TCRAP_Public/040723.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, July 23, 2004, Vol. 7, No. 145

                            Headlines

A U S T R A L I A

COLES MYER: To Set Up New Distribution Centers
INTERNATIONAL FINANCE: Court Appoints Liquidator
VILLAGE ROADSHOW: ATO Disallows Company Objections


C H I N A  &  H O N G  K O N G

BOE TECHNOLOGY: Xinhua Far East Changes Outlook to Stable
CHINA CONSTRUCTION: Bond Issue Kicks Off
I-CHINA HOLDINGS: Announces Share Consolidation
JINHUI HOLDINGS: Unaware of Reasons for Price, Turnover
STYLAND HOLDINGS: Net Loss Narrows to HKD158M


I N D O N E S I A

BANK NEGARA: Launches New Company Logo
BANK PERMATA: Government Plans Roadshow for Stake Sale
BANK PERMATA: Maybank Eyes Majority Stake
PERTAMINA: Forms Task Force To Check Oil Supply


J A P A N

JAPAN AIRLINES: To Launch "JAL Card Suica" Program
K.K. SANSHO: Real Estate Firm Enters Bankruptcy
KOBE STEEL: Ceases Production of EG Steel Sheet by March 2005
MATSUSHITA ELECTRIC: To Cut Production Costs in China by 20%
MATSUSHITA ELECTRIC: Panasonic Sales Up 70% This Month

MITSUBISHI MOTORS: U.S. Unveils Turnaround Plan, Cuts Staff
MITSUBISHI MOTORS: Toyota to Hire 400 Okazaki Plant Workers
SOJITZ CORPORATION: Clarifies Business Plan Revision Report
TOSHIBA CORPORATION: Moody's Assigns JPY150B Bonds Baa1 Rating
UFJ HOLDINGS: Sumitomo Denies Reported JPY60bln Demand From UFJ


K O R E A

HYNIX SEMICONDUCTOR: Creditors OK Debt Plan
JINRO LIMITED: Merrill Lynch Likely to Manage Sale
SSANGYONG MOTOR: Workers Stage Full-day Strike, Production Halts


M A L A Y S I A

ANCOM BERHAD: Purchases 76,500 Shares on Buy Back
BERJAYA SPORTS: Buys Back 2,500,000 Shares
FABER GROUP: Issues Additional 156,900 Ordinary Shares
HAP SENG: BMSB Grants Listing of Additional 20,000 Shares
HAP SENG: Issues Resale, Cancellation of Treasury Shares Notice

KEMAYAN CORPORATION: Releases Details on Foreign Shareholdings  
NAIM INDAH: Issues Notice of Book Closure
SIN HENG: Details Result of Renounceable Rights Issue
TALAM CORPORATION: Updates Member's Voluntary Liquidation
TAP RESOURCES: Issues Additional 18,000 Ordinary Shares

UNZA HOLDINGS: Issues Update on Delisting of Shares


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Revenues To Reach PHP5.7Bln This Year
NATIONAL POWER: In Talks With South Africa For Coal Supply
NATIONAL STEEL: Technical Committee Given Ample Time Re Petition
PHILIPPINE LONG: Asks For Franchise Tax Exemption
PILIPINO TELEPHONE: Sets Special Stockholders Meeting On Sept 3


S I N G A P O R E

FHTK HOLDINGS: Citibank's Interest Changes
FLEXTECH HOLDINGS: Holds Extraordinary General Meeting
HUP INDUSTRIES: Issues Intended Dividend Notice
HUP TRADING: Releases Notice of Intended Dividend
ICF CONSULTING: Releases Resolutions Passed at July 6 EGM

L&M GROUP: Chief Operating Officer Resigns
NEW WAVE: Chairman Retires
SHELFORD COLOUR: Court Hears Winding Up Petition


T H A I L A N D

NAKORNTHAI STRIP: Needs Funds To Run Hot-Rolled Steel Plant
PREECHA GROUP: Appoints New Independent Director and Chairman
RS PROMOTION: To Design New Cartoon Characters
THAI GERMAN: Releases Progress Report of Reorganization Plan
THAI WAH: Unable to Reach Agreement With Investor on Asset Sale

* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


COLES MYER: To Set Up New Distribution Centers
----------------------------------------------
With Coles Myer shares reaching a five-year high, the Company
announced that it is to reorganize its supply chain, Shaw Online
reports.

The retailer will set up 11 new sites and has launched a
national adverting campaign in an attempt to identify the most
suitable locations.

The operations, which the company says carry an up-front cost of
around $600 million, should deliver a $425 million per annum
reduction in total supply chain costs by the 2008 financial
year.


INTERNATIONAL FINANCE: Court Appoints Liquidator
------------------------------------------------
Following an application by the Australian Securities and
Investments Commission (ASIC), the Federal Court in Adelaide has
ordered that International Finance Corporation Ltd (IFC), be
wound up, the ASIC reported on its Web site.

The court appointed Ms. Hillary Orr, of Hillary Orr &
Associates, as liquidator of the company.

The directors of IFC, Mr. Robin Brian Poumako, Ms. Ann-Marie
Donaldson and Mrs. Janice Heather Poumako, consented to the
winding up of IFC.

IFC was involved in 'mezzanine financing', raising and lending
funds for real estate developments, including Fernilee Lodge in
Burnside, Adelaide.

ASIC made the application after becoming concerned that the
company was insolvent.

On 24 February 2004, ASIC obtained interim orders preventing IFC
and its directors from raising funds from investors. ASIC
alleges IFC had raised over $3 million from more than 20
investors in breach of the fundraising provisions of the
Corporations Act, and continued to raise funds after telling
ASIC it would stop doing so. Most of the investors were located
in Adelaide.

ASIC was also concerned that the company had not kept proper
books and records.

Ms. Orr can be contacted by post at 255 Port Road, Hindmarsh SA
5007, or by telephone on 08 8270 8600.


VILLAGE ROADSHOW: ATO Disallows Company Objections
--------------------------------------------------
After close of trading on Wednesday, Village Roadshow Limited
received oral advice from the Australian Taxation Office (ATO)
that the objections to assessments issued in November 2002 were
to be disallowed. The ATO originally assessed two subsidiary
companies in relation to the 1992/93-year or the 1993/94-year
for $110.1 million and $85.1 million respectively.

In a disclosure to the Australian Stock Exchange, the Company
has previously disclosed the disputed tax assessments as
contingencies in its financial statements. The Company
calculates that to 30 June 2004, inclusive of General Interest
Charge, the amounts in dispute are now $131.7 million in
relation to the 1993 assessment or, alternatively, $101.8
million in relation to the 1994 assessments.

For the sake of clarity, the Company wishes to give some further
background as to why there are two assessments. The ATO has
decided to tax both the 1992/93-year and the 1993/94-year in
relation to the same alleged event because it has been unable to
determine whether the relevant taxing point occurred on 30 June
1993 or 1 July 1993. The Company advises therefore that it is
reasonable to assume that the ATO's assessment, if successful,
can only apply to one income tax year.

The Company confirms its belief that all these disputed
assessments will be overturned on appeal. The ATO's assessments
and decisions will be vigorously challenged.

The Company is of the view that it is adequately provisioned
from both liability and cash perspectives in relation to this
matter and its other current commitments. It is difficult to
predict the time frame for the hearing of the appeal. However,
with the cooperation of the ATO, it may be possible for this
matter to be heard during the course of the next calendar year.

