TCRAP_Public/040714.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Wednesday, July 14, 2004, Vol. 7, No. 138

                            Headlines

A U S T R A L I A

BRG CAPITAL: Director to Stand Trial on Fraud Charges
MITSUBISHI AUSTRALIA: Recalls WA Starwagon
NATIONAL AUSTRALIA: Launches New American Express Card
NOVUS PETROLEUM: Company Director Resigns
TARBS WORLD: Appoints Phil Carter, Martin Brown as Receivers

  
C H I N A  &  H O N G  K O N G

ALL WIDE: Winding Up Hearing Slated on August 4
MAXEN INVESTMENTS: Enters Winding Up Proceedings
RING SOUND: Court Hears Winding Up Petition on July 28
SITI CHINA: Issues Notice of Appointment of Liquidators
SITI CHINA: Creditors To Prove Debts on August 9

SITI CHINA: Releases Notice of Special Resolutions
TAI WAH: Appoints Liquidators
TAI WAH: Creditors Must Submit Claims on August 9
TANG WING: Winding Up Hearing Scheduled on July 28
TONG'S SHARK'S: Winding Up Hearing Set July 28


I N D O N E S I A

ASIA PULP: Judge Lifts Gag Order On Ex-Consultant
PERTAMINA: To Boost Non-traditional Oil Imports


J A P A N

MITSUBISHI FUSO: Fires Manager For False Defect Report
MITSUBISHI MOTORS: Used Vehicle Sales Down 4.8% in First Half
NICHIEI SANGYO: Building Material Wholesaler Goes Bankrupt
PHOENIX RESORT: Resort Operator Sees JPY2.2B Net Loss
UFJ HOLDINGS: Issues Statement Regarding Media Report


K O R E A

HANBO STEEL: Hyundai-led Group to Buy Steel Firm
HYNIX SEMICONDUCTOR: To Equip Novellus' New 300-mm T1 Facility
HYNIX SEMICONDUCTORS: Fails to Persuade Bankers to Reduce Debt


M A L A Y S I A

ANTAH HOLDING: Updates Status On Involvement In Litigation
CONSOLIDATED FARMS: Issues Update On Summons Served to CFSB
FORESWOOD GROUP: Issues Update on Proposals
GEAHIN ENGINEERING: Issues Update On Issued and Paid Up Capital
JAKS RESOURCES: Disposes 68,081,700 Ordinary Shares Of WTHB

NAIM INDAH: Unveils EGM Results
OSK HOLDINGS: Releases Details Of Interest Payment
POS MALAYSIA: Bursa Malaysia Issues Additional Ordinary Shares
QUALITY CONCRETE: BMSB To List Additional 47,000 Shares
SIME DARBY: Updates Mandatory Takeover Offer By STSB

SUNWAY HOLDINGS: Updates General Offer By CIMB
TA ENTERPRISE: Unveils AGM Results
TA ENTERPRISE: Issues Update On Proposals  
TANJONG PUBLIC: Receives Notification On Listing Requirements
TELEKOM MALAYSIA: Unit Undergoes Legal Proceedings With DeTe  


P H I L I P P I N E S

MANILA ELECTRIC: First Gas Contract To Generate PhP7.8B Savings
MANILA ELECTRIC: Confirms Veracity of News Article
NEGROS NAVIGATION: SEC Threatens To Revoke License
NEGROS NAVIGATION: Issues Clarification to News Article
PHILIPPINE LONG: Issues Additional 2,695 Common Shares

SEMIRARA MINING: Replies To PSE Query


S I N G A P O R E

ECON INTERNATIONAL: Has SG$40mln Negative Net Worth
ECON INTERNATIONAL: Holds Annual General Meeting
ICS REINSURANCE: Creditors To Prove Debts by August 10
INFORMATICS HOLDINGS: Five Lawsuits Emerge
NETSCAPE COMMUNICATIONS: Creditors To Submit Claims on August 13

SNP ADVERTISING: Receives Voluntary Winding Up Petition
SNP SCHOOL: Faces Voluntary Winding Up
SOONSOON MANUFACTURING: Creditors To Submit Claims on August 10
TELEGLOBE SINGAPORE: Holds Final General Meeting
WILLIAMSON & KING: Winding Up Hearing Set July 16


T H A I L A N D

THAI HEAT: SET Allows Listing Of Securities

     -  -  -  -  -  -  -  -

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


BRG CAPITAL: Director to Stand Trial on Fraud Charges
-----------------------------------------------------
Mr. Ian Thomas Paterson, of Croydon, Victoria, was committed to
stand trial on two counts of fraud brought by the Australian
Securities and Investments Commission (ASIC) on July 9, the ASIC
reported on its Web site.

ASIC alleges that Mr. Paterson, a former director of BRG Capital
Facilitation Pty Ltd (BRG Capital Facilitation), was knowingly
concerned in Cotech Pty Ltd (Cotech) making two false
representations to BRG Capital Facilitation between 15 February
and 3 March 2000.

Cotech, a baby cot manufacturer based in Goodwood, Tasmania,
went into voluntary administration on 25 September 2000 and its
creditors placed it into liquidation on 20 October 2000.

BRG Capital Facilitation was a provider of cash flow funding and
it went into receivership on 15 February 2002.

Mr. Paterson is committed to appear in the Supreme Court of
Tasmania on 26 July 2004.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.


MITSUBISHI AUSTRALIA: Recalls WA Starwagon
------------------------------------------
Mitsubishi Motors Australia confirmed Monday that 288 WA
Starwagon built before September 1994 will be voluntarily
recalled in Australia as part of the global recall of a number
of different vehicles announced in Japan on June 2, 2004. These
are the only vehicles in Australia affected by this
announcement.

The following vehicles are covered by the recall:

VIN Number Range Model WA0M35Between JMFWA1M35RJ000006 -
JMFWA1M35RJ000471 Between JMFWA2M35RJ000010 - JMFWA2M35RJ000358
Model WA0H35Between JMFWA3H35RJ000007 - JMFWA3H35RJ000381
Between JMFWA4H35RJ000009 ? JMFWA4H35RJ000394 Model
WA0P95Between JMFWA8P95RJ000018? JMFWA8P95RJ000175

The Vehicle Identification Number (VIN) appears on the vehicle
compliance plate in the engine compartment. It has been
established that there is a possibility that the left-hand rear
brake pipe may contact the shock absorber while driving, and the
brake pipe could be damaged. In the worst case the brake pipe
assembly may leak, resulting in the loss of braking performance.

Mitsubishi Motors is contacting owners of affected cars directly
by letter, asking them to take their vehicle to an Authorized
Dealer for inspection, and rectification if required. The
inspection is a simple 20-minute job at a Mitsubishi dealership,
although if the brake pipe requires replacement it will take
approximately 50 minutes. This work will be carried out free of
charge.

If any owner thinks their vehicle may be involved, and does not
receive a recall letter, they should contact their nearest
Mitsubishi dealership for confirmation, inspection or
rectification.

For further information: Kevin Taylor Manager, Product
Communications MITSUBISHI MOTORS AUSTRALIA LTD Telephone:
(08) 8275 2348 or 0419 824 823


NATIONAL AUSTRALIA: Launches New American Express Card
------------------------------------------------------
National Australia Bank (NAB) and American Express announced the
launching of the National Ant American Express Card with
Rewards, simply called the Ant Card.

In a disclosure to the Australian Stock Exchange, the Ant Card
is the only credit card in Australia on the American Express
network that offers customers the unique option of linking to
other National accounts and services so that customers can
withdraw money and access savings and cheque accounts at
National ATMs Australia-wide using their Ant Card.

The new credit card also features the best credit card rewards
program the National has ever offered. If offers 1 point per
dollar spent on eligible purchases, no cap on points no points
expiry while the account remains open, and the ability to redeem
for Qantas Frequent Flyer points at a rate of one for one.

General Manager Cards Australia at the National, Ms. Fiona
Wardlaw, said the Ant Card would be a core part of our credit
card offering and was an example of the National's relationship
approach to banking.

"Our customer research showed customers like the benefits of
having credit cards they could link to other banking services,
and so we have ensured that the Ant Card provides these
benefits," Ms. Wardlaw said.

"All service and support for the Ant Card will be provided by
the National, and customers will have a credit card that is
integrated with their other National bank accounts. Not only can
they withdraw funds from a savings account using the Ant Card at
a National ATM Australia-wide, but the card can be used with
National Internet Banking and Telephone Banking."

The new National Ant American Express Card with Rewards was
specifically designed for those customers wanting a superior
loyalty program and features the best credit card rewards
program the National has ever offered.

"Not only is there no limit on the number of points customers
can earn and no points expiry as long as the account is open,
customers will earn 1 point for every $1 spent on eligible
purchases, plus bonus points at bonus point providers.

"And as special offer until 31 July 2005 we are offering
customers 2 points for every $1 spent on eligible purchases,
helping our customers maximize the points they earn," Ms.
Wardlaw.

"Points can be redeemed for a credit on the Ant Card, for a
complete range of travel services through Harvey World Travel
and for Qantas Frequent Flyer points at a rate of one for one.

The new credit card will be issued by the National on the
American Express network and will be available in both Standard
and Gold options. It features a contemporary, new black design
with ants on it.

The Ant Card will be offered via direct mail to a select number
of National Credit Card customers first, with a wider marketing
campaign planned for a later in the year.

