TCRAP_Public/040715.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, July 15, 2004, Vol. 7, No. 139

                          Headlines

A U S T R A L I A

FINESECURE AUTO: ASIC Shuts Down Unlicensed Fine Insurer
NATIONAL AUSTRALIA: Issues Trading Update
NATIONAL AUSTRALIA: Unveils Two Senior Appointments in Asia


C H I N A  &  H O N G  K O N G

CENODI LEATHER: Faces Winding Up Proceedings
DOW'S INFRASTRUCTURE: Winding Up Hearing Set July 21
FORD TARGET: Winding Up Hearing Slated on July 28
HOTAK INTERNATIONAL: Court Hears Winding Up Petition
LAI SUN: Appoints Independent Financial Advisers

ZIDA COMPUTER: Net Loss Shrinks to HKD9.9M


I N D O N E S I A

BANK PERMATA: BCA To Form Consortium for Stake Buy
PERTAMINA: Admits Fuel Stock Not Stable
PERTAMINA: Expects Contract To Explore Iraqi Oil Field
* Jakarta Bourse to Delist Four Inactive Firms


J A P A N

MITSUBISHI MOTORS: Issues Update On Okazaki Plant Workers
MITSUBISHI MOTORS: Shares Rise After Phoenix Confirms Investment
SKYMARK AIRLINES: Plans to Cut Fares to Compete With Rivals
SOJITZ HOLDINGS: To Sell Entire Vodafone Holdings Stake
SOJITZ HOLDINGS: TSE Suspends Trading on Rescue Report

SOJITZ HOLDINGS: Clarifies UFJ Group Aid Report
UFJ HOLDINGS: Mitsubishi Tokyo Responds to Media Reports
UFJ HOLDINGS: Issues Statement Regarding Media Reports
* Japan Corporate Failures Down 19.5% in June


K O R E A

ASIANA AIRLINES: To Increase Flights to China This Week
JINRO LIMITED: Selects Managing Underwriter Today
LG CARD: Issues 509 Million New Shares
SK NETWORKS: Sues Toyota Motor For Breach of Contract


M A L A Y S I A

BERJAYA GROUP: Updates 49.9% Equity Disposal in Berjaya Coffee
GOPENG CONSTRUCTION: Receives Notice From Creditors
GULA PERAK: Issues Additional 23,500 Ordinary Shares
KEMAYAN CORPORATION: Receives Court Summon
KRETAM HOLDINGS: Issues Update On Unit's 60% Equity Disposal

MAGNUM CORPORATION: BMSB To Grant Listing Of 3,000 New Shares
OSK HOLDINGS: Buys Back 12,000 Ordinary Shares
QUALITY CONCRETE: Details Securities Disposal And Acquisitions
SELOGA HOLDINGS: Updates Proposed Joint Venture With Bitumen
SUNWAY HOLDINGS: Listing Of 1,000 Ordinary Shares Granted  

TANJONG PUBLIC: BMSB Grants Listing Of 30,000 Ordinary Shares


P H I L I P P I N E S

NATIONAL POWER: To Cut Service Costs By 15%
NEGROS NAVIGATION: MPC Considering Ex-Receiver For CEO Post
NEGROS NAVIGATION: Issues News Article Clarification
PHILIPPINE LONG: Issues Additional 2,524 Common Shares
PRYCE CORPORATION: Seeks Suspension Of Interest Payments


S I N G A P O R E

ALCATEL HOLDING: Winding Up Hearing Set August 10
ALCATEL TRADING: Court Hears Winding Up Petition
CHOON HONG: Winding Up Order Made
DIGI BUILDER: Winding Up Hearing Scheduled July 23
EPIAC CORPORATION: Enters Winding Up Proceedings

FOOD SYNERGY: Receives Winding Up Hearing Petition
GOLDEN BUKIT: Winding Up Hearing Slated on July 30
INFORMATICS HOLDINGS: Announcement On Independent Directors
INFORMATICS HOLDINGS: Ung Gim Sei Is New Independent Director
INFORMATICS HOLDINGS: Appoints Neo Boon Siong as New Director

INFORMATICS HOLDINGS: Tang Siu Ki Acts As Independent Director


T H A I L A N D

BANGKOK MASS: $1Bln Restructuring Deal To Be Signed In 5 Wks.
RS PROMOTION: Shuts Down TV Film Business

     -  -  -  -  -  -  -  -  

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A U S T R A L I A
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FINESECURE AUTO: ASIC Shuts Down Unlicensed Fine Insurer
--------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
acted to close down Finesecure Auto Club (Finesecure), a
business which offered to insure motorists against speeding
tickets and parking fines.

Finesecure recently attracted the interest of motorists and the
media by offering to pay half the cost of its members' speeding
tickets and parking fines for a fee of $69 a year.

Neither Finesecure nor its proprietor, Mr. Ryan Law, is licensed
by ASIC to operate a financial services business, or provide
financial advice.

Following discussions with ASIC, Mr. Law has agreed to
immediately close his Finesecure business and refund all
Finesecure membership fees by 14 July 2004.

'Whenever you purchase a financial product, the first question
should be, 'Is the person I am dealing with licensed by ASIC?'
Anyone offering some sort of insurance product must be licensed.
Ask your salesperson, or check for yourself through ASIC's
website at www.asic.gov.au', ASIC Executive Director of Public
and Commercial Services, Mr. Mark Drysdale said.

Finesecure members who do not receive their refund by 14 July
2004 can contact ASIC direct through our web page, or by writing
to:

The Complaints Manager
Australian Securities and Investments Commission
GPO Box 9827
Melbourne, Victoria, 3001

ASIC acknowledges the cooperation of Mr. Law during its
inquiries.


NATIONAL AUSTRALIA: Issues Trading Update
-----------------------------------------
Chief Executive Officer of National Australia Bank, Mr. John
Stewart, on Wednesday announced a trading update for the
remainder of the 2004 financial year.

Cash earnings before significant items for the six months to
September 30 are expected to be 10 to 15 percent lower than the
March 2004 half-year result of $1.85 billion.

"It is too early to forecast for the 2005 financial year. As I
said in May it will take 12 to 24 months to get our banks really
motoring and so I do not expect any real improvement in the
first half of 2005," he said.

This outlook reflects more than the impact of the recent foreign
exchange loses.

Other important issued include:

(i) In our retail bank in Australia we have forgone income and
incurred expenses protecting he franchise. This has been
successful in retaining customers.

(ii) A number of short-term initiatives to meet financial
targets, which impaired our ability to fully leverage
investments.

(iii)Non-discretionary compliance driven expenditures associated
with Basel II and International Financial Reporting Standards.

"My assessment is the National's Australian franchise requires a
period of targeted attention in order to achieve sustainable
growth for the future," he said.

"There has undoubtedly been a loss of competitiveness in the
National's businesses but it is my objective to put his bank on
a path of growth driven by earnings."

The company expects to maintain its dividend at 83 cents in the
second half.


NATIONAL AUSTRALIA: Unveils Two Senior Appointments in Asia
-----------------------------------------------------------
Mr. Matthew Blackwell has recently been appointed as Head of
Structured Products, Asia and will have responsibility for
driving this business across Asia, delivering structured
corporate bonds, credit derivatives, equity linked and currency
solutions to National Australia Bank (NAB)'s Asian client base,
PR Newswire reports.  Mr. Blackwell will have pan-Asia
responsibility and will be based in Hong Kong.

He joins the Asia team from NAB's Melbourne dealing room where
he was Head of Credit Trading, Australia.  Prior to joining the
NAB, he traded derivatives and structured interest rate products
at Bank of New Zealand.  Mr. Blackwell has 11 years financial
markets experience in Australia and New Zealand.

Mr. Shinya Fukumoto joins as Director and Head of Capital
Markets, Japan with responsibility for the distribution of debt-
related and structured products to our Japan based clients.  Mr.
Fukumoto will strengthen our distribution capability in Japan,
which NAB views as an important capital market, and will work
closely with debt teams based in Australia, Asia, Europe and the
US to support the debt raising activities of Corporate &
Institutional Banking clients.

He joins NAB from TD Securities, where he worked for ten years
most recently as Vice President and Director of their Strategic
Solutions Sales Group responsible for origination and
distribution of Fixed Income, Capital markets, Derivatives and
Structured products.

Both Mr. Blackwell and Mr. Fukumoto will report to Mr. Doug
Goldsmith and Mr. Brian Watt, Co-Heads of Markets, Asia.

Commenting on the hires Mr. Frank Mallia, General Manager for
National Australia Bank in Asia said, ''These senior
appointments are representative of our commitment to delivering
a broad range of financial solutions to meet the needs of our
Asian client base, concurrently providing global Corporate &
Institutional Banking clients with access to broad range of
investors and build on our existing debt markets capabilities in
Asia.''

About The National

The National is an international financial services group that
provides a comprehensive and integrated range of financial
products and services.