For further information contact:
Mr. Peter Foo, Finance Director
03 9667 6696


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C H I N A  &  H O N G  K O N G
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BOE TECHNOLOGY: Xinhua Far East Changes Outlook to Stable
---------------------------------------------------------
Xinhua Far East China Ratings (Xinhua Far East), the pioneering
undertaking to rank credit risk among Chinese corporations using
international standards, today affirmed the BB (pi) long-term
issuer credit rating of the BOE Technology Group Co Ltd (BOE or
the Company, SZ 000725, SZ B 200725) and changed its rating
outlook from negative to stable. BOE is an international
integrated display product producer with operations in China,
Korea and Hong Kong. Its main products include display devices
such as TFT-LCDs (thin film transistor liquid crystal displays)
and small display devices, and display terminals such as LCD
monitors.

The change in outlook is prompted by the fact that BOE has
substantially reduced its financial gearing after an additional
issue of B-shares in early 2004. In addition, as the display
device industry has entered into the growth stage, the demand
for display device products has been booming. As a result, the
company's operating performance has improved significantly. In
view of these factors, Xinhua Far East thinks that the negative
pressure from financial risks and the external environment on
BOE's ratings has been alleviated and thus changes its rating
outlook to stable.

Xinhua Far East notes that BOE's financial profile has also
improved after this additional issue. Its net debt decreased
from CNY3.964 billion (USD 0.479 billion) in the end of 2003 to
CNY1.636 billion (USD 0.198 billion) in the end of March 31,
2004, and its gross debt to total capital ratio declined from
66.0% to 47.9%. Furthermore, lower debts led to a reduction in
interest expenses and accordingly higher profitability. In the
first quarter of 2004, the Company's net interest expenses
shrank year-on-year by 85.9% from CNY150 million (USD 18.142
million) to CNY21.252 million (USD 2.570 million).

Xinhua Far East also recognizes that due to increasing
popularity of LCD display monitors, progressive displacement of
desktop TVs by laptop PCs, as well as fast growing demand for
LCD TVs, the market demand for LCD display terminals and
monitors is ballooning. As a producer of LCD display panels,
components for manufacturing LCD display terminals and monitors,
BOE benefits from the growing demand in the downstream sector.
Furthermore, the rapid renewing of mobile phone products gives
rise to vibrant market demand for small-sized display devices,
which is another growth area for BOE's business.

Bolstered by an improving financial profile and the favorable
operating environment, BOE achieved relatively good operating
results in the first quarter of 2004. Its turnover, net profit
and net operating cashflow increased by 63.9%, 694.7% and 42.2%
respectively compared with the results in 2002. Xinhua Far East
anticipates that the rising demand for display devices and the
consolidation of investment in TVP Technology Co Ltd into BOE's
financial statements will fuel growth in BOE's financial
results.

Given the above reasons, Xinhua Far East has changed BOE's
rating outlook from negative to stable.

For the rating report summary, please visit
www.xinhuafinance.com/creditrating.


CHINA CONSTRUCTION: Bond Issue Kicks Off
----------------------------------------
China Construction Bank began Wednesday the issuance of the
first batch of CNY10-billion (USD1.2 billion) worth of
subordinated debt, China Daily reveals.

At the launch ceremony, CCB president Zhang Enzhao disclosed
that half of the issued bonds will carry a fixed coupon and half
will have a floating rate. He added that the bonds, which will
mature in ten years, might be raised to CNY15 billion (USD1.8
billion) in line with investor demand.

Bond subscription will determine the interest rates for the
fixed coupon bond, which was set between 4.80 percent and 4.87
percent, while the floating-rate bond is set between 1.90
percent and two percent.

The bond issuance is expected to boost CCB's capital adequacy
level to above 8 percent after its non-performing asset rate
dipped 5.69 percent from the first quarter of this year to 3.08
percent by the end of June.

CCB, one of China's top four commercial banks allowed by the
state to issue around CNY40 billion (USD4.8 billion) worth of
bonds to fill its capital base, received a US$22.5 billion
capital infusion from the government last year and was chosen as
a pilot project for a joint stock bank scheme.


I-CHINA HOLDINGS: Announces Share Consolidation
-----------------------------------------------
Market participants are requested to note that the ordinary
shares of HKD0.01 each (Old Shares) in the capital of
I-China Holdings Limited will be consolidated into ordinary
shares of HKD0.1 each (New Shares) on the basis of 10 into 1
subject to its shareholders' approval at the Special General
Meeting to be held on July 23, 2004.

Upon the proposals becoming effective, a temporary counter under
stock code 2929 and stock short name I-CHINA HOLD will be
established for trading in board lots of 2,000 New Shares each
to replace the present counter for trading in board lots of
20,000 Old Shares each effective from Monday, July 26, 2004.


JINHUI HOLDINGS: Unaware of Reasons for Price, Turnover
-------------------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Jinhui Holdings Company Limited, which is reproduced as follows:

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

The board of directors of Jinhui Holdings Company Limited has
noted the recent decrease in the price, and the increase in the
trading volume, of the shares of the Company and wish to state
that, save for the disclosures made in the announcement of the
Company dated July 20, 2004, the Board is not aware of any
reasons for such movement.

The Board also confirm that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23 of the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong
Limited (the Listing Rules), neither is the Board aware of any
matter discloseable under the general obligation imposed by rule
13.09 of the Listing Rules, other than the announcement dated
July 20, 2004, which is or may be of a price-sensitive nature.

Made by the order of the Board, the directors of which
individually and jointly accept responsibility for the accuracy
of this statement.

As of the date of this statement:

(a) the executive directors of the Company are Ng Siu Fai, Ng
Kam Wah Thomas, Ng Ki Hung Frankie and Ho Suk Lin;

(b) the non-executive directors of the Company are Ho Kin Lung
and So Wing Hung Peter; and

(c) the independent non-executive directors of the Company are
Cui Jian Hua and Tsui Che Yin Frank.

By Order of the Board
Ng Siu Fai
Chairman


STYLAND HOLDINGS: Net Loss Narrows to HKD158M
---------------------------------------------
According to Infocast News, Styland Holdings Limited posted a
net loss of HKD157.676 million for the fiscal year ended March
31, compared to a net loss of HKD267.52 million for the previous
year. The loss per share (LPS) was HKD0.09. No final dividend
was declared.


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


BANK NEGARA: Launches New Company Logo
--------------------------------------
Bank Negara Indonesia has launched on Wednesday a new company
logo as part of its efforts to repair an image severely
tarnished by a corruption probe's discovery of lending frauds at
the bank totaling IDR1.7 trillion, relates The Jakarta Post.

The new logo, the creation of which cost the bank IDR2.7
billion, was BNI's way of improving its image in the eyes of
investors ahead of a 30 percent bank stake divestment plan
scheduled this year.

During the launching ceremony, BNI President Sigit Pranomo
announced the bank's forecasted first semester net profit of
IDR1.5 trillion (USD167.41 million) and a less than five percent
non-performing ratio.

BNI's current rehabilitation program consists of "organizational
and administrative reforms, improving BNI's risk management
system, implementing good corporate governance practices and
strengthening internal control mechanisms."


BANK PERMATA: Government Plans Roadshow for Stake Sale
------------------------------------------------------
An international roadshow aimed at drawing foreign investors to
buy a majority stake in Bank Permata (BNLI.JK) is set to be
launched by the Indonesian government by the end of this month,
Dow Jones reports, citing PPA vice president Raden Pardede.

