TCRAP_Public/040719.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, July 19, 2004, Vol. 7, No. 141

                           Headlines

A U S T R A L I A

CHIQUITA BRANDS: Issues Business Performance Update


C H I N A  &  H O N G  K O N G

ENRON LIMITED: Creditors To Prove Debts on July 26
FOUNDATION GROUP: Net Loss Narrows to HKD5M
G-VISION INTERNATIONAL: Net Loss Shrinks to HKD13M
J.P. MORGAN: Creditors Must Submit Claims by August 10
KOOLL INTERNATIONAL: Court Hears Winding Up Petition

LAW WONG: Holds First Creditors Meeting
LUEN TAI: Issues Notice of First Creditors Meeting
TIN SANG: Winding Up Hearing Set August 4
VICTORIOUS CARGO: Enters Winding Up Proceedings
* Hong Kong Bankruptcy Filings Up In June


I N D O N E S I A

BANK PERMATA: PPA Postpones Private Placement
MERPATI NUSANTARA: To Resume Bandung, Singapore Flights
PERTAMINA: Indonesian Parliament Rejects Letter Request
PERTAMINA: To Counter Asset Seizure


J A P A N

MITSUBISHI MOTORS: Raises JPY295B From New Share Issues
MITSUBISHI MOTORS: Issues Current Status of Recalls
MITSUBISHI MOTORS: Seeking Tax Break
MITSUBISHI MOTORS: Shares Down 22.6% on New Stock Issues
MITSUBISHI MOTORS: May Cut U.S. Output Capacity by a Third

UFJ HOLDINGS: Fitch Says Merger Has Mixed Credit Implications
UFJ HOLDINGS: Proposes Withdrawal From Alliance With Sumitomo


K O R E A

HANARO TELECOM: Unveils Subscriber Numbers for June 2004
JINRO LIMITED: Creditors Pick 3 Lead-Manager Candidates
SSANGYONG MOTOR: To Recall New Chairman Sedans


M A L A Y S I A

ANCOM BERHAD: Acquires 26,100 Shares On Buy Back
BERJAYA GROUP: Issues Update to Proposals
BERJAYA SPORTS: Buys Back 600,000 Ordinary Shares
BOUSTEAD PROPERTIES: Updates Renounceable Rights Issue
CHASE PERDANA: Court Serves Writ Of Summons

CONSOLIDATED FARMS: Releases Status Of PN1/2001
FABER GROUP: Issues Changes In Share Registrar
HAP SENG: OSB New Subsidiary of Unit
MALAYSIAN INDUSTRIAL: BMSB Grants Listing of 6,000 New Shares
METROPLEX BERHAD: Shareholders Approve Resolutions Passed At AGM

MTD CAPITAL: Purchases 100,500 Ordinary Shares On Buy Back
OCEAN CAPITAL: Unit Ceases Operation
OSK HOLDINGS: Buys Back 55,000 Ordinary Shares
PANCARAN IKRAB: Issues Update on Restructuring Scheme
POS MALAYSIA: Issues Additional 94,000 Ordinary Shares

SIME DARBY: Issues Additional 29,000 Ordinary Shares
TANJONG PUBLIC: BMSB Grants Listing of Additional 121,000 Shares
TELEKOM MALAYSIA: Issues Additional 1,083,000 New Shares


P H I L I P P I N E S

BAYAN TELECOMMUNICATION: Court Approves $325Mln Rehab Plan
GRAND BOULEVARD: Requests PHP1.7Bln Debt Payment Waiver
PHILIPPINE BANK: Eyes PHP12Bln Idle Assets Sale Before August
UNIWIDE HOLDINGS: SEC Approves Debt Payment Terms


S I N G A P O R E

ACT RENOVATION: Winding Up Hearing Slated July 23
CAIN SALES: Enters Winding Up Proceedings
COTAN PETROLEUM: Issues Intended Dividend Notice
INFORMATICS HOLDINGS: Holds Annual General Meeting on July 30
MAERSK LOGISTICS: Creditors To Prove Debts on August 16

SAFETYCARE PRIVATE: Holding Final Meeting on August 16


T H A I L A N D

RAIMON LAND: Explains The 20% Improvement Of Operating Results
RAIMON LAND: Unveils Resolutions Passed During Board Meeting
THAI WAH: Updates Shares Sale

     -  -  -  -  -  -  -  -

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


CHIQUITA BRANDS: Issues Business Performance Update
---------------------------------------------------
The Board of Directors of Chiquita Brands South Pacific Limited
on Thursday provides an update on trading conditions for the
2004 financial year (six months ended 30 June 2004).

          Continuing        Discontinued           Total
           Operations          Operations
         2004     2004        2004     2004     2004     2004
         Forecast Actual*     Forecast Actual   Forecast Actual
         $'000    $'000       $'000    $'000    $'000    $'000


Farming  5,701    6,242        (957)  (1,018)    4,744    5,224
Trading    423       58                            423       58
Processing  -        -         (8,259)  (8,849) (8,259)  (8,849)
Corporate  (2,350) (2,162)                      (2,350)  (2,162)
Trading EBIT 3,774 4,138       (9,216)  (9,867) (5,442)  (5,729)
One Offs    -      (1,050)     (4,000)  (4,000) (4,000)  (5,050)
EBIT       3,774    3,088      (13,216) (13,867) (9,442)
(10,779)

* Preliminary unaudited results for the six months ended 30 June
2004.

On a preliminary and unaudited basis the Company expects to
report a trading EBIT loss of the six months ended 30 June 2004
of $5.7 million, up 5 percent against the original forecast loss
of $5.4 million. The overall result masks the solid improvements
made within continuing operations, which have been overshadowed
by additional operational losses incurred during the
exit/closure phase associated with discontinued operations.

The trading EBIT from continuing operations of $4.1 million
exceeded forecast by 10 percent. The result was underpinned by
the strong performance of the Group's farming operations through
cost containment, organic growth in existing markets and
penetration into new markets. This was despite Trading income
being down significantly against forecast due to the timing of
shipments of imported product, pushing sales and income of such
stock into the first half of the 2005 financial year, and the
continued strength of the Australian dollar dampening export
sales. The Board is extremely pleased with the result, which has
come in stronger than expected in what is traditionally a show
period in the earnings calendar.

Since Chiquita's market announcement in April, excellent
progress has been made in finalizing the sale of Angas Park and
the close of the company's Kangara processing facilities. The
final completion accounts for Angas Park did not result in a
material change to the forecast trading loss of $1.9 million
published in the Company's April announcement. Losses of Kangara
however increased against forecast by $0.5 million (to $7.9
million) driven by continued poor trading conditions, compounded
by diminished market leverage following the announced closure.
As stated in the Company's April announcement, discontinuance of
these operations and the resulting impact on staff, customers
and distribution channels has made it highly challenging to
contain losses. The one off costs of $4 million relating to the
close of Chiquita's processing operations at Kangara and the
sale of Angas Park were as forecast in the April announcement.
The restructure of Kangara is now complete and such losses will
no longer represent a drag on future maintainable earnings.

In addition to these costs, Chiquita has implemented a formal
program to streamline its Mushroom operations, which will
improve workplace practices and at the same time enhance the
company's drive to strengthen its occupational health and safety
environment. The initiative involves a reduction of in excess of
68 harvesting employees through a voluntary redundancy program,
at a cost of $1.1 million, which will be rolled out over the
next six months.

The CEO, Mr. Mano Babiooakis, said "Chiquita is taking strong
action to improve our performance and I continue to remain
extremely enthusiastic about the prospects for the company. The
road to workplace reform is not an easy one and will take time,
but we have made substantial progress and the Board, employees
and I are confident that such improvement will not only benefit
the welfare of those who work for Chiquita but will also go some
way to improving Chiquitas' financial performance in the
future."

For further information contact:

Mano D. Babiolakis
Managing Director/CEO
(03) 8645 1600

David K. Green
CFO/Company Secretary
(03) 8645 1600


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


ENRON LIMITED: Creditors To Prove Debts on July 26
--------------------------------------------------
Notice is hereby given that the creditors of Enron (China)
Limited, which is in Members' Voluntary Liquidation, are
required (if they have not already done so), on or before the
close of business on 26 July 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 liquidators at
17th Floor, One Hysan Avenue, Causeway Bay, Hong Kong or to 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.

Heng Kwoo Seng
Tse Tam Kam, Collins
Joint and Several Liquidators.

This announcement is dated July 9, 2004.


FOUNDATION GROUP: Net Loss Narrows to HKD5M
-------------------------------------------
Foundation Group Limited (1182) posted a net loss of $5.043
million for the fiscal year ended March 31, compared to a net
loss of $295.12 million for the previous year. The LPS was
$0.018. No final dividend was declared.

The company announced its financial results to the Hong Kong
Stock Exchange on July 15, 2004.