Customers wanting more information can ring a dedicated customer
service center on 1300 181 733 between 8 a.m. and 8 p.m. EST,
Monday to Friday.

For media enquiries please contact:

Mikala Sabin
Corporate Affairs
National Australia Bank
Telephone: (03) 8634 1572 or Mob. 0404 863 976
E-mail: mikala-sabin@national.com.au

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.


NOVUS PETROLEUM: Company Director Resigns
-----------------------------------------
Novus Petroleum Limited (Novus), in a press release, announced
that Dr. Robert Charles Williams resigned as a director and a
company secretary of Novus effective 9 July 2004.

The Company was removed from the official list of the Australian
Stock Exchange Limited on 13 July 2004, following compulsory
acquisition of Novus by Medco Energi (Australia) Pty Ltd, in
accordance with listing rule 17.14.


TARBS WORLD: Appoints Phil Carter, Martin Brown as Receivers
------------------------------------------------------------
On July 2, 2004 Phil Carter and Martin Brown were appointed as
receivers and managers of TARBS World TV Australia Pty Ltd
(TARBS) and associated companies, PricewaterhouseCoopers
reported on its Web site.

Since July 2 the receivers explored numerous options including
seeking equity injections from the Directors, however lack of
available funds has necessitated the close of business on July
8, 2004.

"The only option available is to sell the assets of TARBS. We
will seek expressions of interest over the next few days and
once the sale of assets is complete the receivers will determine
the employee entitlements," said Mr. Brown.

PricewaterhouseCoopers will invite offers of purchase for the
assets of TARBS and its subsidiary companies including:

TARBS World TV Australia Pty Ltd
World TV Australia Pty Ltd
TARBS Australia Holdings Pty Ltd
New Nation Network Pty Ltd
Nightmoves International Pty Ltd
Television & Radio Technical Services Pty Ltd
World TV Pty Ltd
Editor's note

ABOUT TARBS

TARBS World TV Australia Pty Ltd (TARBS) is an Australian
broadcasting services and Infrastructure Company using DTH
(Direct-To-Home) satellite infrastructure as its primary
delivery platform. TARBS' programming rights presently extend to
more than 50 multicultural television channels, 30 multicultural
radio channels, nine core English channels, and an adult
channel. TARBS' English-language services include ESPN, CNN,
National Geographic Channel, Cartoon Network, Turner Classic
Movies, MTV, Disney Channel, MOVIE ONE, MOVIE EXTRA and MOVIE
GREATS. TARBS also produces a number of 24-hour playback
channels using content from real-time non-English language
programming feeds and locally produced multicultural news,
current affairs and documentaries. These channels include
TeleItalia (a Best of Italian Channel), Vizyon (a Best of
Turkish Channel), as well as Nightmoves, a proprietary and
exclusive adult channel.

About PricewaterhouseCoopers

PricewaterhouseCoopers (www.pwc.com) provides industry-focused
assurance, tax and advisory services for public and private
clients. More than 120,000 people in 139 countries connect their
thinking, experience and solutions to build public trust and
enhance value for clients and their stakeholders.

"PricewaterhouseCoopers" refers to the network of member firms
of PricewaterhouseCoopers International Limited, each of which
is a separate and independent legal entity.

CONTACT

Belinda Wood
Corporate Communications
Tel: (02) 8266 8202
Mobile: 0416 010 977
E-mail: belinda.wood@au.pwc.com

  
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C H I N A  &  H O N G  K O N G
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ALL WIDE: Winding Up Hearing Slated on August 4
-----------------------------------------------
A Petition for the Winding up of All Wide Investments Limited by
the High Court of Hong Kong was, on the 30th day of June 2004,
presented to the said Court by Industrial and Commercial Bank of
China (Asia) Limited whose registered office is situate at ICBC
Tower, 122-126 Queen's Road Central, Hong Kong.

The said Petition will be heard before the Court at 9:30 am on
August 4, 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.

EDWARD C.T. WONG & CO.
Solicitors for the Petitioner,
Rooms 1602-3, 16th Floor, Vicwood Plaza
199 Des Voeux Road Central
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 3rd day of August
2004.


MAXEN INVESTMENTS: Enters Winding Up Proceedings
------------------------------------------------
Notice is given that a Petition for the Winding up of Maxen
Investments Limited by the High Court of Hong Kong was, on the
14th day of June, 2004, presented to the said Court by Ng Che
Man of Rear Block, 6/F., Mau Wah Mansion, 22-24A Belcher's
Street, Hong Kong.

The said Petition will be heard before the Court at 10:00 am on
July 28, 2004.

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

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

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


RING SOUND: Court Hears Winding Up Petition on July 28
------------------------------------------------------
Notice is given that a Petition for the Winding up of Ring Sound
Company Limited by the High Court of Hong Kong was, on the 12th
day of May, 2004, presented to the said Court by Ng Chui Wan of
No. 28A, San Cheung Street, Sheung Shui, New Territories, Hong
Kong.

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

Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose; 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 at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 27th day of July
2004.


SITI CHINA: Issues Notice of Appointment of Liquidators
-------------------------------------------------------
Nicholas Timothy Cornforth Hill and Stephen Briscoe, both of RSM
Nelson Wheeler Corporate Advisory Services Limited, 7/F, Allied
Kajima Building, 138 Gloucester Road, Wan Chai, Hong Kong,
hereby give notice that we have been appointed Liquidators of
Siti China Limited (In Member's Voluntary Liquidation), jointly
and severally, by virtue of a Special Resolution of the Company,
passed at an Extraordinary General Meeting held on June 18, 2004
at Via Sempione, 82, 28040 Marano Ticino, Novara, Italy.

Nicholas Timothy Cornforth Hill
Stephen Briscoe
Joint and Several Liquidators

This announcement is dated July 9, 2004.


SITI CHINA: Creditors To Prove Debts on August 9
------------------------------------------------
Notice is hereby given that the creditors of Siti China Limited,
which is being voluntarily wound up, are required on or before
August 9, 2004 to send in their names and addresses, full
particulars of their debts and claims, and the names and
addresses of their solicitors (if any) to the Liquidators of the
company at 7th Floor, Allied Kajima Building, 138 Gloucester
Road, Wan Chai, Hong Kong and if so required by notice in
writing from the said Liquidators, either by themselves or by
their solicitors to come in and to prove their said debts or
claims at such time and place as shall be specified in such
notice, or in default thereof, they will be excluded from the
benefit of any distribution before such debts are proved.

Stephen Briscoe
Joint and Several Liquidator   

This announcement, dated July 9, 2004 was presented by RSM
Nelson Wheeler Corporate Advisory Services Limited.


SITI CHINA: Releases Notice of Special Resolutions
--------------------------------------------------
At an Extraordinary General Meeting of Siti China Limited (In
Member's Voluntary Liquidation) held at Via Sempione, 82, 28040
Marano Ticino, Novara, Italy, on June 18, 2004, at 10 a.m., the
following special and ordinary resolutions were duly passed:

As a Special Resolution

(a) That the Company be and is hereby wound up voluntarily and
that Nicholas Timothy Cornforth Hill and Stephen Briscoe, both
of RSM Nelson Wheeler Corporate Advisory Services Limited, 7th
Floor, Allied Kajima Building, 138 Gloucester Road, Wan Chai,
Hong Kong, be and are hereby appointed Liquidators of the
Company to act jointly and severally for the purpose of such
winding-up and that they be empowered to do all such acts, deeds
and things jointly and severally to complete the said
liquidation.

As Ordinary Resolutions

(a) That the Liquidators be authorized to divide any part of the
assets of the Company as they think fit amongst the members of
the Company in specie or in kind pursuant to the Company's
Articles of Association.

(b) That an audit of the Liquidators' receipts and payments
accounts under section 255A shall not be required.

(c) That pursuant to section 283(1)(b), the books and records of
the Company and of the Liquidators be retained for one month
commencing from the date of dissolution of the Company and that
thereafter they may be disposed of in such manner as the
Liquidators think fit.

Roberto Bossetti
Chairman


TAI WAH: Appoints Liquidators
-----------------------------
By order of the High Court of the Hong Kong Special
Administrative Region, dated April 19, 2004, Mr Nicholas Timothy
Cornforth Hill and Mr Cosimo Borrelli of 7/F Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong have been
appointed Joint and Several Liquidators of Tai Wah Securities
Limited (In Compulsory Liquidation) with a committee of
inspection.

NICHOLAS TIMOTHY CORNFORTH HILL
COSIMO BORRELLI
Joint and Several Liquidators.

This announcement, dated July 9, 2004 was presented by RSM
Nelson Wheeler Corporate Advisory Services Limited.


TAI WAH: Creditors Must Submit Claims on August 9
-------------------------------------------------
Notice is hereby given that the creditors of Tai Wah Securities
Limited, which is being compulsorily wound up, are required on
or before August 9, 2004 to send in their names and addresses,
full particulars of their debts and claims, and the names and
addresses of their solicitors (if any) to the Liquidators of the
company at 7/F Allied Kajima Building, 138 Gloucester Road, Wan
Chai, Hong Kong, and if so required by notice in writing from
the said Liquidators, either by themselves or by their
solicitors to come in and prove their said debts or claims at
such time and place as shall be specified in such notice, or in
default thereof, they will be excluded from the benefit of any
distribution before such debts are proved.