Globally, as at September 30, 2003, the Group had:

(i)   Total assets of AUD397 billion;

(ii)  Over AUD73 billion in assets under management and
administration;

(iii) AUD311 billion in funds under custody and investment
administration; and

(iv)  7.8 million banking customers and more than 2.8 million
wealth management customers.

The National Australia Bank is the largest Australian financial
services institution (by market capitalization) listed on the
Australian Stock Exchange and is the only Australian financial
services company to be ranked amongst the world's 30 most
profitable financial services organizations (Fortune magazine:
July 2003)

About National Australia Bank's Corporate & Institutional
Banking division National Australia Bank (NAB) is the brand name
used by The National Group's Corporate & Institutional Banking
division, which manages the Group's relationships with large
corporations, financial institutions, supranationals and
government bodies.

Corporate & Institutional Banking manages the National Group's
relationships with large corporations, financial institutions,
supranationals and government bodies.  We operate in Australia,
New Zealand, Europe, the United States and Asia and employ 2,612
people.

Our products can be broadly broken out into three categories:

Debt finance: loans, syndications, debt capital markets,
securitisation, project finance, structured finance and
transactional banking.

Risk management: interest rates, exchange rates, commodity,
equity derivatives and credit derivatives.

Investor products and services: deposits, bills, bonds,
commercial paper, structured credit and custodial services.

About National Australia Bank, Asia

NAB has been operating in Asia since 1969, opening its first
Asian office in Hong Kong, which is its regional headquarters
before opening offices in Singapore, Tokyo, South Korea and
representative offices in Malaysia and Beijing.

In Asia, NAB provides corporate lending, loan syndication,
project and structured finance, capital market, derivative
products and treasury services to its corporate clients.  It
also provides a range of products to retail clients through its
Personal Financial Services business including deposit accounts
and property finance.

For further information contact:

Fidelma Ryan
Communications Adviser
Corporate & Institutional Banking
National Australia Bank
Tel: +61-3-8641-2586


==============================
C H I N A  &  H O N G  K O N G
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CENODI LEATHER: Faces Winding Up Proceedings
--------------------------------------------
Notice is given that a Petition for the Winding up of Cenodi
Leather Goods Manufacturing Company Limited by the High Court of
Hong Kong was, on June 16, 2004, presented to the said Court by
Ho Yin Char of 2/F., 432 Portland Street, Kowloon, 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; 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.


DOW'S INFRASTRUCTURE: Winding Up Hearing Set July 21
----------------------------------------------------
Notice is given that a Petition for the Winding up of Dow's
Infrastructure (Hong Kong) Limited by the High Court of Hong
Kong was, on June 2, 2004, presented to the said Court by
Shenzhen Commercial Bank, Huaxin Branch whose principal place of
business is situated at Floor 1, Shanghai Building, Hongli Road
West, Futian District, Shenzhen.  

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

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

MESSRS. S.W. WONG & ASSOCIATES
Solicitors for the Petitioner,
Room 702, 7th Floor, Wing On Life Building
72 Des Voeux Road Central
Hong Kong

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


FORD TARGET: Winding Up Hearing Slated on July 28
-------------------------------------------------
A Petition for the Winding up of Ford Target Development Limited
by the High Court of Hong Kong was, on June 17, 2004, presented
to the said Court by Bank of China (Hong Kong) Limited whose
registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Central, 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; 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.

K.W. NG & CO.
Solicitors for the Petitioner,
11/F., Wings Building
110 Queen's Road Central
Hong Kong

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


HOTAK INTERNATIONAL: Court Hears Winding Up Petition
----------------------------------------------------
Notice is given that a Petition for the Winding up of Hotak
International Limited by the High Court of Hong Kong was, on
April 23, 2004, presented to the said Court by Bank of China
(Hong Kong) Limited whose registered office is situated at 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong.

The said Petition will be heard before the Court at 9:30 am on
June 23, 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.

FORD, KWAN & COMPANY
Solicitors for the Petitioner,
Rooms 1202-6, Wheelock House
No. 20 Pedder Street, Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 22nd day of June
2004.


LAI SUN: Appoints Independent Financial Advisers
------------------------------------------------
Lai Sun Development Company Limited (LSD) and eSun Holdings
Limited (eSun) in relation to a proposed settlement of
indebtedness owed by LSD and/or its subsidiaries to, inter alia,
eSun and/or its subsidiaries (the Announcement). Capitalized
terms used herein shall have the same meanings as those set out
in the Announcement.

The directors of LSD and eSun wish to announce that, pursuant to
Rule 2.1 of The Hong Kong Code on Takeovers and Mergers and
Rules 14A.21 and 14A.22 of the Rules Governing the Listing of
Securities on The Stock Exchange of Hong Kong Limited, Access
Capital Limited and Somerley Limited have been appointed as the
respective independent financial advisers of LSD and eSun in
respect of the Settlement.

As detailed in the Announcement, the Circulars of LSD and eSun
in respect of the Settlement will be published and dispatched to
their respective shareholders as soon as practicable.

By Order of the Board
Lai Sun Development Company Limited
Yeung Kam Hoi
Company Secretary

By Order of the Board
eSun Holdings Limited
Yeung Kam Hoi
Company Secretary

This announcement is dated July 13, 2004.


ZIDA COMPUTER: Net Loss Shrinks to HKD9.9M
------------------------------------------
According to Infocast News, Zida Computer Technologies Limited
posted a net loss of HKD9.875 million for the fiscal year ended
March 31, compared to a net loss of HKD28.828 million for the
previous year. The loss per share was HKD0.049. No final
dividend was declared.


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


BANK PERMATA: BCA To Form Consortium for Stake Buy
--------------------------------------------------
PT Bank Central Asia (BCA), Indonesia's second-largest bank, may
enter a bidding contest for a majority stake in PT Bank Permata
through a consortium, Reuters reports.

BCA managing director Jahja Setiaamadja said that the bank is
currently reviewing the plan to form a group for the acquisition
of a majority stake in Bank Permata, adding that local and
foreign investors are now showing interest. The deal, he said,
could be worth US$230 million.

The government, who holds 97 percent of Permata, has yet to
determine how much it will divest to finance its forecasted 1.2
percent budget deficit this year.

The Permata stake is currently managed by Perusahaan Pengelola
Aset (PPA), an asset management comany under thr Ministry of
Finance.

According to PPA president Mohammad Syahrial, investors favor a
majority stake higher than the proposed 67 percent. He added
that PPA could arrange a 71-percent stake disposal but they
still have to assess whether it would contribute optimally to
the state.

The government expects to double Permata's 2003 book value upon
selling the medium-sized bank, which would translate to around
IDR400 a share. Hence, a 67-percent stake would be priced at
IDR2 trillion (US$230 million).


PERTAMINA: Admits Fuel Stock Not Stable
---------------------------------------
State oil firm PT Pertamina said the current national oil supply
is not enough to meet the "safe level" of 24 days, ANTARA
reports.

According to Pertamina spokesman Hanung Budia, Pertamina is
undertaking measures to boost reserves, which now stand at the
unstable supply level of 21 days.

In order to avoid a national fuel shortage, Pertamina increased
its oil imports, added the capacity of its floating storage
prior to loading and unloading at fuel oil installations, and
optimized operation of its refineries by rescheduling its
maintenance planning.

Last week, Mr. Hanung assured the public that supply problems
have been resolved, saying that the issues were technical in
nature and not due to stock shortage.


PERTAMINA: Expects Contract To Explore Iraqi Oil Field
------------------------------------------------------
Indonesian state oil firm PT Pertamina is awaiting the approval
of a contract to explore an oil field on Iraq's block 3 in the
Western Desert, Antara reports.

With the handover of Iraqi sovereignty on June 28, Pertamina's
Director of Upstream Industries Bambang Nugroho said he believes
that the firm will be able to start exploration activities in
the Western Desert field, which holds some three million barrels
of oil. Pertamina had planned to invest US$24 million over a
period of three years in the project.

The Iraqi government, through the Iraqi Oil Minister, considers
Pertamina a potential partner and had promised to grant the
contract to the firm.

The Western Desert contract was awarded in April 2002 by the
Saddam Hussein administration. However, Pertamina opted to delay
the drilling due to the volatile security situation following
the U.S. invasion of Iraq.

Meanwhile, Pertamina is readying its bid for the Iran Khoramabad
block exploration in partnership with Petrovietnam Investment
Development Company (PDIC), Singapore's Shenika and Iran's Hazar
Oil. The firm is also seeking partners to conduct explorations
in three oil blocks in Algeria.


* Jakarta Bourse to Delist Four Inactive Firms
----------------------------------------------
The Jakarta Stock Exchange will delist four companies anytime
between July and December this year, Asia Pulse reports.

