION OF STRATEGIC CREST
SDN BHD (SCSB) PURSUANT TO THE PROPOSED ACQUISITION OF PJS
DEVELOPMENT SDN BHD (PJSD) IN CONJUNCTION WITH THE REVISED
PROPOSED RESTRUCTURING SCHEME OF AHB.

(1) INTRODUCTION

On behalf of AHB, PM Securities Sdn Bhd (PM Securities) had on 8
April 2004, announced that the Company had entered into a
conditional Share Sale Agreement with PJS Industries Sdn Bhd
(PJSI) and Kumpulan Jetson Berhad (KJB) on 7 April 2004 in
relation to the proposed acquisition of 100 percent equity
interest in PJSD (Proposed Acquisition of PJSD).

Further to the above announcement, PM Securities, on behalf of
AHB, wishes to announce that PJSD had on 6 July 2004 entered
into a Conditional Share Sale Agreement with PJSI to acquire
100% equity interest in SCSB (SCSB-SSA) from PJSI for a cash
consideration of RM100.00.

(2) PROPOSED ACQUISITION OF SCSB

(2.1) Details of the Proposed Acquisition of SCSB

Pursuant to the Proposed Acquisition of SCSB, PJSD shall acquire
the entire issued and paid-up share capital of SCSB comprising
500,002 ordinary shares of RM1.00 each (SCSB Shares) from PJSI
for a consideration of RM100.00.

PJSI shall sell and transfer to PJSD the SCSB shares free from
all encumbrances and together with all rights and benefits
attaching thereto.

(2.2) Brief information on SCSB

SCSB was incorporated on 26 January 1996 in Malaysia under the
Companies Act, 1965 as a private limited company. Its present
authorised share capital is RM1,000,000 comprising 1,000,000
ordinary shares of RM1.00 each, of which 500,002 ordinary shares
have been issued and fully paid-up. SCSB is presently a wholly-
owned subsidiary of PJSI.

SCSB is a special purpose company incorporated for the purpose
of the privatisation agreement made on 29 July 1998 between
Universiti Putra Malaysia (UPM) and SCSB, whereby UPM had
privatised the development of a hostel accommodation comprising
14 blocks of 5 storey hostels namely "Kolej 12" and "Kolej 14"
(Hostels) and its maintenance and management which shall also
include the provision of such amenities and services as
launderette, photostating outlets, bookshops, canteens and other
similar amenities and services for a period of twenty-five (25)
years on approximately 15.38 hectares forming part of a piece of
land known as Lot 14312 held under HS(D) 16161, in the Mukim and
District of Petaling, State of Selangor Darul Ehsan
(Privatisation Agreement).

SCSB had on 21 December 1998 entered into a Deed of Assignment
with PJSD for the absolute assignment to PJSD of the assigned
works on the development of the Hostel together with SCSB's
right of enforcement thereof, comprising the design, finance,
construction, completion of the works and the provision of all
labour materials and everything whether of a temporary or
permanent nature required in and for such design, finance,
construction completion so far as the necessity for providing
the same as specified or reasonably to be inferred from the
Privatisation Agreement and the agreement dated 21 December 1998
between SCSB and PJSD relating to the Hostel (Hostel Agreement)
and also for the management and operation of the Hostel during
the concession period.

(2.3) Brief information on PJSI, the Vendor

PJSI was incorporated as a private limited company in Malaysia
on 25 May 1995 under the Companies Act 1965. PJSI has an
authorised share capital of RM10,000,000 comprising 10,000,000
ordinary shares of RM1.00 each, of which 5,000,000 ordinary
shares of RM1.00 each have been issued and fully paid-up. The
principal activity of PJSI is that of investment holding.

The present directors of PJSI comprise Tan Sri Dato' Ahmad bin
Johan, Dato' Mohamad Yunus Ariffin, Dato' Haji Mohamad bin Sham,
Dato' Dr. Muhammad Nong, Datuk Yuji Kawata, Dato' Ch'ng Siok
Eik, Dato' Abdul Rahim bin Abdul Rahman, Dato' Seri Mohamad
Yunus bin Tasi, Dato' Mohamad Nasir Ismail and Dato' Seri Mohd
Shahrom bin Nordin. The present substantial shareholders of PJSI
comprise Tan Sri Dato' Ahmad bin Johan, Dato' Mohamad Yunus
Ariffin and Dato' Ch'ng Siok Eik.

(2.4) Basis of Arriving at the Purchase Consideration

The consideration for the Proposed Acquisition of SCSB of
RM100.00 has been arrived at on a willing-buyer willing-seller
basis between PJSD and PJSI after taking into consideration of
the net tangible assets of SCSB and the effects of the
assignment of SCSB's rights under the Privatisation Agreement to
PJSD.

(2.5) Rationale for the Proposed Acquisition of SCSB

Pursuant to the Deed of Assignment between SCSB and PJSD, PJSD
has obtained the rights to operate and manage the Hostel
accommodation for a period of twenty five (25) years from the
date of the certificate of fitness for the Hostel. Under the
Deed of Assignment, SCSB shall assign all the rights, title and
benefits of the Privatisation to PJSD. PJSD shall accept all
liabilities, obligations and stipulations binding upon SCSB
under the Privatisation Agreement.

However, the acceptance of liabilities, obligations and
stipulations by PJSD through an assignment is incapable in law
to transfer liabilities and obligation. As such, should SCSB
breach any of its obligations under the Privatisation Agreement,
the rights of PJSD may accordingly be affected.

Pursuant to the Proposed Acquisition of SCSB, SCSB shall become
a wholly owned subsidiary of PJSD. This would ensure that any
risks arising from a potential breach of obligations by SCSB in
future will be mitigated and PJSD would be able to continue to
manage the Hostel accommodation uninterrupted.

(3) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors and substantial shareholders of AHB has
any interest in the Proposed Acquisition of SCSB.

(4) FINANCIAL EFFECTS OF THE PROPOSED ACQUISITION OF SCSB

The Proposed Acquisition of SCSB will not have any effects on
the issuance and paid-up share capital, net tangible assets,
earnings and shareholding structure of AHB.

(5) CONDITIONS OF THE PROPOSED ACQUISITION OF SCSB

The Proposed Acquisition of SCSB is conditional upon the
following:

(i) Approval from the Economic Planning Unit (EPU) and any other
relevant authorities (where applicable);

(ii) A resolution being passed at a general meeting of both the
SCSB and PJSI; and

(iii) The satisfaction of all conditions precedent specified in
the SCSB-SSA.

This announcement is dated 7 July 2004.


AOKAM PERDANA: EGM Slated For July 30
-------------------------------------
Aokam Perdana Berhad informed Bursa Malaysia Securities Berhad
that an Extraordinary General Meeting of the Company will be
held at Dewan Berjaya, Bukit Kiara Equestrian & Country Resort,
Jalan Bukit Kiara, Off Jalan Damansara, 60000 Kuala Lumpur on
Friday, 30 July 2004 at 10:00 a.m.

