TCRAP_Public/040712.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

             Monday, July 12, 2004, Vol. 7, No. 136

                            Headlines

A U S T R A L I A

ARISTOCRAT LEISURE: Names Interim Chairman
DUKE ENERGY: Issues 2Q04 Earnings Announcement Schedule
NATIONAL AUSTRALIA: Ernst & Young Eyes NAB Audit
QANTAS AIRWAYS: HK-UK Services Rights Granted to  By IASC
TELEVISION AND RADIO: Receivers to Sell Assets


C H I N A  &  H O N G  K O N G

ARIMA RESTAURANT: Winding Up Hearing Slated on July 21
CHINA GAS: Holds Special General Meeting on August 12
ETERNAL GREAT: Enters Winding Up Proceedings
G.C. HAHN: Holds Final Meeting of Members and Creditors
MEGA CONSTRUCTION: Winding Up Hearing Set July 21


I N D O N E S I A

INDOFOOD SUKSES: Plans IDR2.5tln Bond Issuance
PERTAMINA: To Deliver Tanker Despite Confiscation Threat
PRUDENTIAL LIFE: Faces Another Bankruptcy Suit


J A P A N

MITSUBISHI FUSO: Recalls 2,600 Vehicles Over Faulty Hubs
MITSUBISHI MOTORS: To Shut Okazaki Plant
UFJ HOLDINGS: Unit May Enter Alliance With Sumitomo Trust


K O R E A

DAEWOO INCHEON: Labor Union Demands 16.6% Wage Hike
SK NETWORKS: Sells 1.3% Stake In SK Telecom ADRs
SSANGYONG MOTOR: Union Vows to Launch Strike This Week


M A L A Y S I A

BERJAYA SPORTS: Buys Back 990,000 Ordinary Shares
BESCORP INDUSTRIES: Issues Update On Corporate Proposals
FABER GROUP: Issues Additional 10,000 Ordinary Shares
GADANG HOLDINGS: BMSB To Grant Listing Of 50,000 Ordinary Shares
HAP SENG: Issues Additional 54,000 Ordinary Shares

KEMAYAN CORPORATION: SC Grants Extension Re Restructuring
MBF HOLDINGS: Issues Update On Civil Suit
MBF LEASING: Faces Voluntary Winding Up Petition  
MECHMAR CORPORATION: Issues Update On Loans In Default
MUTIARA GOODYEAR: Updates Proposed Shareholders Mandate

OILCORP BERHAD: Unit Acquires Qatar Petroleum Project
PARK MAY: Issues Update On Practice Note
QUALITY CONCRETE: Details Disposal and Acquisition Of Securities
QUALITY CONCRETE: Resolutions Pass During AGM
SEE HUP: Details Proposed Shareholders Mandate

SELANGOR DREDGING: Relates Issued and Paid-up Capital Disposal
SIME DARBY: Issues Update On Shares and Warrants Acquisition
SUGAR BUN: Sets AGM On July 30
TANJONG PUBLIC: BMSB Grants Listing of 38,000 New Shares
UNITED CHEMICAL: Reports Development On Default In Payment

WCT ENGINEERING: Details Proposed Corporate Exercise


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: To Enter New Business Ventures
BACNOTAN CONSOLIDATED: Issues Additional Info On Sale of Shares
EASYCALL COMMUNICATIONS: Unveils Organizational Meeting Result
EASYCALL COMMUNICATIONS: Unveils Stockholders Meeting Result
FILINVEST LAND: Clarifies News Article Re Debt Payment

PHILIPPINE LONG: To Expand Cagayan de Oro Ops
PHILIPPINE REALTY: Creditor Files Notice Of Appeal
PRYCE CORPORATION: To File A Petition For Rehabilitation
ZIPPORAH REALTY: To Settle PhP61,070,129.86 In Obligations
ZIPPORAH REALTY: Details Nomination of Independent Directors


S I N G A P O R E

CASURINA INVESTMENTS: Faces Voluntary Winding Up
CREATIVE DRAGON: Placed Under Voluntary Liquidation by Parent
DAEWOO SINGAPORE: Faces Winding Up Petition
ECON CORPORATION: Businessman Acquires Econ Corp for $1
INFORMATICS HOLDINGS: Berjaya Group Interest Changes

INFORMATICS HOLDINGS: Issues Change in Berjaya Land Interest
INFORMATICS HOLDINGS: Posts Berjaya Leisure Interest Change
INFORMATICS HOLDINGS: Notes Change in Teras Mewah Holdings
INFORMATICS HOLDINGS: Posts Change in Vincent Tan's Interest
INFORMATICS HOLDINGS: Posts Update to July 7 Announcement

INFORMATICS HOLDINGS: Reports SG$15M Worth of Non-core Assets
INFORMATICS HOLDINGS: Banks Extend Debt Repayment Deadline
WAN SOON: Judicial Management Order Made


T H A I L A N D

BANGKOK TRANSIT: Creditors To Take Over Operations
KRUNG THAI: Hopes To Lower Bad Loan Level To Below 5%
RS PROMOTION: To Reorganize In Hopes Of A Business Turnaround
TANAYONG: SET Posts NR Sign on Securities

     -  -  -  -  -  -  -  -

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


ARISTOCRAT LEISURE: Names Interim Chairman
------------------------------------------
The Board of Aristocrat Leisure Limited (ASX: ALL) announced
that Mr. David Simpson has accepted the position of interim
Chairman effective from today following the resignation from the
Board of former Chairman, Mr. John Pascoe AO, consequent upon
his appointment to the position of Chief Federal Magistrate.

David Simpson was nominated in July 2003 and was appointed a
Director of the Company in February 2004. He has chaired the
Audit Committee since July 2003. However, concurrent with his
acceptance of the interim Chairman's appointment, Mr. Simpson
will vacate the position of Chairman of the Audit Committee and
Ms Penny Morris AM will assume that role. Mr. Simpson will
continue as a member of the Audit Committee.

Mr. Simpson is a former Executive General Manager, Finance, of
Southcorp Holdings; a former Executive General Manager, Finance,
of Tabcorp Holdings Limited; and a former Finance Director of
Tabcorp Holdings Limited.

Mr. Paul Oneile, Chief Executive Officer and Managing Director,
welcomed Mr. Simpson`s appointment as interim Chairman. Mr.
Oneile said: "David has had a distinguished career, both in
financial management and the gaming industry, and I look forward
to his contribution as interim Chairman and to working with him
in his new role."

Mr. Simpson said: "On behalf of the Board, I would like to
express my sincere gratitude to John Pascoe for the contribution
he has made to the Company, not only as Chairman, but also since
he was appointed a Director in 2001."

"John Pascoe's extensive experience in commercial and legal
affairs, coupled with his general management and corporate
governance skills, have uniquely equipped him for his role as a
Director and then as Chairman of Aristocrat. His contribution to
the Company has been integral to the restoration of financial
integrity and shareholder value and I wish him well in his new
legal career."

Enquiries: Margot McKay 0412132769


DUKE ENERGY: Issues 2Q04 Earnings Announcement Schedule
-------------------------------------------------------
Duke Energy will announce its second quarter 2004 earnings
results at approximately 7 a.m. ET on Thursday, July 29, 2004.

An earnings conference call for analysts is scheduled for 10
a.m. ET on Thursday, July 29. The conference call can be
accessed via the investors' section of Duke Energy's Web site or
by dialing 800/967-7187 in the United States or 719/457-2635
outside the United States. The confirmation code is 601243.
Please call in five to 10 minutes prior to the scheduled start
time. A replay of the conference call will be available by
dialing 888/203-1112 with a confirmation code of 601243. The
international replay number is 719/457-0820, confirmation code
601243. A replay and transcript also will be available by
accessing the investors' section of the company's Web site.

Duke Energy is a diversified energy company with a portfolio of
natural gas and electric businesses, both regulated and
unregulated, and an affiliated real estate company. Duke Energy
supplies, delivers and processes energy for customers in North
America and selected international markets. In 2004, the company
celebrates a century of service with the 100th anniversary of
its electric utility Duke Power. Headquartered in Charlotte,
N.C., Duke Energy is a Fortune 500 company traded on the New
York Stock Exchange under the symbol DUK. More information about
the company is available on the Internet at:
www.duke-energy.com.


Contact: Randy Wheeless
Phone: 704/382-8379
24-Hour Phone: 704/382-8333
E-mail: crwheele@duke-energy.com


NATIONAL AUSTRALIA: Ernst & Young Eyes NAB Audit
------------------------------------------------
Accounting firm Ernst & Young is confident it will be appointed
auditor of National Australia Bank (NAB), the Sydney Morning
Herald reports. The $20 million per year contract is up for
grabs after NAB decided not to retain KPMG's services after the
2004 financial year.

Meanwhile, Moody's Investors Service recently affirmed National
Australia Bank (NAB)'s long- and short-term ratings of Aa3 /
Prime-1 and its bank financial strength rating of B. The ratings
outlook continues to be stable.

Moody's had previously affirmed NAB's ratings on 13 and 27
January, 2004 in the wake of losses arising from unauthorized
foreign exchange options trading. The affirmation follows
disclosure by NAB that it has been required by the Australian
Prudential Regulation Authority (APRA) to undertake remedial
actions following the losses.


QANTAS AIRWAYS: HK-UK Services Rights Granted By IASC
-----------------------------------------------------
Qantas Airways Limited has been allocated seven services a week
from Hong Kong to the U.K. in a draft determination by the
International Air Services Commission (IASC), Bloomberg News
reported on Friday.