JSX Director Hary Wiguna identified the four firms as PT Bukaka
Teknik Utama, Siswani Makmur, Wahana Jaya Perkasa and Kopi
Time.Com.  But before delisting these companies, the bourse will
first consult the Capital Market Supervisory Agency (Bapepam)
about the effect this will have on investors.  Mr. Wiguna cited
the firms' chronic accounting problems and or business
difficulties as reasons for the delisting.  

The JSX halted trading shares of the companies last year.  
According to Asia Pulse, "the JSX would consider delisting
companies if there were questions about the continuity of their
businesses, their ability to remain in business and the effect
these questions had on investors."


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


MITSUBISHI MOTORS: Issues Update On Okazaki Plant Workers
---------------------------------------------------------
Mitsubishi Motors Corporation (MMC), in a press release, has
asked Toyota Motor Corporation (TMC) to take in workers from its
Okazaki plant. Both companies commenced negotiations on Tuesday.

MMC has decided to bring forward the closure of vehicle
production at its Okazaki plant as part of its revitalization
plan and will relocate some 1,600 workers by the end of next
year.

The talks with TMC were started as MMC intends to introduce
potential local employers to workers who wish to look for a new
job rather than relocate. The personnel departments at both
companies are now negotiating details and aim to finalize plans
by the end of this month.

MMC also asked TMC to consider the possibility of doing business
with MMC suppliers.


MITSUBISHI MOTORS: Shares Rise After Phoenix Confirms Investment
----------------------------------------------------------------
Shares of Mitsubishi Motors Corporation increased 8.2 percent on
Tuesday after Phoenix Capital Co. reaffirmed its plan to buy a
controlling stake in the automaker to help revive its earnings,
Bloomberg News reports. Company shares surged as much as JPY13
to JPY171 and were traded at JPY165 as of 9:26 a.m. in Tokyo.

Tokyo-based investment fund Phoenix Capital confirmed Monday
that it will buy as much as JPY100 billion ($920 million) of
common shares on Thursday, giving it a 40-percent stake in the
carmaker. Mitsubishi Motors needs the money to help it develop
new models and avoid bankruptcy.


SKYMARK AIRLINES: Plans to Cut Fares to Compete With Rivals
-----------------------------------------------------------
Skymark Airlines Co. plans to lower fares by 10 to 20 percent to
compete against Japan Airlines Corporation and All Nippon
Airways Co., Bloomberg News reports, citing Skymark President
Shinichi Nishikubo.

Skymark, predicting its first ever-annual profit of 1.13 billion
yen (US$10.4 million) this business year, plans to cut costs and
boost efficiency by selling more tickets online and adding new
routes.

The Tokyo-based airline, which flies from Tokyo to southwestern
Japan, has been unprofitable since it was founded in 1996, after
Japan deregulated its domestic aviation market.


SOJITZ HOLDINGS: To Sell Entire Vodafone Holdings Stake
-------------------------------------------------------
Sojitz Holdings Corporation is selling its entire stake in
Vodafone Holdings K.K. to Britain's Vodafone group for about
JPY7.8 billion, Jiji Press reports. The Company holds 0.6
percent of Vodafone Holdings' total outstanding shares, and will
sell them to Vodafone International Holdings B.V.

Sojitz expects to post a net loss of JPY1.2 billion from the
share sale, but the trading house firm will not change its
earnings estimates for the current year to next March.


SOJITZ HOLDINGS: TSE Suspends Trading on Rescue Report
------------------------------------------------------
The Tokyo Stock Exchange (TSE) said on Wednesday it had
suspended trade in shares of Sojitz Holdings Corporation
following media reports that UFJ Bank will inject JPY200 billion
(US$1.85 billion) worth of funds mainly through a debt-to-equity
swap to help stabilize the borrower's financial footing, Reuters
reports.


SOJITZ HOLDINGS: Clarifies UFJ Group Aid Report
-----------------------------------------------
Sojitz Holdings Corporation confirmed Wednesday that it is not
seeking financial assistance from UFJ Bank now, Dow Jones
Newswires reports. The trading house, however, said it is
mulling a variety of steps to accelerate its revival, leaving
open the possibility of aid in the future.

The comment came after the Asahi Shimbun reported that UFJ Bank
plans to extend some JPY200 billion in aid to Sojitz Holdings.


UFJ HOLDINGS: Mitsubishi Tokyo Responds to Media Reports
--------------------------------------------------------
Mitsubishi Tokyo Financial Group Inc. (MTFG) clarified on
Wednesday that certain media carried reports regarding business
integration between UFJ Holdings Inc. (UFJ) and the Company,
MTFG announced on its Web site.

MTFG said it has not received any approach regarding business
integration from UFJ.


UFJ HOLDINGS: Issues Statement Regarding Media Reports
------------------------------------------------------
UFJ Holdings, Inc. (UFJ) issued the following statements in
response to media reports published on July 14, 2004.

"Some media reported that UFJ would cancel plans for the
integration of UFJ Trust Bank Limited and Sumitomo Trust &
Banking Co., Ltd. and propose integration discussions with
Mitsubishi Tokyo Financial Group, Inc. These issues are
currently under discussion at UFJ and there is no decision yet
finalized at the present moment. A proper announcement will be
made when appropriate."

This is a company press release.


* Japan Corporate Failures Down 19.5% in June
---------------------------------------------
Japan corporate bankruptcies dropped 19.5 percent in June from
the same month a year ago to 1,126 cases, The Associated Press
reports, citing private credit research agency Teikoku Databank
Limited.

The decline marked the 18th consecutive month that bankruptcies
have fallen, reflecting continued efforts by companies to reduce
borrowing and the government's support for weak companies.

The combined debt left behind by insolvent companies fell 54.7
percent compared to the same month a year earlier to JPY815.66
billion (US$7.5 billion).


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


ASIANA AIRLINES: To Increase Flights to China This Week
-------------------------------------------------------
Asiana Airlines and Korean Air will increase flights to China
starting this week, in line with an aviation accord signed in
March, Asia Pulse reported on Monday, citing the Ministry of
Construction and Transportation.

Asiana Airlines will begin flights between Incheon International
Airport and Qingdao, starting July 15. The airline will also
provide three flights a week between Incheon International
Airport and Tianhin from Sunday. Seven flights will be offered
on the route per week.

Meanwhile, Korean Air will begin twice-weekly flights between
Daegu, about 300 kilometers south of Seoul, and Shenyang
starting August 3. It will launch flights between Daegu and
Beijing beginning November 1.

In aviation talks in March, South Korea and China agreed to
allow Asiana Airlines to start flights between Incheon
International Airport and Tianjin.


JINRO LIMITED: Selects Managing Underwriter Today
-------------------------------------------------
The managing underwriter for the sale of soju distiller Jinro
Limited will be announced on July 15, the Korea Herald reported
on Wednesday.

More than 15 firms are vying for the position that will lead to
the sale of the debt-ridden company. They include Merrill Lynch
Securities, ABM Amro, Citibank, Samil Accounting and Hana Bank.

Sources close to the deal said an investment bank with
international merger and acquisition experience would have an
advantage in the selection.

The underwriter could potentially earn billions of won in fees,
depending on the valuation of Jinro, which is estimated to be as
high as KRW2.3 trillion.


LG CARD: Issues 509 Million New Shares
--------------------------------------
On July 14, 2004, the Board of Directors of LG Card approved the
issue of 509.1 million new shares, in order to swap 2.545
trillion won of outstanding debt owed to 15 creditor
institutions into common equity. This 2nd debt-equity swap
amount of 2.545 trillion won constitutes the remaining existing
and newly extended loans given to LG Card but reserved for swap
into equity by 16 creditor institutions, and follows the 1st
debt-to-equity swap amount of 953.9 billion won conducted in
February 2004.

(1) Amount of debt swapped into equity: KRW 2,545,500,000,000

(2) Number of New Shares: 509.1 million common shares

(3) Par value & Subscription Price: KRW 5,000

(4) Payment (swap) date: July 28th, 2004

(5) Subscribing institutions: 9 commercial banks, 3 life
insurance companies, 3 casualty insurance companies

(6) Listing date of new shares: August 5, 2004

(7) Date of Board resolution: July 14, 2003

Attendance of outside directors: 3 present, 0 absent
Attendance of auditors: present

Share Allocation by Creditor Institution

  Creditor Institution      Alloted Shares
     KDB                      134,070,000
   Kookmin                     72,450,000
    NACF                       85,230,000
    Woori                      52,740,000
   Shinhan                     24,330,000
   Chohung                     22,050,000
  Industrial                   36,100,000
    Hana                       27,760,000
   Koram                        6,680,000
   Banks Total                461,410,000

Kyobo Life                     8,370,000
Daehan Life                     9,380,000
Samsung Life                   12,060,000
Dongbu Non-life                 4,690,000
Samsung Non-life                7,160,000
LG Non-life                     6,030,000
Insurance Total                47,690,000
Creditor Institutions Total    509,100,000

* The above information can be subject to change in the process
of execution. Other terms and conditions not mentioned herer are
subject to the decision of LG Card's CEO.

