TCRAP_Public/040726.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, July 26, 2004, Vol. 7, No. 146

                            Headlines

A U S T R A L I A

ADSTEAM MARINE: Sells U.S. Fuel Business to Crowley Marine
GYMPIE GOLD: Creditors Meeting Set for July 28
LEWINGTONS TRANSPORT: New Owner Expects a Difficult Year
NATIONAL AUSTRALIA: Issues HK$156 Million Fixed-Rate Notes
NYLEX LIMITED: Forecasts Net Profit for FY2005

QANTAS AIRWAYS: Jetstar Offers 200,000 Seats From A$39 One-Way
SANTOS LIMITED: Second Quarter Revenue Falls


C H I N A  &  H O N G  K O N G

ASIA-STEEL.COM LIMITED: Court Hears Winding Up Petition
CHINA CONSTRUCTION: Issues HKD100M CDs Due 2007
DAEDALUS INDUSTRIES: Holds Final Meeting
FAN WING: Enters Winding Up Proceedings
I-CHINA HOLDINGS: Changes Registered Office Address

LAI SUN: Postpones Dispatch of Circular with eSun
MARKS TRADING: Winding Up Hearing Set August 11
PACIFIC CENTURY: Net Loss Swells to HKD142M
TEEM FOUNDATION: Posts HKD15M Net Loss


I N D O N E S I A

ASIA PULP: To Postpone Debt Work-Out Vote
BANK PERMATA: Thirty-two Investors Eye Stake
MERPATI NUSANTARA: Government Seeks Aid for Privatization Plan


J A P A N

JAPAN AIRLINES: To Stick With Profit Outlook This Year
MITSUBISHI MOTORS: H1 to Sept Domestic Output to Fall 21%
MITSUBISHI MOTORS: Issues Current Status of Recalls
MITSUBISHI MOTORS: Unveils Result of Ethics Committee Meeting
MITSUBISHI MOTORS: Ethics Committee Chairman Issues Statement

MITSUBISHI MOTORS: May Sell U.S. Financial Unit
SOJITZ CORPORATION: To Seek Up to JPY300B in Bank Aid


K O R E A

HANBO IRON: Workers Strike Ahead Of End-July Sale
HYNIX SEMICONDUCTOR: Shareholders OK Sale of Non-Memory Ops
KOOKMIN BANK: Analysts Predict 2Q04 US$117Mln Profit
SSANGYONG MOTOR: Shanghai Automotive Picked As Prime Bidder


M A L A Y S I A

ANCOM BERHAD: Purchases 4,000 Ordinary Shares on Buy Back
BOUSTEAD HOLDINGS: Issues Additional 49,000 Ordinary Shares
FABER GROUP: Issues Notice On Meeting of 2000/2005 Bondholders
FEDERAL FURNITURE: Issues Update on Proposals
FERRYLINK SHIPPING: Placed Under Creditor's Voluntary Winding Up

HAP SENG: BMSB Grants Listing of 20,000 New Ordinary Shares
HARBOUR LINK: Details Incorporation of Associate Company
INTEGRATED RUBBER: Completes Share Sale Agreement With Chip Lam
INTEGRATED RUBBER: Appoints New Audit Committee Member
INTEGRATED RUBBER: Issues Information On Director's Resignation

KEMAYAN CORPORATION: Court Adjourns Hearing on Case Against MBSB
LANKHORST PANCABUMI: Parent Issues Update On Winding Up Petition
LONG HUAT: Updates Restructuring Scheme
PERNAS INTERNATIONAL: Issues Update On Proposals
SRI HARTAMAS: Updates Creditors' Voluntary Winding Up Petition


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Eyes 300,000 Subscribers In 3 Years
NATIONAL POWER: May Seek To Hike Rates Due to PPCA Losses
NATIONAL POWER: Settles 8-Year Row With Philippine Geothermal
NEGROS NAVIGATION: Issues Clarification of News Article


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Posts Q2 Net Profit
FAIRDON ENTERPRISES: Releases Intended Dividend Notice
FUNAI ELECTRIC: Issues Notice of Second and Final Dividend
GOODMIX INVESTMENT: Enters Winding Up Proceedings
INFORMATICS HOLDINGS: PWC Vindicates Audit Committee