The draft decision will allow the carrier to proceed with its
plan to begin flying Boeing 747-400s three times a week between
Sydney and London via Hong Kong from November, increase the
number of flights to four a week in November 2005 and expand to
daily services from April 2006.

Australia and Hong Kong agreed in April to allocate more air
rights between the two countries. The agreement allows Cathay
Pacific Airways Ltd. and Hong Kong Dragon Airlines Ltd., Hong
Kong's two passenger carriers, greater access to Australian
destinations and gives Australia access to air rights between
Hong Kong and the United Kingdom.


TELEVISION AND RADIO: Receivers to Sell Assets
----------------------------------------------
Multicultural broadcaster Television and Radio Broadcasting
Services Australia Pty Ltd (TARBS) ceased trading Wednesday
after receivers failed to save the business, the Age reports.

Without enough funds to continue running the business, recently-
appointed receivers Phil Carter and Martin Brown of
PricewaterhouseCoopers switched off the service and put its
assets up for sale.

TARBS is an Australian broadcasting services and Infrastructure
Company using DTH (Direct-To-Home) satellite infrastructure as
its primary delivery platform.

Its programming rights presently extend to more than 50
multicultural television channels, 30 multicultural radio
channels, nine core English channels and an adult channel.


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


ARIMA RESTAURANT: Winding Up Hearing Slated on July 21
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Arima Restaurant Limited by the High Court of Hong Kong was on
June 2, 2004 present to the said Court by Ma Kwai Ying of 15/F.,
Block D, 41-43 Fort Street, Elgar Mansion, Hong Kong.  

The said Petition will be heard before the Court at 10:00 am on
July 21, 2004.

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

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

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


CHINA GAS: Holds Special General Meeting on August 12
-----------------------------------------------------
A special general meeting of China Gas Holdings Limited
(incorporated in Bermuda with limited liability) will be held at
11:00 a.m. (or immediately after the conclusion or adjournment
of the annual general meeting of the Company to be held on the
same date) on August 12, 2004 at 16th Floor, AXA Centre, No.151
Gloucester Road, Wanchai, Hong Kong for the purpose of
considering and, if thought fit, passing the following
resolution as ordinary resolution:

Ordinary Resolution

That the share transfer agreement (the Share Transfer Agreement,
a copy of the share transfer agreement has been produced at the
meeting marked "A" and signed by the chairman of the meeting for
the purpose of identification) dated May 19, 2004 and entered
into between Huainan City Gas Company as vendor and Central Asia
Natural Gas (Shenzhen) Company Limited as purchaser relating to
the acquisition of 30% equity interests in Huainan China Gas
City Gas Development Company Limited, and the transactions
contemplated thereunder, be and are hereby approved and that the
board of directors of the Company be and is hereby authorized to
take such action as may in the opinion of the Board be necessary
or desirable to give effect to the Share Transfer Agreement.

By order of the Board
China Gas Holdings Limited
Liu Ming Hui
Managing Director
Registered office: Head office and principal place of business
Clarendon House in Hong Kong:
2 Church Street 16th Floor
Hamilton HM 11 AXA Centre
Bermuda No. 151 Gloucester Road
Wanchai
Hong Kong

Notes:

(1) A member of the Company entitled to attend and vote at the
meeting convened by the above notice is entitled to appoint one
or more proxy to attend and, subject to the provisions of the
bye-laws of the Company, to vote on his behalf. A proxy need not
be a member of the Company but must be present in person at the
meeting to represent the member. If more than one proxy is so
appointed, the appointment shall specify the number and class of
shares in respect of which each such proxy is so appointed.

(2) In order to be valid, the form of proxy must be duly
completed and signed in accordance with the instructions printed
thereon and deposited together with a power of attorney or other
authority, if any, under which it is signed, or a notarized copy
of such power or authority, at the offices of the Company's
branch share registrar in Hong Kong, Computershare Hong Kong
Investor Services Limited at Rooms 1901-1905, 19th Floor,
Hopewell Centre, 183 Queen's Road East, Hong Kong not less than
48 hours before the time appointed for holding the meeting or
any adjournment thereof. Completion and return of a form of
proxy will not preclude a member from attending in person and
voting at the above meeting or any adjournment thereof, should
he so wish.

(3) In the case of joint holders of shares, any one of such
holders may vote at the meeting, either personally or by proxy,
in respect of such shares as if he was solely entitled thereto,
but if more than one of such joint holders are present at the
meeting personally or by proxy, that one of the said persons so
present whose name stands first in the register of members of
the Company in respect of such shares shall alone be entitled to
vote in respect thereof.

(4) Pursuant to the Rules Governing the Listing of Securities on
The Stock Exchange of Hong Kong Limited, voting on the above
ordinary resolution will be taken by way of poll.

This announcement is dated July 9, 2004.


ETERNAL GREAT:  Enters Winding Up Proceedings
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Eternal Great Wall Engineering Company Limited by the High Court
of Hong Kong was on May 28, 2004 present to the said Court by Ng
Ka Yiu of Room 1810, 18/F., Tao Tak House, Lee Cheung Uk Estate,
Kowloon, Hong Kong.  

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

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

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

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


G.C. HAHN: Holds Final Meeting of Members and Creditors
-------------------------------------------------------
Pursuant to Section 248 of the Companies Ordinance (Chapter 32),
a Final Meeting of the members and creditors of G.C. Hahn &
Company Asia Limited (in Creditors Voluntary Liquidation) will
be held at 17/F., 23 Wing Wo Street, Central, Hong Kong on
August 14, 2004 at 10:00 a.m. and 10:30 a.m. respectively for
the purposes of having the accounts laid before them, showing
the manner in which the winding up has been conducted and the
property of the Company has been disposed of, and of hearing any
explanation that may be given by the Liquidator, and also of
determining by resolution of the creditors the manner in which
the books, accounts and documents of the Company, and of the
Liquidator thereof, shall be disposed of.

Members or creditors who are unable to attend may appoint a
proxy who need not be a member or a creditor of the Company.  
Proxies to be used at the meetings must be lodged at 17th Floor,
23 Wing Wo Street, Central, Hong Kong no later than 4:00 p.m. on
August 13, 2004.

Kenny King Ching Tam
Liquidator

This announcement is dated July 9, 2004.


MEGA CONSTRUCTION: Winding Up Hearing Set July 21
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Mega Construction Engineering Limited by the High Court of Hong
Kong was on May 28, 2004 presented to the said Court by Nong
Thuy Phuong of Flat B, 9/F., Cheong Yiu Building, 169 Castle
Peak Road, Tsuen Wan, New Territories, Hong Kong.  

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

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

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

Note: Any person who intends to appear 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.


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


INDOFOOD SUKSES: Plans IDR2.5tln Bond Issuance
----------------------------------------------
Indonesia's food giant PT Indofood Sukses Makmur plans to issue
bonds worth IDR2.5 trillion (USD1=IDR9,011) to refinance debt,
Dow Jones reports.

Indofood Vice President Franciscus Welirang said the proposed
bond issuance would cover payment of the firm's US$280 million
Eurobonds, which carry a 10.375% coupon maturing in 2007.

The issuance date is still to be determined as the firm waits
for approval from its major shareholders.

Earlier, Indofood has set a 12.5% coupon rate on IDR1 trillion
bonds and will utilize 75 percent of its proceeds to pay off
dollar denominated debts. The remaining amount will be used to
pay short-term rupiah borrowings.

The company, which has an IDR7.1 trillion outstanding debt,
plans to cut its total debt to pave the way for further
expansion.


PERTAMINA: To Deliver Tanker Despite Confiscation Threat
--------------------------------------------------------
State oil and gas firm PT Pertamina spokesman Hanung Budya
Yukyanta told The Jakarta Post that the scheduled delivery of
one supertanker to Norway's Frontline Ltd was set last Friday
despite a confiscation warning.

Frontline Ltd, which won the tanker tender for a total of US$184
million, was scheduled to receive the first tanker last Friday
and the second in September.

Koran Tempo newspaper reported that U.S. based power firm Karaha
Bodas Company (KPC) filed a request to the South Korean Court to
confiscate the two Very Large Crude Carriers (VLCCs) after
winning in a contractual dispute with Pertamina.

KBC sued Pertamina after the Indonesian government cancelled a
contract to construct a power plant in the country along with 26
other independent power projects during the 1997 crisis.

Pertamina lost in the arbitration court in 2000 and was ordered
to pay compensation totaling US$261 million. A U.S. court, after
ruling against the appeal that Pertamina filed, ordered the firm
to pay the compensation plus interest, for a total of US$291
million.

Pertamina, however, was not able to pay the amount, prompting
KBC to request the U.S., Singapore and Hong Kong courts to
sequester Pertamina's overseas assets.

South Korea's Hyundai Heavy Industries, the VLCC's manufacturer,
was already notified by KBC about the plan, while Pertamina has
yet to receive the confiscation mandate.

Mr. Hanung admitted Pertamina had anticipated KBC's action and
added without elaborating that the firm had taken measures to
prevent it from happening. He, however, declined to comment when
asked if Frontline will drop the deal.


PRUDENTIAL LIFE: Faces Another Bankruptcy Suit
----------------------------------------------
After evading an insolvency case in June, PT Prudential Life
Assurance is again faced with another bankruptcy suit at the
Central Jakarta Commercial Court, Asia Times reports, citing
Kompas Daily.