Investors Relations
10th Fl, YTN Tower, 6-1, Namdaemunno 5-ga, Joong-gu, Seoul,
Korea 100-800
Tel.: 82-2-6009-7206
Fax: 82-2-6009-7983
kelly@card.lg.co.kr


SK NETWORKS: Sues Toyota Motor For Breach of Contract
-----------------------------------------------------
SK Networks Co. has filed a damage suit against Toyota Motor
Korea Co. for unilaterally breaking a dealership contract,
Yonhap News reports.

In its suit filed in March with the Korea Commercial Arbitration
Board, SK Networks contended that the contract violation caused
KRW14 billion (US$12.1 million) in damages.


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


BERJAYA GROUP: Updates 49.9% Equity Disposal in Berjaya Coffee
--------------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Berjaya
Group Berhad updates the Proposed disposal of 49.9 percent of
the enlarged equity interest in Berjaya Coffee Co. (M) Sdn
Berhad to Starbucks Coffee International, Inc. for a cash
consideration of RM16.5 million.

(1) INTRODUCTION

(1.1) The Board of Directors of Berjaya Group Berhad (B-Group)
is pleased to announce that the Company has on 13 July 2004
entered into a Share Purchase Agreement (SPA) with Starbucks
Coffee International, Inc. (SCI) for the disposal of 49.9
percent of the enlarged share capital of Berjaya Coffee Company
(M) Sdn Bhd (BCoffee) comprising 8,483,000 ordinary shares of
RM1.00 each for a total cash consideration of RM16.5 million
(hereinafter referred to as Proposed Disposal).

(1.2) SCI is a corporation based in the state of Washington,
United States of America and is a wholly owned subsidiary of
Starbucks Coffee Company, the leading retailer, roaster and
brand of specialty coffee in the world, with more than 7,500
retail locations in North America, Latin America, Europe, the
Middle East and the Pacific Rim. The company is the franchisor
of the Starbucks Coffee chain worldwide and is listed on NASDAQ.

(1.3) BCoffee is currently a 100% owned subsidiary company of B-
Group, On May 26, 1998, the company entered into an Area
Development and Operation Agreement with SCI for the right to
develop and operate Starbucks stores in Malaysia. BCoffee opened
its first Starbucks store at KL Plaza in Kuala Lumpur in
December 1998 and todate it has opened 49 Starbucks stores in
Malaysia.

(2) DETAILS OF THE PROPOSED DISPOSAL

(2.1) Pursuant to the SPA and as part of the Proposed Disposal,
BCoffee will undergo a re-capitalization exercise whereby it
will increase its paid-up capital from RM11 million to RM17
million via a cash injection of RM6.0 million from its
shareholder namely B-Group. The purpose of the exercise is to
provide a strong capital base for BCoffee to further expand its
business in Malaysia.

(2.2) The following are the salient terms of the SPA:

- The payment for the sale consideration of RM16.5 million shall
be receivable by BGroup upon closing of the Proposed Disposal
under the SPA; and

- As part of the Proposed Disposal, the parties shall on closing
of the Proposed Disposal enter into a Joint Venture Agreement to
govern the ownership, management and activities of BCoffee and
to regulate their relationship as shareholders of BCoffee.

(4) BASIS OF THE SALE CONSIDERATION OF BCOFFEE SHARES

The sale of the BCoffee is based on a willing buyer willing
seller basis after taking into consideration inter-alia, the
past and future earnings of BCoffee.

(5) RATIONALE FOR THE PROPOSED DISPOSAL

The Proposed Disposal is an opportunity for B-Group to partially
realise its investment in BCoffee. In addition, the Board is
pleased and excited that SCI is willing to take an equity
interest in BCoffee as this partnership will help to further
strengthen the Starbucks brand in Malaysia.

(6) FINANCIAL EFFECTS OF THE PROPOSED DISPOSAL

The Proposed Disposal will not have any material financial
impact on B-Group.

The cash proceeds receivable of RM16.5 million will be used by
B-Group for the working capital of the Group.

(7) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the directors and major shareholders of B-Group or
persons connected to them have any direct and/or indirect
interests in the Proposed Disposal.

(8) DIRECTORS' RECOMMENDATION

The Board of Directors of B-Group is of the opinion that the
Proposed Disposal is in the best interest of the Company.

(9) DOCUMENTS FOR INSPECTION

The SPA is available for inspection at the registered office of
B-Group at 11th Floor, Menara Berjaya, KL Plaza, 179, Jalan
Bukit Bintang, 55100 Kuala Lumpur between 9:00 a.m. to 5:00 p.m
from Mondays to Fridays (except for public holidays) for a
period of three months from date of this announcement.


GOPENG CONSTRUCTION: Receives Notice From Creditors
---------------------------------------------------
Gopeng Berhad issued an advise to Bursa Malaysia Securities
Berhad that Gopeng Construction Sdn Bhd, a wholly owned
subsidiary of the Company has been served a notice under Secton
218(1) (e) of the Companies Act 1965 by one of its creditors for
non-payment of an outstanding amount of RM108,857.70.


GULA PERAK: Issues Additional 23,500 Ordinary Shares
----------------------------------------------------
Gula Perak Berhad's additional 23,500 new ordinary shares of
RM1.00 each issued pursuant to the conversion of 23,500
irredeemable convertible secured loan stocks will be granted
listing and quotation by Bursa Malaysia Securities Berhad (BMSB)
effective 9:00 a.m., Thursday, 15 July 2004.


KEMAYAN CORPORATION: Receives Court Summon
------------------------------------------
The Board of Directors of Kemayan Corporation Berhad (KCB)
informed Bursa Malaysia Securities Berhad that on 12 July 2004,
KCB received a sealed Summons In Chambers dated 8 July 2004 that
Malaysia Building Society Berhad (MBSB) had applied to the High
Court of Malaya, Kuala Lumpur for leave of court to commence
action against KCB pursuant to Corporate Guarantee extended by
the Company to MBSB because KCB is currently granted a
Restraining Order by the High Court pursuant to Section 176(10)
of the Companies Act, 1965.

The Company will engage a solicitor to defend the matter.


KRETAM HOLDINGS: Issues Update On Unit's 60% Equity Disposal
------------------------------------------------------------
Kretam Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad the disposal by Rising Resources Sdn Bhd (RRSB), a 91.7
percent subsidiary of KHB Nanyang (Malaysia) Sdn Bhd, which is
in turn a wholly owned subsidiary of Kretam Holdings Berhad, of
its entire 60 percent equity interest in Yunnan Dehong Husong He
Power Development Co. Ltd. (Yunnan) to Yunnan Dehong Power
Shareholding Co. Ltd. (Dehong Power), and assignment to Dehong
power of Yunnan's debt in the sum of RMB102,023,200 (RM46.83
million) due to RRSB and its wholly owned subsidiary, Rising
Resources (BVI) limited, for a total cash consideration of
RMB160,000,000 (RM73.44 million)

(hereinafter collectively referred to as the disposal of yunnan)

This announcement is dated 13 July 2004.

Pursuant to the Equity Transfer Agreement dated 19 December 2003
(ETA) in relation to the Disposal of Yunnan, RRSB and Dehong
Power (collectively Parties) had agreed to complete all related
matters so as to have the full performance of the ETA within six
(6) months from the date of the ETA.

On behalf of the Board of Directors of KHB, AmMerchant Bank
Berhad wishes to announce that the Parties have agreed to extend
the period for full performance of the ETA by a further three
(3) months effective from 19 June 2004 until 19 September 2004,
pursuant to a letter from Dehong Power to RRSB dated 13 July
2004.

The extension of time is required to enable RRSB to fulfil
Article 8.7 of the ETA, which requires RRSB to furnish certain
documents, including copies of the Board of Directors' and
shareholders' resolutions of RRSB and KHB, which must be
notarised and verified by the Chinese embassy in Malaysia. The
additional time is also required for Yunnan and Dehong Power to
obtain the necessary clearance from the Chinese authorities in
order to remit the proceeds from the Disposal of Yunnan back to
Malaysia.


MAGNUM CORPORATION: BMSB To Grant Listing Of 3,000 New Shares
-------------------------------------------------------------
Kindly be advised that Magnum Corp. Berhad's additional 3,000
new ordinary shares of RM0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad (BMSB) effective
9:00 a.m., Thursday, 15 July 2004.


OSK HOLDINGS: Buys Back 12,000 Ordinary Shares
----------------------------------------------
OSK Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad the details of its shares buy back dated July 13, 2004.

