TCRAP_Public/040716.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, July 16, 2004, Vol. 7, No. 140

                            Headlines

A U S T R A L I A

AUSTRALIAN INVESTORS: ASIC Orders Director to Pay Liquidators
NATIONAL AUSTRALIA: Shares Down 7% Wednesday
NATIONAL AUSTRALIA: Shuts UK Custodian Services Business
NATIONAL AUSTRALIA: Shares Issued Under DRP Underwriting


C H I N A  &  H O N G  K O N G

CHINA-HONGKONG PHOTO: Posts HKD62M Net Loss
GRAPHIC CONSULTANTS: Court Sets Winding Up Hearing on August 4
I-CHINA HOLDINGS: Unaware of Price Fluctuation Reasons
KOOKMIN LEASING: Creditors To Prove Debts on August 9
LEXIN LIMITED: Enters Winding Up Proceedings

TOP PREMIER: Winding Up Hearing Slated on August 11
WILENKO DEVELOPMENT: Court Hears Winding Up Petition
WIN SMART: Winding Up Hearing Set August 11


I N D O N E S I A

BANK PERMATA: State Approves Stake Sale
KERTAS KRAFT: Seeking US$33mln Capital Infusion
PERTAMINA: Seeks Funds for Fuel Import


J A P A N

ALL NIPPON: Issues Notice of Call Option on JPY40B Bonds
DAIEI INC.: Reaches Half of Sales Goal
MATSUSHITA ELECTRIC: Settles DVD Patent Suit With Cinram
MITSUBISHI FUSO: Japan Ministry Inspects Kanagawa Plant
MITSUBISHI MOTORS: Phoenix to Buy One Third of Carmaker

SNOW BRAND: Moody's May Raise Caa1 Rating
SNOW BRAND: Former Executives Cleared of Fraud
UFJ HOLDINGS: Seeks Alliance With Mitsubishi Tokyo Financial
UFJ HOLDINGS: S&P Says Possible Merger May Hurt Ratings
UFJ HOLDINGS: Mitsubishi Securities Clarifies Takeover Report


K O R E A

ASIANA AIRLINES: Returns to Profit
LG CARD: Shares Jump 15% on Debt-Equity Swap Report


M A L A Y S I A

ANCOM BERHAD: Completes Disposal Of Unit's Share Capital
ANCOM BERHAD: Acquires 20,500 Ordinary Shares On Buy Back
AOKAM PERDANA: Issues Update On EGM
BERJAYA SPORTS: Buys Back 910,000 Ordinary Shares
INTEGRATED RUBBER: Issues Update On Proposed Restructuring    

KEMAYAN CORPORATION: SC Grants Six-Month Land Title Extension
LANKHORST PANCABUMI: Enters Winding Up Proceedings
MTD CAPITAL: Issues Details On Unit's Proposed Acquisition
NYLEX BERHAD: Completes Reorganization Scheme
PAN PACIFIC: Issues Default In Payment Status

SIME DARBY: BMSB Grants Listing of 14,000 Ordinary Shares
SIME DARBY: Issues Update On Mandatory Takeover Offer
TANJONG PUBLIC: Updates Unit's Recurrent Transactions
UNZA HOLDINGS: To Undergo Proposed Restructuring Scheme
YCS CORPORATION: Appoints Receiver and Manager


P H I L I P P I N E S

NATIONAL POWER: PSALM Opens Bidding For Masinloc Plant
NEGROS NAVIGATION: MPC Issues Clarification to News Article
POWER HOMES: Ordered Shut Down by Court of Appeals


S I N G A P O R E

HONG LUAN: Enters Winding Up Proceedings
IMTEL PTE: Court Hears Winding Up Petition
INFORMATICS HOLDINGS: To Amend Franchisee Criteria
INFORMATICS HOLDINGS: Releases Notice of Change in Berjaya Group
INFORMATICS HOLDINGS: Posts Change in Berjaya Land Interest

INFORMATICS HOLDINGS: Details Change in Berjaya Leisure Holdings
INFORMATICS HOLDINGS: Teras Mewah Interest Changes
INFORMATICS HOLDINGS: Issues Change in Vincent Tan's Interest
LANDMARK ENGINEERING: Winding Up Hearing Set July 23
SHIVAKASI ENTERPRISES: Winding Up Hearing Slated July 23


T H A I L A N D

SYNTECH CONSTRUCTION: Renders Financial Assistance To Richee
TPI POLENE: Issues Clarification On Changes In Net Profit
TPI POLENE: Pays Surplus DRP Fund And Accrued Interest  
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


AUSTRALIAN INVESTORS: ASIC Orders Director to Pay Liquidators
-------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained an undertaking from Mr. Peter Victor Topperwien in the
Supreme Court of New South Wales that he will pay $50,000 to the
liquidators of Australian Investors Forum Pty Limited (in
liquidation).

Mr. Topperwien, of Glebe, NSW, also undertook to the court that
he would not manage corporations for two years from 28 July
2004.

The undertakings follow ASIC action against Australian Investors
Forum, its directors and 22 other companies.

Mr. Topperwien was a director of Australian Investors Forum and
five other defendant companies: Medionics Pty Limited, Sage
Global Fund Limited, Monetec Investment Management Limited,
Metrobank Pty Limited and Arbitrage Trading Pty Limited.
Australian Investors Forum was a licensed securities dealer and
it ran an investment club offering members placements in new
company floats.

Some $2.5 million was raised for investment in Australian
Investors Forum and other defendant companies. ASIC alleges that
the money was raised illegally. ASIC further alleges that,
without the investors' knowledge, millions of shares in those
companies were issued at a 99.95 per cent discount to companies
owned or controlled by Mr. Topperwien and Messrs Dennis Anthony,
Martin Lloyd-Cocks and Dominc Luvara.

Australian Investors Forum was placed into liquidation in August
2002 and four of its related companies were placed into
liquidation in November 2002.

Following Mr. Toperwien's undertakings, ASIC consented to the
proceedings against him and his two defendant companies being
otherwise dismissed. Mr. Topperwein undertook to the court to
pay ASIC's costs.

ASIC's proceedings against the remaining defendants, including
Messrs Anthony, Lloyd-Cocks and Luvara, will be heard by the
Supreme Court over three weeks from 19 July 2004.


NATIONAL AUSTRALIA: Shares Down 7% Wednesday
--------------------------------------------
On Wednesday, National Australia Bank (NAB) shares plunged
nearly seven percent or $2.13 to $28.85, wiping around $3.5
billion of the Company's market capitalization, the Sydney
Morning Herald reports.

Chief Executive John Stewart warned that NAB's second half
profit would be up to 15 percent below the first half because of
rising retail banking costs.

In the wake of a damaging foreign exchange trading scandal that
has eroded its market share, the bank expected its cash earnings
before significant items for the six months to September 30 to
be 10 to 15 percent lower than the first half result of $1.85
billion.


NATIONAL AUSTRALIA: Shuts UK Custodian Services Business
--------------------------------------------------------
National Australia Bank, in a press release, plans to close its
National Custodian Services UK operations and has reached an
agreement to transfer its clients to The Bank of New York,
subject to the approval of clients. The agreement does not
involve a transfer of business infrastructure or a legal entity.

National Custodian Services (NCS) UK provides custody, trustee &
depositary and fund administration for institutional clients
from its base in Glasgow.

This agreement represents an enhancement of a strong
relationship with The Bank of New York, which is the National's
global custodian for offshore assets.

Mr. Tony O'Grady, General Manager, NCS, said: 'The National is a
market leader for custody and investment administration services
in Australia and New Zealand, and will continue to offer a full
range of securities services in those markets.

However, within the UK, ongoing market consolidation and
increased price competition mean that we would be unable to
remain profitable in this business in the UK in the long term.

'We are contacting our UK clients today to inform them of this
decision and to organize meetings to introduce them to The Bank
of New York and to outline the proposed process.  Assuming
client agreement, the transfer to The Bank of New York is
expected achieved over a period of six months.  Clients will
continue to receive services from the National until their
transfers are complete.'

Mr. O'Grady said the decision would impact approximately 140
roles in NCS UK. Employees are being informed of the decision
and meetings will be held with all staff and the union (UNIFI)
to discuss options available to them.

The agreement with The Bank of New York does not affect the
National's other European operations.

Tim Keaney, Executive Vice President and Head of Europe for The
Bank of New York said: 'This agreement further strengthens our
relationship with the National, and demonstrates our leadership
position in the field of UK custody, trustee & depository and
fund administration.  We are looking forward to working with our
new clients and are confident of providing a seamless transition
and a high quality service.'

The terms of the agreement will not be disclosed.

National Australia Bank Limited was advised by Lazard & Co.,
Limited (Lazard) regarding the transfer of NCS UK.  Lazard is
acting for National Australia Bank Limited in connection with
the transfer and no one else, and will not be responsible to
anyone other than National Australia Bank Limited for providing
the protections offered to clients of Lazard, nor for providing
advice in relation to the transfer.