The petition was filed Tuesday by the family of a deceased
policyholder, Ng Sek Ngie. His wife Ng Sok Hia and sons David
Sigmund and Dick Sigmund have accused the insurance firm of
failing to pay remuneration amounting to IDR16 million
(US$1,776).

Despite Prudential Life's solvent status, the Central Jakarta
Commercial Court declared the company bankrupt in May after a
former agent sued the firm for failure to grant him bonuses. The
Indonesian Supreme Court, however, overturned the controversial
verdict last month.


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


MITSUBISHI FUSO: Recalls 2,600 Vehicles Over Faulty Hubs
--------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation plans to recall about
2,600 vehicles after discovering problems with wheel hubs
produced between 1994 and 1995, Kyodo News reported on Friday.
The announcement represented a reversal by the carmaker, which
had been claiming that its new types of wheel hub are safe.


MITSUBISHI MOTORS: To Shut Okazaki Plant Down
---------------------------------------------
As part of its cost-cutting scheme, Mitsubishi Motors
Corporation plans to close its Okazaki plant in Aichi Prefecture
by the end of 2005, Dow Jones reported on Thursday.

The struggling automaker will transfer 1,600 workers at the
plant from July 2005 to other Mitsubishi plants to complete the
closure by the end of next year.

Around 1,260 people, or about 80 percent of the plant's total
work force, will be moved to the company's Mizushima plant in
Okayama Prefecture, western Japan. A further 250 will be
transferred to Pajero Manufacturing Co., its production unit in
Gifu Prefecture, also in western Japan, according to the report.


UFJ HOLDINGS: Unit May Enter Alliance With Sumitomo Trust
---------------------------------------------------------
UFJ Holdings Inc.'s trust bank UFJ Trust may merge with Sumitomo
Trust & Banking Co. this year instead of by the end of March
2006 as planned to accelerate cost cuts, Bloomberg News reports,
citing the Nihon Keizai newspaper.

UFJ Holdings said it is seeking to reach agreement on the sale
of its trust bank to Sumitomo Trust this month, though nothing
has been decided on the sale.


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


DAEWOO INCHEON: Labor Union Demands 16.6% Wage Hike
---------------------------------------------------
Labor union members at Daewoo Incheon Motor are scheduled to
join a partial strike for two hours on Wednesday, according to
Dow Jones.

The workers are asking for a 16.6 percent increase in base
salary and are demanding for a GM Daewoo takeover of Daewoo
Incheon Motor in the near future.

General Motors Corporation (GM) established GM Daewoo in 2002
after it acquired a majority stake in now-defunct Daewoo Motor.

GM did not take over Daewoo Motor's main assembly plant in
Bupyeong, which was renamed as Daewoo Incheon Motor, but said
previously it would take over Daewoo Incheon Motor if the plant
enhances its productivity and product quality and maintains
peaceful labor-management relationship.

The union is calling for completion of a takeover by the end
next year.


SK NETWORKS: Sells 1.3% Stake In SK Telecom ADRs
------------------------------------------------
In line with its restructuring plan, SK Networks Co. has sold
its entire American Depositary Receipt (ADR) holdings in SK
Telecom equivalent to a 1.3 percent stake in a block trade, Dow
Jones reports. A block trade is defined on the New York Stock
Exchange as an order that consists of 10,000 shares of a given
stock or at a total market value of US$200,000 or more.

The Company, which owns a 2.6 percent stake in SK Telecom,
raised a total of US$184 million by selling 9.65 million SK
Telecom ADRs to overseas investors at $19.05 each, or at a 6.2
percent premium to SK Telecom's closing stock price Thursday.

Morgan Stanley served as lead manager for the sale.

Creditors placed SK Networks under a debt workout program last
year as the company nearly went bankrupt after prosecutors
uncovered accounting irregularities amounting to KRW1.55
trillion in March 2003.


SSANGYONG MOTOR: Union Vows to Launch Strike This Week
------------------------------------------------------
The labor union of Ssangyong Motor Co. will launch partial
strikes this week as management failed to accept its demand for
a bigger role in key management decisions, Yonhap News reports.

"The management rejected most of our demands when it made its
proposal Thursday," an official at the union said.

Ssangyong Motor Co. was put up for sale after it separated from
the Daewoo Group, which was dissolved in 1999 after it collapsed
under trillions of won in debt. Creditors then took control of
the carmaker through two debt-for-equity swaps.

At present, companies bidding for Ssangyong Motor Co. have been
narrowed down to Shanghai Automotive Industry (Group)
Corporation (SAIC) and an unnamed U.S.-based pension fund.


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


BERJAYA SPORTS: Buys Back 990,000 Ordinary Shares
-------------------------------------------------
Berjaya Sports Toto Berhad disclosed to Bursa Malaysia
Securities Berhad the details of its shares buy back dated July
9, 2004.

Description of shares purchased:  ordinary shares

Total number of shares purchased (units): 990,000

Minimum price paid for each share purchased (RM): 3.880

Maximum price paid for each share purchased (RM): 3.920

Total consideration paid (RM): 3,872,365.15

Number of shares purchased retained in treasury (units): 990,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 46,090,000

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

The number of shares with voting rights in issue after the above
share buyback is 991,863,107.


BESCORP INDUSTRIES: Issues Update On Corporate Proposals
--------------------------------------------------------
Bescorp Industries Berhad (BIB) disclosed to Bursa Malaysia
Securities Berhad the details of the following proposals:

- PROPOSED SHARE SPLIT;
- PROPOSED SHARE EXCHANGE;
- PROPOSED CASH PAYMENT;
- PROPOSED CAPITALISATION;
- PROPOSED CONVERSION OF ADVANCES;
- PROPOSED OFFER FOR SALE;
- PROPOSED TRANSFER OF LISTING;
- PROPOSED EXEMPTION; AND
- PROPOSED LIQUIDATION

(HEREINAFTER COLLECTIVELY REFERRED TO AS THE CORPORATE
PROPOSALS)

The company refers to the announcement made on behalf of the
Company by Commerce International Merchant Bankers Berhad (CIMB)
on 15 March 2004 in relation to the Corporate Proposals wherein,
the Securities Commission (SC) had vide its letter dated 12
March 2004 approved amongst others, the proposed offer for sale
of up to 82,000,000 new ordinary shares of RM0.50 each in WCT
Land Berhad (WCTL) (WCTL Shares) at an offer price to be
determined later comprising:

(a) Up to 22,300,000 WCTL Shares to the shareholders of WCT
Engineering Berhad (WCT) whose names appear on the Record of
Depositors (save for WCT Capital Sdn Bhd and persons acting in
concert) at a date to be determined later and on a basis to be
determined later;

(b) 2,000,000 WCTL Shares to the eligible employees of WCT and
its subsidiaries (Eligible Employees);

(c) 25,000,000 WCTL Shares to identified investors by way of
private placement;

(d) 24,700,000 WCTL Shares to Bumiputera investors to be
approved by the Ministry of International Trade and Industry;
and

(e) 8,000,000 WCTL Shares to the Malaysian public,

hereinafter referred to as the "Proposed Offer for Sale".

On behalf of the Company, CIMB wishes to announce that CIMB had
on behalf of WCTL, submitted an application to the SC on 20 May
2004 for its approval to allow WCT to allocate a portion of the
2,000,000 WCTL Shares available for application by the Eligible
Employees as stated in item (b) above, to the eligible Directors
of WCT and its subsidiaries.

On behalf of the Company, CIMB is pleased to announce that the
SC had vide its letter dated 7 July 2004, which was received on
8 July 2004, approved the participation of the Directors of WCT
and its subsidiaries under the Eligible Employees category of
the Proposed Offer for Sale.

This announcement is dated 8 July 2004.


FABER GROUP: Issues Additional 10,000 Ordinary Shares
-----------------------------------------------------
Faber Group Berhad's additional 10,000 new ordinary shares of
RM1.00 each issued pursuant to the conversion of RM20,000
nominal value of 2000/2005 irredeemable convertible unsecured
loan stocks into 10,000 new ordinary shares will be granted
listing and quotation by Bursa Malaysia Securities Berhad
effective 9:00 a.m., Monday, 12 July 2004.


GADANG HOLDINGS: BMSB To Grant Listing Of 50,000 Ordinary Shares
----------------------------------------------------------------
Kindly be advised that Gadang Holdings Berhad's additional
50,000 new ordinary shares of RM1.00 each issued pursuant to the
aforesaid conversion of RM50,000 nominal value of 2 percent
2003/2008 irredeemable convertible unsecured loan stocks into
50,000 new ordinary shares will be granted listing and quotation
by Bursa Malaysia Securities Berhad (BMSB) effective 9:00 a.m.,
Monday, 12 July 2004.


HAP SENG: Issues Additional 54,000 Ordinary Shares
--------------------------------------------------
Hap Seng Consolidated Berhad's additional 54,000 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., Tuesday, 13 July
2004.


KEMAYAN CORPORATION: SC Grants Extension Re Restructuring
---------------------------------------------------------
Public Merchant Bank Berhad, on behalf of the Board of Directors
of Kemayan Corp. Berhad (KCB) announce to Bursa Malaysia
Securities Berhad that Securities Commission had, via its letter
dated 5 July 2004, which was received on 8 July 2004, granted
approval for an extension of time of an additional six (6)
months until 16 January 2005 for KCB / Jawira Holdings Berhad to
implement the Proposed Restructuring Scheme of KCB.