Starting next week, the state asset management firm PPA will
market the stake sale to Singapore, Kuala Lumpur, Hong Kong and
London.

PPA hopes to complete the strategic sale of 71 percent of the
state's stake in Permata this year, while another 26.17 percent
stake will be sold next year through a block sale or secondary
offering.

The net proceeds from the Permata sale will be used as reserve
funds for 2005.


BANK PERMATA: Maybank Eyes Majority Stake
-----------------------------------------
Malayan Banking Bhd (Maybank) has joined the long list of
potential buyers for a majority stake in Bank Permata in a
possible US$247 million deal, Reuters reports.

A Maybank spokesman said, "Maybank is always open to business
opportunities that would add value to our customers and
shareholders. In respect of Bank Permata, when the information
memorandum is made available, we will evaluate it accordingly."

Bank Permata, which is currently under the management of
Perusahaan Pengelola Aset (PPA), is the last bank put up for
sale in a privatization program.


PERTAMINA: Forms Task Force To Check Oil Supply
-----------------------------------------------
In order to avoid fuel shortage ahead of the September 30 run-
off election, state oil firm PT Pertamina has formed a task
force to monitor the national oil stockpile, Asia Pulse reports.

Company spokesman M Harun confirmed that the team's main task is
to "ensure adequate supply of fuel oil and the smooth
distribution of oil nationwide."

Pertamina revealed last week the proposed importation of crude
oil from non-traditional markets in order for fuel supply to
return to the safe level of 24 days. However, delayed
reimbursement of fuel subsidies by the state is expected to
hamper the oil firm's plan for imports, which make up 30 percent
of Indonesia's daily 170,000-kiloliter fuel consumption.

According to Pertamina's chief of fuel oil division Mukti
Wibowo, the current fuel stockpile is sufficient to meet demands
for 20.4 days only.

National fuel consumption was expected to rise from last year's
60.9 million kiloliters to 63.3 million kiloliters.


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J A P A N
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JAPAN AIRLINES: To Launch "JAL Card Suica" Program
--------------------------------------------------
Japan Airlines (JAL) and East Japan Railway (JR East) plans to
issue a card for a program that combines the airline's mileage
program and the railway company's transit pass/electronic money
card, Asia Intelligence Wire reported on Tuesday.

Users of the combined program, known as JAL Card Suica, will be
able to use both forms of transportation without cash. Moreover,
purchases made with the card's credit function can be converted
into mileage points, while accrued mileage points can be
converted into cash credit.


K.K. SANSHO: Real Estate Firm Enters Bankruptcy
-----------------------------------------------
K.K. Sansho has entered bankruptcy, according to Teikoku
Databank America. Based in Chuo-Ku, Tokyo Japan, the real estate
business has total liabilities of US$1.3 billion.


KOBE STEEL: Ceases Production of EG Steel Sheet by March 2005
-------------------------------------------------------------
Kobe Steel Limited plans to stop production of chromate-treated
electrogalvanized (EG) steel sheet by March 2005. It will be the
first Japanese steel maker to take this step.

Chromate treatment has been widely used for over 50 years in EG
steel sheet because it increases the sheet's resistance to
corrosion and improves paintability. However, as attention on
the environment grows worldwide, industries have been
undertaking measures to decrease the environmental burden. A
major issue has been to make coated EG sheet chromate free.

In 1998, Kobe Steel became the first Japanese steel maker to
commercialize chromate-free EG steel sheet, which has higher
properties than conventional chromate-treated sheet. Called
Zinkobella Greencote GX, the sheet has a chromate-free special
film over the electrogalvanized zinc layer. Kobe Steel has been
actively promoting the switch to chromate-free sheet products.
Currently, 80 percent of its coated EG sheet production contains
no chromate layer.

When chromate-treated EG sheet production ends, the treatment
equipment at the EG production line will be dismantled and
removed. As chromate-treatment solution will no longer be used,
this will also lessen the burden on the environment.

With home appliances and office equipment increasing in
performance, manufacturers need higher performance from
electrogalvanized sheet. To meet their requirements, Kobe Steel
has developed other EG sheets with special chemical treatments.
Not only corrosion resistant, these high-performance products
are noted for their high fingerprint resistance, lubricative
property, and heat-releasing characteristics.

About Kobe Steel, Ltd.

Kobe Steel, Ltd. (TSE: 5406) is one of Japan's leading steel
makers and producers of aluminum and copper products. Other
businesses include welding consumables, infrastructure and plant
engineering, machinery, and real estate.

For further information, about Kobe Steel, Ltd. see their
company profile here

Contact:
Gary I. Tsuchida
Publicity Group
Kobe Steel, Ltd.
9-12 Kita-Shinagawa 5-chome
Shinagawa-ku, Tokyo 141-8688
JAPAN

Tel: +81 (0)3 5739-6010
Fax: +81 (0)3 5739-5971
E-mail:  g-tsuchida@kobelco.jp
Web site: www.kobelco.co.jp

This is a company press release.


MATSUSHITA ELECTRIC: To Cut Production Costs in China by 20%
------------------------------------------------------------
Matsushita Electric Industrial Co. plans to cut production costs
in China by as much as 20 percent to remain competitive,
Bloomberg News reports, citing Matsushita Executive Vice
President Yukio Shohtoku.

The Company plans to consolidate its 45 manufacturing units in
China based on product categories, such as electronic components
or home appliances, following similar efforts in Japan.

"Reducing costs by 10 percent a year is just not enough -- the
continuing decline in prices keeps spurring the competition,"
Mr. Shotoku said. "Depending on the product, we have to reduce
the costs by 10-20 percent."

The company's China strategy is to obtain a market position in
both manufacturing and sales. Matsushita makes and sells
products in mature categories such as refrigerators and common
electronic components. It also has factories for high-end
digital products such as camera phones and flat-panel displays
in the world's most populous country.


MATSUSHITA ELECTRIC: Panasonic Sales Up 70% This Month
------------------------------------------------------
Matsushita Electric Industrial Co. Ltd. said sales of its
Panasonic brand electronics in Japan increased 70 percent so far
in July compared with a year ago, Bloomberg News reports. Demand
is being fueled in part for flat-panel screens ahead of the
Summer Olympic Games in Greece, which start August 13.

Despite returning to profit for the first time in three years,
Matsushita Electric Industrial Co. is planning to cut about
3,000 jobs from its group workforce in Japan along with a plan
to shift production of unprofitable electronics parts and
batteries offshore by the end of next March, TCR-AP reported in
its 122nd edition.  The electronics maker will also introduce an
early retirement scheme this month.


MITSUBISHI MOTORS: U.S. Unveils Turnaround Plan, Cuts Staff
-----------------------------------------------------------
As part of its North American turnaround plan, Mitsubishi Motors
North America announced Wednesday that it will adjust production
at its Normal, Illinois plant, moving from a two-shift to one-
shift production schedule starting in October 2004. The move is
part of strategic efforts by the company to more closely align
its production volumes with market demand, maximize resources
and increase long-term profitability for the company and its
dealerships.