About National Custodian Services

National Custodian Services (NCS) is a division of National
Australia Bank Corporate & Institutional Banking Division.  NCS
is the largest Australian custodian and has been providing
settlement and custody services to domestic and international
institutions covering all classes of securities since 1950.

The National has offered custodian services in the UK since
1987.  NCS UK offers trustee and depositary services, custody,
sub-custody and fund administration to a wide range of clients.  
NCS UK also provides ancillary services, such as cash
management, securities lending administration and foreign
exchange services. NCS UK has approximately A$102.4 billion in
assets under custody.

About the National

The National Group is an international financial services group
operating across four continents and 15 countries including
Australia, the United States, the United Kingdom, New Zealand
and Asia.  As at 30 September 2003, the National had total
assets of over A$397billion, assets under management and
administration of almost A$73 billion, assets under custody and
administration of A$311 billion, almost eight million banking
and more than 2.8 million wealth management customers globally
and was ranked as one of the 50 largest financial services
companies in the world by profit.

About Bank of New York

The Bank of New York Company, Inc. (NYSE: BK) is a global leader
in securities servicing for issuers, investors and financial
intermediaries.

The Company plays an integral role in the infrastructure of the
capital markets, servicing securities in more than 100 markets
worldwide.

The Company provides quality solutions through leading
technology for global corporations, financial institutions,
asset managers, governments, non-profit organizations, and
individuals.  Its principal subsidiary, The Bank of New York,
founded in 1784, is the oldest bank in the United States and has
a distinguished history of serving clients around the world
through its five primary businesses:

Securities Servicing and Global Payment Services, Private Client
Services and Asset Management, Corporate Banking, Global Market
Services, and Retail Banking.

Additional information on the Company is available at
www.bankofny.com

Media Enquiries to:

National Australia Bank            Bank of New York
In London:                         In London:
Tim Pie:                           Ivan Royle
+ 44 (0)20 7710 2146 work          + 44 (0)20 7964 6119 work

In Melbourne:
Brandon Phillips
+ 61 (0)3 8641 3857 work
+ 61 (0) 419 369 058 mobile

Samantha Evans
+ 61 (0)3 8641 4982 work
+ 61 (0) 404 883 509 mobile


NATIONAL AUSTRALIA: Shares Issued Under DRP Underwriting
--------------------------------------------------------
Pursuant to the announced underwriting arrangements for the
dividend reinvestment plan and bonus share plan in respect of
the interim dividend of 83 cents per share announced on 12 May
2004, National Australia Bank on Wednesday issued 22,959,461
ordinary shares to the underwriter (the Issue), at an issue
price of $29.8758 per share.

In accordance with paragraph 5(e) of section 708A of the
Corporations Act 2001 (Cth) (the Act), NAB notifies that:

(a)  in relation to the Issue, the National issued the shares
     without disclosure to investors under Part 6D.2 of the Act;

(b)  this notice is being given under section 708A(5)(e) of the
     Act; and

(c)  as at the date of this notice, the National has complied
     with (i) the provisions of Chapter 2M of the Act, as they
     apply to the National, and (ii) section 674 of the Act.

Garry Nolan
Company Secretary

This Australian Stock Exchange announcement is dated 14 July
2004.


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


CHINA-HONGKONG PHOTO: Posts HKD62M Net Loss
-------------------------------------------
Infocast News reported that China-Hongkong Photo Products
Holdings Limited has recorded a net loss of HKD61.647 million
for the fiscal year ended March 31, compared to a net profit of
HKD18.425 million for the last corresponding period. The loss
per share was $0.053. A final special dividend of 10 cents per
share was declared.


GRAPHIC CONSULTANTS: Court Sets Winding Up Hearing on August 4
--------------------------------------------------------------
A Petition for the Winding up of Graphic Consultants Limited by
the High Court of Hong Kong was, on July 2, 2004, presented to
the said Court by Silver System Limited whose registered office
is situated at Flat B, 11th Floor, South View Garden, 80 Shek
Pai Wan Road, Tin Wan, Aberdeen, Hong Kong.  

The said Petition is scheduled before the Court at 10:00 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.

W.S. SZETO & LEE
Solicitors for the Petitioner,
Suite 3719, 37th Floor, Jardine House
1 Connaught Place, 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 3rd day of August
2004.


I-CHINA HOLDINGS: Unaware of Price Fluctuation Reasons
-------------------------------------------------------
The Stock Exchange has received a message from I-China Holdings
Limited which is reproduced as follows:

This statement is made at the request of The Stock Exchange of
Hong Kong Limited.

We have noted the recent decrease in the price and increase in
trading volume of the shares of the Company and wish to state
that we are not aware of any reasons for such fluctuations.

We also confirm that save as the announcements made on 18th and
23rd June 2004 in relation to Proposals for share consolidation
and change of company name, there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23, neither is the Board
aware of any matter discloseable under the general obligation
imposed by rule 13.09, which is or may be of a price-sensitive
nature.

As at the date of this statement, the Board of the Company
comprises Messrs Zen Wei Peu, Derek and Yu Sai Yen as executive
directors, and Dr. Chow Ming Kuen, Joseph and Mr. Ng Chi Ming,
James as independent non-executive directors.

Made by the order of I-China Holdings Limited, the Board of the
directors of which individually and jointly accept
responsibility for the accuracy of this statement.

For and on behalf of
I-China Holdings Limited

Chang Kam Chuen
Alternate Authorized Representative

This announcement is dated July 14, 2004.


KOOKMIN LEASING: Creditors To Prove Debts on August 9
-----------------------------------------------------
Notice is hereby given that the creditors of Kookmin Leasing &
Finance (Hong Kong) Limited, which is in Members' Voluntary
Liquidation, are required (if they have not already done so), on
or before 5:30 p.m. on August 9, 2004, to send in their names,
addresses and particulars of their debts or claims, and the name
and address of their solicitors, if any, to the joint and
several liquidators and to establish any title they may have to
priority under Section 265 of the Companies Ordinance or in
default thereof they will be excluded from the benefit of the
distribution made next after 9 August 2004 or as the case may be
from objecting to such distribution.

Lai Kar Yan (Derek)
Darach E. Haughey
Joint and Several Liquidators
26th Floor, Wing On Centre
111 Connaught Road Central
Hong Kong


LEXIN LIMITED: Enters Winding Up Proceedings
--------------------------------------------
Notice is given that a Petition for the Winding up of Lexin
Limited by the High Court of Hong Kong was, on June 21, 2004,
presented to the said Court by New Special Deliveries S.R.L.
whose registered office is situated at via V. Veneto, 9-21013
Gallarate (Va), Italy.  

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; 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.

LIAU, HO & CHAN
Solicitors for the Petitioner,
6th Floor, United Chinese Bank Building
31-37 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 3rd day of August
2004.


TOP PREMIER: Winding Up Hearing Slated on August 11
---------------------------------------------------
Notice is given that a Petition for the Winding up of Top
Premier Industrial Limited by the High Court of Hong Kong was,
on June 11, 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, No. 1 Garden Road, Central, Hong
Kong.

The said Petition is directed to be heard before the Court at
9:30 am on August 11, 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.

CHIU & LAU
Solicitors for the Petitioner,
2nd Floor, The Chinese General Chamber of Commerce Building
24-25 Connaught 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 10th day of
August 2004.


WILENKO DEVELOPMENT: Court Hears Winding Up Petition
----------------------------------------------------
A Petition for the Winding up of Wilenko Development Limited by
the High Court of Hong Kong was, on June 11, 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, No. 1 Garden Road, Central, Hong Kong.  

The said Petition will be heard before the Court at 9:30 am on
August 11, 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.

CHIU & LAU
Solicitors for the Petitioner,
2nd Floor, The Chinese General Chamber of Commerce Building
24-25 Connaught 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 10th day of
August 2004.


WIN SMART: Winding Up Hearing Set August 11
-------------------------------------------
Notice is given that a Petition for the Winding up of Win Smart
International Limited by the High Court of Hong Kong was, on the
11th day of June 11, 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, No. 1 Garden Road, Central,
Hong Kong.  

The said Petition will be heard before the Court at 9:30 am on
August 11, 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.

CHIU & LAU
Solicitors for the Petitioner,
2nd Floor, The Chinese General Chamber of Commerce Building
24-25 Connaught 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 10th day of
August 2004.


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


BANK PERMATA: State Approves Stake Sale
---------------------------------------
Indonesia's House of Representatives approved the sale of the
state's 97 percent controlling stake in Bank Permata, Reuters
reported. The government, however, might take less than the
current US$776 million market price value.

Head of parliament's financial sector commission Emir Moeis
declared, "The parliament accepts the government's proposal to
divest Bank Permata ... to get the best price, a professional
management to increase the bank's performance and value, (and)
also to give opportunity to international investors."

The proposed divestment of the state's entire stake in the
medium-sized bank is part of the government's privatization
scheme and fund-raising to finance the state budget deficit.

Mohammad Syarial, president of PT Perusahaan Pengelolaan Aset
(PPA) which currently manages Permata's assets, said PPA had
expected to sell the bank for at least IDR400 a share or 1.8
times the bank's 2003 book value.