This announcement is dated 9 July 2004.


MBF HOLDINGS: Issues Update On Civil Suit
-----------------------------------------
Reference is made to the announcement made to Bursa Malaysia
Securities Berhad on 11 June 2004 pertaining to the Kuala Lumpur
High Court Civil Suit Number D2-22-556-2003 Industrial and
Commercial Bank of China (Asia) Ltd. versus MBf Holdings Berhad.

MBf Holdings Berhad wishes to announce that on 8 July 2004, the
Plaintiff's summary judgement application has been adjourned for
delivery of judgment/clarification on 12 August 2004.

Yours faithfully,
For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
July 8, 2004


MBF LEASING: Faces Voluntary Winding Up Petition  
------------------------------------------------
MBf Holdings Berhad (MBfH) informed Bursa Malaysia Securities
Berhad (BMSB) that MBf Leasing (S) Pte Ltd (MBfL), a wholly-
owned subsidiary company of MBfH has been placed under members'
voluntary winding up and that Mr Chia Soo Hien and Mdm Ng Geok
Mui of Messrs BDO International, 5 Shenton Way, #07-00 UIC
Building, Singapore 068808 were appointed the Liquidators of
MBfL.

Information on MBfL

MBfL was incorporated on 10 March 1983 and the principal
activity were those of equipment-based financing, mortgage loans
and factoring. The authorised and paid-up capital is
S$6,000,000. MBfL's shareholders' deficit is S$592 as at 31
December 2003.

MBfL ceased its operation in 1999.

Rationale for the Winding Up

The winding up exercise of MBfL is part of the rationalisation
and streamlining exercise of MBfH Group.

Financial Effect of the Winding Up

The winding up of MBfL will not have any material effect to MBfH
Group.

Interests of Directors, Substantial Shareholders and Persons
connected to the Directors and Substantial Shareholders

None of the directors, substantial shareholders and persons
connected to the directors and substantial shareholders of MBfH
have any interest, direct and indirect in the said exercise.

Yours faithfully,
For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
8 July 2004


MECHMAR CORPORATION: Issues Update On Loans In Default
------------------------------------------------------
During the month, the company has fully settled the outstanding
loan, principal and interest owed to AmMerchant Bank Bhd.  The
rest of the loans in default are being paid down as per agreed
installments schedules or repayment schemes.

Attached the default loans report as at 30 June 04 for your
reference.
http://bankrupt.com/misc/mechmarberhad070904.xls


MUTIARA GOODYEAR: Updates Proposed Shareholders Mandate
-------------------------------------------------------
Mutiara Goodyear Development Berhad (Mutiara) issued to Bursa
Malaysia Securities Berhad an update on the Proposed Renewal of
Shareholders' Mandate for recurrent related party transactions
of a revenue or trading nature (Proposed Shareholders' Mandate).

The Board of Directors of Mutiara wishes to announce that the
Company intends to seek the approval from its shareholders for
the Proposed Shareholders' Mandate at its forthcoming 25th
Annual General Meeting to be convened at a later date.

A circular containing the information on the above will be
dispatched to the shareholders in due course.


OILCORP BERHAD: Unit Acquires Qatar Petroleum Project
-----------------------------------------------------
The Board of Directors of OilCorp Berhad announced to Bursa
Malaysia Securities Berhad that its wholly owned subsidiary,
Oil-Line Engineering & Associates Sdn Bhd (Oil-Line) and its
consortium partner, Intraline Resources Sdn Bhd (Intraline),
have been jointly awarded the Contract for the Engineering,
Procurement, Installation and Commissioning (EPIC) for the NF-A
(PS-4) Topsides Upgrade in Qatar by Qatar Petroleum. The
contract is valued at approximately Qatari Riyals (QAR) 173.7
million (or equivalent to approximately RM181.3 million).

This EPIC contract is expected to be completed in March 2006 and
would have a positive effect to the bottom line of OilCorp
Group.

This announcement is dated 8 July 2004.


PARK MAY: Issues Update On Practice Note
----------------------------------------
On 12 March 2003, Park May Berhad announced to Bursa Malaysia
Securities Berhad that it is an affected listed issuer under
PN4. As an affected listed issuer, the Company is required to,
amongst others, obtain all approvals necessary for the
implementation of the plan to regularize its financial condition
(Proposed Restructuring Scheme) within four (4) months from the
date of submission of such plan to the authorities i.e. by 11
July 2004.

Park May had on 11 March 2004 submitted the application on the
Proposed Restructuring Scheme to the authorities, namely the
Securities Commission (SC) and Unit Pematuhan Ekuiti, Jabatan
Pengambilalihan dan Percantuman of the SC for their approval.

In this respect, on behalf of the Company, AmMerchant Bank
Berhad wishes to announce that the Company has on 9 July 2004
submitted an application to Bursa Securities for an extension of
time of two (2) months i.e. until 11 September 2004 to obtain
all outstanding authorities' approval.

This announcement is dated 9 July 2004.


QUALITY CONCRETE: Details Disposal and Acquisition Of Securities
----------------------------------------------------------------
The Board of Directors of Quality Concrete Holdings Berhad
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.

Appendix I
http://bankrupt.com/misc/qualityconcrete070904.xls

(2) Aggregate value of consideration for transactions on 8th
July, 2004: RM181,810

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 RM2.2185
Loss Per share RM0.00009

The Company has on 8th July, 2004:

(1) Disposed off 10,000 ordinary shares of RM1.00 each in AMFB.
(2) Acquired 88,000 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.


QUALITY CONCRETE: Resolutions Pass During AGM
---------------------------------------------
Quality Concrete Holdings Berhad announced to Bursa Malaysia
Securities Berhad that all the resolutions as per Notice of
Annual General Meeting (AGM) dated 8th June 2004 were duly
passed at the AGM of the Company held at Room 209, Level 2,
Wisma Bukit Mata Kuching, Jalan Tunku Abdul Rahman, 93100
Kuching, Sarawak, on Thursday, 8th July, 2004 at 10:00 a.m.


SEE HUP: Details Proposed Shareholders Mandate
----------------------------------------------
See Hup Consolidated Berhad (SEE HUP) disclosed to Bursa
Malaysia Securities Berhad the details of the Proposed
shareholders mandate for recurrent related party transactions of
a revenue or trading nature and the provision of financial
assistance between the company and its subsidiaries via the
centralized treasury management function.

(1) INTRODUCTION

See Hup is pleased to announce that the Company is proposing to
seek a renewal of the shareholders' mandate for the existing
recurrent related party transactions of a revenue or trading
nature and to obtain an additional mandate for the additional
recurrent related party transactions involving the Group and the
provision of financial assistance between the Company and its
subsidiaries via the centralized treasury management function
(Proposed Shareholders' Mandate), pursuant to Chapter 10.09 and
Chapter 8.23 of the Bursa Malaysia Securities Berhad Listing
Requirements respectively at the forthcoming Annual General
Meeting of the Company.

(2) DETAILS OF THE PROPOSED SHAREHOLDERS' MANDATE

At the Annual General Meeting of the Company held on 26
September 2003, the Company had obtained shareholders' mandate
to undertake the recurrent related party transactions entered
into by the Group. The authority to undertake the recurrent
related party transactions shall lapse at the conclusion of the
next Annual General Meeting unless the authority is renewed.

Further, the Company also proposes to seek the shareholders'
mandate for the additional recurrent related party transactions
involving the Group and the provision of financial assistance
between the Company and its subsidiaries via the centralized
treasury management function for the next financial year.

The Board therefore proposes to seek a renewal of the approval
from the shareholders of the Company for the existing recurrent
related party transactions and an additional mandate in respect
of the additional recurrent related party transactions of the
Group and the provision of financial assistance to comply with
Chapter 10.09 and Chapter 8.23 of the Listing Requirements
respectively in the forthcoming Annual General Meeting of the
Company.

A circular containing the details of the Proposed Shareholders'
Mandate will be dispatched to the shareholders of See Hup in due
course.

Yours faithfully
SEE HUP CONSOLIDATED BERHAD
DATO' LEE HEAN GUAN
Group Managing Director


SELANGOR DREDGING: Relates Issued and Paid-up Capital Disposal
--------------------------------------------------------------
Selangor Dredging Berhad issued to Bursa Malaysia Securities
Berhad the details of the Proposed disposal of the entire issued
and paid-up share capital of Oriental Extrusions Sdn Bhd (OE) of
RM200,000 comprising 200,000 ordinary shares of RM1.00 each to
MBM Resources Berhad (MBM) for a cash consideration of
RM8,800,000 (Proposed Disposal).

The Board of Directors of SDB would like to announce that
Oriental Metal (Malaysia) Sdn Bhd (OMM) had on 18 March 2004 and
25 May 2004 entered into a Principal Agreement and Supplemental
Agreement (Said Agreements) respectively with MBM in respect of
the Proposed Disposal.

On 7 July 2004, OMM and MBM had via a Letter of Variation
mutually agreed to vary certain terms and conditions of the Said
Agreements as follows:

(1) The insertion of a new definition of "Said Date" to mean 7
July 2004 and the "Completion Date" varied to mean 29 July 2004.