Description of shares purchased: Ordinary Shares of RM1.00  

Total number of shares purchased (units): 12,000

Minimum price paid for each share purchased (RM): 1.620

Maximum price paid for each share purchased (RM): 1.630

Total consideration paid (RM): 19,604.95

Number of shares purchased retained in treasury (units): 12,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 37,416,400

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

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

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

(2) Aggregate value of consideration for transactions on 12th
July, 2004: RM674,377

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 RM2.2176
Loss per share RM0.0009

The Company has on 12th July 2004:

(1) acquired 195,000 ordinary shares of RM1.00 each in TIMWELL.
(2) disposed off 20,000 ordinary shares of RM1.00 each in AMFB.
(3) disposed off 45,000 ordinary shares of RM1.00 each in UTAMA.
(4) disposed off 50,000 ordinary shares of RM1.00 each in MPLANT

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

For more information, click
http://bankrupt.com/misc/QUALITYCONCRETE071304.xls


SELOGA HOLDINGS: Updates Proposed Joint Venture With Bitumen
------------------------------------------------------------
Seloga Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad the Proposed Joint Venture for the manufacture of
Bitumen.

(1) INTRODUCTION

The Board of Directors of Seloga Holdings Berhad (SHB) wishes to
announce that it has on 13 July 2004 entered into a
Shareholders' Agreement (SA) with Tipco Asphalt Public Company
Limited (TASCO), a public company incorporated in Thailand and
Thai Bitumen Company Limited (TBC), a company incorporated in
Thailand whereby SHB, TASCO and TBC (the Joint Venture Parties)
shall jointly participate in the share capital of a new company
(the Joint Venture Company) as the vehicle for the purposes of
holding not less than 94 percent of the issued and paid up
shares in the share capital of Kemaman Bitumen Company Sdn. Bhd.
(KBSB).

The Joint Venture Company shall be the holding company of KBSB
and any other business related to the business of KBSB including
but not limited to the manufacturing, trading and/or marketing
of bitumen and/or other related products (the Joint Venture).

(2) INFORMATION ON COMPANIES

(2.1) TIPCO ASPHALT PUBLIC COMPANY LIMITED (TASCO)

TASCO is a public listed company incorporated in Thailand in
1979. Its shares are currently quoted on The Stock Exchange of
Thailand. TASCO is engaged in the manufacturing and distribution
of asphalt products to cater for Thailand's road construction
and maintenance works. TASCO also exports asphalt products to
China and other regional countries.

(2.2) THAI BITUMEN COMPANY LIMITED (TBC)

TBC is incorporated in Thailand and is a subsidiary of TASCO.

(2.3) KEMAMAN BITUMEN SDN BHD (KBSB)

KBSB was incorporated in 2003 with the view to manufacture
bitumen and other by-products such as heavy vacuum gas oil,
light vacuum gas oil, atmospheric gas oil, kerosene and naphtha.

(3) INFORMATION ON THE JOINT VENTURE

(3.1) The Joint Venture Structure

Pursuant to the Joint Venture, the Joint Venture Company shall
be incorporated in Malaysia under the Companies Act, 1965 of
Malaysia, with the following equity interest holdings of the
Joint Venture Parties:

          percentage

SHB       50
TASCO     40
TBC       10
          100

The Joint Venture Company shall subscribe for ordinary share of
RM1.00 each in KBSB up to an amount equivalent to USD16,500,000
(or approximately RM62,700,000) from time to time as may be
required by the Joint Venture Company as determined by its Board
of Directors.

(3.2) The Asphalt Plant

The construction of the specialized asphalt manufacturing plant
(the Asphalt Plant), the first in South East Asia is expected to
commence as early as August 2004 and be completed in 16 months.
The total cost of the Asphalt Plant is estimated at
USD63,500,000 or RM241,300,000.

Its location in Kemaman (Terengganu) is deemed strategic due to
readily available deep-water port that allows for big vessels
resulting in economies of scale and its proximity to regional
markets such as Cambodia, Vietnam, China, India, Australia and
New Zealand. The asphalt plant is expected to produce
approximately 800,000 tons of bitumen annually for the
consumption of Malaysian and the Asia Pacific region.

The Joint Venture is expected to generate an average margin
EBITDA of approximately 15 percent.

(3.3) Outlook

Based on trade statistic released by Malaysia External Trade
Development Corporation (MATRADE), Malaysia imports almost its
entire bitumen demand. As such, annual estimated output of
KBSB's plant of 800,000 tons can easily substitute the imports
of the bitumen.

Furthermore, the consumption growth for bitumen in the Asia-
Pacific region is in tandem with Gross Domestic Product (GDP)
growth, assumed at around 4 percent average for the next 10
years. Based on a market study undertaken by Energy Security
Analysis (ESAI), a leading independent research firm in the
energy sector, estimated that the regional bitumen consumption
of 18.0 million tons (year 2000) per annum shall grow to 35.0
million tons by 2017.

(3.4) Funding of the Joint Venture

The initial funding of the equity in the Joint Venture Company
shall be by way of shareholders' advance while SHB is working on
long term funding for the subsequent operations of the Joint
Venture.

(3.5) Approvals and Conditions Precedent

The SA is conditional upon the fulfillment of the following
salient conditions precedents:

(a) The approval by all relevant authorities either with or
without conditions that are acceptable to the party receiving
those approvals, for the participation of the parties in the
Joint Venture Company in accordance with the terms and
conditions contained in the SA;

(b) The execution of a sale and purchase of equipment agreement
(Sale and Purchase of Equipment Agreement) between TBC and KBSB
for the sale of certain equipment and materials by TBC to KBSB
on such terms and conditions to be mutually agreed between TBC
and KBSB;

(c) All other further approvals and consents (where applicable)
in respect of the manufacturing license (Manufacturing License)
issued by the Ministry of International Trade and Industry
(MITI) to KBSB dated 22 November 2003;

(d) The execution of a sale and purchase of bitumen agreement
(the Off-take Agreement), between KBSB and TASCO for the sale of
bitumen;

(e) The execution of a supply agreement between TBC and KBSB for
the supply of Boscan crude oil and/or any other raw materials
supplied to TBC from PDVSA Venezuela;

(f) The execution of the sale and purchase agreement between RB
Plantations Sdn Bhd and KBSB in relation to the setting up of
the Asphalt Plant;

(g) The execution of a liquid chemical berthing agreement
between KBSB and Konsortium Pelabuhan Kemaman Sdn Bhd in
relation to the use of the liquid chemical berthing facilities
by KBSB at the Kemaman Port;

(h) The execution of a wharf facilities agreement between KBSB
and Sukma Samudra Sdn Bhd in relation to the utilization of the
West Whalf at Kemaman Port; and

(i) The approval of the shareholders of SHB (if required), as
contained in the SA.

(4) FINANCIAL EFFECTS

(4.1) Share Capital

The Joint Venture will not have any effect on the issued and
paid-up share capital of SHB.

(4.2) Net Tangible Assets

The Joint Venture will not have any effect on the Net Tangible
Assets of the SHB Group for the financial year ending 31
December 2004 but is expected to contribute positively in the
future.

(4.3) Earnings Per Share

The Joint Venture will not have any effect on the earnings of
the SHB Group for the current financial year ending 31 December
2004. Barring unforeseen circumstances, the Joint Venture is
expected to have a positive impact on the earnings of the SHB
Group in the future.

(5) RATIONALE

SHB's investment in the specialized asphalt manufacturing plant
allows it to enter into a niche market catering for local and
regional customers. SHB has a strong joint venture partner as
TASCO is one of the leading asphalt players in the region,
involved in regional downstream asphalt business.

The Company is of the view that this investment will broaden the
existing earnings base of SHB and in turn contribute positively
to the future earnings of the SHB Group.

(6) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

As far as the Board of Directors are presently aware, none of
the Directors or the substantial shareholders of the Company nor
the persons connected to the Directors or the substantial
shareholders of the Company have any interest, whether directly
or indirectly, in the Joint Venture.

(7) SHAREHOLDINGS OF SUBSTANTIAL SHAREHOLDERS

The Proposed Joint Venture will have no effect on the
shareholdings of the substantial shareholders of SHB.

(8) DEPARTURE FROM SECURITIES COMMISSION (SC) GUIDELINES

To the best of the knowledge and belief of the Board of SHB, the
Proposed Joint Venture does not involve any departure from the
SC Guidelines.

(9) DIRECTORS' STATEMENT

The Directors of SHB, after careful deliberation, are of the
opinion that the Joint Venture is in the best interest of the
SHB Group.

(10) DOCUMENT FOR INSPECTION

The SA can be inspected by all shareholders of SHB at the
Registered Office of SHB at 312, 3rd Floor, Block C, Kelana
Square, 17, Jalan SS7/26, 47301 Petaling Jaya, Selangor Darul
Ehsan from Mondays to Fridays (except public holidays) during
business hours for a period of three (3) months from the date of
this announcement.

This announcement is dated 13th July 2004.