Please click for the details of the said meeting
http://bankrupt.com/misc/AOKAMPERDANA070804.doc


DAI HWA: BMSB Grants Extension of 90 Days Re PN10
-------------------------------------------------
Dai Hwa Holdings (M) Berhad announced that it has obtained
approval from Bursa Malaysia Securities Berhad for an extension
of 3 months from 29 May 2004 to 29 August 2004 to enable the
Company to announce its Requisite Announcement pursuant to PN10
to Bursa Malaysia for public release.

This announcement is made on 7 July 2004.


INTEGRATED RUBBER: Details Capital Reduction and Consolidation
--------------------------------------------------------------
Integrated Rubber Corp. Berhad announced to Bursa Malaysia
Securities Berhad is implementing the capital reduction of its
existing issued and paid-up share capital of RM30,526,200
comprising 30,526,200 ordinary shares of RM1.00 each to
RM6,105,240 comprising 30,526,200 ordinary shares of RM0.20
each, by canceling RM0.80 of the par value of each existing
ordinary share of RM1.00 each in IRCB and thereafter the
30,526,200 ordinary shares of RM0.20 each will be consolidated
into 12,210,480 ordinary shares of RM0.50 each. (Capital
Reduction and Consolidation).

To facilitate the recalling and cancellation of the existing
IRCB shares of RM1.00 each and issuance of new consolidated
shares, the trading of IRCB shares will be suspended with effect
from 9.00 a.m. Tuesday, 13 July 2004 until further notice.

Your attention is also drawn to the IRCB's Circular dated 1 July
2004.


KUMPULAN HARTANAH: BMSB Grants Extension  
----------------------------------------
On behalf of Kumpulan Hartanah Selangor Berhad (KHSB), Commerce
International Merchant Bankers Berhad (CIMB) is pleased to
announce that Bursa Malaysia Securities Berhad (BMSB) has, via
its letter dated 5 July 2004 (which was received on 6 July
2004), approved the Further Extension of Time.

On 19 May 2003, Bursa Securities had granted an indulgence of
time of six (6) months (from the listing date of KHSB) for KHSB
to meet the 25 percent public shareholding spread requirement
subject to KHSB achieving the public shareholding spread of at
least 15 percent at the point of listing of KHSB (Initial
Extension of Time).

As at the listing date of KHSB on 22 July 2003, KHSB had
achieved a public shareholding spread of 15.31 percent. Given
the shortfall of approximately 9.69 percent, Kumpulan Darul
Ehsan Berhad (KDEB), being a major shareholder of KHSB, had
implemented placements of ordinary shares of RM1.00 each in KHSB
(KHSB Shares) to facilitate the meeting of the 25 percent public
shareholding spread requirement by KHSB (KDEB Placement
Exercise).

However, in view that KHSB was unable to achieve the 25% public
shareholding spread requirement upon the expiry of the Initial
Extension of Time on 21 January 2004, CIMB had, on behalf of
KHSB on 7 January 2004, applied to Bursa Securities for a
further extension of time of six (6) months from 22 January
2004.

Subsequently, on 19 May 2004 CIMB had, on behalf of KHSB,
applied to Bursa Securities for a further extension of time of
twelve (12) months from 22 January 2004 (Extension of Time
Application) as compared to six (6) months from 22 January 2004,
as previously requested in the letter dated 7 January 2004.

This was in view of the weakening market sentiment on the Bursa
Securities between the end of March and mid-May, whereby KHSB
was, at that time, of the view that any effort to be carried out
by KHSB or its major shareholders (e.g. placement of KHSB
Shares) within the next few months to meet the 25 percent public
shareholding spread requirement would be very difficult indeed.

Based on the Extension of Time Application, KHSB proposed the
following strategies to meet the 25 percent public shareholding
spread requirement:

(a) Discussions with the current major shareholders of KHSB to
divest or reduce their shareholdings in KHSB to facilitate the
meeting of the 25 percent public shareholding spread
requirement; and/or

(b) An issuance of new KHSB Shares to identified investors (who
would qualify as public shareholders), subject to the approvals
of the shareholders of KHSB and all relevant authorities; and/or

(c) Any other alternative methods as may be deemed appropriate
by KHSB and/or its major shareholders.

As at the date hereof, there have been no plans for items (b)
and (c) above. However, with regards to item (a) above, KHSB has
been informed by KDEB, that KDEB will continue to implement the
KDEB Placement Exercise to facilitate the meeting of the 25
percent public shareholding spread requirement by KHSB.

KHSB is of the view that it will be able to meet the 25 percent
public shareholding spread requirement within the next few
months.

This announcement is dated 7 July 2004.


LONG HUAT: To Hold AGM For Approval Of Audited Accounts
-------------------------------------------------------
Long Huat Group Berhad's (Lhuat) financial year for 2003 ends on
31 December and therefore, under Bursa Malaysia's Listing
Requirement as well as the Companies Act 1965, the company must
hold an Annual General Meeting (AGM) to approve its audited
accounts for the financial year ended 31 December 2003 within 6
months (i.e.by 30 June 2004).

LHuat had made an application to Suruhanjaya Syarikat Malaysia
(SSM) for an extension of time for holding the company's AGM to
approve its audited accounts for the financial year ended 31
December 2003 for a period of 3 months until 30 September 2004.
An application had also been made to Bursa Malaysia on the same
date for an extension to submit the 2003 Annual Report for 3
months until 30 September 2004.

The approval from SSM was obtained on 25 June 2004 for an
extension of 1 month until 31 July 2004 to hold the AGM whilst
Bursa Malaysia on 6 July 2004 approved an extension of 3 months
until 30 September 2004 to submit the 2003 Annual Report.

The reason for LHUAT's request for the extension is to enable
the Company to reduce substantially the cost of holding the AGM.
This is because LHUAT is currently in the process of
implementing its restructuring scheme (targeted to be completed
by early August 2004) which involves, inter-alia :

- Acquisition of LHUAT by Lee Swee Kiat Group Holdings Berhad
(LSKG) resulting in LHUAT being a wholly-owned subsidiary of
LSKG; and

- LSKG will then subsequently dispose LHUAT for RM 1.00 and
LHUAT will then be wound up

Consequently, shareholders of LHUAT will swap their shareholding
in the Company for shareholding in LSKG, which will then be
listed on the Bursa Malaysia in place of LHUAT.

Holding the AGM on or prior to 30 June 2004 would entail
substantial expenditure, estimated around RM 50,000 as LHUAT by
then would still be a public listed company with around 6,000
shareholders.

In view of the lack of funds faced by LHUAT since it has ceased
operation since July 2001, the Company had sought an approval
from the authorities (Bursa Malaysia/SSM) to postpone the AGM to
a time until the acquisition of LHUAT by LSKG is completed
(targeted to be completed by mid July 2004). With that, LHUAT
will only have one shareholder and the expenses for the AGM will
be substantially reduced.

This announcement is dated 7 July 2004.


MAGNUM CORPORATION: Issues Additional 6,000 Ordinary Shares
-----------------------------------------------------------
Magnum Corp. Berhad's additional 6,000 new ordinary shares of
RM0.50 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., Friday, 9 July 2004.