(2) Within fourteen (14) Business Days after the fulfillment of
the conditions precedent specified, the parties shall in good
faith do or cause to be done all acts and things necessary to
cause Oriental Metal Industries (M) Sdn Bhd (OMI) to:

(a) Convene extraordinary general meeting of the shareholders of
OMI (EGM-OMI) and to vote in favour of a resolution to declare a
dividend of RM20,055,000 net to the entitled shareholders of OMI
who are registered as members of OMI as at 10.30 am on 7 July
2004 and that such dividend shall be paid to the entitled
shareholders of OMI on the 26 July 2004; and

(b) Issue cheques dated 26 July 2004 to the entitled
shareholders of OMI in their respective proportionate dividend
declared at the EGM-OMI immediately on conclusion of the EGM-
OMI;

(3) OMM hereby agrees that on receipt by OMM from OMI of a
cheque dated 26 July 2004 for OMM's proportionate dividend
declared at the EGM-OMI, the Loan Sum shall be revised downwards
by a sum equivalent to OMM's proportionate dividend.

Save as disclosed above, all the other salient terms of the
Principal Agreement and Supplemental Agreement shall remain
unchanged.


SIME DARBY: Issues Update On Shares and Warrants Acquisition
------------------------------------------------------------
With reference to the mandatory take-over offer by Space Tracks
Sdn Bhb (STSB), a wholly-owned subsidiary of SDB, to acquire the
remaining shares and warrants in Hyundai-Berjaya Corporation
Berhad (HBCorp) not held by it upon completion of the proposed
acquisition of 51 percent equity interest in HBCorp.

Pursuant to Section 32 of the Code, AmMerchant Bank Berhad
(AmMerchant Bank) wishes to announce on behalf of Sime Darby
Berhad (SDB) and STSB, the dealings in the ordinary shares of
SDB and HBCorp as well as warrants of HBCorp by SDB and or STSB,
persons acting in concert with SDB and/or STSB and/or the
persons connected to them as set out in Section 32 of the Code.

Any disclosures made by AmMerchant Bank pursuant to Section 32
of the Code, on behalf of the relevant Parties, are based on the
disclosures as furnished to us by SDB. AmMerchant Bank shall not
be responsible for any omission and/or error in such disclosure
to the authorities.

This announcement is dated 9 July 2004.

Click for the details of the dealings in the Affected Securities
by the Parties.
http://bankrupt.com/misc/simedarby070904.doc


SUGAR BUN: Sets AGM On July 30
------------------------------
The Board of Directors of Sugar Bun Corporation Berhad announced
to Bursa Malaysia Securities Berhad that the 20th Annual General
Meeting of the Company will be held at Level 9, Wisma Oceanic,
Jalan OKK Awang Besar , 87007 , W.P. Labuan on Friday , 30th.
July 2004 at 8:00 a.m.

The full text of the notice convening the meeting is attached
for your attention.
http://bankrupt.com/misc/sugarbun070904.doc


TANJONG PUBLIC: BMSB Grants Listing of 38,000 New Shares
--------------------------------------------------------
Bursa Malaysia Securities Berhad (BMSB) grants the listing and
quotation to Tanjong Public Ltd. Co.'s additional 38,000 new
ordinary shares of 7.5 pence each issued pursuant to the
Employees' Share Option Scheme effective 9:00 a.m., Tuesday, 13
July 2004.


UNITED CHEMICAL: Reports Development On Default In Payment
----------------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
(UCI) informed Bursa Malaysia Securities Berhad that further to
the announcement made on 10 June 2004, there are no new
significant developments in relation to the various default in
payment.

The Board of Directors of UCI would like to further provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note No. 1/2001.

This announcement is dated 9 July 2004.

For more information, click
http://bankrupt.com/misc/unitedchemical070904.xls


WCT ENGINEERING: Details Proposed Corporate Exercise
----------------------------------------------------
WCT Engineering Berhad (WCT) issued to Bursa Malaysia Securities
Berhad the details of the Proposed Corporate exercise involving
WCT Land Berhad (WCTL), a wholly owned subsidiary of WCT which
is to be listed on the main board of Bursa Malaysia Securities
Berhad (Proposed Corporate Exercise)

Reference is made to the announcement by AmMerchant Bank Berhad
(AmMerchant Bank), on behalf of the Company, on the Proposed
Corporate Exercise on 15 March 2004 wherein the Securities
Commission (SC) had via its letter dated 12 March 2004 approved,
amongst others, the proposed revised offer for sale of up to
82,000,000 new ordinary shares of RM0.50 each in WCTL (WCTL
Shares) at an offer price to be determined later comprising the
following:

(a) Up to 22,300,000 WCTL Shares to the shareholders of WCT
(save for WCT Capital Sdn Bhd and persons acting in concert) at
a date and on a basis to be determined later;

(b) 2,000,000 WCTL Shares to the eligible employees of the WCT
group;

(c) 25,000,000 WCTL Shares to identified investors by way of
private placement;

(d) 24,700,000 WCTL Shares to Bumiputera investors to be
approved by the Ministry of International Trade and Industry;
and

(e) 8,000,000 WCTL Shares to the Malaysian public.

On behalf of the Company, AmMerchant Bank is pleased to announce
that WCT has been informed that the application by WCTL to the
SC for its approval to allow WCT to allocate a portion of the
2,000,000 WCTL Shares available for application by the eligible
employees of the WCT group as stated in item (b) above, to the
eligible Directors of WCT group has been approved by the SC vide
its letter dated 7 July 2004.

This announcement is dated 8 July 2004.


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


BACNOTAN CONSOLIDATED: To Venture In Other Types of Business
-------------------------------------------------------------
Bacnotan Consolidated Industries Inc. (BCII) is planning to
explore other business opportunities, the Philippine Daily
Inquirer reports.

The holding firm wants to invest in the energy, low-cost housing
and education sectors, whether for partnerships or acquisitions.  
According to Oscar Hilado, BCII chair and executive president,
the company wants to buy power plants but still has not targeted
any acquisitions at the moment.

BCII also said it is already doing expansion projects in the
pipeline industry, but did not reveal details. This comes after
BCII, the flagship company of the Phinma Group, sold its 21.3-
percent share in Union Cement Holdings Corp. to Cemco Holdings
Inc., a company 40 percent owned by Holderfin B.V.


BACNOTAN CONSOLIDATED: Issues Additional Info On Sale of Shares
---------------------------------------------------------------
With reference to Circular for Brokers No. 3101-2004 dated July
8, 2004, pertaining to the additional information submitted by
Bacnotan Consolidated Industries Inc. (BCI) on the sale of its
shares in Union Cement Holdings Corp. (UCHC) to Cemco Holdings
Inc.

In relation thereto, BCI, in its letter dated July 9, 2004
further disclosed that:

"The price at which the UCHC shares will be sold is
approximately USD214 million and the price per share that we
indicated to be PhP23.83 was derived by dividing the total
selling price by the number of shares sold, using a foreign
exchange rate of PhP55 for every US dollar.  The shares that are
subject of the transaction are shares in Union Cement Holdings
Corp., which in fact is not a listed company.

The selling price of USD214 million is the product of
negotiations between the parties, and as for BCI considered a
multiplicity of factors including asset values, industry
outlook, and strategic considerations."


EASYCALL COMMUNICATIONS: Unveils Organizational Meeting Result
--------------------------------------------------------------
Easycall Communications Philippines Inc. informed the Philippine
Stock Exchange that the following were taken up during the
organization meeting of the board of directors on Friday.

(1) Election of the following as officers of the company for the
ensuing year:

Chairman of the Board and Chief Executive Officer- J. Roberto
Degalde
Vice Chairman - Modesto N. Cervantes
President and Chief Operating Officer - Socorro Z. Niro
Executive Vice President and General Manager - Edgardo T. Abalos
Corporate Secretary - Atty. Romela Bengzon
Assistant Corporate Secretary - Atty. Millicent L. Sim-Asuncion
Treasurer - Conrado B. Favorito
Vice President for Business Development - Jonathan M. Cervantes

(2) Election of the members of the various committees created by
the Board in accordance with its Manual of Corporate Governance.

Nominations Committee

Chairman - J. Roberto Delgado
Member - Modesto N. Cervantes
Member - Rafael M. Garcia III

Compensation Committee

Chairman - Rafael M. Garcia III
Member - Carlos Dominguez
Member - Marco Delgado

Audit Committee

Chairman - Aloysius Colayco
Member - Loh Kai Keong
Member - Socorro Z. Niro


EASYCALL COMMUNICATIONS: Unveils Stockholders Meeting Result
------------------------------------------------------------
Easycall Communications Philippines Inc. informed the Philippine
Stock Exchange that more than two thirds of Stockholders of the
company who attended the annual regular stockholders meeting
held on Friday approved the following matters:

(A) The election of the following as the members of the Board of
Directors of the company for the ensuing year until their
successors are qualified and elected:

(1) J. Roberto Delgado
(2) Modesto N. Cervantes
(3) Socorro Z. Niro
(4) Marco Delgado
(5) Loh Kai Keong
(6) Carlos Dominguez
(7) Jonathan M. Cervantes

As independent directors:

(8) Rafael M. Garcia III
(9) Aloysius Colayco

(B) The appointment of Sycip, Gorres, Velayo and Co., CPAs as
the external auditors of the company for the calendar year
ending December 31, 2004.


