TCRAP_Public/040720.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

             Tuesday, July 20, 2004, Vol. 7, No. 142

                            Headlines

A U S T R A L I A

NATIONAL AUSTRALIA: Names Ernst & Young As Auditor


C H I N A  &  H O N G  K O N G

ACAPO LIMITED: Enters Winding Up Proceedings
CLADTECH HONGKONG: Creditors Must Prove Debts by August 20
FINE-PAL COMPANY: Court Hears Winding Up Petition
GIGALINK GROUP: Winding Up Hearing Slated on July 28
GOLDEN TIME: Winding Up Hearing Slated on August 4

HARBOUR FAITH: Winding Up Hearing Set August 4
JILIN CHEMICAL: Unaware of Reasons for Price Movement
OPEN SOURCE: Winding Up Hearing Set August 4


I N D O N E S I A

BANK PERMATA: Mandiri Mulls Majority Stake Buy
GARUDA INDONESIA: To Reopen Medan-Kuala Lumpur Route
MERPATI NUSANTARA: Plans Aircraft Purchases


J A P A N

ALL NIPPON: Seeks Domestic Code-Share Flights With SAL
ATO KAIHATSU: Golf Course Starts Rehabilitation Proceedings
MITSUBISHI MOTORS: METI Grants JPY550M Tax Break
MITSUBISHI MOTORS: Names Members of Business Ethics Committee
RESONA HOLDINGS: In Talks to Sell Showa Stake

SOJITZ CORPORATION: Issues Statement on S&P's Rating Action
UFJ HOLDINGS: Sumitomo Trust Files Legal Action
UFJ HOLDINGS: Begins Talks To Enter Alliance With MTFG
UFJ HOLDINGS: Mitsubishi Tokyo to Inject JPY300 by September


K O R E A

HYNIX SEMICONDUCTOR: Mattson Wins Multiple Orders from Chipmaker
LG CARD: Shares Down 8.4% on Financial Concerns
SSANGYONG MOTOR: Strike Worries Investors; Jeopardizes Sale


M A L A Y S I A

ANCOM BERHAD: Details Disposal Of 1,363,000 Ordinary Shares
ANTAH HOLDINGS: Issues Update on Proposals
CRIMSON LAND: SC Grants Extension On Implementation of Proposals
KRETAM HOLDINGS: Issues Details In Interest Payment
LION INDUSTRIES: Updates Second Deferment of 41,613,000 Shares

OCEAN CAPITAL: Issues Change In Share Registrar
TRU-TECH HOLDINGS: Updates Default in Payment Status
UNZA HOLDINGS: Ordinary Shares Delisted


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Parent Firm Clarifies News Article
MANILA ELECTRIC: Earmarks PHP1Bln For Two New GIS
MANILA ELECTRIC: Confirms Veracity of News Article
PHILIPPINE BANK: Confirms Veracity of News Article
PHILIPPINE BANK: Issues Clarification to News Article


S I N G A P O R E

CAPITALAND LIMITED: Announces Dissolution of Indirect Subsidiary
HOCK CHUAN: Loses Whampoa Drive, Kim Keat Avenue Projects
I.SECUREP HOLDINGS: Winding Up Hearing Scheduled July 23
KAITENG TECHNOLOGY: Court Hears Winding Up Petition
LIM HONG: Faces Winding Up Hearing Petition

LULEE METALS: Liquidating Despite Healthy Appearance
NEW CIVILBUILD: Releases Dividend Notice
RIOT ENTERTAINMENT: Issues Dividend Notice
SMRT CORPORATION: Clarifies July 15 Bloomberg Report
VICPLAS INDUSTRIES: Enters Winding Up Proceedings

VIDEOTRAIN PRIVATE: Holds Final Meeting on August 16
XPLAN TECHNOLOGY: Creditors Must Submit Claims by August 13


T H A I L A N D

RAIMON LAND: Notifies SET Re Board of Directors Meeting
* BOND PRICING: For the Week 19 July to 23 July 2004

     -  -  -  -  -  -  -  -

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


NATIONAL AUSTRALIA: Names Ernst & Young As Auditor
--------------------------------------------------
The Chairman of National Australia Bank (NAB)'s Audit Committee,
Mr. John Thorn, on Monday announced that Ernst & Young was
selected as a new external auditor of NAB for the 2004-2005
financial year.

In a disclosure to the Australian Stock Exchange, the decision
to change external auditor was announced on April 7 as part of
the bank's overall change program

Shareholders will be asked to approve the new auditor at the
National's next Annual General Meeting.

"Ernst & Young will provide the National Australia Bank with
access to considerable financial services audit experience," Mr.
Thorn said.

"I would like to thank the National Australia Bank's current
auditor KPM for their contribution over many years," he said.

For further information:

Brandon Phillips
Group Manager
Group Corporate Relations
0386 413 857 (work)
0419 369 058 (mobile)

Samantha Evans
Group Communications Adviser
03 8641 4982 (work)
0404 883 509 (mobile)

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

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


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


ACAPO LIMITED: Enters Winding Up Proceedings
--------------------------------------------
Notice is given that a Petition for the Winding up of Acapo
Limited by the High Court of Hong Kong was, on June 14, 2004,
presented to the said Court by Tang Kam Hon of No. 145 Wang Toi
Shan Shan Tsuen, Pat Heung New Territories, Hong Kong.

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

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

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

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


CLADTECH HONGKONG: Creditors Must Prove Debts by August 20
----------------------------------------------------------
The creditors of Cladtech 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 August
20, 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 of the said company at
8th Floor, Wing On Centre, 111 Connaught Road Central, Hong
Kong, 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.

Kong Chi How, Johnson
Joint and Several Liquidators.

This announcement is dated July 16, 2004.


FINE-PAL COMPANY: Court Hears Winding Up Petition
-------------------------------------------------
A Petition for the Winding up of Fine-pal Company Limited by the
High Court of Hong Kong was, on July 9, 2004, presented to the
said Court by Li Chit Fung Raymond of Flat E, 13th Floor, Block
5, Phase 2, Tai Hing Garden, Tuen Mun, New Territories, Hong
Kong.

The said Petition will be heard before the Court at 10:00 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.

DEACONS
Solicitors for the Petitioner,
5th Floor, Alexandra House
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.


GIGALINK GROUP: Winding Up Hearing Slated on July 28
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Gigalink Group Limited by the High Court of Hong Kong was, on
June 14, 2004, presented to the said Court by AIG Private Bank
Limited of 16th Floor, AIA Building, 1 Stubbs Road, Hong Kong.

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

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

JONES DAY
Solicitors for the Petitioner,
31/F., Edinburgh Tower
The Landmark, Central
Hong Kong

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


GOLDEN TIME: Winding Up Hearing Slated on August 4
--------------------------------------------------
A Petition for the Winding up of Golden Time Limited by the High
Court of Hong Kong was, on June 19, 2004, presented to the said
Court by Pak Fung Kin of Room 910, Block A, Mei Wai House, Mei
Lam Estate, Shatin, New Territories, Hong Kong.

The said Petition is scheduled 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.

LAM FUNG & CO.
Solicitors for the Petitioner,
Rooms 1104-5, 11th Floor, Wai Fung Plaza
664 Nathan Road, Mongkok
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.


HARBOUR FAITH: Winding Up Hearing Set August 4
-----------------------------------------------
A Petition for the Winding up of Harbour Faith International
Industrial Limited by the High Court of Hong Kong was, on June
24, 2004, presented to the said Court by Bank of Communications
whose principal place of business is situated at 20 Pedder
Street, Central, Hong Kong.

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

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

JOHNSON STOKES & MASTER
Solicitors for the Petitioner,
18th Floor, Prince's Building
10 Chater 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.


JILIN CHEMICAL: Unaware of Reasons for Price Movement
-----------------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Jilin Chemical Industrial Company 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 increases in the trading volume of the
shares of the Company and wish to state that we are not aware of
any reasons for such increase.

We also confirm that 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.

Made by the order of the Board of Jilin Chemical Industrial
Company Limited, the directors of which individually and jointly
accept responsibility for the accuracy of this statement."

By order of the Board
Zhang Liyan
Company Secretary.

This announcement is dated July 16, 2004.


OPEN SOURCE: Winding Up Hearing Set August 4
--------------------------------------------
Notice is given that a Petition for the Winding up of Open
Source Development Limited by the High Court of Hong Kong was,
on June 24, 2004, presented to the said Court by Bank of
Communications whose principal place of business is situate at
20 Pedder Street, 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.

JOHNSON STOKES & MASTER
Solicitors for the Petitioner,
18th Floor, Prince's Building
10 Chater 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.


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


BANK PERMATA: Mandiri Mulls Majority Stake Buy
----------------------------------------------
PT Bank Mandiri has expressed interest in the acquisition of a
majority stake in PT Bank Permata, The Jakarta Post reports,
quoting Mandiri President Edward Neloe.

According to Mr. Neloe, they would bid for Permata if the
government sets a low price for Indonesia's seventh-largest
bank. He added that the government's touted sale price of 1.4 to
1.8 times Permata's book value was too cheap to pass up.

PT Bank Mandiri may buy 51 or 71 percent of smaller rival PT
Bank Permata and combine the two lenders if the state sets a
reasonable price for the takeover.

Permata, which was formed after a merger of five troubled banks
in 2002, has IDR1.6 trillion in capital and assets of IDR29.6
trillion. Mandiri, on the other hand, is the country's largest
bank with IDR249 trillion worth of assets.

The government, which aims to raise IDR3 trillion (US$334.82
million) in cash from the Permata sale, is in the process of
divesting 71 percent of its 97.17 percent stake in Permata to
help plug its budget deficit forecasted to be at IDR24.4
trillion (US$2.71 billion).