The government, which has appointed ABN AMRO as financial
adviser for the sale, has yet to announce a clear-cut plan for
the sale.

The PPA-proposed sale schedule for strategic investors is as
follows:

Sale Announcement                         2nd week of July
Domestic Roadshow                         3rd week of July
International Roadshow                    4th week of July
Send Invitation Letters                   1st week of Aug
Receive Indication Letters of Interest    4th week of Aug
Due Diligence, Management Presentation    1st week of Sept-
                                           3rd week of Oct
Final Bid                                 1st-2nd week of Sept
Central Bank Approval                     3rd week of Dec
Closing Transaction                       4th week of Dec
  ($1=8,950 rupiah)


KERTAS KRAFT: Seeking US$33mln Capital Infusion
-----------------------------------------------
In order to resume normal operations, state-owned PT Kertas
Kraft Aceh (KKA) is seeking a IDR300 billion (USD33.3 million)
capital injection, Asia Pulse reports.

The sought fresh capital, according to KKA President Teuku
Suriyansah, will be utilized to refinance debt, purchase raw
materials, and cover maintenance costs. He also expressed
optimism that once the KKA's working capital woes are resolved,
the firm, whose operations were adversely affected by the
security issues and financial problems of the 1997 crisis, would
turn out a profit.

Mr. Teuku said the firm's Aceh production facility could
generate 135,000 tons of cement sacks yearly.


PERTAMINA: Seeks Funds for Fuel Import
--------------------------------------
State oil firm PT Pertamina is requesting a letter guarantee
from the government to facilitate its fuel import plan, Asia
Pulse reports.

Pertamina's finance director Alfred Rohimone said a guarantee is
needed to secure loans from banks should the government fail to
reimburse the company for selling oil at government-subsidized
prices.

As of July this year, the government has yet to refund Pertamina
some IDR12.9 trillion (USD1.4 billion).

The Finance Minister has already issued a decree saying the oil
firm should be paid IDR12 trillion in July and the remaining
IDR14 trillion in the second week of August. Pertamina, however,
has yet to receive the first payment.

Mr. Rohimone argued that if the government reimburses the fuel
expenditures accordingly, the fuel reserves, which currently
stand at 21 days of demand, would climb to the 24-days safe
level.

Pertamina earlier admitted the current fuel stockpile is
unstable. In order to avoid domestic fuel shortage, Pertamina is
optimizing its oil refinery operations, and is trying to
increase oil imports and raise its floating storage capacity.


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


ALL NIPPON: Issues Notice of Call Option on JPY40B Bonds
--------------------------------------------------------
The Board of Directors of All Nippon Airways Co. Ltd. (ANA) on
Wednesday has decided that on August 31 this year, ANA will
exercise a call option to redeem JPY9,694,000,000* convertible
bonds, UK Wire reports. This is the unexercised amount from an
issue of JPY40 billion convertible bonds issued on May 9, 2000.

The bonds will be redeemed at their principal amount on August
31 together with interest accrued. The call option will be
exercised in order to improve ANA's capital formation.

* Value as of June 30, 2004.

The bonds in question were to run to term in 2015 with the said
call option available from Mar 31, 2003. They are listed on the
Luxembourg Stock Exchange.

For further information, please contact:
Rob Henderson, ANA, Public Relations at
r.henderson@ana.co.jp


DAIEI INC.: Reaches Half of Sales Goal
--------------------------------------
Daiei Inc. reported JPY463.4 billion in sales in the first
trimester of this year, clearing half of its sales goal for the
March-August first half of the business year, Kyodo News
reports.

The supermarket chain operator attributed the results in the
March-May period to buoyant credit card-based sales, which
offset lower-than-projected sales in the retailer's clothing
segment in the period.


MATSUSHITA ELECTRIC: Settles DVD Patent Suit With Cinram
--------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (NYSE: MC - News)
announced Wednesday the settlement of a patent infringement suit
it brought against Cinram International Inc. (CRW.TO) regarding
DVD patents, PR Newswire reports. Cinram's counter claim
alleging antitrust law violations was dismissed in January of
this year. These antitrust claims, which the district court
found did not have any merit, challenged the operation of the
DVD6C Licensing Agency. Under the terms of the settlement,
Cinram will pay an undisclosed amount to Matsushita Electric in
exchange for its use of Matsushita's essential and non-essential
patents regarding DVD disc replication.

Matsushita Electric filed suit against Cinram in Delaware
Federal District Court in December 2001, alleging Cinram had
infringed several patents held by Matsushita, including patents
essential to DVDs that are licensed by the DVD6C Licensing
Agency -- of which Matsushita is a member. Cinram subsequently
took a 6C Pool license, but Matsushita pressed its claims that
Cinram had used Matsushita's non-essential DVD patents, that are
not included in the 6C Pool License, without paying royalties to
Matsushita.

"It is our Company's policy to protect its valuable intellectual
property rights. We will not hesitate to take legal action when
those rights are not respected. We are pleased that the outcome
of this litigation allows us to put this matter behind us and
work with Cinram as a licensee," said Dr. Osamu Yamazaki,
Director, Corporate Intellectual Property Division of Matsushita
Electric, who further noted that DVD replication is a fast
growing and important market for consumer electronics, computer
and optical storage media companies.

About Matsushita Electric Industrial Co., Ltd.

Matsushita Electric Industrial Co., Ltd., best known by its
Panasonic brand name, is a worldwide leader in the development
and manufacture of electronic products for a wide range of
consumer, business, and industrial needs. Based in Osaka, Japan,
the Company recorded consolidated sales of US$71.92 billion for
the fiscal year ended March 31, 2004. Matsushita's shares are
listed on the Tokyo, Osaka, Nagoya, New York, Euronext Amsterdam
and Frankfurt stock exchanges. For more information, visit the
Matsushita website at http://www.panasonic.co.jp/.

About DVD6C Licensing Agency

The DVD6C Licensing Agency, also known as "DVD6C" and "6C Pool",
was formed by six of the leading developers of DVD technology to
create a joint patent licensing program that would help
facilitate the worldwide introduction of DVD technology. The six
companies include: Time Warner Inc.; Hitachi, Ltd.; Matsushita
Electric Industrial Co., Ltd. (Panasonic); Mitsubishi Electric
Corporation; Toshiba Corporation; and Victor Company of Japan,
Ltd. (JVC). IBM Corporation joined the six original member
companies in June 2002. For more information, visit the DVD6C
website at http://www.dvd6cla.com.  


MITSUBISHI FUSO: Japan Ministry Inspects Kanagawa Plant
-------------------------------------------------------
The Ministry of Land, Infrastructure and Transport inspected a  
Mitsubishi Fuso Truck & Bus Corporation factory on Thursday in
Kanagawa Prefecture, due to its concealment of defective clutch
housings in its trucks, according to Kyodo News.

Five government inspectors checked reports on the defects made
by Mitsubishi Fuso's nationwide sales companies and internal
documents at the factory.


MITSUBISHI MOTORS: Phoenix to Buy One Third of Carmaker
-------------------------------------------------------
Japanese investment fund Phoenix Capital Co. will buy a third of
Mitsubishi Motors Corporation for JPY74 billion (US$679
million), Bloomberg reported on Thursday.

J.P. Morgan Chase & Co. will underwrite a JPY126 billion sale of
Mitsubishi Motors' preferred shares to unidentified investors,
who won't have the same voting rights as Phoenix Capital.

The investments are the final parts of the JPY496 billion
Mitsubishi Motors has had to raise since DaimlerChrysler AG
refused in April to inject more funds in the unprofitable
carmaker. Mitsubishi Motors needs money to repay JPY1.06
trillion of debt, develop new models, and repair its tarnished
brand image after a series of recalls due to vehicle defects.


SNOW BRAND: Moody's May Raise Caa1 Rating
-----------------------------------------
Moody's Investors Service has placed the Caa1 senior unsecured
debt ratings of Snow Brand Milk Products Co., Ltd. under review
for possible upgrade. The rating action reflects Snow Brand's
recovering operating performance and financial profile.

The rating agency notes that the Company has successfully
reorganized its capital structure and business portfolio in the
past few years according to its reconstruction plan, which is
heavily supported by its main banks. The company achieved net
profit in fiscal 2003, ended March 31, 2004, for the first time
in five years.

In its review, Moody's will assess Snow Brand's strategy to
further strengthen its competitiveness and earnings stability,
backed by its reconstruction plan. The rating agency will also
examine the strength of the company's relationship with its main
banks.

Snow Brand Milk Products Co., Ltd., headquartered in Tokyo, is a
leading dairy company in Japan.

Tokyo
Kazusada Hirose
Asst Vice President - Analyst
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Tokyo
Takahiro Morita
Managing Director
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100


SNOW BRAND: Former Executives Cleared of Fraud
----------------------------------------------
The Kobe District Court on Tuesday acquitted two former
executives of Snow Brand Foods Co. of defrauding the government
of subsidies earmarked for the beef industry following the mad
cow disease outbreak in 2001, Japan Times reports.

Former Senior Managing Director Hiromi Sakurada and former
Managing Director Masami Inoue had been indicted on charges of
leading their five unnamed deputies in exploiting the scheme to
defraud the government of JPY200 million.

