/raid1/www/Hosts/bankrupt/TCRAP_Public/040722.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Thursday, July 22, 2004, Vol. 7, No. 144

                            Headlines

A U S T R A L I A

COLES MYER: To Launch Myer One Program August 2
DESKTOP MARKETING: Winds Up; Telstra Wins Legal Battle
LEWINGTONS TRANSPORT: Acquired by Finemore Transport
WOODSIDE PETROLEUM: Unveils 1H04 Sales Result
* ITS Releases Provisional Bankruptcy Statistics for June 2004


C H I N A  &  H O N G  K O N G

139 HOLDINGS: Sees Profit After 7 years
COMMUNICATIONS BANK: Sells US$1.45Bln in Subordinate Debt
JINHUI SHIPPING: Announces Profit Warning
WANJI PHARMACEUTICAL: Posts HKD8.2M Net Loss
YAU LEE: Net Loss Narrows to HKD9K


I N D O N E S I A

BANK NEGARA: Net Profit Triples to IDR1.5tln
BUMI RESOURCES: H1 Net Profit Rises to US$40.7M


J A P A N

EI TEI: Golf Course Enters Bankruptcy
HAZAMA CORPORATION: S&P Ups Rating to CCC+
MATSUSHITA ELECTRIC: To Boost Digital Camera Output Capacity
MITSUBISHI MOTORS: Union OKs Relocation Plan for Plant Workers
SOJITZ CORPORATION: Top Shareholder Sells 6mln Sojitz Shares

UFJ HOLDINGS: Must Pay JPY60B For Sumitomo To Withdraw Suit
YAMASHIRO GOLF: Golf Course Files for Bankruptcy


K O R E A

CHOHUNG BANK: Shinhan Considers Selling Bank
SSANGYONG MOTOR: Creditors to Pick Prime Bidder Soon
* Construction Company Bankruptcies Up Sharply in Second Quarter


M A L A Y S I A

BERJAYA SPORTS: Issues Additional 20,500 Ordinary Shares
GULA PERAK: BMSB Grants Listing of Additional 25,800 Shares
INTEGRATED RUBBER: Releases Relevant Dates Of Sale Offer
KRETAM HOLDINGS: Issues Update on Interest Payment
LIEN HOE: Issues Additional 1,000,000 Ordinary Shares

LONG HUAT: To Implement and Complete Restructuring Scheme
METROPLEX BERHAD: Court Grants Extension Of Restraining Order
MOL.COM BERHAD: Enters Into Supplemental Agreement With AWDL
MYCOM BERHAD: Completes Agreement on Outstanding Conditions
SIN KEAN: Updates Civil Suit Against SKB Metal

TALAM CORPORATION: Issues Additional 100,000 Shares For Listing
TEXCHEM CONSUMERS: Enters Voluntary Liquidation
UTUSAN MELAYU: Details License Agreement With UPD And Syarikat


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: To Achieve Goals With New Rehab Plan
MUSIC SEMICONDUCTORS: Appoints New Company Treasurer
NATIONAL HOME: Allots PHP3.464Bln As Partial Debt Payment
NATIONAL POWER: Sees Losses Until 2007 Unless Rates Are Hiked
UNITED COCONUT: Fails To Find Bidder For Bad Assets


S I N G A P O R E

BOXX ASIA: Winding Up Order Made
CORE CONSTRUCTION: Issues Intended Dividend Notice
FALCON PILING: Notifies Creditors of First Meeting
GOLD LAND: Court Releases Winding Up Order
ICF CONSULTING: Creditors To Submit Claims by August 16

INFORMATICS HOLDINGS: Sells Four Non-core Assets
I.R.E. CORPORATION: Announces Property Sale
LULEE METALS: Top Shareholder Missing As Liquidators Move In
SEINO MERCHANTS: Releases Notice of Intended Dividend


T H A I L A N D

T.C.J. ASIA: Submits Copy of Tender Offer Document to SET


     -  -  -  -  -  -  -  -

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


COLES MYER: To Launch Myer One Program August 2
-----------------------------------------------
Australian retailer Coles Myer Ltd. (CML.AU) said Tuesday it
plans to launch on August 2 a new loyalty program for its Myer
department stores called "Myer One", as it denied the program is
just a cheap replacement for its shareholder discount card that
expires on July 31, the Age reports, citing Coles Myer Managing
Director Dawn Robertson.

The Myer One program was based on the world's most successful
consumer loyalty schemes that aim to lure shoppers back to a
store with tailored offers rather than across-the-board
discounts.

Ms. Robertson wouldn't say what the new program would cost
except that it would be less than the shareholder card. It would
be a more effective driver of sales, as it tailored offers to
customers' shopping habits and rewarded them for regularly
shopping at the Company.


DESKTOP MARKETING: Winds Up; Telstra Wins Legal Battle
------------------------------------------------------
Desktop Marketing Systems (DtMS) is winding up after losing a
legal battle with Telstra, the Australian reports.

The publisher of a reverse-white pages CD-Rom had 156 government
law enforcement agencies as customers, including the Federal
Police, Customs, and all state police forces. DtMS had been
selling the CD-ROMs since 1993.

The CD-ROM allowed users to search for addresses by phone
number, or names and phone numbers by address, at a cost of
$1495, with quarterly updates for about $400.

Telstra argued the DtMS CDs violated its copyright of the White
Pages directory, which is compiled and distributed by Telstra
subsidiary Sensis. The Federal Court ruled in favor of Telstra
in July 2003.

Last week, when DtMS Managing Director Andre Scibor-Kaminski was
informed of the costs that were to be awarded against him, he
moved to liquidate the company.


LEWINGTONS TRANSPORT: Acquired by Finemore Transport
----------------------------------------------------
Ron Finemore Transport Pty Ltd has acquired the bankrupt
Lewingtons Transport group for more than $20 million, the Age
reports.

A transitional management team is in place and a formal
management team will be appointed shortly.

Aside from assuming all of Lewingtons' assets and $15 million in
liabilities, Finemore Transport also agreed to acquire a couple
of million dollars in entitlements, ranging from annual leave to
long-service leave. Furthermore, Finemore consented to paying a
dividend in exchange for the write-off of an extra $10 million
Lewingtons owes unsecured creditors.

Lewingtons, which has 260 employees, has more than $30 million
in assets and an annual turnover of $45-$50 million. The
company, which had been in receivership for five months, is the
largest livestock carrier in Australia.


WOODSIDE PETROLEUM: Unveils 1H04 Sales Result
---------------------------------------------
Woodside Petroleum Limited announced its share of production and
sales for the quarter ended 30 June 2004 as follows:

As expected, due to natural field decline, the production of 28
million barrels of oil equivalent (BOE) in the first half of
2004 was lower than that for the corresponding period in 2003.
Nonetheless it is still anticipated that the total full year
production for 2004 will be in the order of the previously
disclosed aspiration target of 58 million BOE.

REVIEW OF PRODUCTION AND DEVELOPMENT ACTIVITIES FOR THE QUARTER

NORTH WEST SHELF

(i) Domestic Gas: production was below expectation at 586 TJ per
day (Woodside share: 293 TJ per day) due to lower customer
demand.

(ii) LNG: production was above expectation at 22,559 tonnes per
day (Woodside share: 3,760 tonnes per day) due to higher
customer demand.

(iii) Condensate: production was above expectation at 102,924
bbl per day (Woodside share: 25,347 bbl per day) due to strong
Goodwyn reservoir performance and high production system
availability.

(iv) Cossack Pioneer Oil: production was below expectation at
89,495 bbl per day (Woodside share: 14,916 bbl per day) due to
lower facility availability as a result of unplanned shutdowns.

(v) LPG: production was above expectation at 2,173 tonnes per
day (Woodside share: 362 tonnes per day) due to deferred planned
shutdowns and strong Goodwyn reservoir performance.

LAMINARIA AND CORALLINA

(i) Production was below expectation at 32,363 bbl per day
(Woodside share: 15,778 bbl per day) due to a lower than
expected result from the Corallina-2 side track workover in
January this year.

(ii) The facility commenced a planned 10-day shutdown for
maintenance on 25 June 2004 and came back online on 7 July 2004.