MCSB SYSTEMS: Issues Update on Listing Status
---------------------------------------------
Further to the announcement dated 1 July 2004 in relation to the
Proposed Restructuring Scheme of MCSB Systems (M) Berhad, Hwang-
DBS Securities Berhad, on behalf of the Board of Directors of
MCSB, wishes to announce to Bursa Malaysia Securities Berhad
that the vendors of Ji Kang Dimensi Sdn Bhd namely, Jendela Bumi
Sdn Bhd, Jinan Iron and Steel Group Corporation and Jinan Steel
International Trade Co. Ltd., had on 7 July 2004 entered into a
conditional share purchase agreement with Ji Kang Berhad (JKB),
a special purpose vehicle incorporated to facilitate the
Proposed Restructuring Scheme, the details of which were set out
in the announcement dated 1 July 2004, and ultimately to assume
the listing status of MCSB.

JKB was incorporated in Malaysia under the Companies Act, 1965
on 29 June 2004 as a public limited company. JKB has an
authorised share capital of RM100,000 comprising 100,000
ordinary shares of RM1.00 each of which 2 ordinary shares of
RM1.00 each have been issued and fully paid-up. The principal
activity of JKB is that of investment holding. Presently, the
Directors of JKB are Chin Mun Yee and Tan Mei Yee, each of whom
holds one (1) JKB share each.

This announcement is dated 7 July 2004.


PASARAYA OCEAN: Enters Winding Up Proceedings
---------------------------------------------
Ocean Capital Berhad announced to Bursa Malaysia Securities
Berhad that a winding-up petition had been served on Pasaraya
Ocean (Selayang) Sdn. Bhd. on 7 July 2004 for claim of
RM143,287.27. The winding-up petition on Pasaraya Ocean
(Selayang) Sdn. Bhd. was presented at the Kuala Lumpur High
Court on 26 May 2004 and the sealed winding-up petition was
served on 7 July 2004.

(a) The details of default or circumstances leading to the
filing of the winding-up petition against Ocean Subsidiaries :

The petition was filed by Messrs Wong Kam Leong & Partners, the
solicitors for GMV Marketing Sdn. Bhd. against Pasaraya Ocean
(Selayang) Sdn. Bhd. The claim by GMV Marketing Sdn. Bhd. is for
the debt due from Pasaraya Ocean (Selayang) Sdn. Bhd. for the
purchase of merchandise stocks.

The claimed amount does not include any interest costs. The
petitioner had demanded the outstanding debt to be paid
immediately and Pasaraya Ocean (Selayang) Sdn. Bhd has instead
proposed a certain instalment plan, which was not agreeable by
the petitioner.

(b) Total cost of investment in Pasaraya Ocean (Selayang) Sdn
Bhd: RM1.0 million

(c) The financial and operational impact on the Group:

There is no financial and operational impact on the Group.

(d) The expected losses:

At this point in time, Pasaraya Ocean (Selayang) Sdn. Bhd. is
expected to incur legal fees of approximately RM50,000.00.

(e) The date of hearing of the winding-up petition: 8 September
2004.

(f) The steps taken and proposed to be taken by Pasaraya Ocean
(Selayang) Sdn. Bhd. in respect of the winding-up proceedings:

(i) To file an application to stay the winding-up proceeding and
to refrain the petitioner from advertising and gazetting the
winding-up petition;

(ii) To file an application to strike out the winding up
petition; and

(iii) To oppose the winding-up petition.


This announcement is dated 7 July 2004.


QUALITY CONCRETE: Details Securities Disposal And Acquisitions
--------------------------------------------------------------
The Board of Directors announced to Bursa Malaysia Securities
Berhad that it has entered into the following disposals and
acquisitions of quoted securities, on various dates as listed
below, and for diverse considerations.

(1) Please refer to Appendix I for particulars of quoted shares
acquired or disposed off for the past 12 months.

(2) Aggregate value of consideration for transactions on 7th
July, 2004: RM572,492

This value represents the aggregate of actual sales and purchase
proceeds received and paid respectively.

(3) Effect of the transactions on Company:

NTA per share as at 31 January 2004 RM2.2364
NTA per share after the transactions RM2.2186
Loss Per share RM0.0002

The Company has on 7th July 2004:

(1) Acquired 100,000 ordinary shares of RM1.00 each in AMMB.

(2) Disposed off 20,000 ordinary shares of RM1.00 each in AMFB.

(3) Acquired 67,000 ordinary shares of RM1.00 each in SARAWAK.

The Board will continue to monitor market conditions on Bursa
Malaysia and will make appropriate disclosures from time to time
in compliance with Bursa Malaysia Listing Requirements.

For more information, click
http://bankrupt.com/misc/qualityconcrete070804.xls


SRIWANI HOLDINGS: Receives Notification From MSRS  
-------------------------------------------------
Sriwani Holdings Berhad announced to Bursa Malaysia Securities
Berhad that it has on 6 July 2004 received a notification from
its Share Registrar, Malaysian Share Registration Services Sdn
Bhd (MSRS), that MSRS had changed its name to SYMPHONY SHARE
REGISTRARS SDN BHD effective 26 June 2004.

This announcement is dated 7 July 2004.


TA ENTERPRISE: Issues Update On Proposed Acquisition Of Unit
------------------------------------------------------------
Ta Enterprise Berhad issued to Bursa Malaysia Securities Berhad
the Proposed Acquisition of Business of Ta Securities Berhad by
Botly Securities Sdn Berhad, both wholly owned subsidiaries of
Ta Enterprise.

Introduction

On 2 December 2002, TA Enterprise Berhad (TAE) announced that
its wholly owned subsidiary, Botly Securities Sdn Bhd
(Purchaser) had entered into a Business Merger Agreement (BMA)
with TA Securities Berhad (Vendor), also a wholly owned
subsidiary of TAE, wherein the Purchaser will acquire and merge
the stockbroking businesses of the Vendor and the Purchaser into
a single stockbroking business to be operated and managed by the
Purchaser.

Further thereto, the Board of Directors of TAE wishes to
announce that on 7 July 2004, the Vendor and Purchaser had
entered into a Supplementary Business Merger Agreement (SBMA) to
vary, amend, add, supplement and/or substitute certain terms and
conditions in the BMA.

Rationale of the SBMA

Pursuant to the BMA, the Purchaser is to acquire the business of
the Vendor, which comprise of certain specified assets and
liabilities of the Vendor as at the Completion Date (as defined
in the BMA), the details which are as stated in our announcement
dated 2 December 2002.

The primary purpose of the SBMA is to further clarify, add,
substitute and to specifically define in details the assets and
liabilities to be acquired by the Vendor. The BMA shall still be
in force and the SBMA is to be treated as a supplemental
agreement to the BMA.

Salient Terms of the SBMA

(1) The merging of the Vendor's business with the existing
business of the Purchaser shall include without limitation all
stockbroking business and all other associated activities
conducted by the Vendor as at the Completion Date to the
Purchaser and the transfer of the activities conducted by the
Vendor which activities shall include but not limited to the
following:

(i) All agreements which the Vendor is a party to or has
interest in as at the Completion Date shall be transferred and
vested to the Purchaser, including legal agreements, system
agreements, Remisiers/Paid Dealer's Agreement, Authorisations,
Letter of Guarantee & Indemnities and licenses.