Presiding Judge Kenji Sugimori said, "No reliable evidence
exists of such a conspiracy."

Prosecutors had alleged that the pair conspired with the other
five to pass off some 30 tons of imported beef as domestic
between October and November 2001 so that the Company could sell
it to the government and reduce its stockpile of meat.

The meat was mixed with domestic beef and sold to an industry
body that was in charge of making the purchases under the
subsidy program.

Snow Brand Foods was disbanded in April the following year, some
three months after the fraud came to light, drawing sharp public
criticism.


UFJ HOLDINGS: Seeks Alliance With Mitsubishi Tokyo Financial
------------------------------------------------------------
Mitsubishi Tokyo Financial Group (MTFG) received on Wednesday a
request from UFJ Holdings, Inc., to enter into discussions with
them about the possibility of integrating the management of its
respective groups, the MTFG reported on its Web site. MTFG
intend to immediately give serious consideration to the request.

About UFJ Holdings, Inc.

Established April 2, 2001, as holding company for Sanwa Bank,
Tokai Bank and Toyo Trust and Banking. Focusing on comprehensive
financial services for individuals and middle market businesses.
Strong in the Osaka and Nagoya regions and actively prompting
bad-loan disposals.

For further information, please visit the UFJ Holdings, Inc.
home page at: www.ufj.co.jp/renew/english/index.html

About Mitsubishi Tokyo Financial Group

Mitsubishi Tokyo Financial Group, Inc. (MTFG; TSE: 8306) is the
holding company established in April 2001 to oversee the
operations of The Bank of Tokyo-Mitsubishi, Ltd., The Mitsubishi
Trust and Banking Corporation and their subsidiaries. Its
primary responsibilities center on facilitating business
synergies among the entities of the MTFG, on setting the Group's
overall strategic direction, and on managing the Group's risk
globally. Shares of the holding company trade on the Tokyo,
Osaka, New York (NYSE: MTF), and London stock exchanges.

For further information, please visit the Mitsubishi Tokyo
Financial Group home page at: www.mtfg.co.jp/english

Contact:
Seiji Itai,
Chief Manager,
Corporate Communications group,
MTFG
Tel: +81-3-3240-8136


UFJ HOLDINGS: S&P Says Possible Merger May Hurt Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services said a possible merger
between UFJ Holdings Inc. and Mitsubishi Tokyo Financial Group
Inc. (MTFG) may hurt ratings on MTFG banks, but may help those
of UFJ banks, Dow Jones Newswires said on Wednesday.

The rating agency added that a merger of MTFG and UFJ would
create the world's largest bank by assets - surpassing U.S.-
based Citigroup Inc. and Japan's Mizuho Financial Group Inc. -
with combined total assets of around JPY188 trillion.

However, S&P expects a mixed ratings impact on the merging
companies. It currently has a counter party rating on UFJ of BBB
while it rates MTFG at A-.

"If the reports turn out to be accurate and the consolidation
goes ahead, it could adversely affect the ratings on MTFG banks
and positively affect ratings on UFJ banks," Nana Otsuki, a
S&P's credit analyst, said in a report.

The consolidation with MTFG, which has stronger capitalization,
would provide advantages to UFJ group banks, the ratings firm
said.


UFJ HOLDINGS: Mitsubishi Securities Clarifies Takeover Report
-------------------------------------------------------------
Mitsubishi Securities Co., the securities arm of Mitsubishi
Tokyo Financial Group (MTFG), confirmed Thursday that it was not
mulling a takeover of a brokerage unit of UFJ Holdings Inc.,
according to Reuters.

Earlier, the daily Mainichi Shimbun reported that Mitsubishi
Securities was likely to absorb UFJ Tsubasa Securities Co., as
part of a potential merger between their parent banks.

Mitsubishi Securities issued a statement following the report,
saying no negotiations were underway to absorb UFJ
Tsubasa. UFJ Tsubasa also issued a similar denial.


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


ASIANA AIRLINES: Returns to Profit
----------------------------------
Asiana Airlines posted a net profit of KRW107.3 billion (US$93.3
million) in the first half of this year, versus a net loss of
KRW49.6 billion and an operating loss of KRW59.3 billion a year
earlier, Channel News Asia reported on Thursday.

Revenue jumped 21.4 percent year-on-year to KRW1.38 trillion
(US$1.2 billion), while the company had an operating profit of
KRW53 billion.


LG CARD: Shares Jump 15% on Debt-Equity Swap Report
---------------------------------------------------
Shares in LG Card Co. Limited surged 15 percent on Wednesday
following media reports that creditors would go ahead with a
KRW2.5 trillion ($2.18 billion) debt-for-equity swap by the end
of this month, according to Reuters.

LG Card, which narrowly escaped bankruptcy in January after a
US$4.5 billion bailout, needs fresh funds to maintain the
minimum capital to stay listed.


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


ANCOM BERHAD: Completes Disposal Of Unit's Share Capital
--------------------------------------------------------
Ancom Berhad (Ancom) issued to Bursa Malaysia Securities Berhad
an update on the disposals Of The Entire Issued And Paid-Up
Share Capital Of Four (4) Wholly-Owned Subsidiaries Of Ancom,
Namely Perusahaan Kimia Gemilang Sdn Bhd, Fermpro Sdn Bhd,
Kumpulan Kesuma Sdn Bhd And Wedon Sdn Bhd, To Nylex (Malaysia)
Berhad (Nylex) For A Total Sale Consideration Of RM64,427,000
Satisfied By The Issuance Of 64,427,000 New Ordinary Shares Of
RM1.00 In Nylex At An Issue Price Of RM1.00 Per Share Credited
As Fully Paid-Up.

The company refers to the announcements made on 3 September
2002, 20 February 2003, 13 March 2003, 23 May 2003, 7 July 2003,
29 August 2003, 31 October 2003 and 16 March 2004 in relation to
the Disposals.

Aseambankers Malaysia Berhad, on behalf of the Board of
Directors of Ancom, is pleased to announce that all conditions
precedent in the Share Sale Agreement (SSA) dated 3 September
2002 entered into between Nylex and Ancom have been fulfilled.
The entire 64,427,000 new ordinary shares of RM1.00 each in
Nylex issued and alloted to Ancom are listed on the Main Board
of Bursa Malaysia Securities Berhad on 14 July 2004. Pursuant to
the aforesaid, the company is pleased to announce the completion
of the Disposals.

This announcement is dated 14 July 2004.


ANCOM BERHAD: Acquires 20,500 Ordinary Shares On Buy Back
---------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Ancom
Berhad issued the details of its shares buy back dated July 14,
2004

Description of shares purchased: Ordinary shares of RM1.00 each

Total number of shares purchased (units): 20,500

Minimum price paid for each share purchased (RM): 0.835

Maximum price paid for each share purchased (RM): 0.845

Total consideration paid (RM):  

Number of shares purchased retained in treasury (units): 20,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 3,718,200

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


AOKAM PERDANA: Issues Update On EGM
-----------------------------------
Reference is being made to Aokam Perdana Berhad's announcement
made to Bursa Malaysia Securities Berhad dated 8 July 2004
pertaining to the Extraordinary General Meeting (EGM) of the
Company which will be held at Dewan Berjaya, Bukit Kiara
Equestrian & Country Resort, Jalan Bukit Kiara, Off Jalan
Damansara, 60000 Kuala Lumpur on Friday, 30 July 2004 at 10:00
a.m.

Please be advised that an addendum to the Notice of EGM will be
issued and sent to the shareholders on 16 July 2004 for the
inclusion of the motion on utilization of proceeds from the
Proposed Rights Issue and the Proposed Special Issue in Special
Resolution 1.

Click for the details of the said addendum.
http://bankrupt.com/misc/AOKAMPERDANA071504.doc


BERJAYA SPORTS: Buys Back 910,000 Ordinary Shares
-------------------------------------------------
Berjaya Sports Toto Berhad disclosed to Bursa Malaysia
Securities Berhad the details of its shares buy back dated July
14, 2004.

Description of shares purchased: ordinary shares

Total number of shares purchased (units): 910,000

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

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

Total consideration paid (RM): 3,560,016.91

Number of shares purchased retained in treasury (units): 910,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 47,000,000

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

Remarks:

The number of shares with voting rights in issue after the above
share buyback is 990,973,607


INTEGRATED RUBBER: Issues Update On Proposed Restructuring    
----------------------------------------------------------
Integrated Rubber Corp. Berhad (IRCB) refers to its
announcements made to Bursa Malaysia Securities Berhad on 26 May
2003 and 28 May 2003.

On behalf of the Board of Directors of IRCB, Southern Investment
Bank Berhad wishes to announce that the Company and Chip Lam
Seng Berhad had on 14 July 2004 entered into a Letter of
Extension to extend the completion date for the Proposed
Restructuring Scheme from 18 July 2004 to 17 August 2004.

This announcement is dated 14 July 2004.