LEGENDRE

(i) Production was above expectation at 20,015 bbl per day
(Woodside share: 9,195 bbl per day), due to the drilling and
successful commissioning of the infill well, LN5H.

(ii) Forecast production is in line with expectations following
the completion of the LN5H well. It will remain gas re-injection
constrained in the short term, then on natural decline. At
quarter end production was averaging 33,810 bbl per day
(Woodside share: 15,535 bbl per day).

OHANET

(i) Ohanet is a non-operated joint venture and values are quoted
as Woodside share only. The joint venture's returns are based on
product price and volume, limited to a maximum revenue
entitlement.

(ii) The Ohanet joint venture received maximum revenue
entitlement during this quarter.

(iii) Woodside's share of production based on an economic
interest basis was 2,000 bbls per day of condensate and 152
tonnes per day of LPG.

Development Projects During the quarter, as previously
announced, the Thylacine-Geographe Otway gas project (offshore
Victoria) and the Chinguetti oil project (offshore Mauritania,
West Africa) were approved to proceed to development.

The Enfield oil project (offshore, Western Australia) was
approved for development in the previous quarter.

These recently approved projects are all on schedule. First
production is expected from Chinguetti by March 2006, from Otway
by mid-2006 and from Enfield by fourth quarter 2006.

In early July gas had begun flowing into the North West Shelf's
Train 4 LNG plant (Karrat ha, Western Australia). As at 30 June
2004, the construction phase was all but finished with
insulation of pipe and vessels being the major work outstanding.
The phased commissioning was nearly 90% complete. The LNG
expansion project is on target to meet delivery obligations to
customers with LNG run-down to storage tanks from Train 4
expected by September/October 2004.

FOR INVESTMENT INQUIRIES
Mike Lynn
Work: (08) 9348 4283 Mobile: 0439 691 592

FOR MEDIA INQUIRIES
Felicity Nuttall
Work: (08) 9348 5064 Mobile: 0417 975 770

For more information, go to
http://bankrupt.com/misc/tcrap_woodside0721.pdf


* ITS Releases Provisional Bankruptcy Statistics for June 2004
--------------------------------------------------------------
The Insolvency and Trustee Service Australia (ITS) released the
provisional bankruptcy statistics for the numbers of
administrations occurring under the Bankruptcy Act 1966 for both
the June 2004 quarter and also the financial year 2003-04
(Attachments A and B), the ITS reported on its Web site.

The number of new bankruptcies occurring in 2003-04 (20 496) is
9.5% lower than in 2002-03 and is the lowest since 1995-96. The
number of new debt agreements increased by 20.5% to 5482.

Overall administrations under the Bankruptcy Act comprising
bankruptcies, debt agreements and Part X arrangements (26 239)
are 4.9% lower than in 2002-03 (27 592).

There were 4055 business related bankruptcies compared to 4103
in 2002-03. Business related bankruptcies represented 19.8% of
all bankruptcies (18.1% in 2002-03).

For any further information contact Hella Munday on (02) 6270
3420.

Official Receiver/Office Head:
Sydney: Ms Giulia Inga (02) 8233 7800
Melbourne: Mr Ashley Page (03) 9272 4800
Brisbane: Mr Digby Ross (07) 3360 5400
Adelaide Mr Arthur Michaloudakis (08) 8112 4301
Perth: Mr Jerry White (08) 9268 1200
Hobart: Ms Vanessa Goodey (03) 6221 7722

Terry Gallagher
Chief Executive and
Inspector-General in Bankruptcy
Telephone: (02) 6270 3401
Facsimile: (02) 6270 3413


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


139 HOLDINGS: Sees Profit After 7 years
---------------------------------------
In an announcement to the Hong Kong Stock Exchange, 139 Holdings
Limited turned around during the financial year ended March 31,
with a net profit of HKD1.2 million. This is the company's first
profitable year for 7 years, but no dividend was declared.

The company's businesses have undergone a significant
restructuring during the financial year, with the continuing
operation on car audio recording a turnover of HKD15.41 million,
up 22.2% from the preceding financial year. All revenues were
contributed by the Europe and the US markets, whereas the PRC
and Hong Kong markets made no contribution at all.

While total turnover dropped significantly due to the
discontinuation of garment business, a turnaround was seen in
its continuing operations with a HKD1.478 million profit from
operations, which already included HKD4.631 million of
depreciation and HKD4.41 million impairment of goodwill.


COMMUNICATIONS BANK: Sells US$1.45bln in Subordinate Debt
---------------------------------------------------------
As part of an internal revamp, China's Communications Bank sold
US$1.45 billion subordinated debts ahead of an overseas share
float, Reuters reports.

The bond issue, which is the cheapest among six bond issuances
by Chinese lenders this year, is aimed to fill the bank's
capital base as part of a restructuring scheme agreed upon by
shareholders in a meeting last month.

The bank revealed on its website a CNY12 billion ($1.45 billion)
issuance in five-year and one-month subordinated bonds at 4.5
percent annual coupon rate.

The Shanghai-based bank hopes to complete a revamp by the end of
the year, which includes a stake sale to the national welfare
fund and meeting specific bad loan ratio targets. Presently, the
bank is mulling the strategic sale of 19.9 percent stake in HSBC
Holdings Plc. and an overseas listing in 2005.


JINHUI SHIPPING: Announces Profit Warning
-----------------------------------------
Jinhui Holdings Company Limited (the Company) is an investment
holding company. Its subsidiaries are principally engaged in the
businesses of ship chartering, ship owning and trading. The
company and its subsidiaries (the Group) operates its worldwide
shipping activities through an approximately 50.9% owned
subsidiary, Jinhui Shipping and Transportation Limited (Jinhui
Shipping).

The Company was informed by Jinhui Shipping on July 16, 2004
that due to the realized losses incurred from, and the
provisions to be made for the unrealized losses from, certain
forward freight agreements (FFA) entered into by Jinhui Shipping
since January 2004, the interim results of Jinhui Shipping for
the six months ended June 30, 2004 will be substantially worse
than those for the six months ended June 30, 2004. The losses
form the FFAs had been caused by the unexpected and sudden
decline in the freight rates of the dry bulk shipping market,
which began in March 2004 and continued further in June 30,
2004. The falling freight rates for the dry bulk shipping market
had been caused by the negative sentiment towards the economy of
the People's Republic of China as a result of the macro economic
measures introduced by the relevant authorities.

As the results of the Group are largely attributable to the
results of Jinhui Shipping, the Company expects that the Group's
results for the interim period 2004 will be adversely affected
and worse than those for the interim period 2003. However, the
Group's financial results for the six months ended June 30, 2004
has not yet been finalized and the Company is presently unable
to quantify precisely the financial implications for the Group
in respect of such period.

FFA is a forward agreement to purchase or sell the
transportation of cargoes at a predetermined price, and
typically, an FFA runs twelve months forward and is used as a
method of risk management where physical alternatives are
expected to be more expensive going forward. In respect of the
FFAs entered into by Jinhui Shipping, Jinhui Shipping had
contracted to buy or sell the shipping capacities from or to the
counter parties.

Shareholders of the Company and investors should exercise
caution when dealing in the Shares of the Company.

BY Order of the Board
Ng Siu Fai

This Hong Kong Stock Exchange announcement is dated July 20,
2004.


WANJI PHARMACEUTICAL: Posts HKD8.2M Net Loss
--------------------------------------------
Infocast News reported that Wanji Pharmaceutical Holdings
Limited posted a net loss of HKD8.151 million for the fiscal
year ended March 31, compared to a net loss of HKD8.022 million
for the previous year. The LPS was HKD0.0015. No final dividend
was declared.

Wanji Pharmaceutical Holdings Limited announced its financial
results on July 20, 2004.