SUNWAY HOLDINGS: Listing Of 1,000 Ordinary Shares Granted  
---------------------------------------------------------
Bursa Malaysia Securities Berhad will grant the listing and
quotation of Sunway Holdings Inc. Berhad's additional 1,000 new
ordinary shares of RM1.00 each issued pursuant to the Employees'
Share Option Scheme effective 9:00 a.m., Thursday, 15 July 2004.


TANJONG PUBLIC: BMSB Grants Listing Of 30,000 Ordinary Shares
-------------------------------------------------------------
Kindly be advised that Tanjong Public Ltd. Co.'s additional
30,000 new ordinary shares of 7.5 pence each issued pursuant to
the Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad (BMSB) effective
9:00 a.m., Thursday, 15 July 2004.


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


NATIONAL POWER: To Cut Service Costs By 15%
-------------------------------------------
State-owned National Power Corp. (Napocor) is planning to reduce
its service cost by at least 15 percent, according to ABS-CBN
News.

The cost reduction is part of its business strategy, which aims
to make it become a stronger company and also help prevent a
further increase in the country's budget deficit.

"We haven't quantified yet the financial impact of such a move
to reduce our outside services. But we have identified this as
one of the possible ways to cut down on our expenses," the
official, who requested anonymity, said.

Unnecessary purchases will also be taken into consideration.  
The power firm will prioritize on the most important
procurements that can contribute to the viability of the company
in order to ensure the continuous supply of efficient, reliable
and quality electricity to its customers all over the country.

Napocor will also start procuring production output by the bulk
with the end of maximizing the company's production costs. "In
Luzon, we will buy in bulk and on a wholesale basis," he said.
Moreover, he said, Napocor is going to defer unnecessary
purchases or put in the last priority those procurements that
will not contribute to the company's viability, the source said.


NEGROS NAVIGATION: MPC Considering Ex-Receiver For CEO Post
-----------------------------------------------------------
Metro Pacific Corp. (MPC) is eyeing Sulficio Tagud Jr. as the
next possible president and CEO of Negros Navigation Co.
(Nenaco), the Manila Times reports, citing unnamed sources.

As part of Nenaco's management overhaul, MPC, its parent firm,
has been looking for a replacement for Conrad Carballo, former
president and CEO of Nenaco. According to the said sources,
announcements will be made as soon as the contracts are signed.

Mr. Tagud confirmed that he was one of those who were asked by
MPC for the position, but said they have not yet reached an
understanding.

Vowing to effect a real cultural change at Nenaco, MPC president
and CEO Jose Ma. Lim has earlier expressed disappointment with
recent events at the debt-saddled shipping firm, which he said
"can no longer exist as an efficient, top-heavy organization".

The Securities and Exchange Commission (SEC) said yesterday that
a revocation of Nenaco's license to sell shares to the public is
possible if it is found violating the disclosure requirements of
the commission.

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 News Article Clarification
----------------------------------------------------
Negros Navigation Co. submits to the Philippine Stock Exchange a
clarification to the news article entitled "SEC warns Nenaco
could lose license" published in the July 13, 2004 issue of the
Malaya.  The article reported that:

"The Securities and Exchange Commission warned that it might
revoke the secondary license of shipping firm Negros Navigation
unless the firm submits its cash flow report this week.  An
official from the regulatory body said that the SEC has given
Nenaco an ultimatum if it fails to justify their cash flow
statement the liquidity status of the company prior to filing a
petition for rehabilitation."

Negros Navigation Co., Inc. in its letter to the Exchange dated
July 14, 2004, stated that:

With regard to the report that the Securities and Exchange
Commission (SEC) warned that it might revoke our secondary
license unless the company submits its cash flow report this
week, Nenaco is not in a position to confirm the same because
the same quotes the interviews with the officers of the SEC
regarding their internal actions."


PHILIPPINE LONG: Issues Additional 2,524 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 2,524
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 2,524 common shares is set
for today, Thursday, July 15, 2004.  This brings the number of
common shares listed under the ESOP to a total of 98,080 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


PRYCE CORPORATION: Seeks Suspension Of Interest Payments
--------------------------------------------------------
With the recent approval of its rehabilitation plan, Pryce Corp.
is now seeking a suspension of debt payments from the court, the
Philippine Star reports.

According to Pryce Corp., its assets, which are mortgaged to
creditors, is nearing foreclosure or attached to the prejudice
of the other creditors of the corporation, its shareholders and
the company itself.  Trading of Pryce shares has been suspended
indefinitely to comply with the listing rules of the Philippine
Stock Exchange (PSE), according to the Star report.

Under the PSE's amended listing rules, an announcement by a
listed company of an intent to file or the actual filing of
proceedings for suspension of payments shall merit an immediate
suspension of trading of security of the listed firm.  

Meanwhile, Pryce's subsidiary, Pryce Gas Inc. (PGI) is currently
under rehabilitation. Based on the recovery program earlier
submitted to the Makati Regional Trial Court, Pryce has offered
its real estate assets as partial payment of PGI's obligations
to creditors.

PGI creditors, the International Finance Corp. (IFC), the
private sector financing arm of the World Bank and the
Netherlands Development Finance Co. (NDFC) filed the
rehabilitation plan.  

PGI has been in default on its interest payments to IFC and NDFC
since December 2001. A total of PhP2.671 billion or
approximately US$53.5 million, of which about 44 percent was due
to IFC and NDFC combined as of April 30, 2002.

Contact:

Pryce Corp.
17/F, Pryce Center
1179 Chino Roces Ave.
Cor. Bagtikan St., Makati City
Tel. No/s:  899-4401
Fax No/s:  899-6865
E-mail Address:  pryce@info.com.ph
URL:  http://www.Philgardens.com


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


ALCATEL HOLDING: Winding Up Hearing Set August 10
-------------------------------------------------
Notice is given that the creditors of Alcatel China Holding Pte
Ltd., 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 Companies and, if so required by notice
in writing by the said liquidators are, by their solicitors or
personally, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

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


ALCATEL TRADING: Court Hears Winding Up Petition
------------------------------------------------
The creditors of Alcatel China Trading Pte Ltd., 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
Companies and, if so required by notice in writing by the said
liquidators are, by their solicitors or personally, to come in
and prove their debts or claims at such time and place as shall
be specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

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


CHOON HONG: Winding Up Order Made
---------------------------------
In the Matter of Choon Hong Marketing Pte Ltd., a Winding Up
Order was made on July 2, 2004.

Name and address of Liquidators: The Official Receiver
45 Maxwell Road
#05-11 & #06-11
The URA Centre (East Wing)
Singapore 069118.

Messrs TAN KOK QUAN PARTNERSHIP
Solicitors for the Petitioners.

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


DIGI BUILDER: Winding Up Hearing Scheduled July 23
--------------------------------------------------
A Petition for the winding up of Digi Builder Pte Ltd
Company by the High Court was, on June 25, 2004, presented by
Fidens Engineering Pte Ltd. of 705 Sims Drive, #05-07B Shun Li
Industrial Complex, Singapore 387384, the creditors, and that
the said Petition is directed to be heard before the Court
sitting at the High Court in Singapore at 10.00 o'clock in the
morning on Friday, the 23rd day of July 2004 and any creditor or
contributory of the said Company desiring to support or oppose
the making of an order on the said Petition may appear at the
time of the hearing by himself or his Counsel for that purpose,
and a copy of the Petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

The Petitioners' address is at 705 Sims Drive, #05-07B Shun Li
Industrial Complex, Singapore 387384.

The Petitioners' solicitors are Dominion LLC of No. 200
Cantonment Road, Southpoint #14-03, Singapore 089763.

DOMINION LLC
Solicitors for the Petitioners.

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the above named
DOMINION LLC, 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 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
22nd day of July 2004 (the day before the date appointed for the
hearing of the petition).


EPIAC CORPORATION: Enters Winding Up Proceedings
------------------------------------------------
Notice is hereby given that the creditors of Epiac Corporation
Pte Ltd, 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 from
the said Liquidators are by their solicitors or personally to
come in and prove the 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.

TAN CHOON CHYE
Mrs LOW nee TAN LENG FONG
TAN SHOU CHIEH
Liquidators.
c/o Singapore Secretarial Services Co. (Pte.)
6001 Beach Road
#12-01 & #12-11 Golden Mile Tower
Singapore 199589.


FOOD SYNERGY: Receives Winding Up Hearing Petition
--------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Food Synergy Pte Ltd (formerly known as Granwelt Travel) by the
High Court was, on June 28, 2004 presented by Golden Development
Private Limited, the Creditor.

The said Petition will be heard at the High Court in Singapore
at 10.00 am on July 23, 2004.

Any creditor or contributory of the said Company desiring to
support or oppose the making of an order on the said Petition
may appear at the time of hearing by himself or his Counsel for
that purpose and a copy of the Petition will be furnished to any
creditor or contributory of the said Company requiring the same
by the undersigned on payment of the regulated charge for the
same.