Year-end date: March 31, 2004
Currency: HKD
Auditors' Report: Unqualified


(Audited)
                                 (Audited)              Last
                                  Current          Corresponding
                                  Period               Period

from 1/4/2003      from  1/4/2002
                               to 31/3/2004       to 31/3/2003
                               Note ('000)           ('000)

(Restated)
Turnover                           : 123,522            43,104
Profit/(Loss) from Operations      : (17,769)           (31,959)
Finance cost                       : (4,878)            N/A
Share of Profit/(Loss) of
  Associates                       : 135                (3,009)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (5,043)
(295,120)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.018)            (1.94)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (5,043)
(295,120)
Final Dividend                     : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

Remarks:

(1) Turnover and profit / (loss) from continuing operations and
discontinuing operations

An analysis of turnover and profit / (loss) from continuing
operations and discontinuing operations is as follows:

                                        2004            2003
                                        HK$'000         HK$'000
                                                   (As restated)

Turnover
-   Continuing operations               77,061          -
-   Discontinuing operations            46,461          43,104
                                        ------------------------
-
                                        123,522         43,104

  =========================
Profit / (Loss) from operations
-   Continuing operations               (18,557)        (28,773)
-   Discontinuing operations            788             (3,186)
                                        ------------------------
-
                                        (17,769)        (31,959)


  =========================

(2) Profit / (Loss) from operations has been arrived at after
charging/(crediting) the following items:

                                        2004            2003
                                        HK$'000         HK$'000
                                                   (As restated)
        Cost of inventories sold        41,245          -
        Depreciation                    4,544           5,273
        Loss on disposal of property, plant and equipment
                                        1,201           1,836
        Provision for bad and doubtful debts, net
                                        9,708           952
        Interest income                 (784)           (36)
        Rental income                   (1,016)         -
        Royalty income                  (1,035)         -
        Waiver of amounts due to other/trade creditors
                                        (673)           (1,751)
        Write back of amounts due to other creditors
                                        (616)           -
        Prepaid rentals written back    -               (1,425)
                                      ===========     ==========

(3) Profit / (Loss) after taxation & MI has been arrived at
after charging/(crediting) the following items:

                                        2004            2003
                                        HK$'000         HK$'000
                                                   (As restated)
        Finance costs                   4,878           -
        Gain on disposal of a subsidiary (488)           -
        Loss on disposal of partial interest in a subsidiary
                                        -               10,237
Amortization of goodwill arising on acquisition of subsidiaries
                                        941             -
Amortization of goodwill arising on acquisition of associates
                                        2,323           19,516
Impairment losses recognized in relation to the goodwill arising
on acquisition of associates
                                        12,413          169,515
Impairment losses recognized in relation to amounts due from
associates                              -               20,915
Provision for loan receivables          14              13,502
Provision for deposits paid for potential investments
                                        -               27,170
Reserve realized upon expiry of warrants
                                        (33,392)        -
Interest in an associate written off     22             -
                                        ========     =========

(4) Loss per share:

The calculation of basic loss per share is based on the Group's
net loss for the year of approximately HKD5,043,000 (2003:
HKD295,120,000 (restated)) and on the weighted average number of
approximately 275,230,000 ordinary shares (2003: 152,154,000
ordinary shares (restated)) in issue during the year after
adjusting the effects of the share consolidation on 9 July 2003.

Diluted loss per share for the years ended 31 March 2004 and
2003 have not been presented as the outstanding share options
and warrants during the years had an anti-dilutive effect on the
basic loss per share for both years.

(5) Comparative figures

The comparative figures have been restated as a result of the
adoption of Statement of Standard Accounting Practice 12
(Revised) Income Taxes issued by the Hong Kong Society of
Accountants.


G-VISION INTERNATIONAL: Net Loss Shrinks to HKD13M
--------------------------------------------------
Infocast News reported that G-Vision International (Holdings)
Limited posted a net loss of HKD12.713 million for the fiscal
year ended March 31, compared to a net loss of HKD38.247 million
a year ago. Earnings per Share were HKD0.026. No final dividend
was declared.

The company announced its financial results in the Hong Kong
Stock Exchange on July 15, 2004:

Year-end date: 31/3/2004
Currency: HKD
Auditors' Report: Unqualified

                                                     (Audited)
                                     (Audited)          Last
                                     Current       Corresponding
                                     Period             Period
                                from 1/4/2003      from 1/4/2002
                                 to 31/3/2004       to 31/3/2003
                               Note  ($      )       ($        )
Turnover                           : 114,925,000
131,978,000
Profit/(Loss) from Operations      : (14,273,000)
(38,985,000)
Finance cost                       : (262,000)
(529,000)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (12,713,000)
(38,247,000)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.026)            (0.079)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (12,713,000)
(38,247,000)
Final Dividend                     : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for Annual
  General Meeting                  : 20/8/2004          to
25/8/2004 bdi.
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

Remarks:

(1) Adoption of Hong Kong Financial Reporting Standards

In the current year, the Group has adopted, for the first time,
Hong Kong Financial Reporting Standards (HKFRS) - Statement of
Standard Accounting Practice (SSAP) 12 (Revised) Income taxes
issued by the Hong Kong Society of Accountants (HKSA).  The term
of HKFRS is inclusive of SSAPs and Interpretations approved by
the HKSA.

The principal effect of the implementation of SSAP 12 (Revised)
is in relation to deferred tax.  SSAP 12 (Revised) requires the
adoption of a balance sheet liability method, whereby deferred
tax is recognized in respect of all temporary differences
between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the
computation of taxable profit, with limited exceptions.  In the
absence of any specific transitional requirements in SSAP 12
(Revised), the new accounting policy has been applied
retrospectively.  The adoption of SSAP 12 (Revised) has no
significant effect on the results for the current or prior
accounting periods.

Loss Per Share

The calculation of basic loss per share is based on the net loss
for the year of HK$12,713,000 (2003: HK$38,247,000) and on the
484,853,527 shares (2003: 484,853,527 shares) in issue during
the year.

No diluted loss per share has been presented for the year ended
31 March 2004 as there were no potential ordinary shares during
the year.

No diluted loss per share has been presented for the year ended
31 March 2003 as the exercise of the share options would result
in a decrease in the loss per share.


J.P. MORGAN: Creditors Must Submit Claims by August 10
------------------------------------------------------
Notice is hereby given that the creditors of J.P. Morgan Futures
Hong Kong Limited, which is in Members' Voluntary Liquidation,
are required (if they have not already done so), on or before
the close of business on 10 August 2004, to send in their names,
addresses and particulars of their debts or claims, and the name
and address of their solicitors, if any, to the undersigned, and
if so required by notice in writing from the said Liquidators,
are personally or by their solicitors to come in and prove their
said debts or claims at such time and place as shall be
specified in such notice, or in default thereof, they will be
deemed to waive all of such debts or claims and the Liquidators
will be entitled, seven days after the above date, to distribute
any and all surplus assets or funds available or any part
thereof to the members.

Lo Wai Tsun Raymond
Joint and Several Liquidators
22nd Floor, Chater House
8 Connaught Road Central
Hong Kong


KOOLL INTERNATIONAL: Court Hears Winding Up Petition
----------------------------------------------------
Notice is given that a Petition for the Winding up of Kooll
International Consolidated Services Limited by the High Court of
Hong Kong was, on June 25, 2004, presented to the said Court by
Sin Wei Ching of Room1402, Yiu Fung House, Yiu Tung Estate,
Shaukeiwan, Hong Kong.

The said Petition will be heard before the Court at 9:30 am on
the 4th day of 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.

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 3rd day of August
2004.


LAW WONG: Holds First Creditors Meeting
---------------------------------------
Law Wong Kee Law's Construction & Engineering Company Limited
(In Compulsory Liquidation) releases Notice of First Meeting of
Creditors and Contributories.

Registered Office: 7th Floor, Allied Kajima Building
138 Gloucester Road, Wanchai
Hong Kong

Meeting of Contributories: 2:00 p.m. on 30 July 2004

Meeting of Creditors: 2:30 p.m. on 30 July 2004

Place: 8th Floor, Allied Kajima Building
138 Gloucester Road, Wanchai
Hong Kong

Stephen Briscoe
Joint and Several Provisional Liquidator

This announcement, dated July 16, 2004, was presented by RSM
Nelson Wheeler Corporate Advisory Services Limited.


LUEN TAI: Issues Notice of First Creditors Meeting
--------------------------------------------------
Notice is given that pursuant to section 241 of the Companies
Ordinance (Chapter 32), a meeting of the creditors of Luen Tai
Marble Company Limited will be held at Room 1101, 11/F., Shiu
Lam Building, 23 Luard Road, Wan Chai, Hong Kong on 28 July 2004
at 2:30 p.m. for the purposes mentioned in sections 241, 242,
243, 244 and 255A of the Companies Ordinance.

Creditors may vote either in person or by proxy. Forms of proxy
to be used at the meeting must be lodged at the above address
not later than 4:00 p.m. on the day before the meeting or
adjourned meeting at which they are to be used.

By Order of the Board of
Luen Tai Marble Company Limited
Chung Chiu Pui
Director

This announcement is dated July 16, 2004.


TIN SANG: Winding Up Hearing Set August 4
-----------------------------------------
Notice is given that a Petition for the Winding up of Tin Sang
Inter-construction Limited by the High Court of Hong Kong was on
June 28, 2004 present to the said Court by Fung Ting Wai of Room
1, 5/F., 381 Castle Peak Road, Kowloon, Hong Kong.

The said Petition will be heard 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; and a copy of the petition will be furnished to
any creditor or contributory of the said company requiring the
same by the undersigned on payment of the regulated charge for
the same.

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 3rd day of August
2004.


VICTORIOUS CARGO: Enters Winding Up Proceedings
-----------------------------------------------
Notice is given that a Petition for the Winding up of Victorious
Cargo Limited by the High Court of Hong Kong was, on June 25,
2004, presented to the said Court by Lam Yuk Yuk of Flat F,
25/F., Block 10, Grandeur Terrace, Tin Shui Wai, New
Territories, Hong Kong.