NICHOLAS TIMOTHY CORNFORTH HILL
COSIMO BORRELLI
Joint and Several Liquidators

This announcement, dated July 9, 2004 was presented by RSM
Nelson Wheeler Corporate Advisory Services Limited.


TANG WING: Winding Up Hearing Scheduled on July 28
--------------------------------------------------
Notice is given that a Petition for the Winding up of Tang Wing
Kee Metal Engineering Limited by the High Court of Hong Kong
was, on the 9th day of June, 2004, presented to the said Court
by Wong Kwok Lap of Room 12, 9/F., Siu Pong Court, Tuen Mun, New
Territories, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 am on the 28th day of July 2004 and any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose. A
copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

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

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


TONG'S SHARK'S: Winding Up Hearing Set July 28
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Tong's Shark's Fin Restaurant Limited by the High Court of Hong
Kong was, on the 9th day of June, 2004, presented to the said
Court by Chui Kun Yin of Room 1614, 16/F., Hin Fu House, Hin
Keng Estate, Shatin, New Territories, Hong Kong.  

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

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

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

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


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


ASIA PULP: Judge Lifts Gag Order On Ex-Consultant
-------------------------------------------------
A former Asia Pulp and Paper consultant (APP) is now free to
divulge what he knows about the controversial activities of APP
after a New York Judge lifted his temporary gagging order,
Financial Times reports.

New York State Supreme Court Justice Herman Cahn last week ruled
to repeal the temporary restraining order extended to Robert
Apfel, saying that later deals had "superseded" an earlier
confidentiality agreement between Mr. Apfel and APP.

Last month, Mr. Apfel, president of New York-based Bondholder
Communications, was ordered not to publicize information about a
controversial October 2003 debt-for-equity swap following his
submission of relevant documents to the Financial Times and
other media organizations. The said documents revealed 150
Taiwanese employees casting proxy votes approving a debt-for-
equity swap at the holding company for APP's Chinese operations.

APP and its controlling family, the Widjajas, were earlier
accused of buying their own bonds to manipulate the firm's
restructuring scheme since the firm's 2001 US$13.9 debt default,
which made it the biggest corporate defaulter in emerging
markets history.

The ruling puts APP in an awkward position as it awaits
bondholders' approval of a proposed US$6.7billion debt-
restructuring scheme by four Indonesian units.


PERTAMINA: To Boost Non-traditional Oil Imports
-----------------------------------------------
The declining global fuel supply has prompted Indonesia's PT
Pertamina to boost oil imports from non-traditional markets to
meet domestic fuel demand, Asia Pulse reports.

The state oil firm's public relations chief Hanung Budya
revealed the proposed importation of crude oil from non-
traditional markets to replenish 30 percent of the daily
170,000-kiloliter fuel consumption as stocks from traditional
markets such as Singapore and the Middle East continue to drop.

According to Pertamina's chief of fuel oil division Mukti Wibowo
the current fuel stockpile is sufficient to meet demands for
20.4 days only. He said fuel imports from non-traditional
markets in China and India are crucial to return to the "safe
level" of 24 days.

"We are trying to make domestic fuel stocks in July enough to
meet needs for 23 days and in August for 24 days," he added.

National fuel consumption was expected to rise from last year's
60.9 million kiloliters to 63.3 million kiloliters.


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


MITSUBISHI FUSO: Fires Manager For False Defect Report
------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation fired a quality-control
manager Tuesday for falsifying information on the seriousness of
truck defects, Kyodo News reports, citing Mitsubishi Fuso
President Wilfried Porth. The report did not reveal the name of
the manager.

The manager was found solely responsible for Mitsubishi Fuso's
recent false report stating that fractured clutch housings in
two of its large trucks were partial cracks.


MITSUBISHI MOTORS: Used Vehicle Sales Down 4.8% in First Half
-------------------------------------------------------------
Sales of used vehicles by Mitsubishi Motors Corporation and
Mitsubishi Fuso Truck & Bus Corporation in the first half of
2004 fell 4.8 percent from a year earlier to a combined 199,795
units, Japan Times reported on Tuesday, citing the Japan
Automobile Dealers Association.

Both companies have seen their sales plunge amid consumer alarm
over their defect cover-ups and recalls.


NICHIEI SANGYO: Building Material Wholesaler Goes Bankrupt
----------------------------------------------------------
Nichiei Sangyo K.K. has entered bankruptcy, according to Teikoku
Databank America. Based in Miyazaki-shi, Miyasaki Japan, the
building material wholesale trader has total liabilities of
US$26.41 million.


PHOENIX RESORT: Resort Operator Sees JPY2.2B Net Loss
-----------------------------------------------------
Seagaia amusement park operator Phoenix Resort K.K. expects a
net loss of JPY2.2 billion in the fiscal year ended March 31,
Kyodo News reports.

The loss was JPY1.3 billion smaller than the previous business
year, but the resort operator's cumulative loss has swelled to
JPY12 billion.


UFJ HOLDINGS: Issues Statement Regarding Media Report
-----------------------------------------------------
UFJ Holdings Inc. issued the following statement in response to
media reports published on July 9, 2004.

"UFJ Holdings is currently discussing the details of the joint
operation of trust businesses with the Sumitomo Trust & Banking
Co. Ltd., aiming to reach the agreement by the end of this
month. There is no decision yet finalized at the present
moment."

This is a company press release.


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K O R E A
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HANBO STEEL: Hyundai-led Group to Buy Steel Firm
------------------------------------------------
Two steel units of Hyundai Motor Group will acquire Hanbo Steel
for a combined KRW910 billion (US$793.2 million), according to
Reuters.

A consortium involving INI Steel and Hyundai Hysco was picked in
May as the preferred bidder for Hanbo. INI said it would pay
KRW726 billion and Hyundai Hysco KRW184 billion for the bankrupt
steel maker.


HYNIX SEMICONDUCTOR: To Equip Novellus' New 300-mm T1 Facility
--------------------------------------------------------------
Novellus Systems, Inc. (Nasdaq: NVLS - News), the productivity
and innovation leader in advanced deposition, surface
preparation and chemical mechanical planarization processes for
the global semiconductor industry, announced that Korea's Hynix
Semiconductor, Inc. will equip its new 300-mm T1 facility with a
diverse range of Novellus' process equipment for both front-end-
of-line and back-end-of-line applications, PR Newswire reports.

The multi-system order includes a series of VECTOR plasma-
enhanced chemical vapor deposition (PECVD) tools, along with a
range of high-density plasma (HDP) SPEED tools, chemical vapor
deposition (CVD) ALTUS systems, a GAMMA(TM) surface preparation
tool, and an INOVA physical vapor deposition (PVD) system. The
suite of 300-mm tools -- selected for their productivity, cost-
of-ownership (CoO) and extendibility advantages -- will be
initially deployed on the customer's 90-nm processing lines and
later extended to produce devices at smaller nodes.

Commenting on the multi-system order, Sung-Suk Kang, Senior
Manager, Equipment Purchasing Team, Chief Procurement Office of
Hynix said, "Our positive experience with Novellus' high-
productivity and low cost of ownership 200-mm tools, sealed this
purchasing decision. We expect the new systems to deliver the
same performance benefits at our 300-mm fab, allowing us to meet
our aggressive production schedules."

"Novellus congratulates Hynix on its new facility," said the
company's executive vice president of sales, service and
marketing, Tom St. Dennis. "As a long time customer, we're
extremely pleased that they selected our equipment to power
their most advanced fab. We wish Hynix much success with their
new manufacturing facility."

For more details relating to risks and uncertainties that could
cause actual results to differ from those anticipated in the
forward- looking statements, and risks to Novellus' business in
general, please refer to Novellus' SEC filings, including its
Annual Report on Form 10-K for the fiscal year ended December
31, 2003 and its Quarterly Report on Form 10-Q for the quarter
ended March 27, 2004.

About Novellus:

Novellus Systems, Inc., an S&P 500 company, manufactures,
markets and services advanced deposition, surface preparation
and chemical mechanical planarization equipment for today's
advanced integrated circuits. Our products are designed for
high-volume production of advanced, leading-edge semiconductor
devices at the lowest possible cost. Headquartered in San Jose,
Calif., with subsidiaries throughout the United States, as well
as in the United Kingdom, France, Germany, the Netherlands,
Ireland, Italy, Israel, India, China, Japan, Korea, Malaysia,
Singapore and Taiwan, we are a publicly traded company on the
Nasdaq stock exchange and a component of the Nasdaq-100 Index.
Additional information about Novellus is available on our home
page at www.novellus.com.


NOTE: VECTOR, SPEED, ALTUS and INOVA are registered trademarks
of Novellus Systems, Inc. GAMMA is a trademark of Novellus
Systems, Inc.


HYNIX SEMICONDUCTORS: Fails to Persuade Bankers to Reduce Debt
--------------------------------------------------------------
Hynix Semiconductor Inc. failed to win approval Thursday for a
plan aimed at reducing more than KRW1 trillion (US$869 million)
worth of debts, Bloomberg News reports.

The proposal, which involved asking banks to accept losses on
some of their credits to the chipmaker, failed after Korea
Development Bank (KDB) rejected the plan and demanded early
payment, said Min Seung Ki, head of the Hynix team at Korea
Exchange Bank.

Hynix, which is 81 percent owned by Korea Exchange and other
creditors, wants to lessen its liabilities. Creditors are
allowing the chipmaker to freeze payments on KRW2.6 trillion of
debt till 2006.