KEMAYAN CORPORATION: SC Grants Six-Month Land Title Extension
-------------------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Directors of Kemayan Corporation Berhad, announced to Bursa
Malaysia Securities Berhad that Securities Commission (SC) had
via its letter dated 12 July 2004, granted approval for an
extension of time of an additional six (6) months until 16
January 2005 for KCB/Jawira Holdings Berhad to obtain individual
land titles issued by relevant authorities and registered in the
name of Kedah Resort City Sdn Bhd pursuant to one of the
conditions imposed by SC via its approval letter dated 16 July
2003 in respect of the properties located at Lot 2, 1582 and
2259, Mukim Merbok, Lot 8, 12 - 13, 16, 776 -778 and 23 other
lots including state government land, Mukim Bujang and Lot 761,
1358 and 1780 including state government land, Mukim Semeling,
Daerah Kuala Muda, Kedah.

The SC's approval is subject to PMBB informing the SC on the
status of the application for the individual land titles on a
monthly basis.

This announcement is dated 15 July 2004.


LANKHORST PANCABUMI: Enters Winding Up Proceedings
--------------------------------------------------
Pursuant to Paragraph 9.19 (19) of Bursa Malaysia Securities
Listing Requirements Lankhorst Berhad announced that Seri Sabco
(M) Sdn. Bhd. served a Winding-Up Petition on our subsidiary
company, Lankhorst Pancabumi Contractors Sdn. Bhd. (LPCSB).

(1) The Petition was served on LPCSB Thursday (14th July 2004)
and is fixed for hearing on 12th October 2004.

(2) The claim is for the rental of machinery and the amount
claimed is for RM105,233.33 and costs.

(3) The total amount outstanding was not finalized but there was
a Strictly Without Prejudice proposal to pay the Creditor by a
certain date, which unfortunately was not adhered to by LPCSB.

(4) The total cost of investment in LPCSB is RM25,000,000.00.

(5) The claim and the proceedings will not have any significant
financial and operational impact on the Company or the Group.

(6) There will be no significant losses to LPCSB.

(7) The company settled on Thursday the issue with Seri Sabco
and Seri Sabco has given us an assurance that they will instruct
their lawyer to withdraw the Winding-Up Petition with immediate
effect.

By Order of the Board

This announcement is dated 14th July 2004.


MTD CAPITAL: Issues Details On Unit's Proposed Acquisition
----------------------------------------------------------
MTD Capital Berhad disclosed to Bursa Malaysia Securities Berhad
the proposed acquisition of 489,999 shares in El Principal S.A.
(EPSA) by MTD Chile S.A.(MTD Chile), a wholly-owned subsidiary
of MTD Capital Bhd (MTD) from Mr. Jorge Fontaine Aldunate,
representing 49 percent of the total shares in EPSA, for a total
cash consideration of US$4.0 million.

(1.0) INTRODUCTION

The Board of Directors of MTD wishes to announce that its legal
counsel in Chile had on 14 July 2004 advised that MTD Chile, a
wholly owned subsidiary of MTD, had on 9 July 2004 entered into:

(a) A Share Purchase Agreement (SPA) with Mr. Jorge Fontaine
Aldunate (Vendor) to acquire 489,999 shares in EPSA,
representing 49 percent of the total shares of EPSA (Sale
Shares) for a total cash consideration of USD4.0 million
(Consideration);

(b) An Agreement with the Vendor for the purpose of terminating
the Shareholders Agreement originally signed between the Vendor
and MTD Chile on 28 May 1997 that regulated the contractual
relationships of the parties as co-owners of EPSA.

(2.0) DETAILS ON THE PROPOSED ACQUISITION

(2.1) Information on EPSA

EPSA was incorporated in Chile on 14 February 1997 as a private
limited company. The issued and paid-up share capital of EPSA is
USD29.0 million comprising of 1.0 million shares of USD29.08
each as at 31 March 2004.

EPSA is principally a commercial company involved in the
business of carrying out real estate projects.

The net tangible assets (NTA) of EPSA based on its audited
financial statements as at 31 March 2003 is USD$18,438,561. EPSA
registered a profit after taxation of USD65,420 for the
financial year ended 31 March 2003. The NTA of EPSA consists
mainly a 600 hectares land and cash at bank.

(2.2) Liabilities Assumed

MTD Chile will assume the normal business obligations of EPSA
and there are no borrowings.

(2.3) Salient Terms of the SPA

The principal terms and conditions of the Proposed Acquisition
as contained in the SPA are, inter-alia:

(a) MTD Chile pays USD2.5 million to the Vendor upon execution
of the SPA. The outstanding balance of USD1.5 million shall be
paid to the Vendor within 60 days and as collateral for the
outstanding balance, 389,000 shares belonging to MTD Chile in
EPSA were pledged.

(b) As a consequence of this agreement, the partnership between
MTD Chile and Mr. Jorge Fontaine Aldunate will no longer exist.

(c) Since the Vendor owns other real estate in the same area of
the property belonging to EPSA, the Vendor assumed the
obligation not to disturb or in any way affect the real estate
project which EPSA is planning to develop in the said property.

(2.5) Information on the Vendor

Mr. Jorge Fontaine Aldunate is a businessman domiciled in Chile.

MTD is unable to obtain information on the original date and
cost of investment of the Sale Shares of the Vendor.

(3.0) DETAILS OF THE CONSIDERATION

(3.1) Basis of arriving at the consideration

The consideration of USD4.0 million was arrived at on a willing
buyer-willing seller basis after taking into consideration the
net tangible asset and potential capital appreciation on its
landed property.

The consideration represents a discount of USD5,034,895 to the
proportionate NTA of EPSA of USD9,034,895.

(3.2) Mode of payment

The Consideration for the Proposed Acquisition will be satisfied
entirely by cash and will be financed by MTD from internally
generated funds.

(4.0) RATIONALE

The rationale of the Proposed Acquisition was in view of the
potential capital appreciation on its landed property upon
future development. MTD Chile will gain total control of EPSA
and average down its cost of investment.

(5.0) FINANCIAL EFFECTS

(5.1) Share Capital

The Proposed Acquisition will not have any effect on the share
capital of MTD Group as the purchase consideration will be
satisfied entirely in cash.

(5.2) NTA

The proforma effect of the Proposed Acquisition on the audited
consolidated NTA of MTD as at 31 March 2003 is shown in Table 1
below.

(5.3) Earnings

The Proposed Acquisition is expected to contribute positively to
the future earnings of the MTD Group.

(5.4) Substantial Shareholders' Shareholdings

The Proposed Acquisition will not have any effect on the
substantial shareholders' shareholdings of MTD as the purchase
consideration will be satisfied entirely in cash.

(6.0) PROSPECTS AND RISK FACTORS

The prospect of the acquisition is the potential capital
appreciation on its landed property and establishes a foreign
base in Chile for future property and construction prospects.
MTD would have gained full control of the Company and enhance
the decision making process.

The prospect of EPSA in MTD Chile is subject to market risk of
the property sector in Chile. Foreign exchange fluctuation would
pose a risk and vice versa benefit the company.

(7.0) APPROVALS REQUIRED

The Proposed Acquisition is not subject to MTD shareholders'
approval since the percentage ratio for the transaction is below
15%. Pursuant to paragraph 10.04 (Part D) of the Listing
Requirements of Bursa Malaysia Securities Berhad, any
transactions exceeding 5 percent but below 15 percent of the
percentage ratio, the listed issuer must make an immediate
announcement of such transaction.

(8.0) DEPARTURE FROM GUIDELINES

To the best knowledge of the Board of Directors of MTD, the
Proposed Acquisition has not departed from the Securities
Commission's Policies and Guidelines on Issue/Offer of
Securities.

(9.0) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the Directors, substantial shareholders of MTD and/or
persons connected with them have any interest, direct or
indirect, in the Proposed Acquisition.

(10.0) DIRECTORS' STATEMENT

The Board of Directors of MTD is of the opinion that the
Proposed Acquisition is in its best interest and that the
Proposed Acquisition is expected to contribute positively to the
MTD Group.

(11.0) ESTIMATED TIME FRAME OF COMPLETION

The Proposed Acquisition is expected completed after obtaining
the approvals from the relevant authorities.

(12.0) DOCUMENTS FOR INSPECTION

The Agreements are in the process of being notarized by a Public
Notary for record in public deed and thereafter will be
available for inspection at the Registered Office of the Company
for six (6) months from this date, June 14, 2004.

This announcement is dated 14 July 2004.

TABLE 1 - PROFORMA EFFECT OF NTA

       Audited As At 31/3/2003         After The Proposed
Acquisition
       RM (000)                        RM (000)

Share Capital          134,995         134,995

Reserves               388,944         388,944

Shareholders equity    523,939         523,939

Less: Goodwill        (105,715)        (86,582)*

NTA                    418,224         437,357

NTA per Share             3.10         3.23

* Which includes the discount from the Proposed Acquisition of
USD5.0 million.