(ii) All securities held by the Vendor, or a nominee of, or
trustee for, the Vendor as security for the payment or discharge
of any liability of any client or any other person to the
Vendor.

(iii) All bank accounts of the Vendor with any bank and/or
financial institutions.

(iv) All Negotiable Instruments as well as Instruments such as
deed, indentures and deed poll of the Vendor.

(v) All interest of the Vendor, including any right to
participate or interest, prospective or contingent in the
ordinary business activities of a stockbroking company.

(vi) The right of the Vendor to list its defaulting clients as
defaulters at the Defaulters' List of Bursa Malaysia.

(vii) All principal accounts with Malaysia Central Depositories
opened by the Vendor and the Principal Accounts maintained by
the Vendor, such as Clearing Account, Investment Account etc.

(viii) All securities in the Vendor's client accounts.

(ix) All judgments, awards, rights, power and/or any ongoing
legal proceedings, save for certain exception as agreed upon
mutually by the Vendor and the Purchaser.

(2) The Purchase Business Assets to be acquired by the Purchaser
pursuant to the SBMA shall include the acquisition of the
following wholly owned subsidiaries of the Vendor:

(i) TA Nominees (Tempatan) Sdn Bhd

(ii). TA Nominees (Asing) Sdn Bhd

(iii) TASEC Nominees (Tempatan) Sdn Bhd

(iv) TASEC Nominees (Asing) Sdn Bhd

(v) TA Muamalah Nominees (Tempatan) Sdn Bhd

(vi) TA Muamalah Nominees (Asing) Sdn Bhd

The Purchaser shall purchase the companies listed above for an
additional Ringgit Malaysia One Million Thirty Three Thousand
Three Hundred and Ninety (RM1,033,390.00), payable by the
Purchaser to the Vendor on the Completion Date.

(3) Subject only to terms and conditions contained in the SBMA,
all the conditions, covenants, provisions, rights, powers and
terms in the BMA shall remain in full force and effect. The BMA
and the SBMA shall be read and construed and be enforceable as
one instrument.

Financial Effects

The SBMA will have no effect on the share capital, shareholding
structure of TAE or any immediate effect on the earnings and/or
NTA of TAE.

Document for Inspection

A copy of the SBMA is available for inspection at the registered
office of TAE at 34th Floor, Menara TA One, 22 Jalan P. Ramlee,
50250 Kuala Lumpur during weekdays from 9:00 a.m. to 5:00 p.m.
for a period of three (3) months from the date of this
announcement.

This announcement is dated 7 July 2004.


TANJONG PUBLIC: BMSB Gives Notification Re Listing Requirements
---------------------------------------------------------------
Tanjong Public Ltd. Co. (Tanjong) received a Notification
pursuant to Paragraph 14.09 (a) of the Listing Requirements of
Bursa Malaysia Securities Berhad (Bursa Malaysia) of Dealings
during Open Period.

The company wishes to announce that the Company has been
notified on 7 July 2004 of the following dealings by Siuagamy
Ramasamy, a Principal Officer of the Company pursuant to
Paragraph 14.09 (a) of the Listing Requirements of Bursa
Malaysia:

(a) (i) That she has disposed in the open market of the Bursa
Malaysia, 40,000 shares of 7.5 pence each in Tanjong
representing 0.0099% of the issued share capital of Tanjong as
at the date of the transaction;

(ii) Date of transaction - 7 July 2004; and

(iii) Transaction price - RM13.00 per share of 7.5 pence each.

(b)(i) That she has disposed in the open market of the Bursa
Malaysia, 40,000 shares of 7.5 pence each in Tanjong
representing 0.0099% of the issued share capital of Tanjong as
at the date of the transaction;

(ii) Date of transaction - 7 July 2004; and

(iii) Transaction price - RM13.10 per share of 7.5 pence each.


TELEKOM MALAYSIA: Issues Additional 1,242,000 Ordinary Shares
-------------------------------------------------------------
Telekom Malaysia Berhad's additional 1,242,000 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., Friday, 9 July
2004.


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


BACNOTAN CONSOLIDATED: Issues Additional Info On Sale Of Shares
---------------------------------------------------------------
Bacnotan Consolidated Industries Inc. provided the Philippine
Stock Exchange additional information on the sale of shares in
Union Cement Holdings Corp. (UCHC).

Reason/Purpose of the sale

In arriving at its decision to divest itself of its cement
business, the company took cognizance of the profound changes in
the cement business brought about by globalization.  The company
discerned that in order for a cement company to maintain a
leadership position in the industry, and to be globally
competetive, it was essential that it have access to the best
technology, to the most competetive and consolidated supply
sources, to global markets and to massive competetive capital
resources.

The company considers it fortunate that it is able to sell to
Cenco Holdings, Inc. (CEMCO), a company 40 percent owned by
Holderfin B.V. (a Holcim affiliate), that has the requisite
combination of technology, market reach, supply reach and
capital resources to make the business globally competetive and
to maintain its leadership position locally.

Percentage in UCHC

The UCHC shares sold by Bacnotan Consolidated Industries Inc.
(BCII) and Atlas Cement Corp. (Atlas) represent 21.31 percent
and 29.69 percent respectively of the total number of
outstanding shares of UCHC.

Valuation

The selling price is equivalent to PhP23.83 per UCHC share,
based on an assumed foreign exchange rate of PhP55 for every
USD.  This price was negotiated by Bacnotan Consolidated
Industries, Inc. and Atlas with Cemco Holdings Inc. (CEMCO) and
reflects a 139 percent premium over UCHC's book value of PhP9.98
per share as of December 31,2003.  BCII implemented its decision
to divest from the cement business, as stated above under the
most advantageous conditions and the fairest value for its
investment.

Relationship of BCI with CEMCO and its affiliates

Like BCII, CEMCO is a shareholder of UCHC.  CEMCO holds shares
equivalent to 9 percent in UCHC.

BCI holds less than one percent in Union Cement Corp., an
affiliate of CEMCO.  CEMCO has no material relationship with any
of the directors or officers of BCII.

Timetable and other issues

The parties target and expect the closing of the said sale of
UCHC shares by August 12, 2004.

Approval by the stockholders of BCII of the sale of UCHC shares
is not required, as it is not a sale of all or substantially all
of its property of assets and is in fact a sale of only its
cement interest.  BCII is a holding company with interest in
steel, housing, education, financial services, property
development, and energy.

The sale by BCII of its UCHC shares will not render BCII
incapable of continuing its business as a holding company or
accomplishing the purpose for which it was incorporated.

BCII does not know of any pending material issues prior to the
targeted closing on August 12, 2004.

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


BAYAN TELECOMMUNICATIONS: Court OKs US$477 Mln Debt Workout Plan
----------------------------------------------------------------
The Pasig Regional Trial Court has approved Bayan
Telecommunications' (BayanTel) restructuring plan for its US$477
million debt, the Manila Times reports.