INFORMATICS HOLDINGS: Releases PWC Report
INFORMATICS HOLDINGS: Posts Announcement from Shareholders
KGD ASSOCIATES: Court Hearing Winding Up Petition
PACIFIC RIM: Holds Final Meeting on August 30


T H A I L A N D

NATIONAL FERTILIZER: Changes Name to NFC Fertilizer PCL
THAI PETROCHEMICAL: MoF Says Stake Purchase Would Benefit PTT

     -  -  -  -  -  -  -  -

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


ADSTEAM MARINE: Sells U.S. Fuel Business to Crowley Marine
----------------------------------------------------------
Adsteam Marine Limited announced that Northland Fuel LLC (in
which Adsteam Marine has a 55% interest) has signed an agreement
for the sale of its fuel business to Crowley Marine Services,
Inc., a subsidiary of Crowley Maritime Corporation.

In a company press release, Northland Fuel's fuel business is
made up of Yukon Fuel Company (a marine-based fuel distribution
business) based in Anchorage, Alaska and Service Oil & Gas (a
land-based fuel distribution business) based in Glennallen,
Alaska.

Sale of the fuel business to Crowley Marine has been subject to
an antitrust review by the State of Alaska Attorney General.
This review is complete and the parties have entered into a
Consent Decree with the State of Alaska that details the terms
under which the sale can proceed to closing.

The Consent Decree was filed with an Alaskan court on Friday and
is subject to a 60-day period for public comment. Closing of the
transaction is dependent upon approval of the Consent Decree by
the court following this period.

The sale agreement includes conditions to closing which are
customary in a transaction of this nature, including the
mandatory US federal antitrust review period and a further
condition that the Consent Decree, in its current form, be
approved by the court.

Closing of the transaction is scheduled to take place as soon as
practical after the conditions to closing have been satisfied.
Proceeds from the sale of the fuel business and the residual
Northland assets are expected to approximate the current book
value of approximately A$56 million.

Proceeds from the sale will be used to repay borrowings.

John Moller, Managing Director of Adsteam Marine said, "Closing
the sale of the US fuel business will complete our exit from the
operating businesses in North America.

"This is the final step in our plan to divest non-core
businesses, announced in May 2003 as part of the company's
business transformation program.

"The business transformation program is delivering a fit
business so we can focus on where future ship assist
opportunities might arise," he said.

After closing the sale of the fuel business, Adsteam Marine will
retain its interest in the real estate assets, which were
excluded from the sale of the Northland businesses. The
properties are being actively marketed for sale.

For further information, please contact:

John Moller
Managing Director
Adsteam Marine Limited
02 9369 9200

Dominic Smith
General Counsel & Company Secretary
Adsteam Marine Limited
02 9369 9200

Paula Wilson
Manager, Corporate Communications
Adsteam Marine Limited
02 9369 9257 / 0419 489959


GYMPIE GOLD: Creditors Meeting Set for July 28
----------------------------------------------
The second creditors meeting of Gympie Gold Limited (In
Voluntary Administration), which was adjourned on 2 June, is
scheduled to continue at 11 a.m. on Wednesday 28 July 2004, at
the same venue, the Auditorium, 10 Shelley St, Sydney NSW 2000.

At this meeting, creditors will be asked to vote on the future
of the company as set out in the original Notice of meeting, to
elect committees of inspection and to consider approving
additional Administrators' remuneration.
Options available to creditors

Under the Voluntary Administration process, creditors may vote
on one of the following options for the future of a company in
Administration:

1) The Administration of the company should end;

2) The company should enter into a Deed of Company Arrangement
(DOCA); or

3) To liquidate the company.

PROPOSALS FOR A DEED OF COMPANY ARRANGEMENT (DOCA)

The second meetings of creditors were adjourned to allow further
time for proposals for a DOCA to emerge, in particular from the
sale processes of the gold and coal assets being undertaken by
the Receivers and Managers. However, since the adjournment of
the second meeting of creditors we have not received any DOCA
proposals from potential purchasers of those assets.