"We have significantly reduced our dependence on fleet sales and
eliminated risky consumer financing products, which have
resulted in lower sales volumes. As we work to rebuild natural
retail demand for our vehicles, our production volumes must be
adjusted accordingly," said Finbarr O'Neill, Chairman and Chief
Executive Officer, Mitsubishi Motors North America. "This
capacity adjustment will put us on a more solid foundation for
long-term sustainable growth and profitability. We need to be a
market-driven, not a production-driven company."

The plant volume adjustment will result in a headcount reduction
of approximately 1,200 employees, from the current 3,150 working
there. Only Mitsubishi Motors employees at the Normal plant are
affected by the announcement.

"We are very saddened to reduce our plant staffing because of
this adjustment. This was a very difficult decision, but we
believe it is necessary for the long-term success of the
company," said Rich Gilligan, President and COO, MMNA
Manufacturing Division. "We have some of the finest employees in
the industry, who are producing award-winning quality vehicles,
and we have one of the most flexible and highly productive
automotive plants in the country. This adjustment will help
position Mitsubishi Motors more strategically for the future."

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States, Canada, Mexico and Puerto Rico. Mitsubishi
Motors sells coupes, convertibles, sedans and sport utility
vehicles through a network of nearly 700 dealers throughout
North America.

For more information, contact the Mitsubishi Motors News Bureau
at (888) 560-6672 or visit media.mitsubishicars.com.


MITSUBISHI MOTORS: Toyota to Hire 400 Okazaki Plant Workers
-----------------------------------------------------------
Mitsubishi Motors Corporation (MM) said Wednesday that Toyota
Motor Corporation has agreed to hire about 400 workers currently
employed at its Okazaki plant in Aichi Prefecture, Dow Jones
reported on Wednesday.

Both parties began talks last week on the possibility of Toyota
hiring some of the workers at the plant, which Mitsubishi Motors
intends to close next year.

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


SOJITZ CORPORATION: Clarifies Business Plan Revision Report
-----------------------------------------------------------
The Nikkei Newspaper on Wednesday reported the Sojitz Holdings
Corporation to be considering the revision of its Business Plan
that ends in March 2006.

As was disclosed by the Company in a press release issued on
July 14 and 17, 2004, Sojitz Holdings remains committed to its
policy of continuing autonomous management efforts, and is in
continuous discussions with UFJ Bank and its principal creditor
a bank regarding its Business Plan.

In order to make more progress, Sojitz continue to consider a
variety of measures. The Company, therefore, has no intention of
revising its current Business Plan, nor has it made such
commitments, as reported.

This is a company press release.


TOSHIBA CORPORATION: Moody's Assigns JPY150B Bonds Baa1 Rating
--------------------------------------------------------------
Moody's Investors Service has assigned its "Baa1" rating to
Toshiba Corporation's JPY50 billion issue of euro convertible
bonds due in 2009 and JPY100 billion in euro convertible bonds
due 2011. The rating outlook is negative.

The Baa1 rating reflects Toshiba's strong presence in the
electronics industry, with products ranging from finished goods
to components, such as notebook PCs, mobile phones, broadcasting
equipment, DVDs (digital versatile discs), HDD drives, LCDs
(liquid crystal displays), discrete electronics components,
system LSIs, and NAND-type flash memories.

Moody's considers that Toshiba will be able to manage its
profitability to some extent because it has withdrawn from the
standard-type DRAM, which exhibits substantial price volatility.

However, Moody's is concerned that it lacks a range of
competitive products, which are as profitable as its past heavy
electronics products, DRAM and notebook PCs.

NAND-type flash memories and system LSIs for specific customers
may be a future cash cow. However, though not as volatile as
DRAM, these products exhibit strong price volatilities following
the silicon cycles.

The negative outlook reflects Moody's concern that the weighting
for semiconductors in the total business portfolio will
increase. Toshiba's balance sheet may not be strong enough to
weather the high price volatility inherent to the semiconductor
market at its current rating level.

Toshiba Corporation, headquartered in Tokyo, is the 2nd largest
integrated electronics company in Japan.

Tokyo
Naoki Takahashi
VP - Senior Credit Officer
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

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


UFJ HOLDINGS: Sumitomo Denies Reported JPY60bln Demand From UFJ
---------------------------------------------------------------
Sumitomo Trust & Banking Co. reiterated Wednesday that it is
opposed to the merger plans of UFJ Holdings Inc. and Mitsubishi
Tokyo Financial Group Inc., and won't seek compensation for the
merger as reported in local media, Dow Jones Newswires reports.

The Sankei Shimbun reported Wednesday that Sumitomo Trust is
ready to strike a deal with UFJ if the latter pays it JPY60
billion plus some operational and staffing expenses it has
already incurred during its talks on the acquisition.

"We have no intention of seeking compensation" as a way of
resolving the situation, a Sumitomo Trust spokesman, said. He
added that Sumitomo Trust would maintain this position at the
next court hearing, set for today (July 23) and July 26.

Sumitomo Trust and UFJ agreed in May on a tie-up under which the
trust bank would acquire UFJ Trust Bank for JPY30 billion. UFJ
nullified the agreement early this month in favor of going into
merger talks with Mitsubishi.


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K O R E A
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HYNIX SEMICONDUCTOR: Creditors OK Debt Plan
-------------------------------------------
Creditors of Hynix Semiconductor Inc. have agreed on a debt-
restructuring plan for the world's third-largest chipmaker,
lowering its liabilities by as much as KRW1.1 trillion (US$950
million), JoongAng Daily reported on Thursday.

A majority of creditors approved plans to sell secured debt and
new loans at 96 cents on the dollar and unsecured debt at 70
cents on the dollar to Hynix, Korea Exchange Bank, the main
creditor, said.

Hynix, which has been kept afloat by bailouts from state-backed
banks, is slowly recovering from three years of financial
crisis, helped by rising chip prices.


JINRO LIMITED: Merrill Lynch Likely to Manage Sale
--------------------------------------------------
Merrill Lynch was selected Thursday as the preferred manager to
arrange the sale of Jinro Ltd., South Korea's largest liquor
maker, Yonhap News reported on Thursday.

Jinro chose the global investment bank and consulting firm as
the prime lead-manager candidate over two rivals namely ABN AMRO
Securities and a consortium of Samsung Securities Co. and
Citibank. A final decision will be made next week, Jinro said.

Jinro controls more than half of the domestic market for "soju",
a liquor distilled using rice, sweet potatoes or tapioca. The
Company was placed under court receivership in May 2003 after
Goldman Sachs won a battle to oust its management.


SSANGYONG MOTOR: Workers Stage Full-day Strike, Production Halts
----------------------------------------------------------------
Ssangyong Motor workers launched a full-day strike on Thursday
after its union members walked off jobs to step up pressure on
the management for higher wages, Yonhap News reports.

Some 620 unionized workers at the automaker extended their
partial strike to a full-day protest, forcing its Pyeongtaek and
Changwon plants to completely stop production.

Creditors of Ssangyong Motors are expected to announce the
preferred bidder for the sale of the debt-ridden carmaker as
early as next week, TCR-AP reported in its 144th edition.

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.


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


ANCOM BERHAD: Purchases 76,500 Shares on Buy Back
-------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Ancom
Berhad issued the details of its shares buy back from July 8,
2004 to July 16, 2004.