FILINVEST LAND: Clarifies News Article Re Debt Payment
------------------------------------------------------
Filinvest Land Inc. submits to the Philippine Stock Exchange a
clarification to the news article entitled "Filinvest Land
assures creditors it will meet '04 debt payment" published in
the July 8, 2004 issue of the Manila Standard.  The article
reported that:

"Property company Filinvest Land Inc. is confident it could
settle debts maturing later this year as it finalizes the
issuance of a PhP2 billion commercial paper in the next few
months.  'We already talked with banks and we are confident that
we will be able to complete something before November, when our
commercial papers mature.  We will be able to meet our
maturity,' Filinvest Land vice president told Dow Jones
Newswires on Wednesday.  

'In terms of sales, we were 110 percent higher than last year
for the first half,' said Mr. Ramos.  'For the first six months,
we already had PhP1.9 billion in sales."

Filinvest Land Inc. (FLI), in its letter to the Exchange dated
July 8, 2004, disclosed that:

"The company hereby confirm the statements made by our First
Vice-President, Fely T. Ramos, as quoted in the said article, to
the effect that our company is confident it will be able to
settle its debts maturing later this year, and also relative to
the sales posted by our company in the first half of this year."


PHILIPPINE LONG: To Expand Cagayan de Oro Ops
---------------------------------------------
Philippine Long Distance and Telephone Co. (PLDT) is planning to
expand its business in the Northern Mindanao city of Cagayan de
Oro, BusinessWorld reports.

Robert Macalalad, the Mindanao sales head of the PLDT corporate
business group, told the Cagayan de Oro Chamber of Commerce and
Industry Foundation Inc. of its desire to forge strategic
partnerships with various business groups in a bid to promote
the information and communication readiness of Northern
Mindanao, according to the BusinessWorld report.

Mr. Macalalad is confident that Cagayan de Oro has a lot to
offer to investors. PLDT executives reportedly observed that the
city's development is similar to that of Cebu City, with its
information technology parks and centers.


PHILIPPINE REALTY: Creditor Files Notice Of Appeal
--------------------------------------------------
Philippine Realty and Holdings Corp. advises the Philippine
Stock Exchange that one of its creditor banks, Metropolitan Bank
and Trust Co. has filed a notice of appeal with the Regional
Trial Court of Quezon City, Branch 93, on the recent decision of
the court on the company's petition for corporate
rehabilitation.

The company has also filed a notice of appeal with the same
court.


PRYCE CORPORATION: To File A Petition For Rehabilitation
--------------------------------------------------------
Pryce Corp., in the attached SEC Form 17-C dated July 8, 2004 in
connection with the results of its Annual Stockholders' Meeting,
disclosed among others, the following information:

(G) Discussion of Corporate Problems and Possible Solutions

It has been shown that the assets of the corporation, which are
mortgaged to the creditors, face an imminent danger of being
foreclosed or attached to the prejudice of the other creditors
of the corporation, the shareholders of the corporation and the
corporation itself.  Furthermore, after the Asian financial
crises, the Corporation found it difficult to service or pay its
loans as they were due.

With the aforementioned problems, the corporation is left
without any other recourse but to file for corporate
rehabilitation with prayer for suspension of payments in order
to protect and preserve itself.

For this purpose, the stockholders resolved to irrevocably
authorize the corporation to file a Petition for Corporate
Rehabilitation with Prayer for Suspension of Payments in the
proper courts of law and to, in accordance with existing laws,
take all actions or matters necessary and desirable to
rehabilitate the corporation, including, but not limited to

- the settlement of its obligations to creditors by way of
dacion en pago of its properties

- the restructuring of its obligations

- the conversion of its obligations to equity

- the alienation, transfer of encumbrance of its assets

- the amendment of its Articles of Incorporation and By-Laws

- the increase or decrease of its authorized capital stock

- the issuance of bonded indebtedness  

- and the modification of shareholders' rights.

For more information click
http://bankrupt.com/misc/prycecorporation070904.pdf
  

ZIPPORAH REALTY: To Settle PhP61,070,129.86 In Obligations
----------------------------------------------------------
As previously disclosed by Zipporah Realty Holdings Inc. to the
Securities and Exchange Commission (SEC) and the Philippine
Stock Exchange (PSE) on January 30, 2003, the Board of
Directors, at their meeting held on even date, granted the
Corporation the authority to settle the principal amount of its
obligations by converting the same into equity of the
corporation, subject to a validation procedure by the management
and approval thereof by the board.

In this connection, Sta. Lucia Realty and Development Inc. (Sta.
Lucia) one of the major stockholders of the corporation, has
agreed to partially settle the corporation's obligations on the
latter's behalf by way of a property swap.

In accordance with the previously approved validation procedure,
the Board of Directors, at their Special Meeting held on July 7,
2004, confirmed and approved the list of obligations presented
by Sta. Lucia to the extent of Sixty One Million Seventy
Thousand One Hundred Twenty Nine and 86/100 Pesos
(PhP61,070,129.86) (the Confirmed Obligations), subject however,
to the condition that should any of the Confirmed Obligations
into equity in the corporation in the name of Sta. Lucia shall
be subject to the completion of the required documentation and
to further disclosures to the SEC and the PSE.

Impact of the Reported Facts on the Registrant's current or
future Operations, its financial position of results of
operations.

The matters taken up and approved at the aforementioned meeting
will reduce the Registrant's liabilities to third party
creditors.


ZIPPORAH REALTY: Details Nomination of Independent Directors
------------------------------------------------------------
In compliance with the undertaking of Zipporah Realty Holdings
Inc. stated in its Definitive Information Statement on
Securities and Exchange Commission (SEC) Form 20-IS, which was
filed with the SEC and the Philippine Stock Exchange (PSE) on
June 18, 2004, please be advised that Messrs. Osmundo De Guzman,
Jr. and Jose Ferdinand R. Guiang have been nominated by Mariza
S. Tan and Exequiel D. Robles, respectively, as the independent
directors of the Registrant for the year 2004 to 2005.

Based on the Certification issued by Mr. Tomas B. Clemente III,
Chairman of the Nomination Committee of the Registrant, Messrs.
De Guzman and Guiang possess all the qualifications and none of
the disqualifications enumerated in Securities and Exchange
Commission Memorandum Circular No. 16, Series of 2002, and they
may accordingly be elected as independent directors of the
Corporation for the year 2004 to 2005.

For more information, click
http://bankrupt.com/misc/zipporahrealty070904.pdf


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


CASURINA INVESTMENTS: Faces Voluntary Winding Up
------------------------------------------------
The Board of Directors of Wing Tai Holdings Limited wishes to
announce that the sole member of Casurina Investments Pte Ltd
has resolved that Casurina be wound up voluntarily pursuant to
Section 290(1)(b) of the Companies Act, Cap 50. Ms Lai Yoke Kwai
has been appointed Liquidator of Casurina.

Casurina is a wholly owned subsidiary of Winforth Investment Pte
Ltd, which in turn is a subsidiary of the Company.

BY ORDER OF THE BOARD
Gabrielle Tan
Company Secretary

This Singapore Stock Exchange announcement is dated July 8,
2004.


CREATIVE DRAGON: Placed Under Voluntary Liquidation by Parent
-------------------------------------------------------------
The Board of Directors of Dragon Land Limited would like to
announce that Creative Dragon Park Pte Ltd, a subsidiary held
through Dragonland Technology Pte Ltd (a wholly-owned subsidiary
of the Company), has been placed under a members' voluntary
liquidation.

The liquidation of Creative Dragon is not expected to have any
material impact on the net tangible assets or earnings per share
of the Company for the financial year ending December 31, 2004.

By Order of the Board
DRAGON LAND LIMITED

This Singapore Stock Exchange announcement is dated July 8,
2004.


DAEWOO SINGAPORE: Faces Winding Up Petition
-------------------------------------------
The High Court of Singapore has ordered the winding up of
commodity trading firm Daewoo Singapore, Dow Jones reports,
citing Channel News Asia.

The ruling, which was handed down following charges the firm
incurred over SG$400 million in debt "under questionable
circumstances", stemmed from a request by the Korea Asset
Management Corporation, the firm's main creditor, because it was
dissatisfied with the firm's "voluntary" winding up.

With the decision, the court will be appointing an independent
liquidator for Daewoo Singapore.


ECON CORPORATION: Businessman Acquires Econ Corp for $1
-------------------------------------------------------
Singaporean entrepreneur Toh Kok Swee is acquiring the entire
stake of troubled construction firm Econ Corporation for SG$1,
The Straits Times reports. The businessman, however, will pay
SG$350,000 to the judicial manager of former industry giant Econ
Corporation as part of the deal with parent Econ International.

Econ Corporation, which has SG$256 million in outstanding debt,
was placed under judicial management in March.

Judicial manager Mr. Tim of restructuring adviser Ferrier
Hodgson requested the High Court for the firm's liquidation last
month. He, however, convinced the Court to defer the application
pending a September 30 creditors meeting to review the proposed
deal.

A Registry of Companies and Business search revealed Mr. Toh's
directorship in Tai Wah Marketing (China), Ling Brothers
Furniture & Renovation, Poh Lee Marine & Industrial Supplies,
and The Hair Academy by Kadus.

Mr. Toh has made an initial payment of SG$50,000. The SG$300,000
balance will be paid once the proposal is approved.


INFORMATICS HOLDINGS: Berjaya Group Interest Changes
----------------------------------------------------
Informatics Holdings Limited issued Notice Of Changes Berjaya
Group Berhad Interest.