The Company has investigated the possibility of the sale of the
listed company shell of Gympie Gold Limited, which would require
a DOCA to enable the shell to be used for another purpose. We
have received a proposal to effectively sell the GGL shell for
$500,000. However, amongst other conditions, such a proposal
requires the approval of the bank consortium as first ranking
secured creditor and the release of an appropriate asset from
the consortium's security to satisfy ASX requirements. That
approval has not been provided and without it the DOCA proposal
cannot proceed.

UPDATE REGARDING THE RECEIVERSHIP

Further to the matters noted in our report to creditors dated 26
May 2004, we do not have sufficient information on potential
asset realization values to provide creditors with an update on
the likelihood of surplus funds becoming available after payment
of the first ranking secured creditors.

The Company understands that the Receivers and Managers expect
to finalize the sale of the Group's gold assets within the next
two weeks or so. Sale of the Southland Colliery will likely take
at least a further two months. A proposal for a DOCA arising
from these asset sales is considered highly unlikely at this
stage. The Receivers and Managers have not provided indicative
values for commercial reasons but are not confident those sales
will clear the first ranking secured creditors' claims. The
Receivers and Managers are also continuing to actively pursue
insurance claims in relation to the Southland Colliery fire but
to date indemnity for the loss has not been admitted and the
claims are likely to take considerable time to pursue.

ADMINISTRATORS' OPINION

As at the date of this report, the Administrators have not
received proposals for a DOCA for SM, SC or GEGM, and the
proposal for GGL has conditions, which cannot be satisfied. As
such, the Administrators cannot recommend any DOCA proposal to
creditors. It is inappropriate for the administration to end
whilst the companies remain insolvent. Therefore, in the absence
of a DOCA, the only appropriate action is that the companies be
wound up.

CHANGE OF CONTACT DETAILS

Effective 1 July 2004, the Corporate Recovery division of KPMG
separated to form an independent entity, McGrathNicol+Partners.

Please note the revised contact details. Creditors who wish to
discuss any aspects of the above should please contact Nick
Lawry or Chania Rodwell of our staff on (02) 9338 2635 or (02)
9338 2657.

MC Smith
JD Hayes
Administrators


LEWINGTONS TRANSPORT: New Owner Expects a Difficult Year
--------------------------------------------------------
Ron Finemore Transport Pty Ltd expects that the next twelve
months would be difficult for its newly acquired Lewingtons
Transport group, ABC Online reports.

The livestock and freight transporter went into receivership in
February with debts of more than $40 million, but the new owner
expects most of its debts to be written off.

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


NATIONAL AUSTRALIA: Issues HK$156 Million Fixed-Rate Notes
----------------------------------------------------------
National Australia Bank Limited is offering HK$156 million of
fixed-rate notes due 2006, Dow Jones Newswires reports, citing
lead manager HSBC.

Terms for the issue are as follows:

Amount:           HK$156 million
Maturity:         July 26, 2006
Coupon:           2.37% per annum
Issue Price:      100%
Redemption:       100%
Payment date:     July 26, 2004
Denominations:    HK$1 million
Listing:          None

Interest is payable annually.

CONTACT:

National Australia Bank Limited
Fl. 24, 500 Bourke St.
Melbourne, 3000, Australia
Phone: +61-3-8641-4200
Fax: +61-3-8641-4927
http://www.national.com.au


NYLEX LIMITED: Forecasts Net Profit for FY2005
----------------------------------------------
Nylex Limited, in a press release, forecasts a net profit for
fiscal year 2005 and closes the chapter of its major
restructuring program.

2005 EARNINGS FORECAST

Directors of Nylex Limited have forecast the group's net profit
before tax (NPBT) to be between $21 million and $23 million for
the FY2004/5 financial year with Earnings Before Interest, Tax,
Depreciation and Amortization (EBITDA) of $54.0 million to $57.0
million.

Directors expect that post the scheduled conversion of the
Mandatory Converting Notes (MCNs) in October the FY2005
forecasted earnings would result in Earnings Per Share (EPS) in
the range of 1.75 cents to 1.9 cents, on the enlarged capital
base of 825 million shares.

On a comparable business basis, forecast FY2004/5 EBIT will
represent a 15% increase over the FY2003/4 EBIT excluding non-
recurring items.