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


ANTAH HOLDING: Updates Status On Involvement In Litigation
----------------------------------------------------------
The Board of Directors of Antah Holdings Berhad (Antah) informed
Bursa Malaysia Securities Berhad on the following updates on the
status of Antah's involvement in litigation for the period from
11 June 2004 to 10 July 2004. The involvement in litigation has
been divided into three categories, namely financial
institutions, non-financial institutions and corporate guarantee
as listed under the table below.

The Board of Directors would also like to inform that Antah is
currently at an advanced stage of finalizing with the lenders
and creditors on the details terms of the Proposed Debt
Restructuring Scheme. Certain lenders and creditors have
indicated positive feedbacks on the Scheme. The Company is
expected to make an appropriate announcement in due course upon
finalization of the Scheme.

(1) Financial Institutions

The status in respect of the claims made by the following
financial institutions:

Number/Case Number/Status

(1) Kuala Lumpur High Court Suit No. D4-22-1940-2002
Bank of Tokyo Mitsubishi (M) Berhad versus Antah Holdings Berhad
-
14 September, 2004/Mention

(2) Kuala Lumpur High Court Suit No. D3-22-152-2003
Aseambankers Malaysia Berhad versus Antah Holdings Berhad- 6
September, 2004/ Mention

(3) Kuala Lumpur High Court Suit No. D6-22-240-2003
EON Bank Berhad versus Antah Holdings Berhad -15 July,
2004/Hearing of the application to discharge  

(40 Kuala Lumpur High Court Suit No. D1-22-280-2003
Mizuho Corporate Bank Ltd versus Antah Holdings Berhad -13 July,
2004/
- Hearing on appeal of Plaintiff's O.14 RHC 1980-14 July, 2004/
- Hearing on stay of execution of judgement application

(5) Kuala Lumpur High Court Suit No.S7-22-584-2002
Arab Malaysian Bank Berhad versus:

(i) Antah Holdings Services Berhad
(ii) Antah Holdings Berhad - 27 July, 2004/Hearing

(6) Kuala Lumpur High Court Suit No. S1-22-836-2002
Ambank Berhad versus Antah Holdings Berhad -23 August,
2004/Hearing on application to discharge

(70 Kuala Lumpur Sessions Court Smn No. S8-52-16056-2003
Southern Investment Bank Berhad versus Antah Holdings Berhad -13
July, 2004/Mention and hearing on application to discharge

(8) Kuala Lumpur Sessions Court Smn No. S2-52-16651-2003
Public Merchant Bank Berhad versus Antah Holdings Berhad -5
August, 2004/Mention

(9) Kuala Lumpur High Court Suit No. D-4-22-1401-2003
RHB Bank Berhad versus Antah Holdings Berhad -4 October,
2004/Mention

There are no material developments to the other claims by
financial institutions against Antah.

(2) Non-Financial Institutions

The status in respect of the claims made by the following non-
financial institutions:

Number/Case Number/Status

(1) Kuala Lumpur High Court Suit No. S3-22-483-2003
Ng Ah Hooi versus Antah Holdings Berhad -15 July, 2004/Mention

(2) Shah Alam Sessions Court Smn No. 52-3319-2003
Sing Motor Works Sdn. Bhd. versus Antah Holdings Berhad -13
July, 2004/Mention and hearing on application to discharge

(3) Georgetown Sessions Court Smn No. 52-2241-2003
Hong Bee Hardware Co Sdn. Bhd. versus:

(i) Antah Tristar Sdn. Bhd.
(ii) Antah Holdings Berhad -16 July, 2004/Hearing on application
to discharge

(4) Shah Alam Sessions Court Smn No. S4-52-4122-2003
Supermix Concrete (Malaysia) Sdn. Bhd. versus:

(i) Antah Tristar Sdn. Bhd.
(ii) Antah Holdings Sdn. Bhd. -29 July, 2004/Mention

(5) Shah Alam Magistrate Court Smn No. 72-1905-2003
Global Max Print Sdn. Bhd. versus Antah Holdings Berhad -30
July, 2004/Hearing on application to discharge

(6) Shah Alam Sessions Court Smn No. 52-5034-2003
Techvance Marketing Sdn. Bhd. versus:

(i) Antah Tristar Sdn. Bhd.
(ii) Antah Holdings Berhad -26 July, 2004/Mention

(7) Shah Alam High Court Suit No. MT3-22-1008-2003
Yu Bee Industries (M) Sdn. Bhd. versus Antah Holdings Berhad -
Settle out of court

(8) Shah Alam High Court Winding Up No. 28-40-40-2004
Yu Bee Industries (M) Sdn. Bhd. (Petitioner)
Antah Tristar Berhad (Respondent) -Settle out of court

There are no material developments to the other claims by non-
financial institutions against Antah.

(3) Corporate Guarantee

The status in respect of the claims made by the following
corporate guarantee, which have been provided by Antah:

Number/Case Number/Status

(1) Kuala Lumpur High Court Suit No. D2-22-653-2003
Bank Pertanian Malaysia versus

(i) Pacific Asia Fishing Sdn. Bhd.
(ii) Antah Holdings Berhad -14 July, 2004/Hearing for the
plaintiff's summary judgement application

There are no material developments to the other claims against
companies where Antah has provided corporate guarantees.

Discussions are currently ongoing with lenders and creditors for
the adoption of the proposed debt-restructuring scheme.


CONSOLIDATED FARMS: Issues Update On Summons Served to CFSB
-----------------------------------------------------------
Further to the Consolidated Farm Berhad's announcement to Bursa
Malaysia Securities Berhad dated 25 June, 2004 pertaining to the
summon dated 7 May 2004 filed by Prima Inter-Chem Sdn Bhd
(Prima) in the Session Court of Kuala Lumpur and served on
Consolidated Feedmill Sdn Berhad (CFSB) on 24 June 2004 in
respect of goods sold and delivered to CFSB, the Board of
Directors of Confarm announced that the total amount claimed by
Prima of RM72,025.00 has been reduced to RM59,587.50 following
the issuance of a credit note no. 7350 dated 10 June, 2004 for
goods returned to Prima amounting to RM12,437.50 as advised by
Prima's solicitors to the Company vide the letter dated 24 June
2004 which was received by the Company on 9 July 2004.

In this respect, the total amount claimed by Prima now stands at
RM59,587.50 together with interest of one percent per month from
12 April 2004 until full resolution, costs and any other relief
to be granted by the Court.

The suit has no operational impact on CFSB and the Confarm
Group. There are no expected losses arising from the suit.

CFSB is currently seeking the indulgence of Prima to withhold
further legal proceedings while Confarm Group formulates a
restructuring/workout source.

This announcement is dated 12 July 2004.

Contact:

Consolidated Farms Berhad
No. 24-1, Jalan 24/70A,
Desa Sri Hartamas, 50480
Kuala Lumpur, Malaysia
Telephone: +603 2300 1199
Fax: +603 2300 2299
Email: confarm@confarm.com


FORESWOOD GROUP: Issues Update on Proposals
-------------------------------------------
Foreswood Group Berhad (FGB) issued to Bursa Malaysia Securities
Berhad an update on its Proposed Corporate and Debt
Restructuring Scheme.

- Proposed Capital Reduction and Consolidation
- Proposed Rights Issue
- Proposed Debt Restructuring
- Proposed Exemption

For consistency, the abbreviation used throughout this
announcement shall have the same meaning as previously defined
in FGB's announcements dated 21 July 2003, 20 January 2004 and
19 March 2004.

(1) INTRODUCTION

We refer to the announcements dated 21 July 2003, 20 January
2004 and 19 March 2004 on the Proposed Corporate and Debt
Restructuring Scheme, which comprises of a Proposed Rights Issue
on a minimum level of subscription basis of 44,000,000 Rights
Shares.

(2) PROPOSED EXEMPTION

Further to the Proposed Rights Issue, a substantial shareholder
of FGB namely, Pau Chiong Ching (PCC) had vide his letter dated
2 June 2004 given his irrevocable undertaking to subscribe in
full his entitlement under the Proposed Rights Issue amounting
to 2,871,000 Rights Shares (Entitlement Undertaking).

The Entitlement Undertaking by PCC represents approximately 5.03
percent of the maximum Rights Shares to be issued pursuant to
the Proposed Rights Issue.

In addition, PCC has also given an irrevocable undertaking to
subscribe for up to 41,129,000 Rights Shares, which may not be
taken up by other entitled shareholders based on the Minimum
Subscription (Additional Undertaking).

The Additional Undertaking by PCC represents approximately 72.01
percent of the maximum number of Rights Shares to be issued
pursuant to the Proposed Rights Issue. The total undertaking by
PCC (Entitlement Undertaking and Additional Undertaking) based
on the Minimum Subscription amounts to 44,000,000 Rights Shares,
which represents 77.04 percent of the maximum number of Rights
Shares to be issued.

In addition to the Additional Undertaking by PCC, PCC may also
subscribe up to 13,114,000 excess Rights Shares, which may not
be taken up by other entitled shareholders (Potential Excess
Subscription).

The Potential Excess Subscription by PCC represents 100% of the
maximum number of Rights Shares to be issued pursuant to the
Proposed Rights Issue. The said Potential Excess Subscription
would be made through excess applications and would depend on
PCC's availability of funds and financing at the relevant point
in time. PCC would not be giving an undertaking for the
Potential Excess Subscription.