PART I

(1) Date of notice to issuer: July 8, 2004  
(2) Name of Substantial Shareholder: Berjaya Group Berhad

(3) Please tick one or more appropriate box(es):

x a Change in the Percentage Level of a Substantial
Shareholder's Interest or Cessation of Interest. (Please
complete Parts III and IV)

PART II

(1) Date of change of interest:  
  
(2) Name of Registered Holder:  
  
(3) Circumstance(s) giving rise to the interest or change in
interest:  
(4) Information relating to shares held in the name of the
Registered Holder:

No. of shares held before the change:  
As a percentage of issued share capital:  
  
No. of shares which are the subject of this notice:  
As a percentage of issued share capital:  
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:  
  
No. of shares held after the change:  
As a percentage of issued share capital:  

PART III

(1) Date of change of interest: July 6, 2004
  
(2) The change in the percentage level: From 28.20% to 28.73%
  
(3) Circumstance(s) giving rise to the interest or change in
interest: Others
Please specify details: Acquisition of shares through the open
market by the related company, Berjaya Leisure Capital (Cayman)
Limited

(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

Series of purchases through the open market

PART IV

(1) Holdings of Substantial Shareholder, including direct and
deemed interest:

- Direct Deemed
No. of shares held before change:  88,426,000
% of issued share capital:  28.2
-   
No. of shares held after change:  90,108,000
% of issued share capital:  28.73

Submitted by Raymond Quek Hiong How, Company Secretary on July
8, 2004 to the Singapore Stock Exchange.


INFORMATICS HOLDINGS: Issues Change in Berjaya Land Interest
------------------------------------------------------------
Informatics Holdings Limited issues Notice Of Changes in Berjaya
Land Berhad Interest.

PART I

(1) Date of notice to issuer: July 8, 2004  
(2) Name of Substantial Shareholder: Berjaya Land Berhad
("BLand")

(3) Please tick one or more appropriate box(es):

x a Change in the Percentage Level of a Substantial
Shareholder's Interest or Cessation of Interest. [Please
complete Parts III and IV]

PART II

(1) Date of change of interest:  
  
(2) Name of Registered Holder:  
  
(3) Circumstance(s) giving rise to the interest or change in
interest:  
(4) Information relating to shares held in the name of the
Registered Holder:

No. of shares held before the change:  
As a percentage of issued share capital:  
  
No. of shares which are the subject of this notice:  
As a percentage of issued share capital:  
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:  
  
No. of shares held after the change:  
As a percentage of issued share capital:  

PART III

(1) Date of change of interest: July 6, 2004
  
(2) The change in the percentage level: From 25.75% to 26.28%
  
(3) Circumstance(s) giving rise to the interest or change in
interest: Others
Please specify details: Acquisition of shares through the open
market by Berjaya Leisure Capital (Cayman) Limited, a wholly-
owned subsidiary of BLand

(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

Series of purchases through the open market

PART IV

(1) Holdings of Substantial Shareholder, including direct and
deemed interest: -

- Direct Deemed
No. of shares held before change:  80,745,000
% of issued share capital:  25.75
-   
No. of shares held after change:  82,427,000
% of issued share capital:  26.28

Submitted by Raymond Quek Hiong How, Company Secretary on July
8, 2004 to the Singapore Stock Exchange.


INFORMATICS HOLDINGS: Posts Berjaya Leisure Interest Change
-----------------------------------------------------------
Informatics Holdings Limited issues Notice Of Changes in Berjaya
Leisure Capital (Cayman) Limited Interest.

PART I

(1) Date of notice to issuer: July 8, 2004  
(2) Name of Substantial Shareholder: Berjaya Leisure Capital
(Cayman) Limited

(3) Please tick one or more appropriate box(es):

x a Change in the Percentage Level of a Substantial
Shareholder's Interest or Cessation of Interest. [Please
complete Parts III and IV]

PART II

(1) Date of change of interest:  
  
(2) Name of Registered Holder:  
  
(3) Circumstance(s) giving rise to the interest or change in
interest:  
(4) Information relating to shares held in the name of the
Registered Holder: -

No. of shares held before the change:  
As a percentage of issued share capital:  
  
No. of shares which are the subject of this notice:  
As a percentage of issued share capital:  
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:  
  
No. of shares held after the change:  
As a percentage of issued share capital:  

PART III

(1) Date of change of interest: July 6, 2004  
(2) The change in the percentage level: From 25.75% to 26.28%
  
(3) Circumstance(s) giving rise to the interest or change in
interest: Open market purchase

(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

Series of purchases through the open market

PART IV

(1) Holdings of Substantial Shareholder, including direct and
deemed interest:

- Direct Deemed
No. of shares held before change: 80,745,000  
% of issued share capital: 25.75  
-   
No. of shares held after change: 82,427,000  
% of issued share capital: 26.28  

Submitted by Raymond Quek Hiong How, Company Secretary on July
8, 2004 to the Singapore Stock Exchange.


INFORMATICS HOLDINGS: Notes Change in Teras Mewah Holdings
----------------------------------------------------------
Informatics Holdings Limited releases Notice of Change in Teras
Mewah Sdn Bhd Interest.

PART I

(1) Date of notice to issuer: July 8, 2004
  
(2) Name of Substantial Shareholder: Teras Mewah Sdn Bhd

(3) Please tick one or more appropriate box(es):

x a Change in the Percentage Level of a Substantial
Shareholder's Interest or Cessation of Interest. [Please
complete Parts III and IV]

PART II

(1) Date of change of interest:  
  
(2) Name of Registered Holder:  
  
(3) Circumstance(s) giving rise to the interest or change in
interest:  
(4) Information relating to shares held in the name of the
Registered Holder:

No. of shares held before the change:  
As a percentage of issued share capital:  
  
No. of shares which are the subject of this notice:  
As a percentage of issued share capital:  
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:  
  
No. of shares held after the change:  
As a percentage of issued share capital:  

PART III

(1) Date of change of interest: July 6, 2004  
(2) The change in the percentage level: From 25.75% to 26.28%
  
(3) Circumstance(s) giving rise to the interest or change in
interest: Others
Please specify details: Acquisition of shares through the open
market by the related company, Berjaya Leisure Capital (Cayman)
Limited

(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

Series of purchases through the open market

PART IV

(1) Holdings of Substantial Shareholder, including direct and
deemed interest:

- Direct Deemed
No. of shares held before change:  80,745,000
% of issued share capital:  25.75
-   
No. of shares held after change:  82,427,000
% of issued share capital:  26.28

Submitted by Raymond Quek Hiong How, Company Secretary on July
8, 2004 to the Singapore Stock Exchange.


INFORMATICS HOLDINGS: Posts Change in Vincent Tan's Interest
------------------------------------------------------------
Informatics Holdings Limited isues Notice Of Changes in Tan Sri
Dato' Seri Vincent Tan Chee Yioun's Interest.

PART I

(1) Date of notice to issuer: July 8, 2004
  
(2) Name of Substantial Shareholder: Tan Sri Dato' Seri Vincent
Tan Chee Yioun

(3) Please tick one or more appropriate box(es):

x a Change in the Percentage Level of a Substantial
Shareholder's Interest or Cessation of Interest. [Please
complete Parts III and IV]

PART II

(1) Date of change of interest:  
  
(2) Name of Registered Holder:  
  
(3) Circumstance(s) giving rise to the interest or change in
interest:  

(4) Information relating to shares held in the name of the
Registered Holder:

No. of shares held before the change:  
As a percentage of issued share capital:  
  
No. of shares which are the subject of this notice:  
As a percentage of issued share capital:  
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:  
  
No. of shares held after the change:  
As a percentage of issued share capital:  

PART III

(1) Date of change of interest: July 6, 2004
  
(2) The change in the percentage level: From 28.20% to 28.73%
  
(3) Circumstance(s) giving rise to the interest or change in
interest: Others
Please specify details: Acquisition of shares through the open
market by a related company of Berjaya Group Berhad, namely,
Berjaya Leisure Capital (Cayman) Limited.

(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

Series of purchases through the open market.

PART IV

(1) Holdings of Substantial Shareholder, including direct and
deemed interest:

- Direct Deemed
No. of shares held before change:  88,426,000
% of issued share capital:  28.2
-   
No. of shares held after change:  90,108,000
% of issued share capital:  28.73

Submitted by Raymond Quek Hiong How, Company Secretary on July
8, 2004 to the Ingapore Stock Exchange.


INFORMATICS HOLDINGS: Posts Update to July 7 Announcement
---------------------------------------------------------
The Board of Directors of Informatics Holdings Ltd refers to the
announcement dated July 7, 2004. The Board wishes to further
announce the following:

Banking Facilities

As announced by the Company on July 7, 2004, the Company is in
discussions with its banks to extend the time for the Company
and its subsidiaries to meet their repayment obligations.

The Board would like to up-date shareholders that discussions
with the two banks are still ongoing. The Company will make an
immediate announcement once an agreement is reached with the two
banks. Accordingly, the Company has not applied to lift the
trading halt on its shares.

Disposal of Non-core Assets

The Board had, in early March 2004, resolved to dispose of the
Group's non-core assets comprising commercial and residential
freehold and leasehold properties. The Group intends to use the
proceeds from the disposal of the non-core business investments
to support the core business of the Group The Company believes
that the disposal of the non-core business investments is a more
efficient use of the resources of the Group.