FINAL ASSET WRITEDOWNS

In making these forecasts, Nylex's directors have flagged the
formal end of the group's restructuring program with the
FY2003/4 results, expected to be able to be announced in mid
August, to include all write downs, losses and provisions needed
to close out the program.

Directors expect that the results for all foreseeable future
periods will include no material net asset-related write-downs,
provisions or losses.  In fact, the directors are of the view
that there is now significant "hidden value" in the Nylex
balance sheet, including the following:

1) AH Plant net book value at $43.5 million, versus forecast
FY2004/5 EBITDA of $20 million.

2) The Esky brand name is carried at nil value; and

3) The Nylex brand name is carried at only $4 million.

SIGNIFICANT ITEMS IN FY2004 RESULT

To facilitate the final phase of the restructuring program,
additional charges and write-downs at June 2004 of approximately
$69M are forecast to be to be included in the full year results
at June 2004.  The major elements are:

1) Planned manufacturing exits, redundancy, surplus lease space
and remediation: $46M

2) Recoverable amount write downs on planned divestments:
$23M

These amounts are in addition to the $32.3M of non-recurring
write downs taken at December 2003.

Directors are forecasting a full year loss before tax of between
$90 million to $91 million inclusive of all charges and write-
downs.

EVERY BUSINESS WILL BE A GOOD BUSINESS

Going forward, Nylex's core strategic strengths will be:

1) Higher profit margins across all businesses.

2) Reduced manufacturing cost base.

3) Growth through strong brand-oriented product ranges in
growing markets.

Nylex will be organized into three major divisions: Plant Hire,
Consumer Products, and Industrial Products.  These divisions are
each forecasted to meet the company's return on investment and
growth targets, the achievement of which will generate
significant future growth in shareholder value.  Industrial
Products will comprise four business units: Waste, Water,
Decorative and Automotive.  The new structure will considerably
reduce Nylex's exposure to domestic manufacturing activities and
the automotive industry both of which have been burdens in
respect to profitability and cash generation.

The FY2004/5 result is projected to see cash generation from
operations in the order of $41.0 million.  Net capital
expenditure, while planned at some $25 million, will remain
under critical review.

Bank debt stood at $150 million at June 30, 2004, a significant
reduction from $331 million at the end of the FY2002/3.  The
debt level is expected to fall to less than $100 million by the
end of FY2004/5 depending on the company's success in acquiring
strategic bolt-on businesses and divesting the remaining non-
core operations.

CONCLUSION

Managing Director, Glen Casey said the end to the restructuring
process sees us focusing on growth markets such as water, waste
and plant hire and the promotion of innovative products under
our major brands in the Consumer Products Division.

Mr. Casey also announced the expected launch of Nylex's new and
innovative water conservation products in the next three weeks.
This will be the subject of a separate announcement.

For Further Information:

Glen Casey
Managing Director & Chief Executive
(613) 9533 9333

Tim Allerton
City PR
(612) 9267 4511


QANTAS AIRWAYS: Jetstar Offers 200,000 Seats From A$39 One-Way
--------------------------------------------------------------
Qantas Airways Ltd.'s discount carrier Jetstar announced a new
offer of 200,000 seats for on-line sale on selected routes
starting from $39 one-way.

According to a press release, the flight offer is available from
23 July by booking on the airline's website, at jetstar.com
until midnight 28 July, or they sell out, whichever comes first.

Tickets are for travel on Jetstar between 24 July and 30
November 2004. The offer includes price points for one-way fares
on Jetstar from $39 on selected routes across the carrier's
existing network.

Jetstar CEO, Mr. Alan Joyce, said the offer again demonstrates
the position Jetstar has taken as a low fare leader in the
Australian domestic market since its launch almost two months
ago.

Mr. Joyce said the offer is part of Jetstar's ongoing approach
to ensure highly affordable fares are being made available and
promoted to the traveling public. TV, radio, print and on-line
advertising will promote the offer commencing this weekend.

"We are an airline committed to making air travel accessible to
more Australians, by continuing to offer affordable fares which
will encourage more people to fly more often," Mr. Joyce said.