In a 16-page decision, Judge Rodolfo R. Bonifacio of Branch 158
of the Pasig RTC upheld an earlier ruling on pari passu
treatment of creditors, "whose claims . . . subject to
restructuring shall be maintained and shall extend to all
payment terms and treatments of past due interest," the Manila
Times quoted.

Other clarifications and amendments upheld by the court include
giving due regard "to the rights of the secured creditors" while
maintaining "the security positions of the creditors."

The amount of debt sustained under the rehab plan, which will be
implemented over 19 years, was reduced to US$325 million, with
obligations over and above that to "be converted into an
appropriate instrument that shall not be a financial burden for
BayanTel."

The court also said matters concerning the ownership shares
should "strictly conform to the requirements of the Constitution
limiting foreign ownership to 40 percent."  The court also
recommended that a monitoring committee be formed for the
receiver's role is only limited to monitoring and serving in an
oversight capacity.

BayanTel was forced to seek rehabilitation after failing to pay
the interests owed to creditors in 2001 due to recurring losses.
Of the company's US$477 million debt, US$277 million are owed to
banks while the remaining US$200 million are owed to
bondholders.

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/


MANILA ELECTRIC: Says SC No Ruling On Refunds' Interest Payments
----------------------------------------------------------------
In a press release submitted to the Philippine Stock Exchange,
the Manila Electric Co. (Meralco) on Thursday said the motion
filed by the National Association of Electricity Consumers for
Reforms before the ERC requiring Meralco to pay interest on its
ongoing refund has "absolutely no basis".

"The Supreme Court's order did not mention any provision for
interest payments," explained Meralco Vice President for
Corporate Communication Elpi Cuna, Jr.  

Mr. Cuna further stated that in the dispositive portion of the
November 2004 decision, the Supreme Court directed that"...in
accordance with the decision of the ERB dated February 16, 1998,
the excess amount of PhP0.167 per kilowatthour starting with
Meralco's billing cycle beginning February 1994 is
straightforward, meaning 16.7 centavos multiplied by the
kilowatthours (kWh) Meralco sold since February 1994. The
Supreme Court did not say 16.7 centavos plus interest," Mr. Cuna
said.

"We have been judiciously complying with the refund to our
customers and to date we have refunded around 90 percent of our
customers.  By th e end of the year we expect to complete the
refund to 98 percent of entitled customers," Mr. Cuna said.

Meralco's Communications Chief further stated that Nasecore
seems to have its own interpretation of facts based on its own
biased assumptions. "I am just wondering why Mr. Ilagan
continues to press his attack against Meralco knowing fully that
we be penalized further when in fact we have already suffered
unjustly because of a sudden change in the rules of the game
applied retroactively?" Mr. Cuna lamented.

"It seems Mr. Ilagan wants to enter in the electricity supply
business that is why he has embarked on an obvious campaign to
put Meralco in a bad light and ensure that it takes a financial
beating because it is very obvious that all his petitions are
meant to put a strain on Meralco's finances," Mr. Cuna said.

Prior to this latest motion before the ERC, Nasecore also
petitioned the Supreme Court to disallow Meralco from
implementing the 13.27 centavo GRAM adjustment.  The GRAM is a
cost recovery mechanism adopted by the ERC to allow distribution
units like Meralco to adjust its generation charges based on
payments it has advanced for power it has procured from NPC and
the other power producers.  

"If Mr. Ilagan is really for the consumer, why is he so silent
on the proposed NPC rate increase that would increase NPC rates
in Luzon by around PhP2.00 per kWh?", Mr. Cuna concluded.

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


NATIONAL STEEL: Industry Players Oppose Tariff Protection
---------------------------------------------------------
Trade and Industry Secretary Cesar V. Purisima will schedule a
dialogue next week between the downstream industry players and
National Steel Corp. (NSC), the Philippine Star reports.

Mr. Purisima said the purpose of the meeting is to discuss the
company's request for tariff protection.  The meeting would
enable him to determine the concerns of the downstream industry
players and the needs of NSC, which has been renamed Global
Steelworks International Inc. (GSII).  But he stressed that he
still has no position on the tariff request.

NSC/GSII seeks tariff protection ranging from 15 percent to 35
percent for its products comprised of steel billets, cold and
hot-rolled coil and tin plates.  Accordingly, this protection
will enable it to recover while it starts up manufacturing
operations.


PHILIPPINE LONG: Listing of 9,312 Common Shares Set For July 9
--------------------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by Philippine Long Distance Telephone Co.
to list additional 1,289,745 common shares, with a par value of
PhP5.00 per share, to cover the Executive Stock Option Plan
(ESOP) of the company, at an exercise price of PhP814.00 per
share.

In this connection, please be advised that a total of 9,312
common shares have been availed of and fully paid by the
optionees under the company's ESOP.

In view thereof, the listing of the 9,312 common shares is set
for Friday, July 9, 2004.  This brings the number of common
shares listed under the ESOP to a total of 88,704 common shares.

The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.


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


INFORMATICS HOLDINGS: Posts Renounceable Rights Issue Proposal
--------------------------------------------------------------
The Board of Directors of Informatics Holdings Limited wishes to
announce that the Company is proposing a renounceable non-
underwritten rights issue of between a minimum of 78,400,000 and
a maximum of 81,518,500 new ordinary shares of par value SGD0.05
each in the capital of the Company (the Rights Shares) at an
issue price of SGD0.25 for each Rights Share with between a
minimum of 78,400,000 and a maximum of 81,518,500 free
detachable warrants (the Warrants). Each Warrant shall carry the
right to subscribe for one (1) new ordinary share of par value
SGD0.05 each in the capital of the Company (each a New Share and
collectively the New Shares) at an Exercise Price for each New
Share.

The principal terms of the Rights Issue are set out in further
detail below.

An application has been made to the Singapore Exchange
Securities Trading Limited (SGX-ST) today to waive the
application of Rule 704(23) of the Listing Manual of the SGX-ST,
which requires the Company to announce the Rights Issue
accompanied by its first quarter results or to announce the
Rights Issue after the announcement of its first quarter
results. The SGX-ST has, today, granted the waiver to the
Company. An application will be made to the SGX-ST for
permission to deal in and for the listing and quotation of the
Rights Shares, the Warrants and the New Shares to be issued upon
the exercise of the Warrants on the SGX-ST.

G. K. Goh Stockbrokers Pte Ltd has been appointed today as
Manager for the Rights Issue.

The Rights Issue

(a) Proposed Principal Terms of the Rights Issue
The Rights Issue is proposed to be offered on a renounceable
basis to Shareholders whose registered addresses with the
Company or CDP, as the case may be, are in Singapore, or who
have, at least five (5) market days prior to the Books Closure
Date (as defined below), provided to the Company or CDP, as the
case may be, addresses in Singapore for the service of notices
and documents (Entitled Shareholders) on the basis of one (1)
Rights Share with one (1) Warrant for every four (4) existing
ordinary shares of par value SGD0.05 each in the capital of the
Company (the Shares) held by shareholders of the Company (the
Shareholders) as at a time and date to be determined by the
Directors for the purpose of determining the Shareholders'
entitlements (the Books Closure Date) at the issue price of
SGD0.25 for each Rights Share with Warrant.