Bank Negara Indonesia, Bank Central Asia, Bank Panin, Bank Artha
Graha, Singapore's Temasek Holdings and Standard Chartered Bank
are also eyeing the Permata stake.


GARUDA INDONESIA: To Reopen Medan-Kuala Lumpur Route
----------------------------------------------------
Indonesia's flag carrier Garuda Indonesia plans to resume its
Medan-Kuala Lumpur flights late this year, Asia Pulse reported,
citing Garuda official Nasrizal.

The airline opted to pursue its plan to reopen the route after
the release of a new Indonesian state policy offering fiscal-
free facility to Mudan-Kuala Lumpur passengers starting July 16.

Garuda is positive that the said route will promote tourism,
investment and trade between the two destinations.

Mr. Nasrizal is also confident that the airline will be able to
vie with other airlines such as the Malaysian Air System (MAS),
which is solely serving direct flights between Medan and Kuala
Lumpur.


MERPATI NUSANTARA: Plans Aircraft Purchases
-------------------------------------------
Merpati Nusantara Airlines plans to acquire 20 new planes over
the next two years, ABC Radio Australia reports.

Merpati President-Director Hotashi Nababan said the purchases,
worth almost US$67 million, would be funded from proceeds of a
scheduled privatization program this year. The airline still
awaits Parliament's approval of the plan.

Merpati spokeswoman Gendu Rudati revealed the company will buy
ten Boeing 737-300s and ten propeller aircraft. She added that
some of the planes will seat 30 passengers to serve short routes
to remote areas.


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


ALL NIPPON: Seeks Domestic Code-Share Flights With SAL
------------------------------------------------------
All Nippon Airways (ANA) and Shanghai Airlines (SAL) on Thursday
applied for government approval to begin a wide-ranging
marketing alliance on September 1, ushering in the first
domestic code-share flights between a Chinese and Japanese
airline, as well as code-share flights between international
gateways.

Subject to the go-ahead from the relevant authorities, from
September 1 this year, Shanghai Airlines and ANA will jointly
operate 21 flights per week between Shanghai (Pudong) and Tokyo
(Narita) and Osaka (Kansai): one ANA daily return flight between
Tokyo and Shanghai will carry the Shanghai Airlines' code (FM),
as will two daily return flights between Osaka and Shanghai.
Shanghai Airlines' daily Shanghai-Osaka return service will also
operate under the ANA code (NH). This will bring the total
number of flights carrying the ANA code between Japan and China
to 161 per week.

For the first time in the history of cooperation between Japan
and China, domestic flights will also be covered by the
agreement. One ANA-operated daily flight between Osaka (Kansai)
and Tokyo (Haneda) will carry the FM code. Likewise, one
Shanghai Airlines-operated daily flight will use the NH code
between Shanghai and Shenzhen, as will two daily flights between
Shanghai and Guangzhou. In total, 28 flights per week.

The agreement will ease passenger connections between
international and domestic sectors, in Japan and China, and give
passengers the convenience of traveling under a single airline
code. At the same time it will give both airlines greater
exposure in each other's markets, and expand their international
networks and capacity.

"We are proud to be part of the first bilateral alliance between
a Chinese and Japanese airline, which not only brings the
convenience of a tie-up on domestic routes to our passengers,
but also signifies a deepening of relations between China and
Japan," said ANA President and CEO Yoji Ohashi. "It underlines
our commitment to the dynamic and growing China market, and goes
a step further in bringing our peoples and businesses together."

"ANA is one of the famous international airlines which
established a business relationship with Shanghai Airlines from
an early stage. We have been cooperating with ANA since 2002 in
many fields," said SAL President Mr. Fan Hongxi. "I sincerely
hope the relationship between SAL and ANA can be a model of
cooperation between a Chinese carrier and a Japanese carrier
which seek development together."

The domestic code-share in China comes as a natural progression
from the connection service to Shenzhen and Guangzhou that ANA
and Shanghai Airlines have been operating at Shanghai's Pudong
Airport since October 2003. Complete with a dedicated desk and
staff, it is designed to ensure smooth international to domestic
transfers, and will continue for flights that are not covered by
the new code-share agreement. In addition to Shenzen and
Guangzhou, the city of Xiangfan also is included in the
connection service.

Summary of Return Code-share Flights from September 1

Tokyo (Narita)-Shanghai: ANA seven flights per week.
Osaka-Shanghai: ANA 14 flights per week Shanghai Airlines seven
flights per week.
Tokyo (Haneda)-Osaka: ANA seven flights per week.
Shanghai-Shenzhen: Shanghai Airlines seven flights per week.
Shanghai-Guangzhou: Shanghai Airlines 14 flights per week.

Contact:  SAL Corporate Cultural Dept.    Wang Wanlong:
wangwl@shanghai-air.com
ANA Public Relations   Rob Henderson: r.henderson@ana.co.jp

This is a company press release.


ATO KAIHATSU: Golf Course Starts Rehabilitation Proceedings
-----------------------------------------------------------
Ato Kaihatsu K.K., which has total liabilities of JPY12 billion
against a capital of JPY10 million, has applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The public golf course is located in Seki-shi, Gifu, Japan.


MITSUBISHI MOTORS: METI Grants JPY550M Tax Break
------------------------------------------------
Mitsubishi Motors Corporation (MMC) on Friday received approval
from Japan's Ministry of Economy, Trade and Industry (METI) for
its application to be covered by the Industrial Revitalization
Law.

In a company press release, the ministry approved the
application on the condition that MMC places top priority on
restoring trust in the company.

In line with the law's objective, MMC is determined to push
ahead with its revitalization plan by establishing a corporate
culture that places top priority on compliance, customers, and
safety.


MITSUBISHI MOTORS: Names Members of Business Ethics Committee
-------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) on Friday announced the
members of its Business Ethics Committee set up on June 29, the
company announced on its Web site. The panel of outside experts
will join the committee on July 22.

CHAIRMAN

Noboru Matsuda (Former senior public prosecutor and Governor of
the Deposit Insurance Corporation of Japan)

COMMITTEE MEMBERS

Konoe Kawagishi (Former vice-chairman of Yomiuri Shimbun
editorial committee; member of the Securities and Exchange
Surveillance Commission).

Takahiro Fujimoto (Professor at Tokyo University; head of the
university's Manufacturing Management Research Center).

Kazuko Miyamoto (Head of consumer research at the Nippon
Association of Consumer Specialists; member of the Industrial
Structure Council Consumer Policy Committee).

Kazuo Mura (Lawyer; former managing director of the Resolution
and Collection Corporation).

Mitsubishi Motors' Business Ethics Committee will act as an
advisory body for the company's board of directors, offering
recommendations and making proposals on business ethics. The
committee will also advise the company's Corporate Social
Responsibility Promotion Office on auditing quality and
reforming corporate culture and business ethics. The committee's
secretariat, headed by Junzo Ishino, has already been set up in
preparation for the committee's first meeting on July 22.

To break from the past and turn itself into a trusted company,
MMC is following a business policy, which places top priority on
compliance, customers, and safety. The guidance and advice
provided by the Business Ethics Committee will help the company
beef up its monitoring of quality and corporate governance
issues.


RESONA HOLDINGS: In Talks to Sell Showa Stake
---------------------------------------------
Resona Holdings Inc. is negotiating to sell its 14-percent stake
in Showa Leasing Co. as it pays back the government for an US$18
billion bailout last year, Bloomberg News reports.

The bank is in talks with General Electric Co., New York-based
Cerberus Partners LP, Japan's Orix Corporation and Shinsei Bank
Limited. The bank hired Deutsche Bank AG to advise on the sale.

Showa leases computers, construction machinery and medical
equipment and has a value of about JPY50 billion (US$460
million). Showa has 16 branches in Japan and one each in Hong
Kong, Malaysia and China.

Resona's losses nearly doubled in the year ended March 31 as it
wrote off problem loans. The group lost JPY1.66 trillion,
compared with a loss of JPY837.6 billion the previous year.


SOJITZ CORPORATION: Issues Statement on S&P's Rating Action
-----------------------------------------------------------
Standard and Poor's Ratings Services (S&P), last week announced
the results of its ratings review for Sojitz Corporation. Sojitz
Corporation is a consolidated subsidiary of Sojitz Holdings
Corporation. S&P has maintained its "B+" ratings on both the
company's senior unsecured bonds, and lowered its long-term
corporate credit rating to "CCC." S&P also announced Sojitz
Corporation's senior unsecured bonds and long-term corporate
credit rating would remain on a "CreditWatch" status, with the
possibility of further downgrade.

Despite comments in S&P's press release acknowledging Sojitz
Corporation's active efforts to dispose of problem assets and
that Sojitz remains on track with its Business Plan (S&P refers
it as a restructuring plan), following a review of Sojitz
Corporation's Business Plan, S&P has determined that there is an
increased likelihood that Sojitz will be forced to revise its
Business Plan and seek financial support with a selective
default in the form of debt forgiveness or a debt-for-equity
swap.

As stated in Sojitz comments in relation to an article on
Thursday in the morning edition of the Asahi Newspaper, the
Company is committed to its policy of continuing autonomous
management efforts and has not currently approached UFJ Bank for
financial support. Contrary to S&P's analysis, there are no
changes in the Company's position and no concerns over the
timely payment of all debt. Accordingly, the Sojitz Group does
not agree with the reasons and timing of actions of S&P.