"Earlier this week, Jetstar carried its 500,000th passenger and
commenced operating two of a new fleet of 177 seat-configured
Airbus A320 aircraft. Our fleet will grow to 23 aircraft by mid
2005.

"These points reflect the steady progress Jetstar has made since
launching into Australian skies.

"The availability of these affordable fares will allow even more
Australians and other travelers the opportunity to sample the
experience of flying Jetstar on either our fleet of Boeing 717
or progressively growing A320 fleet".

Online bookings at jetstar.com can be made via direct payment
from the user's Internet bank account or via credit card. An
additional $2 per passenger per flight will be applied to fares
paid by credit card or charge card. $10 extra will be charged
for bookings through Jetstar Telephone Reservations on 131 538.
Travel agents may sell these fares for more.

Jetstar now operates 770 flights per week from 14 airport
destinations along Australia's east coast: Melbourne Airport,
Avalon Airport (Melbourne), Sydney, Brisbane, Hobart,
Launceston, Newcastle, Gold Coast, Sunshine Coast, Cairns,
Whitsunday Coast (Proserpine), Hamilton Island, Mackay and
Rockhampton.

Conditions of the 200,000 seat offer

The flight offer is available from today (23 July) by booking on
the airline's website, at jetstar.com until midnight 28 July
(unless seats sold out prior).

It is for travel on Jetstar on selected routes between 24 July
and 30 November 2004.

The $39 one-way fare is subject to availability, and is not
available on all flights. Airfares are non-refundable and
limited changes are permitted for a fee.

Online bookings at jetstar.com can be made via direct payment
from the user's Internet bank account or via credit card. An
additional $2 per passenger per flight will be applied to fares
paid by credit card or charge card.

$10 extra will be charged for bookings through Jetstar Telephone
Reservations on 131 538.

Travel agents may sell these fares for more.

MEDIA ENQUIRIES:

Simon Westaway Manager - Corporate Relations Mob: 0401 994 627
Angela Schaftenaar Manager - Public Relations Mob: 0401 995 07


SANTOS LIMITED: Second Quarter Revenue Falls
--------------------------------------------
Santos Limited reported lower June 2004 quarter production,
sales volumes and revenues, despite significantly improved
results compared with the March quarter, the Company reported on
its Web site.

Total development spending for the quarter, however, was a
record $175 million as the Company moves quickly to bring new
projects online, such as Mutineer-Exeter and John Brookes, to
increase future production.

Total production for the three months ended 30 June 2004 was
11.6 million barrels of oil equivalent (mmboe) compared with
13.8 mmboe in the previous corresponding period. Sales volumes
were down from 13.8 mmboe to 12.0 mmboe.

The average oil price for the quarter increased by 23% to
A$50.65 per barrel compared with the second quarter of 2003.

This largely offset the impact of lower volumes and resulted in
sales revenue of $334.1 million compared with $347.4 million in
the June 2003 quarter. (Recent trends in Santos quarterly
production and revenue can be seen in the chart below.)

"The lower second quarter production was due mainly to the
impact of the Moomba plant incident and declining field
performance from fields in Western Australia and Victoria," said
Santos' Managing Director, Mr. John Ellice-Flint.

"The Moomba plant reinstatement continues to progress well.
Recovery of losses in the second quarter is included in the
Company's insurance claim, which is currently in progress.

"There have been production challenges in two of our non-
operated fields offshore Western Australia," he said.

While gas production from the East Spar gas field was higher
than in the June 2003 quarter, the field has experienced earlier
than expected water breakthrough.  The production shortfall will
ultimately be offset with the development of the John Brookes
gas field, but production during the second half of 2004 will be
lower than previously forecast.

The Stag oil field has experienced unanticipated well downtime
resulting in poorer field performance. A remedial program is
being developed.  Full year 2004 production from Stag is
expected to be lower than previously forecast. Partly offsetting
these negative effects, the acquisition of Novus Petroleum
assets is expected to add around 0.8 mmboe to 2004 production,
depending upon the precise date of the completion of the deal.

"Taking these factors into account, together with the recent
divestment of onshore Otway assets, the current outlook for 2004
production is 45-46 mmboe," he said.