The said Petition will be heard before the Court at 9:30 am on
August 4, 2004.

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

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 3rd day of August
2004.


* Hong Kong Bankruptcy Filings Up In June
-----------------------------------------
Despite its six percent forecasted economic growth, Hong Kong's
bankruptcy petitions and personal bankruptcies have ballooned in
June, Reuters reveals.

Government data show a two percent climb in bankruptcy petitions
to 1,069 compared to a 6.6 rise in May. Personal insolvencies,
likewise, rose 20.9 percent to 1,260 in June from the previous
month.

Bankruptcy petitions, which indicate future bankruptcies,
totaled 6,607 in the first half of this year compared to the
previous 12,656 filings in the same period last year.

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


BANK PERMATA: PPA Postpones Private Placement
---------------------------------------------
Seeing that market conditions are unfavorable for private
placement of shares, state-run asset management company PT
Perusahaan Pengelolaan Aset (PPA) has decided to postpone the
divestment of the state's remaining Bank Permata shares, Asia
Pulse reports, citing PPA President Mohammad Syahrial.

However, the approved strategic sales are scheduled for
completion this year followed by private placement next year.

According to Mr. Mohammad, strategic investors favor a majority
stake of 67 to 71 percent in the medium-sized bank.

PPA has earlier proposed that divestment of government shares in
Bank Permata be undertaken either by selling 51 percent of the
shares to strategic partners and 20 percent through market
placement, selling 71 percent at once to strategic investors, or
selling the state's entire 97.17 percent stake in the bank to
strategic investors.


MERPATI NUSANTARA: To Resume Bandung, Singapore Flights
-------------------------------------------------------
Due to the potential market, Indonesia's Merpati Nusantara
Airlines is poised to reopen flights between West Javan capital
Bandung and Singapore using a Boeing 737-300, Asia Pulse
reported citing Merpati's marketing director Toto Nursatyo.

Merpati is positive that the route, which was closed during the
1998 economic crisis, will boost the airlines' performance as
the volume of passengers departing from Bandung to Singapore
reaches 1,500 weekly.

Aside from plans to open routes from Bandung to several West
Java subdistricts using a CN-235, the airline is also
considering to service direct flights between Bandung and
Palembang (South Sumatra), Batam (Riau) and Denpasar (Bali) this
year.


PERTAMINA: Indonesian Parliament Rejects Letter Request
-------------------------------------------------------
Indonesia's Finance Minister Boediono rejected PT Pertamina's
request for a letter guarantee from the government to realize
its fuel import plan, saying that the state has worked out a
scheme to resolve the oil firm's financial woes in the following
months, Asia Pulse reports.

The letter guarantee is needed in obtaining bank loans to import
gasoline and diesel fuel from the international markets should
the state fail to refund fuel subsidies of IDR12.9 trillion (US$
1.4 billion) until July.

Delayed reimbursements from the government will hamper
Pertamina's fuel imports, which are crucial in pulling up its
national fuel reserves to the safe supply level of 24 days.


PERTAMINA: To Counter Asset Seizure
-----------------------------------
State oil company PT Pertamina will contest a ruling for the
temporary suspension of its overseas assets following a
contractual dispute with U.S.-based power firm Karaha Bodas
Company (KBC), The Jakarta Post reports.

Pertamina finance director Alfred Rohimone said the firm will
take legal action to oppose a Hong Kong court mandate to
confiscate Pertamina's Hong Kong properties including those held
by Pertamina Energy Trading Ltd (Petral), Tugu Insurance, and
Korea Indonesia Petroleum Company Ltd (Kipco). The court also
ordered Petral to remit to KPC its earnings from May 2002 to
date.

"We are preparing lawyers. The assets should not be seized as
the U.S. court has ruled that Pertamina should pay the
arbitration award to KBC," Mr. Rohimone declared. He added that
the ruling would be effective starting July 23.

KBC has demanded US$15 million plus US$1 million remuneration
from Pertamina in exchange for dropping the Hong Kong case.

Mr. Rohimone refused to divulge Pertamina's stand on the
proposed trade-off. He, however, conceded that confiscation of
Petral, which handles 60 percent of the firm's imports, will
seriously hamper Indonesia's fuel supply.


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


MITSUBISHI MOTORS: Raises JPY295B From New Share Issues
-------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced that a total of
201 billion yen has been paid in by subscribers for the issuance
of common stock, No. 1 - No. 3 Class B preferred shares and No.
3 Class A preferred shares. The details of the issuances, which
will take place on July 16, 2004, are as follows:

Common stock
     Phoenix Capital 74 billion yen

No. 1 - No. 3 Class B preferred shares
  JP Morgan 126 billion yen

No. 3 Class A preferred shares
  Nippon Oil Corporation 1 billion yen

In June, MMC raised 295 billion yen through the issuances of No.
1 and No. 2 Class A preferred shares and No. 1 Class G preferred
shares. With the issuances of the common stock, Class B
preferred shares and No. 3 Class A preferred shares, MMC has
raised new capital of 496 billion yen, which is 46 billion yen
more than the recapitalization measures set out in the company's
revitalization plan announced on May 21. MMC now has the
financial base to vigorously implement its plan.

The proceeds from the issuances will go towards restructuring
costs necessary to put the company back on the path to
profitability and the development of new models to pave the way
for future growth.

Some of the proceeds, including the 130 billion yen raised
through No. 1 Class G preferred shares, have been used to reduce
the company's debt. Preliminary figures for MMC's consolidated
short-term and long-term debt as of June 30, 2004, stood at 573
billion yen and 164 billion yen, which represent reductions of
250 billion yen and 75 billion yen, respectively, compared to
March 31, 2004.

MMC is currently moving forward with the measures outlined in
its revitalization plan, aiming to turn the company around and
rid itself of past practices. By using the proceeds from the
share issuances as effectively as possible and steadily
implementing the revitalization plan, MMC is working hard to
reform itself into a company that enjoys the trust of its
customers and the public while making a positive contribution to
all countries in which it operates.

This is a company press release.


MITSUBISHI MOTORS: Issues Current Status of Recalls
---------------------------------------------------
Mitsubishi Motors Corporation (MMC), in a press release,
submitted on Thursday its weekly report to the Japanese Ministry
of Land, Infrastructure and Transport on the current status of
recalls and other improvement measures stemming from past
"repair directives," or so-called shiji-kaishu. Today's report
is the fifth weekly report submitted by the company.

CURRENT STATUS OF 30 CASES RECENTLY SUBMITTED TO MINISTRY.

On July 7, MMC finished the submission of all 30 cases related
to past repair directives that required recalls or improvement
measures. As of July 14, the company had completed 7.1 percent
of the measures on a registered vehicle basis, or 3.1 percent of
all units - including those no longer on the road - subject to
the measures.

To speed up the process, MMC sent some 200 employees to dealers
to help out and will send a total of 500 in August.

RESULTS OF INVESTIGATION INTO ACCIDENTS/FIRES FOR 10 PREVIOUSLY
SUBMITTED CASES

Based on the results of an investigation into 134,000 product
information reports held by MMC and its dealers, MMC has
confirmed that of the total 92 cases related to directive
repairs no accidents or fires have occurred after submission for
the 10 cases (4 recalls, 2 improvement measures, 4 service
campaigns) the were filed with the ministry before June 2, 2004.
The company also reconfirmed that no accidents resulting in
injury or fires had occurred before the appropriate measures
were submitted with the ministry.


MITSUBISHI MOTORS: Seeking Tax Break
------------------------------------
Top executives of Mitsubishi Motors Corporation and Mitsubishi
group companies asked the Ministry of Economy Trade and Industry
(METI) Minister Shoichi Nakagawa on Thursday to approve the
carmaker's revised application for tax breaks and other
preferential measures for revitalization, Kyodo News reported on
Friday.

The executives include Mitsubishi Motors Chairman Yoichiro
Okazaki, Mitsubishi Motors President Hideyasu Tagaya, Mitsubishi
Heavy Industries Ltd Chairman Takashi Nishioka, Mitsubishi
Corporation Chairman Mikio Sasaki and Bank of Tokyo-Mitsubishi
Chairman Shigemitsu Miki.


MITSUBISHI MOTORS: Shares Down 22.6% on New Stock Issues
--------------------------------------------------------
Shares of Mitsubishi Motors Corporation (MMC) plunged as much as
22.6 percent on Thursday as the carmaker issues new shares to
shareholders and investors, Bloomberg News reports. MMC shares
dropped to a record low of JPY104 and traded at JPY109 at 9:24
a.m. on the Tokyo Stock Exchange.

The struggling carmaker needs money to repay JPY737 billion of
debt, develop new models, and repair its brand image after a
series of recalls.


MITSUBISHI MOTORS: May Cut U.S. Output Capacity by a Third
----------------------------------------------------------
Embattled Japanese automaker Mitsubishi Motors Corporation may
cut its U.S. production capacity by up to a third, according to
Reuters, citing Mitsubishi spokesman Mitch Hayes. Plans,
however, would not be finalized until September, Mr. Hayes said.