NYLEX BERHAD: Completes Reorganization Scheme
---------------------------------------------
Nylex (Malaysia) Berhad disclosed to Bursa Malaysia Securities
Berhad the Reorganization scheme involving:

- Capital Reconstruction, comprising the Capital Reduction,
Share Consolidation and Capital Distribution;

- Acquisitions; and

- Exemption

Alliance Merchant Bank Berhad, for and on behalf of Nylex, is
pleased to announce the following:

(i) The consolidation of 224,487,720 ordinary shares of RM0.50
each in Nylex after the Capital Reduction into 112,243,860
ordinary shares of RM1.00 each on the basis of two (2) ordinary
shares of RM0.50 each into one (1) ordinary share of RM1.00 each
in Nylex have been listed on the Bursa Malaysia Securities
Berhad (formerly known as Malaysia Securities Exchange Berhad)
(Bursa Securities) on 6 July 2004; and

(ii) The 64,427,000 new ordinary shares of RM1.00 each issued
pursuant to the Acquisitions at an issue price of RM1.00 per
share have been listed on the Bursa Securities on 14 July 2004.

Pursuant to the above, the Reorganization Scheme has been
completed.

This announcement is dated 14 July 2004.


PAN PACIFIC: Issues Default In Payment Status
---------------------------------------------
On behalf of the Board of Directors of Pan Pacific Asia Berhad
(PPAB), The company announced to Bursa Malaysia Securities
Berhad the Default in Payment as at 30 June 2004 of PPAB and its
subsidiaries in accordance with the Practice Note No. 1/2001.

The company also wishes to inform that there are no material
changes in PPAB's status of default from the date of the last
announcement until 30 June 2004.

For more information, click
http://bankrupt.com/misc/panpacific071404.xls


SIME DARBY: BMSB Grants Listing of 14,000 Ordinary Shares
---------------------------------------------------------
Bursa Malaysia Securities Berhad has approved the listing and
quotation of Sime Darby Berhad's additional 14,000 new ordinary
shares of RM0.50 each issued pursuant to the Employees' Share
Option Scheme effective 9:00 a.m., Friday, 16 July 2004.


SIME DARBY: Issues Update On Mandatory Takeover Offer
-----------------------------------------------------
With reference to mandatory take-over offer by Space Tracks Sdn
Bhb (STSB), a wholly-owned subsidiary of Sime Darby Berhad, to
acquire the remaining shares and warrants in Hyundai-Berjaya
Corporation Berhad (HBCorp) not held by it upon completion of
the proposed acquisition of 51 percent equity interest in HBCorp
- disclosure of dealings pursuant to the Malaysian Code on
Takeovers and mergers, 1998 (code).

Pursuant to Section 32 of the Code, AmMerchant Bank Berhad
(AmMerchant Bank) wishes to announce on behalf of SDB and STSB,
the dealings in the ordinary shares of SDB and HBCorp as well as
warrants of HBCorp (collectively, Affected Securities) 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 (collectively the Parties).

The details of the dealings in the Affected Securities by the
Parties are set out in Tables 1 and 2 below.

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 14 July 2004.

For more information, click
http://bankrupt.com/misc/simedarby071404.doc
http://bankrupt.com/misc/simedarbypdf071404.pdf


TANJONG PUBLIC: Updates Unit's Recurrent Transactions
------------------------------------------------------
Tanjong Public Limited Company disclosed recurrent related party
transactions pursuant to paragraph 10.09 of the Bursa Malaysia
Securities Berhad listing requirements.

(1) INTRODUCTION

The Board of Directors of Tanjong wishes to announce that Pan
Malaysian Pools Sdn. Bhd., a wholly-owned subsidiary of Tanjong,
has since 19 June 2003, entered into recurrent related party
transactions of a revenue nature with certain related parties of
Tanjong, which are necessary for its day-to-day operations
(Recurrent Transactions).

(2) DETAILS OF THE RECURRENT TRANSACTIONS

Tanjong is principally an investment holding company, whilst the
principal activities of its subsidiaries in Malaysia are Power
Generation, the Numbers Forecast and Racing Totalisator
businesses, and Property Investment. The principal activities of
its subsidiaries in the People's Republic of China are the
importation, bottling, sale and distribution of liquefied
petroleum gas. The Tanjong Group has a joint venture in a film
exhibition business and is currently developing a resort
destination (incorporating a variety of tropical settings) in
the Federal Republic of Germany.

Tanjong and its subsidiaries (Tanjong Group) in the ordinary
course of their business, enter into recurrent related party
transactions of a revenue or trading nature, which are necessary
for the day-to-day operations with certain related parties of
Tanjong. Such Recurrent Transactions were entered or will be
entered into on arm's length basis and on commercial terms and
will not be detrimental to the minority shareholders of the
Company. The details of the Recurrent Transactions are disclosed
in Table 1.

(3) FINANCIAL EFFECTS OF THE RECURRENT TRANSACTIONS

The Recurrent Transactions will not have any effect on the
issued and paid-up share capital and substantial shareholders'
shareholdings of Tanjong, and are not expected to have a
material effect on the net tangible assets per share and
earnings per share of the Tanjong Group.

(4) DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

The interests of the Directors and major shareholders of Tanjong
and persons connected with them who have interest in the
Recurrent Transactions are set out in Table 1. Save as disclosed
in Table 1 and as far as the Directors are aware, none of the
other Directors or major shareholders of Tanjong or persons
connected to them has any interest, direct or indirect, in the
Recurrent Transactions.

The interested Directors have abstained from voting on the
resolutions in respect of the Recurrent Transactions.

(5) DIRECTORS' RECOMMENDATION

The Directors, after due consideration of all aspects of the
Recurrent Transactions, are of the opinion that the Recurrent
Transactions are in the best interests of the Company.

(6) APPROVAL REQUIRED

The Recurrent Transactions are not subject to the Company's
shareholders' approval or approvals from any relevant
authorities.

For more information, click
http://bankrupt.com/misc/tanjongpublic071404.doc


UNZA HOLDINGS: To Undergo Proposed Restructuring Scheme
-------------------------------------------------------
Unza Holdings Berhad will undergo a proposed restructuring
scheme to address its status as an affected issuer under
Practice Note No. 10/2001, according to Bernama.

Unza will also undertake a proposed capital restructuring
scheme. The implementation of which will result to the company's
capital reduction of 10,000 ordinary shares of RM1.00 each,
Hwang-DBS Securities Bhd said on behalf of Unza in a statement
Wednesday.

Unza also proposed to undertake the acquisitions of several
assets from Ahamad bin Latib, Chuah Swee Guan, Wong Choon Aik
and Ng Wymin (the vendors).  The vendors had entered into a
separate agreement with Unza Nusantara Sdn Bhd (formerly known
as Annexe Profile Sdn Bhd) on May 19 to acquire 100 Unza shares.

The vendors will seek an exemption to acquire the remaining
9,900 shares of Unza not already owned by them after the above
and the proposed acquisitions.


YCS CORPORATION: Appoints Receiver and Manager
----------------------------------------------
YCS Corp. Berhad announced to Bursa Malaysia Securities Berhad
that Chew Hoy Ping (NRIC No.570704-06-5369) and Mohd Anwar Yahya
(NRIC No.540731-03-5205), both of PricewaterhouseCoopers
Advisory Services Sdn Bhd, have been appointed Receivers and
Managers (Receivers) of the property and undertakings of a
subsidiary company, Solarglow Sdn Bhd, by RHB Bank Berhad as per
their letter dated July 13, 2004.

RHB Bank Berhad appointed the Receivers under the powers
contained in the debentures dated December 16, 1999.


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


NATIONAL POWER: PSALM Opens Bidding For Masinloc Plant
------------------------------------------------------
The bidding for National Power Corp.'s (Napocor) 600-megawatt
coal-fired powerplant in Masinloc, Zambales is now open,
according to BusinessWorld.

The Power Sector Assets and Liabilities Management Corp. (PSALM)
said the due diligence, pre-bid conference and the deadline for
submission of bids are on July 19, September 1, and October 27
respectively.

PSALM is tasked to sell state-owned National Power Corp.'s
(Napocor) generating assets and use the proceeds to settle a
portion of the power generator's debt.

Four local and foreign firms, including Aboitiz Equity Ventures,
have shown interest to bid for Masinloc. "The bids and awards
committee reserves the right to accept or reject any interested
party or bidder or proposals or bids therefrom, or any part
thereof, and/or to waive any defects contained therein and
accept the offer most advantageous to the government without
offering any reason whatsoever," PSALM said.

According to PSALM interested parties will be required to post a
bid security equivalent to 10 percent of the total bid price in
the form of an irrevocable letter of credit, confirmed by a
local bank and acceptable to PSALM's bids and awards committee.

Before a bidding package is given out, interested parties must
execute a confidentiality agreement and an undertaking pursuant
to Section 78 of the Electric Power Reform Industry Act of 2001,
and pay a refundable amount as participation fee, PSALM added.  
The bidding package that includes the bidding procedures will be
issued from July 19 to 28 at the PSALM office.

"Only interested parties who have been issued the bidding
package will be allowed to participate further in the
privatization of the asset," PSALM said.

PSALM hopes to privatize 70 percent of Napocor's generating
assets by next year.