Total number of shares purchased (units): 76,500

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

Maximum price paid for each share purchased (RM): 0.880

Total amount paid for shares purchased (RM): 64,841.87

The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury (units): 76,500

Total number of shares retained in treasury (units): 3,770,300

Number of shares purchased which were cancelled (units): 0

Total issued capital as diminished: 201,856,767

Date lodged with registrar of companies: 21/07/2004

Lodged by: PFA Corporate Services S/B
           Level 14, Uptown 1,
           D'sara Uptown 47400 PJ

Contact:

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


BERJAYA SPORTS: Buys Back 2,500,000 Shares
------------------------------------------
Berjaya Sports Toto Berhad disclosed to Bursa Malaysia
Securities Berhad the details of its shares buy back dated July
9, 2004 to July 15, 2004.

Total number of shares purchased (units): 2,500,000

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

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

Total amount paid for shares purchased (RM): 9,764,416.04

The name of the stock exchange through which the shares were
purchased: BURSA MALAYSIA SECURITIES BERHAD

Number of shares purchased retained in treasury (units):
2,500,000

Total number of shares retained in treasury (units): 47,600,000

Number of shares purchased which were cancelled (units): 0

Total issued capital as diminished: 0

Date lodged with registrar of companies: 21/07/2004

Lodged by: MS SU SWEE HONG

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


FABER GROUP: Issues Additional 156,900 Ordinary Shares
------------------------------------------------------
Faber Group Berhad's additional 156,900 new ordinary shares of
RM1.00 each issued pursuant to the conversion of RM313,800
nominal value of 2000/2005 irredeemable convertible unsecured
loan stocks will be granted listing and quotation by Bursa
Malaysia Securities Berhad effective 9:00 a.m., Friday, 23 July
2004.


HAP SENG: BMSB Grants Listing of Additional 20,000 Shares
---------------------------------------------------------
Kindly be informed that Hap Seng Consolidated Berhad's
additional 20,000 new ordinary shares of RM1.00 each issued
pursuant to the Employees' Share Option Scheme will be granted
listing and quotation by Bursa Malaysia Securities Berhad
effective 9:00 a.m., Monday, 26 July 2004.

Contact:

Hap Seng Consolidated Berhad
No. 1A, Jalan 205
46050 Petaling Jaya
Selangor
Telephone: 03-7783 9888
Fax: 03-7781 6305


HAP SENG: Issues Resale, Cancellation of Treasury Shares Notice
---------------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Hap Seng
Consolidated Berhad issued a notice of Resale and Cancellation
of Treasury Shares.

Date of transaction: July 21, 2004

Total number of treasury shares sold (units):   

Total number of treasury shares cancelled (units): 20,000

Minimum price paid for each share sold (RM):  

Maximum price paid for each share sold (RM):  

Total amount received for treasury shares sold (RM):  

Cumulative net outstanding treasury shares as at to-date
(units): 32,980,100

Adjusted issued capital after cancellation/resale (no. of
shares) (units): 589,679,900
   

KEMAYAN CORPORATION: Releases Details on Foreign Shareholdings  
--------------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad (Kemayan)
announced to Bursa Malaysia Securities Berhad the following
information on the level of foreign shareholdings as at 30 June
2004:

(1) The percentage shareholdings of entitled foreigners as at 30
June 2004 is 49 percent; and

(2) The percentage shareholdings of non-entitled foreigners as
at 30 June 2004 is 6.80 percent

Kemayan had already approved to award non-entitled foreigners
all rights and privileges etc. except the right to vote at the
General Meeting of the Company.

Contact:

Kemayan Corp. Berhad
167, Jln Glasiar Taman Tasek
80200 Johor Bahru Johor
Telephone: 07-2362390  
Fax: 07-2365307


NAIM INDAH: Issues Notice of Book Closure
-----------------------------------------
Naim Indah Corp. Berhad issued to Bursa Malaysia Securities
Berhad a notice in relation to Book Closure.

Annual interest payment on RM102,738,611/- nominal value of 0.5
percent Irredeemable Convertible Unsecured Loan Stock 2003/2006
(ICULS) for the period from 25 August 2003 to 24 August 2004.

Kindly be advised that:

(1) The above Company's securities will be traded and quoted
(Ex-Interest) as from: 12 August 2004

(2) The last date of filing: 16 August 2004  

(3) Date Payable: 24 August 2004  


SIN HENG: Details Result of Renounceable Rights Issue
-----------------------------------------------------
Sin Heng Chan (Malaya) Berhad (SHCM) announced to Bursa Malaysia
Securities Berhad the details in relation to the renounceable
rights issue of up to 37,988,750 new ordinary shares of RM1.00
each (Rights Shares), with minimum subscription level of
30,000,100 Rights Shares, at an issue price of RM1.00 per Rights
Share, payable in full upon acceptance, on the basis of two (2)
Rights Shares for every one (1) existing ordinary share of
RM1.00 each held in Sin Heng Chan (Malaya) Berhad at 5:00 p.m.
on 24 June 2004 (Rights Issue).

On behalf of the Board of Directors of SHCM, Southern Investment
Bank Berhad is pleased to announce that at the close of
acceptance and payment at 5:00 p.m. on 15 July 2004, the results
of the acceptances level for the Rights Issue are as set out in
Table 1 below:


Table 1: Results of the Acceptance Level


                              No. of Rights Share        

Acceptance by entitled        8,034,834            21.15 percent
shareholders

Excess Rights Shares          29,953,916           78.85 percent
applications (including
undertaking by Alor Setar
Industry Holdings Sdn
Berhad for minimum
subscription level)

Total Rights Issue           37,988,750            100.00
percent
provisionally alloted

This announcement is dated 21 July 2004.


TALAM CORPORATION: Updates Member's Voluntary Liquidation
---------------------------------------------------------
Talam Corp. Berhad refers to its announcement made to Bursa
Malaysia Securities Berhad dated 17 January 1997 in connection
with the Members' Voluntary Liquidation of Peri Sentosa Sdn Bhd
(PSSB), a subsidiary of the Company.

The Company wishes to inform that the Liquidator of PSSB had on
15 July 2004 convened a Final Meeting to conclude the Members'
Voluntary Liquidation of PSSB.

A Return by Liquidator Relating to Final Meeting was lodged with
the Companies Commission of Malaysia and with the Official
Receiver on 21 July 2004 and on the expiration of 3 months after
the said lodgment date, i.e. 21 October 2004, PSSB shall be
dissolved.


TAP RESOURCES: Issues Additional 18,000 Ordinary Shares
-------------------------------------------------------
Tap Resources Berhad's additional 18,000 new ordinary shares of
RM1.00 each issued pursuant to the conversion of RM18,000
nominal value of two percent irredeemable convertible unsducured
loan stocks will be granted listing and quotation by Bursa
Malaysia Securities Berhad effective 9:00 a.m., Friday, 23 July
2004.


UNZA HOLDINGS: Issues Update on Delisting of Shares
---------------------------------------------------
Reference is made to Unza Holdings Berhad's (UHB) announcement
dated 19 July 2004 in relation to the decision of Bursa Malaysia
Securities Berhad (formerly known as Malaysia Securities
Exchange Berhad) (Securities Exchange) to de-list 73,074,068
ordinary shares of RM1.00 each in UHB, representing the entire
issued and paid up share capital of UHB, from the Official List
of the Securities Exchange and the appeal against such de-
listing proceedings against UHB.

On behalf of the Board of Directors of UHB, Hwang-DBS Securities
Berhad now wishes to announce that the Securities Exchange had
via its letter dated 20 July 2004, informed UHB that the removal
of the entire issued and paid up share capital of UHB, from the
Official List of the Securities Exchange effective 9:00 a.m.,
Thursday 22 July 2004 shall be deferred pending the decision on
the Appeal by the Securities Exchange.