"One of our major priorities during the quarter has been the
rapid development of new projects on which we have spent a
record $175 million."

Significant progress on growth projects during the second
quarter 2004 included:

(1) The Bayu-Undan liquids project (offshore Darwin) - which
this week completed the most technically difficult of the
field's development wells.  Field development is three months
ahead of schedule.

(2) The Mutineer-Exeter oil field development (offshore WA) -
where the project has passed the 55% completion point within
budget.  The first planned heavy lift activity was recently
completed with the successful installation of the moonpool
structure to the Floating Production Storage and Off-take
vessel.  All 12 planned lifts should be complete by the end of
September.

(3) The Casino gas field development (offshore Victoria) - where
development approval is expected within the next month.

(4) The John Brookes gas field project (offshore WA) - for which
new contracts, plus additional volumes to meet East Spar
obligations, are sufficient to accelerate development of this
field.  Development has been approved by the JV following recent
successful appraisal.

The June quarter also saw the addition of further possible
growth opportunities through acquisition and new ventures such
as the recent Egypt and Novus deals.  Further portfolio
rationalization has also occurred with the divestment of onshore
Otway interests and the farm down of interests to ConocoPhillips
in an offshore Darwin block.

FOR FURTHER INFORMATION PLEASE CONTACT:

Media enquiries:                 Investor enquiries:
Kathryn Mitchell                 Graeme Bethune
(08) 8218 5260 / 0407 979 982    (08) 8218 5157 / 0419 828 617

For more information, go to
http://bankrupt.com/misc/tcrap_santos0723.pdf


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


ASIA-STEEL.COM LIMITED: Court Hears Winding Up Petition
-------------------------------------------------------
Notice is given that a Petition for the Winding up of the above-
named company by the High Court of Hong Kong was, on the 6th day
of July 2004, presented to the said Court by Vincent Office
Supplies Company Limited (In creditors' voluntary liquidation)
whose registered office is situated at Unit D, 3rd Floor, Freder
Centre, No. 68 Sung Wong Toi Road, Kowloon, Hong Kong.

The said Petition is scheduled before the Court at 9:30 am on
the 11th day of August 2004.

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

KNIGHT & HO
Solicitors for the Petitioner,
Rooms 2207-10, 22nd Floor Worldwide House
19 Des Voeux Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 10th day of
August 2004.


CHINA CONSTRUCTION: Issues HKD100M CDs Due 2007
-----------------------------------------------
State-owned China Construction Bank-Hong Kong Branch (CCB.YY) is
offering HKD100 million of fixed-rate certificates of deposit
maturing in 2007 with interest payable annually, Dow Jones
reports, citing lead manager HSBC.

Terms for the issue are as follows:

Amount:           HK$100 million
Maturity:         July 30, 2007
Coupon:           3.15% per annum
Issue Price:      100%
Redemption:       100%
Payment date:     July 28, 2004
Denominations:    HK$500,000
Listing:          None


DAEDALUS INDUSTRIES: Holds Final Meeting
----------------------------------------
Notice is given that pursuant to Section 248 of the Companies
Ordinance (Chapter 32), a Final Meeting of the members and
creditors of Daedalus Industries Limited will be held at 17/F.,
23 Wing Wo Street, Central, Hong Kong on August 27, 2004 at
10:00 a.m. and 10:30 a.m. respectively for the purposes of
having the accounts laid before them, showing the manner in
which the winding up has been conducted and the property of the
Company has been disposed of, and of hearing any explanation
that may be given by the Liquidator, and also of determining by
resolution of the creditors the manner in which the books,
accounts and documents of the Company, and of the Liquidator
thereof, shall be disposed of.

Members or creditors who are unable to attend may appoint a
proxy who need not be a member or a creditor of the Company.
Proxies to be used at the meetings must be lodged at 17th Floor,
23 Wing Wo Street, Central, Hong Kong no later than 4:00 p.m. on
August 26, 2004.

Kenny King Ching Tam
Liquidator.

This announcement is dated July 23, 2004.