Year-end date: 31/03/2004
Currency: HKD
Auditors' Report: Unqualified

                                                 (Audited)
                                (Audited)        Last
                                Current          Corresponding
                                Period           Period
                                from 01/04/2003  from 01/04/2002
                                to 31/03/2004    to 31/03/2003
                               Note  ('000)             ('000)
Turnover                           : 18,254             20,739
Profit/(Loss) from Operations      : (7,445)            (5,899)
Finance cost                       : (706)              (2,123)
Share of Profit/(Loss) of
  Associates                       : 0                  0
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 0                  0
Profit/(Loss) after Tax & MI       : (8,151)            (8,022)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)    2  : (0.0015)           (0.0028)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (8,151)            (8,022)
Final Dividend                     : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for Annual
  General Meeting                  : 17/08/2004         to
20/08/2004bdi.
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

Remarks:

The Explanatory Note of the 2004 Annual Results Announcement
Form:

(1) Basis of preparation

(i) The accounts have been prepared in accordance with
accounting principles generally accepted in Hong Kong and comply
with accounting standards issued by the Hong Kong Society of
Accountants (HKSA).  They have been prepared under the
historical cost convention.

In the current year, the Group adopted the Statement of Standard
Accounting Practice (SSAP) 12 Income taxes issued by the HKSA,
which is effective for accounting periods commencing on or after
1st January 2003.

The effect of the adoption of this SSAP is not material to the
accounts.

(ii) The Group depends on finance from banks and the
convertible note to fund its operations.  The convertible note
and a substantial portion of the bank loan are repayable within
twelve months from 31st March 2004, the balance sheet date.  The
Group considers to sell its properties for sale, if necessary,
to finance the repayment of these liabilities and its
operations.  Based on this and the Group's cash flow projections
and available banking facilities, the Board of directors of the
Company believes that the Group has sufficient financial
resources to repay its liabilities as and when they fall due and
to continue its operations as a going concern.  Consequently,
the accounts have been prepared on a going concern basis.

(2) Loss per share

The calculation of basic loss per share is based on the Group's
loss attributable to shareholders for the year of HKD8,151,000
(2003: HKD8,022,000) and the weighted average of 5,442,325,172
(2003: 2,880,681,336) ordinary shares in issue during the year.

Diluted loss per share for the year ended 31st March 2004 and
2003 were not presented, as the conversion of convertible note
is anti-dilutive.


YAU LEE: Net Loss Narrows to HKD9K
----------------------------------
Yau Lee Holdings Limited posted a net loss of HKD9,000 for the
financial year ended 31 March 2004, compared with the net loss
of HKD17.922 million for the preceding financial year. Loss per
share was HKD0.00002. A final dividend of HKD1 per share was
declared.

Yau Lee Holdings Limited announced on its financial results to
the Hong Kong Stock Exchange on July 20, 2004.

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

                                                   (Audited)
                                    (Audited)       Last
                                     Current       Corresponding
                                     Period         Period
                                   from 1/4/2003  from 1/4/2002
                                    to 31/3/2004   to 31/3/2003
                               Note  ('000      )   ('000      )
Turnover                           : 1,069,158          933,992
Profit/(Loss) from Operations      : 9,440              12,894
Finance cost                       : (8,808)            (6,278)
Share of Profit/(Loss) of
  Associates                       : 71                 3,641
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (9)                (17,922)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.00002)          (0.0406)
         -Diluted (in dollars)     : (0.00002)          (0.0406)
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (9)                (17,922)
Final Dividend                     : 0.1 cent           NIL
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Final Dividend                   : 16/8/2004          to
20/8/2004 bdi.
Payable Date                       : 22/9/2004
B/C Dates for Annual
  General Meeting                  : 16/8/2004          to
20/8/2004 bdi.
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

Remarks:

(1) Earnings Per Share
The calculation of loss per share is based on the Group's loss
attributable to shareholders of approximately HKD9,000 (2003:
HKD17,922,000) and on the weighted average of 440,949,600 (2003:
440,949,600) shares in issue during the year.

Diluted earnings per share is not presented as there are no
dilutive potential shares for the options granted under the
Company's share option scheme.

(2) Restatement of Last Corresponding Period's Figures

The restatement of last corresponding period's figure is due to
the adoption of Revised SSAP 12 issued by the Hong Kong Society
of Accountants.


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


BANK NEGARA: Net Profit Triples to IDR1.5tln
--------------------------------------------
State-owned PT Bank Negara Indonesia's first-half net profit
tripled to IDR1.5 trillion (US$167 million) from the same period
last year, Reuters reports, citing the bank's president Sigit
Purnomo. Its net non-performing loans stand below five percent.

The bank did not disclose the reason for the increase. However,
the growth in lending margins brought about by low domestic
rates, which have boosted the revenue of local banks, may have
contributed to the jump.

The proposed issue of US$200 million to US$300 million in bonds
is expected to push through later this year if market conditions
improve, the bank said. BNI said in June that it postponed the
dollar-denominated bond because of unfavorable global market
conditions as investors anticipated the U.S. Federal Reserve
would hike interest rates.

The bond issue, which is aimed at boosting capital reserves and
help fund expansion, will be underwritten by JP Morgan and
Barclays Capital.


BUMI RESOURCES: H1 Net Profit Rises to US$40.7M
-----------------------------------------------
Indonesian miner PT Bumi Resources (BUMI.JK) saw a sharp rise in
its first half net profit following its October 2003 acquisition
of PT Kaltim Prima Coal (KPC).

Bumi spokesman Peter Tabalujan told Dow Jones Newswires on
Wednesday that the firm's six-month net profit ballooned from
last year's US$6.9 million to US$40.7 million, while revenue
rose from US$156.4 million to US$484.5 million.

Bumi bought KPC, Indonesia's largest coal miner, for US$500
million in October last year from British Energy Company BP and
Anglo-Australian Group Rio Tinto (RTP). This year, the company
expects to sell some 40 million tons of coal mainly from KPC.

The firm projects its previous US$12.6 million net profit to
climb to US$137 million this year. Likewise, it forecasts a
revenue increase from 2003's $435.7 million to $1.245 billion.

In April, PT Bumi Resources unveiled plans to refinance its
USD600 million borrowings this year by issuance of new bonds or
through loans in order to reduce debt repayment burden
especially for high interest loans.


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


EI TEI: Golf Course Enters Bankruptcy
-------------------------------------
Ei Tei Oh Kaihatsu K.K. has entered bankruptcy, according to
Teikoku Databank America. Based in Seki-shi, Gifu Japan, the
golf course has total liabilities of US$100 million.


HAZAMA CORPORATION: S&P Ups Rating to CCC+
------------------------------------------
Standard & Poor's Ratings Services on Wednesday raised its long-
term corporate credit ratings on Kumagai Gumi Co. Ltd. to 'CCC+'
from 'CC', and on Hazama Corporation to 'CCC+' from 'SD'. The
rating actions reflect the lower possibility of default by the
firms due to progress in their respective three-year reform
plans through March 2006. The outlooks on the ratings on the
companies are stable.

"Both Kumagai and Hazama have improved their financial profiles,
backed by debt and cost reductions, as well as continued support
from their main creditor banks," said Junko Miyakawa, a credit
analyst at Standard & Poor's.

Although Kumagai's unconsolidated sales in fiscal 2003 (ended
March 2004) fell short of forecasts, the company's reform plan
has become more feasible due to a reduced debt burden and
improved profitability.

Any further upgrades of the ratings on Kumagai or Hazama will be
contingent on progress in asset restructuring and debt reduction
of the group companies, as well as their ability to improve
their competitiveness in the construction business.


MATSUSHITA ELECTRIC: To Boost Digital Camera Output Capacity
------------------------------------------------------------
Matsushita Electric Industrial Co. Limited plans to increase its
digital camera output capacity by 75 percent from August,
according to Reuters.

The increase comes as part of Matsushita President Kunio
Nakamura's target of grabbing a 10 percent share of the global
digital camera market in the business year ending March 31,
2007. The Company had a three percent global market share in
2003/04.

Matsushita's push for a larger share comes as analysts warn of a
possible supply glut in the digital camera market and increasing
competition from low-cost Taiwanese competitors, such as Premier
Image Technology Corporation and Altek Corporation.


MITSUBISHI MOTORS: Union OKs Relocation Plan for Plant Workers
--------------------------------------------------------------
The labor union of Mitsubishi Motors Corporation has accepted
the company's plan to transfer most workers at the Okazaki
factory in Aichi Prefecture to other plants in Gifu and Okayama
prefectures before the Okazaki plant is closed, according to
Kyodo News.