In addition, in discussion with an S&P analyst responsible for
the Sojitz Group, the Company was advised that the ratings
action was not related to Sojitz Corporation's credibility, its
business platform, or changes in financial position. The ratings
action was in line with S&P's determination that relationship
banks were more likely to be considering debt forgiveness or a
debt-for-equity swap as measures relating to the company's
obligations. A S&P analyst further commented that debt
forgiveness by creditor banks or a debt-for-equity swap would
provide some measure of reassurance to the company's corporate
bondholders, general creditors, and customers.

The Sojitz Group remains in position to make steady progress on
its Business Plan with the cooperation of its customers,
shareholders and financial institutions.

This is a company press release.


UFJ HOLDINGS: Sumitomo Trust Files Legal Action
-----------------------------------------------
Sumitomo Trust & Banking Co. Limited on Friday filed with the
Tokyo District Court a motion for a provisional injunction to
restrain UFJ Holdings, Inc. and the other companies within the
UFJ Group from entering into discussions with, and providing
information to, any third party in breach of the agreement
reached with Sumitomo for management integration and joint
operation of trust and custody businesses.

For enquiries, 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

Source: Sumitomo Trust & Banking Co. Ltd.


UFJ HOLDINGS: Begins Talks To Enter Alliance With MTFG
------------------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President & CEO:
Nobuo Kuroyanagi) and UFJ Holdings, Inc. (UFJ; President and
CEO: Ryosuke Tamakoshi announced Friday that they have agreed to
commence discussions regarding a possible management integration
in order to realize the goals set forth below. MTFG and UFJ will
pursue discussions with the goal of reaching a basic agreement
by the end of this month and completing the transaction during
the first half of this fiscal 2005.

1) Purpose of management integration

As the needs of customers in Japan and abroad diversify and
become more sophisticated, MTFG and UFJ aim, through the
management integration, to create a leading global comprehensive
financial group that is competitive on a global basis, and to
provide products and services of the highest quality.

The management integration will create a highly competitive
group with a strong presence in the core financial business
areas of banking, trust banking, securities, investment trusts,
credit cards and consumer finance, leasing and other areas.
Through the ability to offer products and services across these
various businesses, we can create a much stronger organization
that can response flexibly and comprehensively to a wide range
of diverse of customer needs.

Further, the two groups are complementary, both in terms of
their branch networks and their operations. By leveraging the
respective strengths of each group and creating synergies
through the management integration, UFJ will be able to take
advantage of these efficiencies for strengthening the Company's
line-up of products and services for its customers.

Specifically, UFJ will be able to leverage its industry-leading
domestic and overseas networks and its comprehensive financial
services capabilities to further strengthen its ability to
provide new ideas and strategies and competitive products to
large corporate customers. With respect to medium and small-
sized corporate customers, UFJ will strengthen its line-up
lending-related products and services and adopt a more
regionally focused sales approach. With regard to individual
customers, UFJ will aim to improve customer convenience through
the provision of 'one-stop shipping' while fully mobilizing its
combined strengths to provide high quality products and services
matched to the life stages of customers. In these ways, as a
truly dependable comprehensive financial services group, we aim
to contribute to the prosperity of our customers, society and
economy and to raise shareholder value.

2) Memorandum of Understanding

In connection with the commencement of discussions regarding
management integration, the two groups have signed a memorandum
of understanding regarding the following basic points of
agreement.

- Found on they key principles of trust a reliability, and
through improved and strengthened corporate governance, the
purpose of management integration of the two groups is to raise
corporate value and create a significantly stronger
comprehensive financial services group, and to contribute to the
prosperity of their customers in Japan and abroad, of society
and of the economy.

- The two groups will commence discussions for the management
integration of MTFG and UFJ and will also discuss MTFG's
cooperation in the strengthening UFJ's capital.

- All efforts will be made to reach a basic agreement on the
specific details of the management integration and the
strengthening of UFJ's capital by the 31st of July 2004.

For a copy of the outline of the companies, go to
http://bankrupt.com/misc/tcrap_ufj0717.pdf


UFJ HOLDINGS: Mitsubishi Tokyo to Inject JPY300 by September
------------------------------------------------------------
Mitsubishi Tokyo Financial Group Inc. plans to infuse some
JPY300 yen in capital into UFJ Holdings Inc. by September to
help the UFJ group accelerate disposal of bad loans ahead of
their planned merger next year, Kyodo News reports.

Mitsubishi Tokyo and UFJ have signed an agreement to launch
negotiations with the aim of integrating their operations during
the April-September period of 2005.

Meanwhile, Moody's Investors Service said Friday it has placed
on review for possible upgrade the long-term credit ratings of
the Bank of Tokyo-Mitsubishi, Mitsubishi Trust and Banking
Corporation, UFJ Bank and UFJ Trust Bank.


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


HYNIX SEMICONDUCTOR: Mattson Wins Multiple Orders from Chipmaker
----------------------------------------------------------------
Mattson Technology, Inc., a leading supplier of advanced process
equipment used to manufacture semiconductors, announced that it
has won multi-product system orders from Hynix Semiconductor
Inc., one of the world's leading manufacturers of memory chips,
for the production of dynamic random access memory (DRAM)
devices in its new T1 300 millimeter (mm) wafer fabrication
plant in Ichon, South Korea, PR Newswire reports. Mattson's new
Helios rapid thermal processing (RTP) and multiple Aspen III
plasma tools, including the Aspen III ICPHT Strip system, are
expected to be installed in Hynix' new fab for its 300 mm pilot
line by the end of August 2004.

A new Aspen III ICPHT utilizes an advanced RF plasma source and
Mattson's proprietary inductively coupled plasma (ICP)
technology to provide a wider process window for FEOL and BEOL
strip applications. Featuring high-speed dual-wafer handling and
a modular, dual-chamber design, the system provides excellent
within-chamber and module-to-module repeatability. Enhanced
features include an upgraded RF assembly and a redesigned heater
block for increased strip rates, throughput, performance
(throughput and process time improvements of 100% have been
demonstrated for HDIS) and reliability. The ICPHT's high
productivity and excellent process performance provide the low
CoO required for cost-effective chip manufacturing.

About Mattson Technology, Inc.

Mattson Technology, Inc. is a leading supplier of semiconductor
wafer processing equipment used in the fabrication of integrated
circuits. The company's dry strip and RTP equipment utilize
innovative technology to deliver advanced processing
capabilities on high-productivity platforms for the fabrication
of current- and next-generation devices. Since beginning
operations in 1989, the company's core vision has been to help
bring technology leadership and productivity gains to
semiconductor manufacturers worldwide. For more information,
please contact Mattson Technology, Inc., 47131 Bayside Parkway,
Fremont, Calif. 94538. Telephone: 800-MATTSON/510-657-5900. Fax:
510-492-5911. Internet: www.mattson.com.

Contact: Lauren Vu of Mattson Technology, Inc., +1-510-492-6518,
or fax, +1-510-492-2800, or lauren.vu@mattson.com.


LG CARD: Shares Down 8.4% on Financial Concerns
-----------------------------------------------
Shares in LG Card Co. Ltd. slumped 8.4 percent on Monday as
investors viewed the stock as overvalued given its shaky
financial structure and uncertainties over future support by
creditors, according to Reuters.

Creditors agreed last week to proceed with a KRW2.5 trillion
(US$2.2 billion) debt-for-equity swap for the credit card
company. The Company needs fresh funds to maintain the minimum
capital to stay listed as a slow domestic economy and a mountain
of bad debt delay the firm's turnaround.


SSANGYONG MOTOR: Strike Worries Investors; Jeopardizes Sale
-----------------------------------------------------------
Ssangyong shares dropped 1.9 percent Monday as investors
speculated the labor unrest at the company might affect its sale
to a foreign investor, Reuters says.

Union workers yesterday staged a seven-hour strike. They
threatened to repeat the work stoppage for another seven hours
today and, if management continues to ignore their demand for a
wage hike, they plan to launch a whole-day strike in the days
ahead. Both sides will again meet today, July 20, to attempt to
settle their differences, the newswire said.


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


ANCOM BERHAD: Details Disposal Of 1,363,000 Ordinary Shares
-----------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Ancom
Berhad announced the details of the Disposal of 1,363,000
Ordinary Shares of RM1.00 each in Material Performance
Engineering Sdn Bhd.

(1) Introduction

Ancom Berhad (Ancom) wishes to announce that it has entered into
a Sale and Purchase Agreement (SPA) on Friday with Total Oil
Technologies Sdn Bhd (TOT) for the disposal of its entire
1,363,000 ordinary shares of RM1.00 each representing 24.9
percent equity interest in Material Performance Engineering Sdn
Bhd (MPE) for cash consideration of RM1,363,000 (Disposal).

(2) Information on TOT and MPE

(2.1) TOT

TOT is a wholly owned subsidiary of Wah Seong Corporation Berhad
(WSC), a company listed on the Main Board of Bursa Malaysia
Securities Berhad.

(2.2) MPE

MPE is principally involved in the manufacturing, supply and
installation of sacrificial anodes, provision of cathodic
protection services and equipment, special paint coating
services and provision of technical training services on
corrosion protection. MPE is currently a 72.5 percent owned
subsidiary of Botco Sdn Bhd (Botco), a subsidiary of WSC.

(3) The Disposal

(3.1) Rationale

The Disposal represents a divestment by Ancom of its non-core
investment.

(3.2) Sale Consideration

The sale consideration of RM1,363,000 or RM1.00 per ordinary
share was negotiated on a willing buyer willing seller basis
based on the par value of the ordinary shares.

The sale consideration will be settled in full by TOT on the
completion date as defined in the SPA. The Disposal is expected
to be completed by the end of July 2004.

The sale proceeds to be received will be used by Ancom as
working capital of the Company.