The Board wishes to assure shareholders of the Company that the
disposal of the relevant non-core business investments will be
carried out in an orderly manner to ensure that the best price
is obtained in the prevailing market conditions. Generally, the
Group intends to dispose of its properties in Singapore by way
of public auction to be conducted by a reputable realty agent,
unless such method of sale is impracticable due to legal or
market constraints. The Group's properties in Malaysia are
expected to be sold by way of private sale through reputable
realty agents. Shareholders should note that the ability of the
Group to dispose of its non-core business investments is
predicated on various external factors, such as prevailing
market sentiments and interest rate conditions.

In this regard, the Board wishes to refer to a quote in the
Business Times today entitled "Winning over banks is
Informatics' immediate task" which stated "It (the sale of non-
core assets) will be done over 15 to 18 months and we will get
maybe $1 to $2 million every month". The Board wishes to clarify
that, based on indicative valuations received from certain
valuers and management estimates, the current estimated open
market value of these non-core business properties is
approximately S$15 million. The Group intends to undertake an
orderly disposal of these assets over the course of 15 to 18
months and appropriate announcements in respect of such
disposals will be made in due course.

Interest of Directors and Controlling Shareholders

None of the Directors or controlling shareholders of the Company
has any interest, direct or indirect, in the above disposal of
the non-core business investments.

By Order of the Board
Raymond Quek Hiong How
SINGAPORE

This Singapore Stock Exchange announcement is dated July 8,
2004.


INFORMATICS HOLDINGS: Reports SG$15M Worth of Non-core Assets
-------------------------------------------------------------
Informatics Holdings Limited said on Thursday that its non-core
assets have an estimated value of SG$15 million (USD1=S$1.7060),
Dow Jones reports.

According to the scandal-hit education provider, these assets
will be disposed of over a 15 to 18-month period in a systematic
way to obtain the best market price.

Informatics is currently trying to persuade its banks to extend
the July 15 payment deadline of its SG$16.2 million loan.
Trading of the firm's shares might resume after an agreement is
reached.

Earlier, the firm proposed a SG$19.6 million deal involving a
one-for-four rights issue at 25 cents a share or half of its 50-
cent suspension price. The proceeds, however, will not be
available for at least another three months.

Informatics is currently under investigation for possible fraud
after it admitted in mid-April that it has misstated its
quarterly financial statement.


INFORMATICS HOLDINGS: Banks Extend Debt Repayment Deadline
----------------------------------------------------------
The Board of Directors of Informatics Holdings Ltd wishes to
update shareholders on the Company's discussions with its banks.

The Board wishes to announce that the two banks have agreed on
July 9, 2004 to extend the time for the Company and its
subsidiaries (the Group) to meet their repayment obligations
from July 15, 2004 to October 15, 2004. The extension of time is
subject, inter alia, to the following conditions:

(1) the Company undertaking the proposed renounceable non-
underwritten rights issue announced on July 7, 2004 (the Rights
Issue);

(2) the execution of a first registered legal mortgage over the
Group's property at 5 International Business Park, Informatics
Building, Singapore 609914, which is presently unencumbered, in
favour of the two banks; and

(3) the payment of the sum of RM1.4 million, being proceeds from
the sale of a property in Klang, Selangor, Malaysia, within
seven business days of the completion of the said sale which is
expected to take place on July 21, 2004, which sum shall be
shared between the two banks.

In view of the extension of time agreed with the two banks and
announcement of the Rights Issue, the Board of Directors of the
Company is of the view that the Group is now able to discharge
its liabilities in the normal course of business and therefore
will be able to continue as a going concern, subject to the
completion of the Rights Issue and the continued extension of
the facilities by the two banks.

The Board wishes to thank the banks for their co-operation on
this matter.

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

This Singapore Stock Exchange announcement is dated July 9,
2004.


WAN SOON: Judicial Management Order Made
----------------------------------------
Notice is hereby given that on the 2nd day of July 2004, an
order for placing Wan Soon Engineering Pte Ltd (formerly known
as WS Underground Technologies Pte Ltd) under judicial
management was made and the relevant particulars of the matter
are given as follows:

(1) Number of matter: Originating Petition No. 6 of 2004/A.

(2) Date of presentation of Petition: 10th May 2004.

(3) Petitioner's Solicitors: Messrs Tan Kok Quan Partnership.

(4) Date of Order: 2nd July 2004.

(5) Registered office of the above named company: 12 Loyang Lane
Singapore 508926.

Messrs TAN KOK QUAN PARTNERSHIP
Solicitors for the Petitioner.

This Singapore Government Gazette announcement is dated July 6,
2004.


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


BANGKOK TRANSIT: Creditors To Take Over Operations
--------------------------------------------------
Most creditors of Bangkok Mass Transit PCL (BTS) have agreed to
the government's proposal to a debt reduction of at least 45
percent in exchange for a takeover in the operations of BTS,
according to Dow Jones Newswires, citing Transport Minister
Suriya Jungrungreangkit.

BTS holds a state concession to operate Bangkok's elevated train
system known as Skytrain.

In line with the government's policy to buy back elevated and
underground mass transit projects in Bangkok from private
operators and to integrate them before expanding the
infrastructure, the Ministry will start talking with Bangkok
Metro Ltd. (BMCL) the operator of an underground rail system
after the BTS takeover is concluded.

Of BTS' THB45 billion debt (US$1=THB40.815), some THB38 billion
are owed to the German Development bank Kreditanstalt fur
Wiederaufbau (KFW.YY), Siam Commercial Bank PCL (SCB.TH) and
International Finance Corp., the investment arm of the World
Bank.

The Ministry will meet with BTS shareholders once talks with
creditors about the planned takeover is completed. Mr. Suriya
expects the deal to be sealed by the end of this year.

BTS major shareholders include Tanayong PCL (TYONG.TH) with a 28
percent stake and Italian Thai Development PCL (ITD.TH) with a
10 percent stake.


KRUNG THAI: Hopes To Lower Bad Loan Level To Below 5%
-----------------------------------------------------
Krung Thai Bank PCL is planning to sell part of its non-
performing loans and non-performing assets, Dow Jones reports,
citing the bank's president, Viroj Nualkhair.

The sale is part of the state-owned bank's strategy to lower its
bad loan level to below five percent before yearend. Bad loans
are normally priced at a discount.

Currently, three investors have shown interest in buying the
bank's bad loans. Two of these investors are foreign funds and
the other is state-owned Asset Management Corp.

"They are now doing due diligence. But we have to consider the
pricing again," Mr. Viroj said, quoted by Dow Jones.

Since the government is still in the process of amending
bankruptcy and foreclosure laws, Krung Thai cannot sell its non-
performing assets or the seized assets until the revised law has
been approved.

As of end March the bank's non-performing loans stood at
THB79.65 billion (US$1=THB40.805) or 7.78 percent of its total
loan portfolio.


RS PROMOTION: To Reorganize In Hopes Of A Business Turnaround
-------------------------------------------------------------
As part of its major restructuring, RS Promotion Plc will lay
off as many as 300 of its employees, according to the Bangkok
Post, citing company sources.

Chief executive Surachai Chetchotisak, however, declined to
confirm the number of job reductions from the company's 1,700-
strong workforce, and only said that the move is in line with
the business' aim to boost the company's competitiveness to cope
with the fast-growing entertainment industry.

The entertainment company wants to turn its business around by
improving its four core operations, namely music, movies, media,
marketing and new media, with a more decentralized system that
empowers unit heads to make decisions on day-to-day operations.

The reorganization plan is RS' second big operational change in
recent months. Its music division was reorganized early this
year by spinning off 11 labels into separate units in its bid to
make inroads into rival GMM Grammy's 70 percent share of the
music business, according to the Bangkok Post report.

"The reorganization includes reducing overlapping businesses in
each unit and once it is completed, RS will be a more modern and
flexible company that will work more efficiently," Mr. Surachai
said, quoted by the Bangkok Post.

According to a dismissed RS employee, the changes were initiated
by Yanyong Akrajindanon, a former chief executive of Traffic
Corner who became the deputy managing director of RS in March.

RS holds contracts with 400 singers and celebrities. Among its
popular artists are Itthi Balankura, the pop-rock act Sorn and
the boy-band Brothers.

A decline in sales led to a loss of THB41 million in the first
quarter of this year as a result of a stricter policy on
returning music products and poor performance of the movie
production.

According to analyst Suttatip Peerasub of Kim Eng Securities
Plc, further losses, but of a smaller amount, are likely to be
reported for the second quarter and RS would only grow by
between 20 percent and 30 percent which is below its earlier
projection of 50 percent.


TANAYONG: SET Posts NR Sign on Securities
-----------------------------------------
With reference to the NP (Notice Pending) sign which was posted
against the securities of Tanayong PCL (TYONG) since July 5,
2003 because of the auditor's report on a disclaimer of opinion
on audited financial statement as of March 31,2004. The
conclusion on the amendment of captioned financial statements is
still pending.

Presently, the Securities and Exchange Commission (SEC) has now
informed the Stock Exchange of Thailand (SET) that it is not
necessary to amend the above  financial statements on the issues
that the auditor has stated, therefore, NR (Notice Received)
sign is posted on TYONG's securities on July 9, 2004 to announce
that the SET received the aforementioned conclusion from the
SEC.

However, the SET has still suspended trading all securities of
TYONG until the causes of delisting are eliminated.


                            *********


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

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

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