The union also agreed to an early retirement scheme for aged
workers who would find it difficult to move to the other plants
due to family affairs and other reasons.


SOJITZ CORPORATION: Top Shareholder Sells 6mln Sojitz Shares
------------------------------------------------------------
U.S. Investment-banking group J.P. Morgan Chase & Co. (JPM) has
sold 36 percent of its shares in Sojitz Holdings Corporation,
but retains its position as the top shareholder, the Nihon
Keizai Shimbun reported on Wednesday.

JPM sold 6.09 million shares of the 16.69 million shares it held
in the Company as of the end of March. The 10.6 million shares
it held as of the end of June accounts for 4.9 percent of
Sojitz's outstanding shares.


UFJ HOLDINGS: Must Pay JPY60B For Sumitomo To Withdraw Suit
-----------------------------------------------------------
Sumitomo Trust & Banking Co. will drop its attempt to block the
merger between UFJ Holdings Inc. and Mitsubishi Tokyo Financial
Group Inc. if UFJ pays JPY60 billion to cancel an agreement with
Sumitomo, Dow Jones reports, citing the Sankei Shimbun.

Sumitomo Trust sought an injunction to halt the merger talks
between the two banking groups because UFJ suddenly canceled its
basic agreement to sell UFJ Trust Bank to Sumitomo for JPY30
billion. UFJ nullified the agreement early this month in favor
of going into merger talks with Mitsubishi.

The first court hearing on Sumitomo's claim was held Monday, and
the court could make ruling as early as next week.


YAMASHIRO GOLF: Golf Course Files for Bankruptcy
------------------------------------------------
Yamashiro Golf Club Co. Ltd has entered bankruptcy, according to
Teikoku Databank America. Based in Kaga-shi, Ishikawa Japan, the
golf course has total liabilities of US$157.08 million.


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


CHOHUNG BANK: Shinhan Considers Selling Bank
--------------------------------------------
Shinhan Financial Group may sell Chohung Bank unless its labor
union agrees on a possible restructuring plan before the merger
with Shinhan Bank slated for June 2006, the Korea Times reported
on Monday.

Shinhan, which owns an 81.15 percent stake in the bank, is
mulling over whether or not to cut 25 percent of Chohung's
manpower, or around 2,000 of the total 7,833 employees, and
close down unprofitable branches nationwide before the merger.

Analysts said Shinhan Bank might face a downgrade in its credit
and financial soundness ratings after its merger with Chohung.
The incoming merged bank's combined assets will approach KWR160
trillion.


SSANGYONG MOTOR: Creditors to Pick Prime Bidder Soon
----------------------------------------------------
Creditors of Ssangyong Motors are expected to announce the
preferred bidder for the sale of the debt-ridden carmaker as
early as next week, Yonhap News reports.

The prime bidders have been short listed to China's Shanghai
Automotive and a U.S. pension fund from a field of four
potential foreign buyers.


* Construction Company Bankruptcies Up Sharply in Second Quarter
----------------------------------------------------------------
The number of construction companies going under increased 15
percent in the second quarter compared to the first three months
of this year, Yonhap News reports, citing the Bank of Korea.

The central bank said that 192 construction firms filed for
bankruptcy from April through June, a gain from 167 companies
that took similar actions in the preceding quarter.


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


BERJAYA SPORTS: Issues Additional 20,500 Ordinary Shares
--------------------------------------------------------
Berjaya Sports Toto Berhad's additional 20,500 new ordinary
shares of RM1.00 each arising from the conversion of RM20,500
nominal amount of 8 percent irredeemable convertible unsecured
loan stocks 2002/2012 will be granted listing and quotation by
Bursa Malaysia Securities Berhad effective 9:00 a.m., Thursday,
22 July 2004.

Contact:

Berjaya Sports Toto Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Telephone: 03-2935888
Fax: 03-2935 8043


GULA PERAK: BMSB Grants Listing of Additional 25,800 Shares
-----------------------------------------------------------
Bursa Malaysia Securities Berhad grants the listing and
quotation of Gula Perak Berhad's additional 25,800 new ordinary
shares of RM1.00 each issued pursuant to the conversion of
25,800 irredeemable convertible secured loan stocks into 25,800
ordinary shares effective 9:00 a.m., Thursday, 22 July 2004.

Contact:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Telephone: 03-4044 2828
Fax: 03-4044 6688


INTEGRATED RUBBER: Releases Relevant Dates Of Sale Offer
--------------------------------------------------------
Integrated Rubber Corp. Berhad (formerly known as Berjuntai Tin
Dredging Berhad) (IRCB or the Company) disclosed to Bursa
Malaysia Securities Berhad the relevant dates in relation to the
non-renounceable restricted offer for sale by Chip Lam Seng
Berhad of 4,357,000 ordinary shares of RM0.50 each in IRCB (IRCB
Shares) to the existing shareholders of IRCB excluding MMC
Corporation Berhad (formerly known as Malaysia Mining
Corporation Berhad) (Entitled Shareholders) at an offer price of
RM0.50 per IRCB Share on the basis of one (1) IRCB Share for
every two (2) IRCB Shares held at 5:00 p.m. on 19 July 2004
(Restricted Offer for Sale).

Integrated Rubber refers to the announcements on 30 June 2004
and 5 July 2004.

On behalf of the Board of Directors of IRCB, Southern Investment
Bank Berhad wishes to announce the following:

(i) The last date and time for acceptance and payment will be on
6 August 2004 at 5:30 p.m.; and

(ii) Copies of the Prospectus together with the Provisional
Letter of Offer and Offer Acceptance Form relating to the
Restricted Offer for Sale will be dispatched on 26 July 2004 to
the shareholders of IRCB whose names appear in the Record of
Depositors as at 5:00 p.m. on 19 July 2004.

The Restricted Offer for Sale is non-renounceable and is made
exclusively to the Entitled Shareholders who may not sell or
assign or transfer their rights under the Provisional Letter of
Offer.

Entitled Shareholders who do not receive the aforesaid documents
should notify the Share Registrar of IRCB at:

Symphony Share Registrars Sdn Bhd (formerly known as Malaysian
Share Registration Services Sdn Bhd)
Level 26, Menara Multi Purpose
Capital Square
No. 8, Jalan Munshi Abdullah
50400 Kuala Lumpur
Telephone: 03-2721 2222

This announcement is dated 20 July 2004.


KRETAM HOLDINGS: Issues Update on Interest Payment
--------------------------------------------------
Kretam Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad the details in relation to the Second interest payment on
RM87,406,000 Nominal Amount of one percent Irredeemable
Convertible Unsecured Loan Stocks 2003/2010 (ICULS 2003/2010)
for the period from 11 February 2004 to 10 August 2004.

Kindly be advised of the following:

(1) The above Company's securities will be traded and quoted
(Ex-Interest) as from: (5 August 2004)

(2) The last date of filing: (9 August 2004)

(3) Date Payable: (10 August 2004)

REMARKS: Interest of one percent per annum payable semi-annually
in arrears.


LIEN HOE: Issues Additional 1,000,000 Ordinary Shares
-----------------------------------------------------
Lien Hoe Corp. Berhad's additional 1,000,000 new ordinary shares
of RM1.00 each issued pursuant to the conversion of RM1,000,000
nominal value of two percent irredeemable convertible unsecured
loan stock  will be granted listing and quotation by Bursa
Malaysia Securities Berhad effective 9:00 a.m., Thursday, 22
July 2004.


LONG HUAT: To Implement and Complete Restructuring Scheme
---------------------------------------------------------
Long Huat Group Berhad disclosed to Bursa Malaysia Securities
Berhad that under the Scheme of Arrangement of the Proposed
Restructuring Scheme pursuant to Section 176(5) of the Companies
Act 1965, Long Huat's solicitor, Messrs. Kadir, Andri & Partners
had on 16 July 2004 lodged an office copy of the court sanction
order dated 31 March 2004 with Suruhanjaya Sekuriti Malaysia
(SSM) to effect the restructuring scheme of the Company.

Thereafter, the Company shall proceed with the implementation
and completion of the restructuring scheme of LHUAT.