This announcement is dated 21 July 2004.


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


BAYAN TELECOMMUNICATIONS: Revenues To Reach PHP5.7Bln This Year
---------------------------------------------------------------
Bayan Telecommunications Inc. (BayanTel) projects a PHP5.7
billion in revenues this year due mainly to the continuous
growth of its voice and data businesses, BusinessWorld reports.

With the approval of its rehabilitation plan, BayanTel can now
focus on revenue generation and on attracting new investors,
said chief consultant Tunde Fafunwa.

"We expect that with the completion of the restructuring, there
are more opportunities for a broader category of investors," Mr.
Fafunwa told a press conference.

The Lopez-led firm reported a PHP2.66 billion in revenues for
the first half of this year, a seven percent increase from
PHP2.47 billion for the same period last year.  Revenues from
voice services rose seven percent and internet long distance
improved 29 percent while internet revenue growth jumped 226
percent.  Earnings before interest, taxes, depreciation and
amortization rose 18 percent to PHP931 million, from PHP787
million from the first six month of 2003.

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/


NATIONAL POWER: In Talks With South Africa For Coal Supply
----------------------------------------------------------
National Power Corp. (Napocor) would tap South Africa as a
possible coal source, according to the Philippine Star.

According to Napocor president Rogelio Murga, they are currently
in talks with South Africa for the power firms' coal supply. In
addition, the power firm is also negotiating with Australia,
Vietnam and Russia. Mr. Murga, however, pointed out that only
contracts that would be cheaper for Napocor will be sealed.

The coal supply requirements for the month of October and
December have already been covered, Mr. Murga said. However, the
power firm still needs to get additional coal supply for next
year and 2006.

According to the Napocor president, they have also finalized
coal supply deals with at least eight suppliers from China and
have been talking with three suppliers from Indonesia. The
contracts will consist of 15 panamax shipments at 65 metric tons
(MT) each.

Napocor, which is currently importing most of its coal
requirement, is also studying the use of blended coal to be able
to diversify its coal sources amid a shortage of coal in China,
the main source of the company's coal. Murga said the state-
owned power firm can bring down the rated capacity of its power
plants so it can utilize the blended coal, the Philippine Star
report stated.

Due to an impending power supply crisis in the country the
Department of Energy has allowed Napocor to source out its coal
requirement from other countries.  


NATIONAL STEEL: Technical Committee Given Ample Time Re Petition
----------------------------------------------------------------
The Cabinet Committee on Tariff Related Matters (CTRM) has
decided to send back to its technical committee the tariff
petition filed by Global Steelworks International Inc. on behalf
of Indian steel giant Global Infrastructure Holdings Ltd. (GIHL)
to give it more time to study the position of National Steel
Corp.'s (NSC) new owner, reveals ABS-CBN News.

Global Steelworks filed the petition to raise tariff on certain
steel products being produced by NSC from the existing maximum
rate of three percent to as high as 30 percent.

"We are mindful that raising tariffs on imported steel products
will affect different sectors of society from the steel industry
to the buying public. This is the reason why a public hearing
was conducted to hear, gather all issues and concerns and
evaluate the positions of all affected sectors," ABS-CBN News
quoted Trade Secretary Cesar Purisima as saying.

The technical committee would take into account the impact of
the proposed tariff increase on consumer goods as part of the
review.  The government would also like to make sure that any
decision would be consistent with the government's program of
price stabilization of basic goods.

The committee's decision would lead to a more vibrant steel
industry and would benefit both the upstream and downstream
players. Mr. Purisima assured.  "Our industrialization will
hinge on how much we develop vital industries such as the steel
sector," he added.


PHILIPPINE LONG: Asks For Franchise Tax Exemption
-------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) says Cebu province
should grant the company tax exemptions similar to what other
telcos are enjoying, BusinessWorld reports.

In an 81-page memo to the Supreme Court Third Division, PLDT
stated that since Globe Telecom Inc. and Smart Communications,
Inc. were not paying taxes, they should also be exempted from
doing so. According to the memo, the Department of Finance has
confirmed the exemption from local taxes of Globe and Smart.

PLDT filed the case after the province of Cebu refused to give
back the PHP72,044.80 franchise tax it paid for the third
quarter of 1998.

Section 23 of Republic Act 7925 or the Public Telecommunications
Policy Act states that telecommunications franchisees must be
accorded equal treatment. "Any advantage, favor, privilege,
exemption or immunity granted under existing franchises, or may
hereafter be granted, shall ipso facto become part of previously
granted telecommunication franchises and shall be accorded
immediately and unconditionally.

According to the memo, by therefore invoking the law, "the
franchises of Globe and Smart are automatically incorporated or
written into the franchise of PLDT and are in effect amendments
to the charter of PLDT."

The province of Cebu may not impose a franchise tax on PLDT as
the franchise of Globe and Smart include the clause "in lieu of
all taxes" which exempts it from taxes of any kind other than
the national franchise tax imposed on its franchise.

In Section 137 of the Local Government Code which provides for
the imposition of a franchise of tax and Section 193, which
contains the withdrawal of tax exemption privileges do not apply
to PLDT as special provisions in the telecom law prevail over
general provisions.

PLDT said the court should place "persuasive weight" on the
Finance department's ruling that PLDT is exempt from local
franchise and business tax. If PLDT continues to pay the
franchise tax, it would be forced to pass on the cost to the
consumers.

Contact:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers:  814-3552; 888-0188
Fax Number:  813-2292
Website: http://www.pldt.com.ph


PILIPINO TELEPHONE: Sets Special Stockholders Meeting On Sept 3
---------------------------------------------------------------
Notice is hereby given that the Special Meeting of Stockholders
of Pilipino Telephone Corp. will be held on Friday, September 3,
2004 at 10:00 a.m. at 4/F Conference Center Manila, Benavidez
corner Trasierra Streets, Legaspi Village, Makati City, Metro
Manila.

The Agenda for the Special Meeting of Stockholders is as
follows:

Call to order
Certification of service of notice and quorum

III. Approval of the increase in the authorized capital stock
from PHP3,500,000,000 divided into three classes:

2,760,000,000 shares of Common Stock with par value of PHP1.00
each;

120,000,000 shares of Class I Preferred Stock with par value of
PHP2.00 each, and;

500,000,000 shares of Class II Preferred Stock with a par value
of PHP1.00 each

to PHP12,800,000,000, divided into three classes:

12,060,000,000 shares of common stock with par value of PHP1.00
each;

120,000,000 shares of Class I Preferred Stock with a par value
of PHP200 each, and;

500,000,000 shares of Class II Preferred Stock with par value of
PHP1.00 each, and the corresponding amendment to Article VII,
first paragraph of the Articles of Incorporation.

IV.  Approval of the following amendments to the Articles of
Incorporation.

(a) Article III- change in the stated place where the principal
office of the corporation shall be located from "Municipality of
Makati, Province of Rizal" to "Metro Manila"

(b) Article VII, Section 8 (line 26)- change "City of Manila" to
"Metro Manila"

V. Other Matters
VI. Adjournment

The Board of Directors has fixed July 14, 2004 as the Record
Date for the determination of stockholders entitled to notice
of, and to vote at , the Special Meeting of Stockholders.  
Owners of both common and preferred shares of stocks as of the
Record Date are entitled to vote at said meeting.