UFJ HOLDINGS: Fitch Says Merger Has Mixed Credit Implications
-------------------------------------------------------------
Fitch Ratings says that while it welcomes further consolidation
of the Japanese banking sector it has concerns over execution
risk in any possible merger of UFJ Holdings (UFJH) and
Mitsubishi Tokyo Financial Group (MTFG). Therefore, the agency
believes any possible merger would have mixed implications for
the ratings of the subsidiary banks in the two groups.

The implications for the credit ratings it assigns to UFJ Bank
and UFJ Trust would be slightly positive, as it would be merging
with a stronger grouping. For Bank of Tokyo-Mitsubishi (BTM) and
Mitsubishi Trust (MTBC) the implications for its stand-alone
financial strength rating would be negative given the large
asset quality problems and weak capital position of UFJ Bank and
UFJ Trust. The agency would not, however, expect the credit
ratings it assigns to BTM and MTBC to be lowered because the
enhanced systemic importance of the enlarged group, which would
have assets of nearly JPY190trillion (USD1.8trn), would make it
the largest banking group in the world. The group, if
consolidated, will have fiduciary assets of JPY80trn
(USD0.8trn).

In principle, Fitch welcomes further consolidation of Japan's
formerly fragmented banking system. The agency also believes any
move to bring a banking group with significant management
problems under the control of the best managed of Japan's large
banks, should contribute to a better managed banking system and
promote more efficient capital allocation.

However, Senior Director Reiko Toritani in Fitch's Tokyo
Financial Institutions group points out that "We remain
concerned that while the merger would be good in principle, the
implementation would be crucial. Previous mergers in Japan,
especially mergers of equals have resulted in internal disputes,
inefficient spending of resources and difficulties in reducing
costs."

There is also the risk that by merging with the weaker UFJ
banks, considerable time could be required for the MTFG banks to
regain the positive momentum they evidenced in financial
performance and strength in fiscal 2003/04. Hence, the future
ownership and management structure of the merged group would be
crucial to Fitch's evaluation of the credit implications.

Fitch notes that there has as yet not been any formal
announcement from the banks, other than that UFJH has submitted
a proposal to MTFG. While this suggests that preliminary
discussions have been held, and the regulators are in favour of
such a move, there are many issues yet to be resolved before an
agreement is reached. Any rating action by Fitch would be
dependent on the detail of any merger proposal and its
subsequent completion.

Contact:
Brett Hemsley     03-3288-2628
Reiko Toritani    03-3288-2628
Philip A. Jones   03-3288-2628
Kentaro Kogi      03-3288-2972


UFJ HOLDINGS: Proposes Withdrawal From Alliance With Sumitomo
-------------------------------------------------------------
Sumitomo Trust & Banking Co. Ltd. (STBC) on Wednesday received
notice from UFJ Holdings, Inc. that it wishes to withdraw its
proposed management integration and joint operation of trust and
custody businesses with STBC.

"We responded that we are unable to agree with this proposal as
we have already entered into a legally binding Basic Agreement
with the UFJ Group dated May 21, 2004."

"We are currently examining our legal position and considering
appropriate measures including legal actions."

For inquiries, please contact

Koichi Onaka, Head of IR Office, Financial Management Department
The Sumitomo Trust & Banking Co., Ltd.
Telephone: +81-3-3286-8354, Fax: 81-3-3286-4654.

This is a press release from STBC.


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


HANARO TELECOM: Unveils Subscriber Numbers for June 2004
--------------------------------------------------------
Hanaro Telecom, Inc. announced its subscriber numbers for June
2004, filed with the Korea Securities Dealers Association
Automated Quotation Market (KOSDAQ) on July 12, 2004.

                     2004 JUNE SUBSCRIBER NUMBERS

(1) BROADBAND

       Products                                June
       --------                                ----
       Residential          ADSL               1,003,479
                            Cable Modem        1,483,004
                              SUB-TOTAL        2,486,483
        Corporate                  ADSL        18,629
                             Cable Modem       1,266
                               SUB-TOTAL       19,895
             VDSL                              214,526
             LMDS                              23,922

Wireless LAN Note 1)                           30,812


                                   TOTAL       2,775,638
                                NET ADDS       5,578

(2) VOICE

                               Products         June
                               --------         ----
                Residential                     732,899
          Corporate Note 2)                     287,817
            VoIP                                92,906
                                 TOTAL          1,113,622
                              NET ADDS          14,491

(3) LEASED LINE


                   Products                     June
                   --------                     ----
                Leased line                     3,401
         Internet dedicated                     2,865
                  LMDS(I/D)                     11
Wireless Internet Dedicated                     -

  International Leased Line                     38
                      TOTAL                     6,315
                   NET ADDS                     - 75

(4) GRAND TOTAL

                                                June
                                                ----
              TOTAL                        3,895,575
           NET ADDS                           19,994

Note 1): Based on number of IDs, Wireless LAN has 57,359
subscribers

Note 2): As of July 1, 2004, a certain portion of corporate
telephone lines (8,248 lines) has been reclassified as VoIP.


JINRO LIMITED: Creditors Pick 3 Lead-Manager Candidates
-------------------------------------------------------
Creditors of Jinro Limited have chosen three candidates to
manage the Company's sale, Yonhap News reports.

The candidates are Merrill Lynch, ABN AMRO Securities and a
consortium of Samsung Securities Co. and Citibank. "We will pick
the manager next week and get the court's permission next week,"
an unnamed Jinro official said.

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


SSANGYONG MOTOR: To Recall New Chairman Sedans
----------------------------------------------
Ssangyong Motor Co. will recall 2,965 new Chairman sedans
because of faulty side airbags, Yonhap News reports, citing the
Ministry of Construction and Transportation said Thursday. The
recall affects sedans built and sold between February 9 and June
25 this year.


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


ANCOM BERHAD: Acquires 26,100 Shares On Buy Back
------------------------------------------------
Ancom Berhad disclosed to Bursa Malaysia Securities Berhad the
details of its shares buy back dated July 16, 2004.

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

Total number of shares purchased (units): 26,100

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

Maximum price paid for each share purchased (RM): 0.840

Total consideration paid (RM):

Number of shares purchased retained in treasury (units): 26,100

Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 3,770,300

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


BERJAYA GROUP: Issues Update to Proposals
-----------------------------------------
Berjaya Group Berhad disclosed to Bursa Malaysia Securities
Berhad the following proposals:

- Proposed disposal of shares and warrants in Hyundai-Berjaya
Corporation Berhad (HBCorp) to Space Tracks Sdn Bhd (STSB), a
wholly owned subsidiary of Sime Darby Berhad (SDB) for a
disposal consideration of RM3.60 per ordinary share of RM1.00
each in HBCorp (HBCorp share) and RM2.60 per warrant issued by
HBCorp (HBCorp warrant) (proposed HBCrp disposal);

- Proposed disposal of shares in Hyumal Motor Sdn Bhd (Hyumal)
to STSB, a wholly owned subsidiary of SDB for a disposal
consideration of RM25.00 per ordinary share of RM1.00 each in
Hyumal (proposed Hyumal disposal); and

- Proposed disposal of shares in Inokom Corporation Sdn Bhd
(Inokom) to STSB, a wholly owned subsidiary of SDB for a
disposal consideration of RM1.50 per ordinary share of RM1.00
each in Inokom (proposed Inokom disposal)

Under Section 36(1) of the Malaysian Code on Take-overs and
Mergers, 1998 (Code), Commerce International Merchant Bankers
Berhad (CIMB), as a connected person of BGroup (as defined under
Section 36(6) of the Code), is required to disclose the total
number and price of all voting shares in HBCorp and Sime Darby
Berhad (SDB) which it has dealt in for its own account.

In accordance with Section 36(2) of the Code, CIMB wishes to
inform that its wholly-owned subsidiary, CIMB Securities Sdn
Bhd, has dealt in the following shares for its own account on 15
July 2004, details of which are as set out in Table 1.

This Announcement is dated 16 July 2004.

Table 1: Details of trading by CIMB Securities Sdn Bhd

Transaction       Securities            Quantity Price
                                        (RM)
Purchase Ordinary
shares of RM0.50
each in SDB           100                5.6000

Sold SDB Shares       100                5.5500


BERJAYA SPORTS: Buys Back 600,000 Ordinary Shares
-------------------------------------------------
Berjaya Sports Toto Berhad disclosed to Bursa Malaysia
Securities Berhad the details of its shares buy back dated July
15, 2004.

Description of shares purchased: ordinary shares

Total number of shares purchased (units): 600,000

Minimum price paid for each share purchased (RM): 3.820

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

Total consideration paid (RM): 2,332,033.98

Number of shares purchased retained in treasury (units): 600,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 47,600,000

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 990,373,607.


BOUSTEAD PROPERTIES: Updates Renounceable Rights Issue
------------------------------------------------------
Boustead Properties Berhad disclosed its proposed renounceable
rights issue of up to 48,168,248 new ordinary shares of RM1.00
each on the basis of one (1) new rights share for every four
existing ordinary shares held.

Further to our announcement dated 18 March 2004 in relation to
the Proposed Rights Issue, on behalf of the Board of Directors
of Boustead Properties (Board), Affin Merchant Bank Berhad is
pleased to announce that the Board had, on 16 July 2004,
resolved to fixed the issue price for the Right Shares at RM4.65
per share.

The issue price of RM4.65 per Rights Share represents a discount
of approximately 0.2 percent or RM0.01 from the theoretical ex-
rights price per share of RM4.66 each, based on the five (5)
days weighted average market price of Boustead Properties'
shares prior to 14 July 2004 of RM4.67 per share.