METROPLEX BERHAD: Court Grants Extension Of Restraining Order
-------------------------------------------------------------
Metroplex Berhad refers to its announcement dated 30 June 2004
on the Restraining Order and Proposed Debt Restructuring Of The
Group.

Metroplex wishes to inform Bursa Malaysia that the High Court of
Malaya had on 14 July 2004 granted an extension on the Order to
Convene the Creditors' Meeting pursuant to Section 176(1) of the
Companies Act, 1965 from 30 June 2004 to 30 September 2004.

The company also wishes to inform that the High Court of Malaya
had on 15 July 2004 granted a further extension of the
Restraining Order pursuant to Section 176(10) of the Companies
Act, 1965, from 21 July 2004 to 21 October 2004.

This announcement is dated 20 July 2004.


MOL.COM BERHAD: Enters Into Supplemental Agreement With AWDL
------------------------------------------------------------
Reference is made to the announcement made to Bursa Malaysia
Securities Berhad dated 2 March 2000 in relation to the proposed
subscription for 37,050,000 shares of Asia Web Direct (HK) Ltd
(AWDL) of HKD1.00 each for cash of HKD37.05 million.

The Board of Directors of MOL.com Berhad (MOL) would like to
announce that the Company had on 20 July 2004 entered into a
Supplemental Agreement with the Promoters of AWDL namely, Mr.
Neil Anderson Cumming, Mr. Stuart Duncan Cumming, Ms. Sii
Eawsakul Cumming and Mr. Choo Choon Yeow to vary, inter-alia,
certain terms stated in the Investment cum Shareholders
Agreement dated 2 March 2000 as follows (Revised Terms):

- MOL's balance obligation of USD3.5625 million (equivalent to
HKD27,787,500) shall be terminated and MOL shall not be liable
in respect of any breach of its obligations under the agreement
and the Promoters shall have no claims or actions against MOL;
and

- In view that MOL currently holds 9,262,500 ordinary shares of
HKD1.00 each in AWDL (invested in June 2000 for cash of
USD1.1875 million or HKD9,262,500) or 20 percent stake and the
Promoters have 80 percent, the Board representation and funding
obligations of each party shall accordingly be amended to
reflect and be proportionate to their respective shareholding
interest in AWDL.

The above variations were necessitated by a revision of AWDL
Group's capital requirement and a possible public listing to be
undertaken in Thailand.

The Revised Terms will not have any effect on the issued and
paid up share capital, substantial shareholders shareholding in
MOL and the earnings and net tangible assets of MOL Group for
the financial year ending 30 June 2005.

The Board of Directors is of the opinion that the Revised Terms
is in the best interest of MOL Group.

A copy of the Supplemental Agreement will be available for
inspection during normal business hours at the Registered Office
of the Company at 11 Floor, Menara Berjaya, KL Plaza, 179, Jalan
Bukit Bintang, 55100 Kuala Lumpur from Mondays to Fridays
(except public holidays) for a period of three (3) months from
the date of this announcement.


MYCOM BERHAD: Completes Agreement on Outstanding Conditions
-----------------------------------------------------------
Further to the announcement made to Bursa Malaysia Securities
Berhad on 12 August 2003, the Board of Mycom Berhad (Mycom)
wishes to announce that all the outstanding conditions precedent
under the Agreement dated 10 August 2003 involving its 64
percent owned subsidiary, Kelgran Limited (KL), KL wholly-owned
subsidiary, Kelgran Investments (Proprietary) Limited (KIPL) and
JVK S.r.l. have now been fulfilled and the effective date of the
completion was 30 June 2004 and Mycom's effective interest
through Mycom South Africa (Proprietary) Limited in KIPL is
therefore reduced to 31 percent effective in the same date.


SIN KEAN: Updates Civil Suit Against SKB Metal
----------------------------------------------
On 20 May 2003, Sin Kean Boon Group Berhad (SKBG) had announced
that Sin Kean Boon Metal Industries Sdn Bhd (SKBMI), a wholly-
owned subsidiary of SKBG had on 20 May 2003 received from Messrs
Choy & Associates, solicitors for SKB Metal Sdn Bhd (SMSB), a
Writ Saman Dan Penyata Tuntutan issued by the Penang High Court
(No. 2) Guaman Sivil No: 22-267-2003. By the said Writ, SMSB has
claimed against SKBMI for the following reliefs:

(a) the sum of RM972,300.00 and RM74,078.39 being the arrears of
rent and the interest accrued thereon respectively for a portion
of the Premises known as Lot 466 & 472, Jalan Perusahaan Baru
Satu, Prai Industrial Estate 3, 13600 Prai, Penang, together
with interest accrued thereon at the rate of 8% per annum from
21 March 2003 until full settlement;

(b) vacant possession of the said Premises known as Lot 466 &
472, Jalan Perusahaan Baru Satu, Prai Industrial Estate 3, 13600
Prai, Penang occupied by the Defendant within one (1) month from
the date of the Order of Court;

(c) mesne profits of RM92,600.00 per month from 1 April 2003 up
to the date of delivery of vacant possession;

(d) costs; and

(e) that there be such further relief and/or orders as may be
deemed just and necessary.

On 20 May 2003, SKBG had also announced that in the Penyata
Tuntutan, SMSB alleged that the tenancy has been terminated due
to SKBMI's failure to pay rent from July 2001 to March 2003
(inclusive).

SKBG had on 20 May 2003 also announced that they had instructed
their lawyers to defend this suit as all monthly rental from
July 2001 to date has been paid to the solicitors as
stakeholders as previously agreed pending the tenancy dispute of
the premises. Further, the counterclaim in Penang High Court
Civil Suit : 22-104-2002 is in respect of the same tenancy
dispute is still pending trial.

On 28 May 2003, Sin Kean Boon Group Berhad announced that the
solicitors had on 28 May 2003, filed a Memorandum Kehadiran to
the Penang High Court.

On 30 June 2003, Sin Kean Boon Group Berhad announced that it
has on 30 June 2003 received a copy of sealed Saman Dalam Kamar
dated 30 May 2003 and Affidavit affirmed by Sin Kheng Chuan on
30 May 2003.

The Saman Dalam Kamar is the Plaintiff's (SMSB) application for
summary judgment for the sum of RM972,300.00 and RM74,078.39 and
interest at 8 percent p.a. from 21 March 2003 to date of full
settlement and costs. The Plaintiff's application was fixed for
hearing on 17 July 2003.

The Defendant Sin Kean Boon Metal Industries Sdn Bhd (SKBMI)
will be resisting this application.

SKBG had on 17 July 2003 announced that the matter fixed for
hearing on 17 July 2003 was adjourned and the Court had fixed
the final hearing date for Summary Judgement on 15 September
2003.

On 15 September 2003, SKBG announced that the Court has
postponed this matter pending its preparations to relocate to
its new premises at Northam Tower and the Court will write to
parties to inform of the new hearing date.

SKBG had on 14 January 2004 announced that the Court has fixed
the matter for hearing of the Plaintiff's application for
Summary Judgment on 11 February 2004.

On 15 January 2004, SKBG announced that SKBMI's application for
suit no: 22-267-2003 to be stayed pending the hearing of SKBG's
Counterclaim in suit no: 22-104-2002, alternatively, for both
the suit no: 22-267-2003 and SKBG's counterclaim in suit no: 22-
104-2002 to be consolidated or heard together has been fixed on
11 February 2004 which is the same day as the Plaintiff's
application for summary judgment.

On 11 February 2004, SKBG announced that the matter had been
adjourned to a date to be fixed later.

On 12 March 2004 SKBG announced that the Court has fixed the new
hearing date of this matter on 6 April 2004.

On 6 April 2004, SKBG announced that its solicitors had informed
the Court that the Defendant's application for consolidation of
the matters, for Plaintiff's summary judgement to be heard
together with the Defendant's counterclaim or alternatively for
stay of Plaintiff's suit pending disposal of the Defendant's
counterclaim (enclosure 11) has not been disposed off yet.

As such the Court directed that parties file Written Submission
for both the application. The mention dates following the above
are:

(1) 21/04/04 -For Defendant to file reply to Plaintiff's written
submissions to enclosure 3 (Summary Judgement). Also for
Defendant to file written submissions to enclosure 11
(consolidation).