FAN WING: Enters Winding Up Proceedings
---------------------------------------
Notice is hereby given that a Petition for the Winding up of
Fan Wing Marine Transit Limited by the High Court of Hong Kong
was, on July 7, 2004 presented to the said Court by Leung Choi
Sang of Room 2701, Hei Tsui House, Wan Tsui Estate, Chai Wan,
Hong Kong.

The said Petition is scheduled before the Court at 9:30 am on
August 11, 2004.

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

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 10th day of
August 2004.


I-CHINA HOLDINGS: Changes Registered Office Address
---------------------------------------------------
The Board of Directors of I-China Holdings Limited announces
that the registered office of the Company has been moved to
Clarendon House, 2 Church Street, Hamilton HM CX Bermuda
effective July 13, 2004.

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

By order of the Board
Fong Shiu Leung, Keter
Company Secretary.

This announcement is dated July 22, 2004.


LAI SUN: Postpones Dispatch of Circular with eSun
-------------------------------------------------
As Lai Sun Development and eSun Holdings Limited require
additional time to arrange for the compilation of the
information gathered in connection with the Circulars, LSD and
eSun announce that they have applied to the Stock Exchange and
the SFC (as the case may be) for a waiver from strict compliance
with Rule 14.38 of the Listing Rules and Rule 8.2 of the
Takeovers Code (as the case may be) so that the dispatch of the
Circulars in relation to the Settlement as detailed in an
announcement jointly published by LSD and eSun on July 5, 2004,
will be postponed to August 13, 2004.

By order of the Board
Lai Sun Development Company Limited
Yeung Kam Hoi
Company Secretary.

By order of the Board
eSun Holidngs Limited Yeung Kam Hoi
Company Secretary.

This announcement is dated July 22, 2004.


MARKS TRADING: Winding Up Hearing Set August 11
-----------------------------------------------
Notice is given that a Petition for the Winding up of Marks
Trading Limited by the High Court of Hong Kong was, on July 7,
2004, presented to the said Court by Fong Suet Chung of Flat A,
15/F., Block 3, Sherwood Court, Kingswood Villas, Tin Shui Wai,
New Territories, Hong Kong.

The said Petition is scheduled before the Court at 9:30 am on
August 11, 2004.

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

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 10th day of
August 2004.


PACIFIC CENTURY: Net Loss Swells to HKD142M
------------------------------------------
Infocast News reported Pacific Century Premium Developments
posted a net loss of HKD142.4 million for the fiscal year ended
March 31, compared with a net loss of HKD113.2 million a year
ago. Loss per share was HKD0.12. No final dividend was
declared.


TEEM FOUNDATION: Posts HKD15M Net Loss
-------------------------------------
According to Infocast News, Teem Foundation Group Limited posted
a net loss of HKD14.6 million for the fiscal year ended March
31, compared to a net loss of HKD2.968 million for the previous
year. The loss per share was HKD0.0217. No final dividend was
declared.


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

ASIA PULP: To Postpone Debt Work-Out Vote
-----------------------------------------
Paper maker Asia Pulp and Paper has decided to postpone a key
vote for the approval of its US$6.7-billion debt restructuring
scheme following bondholder queries about the plan.

According to a Financial Times report, the APP debt work-out
plan presented to bondholders on June 30 was set for a vote on
July 29. However, APP has decided to delay the vote for another
two weeks, pushing the deadline to August 12 or 13 after it
clarifies crucial points of the proposal to its bondholders
within the next few days.

Sources affirmed that while several bondholders believe that
most details of the proposal are vague, creditors are expressing
dissatisfaction with the restructuring plan.

APP advisers claimed that the "key concern expressed by
bondholders was over the formula used to translate the existing
bonds into the three tranches to be issued under the
restructuring plan."

APP, which defaulted on its US$13.9-billion (US$19.9 billion)
debt in March 2001, is considered the largest defaulter in
emerging markets history.

For more information please contact:
Asia Pulp & Paper
Jl. M.H. Thamrin No.51
Jakarta 10350
Indonesia
Tel. (62-21) 3929266-69
Fax (62-21) 3929276-79, 3929460-61
Emails:
appsales@asiapulppaper.com
app_investors@app.co.id


BANK PERMATA: Thirty-two Investors Eye Stake
--------------------------------------------
Thirty-two strategic investors are lining up to bid for a
majority stake in PT Bank Permata, The Jakarta Post reports.