(3.3) Original Cost of Investment

The original cost of the 1,363,000 ordinary shares is
RM1,363,000 and the ordinary shares were held by Ancom since 12
December 2003.

(3.4) Approvals

The Disposal is not subject to the approvals of the shareholders
of the Company and any other authorities.

(4) Effects of the Disposal

The Disposal is not expected to have any effect on the share
capital, consolidated earnings and net tangible assets of the
Ancom group for the financial year ending 31 May 2005.

Ancom will cease to have any interest in MPE after the Disposal.

(5) Directors' and Substantial Shareholders' Interests

None of the Directors or substantial shareholders of Ancom or
persons connected to them is interested, directly or indirectly,
in the Disposal.

En. Mohd Nizam Abdul Razak (En. Nizam), the Chairman and a 25
percent substantial shareholder of Botcoand a Director of MPE,
is the brother of Dato' Johari Razak, the Executive Chairman of
Ancom. Dato' Johari Razak currently holds 0.38% equity in Ancom.
En. Nizam has a 0.41 percent shareholding in WSC and
insignificant indirect shareholding in Ancom.

En. Mohd Azlan Mohammed (En. Azlan), a Director of Botco and MPE
and a 10 percent substantial shareholder of Botco, is also a
Director of a few subsidiary companies of Ancom. En. Azlan has a
0.62 percent shareholding in WSC and insignificant indirect
shareholding in Ancom.

(6) Directors' Statement

Having considered all aspects of the Disposal, the Board of
Directors is of the opinion that the Disposal is in the best
interest of the Company.

This announcement is dated 16 July 2004.

Contact:

Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791


ANTAH HOLDINGS: Issues Update on Proposals
------------------------------------------
Antah Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad an update on the following proposals:

- Proposed Debt Restructuring and
- Proposed Two-Call Rights Issue

(1) INTRODUCTION

We refer to the announcement dated 7 November 2003 wherein the
Board of Directors of Antah has resolved to implement a
restructuring scheme which shall include amongst other, a debt
restructuring scheme involving the financial institution lenders
and other creditors of the Antah group of companies (Antah
Group). Avenue Securities Sdn Bhd (Avenue), on behalf of the
Board of Directors of Antah is pleased to announce that the
Company proposes to undertake the:

(i) Proposed settlement and/or compromise of the liabilities
(including contingent liabilities) owing by Antah to certain of
its creditors (Scheme Creditors) amounting to RM222,749,664 as
at 30 June 2003, to be implemented by mutual agreement or if
required, by way of a scheme of arrangement pursuant to Section
176(1) of the Companies Act, 1965 (Act), the principal terms and
conditions of which are set out in Section 2.1 below (Proposed
Debt Restructuring); and

(ii) Proposed renounceable two-call rights issue of up to
67,926,093 new ordinary shares of RM0.50 each in Antah (Rights
Shares) to be credited as fully paid-up at an indicative issue
price of RM0.50 per Rights Share, of which the first call of
RM0.30 per Rights Share which shall be paid in cash on
application and the second call of RM0.20 per Rights Share shall
be payable out of the share premium account of Antah on the
basis of one (1) Rights Share for every five (5) existing
ordinary shares of RM0.50 each in Antah (Antah Shares or Shares)
held on an entitlement date to be determined later (Proposed
Two-Call Rights Issue).

In addition, the Company is also currently in negotiations with
various parties for the proposed acquisition of new assets, with
the intention of enhancing the earnings of the Antah Group,
details of which will be announced upon the finalisation of the
terms and conditions.

(2) DETAILS OF THE PROPOSALS

(2.1) Proposed Debt Restructuring

The Proposed Debt Restructuring is envisaged to entail:

(2.1.1) Class A - Secured Financial Institutions (FI) Creditors
As at 30 June 2003, the amount owing by Antah to its secured FI
creditors (Secured FI Creditors) (including contingent
liabilities) is RM153,529,676. The proposed compromise and
settlement with the Secured FI Creditors shall be based on the
following principal terms:

(i) All interest, penalty and all other charges are to be
accrued up to 30 June 2003. All interest, penalty and all other
charges after 30 June 2003 are to be waived;

(ii) Settlement of RM1.00 for every RM1.00 of the amount owing
as at 30 June 2003 (taking into account subsequent repayments,
if any) by way of restructuring the liabilities into a term loan
which will be secured by the existing security held by the
respective Secured FI Creditors; and

(iii) Termination, withdrawal and/or discontinuance by the
Secured FI Creditors of all proceedings whatsoever, if any,
against Antah and or its subsidiaries.

(2.1.2) Class B - Unsecured Creditors (above RM200,000)
As at 30 June 2003, the amount owing by Antah to its unsecured
creditors (above RM200,000) (Unsecured Creditors) (including
contingent liabilities) is RM69,219,988. The proposed compromise
and settlement with the Unsecured Creditors shall be based on
the following principal terms:

(i) All interest, penalty and all other charges are to be
accrued up to 30 June 2003. All interest, penalty and all other
charges after 30 June 2003 are to be waived;

(ii) Settlement of RM1.00 for every RM1.00 of the amount owing
as at 30 June 2003 (taking into account subsequent repayments,
if any), by way of issuance by Antah of:

(a) up to RM34,609,994 nominal value of 6-year 3 percent
redeemable convertible unsecured loan stocks (RCULS); and

(b) up to RM34,609,994 nominal value 3 percent irredeemable
convertible unsecured loan stocks (ICULS).

(iii) Termination, withdrawal and/or discontinuance by the
Unsecured Creditors of all proceedings whatsoever, if any,
against Antah and or its subsidiaries.

Each RM0.50 nominal value of RCULS and ICULS can be convertible
into one (1) Antah Share respectively. As the RCULS and ICULS
are proposed to be listed on the Main Board of Bursa Malaysia
Securities Berhad (formerly known as Malaysia Securities Berhad)
(Bursa Securities), Antah shall issue such additional number of
RCULS and ICULS to meet the public spread requirement.

Details of the Proposed Debt Restructuring will be announced
accordingly when all terms and conditions have been finalised.

(2.2) Proposed Two-Call Rights Issue

The Proposed Two-Call Rights Issue involves a two-call rights
issue of up to 67,926,093 new Rights Shares to be credited as
fully paid-up at an indicative issue price of RM0.50 per Rights
Share, to be implemented on a renounceable basis on the basis of
one (1) Rights Share for every five (5) existing Antah Shares
held on an entitlement date to be determined later.

The indicative issue price of RM0.50 per Rights Share shall be
payable in the following manner:

(a) a first call of RM0.30 per Rights Share which shall be
payable in cash on application; and

(b) a second call of RM0.20 per Rights Share shall be payable
out of Antah's share premium account.

Antah's audited share premium account amounts to RM329.8 million
as at 30 June 2003. Based on the indicative second call of
RM0.20 per Rights Share, an amount of up to RM13,585,219 will be
capitalised from the Company's share premium account.

(2.2.1) Pricing of the Rights Shares

The final issue price of the Rights Shares and will be
determined at a later date based on market-based principles and
at a level which is in the best interest of the Company.

(2.2.2) Ranking of the Rights Shares

The Rights Shares shall, upon allotment and issue, rank pari
passu in all respects with existing Antah Shares, save and
except that they shall not be entitled to any dividends, rights,
allotments and/or other distributions, the entitlement date of
which is prior to the date of allotment of the Rights Shares.

(2.2.3) Proposed Utilization of Proceeds

Based on the indicative issue price of RM0.50 per Rights Share
and the cash call price of RM0.30 per Rights Share, the Proposed
Two-Call Rights Issue will raise proceeds of up to RM20.378
million, which shall be utilized to finance the Antah Group's
property development projects, working capital and to defray the
expenses incidental to the Proposals.

(2.2.4) Underwriting Arrangement

Details of underwriting arrangement and/or undertaking to
subscribe by Antah's existing shareholders for the Proposed Two-
Call Rights Issue will be finalized and announced accordingly at
a later date.

(3) RATIONALE FOR THE PROPOSALS

(3.1) Proposed Debt Restructuring

Based on the Antah's consolidated audited accounts for the
financial year ended 30 June 2003, the total borrowings of the
Antah Group amounts to RM460.98 million and the Antah Group is
in a net current liabilities position of RM106.15 million. The
main objective of the Proposed Debt Restructuring is to provide
Antah the necessary time to unlock the value of its assets in
order to return the Antah Group to better financial standing and
profitability as well as to enhance the cash flow position of
the Antah Group, thereby benefiting all stakeholders.

(3.2) Proposed Two-Call Rights Issue

The Proposed Two-Call Rights Issue will allow the Antah Group to
raise equity funds to finance its core business operations. In
addition, the Proposed Two-Call Rights Issue will provide an
opportunity for the existing shareholders of Antah to further
their equity participation in the Company.

(4) EFFECTS OF THE PROPOSALS

The proforma effects of the Proposals on the share capital, NTA,
gearing and substantial shareholdings of Antah can only be
determined upon finalization of the detailed terms of the
Proposals. A detailed announcement will be made in due course
upon finalization of the aforesaid terms.

The Proposals are expected to contribute positively to the
future earnings of Antah.

(5) CONDITIONS OF THE PROPOSALS

The Proposals are subject to and conditional upon the approvals
from:

(a) The SC;

(b) The SC (on behalf of FIC);

(c) Bursa Securities for:

(i) The admission to the Official List and the listing of and
quotation for the RCULS and ICULS to be issued pursuant to the
Proposed Debt Restructuring;

(ii) The listing of and quotation for the new Antah Shares to be
issued pursuant to the conversion of the RCULS and ICULS; and

(iii) The listing of and quotation for the new Antah Shares to
be issued pursuant to the Proposed Two-Call Rights Issue;

(d) The shareholders of Antah at an extraordinary general
meeting to be convened;

(e) The Scheme Creditors; and

(f) Other relevant authorities (if necessary).