CHASE PERDANA: Court Serves Writ Of Summons
-------------------------------------------
The Board of Directors of Chase Perdana Berhad announced to
Bursa Malaysia Securities Berhad that Alliance Merchant Bank
Berhad (Plaintiff) [formerly known as Amanah Merchant Bank
Berhad, which had been vested with all the assets and
liabilities of Bumiputra Merchant Bankers Berhad (BMBB) by
virtue of a Vesting Order dated 1 December 2000] has, on 13 July
2004, served a Writ of Summons on the Company via Kuala Lumpur
High Court Suit No. D4-22A-100-2004 claiming for the total sum
of RM132,029, 597.85 from the Company, particulars of which are:

(a) payment of RM5,000,491.17 being the total amount owing under
the Al-Naqad Facility (described hereunder);

(b) payment of RM62,121,892.74 being the total amount owing
under the New BBA Facility (described hereunder);

(c) payment of RM40,573,492.03 being the amount owing under the
Syndicated Underwritten Bridging Loan Facility (described
hereunder) as at 30 September 2003, with interest thereon at the
rate of 2.0 percent per annum above the Plaintiff's and Affin
Bank Berhad's Cost of Funds (whereby the Plaintiff's Cost of
Funds is 4.40 percent per annum as at 1 October 2003 and varies
from time to time and Affin Bank Berhad's Cost of Funds is 4.5
per annum as at 1 October 2003 and varies from time to time),
together with default interest at the rate of 1.0 percent per
annum above the interest rate as stated above from 1 October
2003 till date of full realization;

(d) payment of RM17,364,476.65 being the amount owing under the
Additional Syndicated Underwritten Bridging Loan Facility
(described hereunder) as at 30 September 2003, with interest
thereon at the rate of 2.0 percent per annum above the
Plaintiff's Effective Cost of Funds (which is 4.4 percent per
annum as at 1 October 2003 and varies from time to time),
together with default interest at the rate of 1.0 percent per
annum above the interest rate as stated above from 1 October
2003 till date of full realization;

(e) payment of RM6,817,430.26 being the amount owing under the
Term Loan Facility (described hereunder) as at 30 September
2003, with interest thereon at the rate of 2.5 percent per annum
above the Plaintiff's Effective Cost of Funds (which is 4.4
percent per annum as at 1 October 2003 and varies from time to
time), together with default interest at the rate of 1.0 percent
per annum above the interest rate as stated above from 1 October
2003 till date of full realization;

(f) payment of RM151,815.00 being Agency Fees payable to the
Plaintiff as the Facility Agent for the New BBA Facility and the
Additional Syndicated Underwritten Bridging Loan Facility
(described hereunder); and

(g) costs and other relief.

Events leading up to the Summons

The Company had by a Letter of Award dated 16 March 1995 by
Pekeliling Triangle Sdn Bhd (PTSB) been appointed as a
Contractor for the execution and completion of superstructure
works for a commercial office and apartment building development
(Project) on PTSB's land known as CT 16910, 16911 and 16916 for
Lots 151, 152 and 157 respectively, all in Section 87A, Jalan
Tun Razak, Kuala Lumpur for the sum of RM110,000,000.00.

For the purpose of financing the Company's funding requirements
in carrying out the Project, the Company had applied and was
granted the Syndicated Financing Facility of up to the maximum
principal amount of RM95,000,000.00 (Syndicated Financing
Facility). The Syndicated Financing Facility was arranged and
managed by BMBB and Bank Islam Malaysia Berhad (BIMB).

The Syndicated Financing Facility comprises the following
facilities:

(1) Syndicated Underwritten Bridging Loan Facility of
RM30,000,000.00 (Syndicated Underwritten Bridging Loan) which
was granted by BMBB and BSN Commercial Bank (Malaysia) Berhad
(BSN) [now known as Affin Bank Berhad (ABB)].

(2) Al-Naqad Financing Facility of RM5,000,000.00 under the
syariah principle of Al-Bai Bithamin Ajil (Al-Naqad Facility)
which was granted by BIMB.

(3) Syndicated Financing Facility of RM60,000,000.00 under the
syariah principle of Al-Bai' Bithaman Ajil (the Original BBA
Facility) which was granted by BIMB, Lembaga Tabung Haji (LTH)
and Oriental Bank Berhad (OBB) [now known as EON Bank Berhad
(EON)].

The Company further requested and was granted the following
facilities:

(4) Term Loan Facility of RM5,000,000.00 (Term Loan Facility) by
BMBB.

(5) Additional Syndicated Bridging Loan Facility of
RM15,000,000.00 (Additional Syndicated Underwritten Bridging
Loan) by BMBB where BMBB acted as the Lead Manager and/or
Facility Agent and BMBB as the underwriter.

(6) New Al-Bai Bithaman Ajil Facility of RM61,814,900.00 (New
BBA Facility) by BIMB, LTH and OBB whereby the proceeds were to
be fully utilized for settlement of overdue amount under the
Original BBA Facility.

In consideration of BMBB, BSN, BIMB, LTH AND OBB granting the
Syndicated Underwritten Bridging Loan, the Al-Naqad Facility,
the Term Loan Facility, the Additional Syndicated Underwritten
Bridging Loan and the New BBA Facility (Said Facilities), the
Defendant has agreed, by an Assignment of Payment Guarantee
dated 10 February 1999 executed between the Company and BMBB,
BSN, BIMB, LTH and OBB, inter alia, to irrevocably assign to
BMBB all its rights, interests and benefits arising under the
Bank Guarantee issued by Bank Bumiputra Malaysia Berhad (now
known as Bumiputra-Commerce Bank Berhad) for the sum of
RM122,770,000.00 (as security for the payment of the contract
sum of RM110,000,000.00 by PTSB) whereby BMBB acts as the
Security Trusteee for BMBB, BSN, BIMB, LTH and OBB in order to
secure the repayment of the total amount payable under the Said
Facilities.

By a Security Sharing Agreement dated 10 February 1999 entered
into between the Company on the one part and BMBB, BSN, BIMB,
LTH and OBB on the other part, all parties agreed, inter alia,
that BMBB, as the Security Trustee of and for BMBB, BSN, BIMB,
LTH and OBB in relation to the security contained in the said
Assignment of Payment Guarantee shall be responsible to enforce
all security documents of the Said Facilities including the said
Assignment of Payment Guarantee in the event the security
documents become enforceable due to the Company's default.

To-date, the Plaintiff has yet to realize the proceeds secured
by the Bank Guarantee assigned by the Company as:

(i) It is a term of the Bank Guarantee that the Bank Guarantee
can only be realized upon the issuance of the Certificate of
Practical Completion of the Project;

(ii) Till to-date, the Certificate of Practical Completion for
the Project is yet to be issued; and

(iii) There is a dispute between PTSB and the Company in
relation to the non-issuance of the Certificate of Practical
Completion, which remain subject to legal proceedings vide Kuala
Lumpur High Court Suit No. S5-22-408-2000 and Suit No. S6-22-
483-2001.

In respect of the Syndicated Financing Facility, the Plaintiff,
ABB, BIMB, LTH and EON did not participate in the scheme of
arrangement of the Company and its subsidiaries comprising LH
Capital Sdn Bhd, Imacentre Development Sdn Bhd, Binaprimas Sdn
Bhd, Chew Piau Properties Sdn Bhd, CPB-Plastronic JV Sdn Bhd,
Pancar Generasi (M) Sdn Bhd and Santun Indah Sdn Bhd.

Financial Impact of the Litigation on the Group

The above has already been fully provided for in the books of
the Group and thus shall not have any material impact on the NTA
of the Group.

Steps taken and proposed to be taken by the Company

The Company has engaged solicitors who have filed a Notice of
Appearance on behalf of the Company on 14 July 2004.


CONSOLIDATED FARMS: Releases Status Of PN1/2001
-----------------------------------------------
Further to the monthly status announcement under Practice Note
No. 1/2001 on 9 July 2004, the Board of Consolidated Farm Berhad
wishes to announced to Bursa Malaysia Securities Berhad that the
Confarm Group is unable to pay the additional principal and/or
interest in respect of its credit facilities as set out in Table
1.

The Company and its financial advisors, Deloitte KassimChan
Business Services Sdn Bhd, have met with the respective lenders
to apprise them on Confarm Group's current financial condition
and have sought their indulgence and consideration to provide a
standstill period in respect of the Group's credit facilities
for it to carry out a financial review and, if appropriate,
formulate a restructuring/workout scheme.

This announcement is dated 16 July 2004.

Table 1

Additional Amount of Principal and/or Interest Due from 10 July
2004 to 16 July 2004

Lender         Borrower    Additional Amount Due   Type of
Facilities
                           from 10 July 2004 to
                           16 July 2004
                           (RM'000)

Bumiputra-
Commerce
Bank
Berhad
(BCBB)          Confarm     823.0                Bankers'
Acceptance                                                  (BA)

Malayan
Banking
Berhad         Confarm      326.0                  BA

BCBB          Consolidated
              Feedmill
              Sdn Bhd       742.0                  BA

Total  1,891.0

Note: The above figures are based on the respective companies'
records and exclude any penalty interest that may be charged by
the respective lenders.