Fractional entitlements to any Rights Share with Warrant will be
disregarded and will be aggregated and allocated to satisfy
excess applications (if any) or disposed of in such manner as
the Directors in their absolute discretion deem fit, in the
interest of the Company.

The issue price of SGD0.25 for each Rights Share with Warrant
represents a discount of 50% to the last transacted price of
SGD0.50 per Share on the SGX-ST on July 6, 2004, being the
market day immediately preceding the date of this announcement.

The Rights Shares are payable in full upon acceptance and/or
application. The Rights Shares, when allotted and issued, will
rank pari passu in all respects with the then existing Shares,
save for any dividends, rights, allotments or other
distributions, the record date for which falls before the date
of issue of the Rights Shares. For this purpose, "record date"
means, in relation to any dividends, rights, allotments or other
distributions, the date as at the close of business (or such
other time as may have been notified by the Company) on which
Shareholders must be registered in order to participate in such
dividends, rights, allotments or other distributions.

For practical reasons and in order to avoid any violation of
securities legislation applicable in countries other than
Singapore, the Rights Shares with Warrants will not be offered
to Shareholders with registered addresses outside Singapore as
at the Books Closure Date and who have not, at least five (5)
market days prior thereto, provided to the Company or CDP, as
the case may be, addresses in Singapore for the service of
notices and documents (Foreign Shareholders). If it is
practicable to do so, arrangements may, at the discretion of the
Company, be made for the provisional allotments of Rights Shares
with Warrants which would otherwise have been provisionally
allotted to Foreign Shareholders to be sold "nil paid" on the
SGX-ST as soon as practicable after dealings in the provisional
allotments of Rights Shares with Warrants commence and the net
proceeds arising therefrom will be dealt with in accordance with
the terms set out in the offer information statement (Offer
Information Statement) to be issued for the Rights Issue.

Entitled Shareholders are at liberty to accept, decline or
otherwise renounce or trade their provisional allotments of
Rights Shares with Warrants and will be eligible to apply for
additional Rights Shares with Warrants in excess of their
provisional allotments under the
Rights Issue. In the event that the Entitled Shareholders do not
subscribe for their entitlements under the Rights Issue in full,
provisional allotments, which are not taken up or allotted for
any reason, shall be allotted to Chip Lian Investments Pte Ltd
(Chip Lian).

Please refer to paragraph (b)(i) below for more information on
Chip Lian's undertaking to subscribe for and/or procure
subscription for the provisional allotments, which are not taken
up or allotted for any reason.

The Warrants, to be issued free with the Rights Shares
subscribed for, will be constituted in an instrument by way of
deed poll (the Deed Poll) and will be in registered form.

Each Warrant will, subject to the terms and conditions thereof,
carry the right to subscribe for one (1) New Share at an
exercise price referred to below during the exercise period
which will commence on the date of listing and quotation of the
Warrants on SGX-ST and end at 5.00 p.m. on the day immediately
preceding the fifth anniversary of the date of issue of the
Warrants. The New Shares will rank pari passu in all respects
with the then existing issued Shares, save for any dividends,
rights allotments or other distributions, the record date for
which falls before the relevant exercise date of the Warrants.
The Company proposes to fix the exercise price for each Warrant
at $0.25 per New Share (the Exercise Price). The Exercise Price
and the number of Warrants will be subject to adjustments under
certain circumstances to be provided for under the terms and
conditions of the Deed Poll. The Warrants are immediately
detachable from the Rights Shares upon issue and will be listed
and traded on the SGX-ST under the book-entry (scripless)
settlement system upon approval of SGX-ST. The listing and
trading of the Warrants on SGX-ST will be subject to the
requirement to have an adequate spread of holdings for the
Warrants to provide an orderly market for the Warrants. Each
board lot of Warrants will comprise 1,000 Warrants. Warrants
remaining unexercised after the expiry of the exercise period
shall lapse and cease to be valid for any purpose.

Based on the issued and paid-up share capital of the Company as
at the date of this announcement of 313,600,000 Shares, a
minimum of 78,400,000 Rights Shares with 78,400,000 Warrants
will be issued pursuant to the Rights Issue, assuming that the
Rights Shares with Warrants are fully subscribed.

As of July 7, 2004, there are 12,474,000 outstanding share
options granted under the Informatics Group Share Option Scheme.
Assuming that all the outstanding share options are exercised
before the Books Closure Date, the issued and paid-up capital as
at Books Closure Date would comprise 326,074,000 Shares. Hence,
a maximum of 81,518,500 Rights Shares with 81,518,500 Warrants
will be issued.

Appropriate adjustments, if any, will be made to options granted
or to be granted under the Informatics Share Option Scheme, in
connection with the Rights Issue.

The terms and conditions of the Rights Issue are subject to such
changes as the Directors may deem fit. The final terms and
conditions of the Rights Issue will be contained in the Offer
Information Statement to be dispatched by the Company to
Entitled Shareholders in due course.

(b) Renunciation of Rights Shares and Irrevocable Undertakings

(i) Renunciation of Rights Shares provisionally allotted to Dr
Wong Tai and Mr Ong Boon Kheng, and the Undertaking by Chip Lian
Dr Wong Tai and Mr Ong Boon Kheng, directors of the Company and
holders of 72,655,304 Shares and 12,268,952 Shares,
respectively, as at the date of this announcement, have
undertaken to renounce their respective entitlements of
18,163,826 Rights Shares with Warrants and 3,067,238 Rights
Shares with Warrants to Chip Lian.

As at the date of this announcement, Chip Lian holds 26,009,000
Shares, representing an aggregate shareholding of approximately
8.3% of the current issued and paid-up capital of the Company.
Based on such shareholding, Chip Lian is entitled to subscribe
for 6,502,250 Rights Shares with 6,502,250 Warrants. Chip Lian
has undertaken to subscribe for and/or procure subscriptions for
its provisional allotment of 6,502,250 Rights Shares with
Warrants under the Rights Issue, as well as the 21,231,064
Rights Shares with Warrants renounced by Dr Wong Tai and Mr Ong
Boon Kheng to Chip Lian.

In addition, at the request of the Company, Chip Lian has also
undertaken to subscribe for all the Rights Shares with Warrants
(subject to availability) which are not taken up by the other
Shareholders to enable the Company to raise sufficient funds
from the Rights Issue. The Company will allocate and issue such
excess Rights Shares with Warrants to Chip Lian only if other
public Shareholders decide not to take up their entitlements to
subscribe for the Rights
Shares with Warrants and, if desired, excess Rights Shares with
Warrants and after satisfying other Shareholders' application
with a view to minimising odd-lots.

Conditional upon the Rights Issue becoming unconditional in all
respects and approval in-principle from the SGX-ST for the
listing and quotation of the Rights Shares and the Warrants on
the Main Board of the SGX-ST having been obtained, the
subscription agreement dated 3 June 2004 (the Subscription
Agreement) made between the Company and Chip Lian relating to
the placement (the Placement) of 62,677,000 ordinary shares of
SGD0.05 each in the Company will be terminated and will cease to
have any force or effect whatsoever.