The Proposed Two-Call Rights Issue is conditional upon the
Proposed Debt Restructuring. However, the Proposed Debt
Restructuring is not conditional upon the Proposed Two-Call
Rights Issue.

(6) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

Save for their interest as shareholders, none of the Directors
and/or substantial shareholders and/or persons connected to the
Directors and substantial shareholders has any interest, direct
or indirect, in the Proposals.

(7) ADVISER

Avenue has been appointed as the adviser for the Proposals.

(8) OTHER MATTERS

A detailed announcement in compliance with the relevant
provisions of the Listing Requirements of Bursa Securities will
be made in due course upon the finalization of the detailed
terms of the Proposals.

The Proposals are expected to be completed within twelve (12)
months from the date of this announcement.

This announcement is dated 16 July 2004.

Contact:

Antah Holdings Berhad
9577 Jalan SS16/1 Subang Jaya
47500 Petaling Jaya Selangor
Telephone: 03-5632 8668
Fax: 03-5635 1234


CRIMSON LAND: SC Grants Extension On Implementation of Proposals
----------------------------------------------------------------
Crimson Land Berhad disclosed to Bursa Malaysian Securities
Berhad the following proposals:

- Proposed Rights ICULS Issue with Warrants
- Proposed Acquisition;
- Proposed Debt Restructuring; and
- Proposed Increase in Authorized Share Capital

Reference is made to the announcements dated 26 July 2002, 8
August 2002, 27 November 2002, 16 December 2002, 3 January 2003,
22 January 2003, 24 February 2004, 9 March 2004, 29 March 2004,
31 March 2004, 18 May 2004, 24 June 2004 and 30 June 2004 in
relation to the Proposals.

Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Crimson, wishes to announce that the Securities
Commission, via its letter dated 14 July 2004, has granted an
extension of time up to 20 April 2005 for Crimson to implement
the Proposed Rights ICULS Issue with Warrants and the Proposed
Debt Restructuring.

This announcement is dated 16 July 2004

Contact:

Crimson Land Berhad
5, Persiaran Lidcol
Off Jalan Yap Kwan Seng
50450 Kuala Lumpur
Telephone: 03-2162 8099;
Fax: 03-2162 8711/2161 5045


KRETAM HOLDINGS: Issues Details In Interest Payment
---------------------------------------------------
Kretam Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad the details of interest payment.

EX-date :05/08/2004

Entitlement date :09/08/2004

Entitlement time :05:00:00 PM

Entitlement subject :Interest Payment

Entitlement description:

Second interest payment on RM87,406,000 Nominal Amount of 1
percent
Irredeemable Convertible Unsecured Loan Stocks 2003/2010 (ICULS
2003/2010). A Depositor shall qualify for entitlement only in
respect:

(a) ICULS 2003/2010 transferred into the Depositor's Securities
Account before 4:00 p.m. on 9 August 2004 in respect of ICULS
2003/2010 transfers; and

(b) ICULS 2003/2010 bought on Bursa Malaysia on a cum
entitlement basis according to the Rules of Bursa Malaysia

Period of interest payment :11/02/2004 to 10/08/2004

For year ending/Period ending/ended  :

Share transfer book & register of members will be closed from
(both dates inclusive) for the purpose of determining the
entitlements  :09/08/2004 to 09/08/2004

Registrar's name ,address, telephone no:

Lawco Corporate Services Sdn Bhd
Suite 6.01, Level 6, Wisma Technip, 241,
Jalan Tun Razak, 50400 Kuala Lumpur
Telephone: 03-27301811
Fax: 03-21487868

Payment date: 10/08/2004

(a) Securities transferred into the Depositor's Securities
Account before 4:00 pm in respect of transfers: 09/08/2004

(b) Securities deposited into the Depositor's Securities Account
before 12:30 pm in respect of securities exempted from mandatory
deposit:

(c) Securities bought on the Exchange on a cum entitlement basis
according to the Rules of the Exchange.

Number of new shares/securities issued (units) (If applicable):
87406000

Entitlement indicator: Percentage

Entitlement in percentage (%): 1

Remarks:

Interest of 1 percent per annum payable semi-annually in
arrears.


LION INDUSTRIES: Updates Second Deferment of 41,613,000 Shares
--------------------------------------------------------------
Lion Industries Corp. Berhad disclosed to Bursa Malaysia
Securities Berhad the Second Deferment of the redemption date of
the 41,613,000 redeemable preference shares in Likom Computer
System Sdn Bhd (LCS) held by LICB from 28 December 2003 to 28
June 2005 (Second Deferment).

The company refers to the announcements dated 12 March 2004 and
17 May 2004 in relation to the Second Deferment.

The Board of Directors of LICB wishes to announce that the
parties to the Second Deferment have mutually agreed that the
agreement to charge RM15.29 million nominal value Lion
Diversified Holdings Berhad (LDHB) irredeemable convertible
unsecured loan stocks (LDHB ICULS) and 11.17 million LDHB shares
of RM0.50 each (LDHB Shares) as additional security by LCS in
favour of LICB in consideration of the Second Deferment shall be
executed in the following manner:

(i) the charge of RM7.645 million LDHB ICULS and 5.895 million
LDHB Shares has been executed by LCS in favour of LICB on 16
July 2004; and

(ii) the charge of the remaining RM7.645 million LDHB ICULS and
5.275 million LDHB Shares which are subject to moratorium of a
period of one (1) year from the date of allotment of the LDHB
ICULS and LDHB Shares, i.e. 1 June 2004 (Moratorium Period), has
been executed in escrow and shall be perfected upon the expiry
of the Moratorium Period.

Unless otherwise stated, defined terms used in this announcement
shall carry the same meanings as defined in the previous
announcements.


OCEAN CAPITAL: Issues Change In Share Registrar
-----------------------------------------------
Ocean Capital Berhad disclosed to Bursa Malaysia Securities
Berhad the details of the changes of its shares registrar.

Old registrar: Signet Share Registration Services Sdn. Bhd.

New registrar: Symphony Share Registrars Sdn. Bhd. (formerly
known as Malaysian Share Registration Services Sdn. Bhd.)

Address: Level 26, Menara Multi Purpose, Capital Square, No. 8
Jalan Munshi Abdullah 50100 Kuala Lumpur

Telephone Number: 03-27212222

Facsimile Number: 03-27212530

Effective date: 19/07/2004

Remarks: Merger of Signet Share Registration Services Sdn. Bhd.
with Symphony Share Registrars Sdn. Bhd.


TRU-TECH HOLDINGS: Updates Default in Payment Status
----------------------------------------------------
Tru-Tech Holdings Berhad issued to Bursa Malaysia Securities
Berhad its monthly announcement on the status of Default of
Coupon Payment on RM55,000,000 nominal amount of redeemable
unsecured loan stock (RULS) and default of monthly deposit of
RM1,200,000 into the Sinking Fund Account under Practice Note
1/2001.

Further to the announcement dated 18 June 2004 on the above
matter, Avenue Securities Sdn Bhd (Avenue), on behalf of the
Board of Tru-Tech, wishes to announce that there has been no
material development in respect of the Default pursuant to
Practice Note 1/2001.

Avenue on behalf of the Company, wishes to announce that the
Company will not be able to make the monthly deposit of
RM1,200,000 due on 17 July 2004 for the purposes of redemption
of the RULS, due to Tru-Tech's current tight cashflow position.
The monthly deposit was required in accordance with the terms of
the Trust Deed dated 18 October 1996 as amended by the
Supplemental Trust Deed dated 16 November 2001 and the 2nd
Supplemental Trust Deed dated 10 September 2003 (collectively,
the Trust Deed) (Deposit Default). The financial and legal
implications to Tru-Tech in respect of the Deposit Default are
similar to that of the Default, which had been set out in the
announcement dated 17 October 2003.

The Company is also presently in discussion with the RULS
holders to address the Deposit Default.

The principal outstanding of all other credit facilities granted
to Tru-Tech and its subsidiaries as at 30 June 2004 is set out
in Table 1 of the Appendix to this announcement.

This announcement is dated 16 July 2004.

For more information, click
http://bankrupt.com/misc/tru-techholdings071904.doc

Contact:

Tru-tech Holdings Berhad
Lot 45, Batu 12
Jalan Johor Bahru - Kota Tinggi
Mukim Plentong
81800 Ulu Tiram Johor
Telephone: 07-8615220
Fax: 07-8616371


UNZA HOLDINGS: Ordinary Shares Delisted From Official List
----------------------------------------------------------
Kindly be advised that the entire issued and paid-up ordinary
shares of Unza Holdings Berhad will be removed from the Official
List of Bursa Malaysia Securities Berhad effective 9:00 a.m.,
Thursday, 22 July 2004, pursuant to paragraphs 8.15(5) and
16.09(b) of the Listing Requirements.


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


BAYAN TELECOMMUNICATIONS: Parent Firm Clarifies News Article
------------------------------------------------------------
Benpres Holdings Corp. the parent firm of Bayan
Telecommunications Inc. (BayanTel) issued to the Philippine
Stock Exchange a clarification to the news article entitled
"Court Oks BayanTel Rehab" published in the July 16, 2004 issue
of BusinessWorld (Internet Edition).  The article reported that:

"A Pasig Regional Trial Court approved recently the financial
rehabilitation of debt-saddled Bayan Telecommunications, Inc.
(BayanTel), about a year after its creditors led by the bank of
New York corporate recovery case.  Pasig Regional Trial Court
Branch 158 Judge Rodolfo R. Bonifacio, in a decision dated June
28, okayed the restructuring of the Lopez-led telephone firm's
$325-million debt, and made it payable over 19 years.  The court
also said that all BayanTel debts that would not be covered by
the restruturing should be converted into 'an appropriate
instrument that shall not be a financial burden to the company."