NEGROS NAVIGATION: MPC Issues Clarification to News Article
-----------------------------------------------------------
Negros Navigation Co. (Nenaco), in a disclosure to the
Philippine Stock Exchange clarified the news article entitled
"Metro Pacific eyes Tagud as new chief of Nenaco" published in
the July 14, 2004 issue of the Manila Standard.  The article
reported that:

"Sulficio Tagud Jr., the ousted corporate receiver of Negros
Navigation Co. (Nenaco) is being groomed as the next chief
executive officer of debt-saddled shipping company.  A highly
placed source said Nenaco's holding firm, Metro Pacific Corp.,
had included Mr. Tagud in the short list of possible replacement
for Conrado Carballo.  Mr. Tagud confirmed that MPC had asked
him to be at the helm of Nenaco, which is reeling from PHP2.4
billion in debts.  MPC has been scouting for Carballo's
replacement as part of a top-to-bottom overhaul of Nenaco."

Metro Pacific Corp. (MPC), in its letter to the Exchange dated
July 15, 2004 through its Corporated Information Officer,
disclosed that:

"On behalf on Metro Pacific Corp., I affirm that the said
article 'Metro Pacific eyes Tagud as new chief of Nenaco', which
appeared yesterday in the Manila Standard, is largely accurate.
Sulficio Tagud is among several candidates that are presently
being considered for senior management positions at Negros
Navigation Co. (Nenaco).

The Company stress however, that no final decision has been
reached or announced; senior management positions will require,
at a minimum, approval by the Nenaco Board of Directors.

Metro Pacific is committed to a revitalized and reborn Nenaco,
and asks the patience of the company's stakeholders as it
prepares to implement various structural and other reforms."

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


POWER HOMES: Ordered Shut Down by Court of Appeals
--------------------------------------------------
The Court of Appeals (CA) has decided to shut down Power Homes
Unlimited Corp., BusinessWorld reports.

The CA upheld its earlier decision to prevent the company from
selling unregistered securities and to prevent it from doing
business. The Securities and Exchange Commission had earlier
found Power Homes as one of several companies found to be
selling unregistered securities. It then issued a cease and
desist order against the company.

"The public is strongly advised to take necessary precautions
before entering into transactions with [Power Homes]," the
Securities and Exchange Commission (SEC) said.

Under Section 8 of the Securities Regulation Code, securities
shall not be sold or offered for sale or distribution without a
registration statement which will be filed before and approved
by the SEC.

Orchard Property, a division of Sta. Lucia Realty and
Development Inc., Robinsons Homes Inc., Jardine Land, Filinvest
Land, Inc. and Crown Asia Properties, Inc., were among the real
estate companies that gave accreditation to Power Homes, the
BusinessWorld report stated.

Power Homes was incorporated as a marketing company to promote
and facilitate the sale of real properties and other related
products.


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


HONG LUAN: Enters Winding Up Proceedings
----------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Hong Luan Pte Ltd. by the High Court was, on June 25, 2004,
presented by United Overseas Bank Limited, the successor-in-
title of Overseas Union Bank Limited, a Creditor.

The Petition will be heard before the Court sitting at the High
Court at 10 o'clock in the forenoon on July 23, 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 hearing by themselves or their Counsel for that
purpose. A copy of the Petition will be furnished to any
creditor or contributory of the Company requiring the copy of
the Petition by the undersigned on payment of the regulated
charge for the same.

The Petitioner's address is 80 Raffles Place UOB Plaza 1, 12th
Floor, Singapore 048624.

The Petitioner's solicitor is Messrs Tan Kok Quan Partnership of
No. 5 Shenton Way, Level 29 UIC Building, Singapore 068808.

Messrs TAN KOK QUAN PARTNERSHIP
Solicitors for the Petitioner.

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the solicitors for the
Petitioner, 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 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 o'clock noon of the
22nd day of July 2004 (the day before the day appointed for the
hearing of the Petition).


IMTEL PTE: Court Hears Winding Up Petition
------------------------------------------
Notice is hereby given that a Petition for the winding up of
Imtel Private Limited by the High Court was, on June 28, 2004,
presented by ITALSMEA S.p.A., a body incorporated under the Laws
of Italy and having its principal place of business at Via per
Cernusco 15, 20060 Bussero, Milano, Italy, a Judgment Creditor.

The Petition will be heard before the Court sitting at High
Court at 10:00 o'clock in the forenoon on July 23, 2004.

Any creditor or contributory of the 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 Company requiring the copy of
the Petition by the undersigned on payment of the regulated
charge for the same.

The Petitioners' address is at Via per Cernusco 15, 20060
Bussero, Milano, Italy.

The Petitioners' Solicitors are Messrs Wee, Tay & Lim of No. 133
New Bridge Road, #19-09/10 Chinatown Point, Singapore 059413.

Messrs WEE TAY & LIM
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 Messrs
Wee, Tay & Lim, 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 22nd day of July 2004 (the day before the
day appointed for the hearing of the petition).


INFORMATICS HOLDINGS: To Amend Franchisee Criteria
--------------------------------------------------
Amid its widely publicized financial woes, Informatics Holdings
Limited announced its plans to select its franchisees based on a
more rigid criteria, reports Channel News Asia. The firm will,
however, maintain its franchise business model.

Informatics has established networks in 50 countries through
licensing and franchising but it admits it has to look more
closely at the quality of its franchisees.

"There have been many successful franchise models all over the
world. I think it's a question of how conservative you are in
recognizing revenue. I think if you are excessively aggressive,
then you probably have to make larger provisions when things
turn bad," said Kevin Scully, managing director of NetResearch-
Asia.

Recently, separate lawsuits from five Malaysian franchisees have
surfaced accusing the firm of failure to perform its obligations
under the franchise deals.

Informatics also disclosed in the June 9 shareholder's meeting
that franchisees have failed to make payments since its
financial troubles were made public.


INFORMATICS HOLDINGS: Releases Notice of Change in Berjaya Group
----------------------------------------------------------------
Informatics Holdings Limited issues Notice Of Changes in
Substantial Shareholder's Interest.

PART I

(1) Date of notice to issuer: July 14, 2004  
(2) Name of Substantial Shareholder: Berjaya Group Berhad

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

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

PART II

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

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

PART III

(1) Date of change of interest: July 12, 2004 and July 13, 2004  

(2) The change in the percentage level: From 28.73% to 29.07%
  
(3) Circumstance(s) giving rise to the interest or change in
interest: Others
Please specify details: Acquisition of shares through the open
market by the related company, Berjaya Leisure Capital (Cayman)
Limited

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

Series of purchases through the open market

PART IV

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

- Direct Deemed
No. of shares held before change:  90,108,000
% of issued share capital:  28.73
-   
No. of shares held after change:  91,152,000
% of issued share capital:  29.07

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



INFORMATICS HOLDINGS: Posts Change in Berjaya Land Interest
-----------------------------------------------------------
Informatics Holdings Limited issues Notice Of Changes in
Substantial Shareholder's Interest.

PART I

(1) Date of notice to issuer: July 14, 2004  
(2) Name of Substantial Shareholder: Berjaya Land Berhad
("BLand")

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

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

PART II

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

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

PART III

(1) Date of change of interest: 12/07/2004 and 13/07/2004
  
(2) The change in the percentage level: From 26.28% to 26.62%
  
(3) Circumstance(s) giving rise to the interest or change in
interest: Others
Please specify details: Acquisition of shares through the open
market by Berjaya Leisure Capital (Cayman) Limited, a wholly-
owned subsidiary of BLand

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

Series of purchase through the open market

PART IV

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

- Direct Deemed
No. of shares held before change:  82,427,000
% of issued share capital:  26.28
-   
No. of shares held after change:  83,471,000
% of issued share capital:  26.62

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


INFORMATICS HOLDINGS: Details Change in Berjaya Leisure Holdings
----------------------------------------------------------------
Informatics Holdings Limited releases Notice Of Changes in
Substantial Shareholder's Interest.

PART I

(1) Date of notice to issuer: July 14, 2004  
(2) Name of Substantial Shareholder: Berjaya Leisure Capital
(Cayman) Limited

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

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

PART II

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

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

PART III

(1) Date of change of interest: July 12, 2004 and July 13, 2004  
(2) The change in the percentage level: From 26.28% to 26.62%
  
(3) Circumstance(s) giving rise to the interest or change in
interest: Open market purchase

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

Series of purchases through the open market

PART IV

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

- Direct Deemed
No. of shares held before change: 82,427,000  
% of issued share capital: 26.28  
-   
No. of shares held after change: 83,471,000  
% of issued share capital: 26.62  

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


INFORMATICS HOLDINGS: Teras Mewah Interest Changes
--------------------------------------------------
Informatics Holdings Limited issues Notice Of Changes in
Substantial Shareholder's Interest.