FABER GROUP: Issues Changes In Share Registrar
----------------------------------------------
Faber Group Berhad informed Bursa Malaysia Securities Berhad
that it has been notified by our share registrar, Signet Share
Registration Services Sdn Bhd (SSRS), that SSRS had with effect
from 1 July 2004 merged its business with Symphony Share
Registrars Sdn Bhd (formerly known as Malaysian Share
Registration Services Sdn Bhd).

Following the merger, SSRS had from 1 July 2004 onwards
conducted its business under the banner of Symphony Share
Registrars Sdn Bhd.

This announcement is dated 16 July 2004.


HAP SENG: OSB New Subsidiary of Unit
------------------------------------
Pursuant to paragraph 9.19(5) of the Bursa Malaysia Listing
requirement, the Board of Directors of Hap Seng Consolidated
Berhad (HSCB) is pleased to announce that Otentik Sdn Bhd
(60855-V) [OSB] and Hap Seng (Oil & Transport) Sdn Bhd (59352-D)
[HSOT] have on even date become the wholly-owned subsidiaries of
Hap Seng Trading Sdn Bhd (formerly known as Euro-Asia Strategic
Holdings Sdn Bhd) (521989-A) which in turn is the wholly-owned
subsidiary of HSCB. Prior to this, OSB was a directly held
wholly-owned subsidiary of HSCB whereas HSOT was the wholly-
owned subsidiary of Sasco Sdn Bhd (9396-X) which in turn is the
wholly-owned subsidiary of HSCB.

OSB is a private limited company incorporated in Malaysia on 29
July 1980. It is principally involved in the manufacturing and
trading of bricks and operating of stone quarries. It has an
authorized share capital of 15,000,000 ordinary shares of RM1.00
each and an issued and paid-up share capital of RM8,000,000.00
comprising 8,000,000 ordinary shares of RM1.00 each.

HSOT is a private limited company incorporated in Malaysia on 18
June 1980. It is principally involved in the trading of
petroleum products. It has an authorized share capital of
5,000,000 ordinary shares of RM1.00 each and an issued and paid-
up share capital of RM2,000,000.00 comprising 2,000,000 ordinary
shares of RM1.00 each.

The aforesaid re-organization is an integral part of the Group's
on-going effort to align its core business activities.

To the best of the knowledge of the directors, none of the
directors or major shareholders or persons connected to the
directors or major shareholders of the Company has any interest,
direct or indirect, in the aforesaid re-organization.


MALAYSIAN INDUSTRIAL: BMSB Grants Listing of 6,000 New Shares
-------------------------------------------------------------
Kindly be advised that Malaysian Industrial Development Finance
Berhad's additional 6,000 new ordinary shares of RM1.00 each
issued pursuant to the Employees' Share Option Scheme will be
granted listing and quotation by Bursa Malaysia Securities
Berhad effective 9:00 a.m., Monday, 19 July 2004.


METROPLEX BERHAD: Shareholders Approve Resolutions Passed At AGM
----------------------------------------------------------------
The Board of Directors of Metroplex Berhad announced to Bursa
Malaysia Securities Berhad that at its 41st Annual General
Meeting (AGM) held on 15 July 2004, the shareholders of MB have
approved the respective ordinary resolutions as set out in the
Notice of the 41st AGM dated 23 June 2004.

This announcement is dated 15 July 2004.


MTD CAPITAL: Purchases 100,500 Ordinary Shares On Buy Back
----------------------------------------------------------
MTD Capital Berhad issued to Bursa Malaysia Securities Berhad
the details of its shares buy back-dated July 15, 2004.

Description of shares purchased: Ordinary shares of RM1/- each

Total number of shares purchased (units): 100,500

Minimum price paid for each share purchased (RM): 2.892

Maximum price paid for each share purchased (RM): 2.892

Total consideration paid (RM): 291,874.54

Number of shares purchased retained in treasury (units): 100,500

Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 340,500

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


OCEAN CAPITAL: Unit Ceases Operation
------------------------------------
Ocean Capital Berhad announced to Bursa Malaysia Securities
Berhad (formerly known as Malaysia Securirities Exchange Berhad)
that the POSL outlet, a wholly-owned subsidiary of Ocean, has
ceased its business operations effective Thursday, 15 July 2004.

This announcement is dated 15 July 2004.


OSK HOLDINGS: Buys Back 55,000 Ordinary Shares
----------------------------------------------
OSK Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad the details of its shares buy back-dated July 15, 2004.

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

Total number of shares purchased (units): 55,000

Minimum price paid for each share purchased (RM): 1.590

Maximum price paid for each share purchased (RM): 1.610

Total consideration paid (RM): 88,634.60

Number of shares purchased retained in treasury (units): 55,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 37,473,400

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


PANCARAN IKRAB: Issues Update on Restructuring Scheme
-----------------------------------------------------
Pancaran Ikrab Berhad disclosed to Bursa Malaysia Securities
Berhad the admission of DCEIL International Berhad (DCIB) to the
official list in place of Pancaran.

(i) Acquisitions by DCIB of the following:

(a) Acquisition of 4,000,000 ordinary shares of RM1.00 each
representing the entire equity interest in Dceil Sdn Bhd for a
purchase consideration of RM60,000,000 to be satisfied by the
issuance of 42,000,000 new ordinary shares of RM1.00 each in
DCIB (DCIB Shares) at par and RM18,000,000 nominal value zero
coupon redeemable convertible unsecured loan stocks 2004/2007
(RCULS) to be issued at 100% of its nominal value;

(b) Acquisition of 1,500,000 ordinary shares of RM1.00 each
representing the entire equity interest in Dceil Imex Sdn Bhd
for a purchase consideration of RM38,000,000 to be satisfied by
the issuance of 26,000,000 new DCIB Shares at par and
RM12,000,000 RCULS to be issued at 100% of its nominal value;

(c) Acquisition of 1,000,000 ordinary shares of USD1.00 each
representing the entire equity interest in Dceil Manufacturing
(Shanghai) Co. Ltd. for a purchase consideration of RM15,000,000
to be satisfied by the issuance of 9,000,000 new DCIB Shares at
par and RM6,000,000 RCULS to be issued at 100% of its nominal
value;

(ii) Settlement of debts owing by PANCARN group of companies to
financial institution creditors amounting to RM36,766,566 as at
30 June 2002 vide the issuance of 25,000,000 new DCIB Shares at
par;

(iii) Share exchange under Section 176 of the Companies Act,
1965, whereby, the existing 19,000,000 ordinary shares of RM1.00
each in PANCARN (PANCARN Shares) will be exchanged with
1,900,000 new DCIB Shares on the basis of one (1) new DCIB Share
for every ten (10) existing PANCARN Shares held ; and

(iv) De-listing of PANCARN Shares from the official list of the
Second Board of Bursa Malaysia Securities Berhad (Bursa
Securities) and the proposed transfer of the listing status of
PANCARN to DCIB.

(Collectively referred to as Restructuring Scheme)

Kindly be advised that:

Following the completion of the Restructuring Scheme, PANCARN, a
PN4 Condition company, will be removed from the Official List of
Bursa Securities and DCIB will be admitted in place of PANCARN
effective 9:00 a.m., Monday, 19 July 2004.

In this connection, DCIB's entire issued and paid-up share
capital of RM103,900,002 comprising 103,900,002 DCIB Shares
arising from the aforesaid Restructuring Scheme, will be
admitted to the Official List of Bursa Securities and the
listing and quotation of DCIB Shares on the Second Board under
the Trading/Services sector, on a "Ready" basis pursuant to the
Rules of the Bursa Securities, will be granted with effect from
9.00 a.m., Monday, 19 July 2004.

The Stock Short Names, Stock Numbers and ISIN Codes of DCIB
Shares are DCIB, 7684, and MYL7684OO003 respectively.

The reference price for DCIB Shares is RM1.00 and the trading
limit will be 500 percent.

Kindly be advised that the DCIB Shares are prescribed
securities. Dealings in the aforesaid securities shall be
carried out in accordance with Securities Industry (Central
Depositories) Act, 1991 and the Rules of Bursa Malaysia
Depository Sdn Bhd.

Kindly also be reminded that only free securities can be
utilized for settlement of trades involving the aforesaid
ordinary shares.


POS MALAYSIA: Issues Additional 94,000 Ordinary Shares
------------------------------------------------------
POS Malaysia and Services Holdings Berhad's additional 94,000
new ordinary shares of RM1.00 each issued pursuant to the
Employee Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad effective 9:00
a.m., Tuesday, 20 July 2004.


SIME DARBY: Issues Additional 29,000 Ordinary Shares
----------------------------------------------------
Sime Darby Berhad's additional 29,000 new ordinary shares of
RM0.50 each issued pursuant to the Employees' Share Option
Scheme will be granted listing and quotation by Bursa Malaysia
Securities Berhad effective 9:00 a.m., Tuesday, 20 July 2004.


TANJONG PUBLIC: BMSB Grants Listing of Additional 121,000 Shares
----------------------------------------------------------------
Tanjong Public Ltd. Co.'s additional 121,000 new ordinary shares
of 7.5 pence each issued pursuant to the Employees' Share Option
Scheme will be granted listing and quotation by Bursa Malaysia
Securities Berhad effective 9:00 a.m., Tuesday, 20 July 2004.


TELEKOM MALAYSIA: Issues Additional 1,083,000 New Shares
--------------------------------------------------------
Kindly be informed that Telekom Malaysia Berhad's additional
1,083,000 new ordinary shares of RM1.00 each issued pursuant to
the Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad effective 9:00
a.m., Tuesday, 20 July 2004.