In view of the proposed Rights Issue and the termination of the
Subscription Agreement, the Board has resolved to withdraw the
ordinary resolution in respect of the Placement to be proposed
at the Extraordinary General Meeting (EGM) convened to be held
on 9 July 2004.
Accordingly, the ordinary resolution will not be put to the vote
at the EGM.

(ii) Undertaking by Berjaya Land Berhad, Berjaya Leisure Capital
(Cayman) Limited and Berjaya General Insurance Berhad
(collectively referred to as Berjaya)

As of date of this announcement, Berjaya holds 90,108,000
Shares, representing an aggregate shareholding of approximately
28.7% of the current issued and paid-up capital of the Company.
Based on such shareholding, Berjaya is entitled to subscribe for
22,527,000 Rights Shares with 22,527,000 Warrants. Berjaya has
undertaken to subscribe for and/or procure subscriptions for the
entire 22,527,000 Rights Shares with Warrants under the Rights
Issue.

(c) Purpose of the Rights Issue and the Use of Proceeds

The Company is proposing the Rights Issue for working capital
purposes and/or the repayment of bank borrowings as well as to
pay banks for deposits held against guarantees, which such banks
have issued on behalf of the Group.

In view of the irrevocable undertakings issued by Chip Lian and
Berjaya, the Rights Issue is expected to be fully subscribed.
The total proceeds from the Rights Issue is expected to be
approximately S$19.6 million, assuming that Chip Lian and
Berjaya take up their respective Rights Shares with Warrants as
set out in paragraph (b) above.

Pending the deployment of the proceeds from the Rights Issue,
the proceeds may be deposited with banks and/or financial
institutions, invested in short-term money markets and/or
marketable securities, or used for any other purpose on a short-
term basis, as the Directors may deem appropriate.

As and when the Warrants are exercised, the proceeds arising
therefrom may be used by the Group for general working capital
purposes and/or such other purposes as the Directors may, in
their absolute discretion, deem fit.

(d) Non-Underwritten Rights Issue

In view of the above irrevocable undertakings obtained from Chip
Lian and Berjaya, the Company has decided to proceed with the
Rights Issue on a non-underwritten basis.

Approvals

The Right Issue is subject to, inter alia, the in-principle
approval of the SGX-ST for the dealing in and listing of and
quotation for the Rights Shares, the Warrants and the New Shares
arising from the exercise of the Warrants on the SGX-ST and the
lodgement of the Company's Offer Information Statement in
respect of the Rights Issue with the Monetary Authority of
Singapore.

Application will be made to the SGX-ST for permission to deal in
and for listing of and quotation for the Rights Shares, Warrants
and the New Shares on the SGX-ST. An appropriate announcement on
the outcome of the application will be made in due course. The
terms and conditions of the Rights Issue is subject to such
changes as the Directors, after consultation with the Manager,
may deem fit.

Banking Facilities

On June 30, 2004, the Company announced that the Group is
committed to repay approximately SGD16.2 million to the Group's
banks by 15 July 2004 and that the ability of the Company and
the Group to meet these financial obligations is dependent on
the success of the Placement.

Given that the Company is proposing to undertake the Rights
Issue and has agreed with Chip Lian to terminate the
Subscription Agreement, the Company is presently in discussions
with the two banks to obtain a formal extension of time for the
Group to meet its repayment obligations. The Company intends to
make a further announcement once it receives a formal reply from
the two banks to its application for extension. The Company has
therefore not applied to lift the suspension of trading of the
Company's shares.

Responsibility Statement

The Directors of the Company (including those who may have been
delegated detailed supervision of the preparation of this
announcement) have taken all reasonable care to ensure that the
facts stated in this announcement are fair and accurate and that
no material facts have been omitted from this announcement, and
they jointly and severally accept responsibility accordingly.

This Singapore Stock Exchange announcement is dated July 7,
2004.


INFORMATICS HOLDINGS: Withdraws Resolution To Be Tabled at EGM
--------------------------------------------------------------
The Board of Directors of Informatics Holdings Ltd refers to the
announcements dated June 4, 2004 and June 21, 2004 as well as
the Circular to shareholders dated June 22, 2004 in relation to
the private placement of 62,677,000 new ordinary shares of $0.05
each in the capital of the Company to Chip Lian Investments Pte.
Ltd. The Board of Directors of the Company wishes to highlight
to shareholders of the Company that it has resolved to withdraw
the ordinary resolution in respect of the Placement to be
proposed at the Extraordinary General Meeting (EGM).
Accordingly, the ordinary resolution will not be put to the vote
at the EGM.

By Order of the Board
Raymond Quek Hiong How
Company Secretary.

Submitted by Raymond Quek Hiong How, Company Secretary on July
7, 2004 to the Singapore Stock Exchange.


INFORMATICS HOLDINGS: Students Worried About Scandals' Effects
--------------------------------------------------------------
Students of Informatics Holdings Limited are still disturbed
about the negative publicity heaped upon the school despite the
win-win deal reached by its owners, Channel News Asia reports.

Although classes have continued as normally as possible, some
students could not help but be worried about the series of
scandals that hit the school.  Recently, Informatics figured in
an accounting scandal and a police probe.  Its shares also
plunged after its owners, Vincent Tan and Oei Hong Leong,
squared off on a contentious share placement plan.

"After I heard of this, I was also very sad, very disappointed
in this school; worried that I [may not] get my degree or
[certificate].  All my friends changed to another school," one
unnamed student told Channel News Asia.

Informatics has sent a circular to parents and students,
assuring them that the firm's academic operations are not
affected by the ownership row.  On Tuesday night, Misters Tan
and Oei inked over dinner a SG$20 million cooperation agreement
involving a one-for-four rights issue at 25 cents per share to
rescue the ailing education services provider.


SETIAUSAHA TRAVEL: Winding Up Hearing Set on July 16
----------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Setiausaha Travel & Tours by the High Court was on June 21,
2004, presented by UNITED OVERSEAS BANK LIMITED (RC No.
193500026Z) of 80 Raffles Place, UOB Plaza 1, Singapore 048624,
a creditor, and the said Petition is directed to be heard before
the Court sitting at 10.00 o'clock in the forenoon 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 the hearing by himself or his Counsel
for that purpose. A copy of the said Petition will be furnished
to any creditor or contributory of the said Company requiring
the same by the undersigned on payment of the regulated charge
for the same.

The Petitioner's address is 80 Raffles Place, UOB Plaza 1,
Singapore 048624.

The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620.

DREW & NAPIER LLC
Solicitors for the Petitioner.

Note: Any person who intends to appear on the hearing of the
said Petition must serve on or send by post to the above named
Drew & Napier LLC a 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
the 15th day of July 2004.


T. HASEGAWA: Creditors Must Submit Claims By August 2
-----------------------------------------------------
Notice is hereby given that the creditors of T.Hasegawa Company
(S.E. Asia) Pte Ltd (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 at 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 Singapore Government Gazette announcement is dated July 2,
2004.