Contact:

Pilipino Telephone Corp.
25/F, Smart Tower
6799 Ayala Ave., Makati City
Telephone Numbers: 511-6121/6241
Fax Number: 817-3345
Email Address: dntan@smart.com.ph


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


FHTK HOLDINGS: Citibank's Interest Changes
------------------------------------------
FHTK Holdings Limited issues Notice Of a Substantial
Shareholder's Interest submitted to the Singapore Stock Exchange
on July 21, 2004 by the Company Secretary, Mrs Tan Lay Beng.

PART I

(1) Date of notice to issuer: July 21, 2004
  
(2) Name of Substantial Shareholder: Citibank N.A., Singapore
Branch

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

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

PART II

(1) Date of change of interest:  
  
(2) Name of Registered Holder:  
  
(3) Circumstance(s) giving rise to the interest or change in
interest:  

(4) Information relating to shares held in the name of the
Registered Holder:

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

PART III

(1) Date of change of interest: July 20, 2004
  
(2) The change in the percentage level: From 5.388% to 5.387%
  
(3) Circumstance(s) giving rise to the interest or change in
interest: Sales in open market at own discretion

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

Change is a result of a transaction

PART IV

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

- Direct Deemed
No. of shares held before change: 66,319,000  
% of issued share capital: 5.388  
-   
No. of shares held after change: 66,311,000  
% of issued share capital: 5.387  


FLEXTECH HOLDINGS: Holds Extraordinary General Meeting
------------------------------------------------------
Notice is hereby given that an extraordinary general meeting of
Flextech Holdings Limited will be convened and held at 1 Kallang
Sector, #06-01 Kolam Ayer Industrial Park, Singapore 349276 on
August 6, 2004 at 9.30 a.m. for the purpose of considering and,
if thought fit, passing (with or without modification) the
following ordinary resolutions:

1. Ordinary resolution - proposed acquisition of the entire
issued and paid up share capital of Dynax Digital Creation
Limited

That:

(a) Approval be and is hereby given for the Company to purchase
the entire issued and paid up share capital of Dynax Digital
Creation Limited on the terms, and subject to the conditions,
set out in the Sale & Purchase Agreement dated 13 May 2004
entered into between the Company (as purchaser) and Messrs Shen
Hing Steven, Wu Sze Wing, Au Wai Leung and Cheung Ting Chi, Tony
(as vendors);

(b) Subject to Ordinary Resolution 2 below being passed,
approval be and is hereby given for the Board of Directors of
the Company to allot and issue up to 38,875,472 new ordinary
shares of S$0.15 each in the capital of the Company, at an issue
price of S$0.53 each, as payment in full of the purchase price
for the acquisition of the Dynax Shares, on the terms and
subject to the conditions set out in the S&P Agreement; and

(c) The Directors of the Company be and are hereby authorized to
do all acts and things (including executing all such documents
as may be required) as they may consider expedient or necessary
or in the interest of the Company, in connection with the
subject matter of, or to give effect to, this Ordinary
Resolution.

2. Ordinary resolution - Proposed increase in the authorized
capital of Flextech Holdings Limited.

That the authorized capital of the Company be increased from
SGD30,000,000 divided into 200,000,000 shares of SGD0.15 each,
to SGD90,000,000 divided into 600,000,000 shares of SGD0.15
each.

By Order of the Board

Onn Sin Ching
Chief Executive Officer
Singapore
July 21, 2004

Notes:

(1) A member entitled to attend and vote at the Extraordinary
General Meeting is entitled to appoint a proxy (or a
representative in the case of a corporation) to attend and vote
on his behalf. Such proxy (or representative) need not be a
member of the Company.

(2) If the appointer is a corporation, the proxy must be
executed under seal or the hand of its director, attorney or
duly authorized officer.

(3) The instrument appointing a proxy must be deposited at the
registered office of the Company at 10 Collyer Quay, #19-08,
Ocean Building, Singapore 049315 not less than 48 hours before
the time appointed for holding the Extraordinary General
Meeting.

This announcement is submitted to the Singapore Stock Exchange
Stock Exchange on July 21, 2004.


HUP INDUSTRIES: Issues Intended Dividend Notice
-----------------------------------------------
Hup Aik Huat Industries Pte Ltd (in Liquidation), has issued
Notice of Intended Dividend.

Registered Office: 543 Yishun Industrial Park A
Hup Aik Huat Hi-Tech Building
Singapore 769765.

Court: High Court of Singapore.

Number of Matter: No. 35 of 2002/A.

Last Day for Receiving Proofs: 30th July 2004.

Name of Liquidators: Ong Yew Huat, Nagaraj Sivaram and
Seshadri Rajagopalan.

Address: c/o 10 Collyer Quay
#21-01 Ocean Building
Singapore 049315.

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


HUP TRADING: Releases Notice of Intended Dividend
-------------------------------------------------
Hup Aik Huat Trading Pte Ltd. (in Liquidation) has issued Notice
of Intended Dividend.

Registered Office: 543 Yishun Industrial Park A

Hup Aik Huat Hi-Tech Building
Singapore 769765.

Court: High Court of Singapore.

Number of Matter: No. 31 of 2002/H.

Last Day for Receiving Proofs: 30th July 2004.

Name of Liquidators: Ong Yew Huat
Nagaraj Sivaram and
Seshadri Rajagopalan.

Address: c/o 10 Collyer Quay
#21-01 Ocean Building
Singapore 049315.

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


ICF CONSULTING: Releases Resolutions Passed at July 6 EGM
---------------------------------------------------------
At an Extraordinary General Meeting of ICF Consulting Resources
Pte Ltd was held on 6th July 2004 at 10 a.m, the following
resolutions were duly passed:

Special Resolution
(a) Resolved that the Company be wound up voluntarily pursuant
to section 290 (1) (b) of The Companies Act (Chapter 50).

Ordinary Resolutions

Resolved:

(b) That Mr Kon Yin Tong and Mr Wong Kian Kok be and are hereby
appointed liquidators, jointly and severally, for the purpose of
the winding up.

(c) That the liquidators be remunerated for the work of winding
up the Company on their normal scale of professional fees.

Special Resolution
(d) Resolved that the liquidators be empowered to exercise any
of the powers given by sub-sections (1) and (2) of section 272
of the Companies Act (Chapter 50) and to distribute to members
in specie any part of the assets of the Company.

MR KENNETH B KOLSKY
Director.

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


L&M GROUP: Chief Operating Officer Resigns
------------------------------------------
The Board of Directors of L&M Group Investments Limited (the
Company) wishes to announce that Mr Howard W. Koswara has
resigned as Chief Operating Officer and Director of the Company
with immediate effect. The Board would like to record its
appreciation to Mr Koswara for his contribution and support to
the Company.

By Order of the Board

Attlee Hue Kuan Yew
Company Secretary
21 July 2004

Submitted by Attlee Hue, Company Secretary on July 21, 2004 to
the Singapore Stock Exchange.


NEW WAVE: Chairman Retires
--------------------------
The Directors of New Wave Technologies Ltd would like to
announce that at the Annual General Meeting (AGM) of the Company
held on July 21, 2004, all resolutions set out in the Notice of
AGM July 6, 2004, were duly passed.