(2) 13/05/04 -For Plaintiff to file reply to Defendant's written
reply to enclosure 3.
             -Also for Plaintiff to file reply to Defendant's
written submissions for enclosure 11.

(3) 27/05/04 -For Defendant to file reply to Plaintiff's reply
to enclosure 11.

(4) 04/06/04 -Decision of enclosure 3 and 11.

On 22 April 2004, SKBG announced that the solicitors have
informed that the written submissions as directed by the Court
has been duly filed. The solicitors have also informed that the
next date 13 May 2004 is maintained.

On 13 May 2004, SKBG announced that the Plaintiff's solicitors
have requested for extension of time to file the Plaintiff's
written reply submission.

On 24 May 2004, SKBG announced that their solicitors have
received the Plaintiff solicitors' Reply Written Submissions and
the solicitors will be writing to Court for an extension of time
of 2 weeks to enable them to file the Defendant's reply to the
same.

On 27 May 2004 SKBG announced that this matter was fixed for
mention on 27 May 2004 for the solicitors to file the
Defendant's written reply to the Plaintiff's Reply to
Defendant's Written Submissions. As the Plaintiff have filed
their Reply late and only served the Company on 24 May 2004, the
solicitors have written to Court for a 2 weeks' extension for
Defendant to file the said written reply.

On 4 June 2004, SKBG announced that since the Plaintiff have
delayed in filing their written submissions, the Defendant would
therefore require more time to file their reply. As such the
decision fixed for today will be taken off since the submissions
are not completed. The next date for decision will depend upon
the date granted by the Court.

On 14 June 2004, SKBG announced that their solicitors have filed
the Plaintiff's reply to the Plaintiff's reply submission. The
Court has fixed 28 June 2004 for decision of both Enclosure 3
and Enclosure 11 i.e. the Plaintiff's application for Summary
Judgement and the Defendant's application for consolidation of
the suits respectively.

On 28 June 2004 SKBG announced that the decision for both
enclosure 3 and 11 has been adjourned to a date to be fixed by
the Court as the Learned Deputy Registrar was on emergency
leave.

On Tuesday SKBG wishes to announce that the Court has fixed the
matter for decision of both enclosure 3 and 11 on 27 July 2004.

Yours faithfully
SIGNED
Lam Voon Kean (MIA 4793)
Joint Secretary


TALAM CORPORATION: Issues Additional 100,000 Shares For Listing
---------------------------------------------------------------
Kindly be advised that Talam Corp. Berhad's additional 100,000
new ordinary shares of RM1.00 each issued pursuant to the
conversion of 100,000 irredeemable convertible preference shares
will be granted listing and quotation by Bursa Malaysia
Securities Berhad effective 9:00 a.m., Friday, 23 July 2004.


TEXCHEM CONSUMERS: Enters Voluntary Liquidation
-----------------------------------------------
Further to the earlier announcement on Bursa Malaysia Securities
Berhad made by Texchem Resources Bhd (TRB) on 12 December 2003
with regards to the member's voluntary winding up of Texchem
Consumers (S) Pte Ltd., a subsidiary of Texchem Resources
Berhad, the Board of Directors of TRB wishes to announce that
Texchem Consumers (S) Pte Ltd (In Members' Voluntary
Liquidation), a wholly-owned subsidiary of Texchem Consumers Sdn
Bhd, which in turn is a wholly-owned subsidiary of TRB has been
dissolved on Tuesday.


UTUSAN MELAYU: Details License Agreement With UPD And Syarikat
--------------------------------------------------------------
Utusan Melayu (Malaysia) Berhad disclosed to Bursa Malaysia
Securities Berhad an update in relation to its License Agreement
dated July 19, 2004 entered into between UPD Sdn Berhad and
Syarikat Prasarna Negara Berhad.

(1) INTRODUCTION

The Company wishes to announce that its subsidiary, UPD Sdn Bhd
(UPD) and Syarikat Prasarana Negara Berhad (SPNB) had on 19 July
2004 entered into a License Agreement where UPD is granted the
right to carry out outdoor advertising activities on SPNB's
STAR-LRT sites.

(2) LICENCE AGREEMENT

(2.1) The term of the License Agreement is for 5 years
commencing 1 March 2003, and may be renewed at the option of
SPNB for a further 5 years.

(2.2) The license fee payable by UPD to SPNB shall be the higher
of the following:

(2.2.1) Forty Two percent of the advertising revenue for the
relevant year; or

(2.2.2) the minimum guaranteed sum.

(3) FINANCIAL EFFECTS OF THE LICENCE AGREEMENT

The above transaction is not expected to have any material
impact on the Group's earnings, net
tangible assets and the Company's issued and paid-up share
capital.

(4) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors and/or substantial shareholders of the
Company and/or persons connected to them have any interest,
direct or indirect, in the License Agreement.

(5) DIRECTORS' STATEMENT

After taking into consideration all aspects of the License
Agreement, the Board of Directors of the Company is of the
opinion that the License Agreement will be beneficial and is in
the best interest of the Group.

(6) DOCUMENT AVAILABLE FOR INSPECTION

A copy of the License Agreement is available for inspection at
the business office of the Company at Level 7, Menara PGRM, No.
8, Jalan Pudu Ulu, 56100 Cheras, Kuala Lumpur during normal
office hours from Mondays to Fridays (except public holidays)
for a period of one (1) month from the date of this
announcement.

This announcement is dated 20 July 2004.


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


BAYAN TELECOMMUNICATIONS: To Achieve Goals With New Rehab Plan
--------------------------------------------------------------
The approval of Bayan Telecommunications Inc. (BayanTel)
rehabilitation plan entails a positive outcome on the telco's
position in the telecommunications industry, reports
BusinessWorld.

"While the court-approved plan is not the plan BayanTel
submitted, BayanTel believes that it has a rehabilitation plan
that allows it to meet its long-term growth and profitability
goal while continuing to provide excellent service to all its
customers," the Lopez-led firm said in a statement, quoted by
BusinessWorld.

BayanTel's rehabilitation plan covered payment terms for a
US$325-million debt payable over years. Debts not covered by the
rehabilitation plan would be converted into "an appropriate
instrument that shall not be a financial burden" to the company.

Fifty-two percent of the telco's debt is owed to secured
creditors, and the balance is owed to the unsecured creditors.

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/


MUSIC SEMICONDUCTORS: Appoints New Company Treasurer
----------------------------------------------------
Music Semiconductors Corp. disclosed to the Philippine Stock
Exchange that at the special meeting of the Board of Directors
of the company held on Wednesday, July 21, 2004, Ms. Renelia L.
Yturzaeta was elected as the Treasurer of the company.
Accordingly, Mr. Jose G. Razon, Jr. has ceased to act as Acting
Treasurer of the Company.

Ms. Yturzaeta is also the Director of Finance and Administration
of Music Semiconductors Philippines Inc. (MSPI), a wholly owned
subsidiary of the company.  Ms. Yturzaeta joined MSPI in March
2001 after working with PMI Asia Inc. for three years, the
Finance Manager of Innodata Processing Corp. for one year, and
the Accounting Services Manager of Sea Land Service Inc. for 13
years.  She graduated from the University of the East with a
BSBA Major in Accounting degree and is a Certified Public
Accountant.


NATIONAL HOME: Allots PHP3.464Bln As Partial Payment of Debt
------------------------------------------------------------
The National Home Mortgage Finance Corp. (NHMFC) is given until
October of this year to pay a portion of its PHP40.5 billion
housing debt with the Social Security System (SSS), the
Philippine Star reports.

A PHP3.464 billion has been allocated by NHMFC as payment for
the SSS debts.  It has disposed of PHP13.453 billion worth of
housing liabilities last May, with the help of financial advisor
Ernst and Young.  The bad assets were acquired through a special
purpose vehicle (SPV) joint venture with a subsidiary of German
bank Deutsche Bank. "It will be treated as a payment for the
principal loan," said Ma. Luz C. Generoso, SSS assistant vice
president.