The Petitioner's address is 14 Scotts Road, #06-00 Far East
Plaza, Singapore
228213.

The Petitioner's Solicitors are CENTRAL CHAMBERS LAW CORPORATION
of No. 1 Shenton Way #07-05, Singapore 068803.

Messrs CENTRAL CHAMBERS LAW CORPORATION
Solicitors for the Petitioner.

Note: Any person who intends to appear on the hearing of the
Petition must serve on or send by post to the above named
CENTRAL CHAMBERS LAW CORPORATION, notice in writing of his
intention to do so. The notice must state the name and address
of the person, or, if a firm, the name and address of the firm,
and must be signed by the person or firm, or his or their
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 12 noon of the 22nd day of July 2004 (the day before
the day appointed for the hearing of the Petition).


GOLDEN BUKIT: Winding Up Hearing Slated on July 30
--------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Golden Bukit Pte Ltd by the High Court was on the 3rd day of
June 2004, presented by Lai Yew Seng Pte Ltd of Blk 7, Toa Payoh
Lorong 8, Industrial Park #01-1247/49 Singapore 319059, a
Creditor.

The said Petition will be heard before the Court at Singapore at
10.00 o'clock in the forenoon, on July 30, 2004.

Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the Petition may appear at
the time of the 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 of the
same.

The Petitioner's address is Blk 7, Toa Payoh Lorong 8,
Industrial Park #01-1247/49, Singapore 319059.

The Petitioner's solicitors are Messrs Mallal & Namazie of No.
50 Robinson Road, #12-00 MNB Building, Singapore 068882.

Messrs MALLAL & NAMAZIE
Solicitors for the Petitioner.

Note: Any person who intends to appear on the hearing of the
said Petition must serve on or send by post to the above named
Messrs Mallal & Namazie, notice in writing of his intention to
do so. The notice must state the name and address of the person,
or if a firm, the name and address of the firm, and must be
signed by the person or firm, or his or their 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 twelve
o'clock noon of the 29th day of July 2004 (the day before the
day appointed for the hearing of the Petition).


INFORMATICS HOLDINGS: Announcement On Independent Directors
-----------------------------------------------------------
The Board of Directors of Informatics Holdings Ltd wishes to
announce that the Company has received notice from Mr Frank
Yung-Cheng Yung and Mr Tang Chun Choy, both of whom are non-
executive independent directors and who are members of the Audit
Committee, that they have decided not to offer themselves for
re-election as directors at the forthcoming Annual General
Meeting (AGM) which has been convened to be held on 30 July
2004, when they are due to retire. The Board has also received
notice from Dr Seet Ai Mee nee Ling, also a non-executive
independent director that she wishes to resign as a director
with effect from 30 July 2004, being the date of the AGM. She
has declined the Board's invitation to remain as a director.

Mr Yung, Mr Tang and Dr Seet have rendered sterling service to
the Company and have in many instances gone beyond the call of
duty. The Company regrets that it is unable to persuade them to
continue their good work in the Company.

The Company wishes to record its sincere thanks and gratitude to
Mr Yung, Mr Tang and Dr Seet for their selfless dedication in
discharging their responsibilities on the Board and its
Committees.

Mr Yung, Mr Tang and Dr Seet wish to thank the Board for its
vote of confidence in them and wish the Company and its
shareholders the very best.

The Company wishes to inform shareholders that three new
independent directors, namely Mr Ung Gim Sei, Professor Neo Boon
Siong and Mr Anderson Tang Siu Ki, will be appointed to the
Board with effect from 13 July 2004. It is the Board's intention
that these new independent directors be appointed to the Audit
Committee immediately upon the retirement of Mr Yung and Mr Tang
at the AGM and the resignation of Dr Seet on the day of the AGM.
Details and declaration of these three new independent directors
as required under Rule 704(7) of the Listing Manual of the
Singapore Exchange Securities Trading Limited are contained in
separate announcements made today.

By Order of the Board

Raymond Quek Hiong How
Company Secretary


INFORMATICS HOLDINGS: Ung Gim Sei Is New Independent Director
-------------------------------------------------------------
Informatics Holdings Limited announces the Appointment Of Ung
Gim Sei as Independent Director.

Date of appointment: 13 Jul 2004
  
Name: Ung Gim Sei
  
Age: 64
  
Country of principal residence: Singapore
  
Whether appointment is executive, and if so, the area of
responsibility: Independent Director
  
Working experience and occupation(s) during the past 10 years: (

(1) Advocate and Solicitor,
Supreme Court of Singapore

(2) Partner of Singapore Law Firm,
Messrs. T.M. Hoon & Co. (since August 2003)

(3) Part-time Lecturer in Law (2003 - todate)
School of Humanities and Social Studies
Nanyang Technological University, Singapore

(4) Group General Manager,
HongKong Sing Tao Newspaper Group
(1991 - 1999)

(5) Director and General Manager,
Shengang Newspaper Publications Ltd, HongKong
(1992 - 1999)

Other directorships

Past:
Shengang Newspaper Publications Ltd, Hong Kong

Present:
Aw Boon Haw Foundation, China
(since 2000)
M. Kabel & Co. Ltd, Hong Kong
(Dormant) (since 2000)
Shareholding in the listed issuer and its subsidiaries: None
  
Family relationship with any director and/or substantial
shareholder of the listed issuer or of any of its principal
subsidiaries: None
  
Conflict of interest: None

Information required by Rule 704(7)(h)

Disclose the following matters concerning a director, chief
executive officer, general manager or other executive officer of
equivalent rank. If the answer to any question is "yes", full
details must be given.

(a) Whether at any time during the last 10 years, a petition
under any bankruptcy laws of any jurisdiction was filed against
him or against a partnership of which he was a partner? No
  
(b) Whether at any time during the last 10 years a petition
under any law of any jurisdiction was filed against a
corporation of which he was a director or key executive for the
winding up of that corporation on the ground of insolvency? No
  
(c) Whether there is any unsatisfied judgment against him? No
  
(d) Whether he has ever been convicted of any offence, in
Singapore or elsewhere, involving fraud or dishonesty which is
punishable with imprisonment for 3 months or more, or has been
the subject of any criminal proceedings (including any pending
criminal proceedings which he is aware of) for such purpose? No
  
(e) Whether he has ever been convicted of any offence, in
Singapore or elsewhere, involving a breach of any law or
regulatory requirement that relates to the securities or futures
industry in Singapore or elsewhere, or been the subject of any
criminal proceedings (including any pending criminal proceedings
which he is aware of) for such breach?  No
  
(f) Whether at any time during the last 10 years, judgment has
been entered against him in any civil proceedings in Singapore
or elsewhere involving a breach of any law or regulatory
requirement that relates to the securities or futures industry
in Singapore or elsewhere, or a finding of fraud,
misrepresentation or dishonesty on his part, or he has been the
subject of any civil proceedings (including any pending civil
proceedings which he is aware of) involving an allegation of
fraud, misrepresentation or dishonesty on his part? No
  
(g) Whether he has ever been convicted in Singapore or elsewhere
of any offence in connection with the formation or management of
any corporation? No
  
(h) Whether he has ever been disqualified from acting as a
director of any corporation, or from taking part directly or
indirectly in the management of any corporation? No
  
(i) Whether he has ever been the subject of any order, judgment
or ruling of any court, tribunal or governmental body,
permanently or temporarily enjoining him from engaging in any
type of business practice or activity? No
  
(j) Whether he has ever, to his knowledge, been concerned with
the management or conduct, in Singapore or elsewhere, of the
affairs of -
  
(i) any corporation which has been investigated for a breach of
any law or regulatory requirement governing corporations in
Singapore or elsewhere; or

(ii) any corporation or partnership which has been investigated
for a breach of any law or regulatory requirement that relates
to the securities or futures industry in Singapore or elsewhere,
  
in connection with any matter occurring or arising during the
period when he was so concerned with the corporation or
partnership? No

Submitted by Raymond Quek Hiong How, Company Secretary on July
13, 2004 to the Singapore Stock Exchange.


INFORMATICS HOLDINGS: Appoints Neo Boon Siong as New Director
-------------------------------------------------------------
Informatics Limited Holdings announces the Appointment Of Neo
Boon Siong as Independent Director.

Date of appointment: 13 Jul 2004
  
Name: Professor Neo Boon Siong
  
Age: 47
  
Country of principal residence: Singapore
  
Whether appointment is executive, and if so, the area of
responsibility: Independent Director
  
Working experience and occupation(s) during the past 10 years:
Dean of Nanyang Business School at the Nanyang Technological
University, Singapore
(Period : 1 March 1998 to 30 June 2004)
Professor since 1989

Other directorships

Past:
NCS Pte Ltd
GRP Limited

Present:
Great Eastern Holdings Limited
Keppel Offshore & Marine Ltd
Securities Industry Council
Shareholding in the listed issuer and its subsidiaries: 137,000
  
Family relationship with any director and/or substantial
shareholder of the listed issuer or of any of its principal
subsidiaries: None
  
Conflict of interest: None

Information required by Rule 704(7)(h)

Disclose the following matters concerning a director, chief
executive officer, general manager or other executive officer of
equivalent rank. If the answer to any question is "yes", full
details must be given.