PART I

(1) Date of notice to issuer: July 14, 2004

(2) Name of Substantial Shareholder: Teras Mewah Sdn Bhd

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

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

PART II

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

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

PART III

(1) Date of change of interest: July 12, 2004 and July 13, 2004  

(2) The change in the percentage level: From 26.28% to 26.62%
  
(3) Circumstance(s) giving rise to the interest or change in
interest: Others
Please specify details: Acquisition of shares through the open
market by the related company, Berjaya Leisure Capital (Cayman)
Limited

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

Series of purchases through the open market

PART IV

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

- Direct Deemed
No. of shares held before change:  82,427,000
% of issued share capital:  26.28
-   
No. of shares held after change:  83,471,000
% of issued share capital:  26.62

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


INFORMATICS HOLDINGS: Issues Change in Vincent Tan's Interest
-------------------------------------------------------------
Informatics Holdings Limited issues Notice Of Changes in
Substantial Shareholder's Interest.

PART I

(1) Date of notice to issuer: July 14, 2004  
(2) Name of Substantial Shareholder: Tan Sri Dato' Seri Vincent
Tan Chee Yioun

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

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

PART II

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

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

PART III

(1) Date of change of interest: July 12, 2004 and July 13, 2004  

(2) The change in the percentage level: From 28.73% to 29.07%
  
(3) Circumstance(s) giving rise to the interest or change in
interest: Others
Please specify details: Acquisition of shares through the open
market by a related company of Berjaya Group Berhad, namely,
Berjaya Leisure Capital (Cayman) Limited

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

Series of purchases through the open market.

PART IV

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

- Direct Deemed
No. of shares held before change:  90,108,000
% of issued share capital:  28.73
-   
No. of shares held after change:  91,152,000
% of issued share capital:  29.07

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


LANDMARK ENGINEERING: Winding Up Hearing Set July 23
----------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Landmark Engineering & Water Service Pt Ltd by the High Court
was, on June 29, 2004, presented by Lim Kim Soon t/a Lim Kim
Soon Trading Co, a creditor.

The said Petition is scheduled before the Court sitting at the
High Court in Singapore at 10.00 o'clock in the forenoon 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. 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 Blk 116, Bukit Batok West Avenue 6
#04-228, Singapore 650116.

The Petitioner's Solicitors address is 371 Beach Road, #08-09
KeyPoint, Singapore 199597.

Messrs GURDIP & GILL
Solicitors for the Petitioner.

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the above named Messrs
Gurdip & Gill of 371 Beach Road, #08-09 KeyPoint, Singapore
199597, notice in writing of his intention to do so. The notice
must state the name and address of the person, or if a firm, the
name and address of the firm, and must be signed by the person,
or firm or his or their Solicitors (if any) and must be served,
or if posted, must be send 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 hearing
of the Petition).


SHIVAKASI ENTERPRISES: Winding Up Hearing Slated July 23
--------------------------------------------------------
A Petition for the Winding Up of Shivakasi Enterprises Pte Ltd.
by the High Court was, June 26, 2004, presented by Marican Sdn
Bh , a company duly incorporated in Malaysia under the Companies
Act and having its place of business at 35 Tannery Road, #05-10
Ruby Industrial Complex, Singapore 347740, the Creditors.

The said Petition is directed to be heard before the Court
sitting at the High Court in Singapore at 10.00 a.m., in the
forenoon on July 13, 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 Petitioners' address is at 35 Tannery Road, #05-10 Ruby
Industrial
Complex, Singapore 347740.

The Petitioners' solicitors are Messrs Niru & Co of No. 9
Battery Road,
#10-08 to 09 Straits Trading Building, Singapore 049910.

Messrs NIRU & CO
Solicitors for the Petitioners.

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
Solicitors, Messrs Niru & Co, a notice in writing in his
intention to do so. The notice must state the name and address
of the person, or, if a firm, the name and address of the firm,
and must be signed by the person or firm, or his or their
Solicitors (if any) and must be served, or, if posted, must be
sent by post in sufficient time to reach the above named not
later than twelve o'clock noon on the 22nd day of July 2004 (the
day before the date appointed for the hearing of the Petition).


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


SYNTECH CONSTRUCTION: Renders Financial Assistance To Richee
------------------------------------------------------------
Syntech Construction PCL, notified the Stock Exchange of
Thailand that the Board of Directors Meeting of the Company,
held on 14 July 2004, resolved for the Company to render
financial assistance to Richee Center & Supply Co., Ltd., as:

(1) Approval for the Company to pledge the shares held by the
Company in Richee Center & Supply Co., Ltd.  in the amount of
750,000 shares, par value of THB100 per share, totaling THB75
Million, in favor of Ayuthya Bank PCL, Thai Military Bank PCL
and Ayuthya Finance PCL as the collateral against repayment of
the THB1,765 Million loan of  Richee Center & Supply Co., Ltd.,
being an affiliate company in which the Company holds the shares
at 25 percent of the paid-up capital, and which the share pledge
is in proportion of its shareholding in Richee Center & Supply
Co., Ltd.

(2) Approval for the Company to enter into the Undertaking
Agreement of the Shareholders under the Syndicates Loan
Agreement dated 23 January 2004 in the Project of Sofitel
Sukhumvit Hotel, among the Company and Natural Park PCL as the
shareholders; Richee Center & Supply Co., Ltd. as the borrower;

Ayuthya Bank PCL, Thai Military Bank PCL and Ayuthya Finance PCL
as the lenders, with the provisions that the Company and Natural
Park PCL as the major shareholders in Richee Center & Supply
Co., Ltd. shall jointly render the financial support to Richee
Center & Supply Co., Ltd. in the mount not exceeding THB300
million such that if the expenses are more than the cost overrun
or there is the cash short fall incurred in the Project of
Sofitel Sukhumvit Hotel of Richee Center & Supply Co., Ltd., the
Company and Natural Park PCL will render the financial support
in proportion of their shareholdings in Richee Center & Supply
Co., Ltd.

In this regard, the Audit Committee of the Company has
considered and opined that the entry of the said Agreement,
which is to render financial assistance to Richee Center &
Supply Co., Ltd., is justifiable because the rendered financial
assistance is proportionate to their shareholdings in Richee
Center & Supply Co., Ltd.

Please be informed accordingly.
Sincerely Yours,
(Mr.Somchai Sirilertpanich)
Director


TPI POLENE: Issues Clarification On Changes In Net Profit
---------------------------------------------------------
TPI Polene PCL, issued to the Stock Exchange of Thailand a
clarification to the more than 20 percent net profit changes of
the unreviewed financial statements of the Company for the
second quarter ended June 30, 2004:

In the second quarter of 2004, the Company and its subsidiaries
had normal operating profit of THB701 million, an increase of
43.35 percent from THB489 million in the second quarter of 2003.

Net profit in the second quarter of 2004 totaled THB486 million,  
a 57.45 percent decrease from net profit of THB1,143 million in
the same period of the previous year due to:

(1) The Company incurred loss on foreign exchange of THB755
million in Q2/2004 compared to gain on foreign exchange of
THB275 million in Q2/2003.

(2) The Company realized gain on impairment of assets and
investment of THB2 million in Q2/2004, compared to THB380
million in Q2/2003.

(3) The Company recognized gain on debt restructuring of THB538
million in Q2/2004 while there was no record of such item in
Q2/2003.

For the first six-month period of the year 2004, TPIPL and its
subsidiaries reported net profit of THB2,823 million compared to
net profit of THB1,461 million in the same period of the
previous year, an increase of 93.23 percent as the Company had
gain on debt restructuring of THB1,290 million but had loss on
foreign exchange of THB480 million.

Consolidated EBITDA for the first six- month period of the year
2004 was THB3,480 million compared to THB2,717 million in the
same period of the previous year, an increase of 28.08 percent.

This was attributable to an increase of sale volumes for cement,
ready-mixed and plastic resins, driven by the higher demand
consumption in the domestic market, which was in line with the
economic expansion in the country.

Please be informed accordingly
Best regards,
Mr. Prachai Leophairatana
Chief Executive Officer

Contact:

TPI POLENE PCL   
26/56 NEW JUN ROAD,
THUNGMAHAMEK, SATHON Bangkok    
Telephone: 0-2678-5100, 0-2678-5000   
Fax: 0-2678-5001-5   
Website: www.tpipolene.com
  

TPI POLENE: Pays Surplus DRP Fund And Accrued Interest  
------------------------------------------------------
TPI Polene Plc. (TPIPL) informed the Stock Exchange of Thailand
(SET) that on July 12 and 13, 2004, TPIPL made additional
principal repayment (the Surplus DRP Fund) for the amount of
THB1,662 million (in Baht equivalent) and payment for the
accrued interest and accrued guarantee fees (including security
agent fee, if any) calculated up to November 30, 1999 for the
amount of THB5,151 million (in baht equivalent) to all Scheme
Creditors.

The payments were made by way of depositing to the Central
Bankruptcy Court the cashier cheques and/or drafts of the bank
for the relevant debts denominated in Baht currency and in
foreign currencies, respectively, in order that all Scheme
Creditors can now receive such payments.

Please be informed accordingly.
Best regards,
Mr. Prachai Leophairatana
Chief Executive Officer


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

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

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

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


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


  JAPAN
  -----

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

  MALAYSIA
  --------

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


  PHILIPPINES
  -----------

Pilipino Telephone Co.          PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46


  THAILAND
  --------

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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