Benpres Holdings Corp., in its letter to the Exchange dated July
16, 2004, provided the following clarifications:

(1) The Pasig Regional Trial Court approved the restructuring of
BayanTel based on a sustainable debt of US$325 million, payable
over 19 years.  The news article implied that the court only
approved the restructuring of BayanTel's debts.

(2) It was the bondholders, not all creditors, who filed a
petition for Court Rehabilitation of BayanTel. Their plan was
based on a sustainable debt of US$471 million payable over 12
years."

Contact:

Bayan Telecommunications Inc,
Investor Relations 3/F Bayantel
Corporate Center Maginhawa corner
Malingap Streets Teacher's Village East,
Diliman Quezon City 1101,
Website: http://www.bayantel.com.ph/


MANILA ELECTRIC: Earmarks PHP1Bln For Two New GIS
-------------------------------------------------
Manila Electric Co. (Meralco) has allocated PHP1 billion to
finance two new indoor substations, reports the Philippine Star.

The indoor substations or gas-insulated switchgears (GIS) is
part of Meralco's expansion program to provide better service in
order to lessen power outages in the near term.  Without the
expansion, Meralco's service will definitely deteriorate and the
capital expenditures (CAPEX) of the company will continue to
drop due to financial problems, Meralco's team leader for
substation, design and construction Jose Mari Melendres said.

Meralco has to adjust its programmed CAPEX to PHP5.75 billion to
cope up with its financial problems after the Supreme Court
suspended its provisional authority to collect an additional 12
centavos per kilowatt-hour.

"In two to three years' time, if the government will not do
something about the financial problems of Meralco, there will be
blackouts in our franchise area," Mr. Melendres warned.

The previous cost of putting up a GIS was between PHP300 million
to PHP350 million, but the cost has now increased up to more
than PHP500 million, Mr. Melendres added.

"Unlike the outdoor or conventional switchgear which is exposed,
the GIS is designed to blend with the need of the environment,"
Mr. Melendres said.

The GIS will be put up in Coastal Road in Para¤aque and another
one in Legaspi Village in Makati City. Construction of the
Para¤aque-based GIS already started in April, while the other
GIS in Makati would be constructed next month and will be
completed by February or March next year. Other switchyards will
also be put up in Imus, Cavite; Urdaneta, Pangasinan; Santa
Cruz, Laguna and Baliuag, Bulacan.

Contact:

MANILA ELECTRIC CO.
Lopez Building
Ortigas Avenue, Pasig City
Telephone Numbers:  16220 (TL); 633-4553 (Corp. Sec.)
Fax Number:  631-5572
Email Address:  corcom@meralco.com.ph
Website: http://www.meralco.com.ph


MANILA ELECTRIC: Confirms Veracity of News Article
--------------------------------------------------
Manila Electric Co. (Meralco) disclosed to the Philippine Stock
Exchange a clarification to the news article entitled "Meralco
seeks new rate adjustment" published in the July 18, 2004 issue
of the Philippine Daily Inquirer.  The article reported that:

"The Manila Electric Co. has asked for a generation rate
adjustment mechanism (GRAM) of 17.37 centavos per kilowatt-hour
for the February to April period, the full amount to be
reflected in consumers' monthly electricity bills.  If approved
in full by the Energy Regulatory Commission, the generation
component of Meralco customers' monthly energy bills will go up
to PHP3.49 per kWh from the current PHP3.32 per kWh."

Manila Electric Co. (MER) in its letter to the Exchange dated
July 19, 2004 disclosed that:

"Meralco has filed with the Energy Regulatory Commission (ERC)
last July 9 for an adjustment in the Generation Charge component
of its unbundled bill in compliance with the guidelines issued
by ERC in February 24, 2003 on the Generation Rate Adjustment
Mechanism (GRAM).  This latest adjustment of 17.37 centavos
pertains to generation costs incurred in February to May 2004
which Meralco already paid to its suppliers as well as
underrecoveries in the generation charge for the same period
resulting from the process of deferral of collection of
generation costs prescribed by the GRAM.

Since ERC has 45 days to review Meralco's GRAM submission, this
adjustment in the generation charge is expected to impact the
bills of Meralco customers starting September 2004.

To this extent, Meralco confirms the veracity of the news
article entitled 'Meralco seeks new rate adjustment' published
in the July 18, 2004 issue of the Philippine Daily Inquirer.


PHILIPPINE BANK: Confirms Veracity of News Article
--------------------------------------------------
Philippine Bank of Communications (PBCom) issued to the
Philippine Stock Exchange a clarification to the news article
entitled "PBCom mulling PHP2-billion Tier 2 capital this year"
published in the July 19,2004 issue of the BusinessWorld
(Internet Edition).  The article reported that:

"Philippine Bank of Communications (PBCom) is mulling to raise
PHP2 billion in additional capital this year under the Tier 2
scheme to strengthen its ability to cover for risks. PBCom
president Isidro C. Alcantara, Jr. said this will further
improve the capital adequacy ratio - a measure of a bank's
ability to shoulder risks which stood at 16.76 percent during
the first quarter, well above the 10 percent regulatory
requirement.  'It is something we have to discuss.  The board
has been delegated to fix the amount.  It is just exploratory.
The bank has yet to ask approval from the Bangko Sentral ng
Pilipinas (central bank).  We still have to get stockholders'
approval first then we will do the process of selecting the
adviser and underwriter.  The board has to finalize the terms.
This is all part of the strengthening process,' Mr. Alcantara
told reporters.  'If we do the Tier 2, that will rise to 35
percent, giving us the base for prudent expansion,' Mr.
Alcantara said."

Philippine Bank of Communications (PBC), in its letter to the
Exchange dated July 19, 2004, stated that:

"The company is confirming the veracity of the news article that
appeared in BusinessWorld.  The plan to raise additional capital
under the Tier 2 scheme was formally taken up and duly approved
in the Annual Stockholder's Meeting held last July 15, 2004.
Initial preparations for the undertaking are currently ongoing."

Contact:

Philippine Bank of Communications
PBCom Tower, 6795 Ayala Ave. Cor. Herrera St., 1226 Makati City
Telephone Number:  830-7000 (TL)
Fax Number:  818-2576 (Telefax)
Email Address:  info@pbcom.com.ph
Website: http://www.pbcom.com.ph


PHILIPPINE BANK: Issues Clarification to News Article
-----------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Philippine
Bank of Communications clarified the news article entitled
"PBCom to sell PHP12 billion in idle assets by end-August"
published in the July 16, 2004 issue of the BusinessWorld
(Internet Edition).  The article reported that:

"Midsize commercial bank Philippine Bank of Communications
(PBCom) expects to unload some PHP12 billion in bad assets from
its books by the end of next month.  In an interview with
reporters, PBCom president Isidro C. Alcantara, Jr. said the
bank will send out formal invitations to investors today for the
planned bidding and sale of its bad assets scheduled on the
third and fourth week of August.  The asset sale will be
arranged by KPMG Laya Mananghaya.  Mr. Alcantara said out of the
total asset portfolio that will be put 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 porperties owned or acquired (ROPOA).

Meanwhile, PBCom expects to post PHP200 million in net income
this year, or lower by 6.53 percent than last year's PHP213.98
million.  The bank earlier said it expects a significant
improvement in net interest income and a rise in trading gains
in the second quarter that could reverse the bank's negative
showing."

Philippine Bank of Communications (PBC) in its letter dated July
16, 2004 which was received by the Exchange on July 19, 2004
which was received on July 19, 2004, stated:

"The Company is confirming the veracity of the news article that
appeared in BusinessWorld.  However, PBCom wishes to clarify
that the amount of nonperforming assets to be sold to a special
purpose vehicle will range from PHP10 billion to more than PHP12
billion depending on the outcome of due diligence and the
strategy to be eventually adopted by the Bank for the
forthcoming auction."


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


CAPITALAND LIMITED: Announces Dissolution of Indirect Subsidiary
----------------------------------------------------------------
Further to the announcement made on March 12, 2003, the Board of
Directors of CapitaLand Limited wishes to announce that its
indirect 55%-owned subsidiary, eNabled Homes Pte Ltd (EHPL),
which had been placed under members' voluntary liquidation, has
been dissolved on July 15, 2004.

The dissolution of EHPL is not expected to have any material
impact on the net tangible assets or earnings per share of the
CapitaLand group for the financial year ending December 31,
2004.

By Order of the Board

Tan Wah Nam
Company Secretary

This announcement was submitted by the Company Secretary, Tan
Wah Nam on 1July 16, 2004 to the Singapore Stock Exchange.


HOCK CHUAN: Loses Whampoa Drive, Kim Keat Avenue Projects
---------------------------------------------------------
Ailing Hock Chuan Ann Construction has lost two contracts with
the Housing Development Board (HDB), Straits Times reports.

HDB terminated its contract with Hock Chuan after noting the
slow progress in its Whampoa Drive and Kim Keat Avenue projects.
The board decided to re-tender the remaining 20% unfinished
work.