Upon completion of the Proposed Rights Issue, based on the
Minimum Subscription, PCC will hold 44,287,100 FGB Shares
representing approximately 89.09 percent of the enlarged issued
and paid-up share capital of FGB. Subsequent to the exercise of
Warrants, PCC will hold 80,953,767 FGB Shares representing
approximately 66.92 percent of the enlarged issued and paid-up
share capital of FGB.

The equity interest held by PCC may exceed 33 percent after the
Proposed Rights Issue pursuant to the Entitlement Undertaking
and Additional Undertaking and also in the event that PCC
subscribes for the excess Rights Shares pursuant to the
Potential Excess Subscription.

Pursuant to Part II Section 6 of the Malaysian Code of Takeovers
and Mergers 1998 (Code), PCC will be required to extend a
mandatory offer for the remaining shares in FGB, which are not
already owned by him upon completion of the Proposed Rights
Issue.

As such, PCC would be making an application to the Securities
Commission for an exemption from the obligation to extend a
mandatory offer for the remaining shares in FGB that he does not
own upon completion of the Proposed Rights Issue (Proposed
Exemption by PCC).

In addition, AmBank Berhad and AmMerchant Bank Berhad (AmBank
Group) will receive 29.041 million FGB shares, 2.90 million
ICULS and 5.00 million RCSLS as part of debt settlement. Hence,
upon completion of the Proposed Corporate and Debt Restructuring
Scheme, based on the Minimum Subscription, AmBank Group will
hold 29,041,640 FGB Shares representing approximately 34.45
percent of the enlarged issued and paid-up share capital of FGB.

As a result, AmBank Group would be obliged to extend a mandatory
offer for the remaining shares in FGB, which are not already
owned by them pursuant to Part II Section 6 of the Code.

Pursuant thereto, AmBank Group is seeking for an exemption under
Practice Note 2.9.3 of the Code from its obligation to undertake
a mandatory take-over offer for the remaining Shares not already
owned by them upon the completion of the Proposed Corporate and
Debt Restructuring Scheme (Proposed Exemption by AmBank Group).

Proposed Exemption by PCC and Proposed Exemption by AmBank Group
is collectively known as Proposed Exemption.

(3) DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

PCC who is a major shareholder in FGB is deemed interested in
the Proposed Exemption. Accordingly he and parties connected to
him will abstain from voting on the Proposed Exemption in
respect of their direct and indirect shareholdings in FGB at the
forthcoming Extraordinary General Meeting to consider the
Proposed Exemption. Save as disclosed above, none of the
directors have any interest, direct or indirect in the Proposed
Exemption.

(4) DIRECTORS' RECOMMENDATION

The Proposed Rights Issue on a minimum level of subscription
basis is critical for FGB to raise the minimum funds to
successfully implement the Proposed Corporate and Debt
Restructuring Scheme. The Board of Directors, after careful
deliberation and having considered the rationale for the
Proposed Exemption, is of the opinion that the Proposed
Exemption is in the best and long term interest of FGB Group.

(5) APPROVALS REQUIRED

The Proposed Exemption is subject to the approval of the SC.
Application to the SC on the Proposed Exemption will be made
within one (1) month from the date of this announcement.
The Proposed Capital Reduction and Consolidation, Proposed
Cancellation of Share Premium Account, Proposed Rights Issue,
Proposed Debt Restructuring and the Proposed Exemption are
inter-conditional upon each other.

This announcement is dated 12 July 2004.


GEAHIN ENGINEERING: Issues Update On Issued and Paid Up Capital
---------------------------------------------------------------
Geahin Engineering Berhad disclosed to Bursa Malaysia Securities
Berhad the cancellation of the existing issued and paid up share
capital of Geahin comprising 19,999,000 ordinary shares of
RM1.00 each (Geahin shares) and subsequent allotment and issue
of 1,999,900 new ordinary shares of RM1.00 each in Maxbiz
Corporation Berhad (Maxbiz shares) to the shareholders of Geahin
on the basis of one (1) new Maxbiz share for every ten (10)
existing ordinary shares of RM1.00 each held in Geahin prior to
the cancellation of the Geahin shares, pursuant to section 176
of the Companies Act, 1965 (capital reconstruction).

Notice is hereby given that the Record of Depositors of Geahin
Engineering Berhad will be closed at 4:00 p.m. on 19 July 2004
to determine the shareholders who will be entitled to the new
Maxbiz Shares pursuant to the Capital Reconstruction.

Further notice is hereby given that the entitlement of the
shareholders of Geahin to the new Maxbiz Shares shall only be in
respect of the following:

(i) Depositors whose shares are transferred into the CDS
Accounts before 4:00 p.m. on 19 July 2004 in respect of the
transfer; and

(ii) Shareholders of Geahin whom had bought Geahin Shares on
Bursa Malaysia Securities Berhad (Bursa Malaysia) on a cum
entitlement basis according to the Rules of Bursa Securites.

Full details of the Proposed Restructuring Scheme can be found
in Geahin's Explanatory Statement cum Circular to Shareholders
dated 28 April 2004.

Any enquiries concerning the notice of books closure should be
addressed to the Geahin's share registrar as:

SECURITIES SERVICES (HOLDINGS) SDN. BHD. (36869-T)
Level 7, Menara Milenium,
Jalan Damanlela,
Pusat Bandar Damansara Heights,
50490, Kuala Lumpur.
Telephone: 03-2084 9000;
Fax: 03-2094 9940

On and Behalf of the Board of Directors
Ong Peng Beng
Managing Director

Kuala Lumpur
13 July 2004


JAKS RESOURCES: Disposes 68,081,700 Ordinary Shares Of WTHB
-----------------------------------------------------------
JAKS Resources Berhad (JRB) disclosed to Bursa Malaysia
Securities Berhad the Disposal of Entire Issued and Paid-up
Share Capital of Wing Tiek Holdings Berhad (WTHB) to Fable Saga
Sdn Bhd, a Special Purpose Vehicle Nominated and Controlled by
the Directors of WTHB for a Total Nominal Cash Consideration of
RM1.00 Pursuant to the Corporate Debt Restructuring Scheme
(CDRS) of WTHB.

The Board of Directors of JRB wishes to announce that the
Company has 9 July 2004 disposed of 68,081,700 ordinary shares
of RM1.00 each, representing the entire issued and paid-up
capital of WTHB to Fable Saga Sdn Bhd, the Special Purpose
Vehicle nominated and controlled by the Directors of WTHB for a
total nominal cash consideration of RM1.00 pursuant to the CDRS
of WTHB. This is to facilitate the liquidation of the remaining
companies within the WTHB Group.

Upon the completion of the above disposal WTHB ceases to be the
subsidiary of JRB.


NAIM INDAH: Unveils EGM Results
-------------------------------
On behalf of the Board of Directors of Naim Indah Corporation
Berhad (formerly known as Arus Murni Corporation Berhad) (NICB),
the company announced that the following resolutions have been
approved by the shareholders at the Extraordinary General
Meeting of NICB held at the Ballroom, Level 5, Dynasty Hotel
Kuala Lumpur, 218 Jalan Ipoh, 51200 Kuala Lumpur on Monday, 12
July 2004.

PROPOSED PAR VALUE REDUCTION:

SPECIAL RESOLUTION 1 - Proposed Par Value Reduction
  
(a) "That subject to the passing of Special Resolution 2 below
and the confirmation by the High Court of Malaya, the issued and
paid-up share capital of NICB of RM188,340,909 comprising
188,340,909 ordinary shares of RM1.00 each as at 20 May 2004, be
reduced to RM37,688,182 comprising 188,340,909 ordinary shares
of RM0.20 each under Scenario I or RM58,215,904 comprising
291,079,520 ordinary shares of RM0.20 each under Scenario II (as
set out in Section 2.1.1 of the Circular to Shareholders dated
21 June 2004), by way of cancellation of RM0.80 of the par value
of each existing NICB ordinary share of RM1.00 each in issue;
and  
  
(b) That the Directors of NICB be and are hereby authorized to
do all such acts and things that may be necessary to give effect
to the said Proposed Par Value Reduction with full power to
assent to any conditions, modifications, variations and/or
amendments as may be required by any relevant authorities.
  
PROPOSED SHARE PREMIUM REDUCTION:

SPECIAL RESOLUTION 2 - Proposed Share Premium Reduction
  
(a) "That subject to the passing of Special Resolution 1 above
and the confirmation of the High Court of Malaya, forthwith upon
the reduction of the par value taking effect, the share premium
account of the Company be reduced by an amount of up to
RM317,358,091 and that the credit of up to RM317,358,091 arising
there from be utilized towards setting-off against the
accumulated losses of the Company as at 31 December 2003; and
  
(b) That the Directors of NICB be and are hereby authorized to
do all such acts and things that may be necessary to give effect
to the said Proposed Share Premium Reduction with full power to
assent to any conditions, modifications, variations and/or
amendments as may be required by any relevant authorities.


OSK HOLDINGS: Releases Details Of Interest Payment
--------------------------------------------------
OSK Holdings Berhad issued to Bursa Malaysia Securities Berhad a
Notice of Ninth Interest Payment.