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


BAYAN TELECOMMUNICATION: Court Approves $325Mln Rehab Plan
----------------------------------------------------------
The Pasig Regional Trial Court has recently approved Bayan
Telecommunications, Inc.'s (BayanTel) $325-million debt-
restructuring plan, according to the BusinessWorld.

In a decision penned by Judge Rodolfo R. Bonifacio of the Pasig
RTC, the telco obtained a 19-year term to pay the said debt.
BayanTel's debt that would not be covered by the restructuring
should be converted into "an appropriate instrument that shall
not be a financial burden" to the company.

"The court believes that BayanTel is in the best position to
ascertain the level of debt that is sustainable in light of its
knowledge of its own actual operations. Furthermore, the court
is aware of the very real concern that maintaining an
unrealistic level of debt will defeat, rather than promote and
achieve, the very purpose for which this present petition for
rehabilitation was filed," the court said.

Aside from the sustainable debt level set by the court for
BayanTel, a number of conditions have also been also set out for
its debt-rehabilitation.  According to the conditions, BayanTel
should treat its secured and unsecured creditors equally, and
this equal treatment will be extended to all payment terms and
conditions of past due interest.

But despite the equal treatment of creditors, the court stressed
that secured creditors should be given due importance so that
the telco can hold on to their security or collateral, which can
be foreclosed if the rehabilitation fails and creditors resort
to liquidation.

Secured creditors accounts for 52.6 percent of BayanTel's debt
and the remainder are to the unsecured creditors.

BayanTel's secured creditors include the Asian Finance &
Investment Corporation; Bayerische Landesbank (Singapore
Branch); Clearwater Capital Partners Singapore Pte. Ltd.;
Deutsche Bank AG; Express Investments III Private Ltd.; Export
Development Canada; J.P. Morgan Chase Bank; P.T. Bank Negara
Indonesia (Persero) Tbk. (Hong Kong branch); Standard Chartered
Bank; Metropolitan Bank and Trust Company; Rizal Commercial
Banking Corp.; Chemical Bank Tokyo Branch; Northern Telecom
International Finance BV; Chase Manhattan Bank NA;and Siemens,
Inc.


GRAND BOULEVARD: Requests PHP1.7Bln Debt Payment Waiver
-------------------------------------------------------
Grand Boulevard Hotel has asked the Manila Regional Trial Court
for the suspension of payment for the penalty imposed by its
creditors for not paying its PHP1.7 billion debt on time,
BusinessWorld reports.

Grand Boulevard, formerly Silahis International Hotel, also
proposed for the amount to be rescheduled and paid over a period
of 18 years with an interest of two percent for the first five
years and five percent thereafter.

"The rescheduling also involves recognition of the US dollar
obligations which will be converted to peso terms at PHP26 to $1
which was the exchange rate during the time of the loan's
drawdown. The outstanding obligations would be reduced through
dacion en pago [payment in kind] and the conversion of some
PHP20 million in debt to equity," Grand Boulevard said quoted by
BusinessWorld.

The hotel added that repayment of loans during the first five
years of its rehabilitation period would be taken from 50
percent of the cash flow available for the period. At the same
time, interest charges for the first five years will be
capitalized if cash flow would be insufficient to settle
interest payments for the period.

Grand Hotel plans to refurbish its existing 250 rooms. The hotel
said it will increase the number of rooms on its third year of
rehabilitation. The fund will come from the internally generated
cash.

The hotel reported a net loss of PHP24.100 million in its 2003
audited financial report, lower than the PHP48.273 million in
the previous year.


PHILIPPINE BANK: Eyes PHP12Bln Idle Assets Sale Before August
-------------------------------------------------------------
BusinessWorld reports that Philippine Bank of Communications
(PBCom) has announced plans dispose some PHP12 billion in idle
assets by the end of this month.

The proceeds of the sale, which is expected to reach at least
PHP3 billion, will serve as additional funds for the company's
capital.  The bank would no longer need additional assistance
either from its shareholders or government institutions.

July 15 was the scheduled date for sending to the investors the
formal invitation to bid and sale of its bad assets.  The sale
is scheduled on the third and fourth week of August.  KMPG Laya
Mananghaya will arrange the asset sale, PBCom president Isidro
C. Alcantara, Jr. said.

Of the total asset portfolio of PBCom to be placed on the
auction block, 50 percent will be composed of nonperforming
loans while the remaining half will be nonperforming assets, or
those classified as real estate and other properties owned or
acquired (ROPOA), Mr. Alcantara added.

"We will open the data room next week for due diligence. We're
optimistic about the planned sale because there are investors
that have already expressed their interest [to buy the assets],"
he said.

The Bangko Sentral ng Pilipinas (central bank) sets a September
deadline for local banks to sell their bad assets to a special
purpose vehicle (SPV) to avail of the tax perks under the SPV
law. PBCom expressed confidence that it will be able to meet the
said the deadline.


UNIWIDE HOLDINGS: SEC Approves Debt Payment Terms
-------------------------------------------------
Uniwide Holdings Corp. will push through with its distribution
of convertible notes to settle its debts to unsecured creditors,
BusinessWorld reports.

"The SEC has approved the finalized version of the convertible
notes scheduled to be distributed to the unsecured creditors
pursuant to the approved second amendment to the rehabilitation
plan," Uniwide Holdings said.

The Securities and Exchange Commission said Uniwide is expected
to comply with the directives they had set earlier relative to
the filing of necessary disclosure statements required by the
Securities Regulation Code and its Implementing Rules and
Regulations for the issuance of the notes.  Another requirement
is the submission of a list of recipients of the notes, and the
actual distribution to the unsecured creditors.

Uniwide wants to restructure the PHP2.15 billion it owes to
unsecured creditors.  The firm said that under its plans, half
of the exposure of PHP1.08 billion will be settled by issuing
15-year convertible loans. The remaining balance will be
restructured into a 10-year term loan.

The firm is currently adopting a dacion-en-pago scheme to pay
its secured creditors, mostly banks, by using properties as
payment.

Uniwide suffered from liquidity problems due to economic
slowdown. It owed banks PHP3.68 billion as of March 2004.


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


ACT RENOVATION: Winding Up Hearing Slated July 23
-------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of Act
Renovation Works Pte Ltd. by the High Court was, on the 25th day
of June 2004, presented by TYE Engineering Pte Ltd, a Creditor.

The said Petition is directed to be heard before the Court
sitting at the High Court in Singapore at 10.00 a.m. 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 Solicitor
for that purpose, and a copy of the Petition will be furnished
to any creditor or contributory of the said Company requiring
the same by the undersigned on payment of the regulated charge
for the same.

The Petitioner's address is 22A Lim Teck Boo Road, #04-03 Henley
Industrial Building, Singapore 537002.

The Petitioner's Solicitors are Messrs Goh Chang JP & Wong of
133 New Bridge Road, #14-03 Chinatown Point, Singapore 059413.

Messrs GOH CHANG JP & WONG
Solicitors for the Petitioner.

This Singapore Government Gazette announcement is dated July 16,
2004.


CAIN SALES: Enters Winding Up Proceedings
-----------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Cain Sales & Consultancy Pte Ltd. by the High Court was, on 7th
July 2004, presented by Beyonics Technology Limited, a company
incorporated in Singapore and having its registered office at 30
Marsiling Industrial Estate Road 8, Singapore 739193, Creditors.

The said Petition is directed to be heard before the Court
sitting at the High Court in Singapore at 10.00 a.m. on July 30,
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 30 Marsiling Industrial Estate Road
8, Singapore 739193.

The Petitioners' solicitors are Messrs Wong Partnership of No.
80 Raffles Place, #58-01 UOB Plaza 1, Singapore 048624.

Messrs WONG PARTNERSHIP
Solicitors for the Petitioners.

Note: Any person who intends to appear on the hearing of the
said Petition must serve on or send by post to the above named
Messrs Wong Partnership of No. 80 Raffles Place, #58-01 UOB
Plaza 1, Singapore 048624, notice in writing of his intention to
do so. The notice must state the name and address of the person,
or if a firm, the name and address of the firm, and must be
signed by the person or firm, or his or their solicitors (if
any) and must be served, or, if posted, must be sent by post in
sufficient time to reach the above named not later than twelve
o'clock noon of 29th July 2004 (the day before the day appointed
for the hearing of the Petition).


COTAN PETROLEUM: Issues Intended Dividend Notice
------------------------------------------------
Cotan Petroleum Pte Ltd. releases Notice of Intended Dividend.

Address of Registered Office: Formerly of 207A Thomson Road
Singapore 307640.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 327 of 1999.

Last Day for Receiving Proofs: 30th July 2004.

Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

CHAN WANG HO
Assistant Official Receiver.