TONMAR TRADING: Creditors To Prove Debts by August 7
----------------------------------------------------
Notice is hereby given that the creditors of Tonmar Trading Pte
Ltd. (In Member's Voluntary Liquidation), which are being wound
up voluntarily are required on or before August 7, 2004 to send
in their names and addresses and particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to the undersigned, the Liquidators of the said Companies and,
if so required by notice in writing by the said Liquidators are,
by their solicitors or personally, to come in and prove their
debts or claims at such time and place as shall be specified in
such notice, or in default thereof they will be excluded from
the benefit of any distribution made before such debts are
proved.

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

This Singapore Government Gazette announcement is dated July 7,
2004.


TONMAR OVERSEAS: Creditors Must Submit Claims on August 7
---------------------------------------------------------
Notice is hereby given that the creditors of Tonmar Overseas
Investments Pte Ltd. (In Member's Voluntary Liquidation), which
are being wound up voluntarily are required on or before August
7, 2004 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidators of the
said Companies and, if so required by notice in writing by the
said Liquidators are, by their solicitors or personally, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

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

This Singapore Government Gazette announcement is dated July 7,
2004.


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


EASTERN WIRE: Details Capital Increase and Allotment
----------------------------------------------------
Eastern Wire PCL informed the Stock Exchange of Thailand (SET)
for further detail of the Company's capital increase and
allotment:

(1) The reason the Company offered the newly issued ordinary
shares to a particular buyer instead of its existing
shareholders or the public is because the Company would like to
restructure the debts of the its subsidiary, Rayong Wire
Industries Co., Ltd. (RWI), by selling newly issued ordinary
shares to a creditor of the Company's subsidiary, Asset Billion
Company Limited (ABC).

Rayong Wire Industries Co., Ltd. (RWI) will then use new capital
to repay debts to its creditors. With the new status of Asset
Billion Company Limited (ABC) as the Company's shareholder, the
Company will negotiate with Asset Billion Company Limited (ABC)
to assist the Company's subsidiary upon its debts.

(2) The Company has agreement with Asset Billion Company Limited
(ABC) that after buying newly issued shares and having new
status as the Company's shareholder, Asset Billion Company
Limited (ABC) will assist Rayong Wire Industries Co., Ltd. (RWI)
on the period of debt repayment and interest rates, which Rayong
Wire Industries Co., Ltd. (RWI) needs to repay Asset Billion
Company Limited (ABC):

Existing Contract   

To pay interest of the principle of THB125.0 million at MLR rate
from Bangkok Bank PCL with the maximum of 15 percent per year
and make principle repayment and interest every 3 months for 3
years Rectifying Contract after Asset Billion Company Limited
(ABC) becomes shareholder of Eastern Wire PCL   

To pay interest every 3 months at rate of two percent, three
percent and MLR minus one percent from Krung Thai Bank PCL for
year 1st to 3rd respectively and use MLR rate of Krung Thai Bank
PCL onwards. For the principle repayment, there is 2 years grace
period and payment at the same amount very 6 months for 7 years
afterwards.

(3) The Company sets the selling price for the increased shares
by using P/E ratio of the listed company in the construction
sector as a reference. The Company has negotiated with Asset
Billion Company Limited (ABC) for a month regarding offering
price at THB10, equivalent to 7 times of P/E ratio, which is
close to averaged P/E ratio of referred companies in the same
business sector.  Besides, the said price is higher than the
value of the Company's book value as of March 31, 2004, equal to
THB5.37 per share.

(4) The Company will receive THB60.63 million from the capital
increase and loan it to the Company's subsidiary in order to
repay part of its debt from Asset Billion Company Limited
(ABC).

(5) After issuing new ordinary shares of 6,063,256 shares at par
value of THB10 offered to Asset Billion Company Limited (ABC),
it will cause Dilution Effect to the Company's existing
shareholder by 17.83 percent of the 34 million shares.

(6) The Company has asked permission from the shareholders to
give power and authority to the Board of Director or the
Management Committee to set up period, means and details of the
offer.

The Company expects to receive payment of increased capital
within 1 month after the date of approval of the capital
increase and allotment to particular buyer at the Company's
shareholder meeting  

Best regards,
(Pirom Priyawat)
Managing Director


SRITHAI FOOD: To Undergo Rehabilitation
---------------------------------------
The Stock Exchange of Thailand (SET) announced Srithai Food and
Beverage PCL (SRI) has been subjected to rehabilitation plan
preparation and posted temporarily SP (Suspension) sign for 30
days to prohibit securities trading of SRI from 9 June 2004 to 8
July 2004 and was also transferred to REHABCO sector since 10
June 2004.

The SET also informed a time schedule for SRI 's management to
make prudent decision on whether to prepare a rehabilitation
plan to propose to the company's shareholders or whether they
would like to ask for voluntary delisting or whether it would
like to attempt rehabilitation under new Bankruptcy Act or
whether it would like to try other options which will benefit
all company stakeholders involved and report the decision to the
SET in order to disclose to public by 8 July 2004.

The SET has considered the SRI's management decision submitted
to the SET (details appear in Set Smart on 8 July 2004) and
will proceed as:

(1) Allow trading of SRI's securities under the REHABCO sector
from 9 July 2004 to 9 August 2004 to give shareholders a chance
of trading SRI 's securities. Therefore, according to Clause 24
(3) and (6) of the regulation on trading, clearing and
settlement for listed securities 1999, the ceiling and floor
limits on the main board will be expanded from the regular 30
percent to 100 percent of its last trading. The new limits will
be in effect on 9 July 2004.   

(2) Post an SP sign to prohibit further trading of SRI's
securities, beginning from 10 August 2004 until the cause of
delisting is eliminated or the SET allows continued trading
under the REHABCO sector after it completes the conditions
specified.

This is by virtue of Clause 5 (5) of the SET's rules, Conditions
and Procedure of the Temporary Prohibition against Trading of
Listed Securities dated on 9 February 1995.

SRI is required to proceed as:

(1) Appoint a so-called planner, as agreed to in court, to be
the person responsible for preparing the required rehabilitation
plan and act as the company's financial advisor.
         
(2) Implement the rehabilitation plan approved by its creditors
and the court, in place of the plan approved by the company's
shareholders.

(3) The planner and plan administrator must report to the SET
every six months to the SET on its actual implementation
progress, as compared to the rehabilitation plan until the cause
of possibly being delisted is eliminated.

The SET would like the SRI 's shareholders and general investors
to follow up the progress of SRI.
        


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

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

CHINA & HONG KONG
-----------------

Guangdong Sunrise              200030    (-117.22)     45.09
Guangdong Sunrise              000030    (-117.22)     45.09
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-203.9)      52.16
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-203.9)      52.16
Shenzhen Great Ocean           200057    (-10.87)      11.27
Shenzhen Petrochemical
Industry Group                 200013    (-290.79)     25.62
Shenzhen Petrochemical
Industry Group                 000013    (-290.79)     25.62


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


JAPAN
-----

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

MALAYSIA
--------

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


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

Pilipino Telephone Co.          PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46


  THAILAND
  --------

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








                            *********


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

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

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

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