(1) RM101,423,995 6 percent IRREDEEMABLE CONVERTIBLE UNSECURED
LOAN STOCKS 2000/2005 (LOAN STOCK)

(2) RM101,423,995 3.5 percent REDEEMABLE UNSECURED BONDS
2000/2005 (BOND)

Notice is hereby given that that pursuant to the terms of the
issue of the Loan Stock and the Bond, the ninth interest payment
on the Loan Stock and the Bond at the rate of 6 percent per
annum and 3.5 percent per annum respectively for the period from
2 March 2004 to 1 September 2004 will be payable on 2 September
2004 to Loan Stock holders and/or Bond holders whose names
appear in the Record of Depositors on 9 August 2004.

A Depositor shall qualify for the entitlement only in respect
of:

(a) Loan Stock and/or Bond transferred into the Depositor's
securities account before 4:00 p.m. on 9 August 2004 in respect
of ordinary transfers; and

(b) Loan Stock and/or Bond bought on the Bursa Malaysia
Securities Berhad on a cum entitlement basis according to the
Rules of the Bursa Malaysia Securities Berhad.

BY ORDER OF THE BOARD
TAN MUI LIAN
Secretary
Kuala Lumpur
13 July 2004


POS MALAYSIA: Bursa Malaysia Issues Additional Ordinary Shares
--------------------------------------------------------------
POS Malaysia and Services Holdings Berhad disclosed to Bursa
Malaysia Securities Berhad the:

(1) Conversion of RM107,400 nominal value Five-Year 8 percent
irredeemable convertible unsecured loan stocks 1999/2004 (LB)
into 59,666 new ordinary shares (conversion)

(2) Employees' Share Option Scheme

Kindly be advised that POS Malaysia and Services Holdings
Berhad's additional:

(i) 59,666 new ordinary shares of RM1.00 each arising from the
aforesaid Conversion

(ii) 157,000 new ordinary shares of RM1.00 each issued pursuant
to the aforesaid Scheme

will be granted listing and quotation by Bursa Malaysia
effective 9:00 a.m., Wednesday, 14 July 2004.


QUALITY CONCRETE: BMSB To List Additional 47,000 Shares
-------------------------------------------------------
Quality Concrete Holdings Berhad's additional 47,000 new
ordinary shares of RM1.00 each issued pursuant to the Employees'
Share Option Scheme will be granted listing and quotation by
Bursa Malaysia Securities Berhad effective 9:00 a.m., Thursday,
15 July 2004.


SIME DARBY: Updates Mandatory Takeover Offer By STSB
----------------------------------------------------
With reference to the mandatory takeover offer by Space Tracks
Sdn Berhad (STSB), a wholly owned subsidiary of Sime Darby
Berhad (SDB), to aquire the remaining shares and warrants in
Hyundai-Berjaya Corp. 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) announced to Bursa Malaysia Securities Berhad
on behalf of 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.

Click for the details of the dealings in the Affected Securities
by the Parties that are set out in Table 1.
http://bankrupt.com/misc/simedarby071204.doc

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 13 July 2004.


SUNWAY HOLDINGS: Updates General Offer By CIMB
----------------------------------------------
Sunway Holdings Incorporated Berhad issued to Bursa Malaysia
Securities Berhad the General Offer by Commerce International
Merchant Bankers Berhad (CIMB) on behalf of SunInc to acquire
the remaining ordinary shares of RM1.00 each of the Issued and
Paid-Up Capital of Sunway Construction Berhad which are not
already owned by SunInc and such number of new SunCon shares
that may be issued pursuant to the exercise of any outstanding
options granted under SunCon's Employees' Share Option Scheme
(Offer Shares) at an offer price of RM2.73 comprising a cash
price of RM1.10 and one ordinary share of RM1.00 in SunInc at an
issue price of RM1.63 credited as fully paid-up for each of the
offer share.

With reference to our announcement dated 29 June 2004 wherein on
behalf of SunInc, CIMB announced that the Offer had closed at
5.00 p.m. (Malaysian time) on 29 June 2004 (Closing Date). The
said announcement had stated the level of acceptances for the
Offer as at the Closing Date as well as the intention of SunInc
to invoke the provisions of Section 34 of the Securities
Commission Act, 1993 (SC Act) within two (2) months after the
Offer has been so accepted, to compulsorily acquire the
remaining Offer Shares for which acceptances were not received
on or prior to the Closing Date.

On behalf of SunInc, CIMB wishes to announce that SunInc has,
today, dispatched the notice to the dissenting shareholders of
SunCon (Notice) stating its desire to acquire the SunCon Shares
held by the said dissenting shareholders together with a
statutory declaration confirming that the conditions for the
sending of the Notice have been satisfied in accordance with the
provisions of Section 34 of the SC Act.

SunInc will, in accordance with the provisions of Section 34 of
the SC Act, be entitled and bound to acquire the ordinary shares
held by the dissenting shareholders of SunCon on the same terms
of the Offer unless the High Court of Malaya decides to the
contrary in the event of an application being made by a
dissenting shareholder of SunCon on or before 11 August 2004
(being one month from the date of the Notice) pursuant to
Section 34(B) of the SC Act.

This announcement is dated 12 July 2004.


TA ENTERPRISE: Unveils AGM Results
----------------------------------
Pursuant to paragraph 9.19 (7) of the Bursa Malaysia Listing
Requirements, TA Enterprise Berhad informs that at the
Fourteenth Annual General Meeting of TAE held on Monday, the
shareholders have:

(1) Adopted the Audited Accounts for the year ended 31 January
2004 and the Reports of the Directors and Auditors thereon;

(2) Approved a final dividend of 2.5% less taxation for the year
ended 31 January 2004;

(3) Re-elected the following Directors:

(a) Zainab bte Ahmad who retires by rotation in accordance with
Article 102 of the Company's Articles of Association;

(b) U Chin Wei who retires by rotation in accordance with
Article 102 of the Company's Articles of Association;

(4) Approved the payment of Director's fees of RM20,082 for the
year ended 31 January 2004;

(5) Re-appointed Messrs Ernst & Young as Auditors of the Company
to hold office until the conclusion of the next Annual General
Meeting and to authorize the Directors to fix their
remuneration;

(6) As special business, passed the following ordinary
resolution:

"That subject always to the Companies Act, 1965, the Articles of
Association of the Company and the approvals of the relevant
governmental/regulatory authorities, the Directors be and are
hereby empowered pursuant to Section 132D of the Companies Act,
1965 to further allot and issue ordinary shares in the Company
from time to time upon such terms and conditions and for such
purposes as the Directors may deem fit provided that the
aggregate number of shares to be allotted and issued pursuant to
this resolution does not exceed ten percent of the total issued
share capital of the Company in any one financial year and that
such authority shall remain in force until the conclusion of the
next Annual General Meeting of the Company."


TA ENTERPRISE: Issues Update On Proposals  
-----------------------------------------
TA Enterprise Berhad (TAE) disclosed to Bursa Malaysia
Securities Berhad the proposed acquisitions by Botly Securities
Sdn Berhad (BSSB), a wholly owned subsidiary of TAE of the
stockbroking businesses of:

(1) Kota Bharu Securities Sdn Berhad (KBS)
(2) TA Securities Berhad (TAS)

- Proposed conversion of the Stockbroking businesses of KBS and
TAS into branch offices of BSSB.

The company refers to its earlier announcements dated 30 June
2003, 9 July 2003, 11 August 2003, 24 December 2003 and 26
January 2004.

The Board of Directors of TAE wishes to announce that the
Securities Commission had in their letter dated 7 July 2004
approved BSSB's application to extend the period to complete the
conversion of the stockbroking businesses of KBS and TAS into
branch offices by another six (6) months until 27 December 2004.

This announcement is dated 12 July 2004.


TANJONG PUBLIC: Receives Notification On Listing Requirements
-------------------------------------------------------------
Tanjong Public Limited Co. received notifications pursuant to
Paragraph 14.09 (a) of the Listing Requirements of Bursa
Malaysia Securities Berhad (Bursa Malaysia) of Dealings during
Open Period.

Bursa Malaysia announced that the Company has been notified on 9
July 2004 and 12 July 2004 of the following dealings by the
Principal Officers of the Company pursuant to Paragraph 14.09
(a) of the Listing Requirements of Bursa Malaysia:

(1) Notification by Chong Kah Yoong on 9 July 2004:

(a) (i) That he has disposed in the open market of the Bursa
Malaysia, 5,000 shares of 7.5 pence each in Tanjong representing
0.0012% of the issued share capital of Tanjong as at the date of
the transaction;

(ii) Date of transaction - 5 July 2004; and

(iii) Transaction price - RM12.70 per share of 7.5 pence each.

(b) (i) That he has disposed in the open market of the Bursa
Malaysia, 10,000 shares of 7.5 pence each in Tanjong
representing 0.0025% 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.

(2) Notification by Yap Swee Hang on 12 July 2004:

(a) (i) That he has disposed in the open market of the Bursa
Malaysia, 10,700 shares of 7.5 pence each in Tanjong
representing 0.0027% of the issued share capital of Tanjong as
at the date of the transaction;

(ii) Date of transaction - 8 July 2004; and

(iii) Transaction price - RM12.90 per share of 7.5 pence each.


TELEKOM MALAYSIA: Unit Undergoes Legal Proceedings With DeTe  
------------------------------------------------------------
With reference to the announcements made by Telekom Malaysia
Berhad (TMB) and Celcom (Malaysia) Berhad, a wholly owned
subsidiary of TMB on the legal dispute with DeTeAsia Holdings
GMBH (DeTe) on 11 March 2003 and informs Bursa Malaysia
Securities Berhad that the evidential hearing of the above
arbitration proceedings has commenced in Geneva, Switzerland on
12 July 2004. The hearing is expected to continue until 23 July
2004.