(a) Whether at any time during the last 10 years, a petition
under any bankruptcy laws of any jurisdiction was filed against
him or against a partnership of which he was a partner? No
  
(b) Whether at any time during the last 10 years a petition
under any law of any jurisdiction was filed against a
corporation of which he was a director or key executive for the
winding up of that corporation on the ground of insolvency? No
  
(c) Whether there is any unsatisfied judgment against him? No
  
(d) Whether he has ever been convicted of any offence, in
Singapore or elsewhere, involving fraud or dishonesty which is
punishable with imprisonment for 3 months or more, or has been
the subject of any criminal proceedings (including any pending
criminal proceedings which he is aware of) for such purpose? No
  
(e) Whether he has ever been convicted of any offence, in
Singapore or elsewhere, involving a breach of any law or
regulatory requirement that relates to the securities or futures
industry in Singapore or elsewhere, or been the subject of any
criminal proceedings (including any pending criminal proceedings
which he is aware of) for such breach?
No
  
(f) Whether at any time during the last 10 years, judgment has
been entered against him in any civil proceedings in Singapore
or elsewhere involving a breach of any law or regulatory
requirement that relates to the securities or futures industry
in Singapore or elsewhere, or a finding of fraud,
misrepresentation or dishonesty on his part, or he has been the
subject of any civil proceedings (including any pending civil
proceedings which he is aware of) involving an allegation of
fraud, misrepresentation or dishonesty on his part? No
  
(g) Whether he has ever been convicted in Singapore or elsewhere
of any offence in connection with the formation or management of
any corporation? No
  
(h) Whether he has ever been disqualified from acting as a
director of any corporation, or from taking part directly or
indirectly in the management of any corporation? No
  
(i) Whether he has ever been the subject of any order, judgment
or ruling of any court, tribunal or governmental body,
permanently or temporarily enjoining him from engaging in any
type of business practice or activity? No
  
(j) Whether he has ever, to his knowledge, been concerned with
the management or conduct, in Singapore or elsewhere, of the
affairs of  
  
(i) any corporation which has been investigated for a breach of
any law or regulatory requirement governing corporations in
Singapore or elsewhere; or

(ii) any corporation or partnership which has been investigated
for a breach of any law or regulatory requirement that relates
to the securities or futures industry in Singapore or elsewhere,
  
in connection with any matter occurring or arising during the
period when he was so concerned with the corporation or
partnership?
No

Submitted by Raymond Quek Hiong How, Company Secretary on July
14, 2004 to the Singapore Stock Exchange.


INFORMATICS HOLDINGS: Tang Siu Ki Acts As Independent Director
--------------------------------------------------------------
Informatics Holdings Limited announces the Appointment Of Tang
Siu Ki as Independent Director.

Date of appointment: 13 Jul 2004
  
Name: TANG SIU KI, ANDERSON
  
Age: 51
  
Country of principal residence: Singapore
  
Whether appointment is executive, and if so, the area of
responsibility: Independent Director
  
Working experience and occupation(s) during the past 10 years:
Executive Consultant
C K Siow & Associates
(Period: November 2003 to Date)

Chief Financial Officer
Head of Finance and Administration Division
Senior Vice President
Singapore Exchange Limited
(Period: April 2000 to June 2003)

Regional Financial Controller
Asia and Subcontinent
Senior Director
American Express Bank Ltd
(Period: May 1997 to June 1999)

Head of Finance and Operations
Company Secretary, Senior Vice President
Lehman Brothers Pte Ltd
(Period: February 1995 to April 1997)

Other directorships

Past:
NIL

Present:
NIL
Shareholding in the listed issuer and its subsidiaries: None
  
Family relationship with any director and/or substantial
shareholder of the listed issuer or of any of its principal
subsidiaries: None
  
Conflict of interest: None

Information required by Rule 704(7)(h)

Disclose the following matters concerning a director, chief
executive officer, general manager or other executive officer of
equivalent rank. If the answer to any question is "yes", full
details must be given.

(a) Whether at any time during the last 10 years, a petition
under any bankruptcy laws of any jurisdiction was filed against
him or against a partnership of which he was a partner? No
  
(b) Whether at any time during the last 10 years a petition
under any law of any jurisdiction was filed against a
corporation of which he was a director or key executive for the
winding up of that corporation on the ground of insolvency? No
  
(c) Whether there is any unsatisfied judgment against him? No
  
(d) Whether he has ever been convicted of any offence, in
Singapore or elsewhere, involving fraud or dishonesty which is
punishable with imprisonment for 3 months or more, or has been
the subject of any criminal proceedings (including any pending
criminal proceedings which he is aware of) for such purpose? No
  
(e) Whether he has ever been convicted of any offence, in
Singapore or elsewhere, involving a breach of any law or
regulatory requirement that relates to the securities or futures
industry in Singapore or elsewhere, or been the subject of any
criminal proceedings (including any pending criminal proceedings
which he is aware of) for such breach?
No
  
(f) Whether at any time during the last 10 years, judgment has
been entered against him in any civil proceedings in Singapore
or elsewhere involving a breach of any law or regulatory
requirement that relates to the securities or futures industry
in Singapore or elsewhere, or a finding of fraud,
misrepresentation or dishonesty on his part, or he has been the
subject of any civil proceedings (including any pending civil
proceedings which he is aware of) involving an allegation of
fraud, misrepresentation or dishonesty on his part? No
  
(g) Whether he has ever been convicted in Singapore or elsewhere
of any offence in connection with the formation or management of
any corporation? No
  
(h) Whether he has ever been disqualified from acting as a
director of any corporation, or from taking part directly or
indirectly in the management of any corporation? No
  
(i) Whether he has ever been the subject of any order, judgment
or ruling of any court, tribunal or governmental body,
permanently or temporarily enjoining him from engaging in any
type of business practice or activity? No
  
(j) Whether he has ever, to his knowledge, been concerned with
the management or conduct, in Singapore or elsewhere, of the
affairs of  
  
(i) any corporation which has been investigated for a breach of
any law or regulatory requirement governing corporations in
Singapore or elsewhere; or

(ii) any corporation or partnership which has been investigated
for a breach of any law or regulatory requirement that relates
to the securities or futures industry in Singapore or elsewhere,
  
in connection with any matter occurring or arising during the
period when he was so concerned with the corporation or
partnership?
No

Submitted by Raymond Quek Hiong How, Company Secretary on July
14, 2004 to the Singapore Stock Exchange.


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


BANGKOK MASS: $1Bln Restructuring Deal To Be Signed In 5 Wks.
-------------------------------------------------------------
Bangkok Mass Transit System (BTS) is set to sign a US$1 billion
debt restructuring deal with its creditors in the next five
weeks, according to Reuters.

BTS' chief executive Keeree Kanjanapas said the plan would
involve a debt to equity conversion and debt buy-back at a 45-
percent discount, which would make the creditors the company's
major shareholder. A meeting of shareholders will be called by
BTS on July 28 for the approval of the debt plan.

With the increasing number of passengers by 10 percent to about
400,000 per day, BTS is expected to break even in the next eight
to ten years, Mr. Keeree said.

On the government's plan to buy BTS, Mr. Keeree said it would be
up to the shareholders if they would sell their stake. The
government wants 100 percent control of the skytrain and
Bangkok's new subway system, which opened on July 3.

A Ministry of Finance official said on Tuesday that the
government would hold talks with the company regarding the
takeover on July 28.

BTS' major creditors include Siam Commercial Bank, Germany's
Kreditanstalt fuer Wiederaufbau at US$452 million and the
International Finance Corp, the World Bank's investment arm.


RS PROMOTION: Shuts Down TV Film Business
-----------------------------------------
As part of its restructuring plan that was completed last
Thursday, RS Promotion Plc (RS) has decided to close down its
television film business, the Nation reports, citing the
company's CEO Surachai Chetchotisak.

With telemovies facing problems in the market, RS will focus on
Internet-based business, such as mobile ringtones and broadband
connections with True Corp Plc to allow online viewing of films.

"We see strong potential for sales to our target group,
teenagers who are attracted by technology." The company expects
to boost the revenue contribution from its new media business
beyond the current 5 percent.

RS Promotions attributed its loss to the three films that made
less than expected, Mr. Surachai said. RS reported a net loss of
THB41.77 million on sales of THB572.46 million in the first
quarter.


                            *********


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.

This material is copyrighted and any commercial use, resale or
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