The Directors would also like to announce that, Mr Ch'ng Jit
Koon, a Non-Executive Director and Chairman of the Company, who
retired at the AGM pursuant to Section 153(2) of the Companies
Act Cap. 50, did not seek re-election. Mr Ch'ng accordingly
ceased to hold office as a Non-Executive Director and Chairman
of the Company with effect from the conclusion of the AGM on
July 21, 2004.

The Company records its appreciation to Mr Ch'ng Jit Koon for
his valuable contributions and services to the Company and the
Group over the years and wishes him all the best for the future.

This announcement is submitted to the Singapore Stock Exchange
by Mr Chern Wee Ling, Chief Executive Officer on July 21, 2004.


SHELFORD COLOUR: Court Hears Winding Up Petition
-------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Shelford Colour Lithographics by the High Court was, on June 29,
2004, presented by Peper Connections Pte Ltd, a company
incorporated in the Republic of Singapore and having its
registered office at 6 Tuas South Street 3, Singapore 638048, a
Judgment Creditor.

The said Petition will be heard before the Court sitting at
Singapore at 10.00 o'clock in the forenoon, on July 23, 2004.

Any creditor or contributory of the said Company desiring to
support or oppose the making of an order on the 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 6 Tuas South Street 3, Singapore
638048.

The Petitioner's solicitors are Messrs Lee & Lee of 5 Shenton
Way, #19-00 UIC Building, Singapore 068808.

LEE & LEE
Solicitors for the Petitioner.

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

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


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


NAKORNTHAI STRIP: Needs Funds To Run Hot-Rolled Steel Plant
-----------------------------------------------------------
An infusion of fresh capital for Nakornthai Strip Mill Plc.
(NSM) would enable it to start operations of its hot-rolled
steel plant within 18 months, Business Day reports.

New shareholders are expected to pour in the required investment
aside from the loans to be sourced from other financial
institutions.  "Japanese investors have expressed interest to
invest in NSM's project, since several Japanese car makers
already have production bases in Thailand," NSM chief executive
Sawat Horrungrueng said, noting this would ensure increased
demand for steel products.  

Initially, steel ore used in the Rayong plant will be imported
from Indonesia, Vietnam and Australia to produce pig-iron raw
materials, which is used in the production of hot-rolled steel
coils.  Mr. Sarawat said the plant's pig-iron requirement will
amount to one million tonnes a year. Once it runs at full
capacity, it will no longer need to buy scrap iron or pig-iron.

The current prices of scrap and pig iron stand at $30 and $340
per tonne, respectively, while that of hot-rolled steel coils is
$560 per tonne, he added.  The steel plant's first phase
production capacity of 500,000 tonnes annually will eventually
increase to 1.5 million tonnes.

NSM Chief Executive Sawat Horrungrueng said they have spent $50
million for its steel plant in 1997.  The project was delayed
due to the economic crisis that hit the region. An additional
$50 million is needed to complete the said project.


PREECHA GROUP: Appoints New Independent Director and Chairman
-------------------------------------------------------------
Preecha Group Public Company Limited disclosed to the Stock
Exchange of Thailand the Directors Meeting held on July 20,
2004.  

Preecha would like to inform you that the Meeting has considered
and resolved to approve the appointment of Mr.Yuth Vorachattarn
as Independent Director and Chairman of Preecha Group PCL
effective July 20, 2004.

Please be informed accordingly.
Sincerely Yours,
Mr.Boonlert  Kiartsritara
Director


RS PROMOTION: To Design New Cartoon Characters
----------------------------------------------
RS Promotion will develop cartoon characters and eventually make
new commercial products bearing the said characters, the Nation
reports.

The cartoon characters would be commercially developed into new
products such as merchandising, fashion apparel, accessories and
stationery.  "We are now exporting RS ring-tone content and
cartoon characters to expatriate Thais living in many countries,
such as Singapore, Malaysia, Australia and the United States.
They want to listen to the ring tones of Thai songs and look at
characters by their favorite artists via their mobile handsets,"
the Nation quoted Vorapoj Nimvijit, the head of the group's new
media division as saying.

RS Promotion also finds tremendous business potential in
investing in new media such as high-technology mobile phone
handsets and broadband Internet.  Cureently, Thailand has 60,000
broadband Internet users, a rapid increase from 10,000 at the
end of last year.  Mobile phone users have jumped to 25 percent
from 10 percent at the beginning of this year.

Media technology has created plenty of business opportunities
for RS' new media division.  Customers with broadband Internet
access can now enjoy music videos by RS artists on their
computer screens.  RS Promotion will also introduce this quarter
karaoke content supplied through broadband Internet.


THAI GERMAN: Releases Progress Report of Reorganization Plan
------------------------------------------------------------
Regarding the sixth progress report on improving the process of
Business Reorganization Plan of Thai-German PCL on May 22, 2004,
the company disclosed to the Stock Exchange of Thailand that the
Central Bankruptcy Court had not yet approved The Third
Amendment of the Business Reorganization Plan and suggested to
adjust some point of The Plan.

On July 14, 2004, the Plan Administrator had adjusted the plan
and submitted to the creditors meeting for approval of 84
percent of total debt. The Central Bankruptcy Court is going to
consider the plan on July 23, 2004.

The Plan Administrator hereby submits to you the summary report
of The Plan.
                                                                       
Yours Sincerely,
(Mr.Apinun Ratchatasombat)
Executive Planner Representation

To view full copy of the plan's summary report, click
http://bankrupt.com/misc/tgpro072204.txt


THAI WAH: Unable to Reach Agreement With Investor on Asset Sale
---------------------------------------------------------------
Thai Wah PCL refers to the letters submitted to the Stock of
Exchange of Thailand dated 16 and 21 April 2004 by Class B
Director of Thai Wah Group Planner Co Ltd. as a Plan
Administrator of Thai Wah PCL in relation to sales of certain
non-core assets of the Company.  

The company advises that the Plan Administrator and the
Potential Investor have been unable to reach an agreement on the
terms of the sale of the assets and as such have agreed to
discontinue negotiations.

The Plan Administrator will continue to work with the Creditors'
Committee to sell the non-core assets in accordance with the
Business Reorganization Plan approved by the Central Bankruptcy
Court on 30 June 2003.

The Plan Administrator will need to formulate a new strategy,
together with the Creditors' Committee to ensure that the
Company complies with the listing requirements.

Yours sincerely,
Ian Pascoe
Class B Director of Wah Group Planner Co Ltd,
as the Plan Administrator of Thai Wah PCL.  

Contact:

THAI WAH PUBLIC COMPANY LIMITED   
THAI WAH TOWER, FLOOR 21-22, 21/63-66
SOUTH SATHON ROAD, SATHON Bangkok    
Telephone: 0-2285-0040, 0-2285-0241-56   
Fax: 0-2285-0269-70   
Website: www.thaiwah.com
  


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

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

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

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


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


  JAPAN
  -----

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

  MALAYSIA
  --------

CSM Corporation Bhd             CSM        (-8.40)      41.55
Faber Group Bhd                 FAB        (-7.16)     504.98
Kemayan Corp Bhd                KOP      (-353.12)      84.89
Panglobal Bhd                   PGL       (-41.07)     187.79
Sri Hartamas Bhd                SHB      (-138.37)      24.48
YCS Corporation Bhd             YCS         28.34      160.27

  PHILIPPINES
  -----------

Pilipino Telephone Co.          PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46


  THAILAND
  --------

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




                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***