The balance will be paid over 12 and a half years on a staggered
basis, or by 2015. NHMFC had promised to pay annually through
collections from the restructuring of the housing debts. After
restructuring, some of the debts will be securitized, resulting
in additional debt payments starting 2005.

"Definitely, we will benefit from it because of the cash flow
which we can immediately reinvest, thus increasing our
recoveries," Ms. Generoso added.

The total housing debt of NHMFC amounts to PHP53 billion
accumulated from loans from the Government Service and Insurance
System (GSIS), Pag-Ibig and the SSS.


NATIONAL POWER: Sees Losses Until 2007 Unless Rates Are Hiked
-------------------------------------------------------------
Unless National Power Corp. (Napocor) rates are increased, the
power firm is projected to suffer net losses until 2007,
BusinessWorld reports, citing Napocor president Rogelio M.
Murga.

"Napocor will continue to incur an operating loss unless Napocor
is allowed reasonable recovery of its actual costs,"
Businessworld quoted Mr. Murga as saying.

Last year, Napocor saw an increase in net loss to PHP113.23
billion from PHP24.66 billion in 2002. This year, Napocor
projects a PHP114.60 billion net loss, the biggest loss
projected until 2007. The power firm anticipates a net loss of
PHP85.92 billion in 2005. In 2006, losses are projected to rise
to PHP102.26 billion and to PHP111.78 billion in 2007.

According to Mr. Murga, Napocor started to incur losses in 1997
as interest expenses ballooned due to the Asian financial
crisis.


UNITED COCONUT: Fails To Find Bidder For Bad Assets
---------------------------------------------------
United Coconut Planters Bank (UCPB) was not able to find a
qualified bidder for its PHP15 billion worth of bad assets,
according to the Philippine Star.

Disagreements over price prompted the bank to turn down all the
bids for the said assets. There were six sealed bids during the
auction but four of the bids did not qualify and the remaining
two were below the floor price, UCPB president and chief
executive officer Jose L. Querubin said.

The UCPB auction would have been the first sale of bad assets
under the Special Purpose Vehicle Act (SPVA) and would have
qualified for incentives administered by the Bangko Sentral ng
Pilipinas (BSP).

Under the law, banks have until September this year to set up
the special purpose vehicles and until the end of the year to
sell their bad assets and bad loans in order to qualify for
incentives.

According to Mr. Querubin, UCPB went to its financial adviser,
PricewaterhouseCoopers, to discuss the possibility of a second
auction. "We got feedback that the bidders wanted more time to
be able to submit a more aggressive bid," the Philippine Star
quoted Mr. Querubin as saying.

The market response encouraged the management of UCPB to hold at
least two more auctions this year. UCPB has about PHP22 billion
worth of real and other properties owned or acquired (ROPOA)
assets.

The ROPOAs were bid out in five to six different portfolios,
including two major real estate assets that would be packaged
into a single portfolio. "We have two major assets namely, the
White Cove resort in Batangas and the Forbes Tower, a building
right behind our head office," Mr. Querubin said.

White Cove resort and the Forbes Tower have an estimated book
value of about PHP2 billion each.  Because the two properties
are large enough, they will be sold as separate lots from the
rest of the other ROPOAs.  Two options are considered for these
two properties, either through an outright sale or a joint
venture with any interested and qualified developer.

If the sale succeeds, there would be no need for the bank to
unload its remaining non-performing loans (NPL).


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


BOXX ASIA: Winding Up Order Made
--------------------------------
In the Matter of Boxx Asia Pacific Pte Ltd, a LTD. Winding Up
Order was made on July 9, 2004.

Name and Address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118.

Note:
(a) All creditors of the above named company should file their
proof of debt with the liquidator who will be administering all
affairs of the company.
(b) All debts due to the above named company should be forwarded
to the liquidator.

Messrs CHOO & LIM LLC
Solicitors for the Petitioner.


CORE CONSTRUCTION: Issues Intended Dividend Notice
--------------------------------------------------
Core Construction Pte Ltd, which is in creditors' voluntary
liquidation, issues Notice of Intended Dividend.

Address of registered office: 190 Middle Road #16-01
Singapore 188979.

Last day for receiving proofs: 6th August 2004.

Name of liquidators: CHEE YOH CHUANG & LIM LEE MENG.

Address of liquidators: c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

CHEE YOH CHUANG
LIM LEE MENG
Liquidators.

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


FALCON PILING:  Notifies Creditors of First Meeting
---------------------------------------------------
Notice is hereby given that the first meeting of creditors of
Falcon Piling Pte Ltd will be held at SHRI (Spring Room), 7
Shenton Way, #01-02 Singapore Conference Hall, Singapore 688810
on July 30, 2004 at 3.00 p.m.

To entitle you to vote thereat, your proof must be lodged with
me not later than 5 p.m. on July 23, 2004.

TAM CHEE CHONG
Judicial Manager.
Address of Judicial Manager:
c/o Deloitte & Touche
6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809.

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


GOLD LAND: Court Releases Winding Up Order
------------------------------------------
In the matter of Gold Land Stone Material Pte Ltd., a Winding Up
Order was made on July 2, 2004.

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

ENGELIN TEH PRACTICE LLC
Solicitors for the Petitioners.


ICF CONSULTING: Creditors To Submit Claims by August 16
-------------------------------------------------------
Notice is given that the creditors of ICF Consulting Resources
Pte Ltd., which are being wound up voluntarily, are required on
or before August 16, 2004 to send in their names and addresses
and the particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to the liquidators, c/o
Foo Kon Tan Grant Thornton at 47 Hill Street, #05-01 Chinese
Chamber of Commerce & Industry Building, Singapore 179365, and
if so required are to come in and prove their debts or claims as
shall be specified or in default will be excluded from the
benefits of any distribution made before such proof.

WONG KIAN KOK
KON YIN TONG
Joint Liquidators.

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


INFORMATICS HOLDINGS: Sells Four Non-core Assets
------------------------------------------------
Following a three-month debt-repayment extension granted by its
creditor-banks on some SGD16.2 million in loans, Informatics
Holdings has arranged the sale of four non-core assets, Channel
News Asia reports.

The embattled education provider sold two properties in Yishun
Ring Road and one in Bukit Panjang Road on July 14 after giving
De Pacific International Dental Services an option for a
leasehold property in Jurong West a day before.

The forecasted SGD3.5 million net gain from the four deals,
worth a total of SGD5.4 million, will be used to pay bank
commitments and to support its operations.


I.R.E. CORPORATION: Announces Property Sale
-------------------------------------------
The Board of Directors of I.R.E. Corporation Limited wishes to
announce that the Company has entered into an Option Agreement
to sell its property at 18 Verdun Road #01-01, #02-01, #03-01
and #04-01 Singapore 207280 to Premier Security Co-Operative Ltd
at the consideration of S$3,950,000 (the Consideration). The
Consideration was agreed upon after commercial negotiation on a
willing-buyer, willing-seller basis.

The Property was previously used as an office building but is
now vacant. It is a non-core asset of the Company and there was
no rental income generated from the Property. The net book value
of the Property as of June 30, 2004 was SGD4,682,000, and hence
the sale would result in a loss of SGD732,000.

The net tangible loss per share of the Company will increase
from 42.13 cents to 42.59 cents for the year ended December 31,
2003 assuming that the sale had been effected as at December 31,
2003. The loss per share of the Company will increase from 38.11
cents to 38.56 cents for the year ended December 31, 2003
assuming that the sale transaction had been effected at the
beginning of that financial year.

The sale proceeds will be used to repay the outstanding property
loan owing to United Overseas Bank Limited and thereby, reduce
financial cost in future.

None of the directors or substantial shareholders of IRE has any
interest, direct or indirect, in the aforesaid transactions save
their shareholdings in the Company.

The Singapore Exchange Securities Trading Limited (SGX-ST) has
granted the Company a waiver in relation to the requirement to
seek shareholders' approval under Rule 1014 of the SGX-ST
Listing Manual in respect of the disposal.

By Order of the Board
Michael Tay Kwang How
Company Secretary

Submitted by Michael Tay Kwang How, Company Secretary on July
20, 2004 to the Singapore Stock Exchange.