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


MANILA ELECTRIC: First Gas Contract To Generate PhP7.8B Savings
---------------------------------------------------------------
The Manila Electric Co. (Meralco) said the approval of the
revised power contracts with First Gas Power Corp. will generate
a PhP7.8 billion savings to customers, according to
BusinessWorld.

Meralco told the Energy Regulatory Commission (ERC) in a public
hearing that the approval will result in a three-centavo per
kilowatt-hour (kWh) reduction of First Gas' selling power rate
and about one centavo/kWh savings to customers.

Included in the amendments is a package of concessions worth up
to PhP30 billion of savings over the life of its contract with
First Gas, which was signed on January 7 and was submitted to
the ERC on March 12 for approval. It also offers a profit-
sharing mechanism for Meralco and its customers for any third-
party sales consummated by First Gas.

The concessions with immediate value include First Gas agreeing
to shoulder local business and community taxes, while
conditional concessions include increasing discounts on
electricity rates, paying higher penalties for non-performance,
and until 2011, not charging Meralco for the excess kilowatt-
hours delivered beyond the contracted amount, the BusinessWorld
report stated.

"This is clearly beneficial to consumers. Meralco's IPP
[independent power producer] review committee headed by Gary
Teves, Land Bank president, and member of the Meralco board of
directors, deserves much credit for securing the concessions,"
Meralco power supply committee representative Nestor Sarmiento
said in a statement.

In order for both parties to prove the benefits of the proposed
amendments, consumer group National Association of Electricity
Consumers filed a petition to require them to come up with a
document to prove that customers would really benefit from these
adjustments.

"We are not actually against this, but we want them to prove
that there would really be savings for the consumers if the
agreement is approved," BusinessWorld quoted the group's
president, Pete L. Ilagan, as saying.

Meralco sources power from the National Power Corp. (Napocor)
and its three IPPs: Quezon Power, First Gas' Sta. Rita plant and
First Gas's San Lorenzo plant.

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


MANILA ELECTRIC: Confirms Veracity of News Article
--------------------------------------------------
Manila Electric Co. submits to the Philippine Stock Exchange a
clarification to the news article entitled "Case versus Meralco
dismissed" published in the July 12, 2004 issue of The Manila
Bulletin (Internet Edition). The article reported that:

"A large-scale estafa filed against utility firm Manila Electric
Company (Meralco) based on grounds that it allegedly overcharged
its customers was junked by the Office of the City Prosecutor of
Quezon City.  In its ruling, the prosecutor's office indicated
that the acts being complained of 'do not constitute a felony,'
or a major criminal offense from which lawyer Oliver Lozano has
set as a legal ground in his complaint.  In a resolution penned
by Assistant City Prosecutor Eligion B. Lofranco, it was
indicated that 'upon careful scrutiny and evaluation of the
evidence, affidavits and documents submitted by the parties, the
charge of estafa against the respondents should be dismissed."

Manila Electric Co. (Meralco), in its letter dated July 12, 2004
disclosed that:

"The company confirms the veracity of the news article 'Case
versus Meralco dismissed' published in the July 12, 2004 issue
of The Manila Bulletin (Internet Edition)."


NEGROS NAVIGATION: SEC Threatens To Revoke License
--------------------------------------------------
Negros Navigation Co. (Nenaco) is in danger of losing its
license to sell securities, The Philippine Star reports.

The Securities and Exchange Commission threatened to revoke the
license of the debt-saddled shipping firm if it fails to
convince the commission that it complied with the disclosure
rules.

The Nenaco officials will be summoned to a hearing by the
Corporation Finance Department (CFD) to explain the flaws
perceived in its 2003 third quarter financial report, a SEC
official said.

"We will call them to a hearing to defend their liquidity
position. If they fail to come up with a satisfactory
explanation, we might revoke their registration statement," the
newspaper quoted the official as saying.

In lieu of the motion for reconsideration filed by Nenaco with
respect to the fine imposed on it by the CFD, the SEC conducted
an audit of Nenaco's third quarter report. In the preliminary
result of the audit, the commission noticed that Nenaco may have
engaged in misrepresentation.   

A few months after it filed its third quarter report last year,
Nenaco filed in court a petition for the suspension of debt
payments and corporate rehabilitation.

Japanese firm Tsuneishi Heavy Industries had accused Nenaco of
altering its financial statements to avoid repayment of its
loans. Nenaco, however, claimed that it "consistently and
responsibly fully discloses its entire financial records as
required by the relevant regulatory agencies, in accordance with
the highest accounting standards."

Nenaco said that it had tapped Sycip Gorres Velayo and Co. to
conduct a third-party audit of its books and records to disprove
allegations it had misrepresented its financial condition.

In its debt-restructuring proposal, Nenaco sought a one-year
grace period on interest payments and a three-year grace period
on the principal amount.

Contact:

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


NEGROS NAVIGATION: Issues Clarification to News Article
-------------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Negros
Navigation Co. (Nenaco) clarified the news article entitled
"Nenaco rehab plan in not workable, says creditor" published in
the July 12, 2004 issue of The Manila Times (Internet Edition).  
The article reported that:

"A supplier of heavy equipment spare parts of debt-saddled
Negros Navigation Co. said the shipping firm's rehabilitation
plan is not 'workable, feasible and viable.'  In a two-page
petition submitted to the Manila Regional Trial Court, creditor
Tim Builders Inc. said the company does not object to the plan
of rehabilitating Nenaco. 'as it will be for the best interest
of all the creditors, considering that the business of the
petitioner (Nenaco) appears to be viable.'  However, the company
observed that the 10-year period of implementing the
rehabilitation plan 'is too long, aside from the fact that the
rehabilitation plan itself does not appear to be workable,
feasible and viable.'  'With the other factors in attendance,
such as the abrupt increase in the price of oil and gasoline
products, the worsening economic conditions of the country and
the low turnout of tourism, it would seem that the rehab plan is
not workable and attaining the desired objectives in the said
rehabilitation plan is illusory,' the company said.  Nenaco has
a total outstanding obligation to the Tim Builders amounting to
PhP2.9 million, representing unpaid deliveries of heavy
equipment spare parts."

Negros Navigation Co. Inc. in its letter to the Exchange dated
July 12, 2004, stated that:

"To date, the company has not received a copy of the 'two-page
petition' that Tim Builders, Inc. allegedly filed with the
Regional Trial Court of Manila, thus the company cannot confirm
any report regarding the same."


PHILIPPINE LONG: Issues Additional 2,695 Common Shares
------------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by Philippine Long Distance Telephone Co.
(PLDT) 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 2,695
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 2,695 common shares is set
today, Wednesday, June 14, 2004.  This brings the number of
common shares listed under the ESOP to a total of 95,556 common
shares.

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

Contact:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers:  814-3552; 888-0188
Fax Number:  813-2292
Website: http://www.pldt.com.ph


SEMIRARA MINING: Replies To PSE Query
-------------------------------------
Semirara Mining Corp. replies to the query of the Philippine
Stock Exchange (PSE) through a fax letter dated July 8, 2004.

(1) Regarding the procedure for updating the stock certificates
and trading old stock certificates:

(a) A stockholder of the Corporation holding outstanding common
shares of Semirara Mining Corp. before Restructuring (i.e.
before the decrease in the authorized capital stock of the
Corporation as approved by the Securities and Exchange
Commission on July 2, 2004) may, by surrendering the stock
certificates for such shares, obtain from the Corporation's
stock transfer agent the stock certificates for the post-
Restructuring equivalent of a stockholder's shareholding may be
made through the proper broker or through the corporation's
Corporate Secretary at the following address:

The Corporate Secretary
Semirara Mining Corp.
4th Floor, DACON Building
2281 Pasong Tamo Extension
Makati Ciy

(b) A stockholder has the option to retain the stock
certificates bearing his pre-Restructuring shareholding in the
Corporation until such time (as when the stockholder assigns or
trades such shareholding) as he deems convenient to surrender
the same to the Corporate Secretary or the stock transfer agent
bearing the post-Restructuring equivalent of his shareholding.  
It is understood, however, that such stock certificates (i.e.
those that have not been replaced) now represent the post-
Restructuring equivalent of the shares stated on its face, after
appropriate adjustments are made in respect of resulting
fractional shares.

(c) Each outstanding common share before Restructuring shall be
multiplied by 0.0032752738 to obtain its equivalent after and
consequent to the decrease in the authorized capital stock of
the Corporation.

(d) The corporation shall, in due course, publish the
appropriate bulletin explaining the aforementioned.

(2) The matter of eliminating the fractional shares that
resulted from the decrease in the Corporation's authorized
capital stock will be taken up by the Corporation's Board of  
Directors at the next meeting.  The Board of Directors has not
had the opportunity to meet since the SEC approved the
Restructuring on July 2, 2004.  Depending on the availability of
retained earnings, the Corporation would most likely purchase
the fractional shares for each.

(3) The matter of the application with the Philippine Stock
Exchange for additional listing of shares in respect of the
19,657,388 common shares issued to DMCI Holdings Inc. out of the
increase in the corporation's Board of Directors in due course.