Earlier this month, Hock Chuan notified its creditors of its
$13.4 million outstanding debt, a headache that adds up to a pay
dispute with a sub-contractor of the Kim Keat project.  The
managing director of Steelwork Company Lai Yew Seng told his
workers to remove close to $20,000 worth of steel works from the
project last month, claiming he had not been paid for some time.
Another sub-contractor, PSL Engineering, filed a winding up
petition against the company, but Hock Chuan was able to dodge
this by proposing a deal to repay creditors.

Steelworks Company welcomed the decision of HDB: "the re-tender
would give contractors and sub-contractors a better profit
margin because the remaining works of the project will be valued
at current levels, which are higher."

The tender for the remaining 20 percent of the Kim Keat project
closed Friday with Hock Guan Cheong giving the lowest $7.28
million bid. On the other hand, the bidding for the rest of the
Whampoa project closed on Wednesday with Kienta Engineering
Construction making the lowest offer of $4.23 million and $4.12
million.  The tender results will be announced by the end of
this month.  HDB said it would work closely with the new
contractors to ensure the projects are completed within the
year.


I.SECUREP HOLDINGS: Winding Up Hearing Scheduled July 23
--------------------------------------------------------
Notice is given that a Petition for the Winding Up of I.Securep
Holdings Pte Ltd. by the High Court on the 9th day of June 2004,
presented by Netplus Communications Pte Ltd., #08-02 The
Octagon, Singapore 069534, Creditor.

The said Petition is directed to be heard before the Court
sitting at the High Court at 10.00 o'clock in the forenoon on
Friday the 23rd day of July 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 copy of
the Petition by the undersigned on payment of the regulated
charge for the same.

The Petitioner's address is 105 Cecil Street, #08-02 The
Octagon, Singapore 069534.

The Petitioner's Solicitors are Messrs Legalworks Law
Corporation of 138 Robinson Road, #13-08/10 The Corporate
Office, Singapore 068906.

Messrs LEGALWORKS LAW CORPORATION
138 Robinson Road
#13-08/10 The Corporate Office
Singapore 068906.

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
Messrs Legalworks Law Corporation, the Petitioner's Solicitors,
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 on 22nd day
of July 2004 (the day before the day appointed for the hearing
of the Petition).

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


KAITENG TECHNOLOGY: Court Hears Winding Up Petition
---------------------------------------------------
Notice is given that a petition for the winding up of Kaiteng
Technology Singapore Pte Ltd. by the High Court was, on July 5,
2004, presented by Teo Kiang Kok, a creditor.

The petition is directed to be heard before the Court sitting at
the High Court of Singapore at 10.00 a.m. in the forenoon, on
July 30, 2004.

Any creditor or contributory of the company desiring to support
or oppose the making of an order on the petition may appear at
the time of hearing by himself or his 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 at 11 Hill View Way, Singapore
669182.

The Petitioner's solicitors are Messrs Shook Lin & Bok of 1
Robinson Road, #18-00 AIA Tower, Singapore 048542.

Messrs SHOOK LIN & BOK
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 Petitioner's
solicitors, 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 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 12 o'clock noon of
the 29th day of July 2004 (the day before the day appointed for
the hearing of the petition).


LIM HONG: Faces Winding Up Hearing Petition
-------------------------------------------
Notice is hereby given that a Petition for the Winding Up of Lim
Hong Heng Enterprise (Pte) Ltd. by the High Court was on the 8th
day of July 2004 presented by BANK OF CHINA being the
successors-in-title of THE KWANGTUNG PROVINCIAL BANK, a bank
incorporated in the People's Republic of China and having a
place of business at 4 Battery Road, Bank of China Building,
Singapore 049908, a creditor.

The Petition is directed to be heard before the Court sitting at
Singapore at 10.00 o'clock in the forenoon on the 30th day of
July 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; 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 Petitioner's address is 4 Battery Road, Bank of China
Building, Singapore 049908.

The Petitioner's solicitors are Messrs RAJAH & TANN of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908.

Messrs RAJAH & TANN
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 Petitioner's
solicitors, Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank
of China Building, Singapore 049908, 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 Petitioner's
solicitors not later than twelve o'clock noon of 29th July 2004
(the working day before the day appointed for the hearing of the
Petition).


LULEE METALS: Liquidating Despite Healthy Appearance
----------------------------------------------------
Lulee Metals surprised the industry by applying for liquidation
recently, Business Times says.

Accordingly, the unlisted metal trader has amassed debts of
between $70 million and $80 million.  Of this sum, $30 million
are owed to DBS Bank, United Overseas Bank and OCBC Bank; and
another $10-12 million to trade creditors.

News of the winding up of the company, which generated $300
million in revenues last year, jolted the metal industry, the
report says.  A key player in the market, Lulee not only trades
copper, stainless steel and aluminum, but also arranges deals
between buyers and sellers of non-ferrous metals.

The firm has been placed under provisional liquidation by
Deloitte & Touche, which has 30 days under local laws to review
Lulee's books before formally convening its creditors.


NEW CIVILBUILD: Releases Dividend Notice
----------------------------------------
New Civilbuild Pte Ltd issues Notice of Dividend.

Address of Registered Office: Formerly of 37 Kallang Pudding
Road
#09-02 Tong Lee Building
Singapore 349315.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 123 of 1998.

Amount Per Centum: 12.02%.

First and Final or otherwise: First & Final Preferential
Dividend.

When Payable: 8th day of July 2004.

Where Payable : The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

Karen Loh
Assistant Official Receiver.

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


RIOT ENTERTAINMENT: Issues Dividend Notice
------------------------------------------
Riot Entertainment Asia Pte Ltd. releases Notice of Dividend.

Address of Registered Office: Formerly of 36 Robinson Road
#18-01 City House
Singapore 068877.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 600134 of 2002.

Amount Per Centum: 0.0935%.

First and Final or otherwise: First & Final Dividend.

When Payable: 7th June 2004.

Where Payable: 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.


SMRT CORPORATION: Clarifies July 15 Bloomberg Report
----------------------------------------------------
SMRT Corporation Ltd (the Company or SMRT) wishes to clarify the
following points in relation to the Bloomberg report on the
Company dated July 15, 2004:

(1) SMRT Engineering Pte Ltd (SMRTE), a 100 per cent owned
subsidiary of the Company, is in the process of finalizing a
technical consultancy agreement for the development of a
monorail system in Jakarta, with PT. Jakarta Monorail, an
Indonesian company, which has been awarded a Concession
Agreement by the Indonesian authorities.

(2) SMRTE has also been approached to provide consultancy
services in Shanghai, in the areas of automatic train control
and start-up operations. Parties are still in the process of
negotiating the proposed consultancy agreement.

(3) On SMRT's 14.6 per cent investment in MediaCorp Press Ltd
("MCP") held through its 100 per cent owned subsidiary, RFP
Investments Pte Ltd, the Company had fully accounted for its
share of losses in MCP to the extent of its cost of investment
amounting to S$11.4 million in FY2003. SMRT does not intend to
invest further in MCP and will dispose of its shares in MCP if
offered a reasonable price.

Submitted by S. Prema, Company Secretary on July 16, 2004 to the
Singapore Stock Exchange.


VICPLAS INDUSTRIES: Enters Winding Up Proceedings
-------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Vicplas Industries Pte Ltd. by the High Court was on the 6th day
of July 2004 presented by Bank of China, a bank incorporated in
The People's Republic of China and having a place of business at
4 Battery Road, Bank of China Building, Singapore 049908, a
creditor and that the Petition is directed to be heard before
the Court sitting at Singapore at 10.00 o'clock in the forenoon
on the 30th day of July 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; 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 Petitioner's address is 4 Battery Road, Bank of China
Building, Singapore 049908.

The Petitioner's solicitors are Messrs RAJAH & TANN of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908.

Messrs RAJAH & TANN
Solicitors for the Petitioner.

Note: Any person who intends to appear on the hearing of the
Petition must serve on or send by post to the Petitioner's
solicitors, Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank
of China Building, Singapore 049908, 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 Petitioner's
solicitors not later than twelve o'clock noon of 29th July 2004
(the working day before the day appointed for the hearing of the
Petition).


VIDEOTRAIN PRIVATE: Holds Final Meeting on August 16
----------------------------------------------------
Notice is given that the Final General Meeting of the members of
Videotrain Private Limited will be held at 756 Waverley Road,
East Malvern, Victoria, Australia on 16th August 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.


XPLAN TECHNOLOGY: Creditors Must Submit Claims by August 13
----------------------------------------------------------
Notice is hereby given that the creditors of X-plan Technology
(Singapore) Pte Ltd, whose debts or claims have not already been
admitted, are required on or before 13th August 2004 to submit
particulars of their debts or claims and any security held by
them to the liquidator.

This should be done by delivering or sending through the post to
the liquidator's address, a formal Proof of Debt in accordance
with Form 77 containing their respective debts or claims.

In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

LIM SAY WAN
Liquidator.
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809.

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


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


RAIMON LAND: Notifies SET Re Board of Directors Meeting
-------------------------------------------------------
Raimon Land PCL, notified the Stock Exchange of Thailand (SET)
on the resolutions of the Board of Directors meeting held on 16
July 2004, as:

(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.

(3) Approval by a majority vote (Mr. Jeremy Lechemere King as
the management of the certain funds that intend to subscribe the
increase ordinary shares in this private placement abstained
from the Vote) to offer the remaining 117,671,321 ordinary
shares (after subscription of the existing shareholders by way
of rights issue and excess rights) having a par value of THB1
per share to investors in private placement and/or institutional
investors categorized under the Notification of the Securities
and Exchange Commission, No. Kor. Jor. 12/2543; Re: the
Application and Permission for Offering Newly Issued Shares, as
authorized under the resolutions of the Shareholders Meeting of
the Company No. 1/2004 held on 27 April 2004:

(3.1) Offering Price:  THB1 per share which is the same price
that the Company offered to the existing shareholders during 17
to 21 May 2004.