LULEE METALS: Top Shareholder Missing As Liquidators Move In
------------------------------------------------------------
A Business Times report reveals that Lee Theng Wee, controlling
shareholder of bankrupt Lulee Metals, has been missing for five
weeks now.

Mr. Lee was believed to have left the country with his family
during the school holidays last month at the same time
liquidators Deloitte & Touche moved in. Mr. Lee's absence has
sparked speculations about possible fraudulent activities.

Sources have confirmed that the liquidators, who are given 30
days to review Lulee's books before formally convening with the
firm's creditors, have already submitted a report to the
Commercial Affairs Department regarding the matter.

Lulee Metals recently stunned the metal trading industry by
applying for liquidation because of mounting debts worth $80
million, $70 million of which is owed to banks and financial
institutions and $8 million to trade creditors. Of the $70
million, $14.6 million is owed to United Overseas Bank, $9.3
million to DBS Bank and $5.3 million borrowed from OCBC Bank.

The winding up surprised the metal industry, as Lulee Metals,
one of the market's key players, generated $300 million in
revenues last year.

Lulee not only traded copper, stainless steel and aluminum, but
also represented global steel mills and arranged deals between
buyers and sellers of non-ferrous metals.


SEINO MERCHANTS: Releases Notice of Intended Dividend
-----------------------------------------------------
Seino Merchants Singapore Pte Ltd (In Creditors' Voluntary
Liquidation) issues Notice of Intended Dividend.

Address of Registered Office: 8 Cross Street
#17-00 PWC Building
Singapore 048424.

Last Day for Receiving Proofs: 2nd August 2004.

Name of Liquidator(s): Goh Thien Phong.

Address: c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.

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


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


T.C.J. ASIA: Submits Copy of Tender Offer Document to SET
---------------------------------------------------------
T.C.J. Asia PCL disclosed to the Stock Exchange of Thailand
(SET) that Mrs.Anongrat Chatjuthamard has submitted the Tender
Offer document (Form 247-4) for the ordinary shares of T.C.J. to
the Office of the Securities and Exchange Commission and the
copy of the Tender Offer document to the SET and the Company on
July 21, 2004.

The Company would like to disclose to the SET and the investors
such information as the enclosed copy of Tender Offer document.

Significant Elements of the Tender Offer
(The Tender Offer and the Offer Period are final and will not be
amended.)

(1) Date of submission of the tender offer: July 21, 2004

(2) Name of the Offeror: Mrs. Anongrat Chatjuthamard

(3) Name of the Preparer of the tender offer: Finansa Securities
Limited

(4) Objectives of making the tender offer:

(4.1) The Offeror is one of the creditors of T.C.J. Asia Public
Company Limited (TCJ) which filed claims for debt repayment
under the rehabilitation process of TCJ. In accordance with the
business reorganization plan of TCJ which was approved by the
Central Bankruptcy Court on December 1, 2003 with Ms. Srivilai
Chatjuthamard as the Plan Administrator, it is stated that the
Offeror, as the land rental creditor of TCJ, will be paid the
principal by the increased ordinary shares of TCJ with the
amount of 19,800,000 shares at the par value of THB10 per share
at the conversion price of THB1 per share.

Since December 31, 2003, the Offor has been paid by such shares
resulting in the increase in the shareholding of the Offeror in
TCJ from 2.51 percent to 91.30 percent.  Therefore, in order to
provide the minor shareholders the opportunity to make a
decision on the future performance of the Company in compliance
with the regulation of the SEC Notification No.KorJor.53/2545,
Re: Rules, Conditions and Procedures for Business Takeovers (the
SEC Notification No. KorJor.53/2545), the Offeror has made this
tender offer,

(4.2) In this tender offer, the Offeror does not have an
objective to delist the shares of TCJ from the Stock Exchange of
Thailand (the SET). The Offeror intends to remain the shares of
TCJ as the listed securities on the SET and is ready to proceed
with any procedure to comply with the rules and regulations of
the SET to bring the shares of TCJ to be traded in the
industrials sector as in a normal circumstance.

(5) Type, class, number of securities offered to be purchased,
and percentage of the securities to the total issued securities:

The ordinary shares of TCJ, the listed company on the SET, which
are not held by the Offeror total 1,940,000 (one million and
nine hundred forty thousand) shares.  Of such amount, there are
675,500 shares held by the persons in the same group as the
Offeror who has expressed their intention not to sell their
shares in this tender offer. Therefore, in this tender offer,
there are 1,264,500 (one million two hundred and sixty four
thousand and five hundred) ordinary shares, representing 5.67
percent of the total issued ordinary shares of the Company,
offered to be purchased by the Offeror.

(6) Offer Price

The offer price is THB8.82 (eight point eight two) per share.
The offeree is subject to the tender offer agent fee of 0.25
percent of the Offer Price and the value added tax (VAT) of 7
percent of the tender offer agent fee.  Therefore, the net price
that the offeree will receive is THB8.7964 (eight point seven
nine six four) per share.

Such offer price is:

(/) the final offer which will not be changed (final offer)

( ) not the final offer and the Offeror may change the offer
price

In the event that the Offeree, as a juristic person, does not
conduct business in Thailand and does not reside in a country
that has entered into a double taxation treaty with Thailand,
such Offeree is subject to a 15 percent withholding tax on
his/her capital gain.

The withholding tax will be calculated on capital gains from the
sale of shares (the difference between the offer price and the
amount the Offeree originally paid for the tendered shares). The
amount the Offeree originally paid for the tendered shares must
be declared to the Tender Offer Agent in the form provided in
Appendix 2 for securities and Appendix 3 for NVDR.

In the event that any Offeree fails to declare this information
to the Tender Offer Agent, the Tender Offer Agent will determine
the amount of the withholding tax on the basis of the entire
proceeds of the sale of the shares and deduct the tax
accordingly.

(7) Offer period

The tender offer period will be a total of 25 business days from
July 22, 2004 to August 27, 2004, both days inclusive, and
during the hours of 9:00 a.m. to 4:00 p.m. on those days.

Such tender offer period is:

(/) the final period which will not be extended (final period)

( ) not the final period and the Offeror may extend the period

(8) Conditions of change in the tender offer

(/) no condition

( ) conditions of change in the tender offer are as follows:

( ) the Offeror may reduce the offer price or extend the tender
offer period if any event or action causing a severe damage to
the status or assets of the Company occurs during the tender
offer period;

( ) the Offeror may change the offer or extend the tender offer
period to compete with another person if that person has
submitted a tender offer for securities of the Company during
the tender offer period

(9) Condition of cancellation of the tender offer

The Offeror has no condition of cancellation of the tender
offer.

(10) The offer period that the securities holders can cancel
their tendered shares

The Offerees can cancel their tendered shares no later than
August 20,2004 which is the twentieth business day of the offer
period.

(11) Allocation of number of shares to be purchased in the event
that the amount tendered is either more or less than the amount
offered to purchase (in case of partial tender offer in relation
to Clause 5 of the SEC Notification No. KorJor. 53/2545)

None

(12) Source of funds to finance the tender offer

The source of funds of the Offeror for the tender offer will be
from the deposit account of Mrs.Anongrat Chatjuthamard with the
letter to confirm the deposit of Mrs. Anongrat Chatjuthamard
from the Government Housing Bank, Bangkhen Branch of not less
than THB11,152,890, which is sufficient for the tender offer for
the ordinary shares of the Company.

Finansa Securities Limited, as the Preparer of the tender offer
of the Offeror, has verified that the source of funds of the
Offeror is sufficient to undertake this tender offer. The letter
to confirm the source of funds is provided in Appendix 1.

(13) Name of the Tender Offer Agent

Finansa Securities Limited (Tender Offer Agent)
20th Floor, TISCO Tower
48/45-46 North Sathorn Road, Bangrak
Bangkok 10500

Contact Persons:

Khun Duangporn Raveya or Khun Panpong Pholamol
Telephone: 0-2697- 3766 or 0-2697 - 3767
Fax: 0-2697-3760
Settlement/Payment date: September 1, 2004

Please be informed accordingly.
Sincerely yours,
(Ms.Srivilai Chatjuthamard)
The Plan Administrator


                            *********


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

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