This Singapore Government Gazette announcement is dated July 16,
2004


INFORMATICS HOLDINGS: Holds Annual General Meeting on July 30
-------------------------------------------------------------
The Twenty First Annual General Meeting of Informatics Holding
Limited will be held at Ballroom 2, Level 2, Sheraton Towers, 39
Scotts Road, Singapore 228230 on July 30, 2004 at 10.00 a.m. to
transact the following business:

Ordinary Business

(1) To receive the audited financial statements for the year
ended 31 March 2004 and the Reports of the Directors and
Auditors. (Resolution 1)

(2) To approve Directors' Fees of SGD135,000 for the year ended
31 March 2004.(2003: $177,000). (Resolution 2)

(3) To re-elect the following Directors who retire in accordance
with the Company's Articles of Association and who, being
eligible, offer themselves for re-election:

(a) Dr Michael Teng Yeow Heng

(b) Mr Ung Gim Sei;

(c) Professor Neo Boon Siong; and

(d) Mr Anderson Tang Siu Ki.
(Resolution 3(a))
(Resolution 3(b))
[Resolution 3(c)]
[Resolution 3(d)]

(4) To re-appoint Messrs Ernst & Young as Auditors of the
Company and to authorise the Directors to fix their
remuneration. (Resolution 4)

Special Business

(5) To consider and, if thought fit, to pass the following
Ordinary Resolutions, with or without modification:

(i) General Mandate to Directors to issue Shares

Resolved that pursuant to Section 161 of the Companies Act, Cap.
50 and Rule 806 of the Listing Manual of the Singapore Exchange
Securities Trading Limited (the Listing Manual), authority be
and is hereby given to the Directors of the Company to issue
shares and convertible securities in the Company (whether by way
of rights, bonus or otherwise) at any time to such persons and
upon such terms and conditions and for such purposes as the
Directors may in their absolute discretion deem fit, provided
that the aggregate number of shares and convertible securities
to be issued pursuant to this resolution does not exceed 50% of
the issued share capital of the Company, of which the aggregate
number of shares and convertible securities to be issued other
than on a pro-rata basis to shareholders of the Company does not
exceed 20% of the issued share capital of the Company.

For the purposes of this resolution, the percentage of the
issued share capital of the Company shall be based on the issued
share capital of the Company at the time this resolution
approving the mandate is passed (after adjusting for any new
shares arising from the conversion or exercise of convertible
securities; or new shares arising from exercising share options
or vesting of share awards outstanding or subsisting at the time
of the passing of this resolution approving the mandate,
provided the option or awards were granted in compliance with
Part VIII of Chapter 8 of the Listing Manual; and any subsequent
consolidation or subdivision of shares in the Company), and
unless revoked or varied by the Company in general meeting, such
authority shall continue in force until the (Resolution 5(i))
conclusion of the next annual general meeting of the Company or
the date by which the next annual general meeting of the Company
is required by law to be held, whichever is the earlier.

(ii) Mandate to Directors to issue Scheme Shares

Resolved that the Directors be and are hereby authorized to
grant options from time to time in accordance with the
provisions of The Informatics Group Share Option Scheme (the
Scheme).

Pursuant to Section 161 of The Companies Act, Cap 50, to allot
and issue from time to time such number of shares in the capital
of the Company (the Scheme Shares) as may be required to be
issued pursuant to the exercise of the options that may be
granted under the Scheme Provided Always That the number of the
Scheme Shares available under the Scheme shall not exceed 15% of
the issued share capital of the Company from time to time.

The aggregate number of Scheme Shares available to Participants
who are controlling shareholders of the Company and their
associates shall not exceed 25% of the Scheme Shares available
under the Scheme and the number of Scheme Shares available to
each Participant who is a controlling shareholder of the Company
or his associates shall not exceed 10% of the Scheme Shares
available under the
Scheme. (Resolution 5(ii))

(6) Increase in Authorized Capital

Resolved that the authorized share capital of the Company be
increased from SGD20,000,000 divided into 400,000,000 shares of
$0.05 each (Shares) to $SGD0,000,000, divided into 800,000,000
Shares by the creation of an additional 400,000,000 Shares and
that in connection therewith Clause 5 of the Memorandum of
Association of the Company be amended by deleting the first
sentence thereof and substituting therefore the following
sentence :

The authorized share capital of the Company is SGD40,000,000
divided into 800,000,000 shares of SGD0.05 each. (Resolution 6)

(7) To transact any other business that may be transacted at an
Annual General Meeting of which due notice shall have been
given. (Resolution 7)

By Order of the Board
Raymond Quek Hiong How
Michael Tay Kwang How
Secretaries.
Singapore, 13 July 2004

Notes:

(1) A member entitled to attend and vote at the Meeting is
entitled to appoint a proxy to attend and vote in his stead. A
proxy need not be a member of the Company. The instrument
appointing a proxy must be deposited at the Company's Registered
Office, Informatics Building, 5 International Business Park,
Singapore 609914 attention to the Company Secretary, not less
than 48 hours before the Meeting.

Explanatory Notes on Ordinary Business to be transacted:

Ordinary Resolution

(2) Mr Tang Chun Choy, an independent and non-executive
Director, who is retiring in accordance with the Company's
Articles of Association, will not be offering himself for re-
election. Mr Frank Yung-Cheng Yung, an independent and non-
executive Director, who is also retiring in accordance with the
Company's Articles of Association, will also not be offering
himself for re-election.

Explanatory Notes on Special Business to be transacted:

Ordinary Resolution

(5)(i) is to authorise the Directors of the Company to issue
shares and convertible securities up to 50% of the Company's
issued share capital, with an aggregate sub-limit of 20% of the
Company's share capital for any issue of shares and convertible
securities not made on a pro-rata basis to shareholders of the
Company.

(ii) is to allow the Directors to issue shares pursuant to the
Scheme.

(6) is to increase the authorized share capital of the Company
from SGD20,000,000 divided into 400,000,000 Shares to
$SGD0,000,000 divided into 800,000,000 Shares by the creation of
400,000,000 additional Shares in conjunction with the proposed
renounceable non-underwritten rights issue announced on July 7,
2004.


MAERSK LOGISTICS: Creditors To Prove Debts on August 16
-------------------------------------------------------
Notice is given that the creditors of Maersk Logistics Asia Pte
Ltd., which is being wound up voluntarily are required on or
before August 16, 2004 to send in their names and addresses and
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the undersigned, the
liquidator of the said Company and, if so required by notice in
writing by the said liquidator are, by their solicitors or
personally, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

TEO SIEW KIM
Liquidator.
c/o 200 Cantonment Road
#11-00 Southpoint
Singapore 089763.

This Singapore Government Gazette announcement is dated July 16,
2004.


SAFETYCARE PRIVATE: Holding Final Meeting on August 16
------------------------------------------------------
Notice is given that the Final General Meeting of Safetycare
Private Limited, which is in member's voluntary liquidation,
will be held at 756 Waverley Road, East Malvern, Victoria,
Australia on August 16, 2004 at 10.00 am for the following
purposes:

(1) To receive an account from the Liquidators showing the
manner in which the winding up has been conducted and the
property of the Company disposed of, and to hear any
explanations that may be given by the Liquidators.

(2) To determine by resolution the manner in which the books,
accounts and documents of the Company, shall be disposed of.

Kon Yin Tong
Wong Kian Kok
William Caven Hutchison
Joint Liquidators.

Note: A member entitled to attend and vote at the Final Meeting
is entitled to appoint a proxy to attend and vote in his stead.
All proxies should be deposited at the Liquidators' Office not
less than forty-eight hours before the time for holding the
meeting or any adjournment thereof. A proxy need not be a member
of the Company.

This Singapore Government Gazette announcement is dated July 16,
2004.


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


RAIMON LAND: Explains The 20% Improvement Of Operating Results
--------------------------------------------------------------
Raimon Land PLC issued to the Stock Exchange of Thailand an
explanation on over 20 percent improvement in operating result
of the Company and its subsidiaries for the second quarter of
year 2004.

The over 20 percent improvement in operating results compare to
the same quarter of year 2003 (The Company had net profit for
the second quarter of year 2004 of approximately THB198.84
million. Last year the Company post a net loss for the second
quarter of approximately THB24.96 million), which were mainly
from profit shares in investments (equity method) in Bangkok
Property Fund (owner of the Lakes Project) of approximately
THB221.28 million.

Please be informed, accordingly.
Yours sincerely,
Raimon Land PLC
Nigel J. Cornick
Chief Executive Officer


RAIMON LAND: Unveils Resolutions Passed During Board Meeting
------------------------------------------------------------
Raimon Land PCL, notified the Stock Exchange of Thailand the
resolutions of the Board of Directors meeting, held on 16 July
2004.

(1) Adoption of the Minutes of the Board of Directors meeting of
the Company No. 9/2004.

(2) Unanimous approval of the Interim Financial Statement of the
Company and its subsidiaries for the three-month and six-month
periods ended 30 June 2004.

For more information, click
http://bankrupt.com/misc/RAIMONLAND071604.htm


THAI WAH: Updates Shares Sale
-----------------------------
Thai Wah Group Planner Co. Ltd. (TWGP) refers to its Information
Memorandum submitted to the Stock Exchange of Thailand on July
14, 2004 relating to Thai Wah Plaza Ltd.'s sale of its entire
shareholding in  (TWGP) to International Commercial Development
Co., Ltd. (ICD).

In this regard, please be informed that since the sale price of
TWGP shares is higher than TWGP's book value, the sale of TWGP
shares by TWPL does not reduce the asset value of TWC.  In
addition, the transfer of the TWGP shares to ICD does not affect
the existence of TWGP and the performance of TWGP's role as the
plan administrator of TWC.

Yours sincerely,
(Mr. Kuan Chiet)
Director
Thai Wah Public Company Limited
By Thai Wah Group Planner Company Limited
as the Plan Administrator


                            *********


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

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

This material is copyrighted and any commercial use, resale or
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