The offering price is based on the 98.06 percent of the market
price where by the market price is calculated from the weighted
average price of the trading of the Company shares during 3 June
2004 to 15 July 2004, being 30 (thirty) business days before
(but excluding) the date of Board of Directors on Monday has a
resolution.

(3.2) Subscription and Payment Period: 19 July 2004 to 23 July
2004.

The Criteria that the Board used for considering to offer the
ordinary shares to the investor in private placement at the
price lower than the market are as follows;

(1) Criteria or conditions in offering the shares to the
investors in private placement.

The Board of Directors of the Company has considered that the
offering of the shares to the investors in private placement
and/or institutional investors will enable the Company to
receive the funds in the short period of time and on schedule.

(2) Criteria in determining the offering price.

The Company determined the offering based on the price that the
Company offered to the existing shareholders. If the offering
price is compare with the market price, the price will be at
98.06% of the market price.

(3) Benefits enjoyed by the Company from adopting an offer to
the investors in private placement.

(3.1) The Company would be mobilized fund in a short-time
because these investors are interested to invest in the Company.

(3.2) Expansion of the shareholders base in order to strengthen
the stability of the Company.

And approval by a majority vote with Mr. Jeremy Lechemere King
abstained from vote to offer the remaining 117,671,321 ordinary
shares to the investors in private placement and/or
institutional investors as follows:

Name              Nature of        Nationality   No. of shares
                  business

(1) Mr. Teo Ek Tor    -            Singaporean    925,000

(2) Chelverton
Dividend         Fund Management       UK         10,000,000
Income Fund
Limited

(3) Mr. Bee
Tachaubol             -               Thai          3,000,000

(4) Mr. Charoen
Korka                 -               Thai          3,000,000

(5) Private
funds by
Seamico               -               Thai          25,000,000
Knight
Fund Management
Co., Ltd.

(6) Knight
Thai Opportunities   Investments    St.Kitts & Nevis   2,400,000
Fund by Knight Asian     Company
Investments Limited

(7) Knight Asian
Fund by              Investments   St.Kitts & Nevis    2,400,000
Knight Asian         Company
Investments Limited

(8) Knight
Thailand
Fund by             Investments    St.Kitts & Nevis    1,200,000
Knight Asian        Company
Investments Limited

(9) Knight Thai
Strategic            Investments    St.Kitts & Nevis  19,750,000
Investments Limited  Company

(10) Knight Pacific
Fund Limited        Investments    British Virgin      9,250,000
                    Company        Islands

(11) Mr. Adrian
H.C. Fu                 -          Hong Kong        20,000,000

(12) If Development
Limited             Investments    Channel Island    10,746,321
                    Company

(13) Integrity
Asset               Investments      Samoa            4,000,000
Management(SFC)     Company
Limited

(14) Mr. Bertrand
Michaud                  -           French           1,000,000

(15) Ms. Diane
Delphine Droin           -           French             500,000

(16) Celtic
International
Limited             Investments      BVI             2,000,000
                    Company

(17) Tremorland
Securities Limited  Investments       BVI             2,500,000
Company

                                             Total   117,671,321

These investors do not want to participate in the management of
the Company and are not the connected persons according to the
Notification of the Stock Exchange of Thailand Re: Rules,
Procedures and Disclosure of Connected Transactions of the
Listed Companies.

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

Contact:

RAIMON LAND PCL
THE MILLENNIA TOWER,
FLOOR 22, 62 LANGSUAN ROAD,
LUMPINI, PATHUM WAN, Bangkok
Telephone: 0-2651-9600-4
Fax: 0-2651-9614



* BOND PRICING: For the Week 19 July to 23 July 2004
----------------------------------------------------

  Issuer                            Coupon   Maturity  Price
  ------                            ------   --------  -----


AUSTRALIA
---------

Advantage Group                      10.000%     4/15/06    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
APN News & Media Ltd                  7.250%    10/31/08    5
Australian Food & Fibre Ltd.          4.000%     12/4/08   10
Bendigo Bank Ltd                      8.000%     5/29/49   10
BIL Finance Ltd                       8.000%    10/15/07    9
BIL Finance Ltd                       8.250%    10/15/04    9
BIL Finance Ltd                       8.750%    10/15/04   10
BIL Finance Ltd                       8.750%    10/15/05    9
BIL Finance Ltd                       9.000%    10/15/04    9
BIL Finance Ltd                       9.250%    10/15/06    9
BIL Finance Ltd                      10.000%    10/15/04   10
Capital Properties NZ Ltd             8.500%     4/15/05    7
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    9
Citigold Corp.                       12.000%     3/29/07    1
Consolidated Minerals Ltd            11.250%     3/31/05    1
Djerriwarrh Investments Ltd           6.500%     9/30/09    4
Djerriwarrh Investments Ltd           7.500%     9/30/04    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.300%    10/31/06    8
Fletcher Building Ltd                 8.600%     3/15/08    8
Fletcher Building Ltd                 8.750%     3/15/06    8
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    7
Fernz Corp Ltd                        8.560%    10/15/06    8
Futuris Corporation Ltd               7.000%    12/31/07    2
Gympie Gold Ltd                       8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    9
Hy-Fi Securities Ltd                  8.750%     8/15/08   13
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure and Utility            8.500%     9/15/13    8
New South Wales Treasury Corporation  0.500%     2/16/10   74
NPT Capital Ltd                       9.500%    11/30/04   10
Nuplex Industries Ltd                 9.300%     9/15/07    8
Powerco Ltd                           8.150%      9/1/07    7
Powerco Ltd                           8.400%     5/22/07    8
Queensland Treasury Corporation       0.500%     5/19/10   74
Richmond Ltd                         10.750%    12/15/04   10
Salomon Smith Barney Australia        4.250%      2/1/09    9
Sapphire Securities                   7.410%     9/20/35    7
Sapphire Securities                   9.160%     9/20/35    9
Sapphire Securities                   9.250%    12/20/06    9
Sky Network Television Ltd            9.300%    10/29/49    8
Strathfield Group Ltd                11.000%    12/31/05    1
Structural Systems Ltd               11.000%     6/30/07    1
Tower Finance Ltd                     8.750%    10/15/07    8
TrustPower Ltd                        8.300%     9/15/07    8
TrustPower Ltd                        8.500%     9/15/12    8
Urbus Properties Ltd                  9.250%     3/10/07    1
Vision Systems Ltd                    9.000%    12/15/08    2


CHINA
-----

China Government Bond                  2.600%    9/20/17    73
China Government Bond                  2.900%    5/24/32    62
China Government Bond                  3.400%    4/17/23    74


KOREA
-----

Korea Electric Power Corporation       7.950%       4/1/96   58


MALAYSIA
--------

Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder Holdings Bhd             1.000%      2/25/08    1
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Fountain View Development Sdn Bhd      3.500%      11/3/06    5
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    2.000%     12/24/08    1
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Greatpac Holdings Bhd                  2.000%     12/11/08    1
Gula Perak Bhd                         6.000%      4/23/08    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Killinghall Bhd                        5.000%      4/13/09    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Emas Bhd                      7.000%     11/15/04    1
Kumpulan Jetson                        5.000%     11/28/12    1
Lebar Daun Bhd                         2.000%       1/6/07    4
LBS Bina Group Bhd                     4.000%     12/31/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
Lion Diversified Holdings Bhd          2.000%       6/1/09    1
Media Prima Bhd                        2.000%      7/18/08    1
Mithril Bhd                            3.000%       4/5/12    1
Mithril Bhd                            8.000%       4/5/09    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
MWE Holdings                           5.500%      10/7/04    1
Naim Indah Corporation                 0.500%      8/24/06    1
NAM Fatt Corporation Bhd               2.000%      6/24/11    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
OSK Holdings Bhd                       3.500%       3/1/05    1
OSK Holdings Bhd                       6.000%       3/1/05    1
Pantai Holdings                        5.000%      3/28/07    1
Patimas Computer Bhd                   6.000%      2/19/06    1
Poh Kong Holdings                      3.000%      1/20/07    1
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/20/16    1
POS Malaysia & Services Holdings Bhd   8.000%     11/26/04    1
Rashid Hussain Bhd                     0.500%     12/23/12    1
Rashid Hussain Bhd                     3.000%     12/23/12    1
Rhythm Consolidated Bhd                5.000%     12/17/08    1
Silver Bird Group Bhd                  1.000%      2/15/09    1
Southern Steel Bhd                     5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Tenaga Nasional Bhd                    3.050%      5/10/09    1
Time Engineering Bhd                   2.000%     12/25/05    1
VTI Vintage Bhd                        4.000%      8/22/06    1
Wah Seong Corporation Bhd              3.000%      5/21/12    3
Yu Neh Huat Bhd                        3.000%       9/2/08    1


SINGAPORE
---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Rabobank Singapore                     1.000%      1/15/13   70
Sengkang Mall Ltd                      4.880%      11/20/12   1
Tampines Assets Ltd                    5.625%      12/7/06    1
Tincel Ltd                             5.000%      6/13/11    1
Tincel Ltd                             7.400%      6/13/11    1


Tuesday's edition of the TCR-Asia Pacific delivers a list of
indicative prices for bond issues that reportedly trade well
below par.  Prices are obtained by TCR-AP editors from a variety
of outside sources during the prior week we think are reliable.
Those sources may not, however, be complete or accurate.  The
Tuesday Bond Pricing table is compiled on the Saturday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer or
solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR editor holds some
position in the issuers' public debt and equity securities about
which we report.


                            *********


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
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***