Contact:

Semirara Mining Corp.
4/F, Dacon Building
2281 Pasong Tamo Ext., Makati City
Telephone Numbers: 867-3377 to 79; 888-3000
Fax Number: 888-3000 local 1136
Email Address: demagdayo@dmci.net


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


ECON INTERNATIONAL: Has SG$40mln Negative Net Worth
---------------------------------------------------
With its total liabilities exceeding its total assets,
construction company Econ International Limited now has negative
capital and reserves of S$40 million, reports Channel News Asia,
citing the firm's auditor.

Auditor Foo Kon Tan Grant Thornton also revealed that several
units of the Econ International Group have, in the fiscal year,
violated bank covenants.

The construction firm's only chance to sustain its operations is
the approval of a proposed shares issuance to unsecured
creditors.

Econ International Limited had announced an agreement sealed on
July 1, 2004 to sell its entire stake, which represents 100
percent of the shares, in Econ Corporation Limited.


ECON INTERNATIONAL: Holds Annual General Meeting
------------------------------------------------
Econ International Limited Will hold its 17th Annual General
Meeting at 2 Ang Mo Kio Street 64, Ang Mo Kio Industrial Park 3,
Singapore 569084 on July 29, 2004 at 10:00 a.m. for the
following purposes:

As Ordinary Business

(1) To receive and adopt the Audited Accounts of the Company for
the year ended March 31, 2004 together with the reports of
Directors and Auditors thereon.

(2) To re-elect the following Directors:

(i) Chew Tiong Kheng; and

(ii) Geoffrey Yeoh S.H.

each of whom retires by rotation.

(3) To approve Directors' fees for the year ended March 31,
2004.

(4) To re-appoint Foo Koo Tan Grant Thorton as Auditors and to
authorize the directors to fix their remuneration.

(5) To transact any other ordinary business they may properly be
transacted at an Annual General Meeting.

As Special Business

(6) To consider, if thought fit, tom pass the following as an
Ordinary Resolution:

"That authority be and is hereby given to the Directors to issue
such number of shares in the capital of the Company as may be
required to be issued pursuant to the exercise of options
granted under the Econ Share Option Scheme 1999 and/or the
vesting of awards granted under the Econ Performance Plan
provided that the aggregate number of shares to be issued
pursuant to the Scheme and the Plan does not, in aggregate,
exceed 15% of the issued share capital of the Company from time
to time.

By Order of the Board

Christine Chan
Company Secretary


ICS REINSURANCE: Creditors To Prove Debts by August 10
-----------------------------------------------------
Notice is given that the creditors of ICS Reinsurance Private
Limited, which is being wound up voluntarily are required on or
before August 10, 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 Company 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.

NEO BAN CHUAN
YEAP LAM KHENG
Liquidators.
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.

This Singapore Government Gazette announcement is dated July 9,
2004.


INFORMATICS HOLDINGS: Five Lawsuits Emerge
------------------------------------------
The Straits Times reports that five lawsuits filed last year
against Informatics Holdings Limited and its Malaysian
subsidiary Informatics Resource Corporation have surfaced just
recently.

Five Malaysian franchisees, in separate claims filed in the
Malaysian High Court in August 2003, sued the education provider
for failing to perform obligations under their respective
franchise deals.

According to one of the plaintiffs, Director of Malaysian firm
8G Solutions Po Chik Wah, Informatics failed to provide
assistance in getting the approval of the Malaysian Ministry of
Education to start an Informatics educational program. Likewise,
the firm did not support the marketing of its courses.

Speaking for the five franchisees, Mr. Po affirmed they had met
with Informatics to resolve the issue but to no avail.

The five plaintiffs, namely 8G Solutions, LJL Technologies, ICQS
Marketing, Exec-Smart Systems and CAL Centre had closed down
their Informatics Assisted Learning (CAL) franchise operations
in Malacca, Kuala Lumpur and Selangor.

Meanwhile, Informatics chief financial officer Raymond Quek
commented that the firm had already filed a defense and that it
did not expect major financial exposure from the litigation
since, according to the firm's solicitors, the cases had no
merit.


NETSCAPE COMMUNICATIONS: Creditors To Submit Claims on August 13
----------------------------------------------------------------
Notice is given that the creditors of Netscape Communications
Asia South Pte Ltd, which is being voluntarily wound up, are
required, on or before the 13th day of August 2004 to send in
their names and addresses, with particulars of their debts and
claims, and the names and addresses of their solicitors (if any)
to the undersigned, the liquidator of the said Company; and, if
so required by notice in writing by the said liquidator, are,
personally or by their solicitors, to come in and prove their
said debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

TEH KWANG HWEE
Liquidator.
c/o TAN & TEH
2 Mistri Road
#12-01 HMC Building
Singapore 079624.

This Singapore Government Gazette announcement is dated July 9,
2004.


SNP ADVERTISING: Receives Voluntary Winding Up Petition
-------------------------------------------------------
SNP Corporation Ltd (the Company) wishes to announce that its
wholly owned subsidiaries SNP Advertising Pte Ltd has been
placed under members' voluntary winding-up on July 9, 2004.

SNP Advertising Pte Ltd was incorporated in Singapore on June
22, 1990 and has been dormant since April 1, 2003.

The said winding-up will not have any material impact on the net
tangible assets per share and earnings per share of the Group.

Submitted by Guok Suan Choo, Company Secretary on July 12, 2004
to the Singapore Stock Exchange.


SNP SCHOOL: Faces Voluntary Winding Up
--------------------------------------
SNP Corporation Ltd (the Company) wishes to announce that its
wholly owned subsidiaries SNP School Bookshops Pte Ltd has been
placed under members' voluntary winding-up on July 9, 2004.

SNP School Bookshops Pte Ltd was incorporated in Singapore on
December 26, 1985 and has been dormant since December 18, 2002.

The said winding-up will not have any material impact on the net
tangible assets per share and earnings per share of the Group.

Submitted by Guok Suan Choo, Company Secretary on July 12, 2004
to the Singapore Stock Exchange.


SOONSOON MANUFACTURING: Creditors To Submit Claims on August 10
---------------------------------------------------------------
Notice is given that the creditors of Soonsoon Manufacturing Pte
Ltd, which is being wound up voluntarily are required on or
before day of August 10, 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 Company 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.

BOB YAP CHENG GHEE
NEO BAN CHUAN
Liquidators.
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.

This Singapore Government Gazette announcement is dated July 9,
2004.


TELEGLOBE SINGAPORE: Holds Final General Meeting
------------------------------------------------
Notice is hereby given that a Final General Meeting of Teleglobe
Singapore Pte Ltd (In Creditor's Voluntary Liquidation) and the
Creditors will be held on August 13, 2004 at 11 a.m. at 30
Robinson Road, #04-01 Robinson Towers, Singapore 048546 for the
following purposes:

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

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

TAY SWEE SZE
Liquidator.
Singapore.

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


WILLIAMSON & KING:  Winding Up Hearing Set July 16
--------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Williamson & King Pte Ltd by the High Court was on the 23rd day
of June 2004 presented by International Factors (Singapore) Ltd,
a company incorporated in the Republic of Singapore and having
its registered officeat 7 Temasek Boulevard, #10-01 Suntec Tower
One, Singapore 038987, a creditor.

The said Petition will be heard before the Court sitting at
Singapore at 10 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 Petition may
appear at the time of hearing by themselves or their Counsel for
that purpose; and a copy of the Petition will be furnished to
the creditor or contributory of the said Company requiring the
same by the undersigned on payment of the regulated charge for
the same.

The Petitioners' address is 7 Temasek Boulevard, #10-01 Suntec
Tower One, Singapore 038987.

The Petitioners' Solicitors are Messrs HIN TAT AUGUSTINE &
PARTNERS of 20 Upper Circular Road, #02-10/12 The Riverwalk,
Singapore 058416.

HIN TAT AUGUSTINE & PARTNERS
Solicitors for the Petitioners.

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
Messrs HIN TAT AUGUSTINE & PARTNERS of 20 Upper Circular Road,
#02-10/12 The Riverwalk, Singapore 058416, notice in writing of
his intention so to do. 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
(the day before the date appointed for the hearing of the
Petition).


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


THAI HEAT: SET Allows Listing Of Securities
-------------------------------------------
Starting from 14 July 2004 the Stock Exchange of Thailand (SET)
allowed the securities of Thai Heat Exchange PCL (THECO) due to
the conversion of preferred shares to common shares to be traded
on the SET after finishing capital increase procedures.         

Name: THECO
Issued and Paid up Capital

Old: 568,029,000 Baht
     
- Common Shares: 493,092,000 Baht
- Preferred Shares: 74,937,000 Baht

New: 568,029,000 Baht
   
- Common Shares: 503,432,000 Baht
- Preferred Shares: 64,597,000 Baht

Par value: 10.00 Baht
Allocate to:  1,034,000 preferred shares convert to 1,034,000
common shares

Ratio: 1 preferred share: 1 common share

Exercise Price: -

Exercise Date:  30 July 2004

* Note: THECO's preferred shares are not listed on the SET

Contact:

Thai Heat Exchange PCL
1364 RAMKHAMHAENG ROAD,
SUAN LUANG Bangkok    
Telephone: 0-2318-2478-9,
           0-2314-4582,
           0-2319-1911-5   
Fax: 0-2318-2655,
     0-2319-4268   
Website: www.thaiheat.com


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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The TCR -- Asia Pacific subscription rate is $575 for 6 months
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                 *** End of Transmission ***