Mohammad Syahrial, president director of state asset management
agency Perusahaan Pengelola Aset, confirmed that 20 foreign and
12 local investors are interested in bidding for a controlling
stake in Bank Permata. Of the interested parties, 90 percent are
banks or financial consortia and the rest are investment firms.

The state, which owns 97.17 of Bank Permata, expects to reap
IDR3 trillion from the stake sale, which will be used to plug
the widening budget deficit. The state, through PPA, will name
the buyer of the 71-percent stake by the end of December.

PPA will launch a roadshow next week in Singapore, Kuala Lumpur
and United Kingdom to gauge demand for the stake sale.

Minister for State Enterprises Laksamana Sukardi is positive
that Permata would sell more than 1.8 times its book value given
the number of potential buyers and the fact that it is the last
asset for sale this year.

Permata, which was formed in 1999 after a merger of five
troubled banks, has IDR1.84 trillion in capital, assets of
IDR29.7 trillion, IDR372 billion net interest revenue, net
profit of IDR127 billion, and non-performing loans (NPL) that
stand at 8.34 percent.

Among the investors interested in joining the Permata tender are
Bank Mandiri, Bank Central Asia, Bank Rakyat Indonesia, Bank
Danamon, Bank Panin, Bank Artha Graha, Bank Niaga, Bank Buana,
Bank Multicor, PT Jamsostek, Temasek (Singapore), Standard
Chartered Bank (United Kingdom), Maybank (Malaysia), and United
Overseas Bank (Singapore).

Contact:
PT Bank Permata Tbk.
Gedung Bank Bali
Jalan Jendral Sudirman Kav. 27
Jakarta 12920
Telephone: 021-52377899 (hunting)
Fax: 021-5237206/8


MERPATI NUSANTARA: Government Seeks Aid for Privatization Plan
--------------------------------------------------------------
In line with its goal to rescue PT Merpati Nusantara Airlines,
the Indonesian government invited applications from financial
and legal advisers on July 19 to help devise a privatization
scheme for the ailing carrier, The Edge Daily reports.

Deputy State Enterprise Minister Ferdinand Nainggolan disclosed
earlier this year the proposed strategic sale of the state's 51
percent stake in Merpati to help fund the carrier's struggling
operations. The state is also considering an IDR220 billion
debt-for-equity swap.

Merpati, which has yet to announce its financial results, needs
to restructure its debt as its liabilities exceed its assets,
Mr. Nainggolan stressed.

Merpati operates 42 aircraft flying to 102 cities.


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


JAPAN AIRLINES: To Stick With Profit Outlook This Year
------------------------------------------------------
Japan Airlines Corporation (JAL) will keep intact its group net

profit outlook for this fiscal year by making additional cost
cuts to offset the impact of rising jet fuel costs, according to
Dow Jones Newswires, citing a company spokesman.

Earlier this month, JAL raised its international cargo fuel
surcharges to JPY24 a kilogram from JPY18. It also raised
international passenger flight fares 5 percent on average. These
hikes will save the carrier about JPY10 billion.

A review of air routes and reductions in other costs will save
the airline JPY20 billion. The company will give further details
on these steps at a press conference scheduled for July 30 on
its earnings for the April-June period.

JAL expects to post a group net profit of JPY36 billion this
fiscal year through March as travel picks up following the 2003
SARS epidemic and the war in Iraq.

CONTACT:

Japan Airlines Corporation
Shingawa Intercity Tower-A, 2-15-1 Konan, Minato-ku
Tokyo, 108-6024, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929
http://www.jal.co.jp


MITSUBISHI MOTORS: H1 to Sept Domestic Output to Fall 21%
---------------------------------------------------------
Mitsubishi Motors Corporation (MMC) expects its domestic
production volume to fall 21 percent from a year earlier to some
290,000 units in the first half to September due to a sharp drop
in sales, AFX Asia reports, citing the Nihon Keizai Shimbun.

The carmaker's performance has plunged since a defects cover-up
came to light in early June.

The automaker told parts makers servicing production for its key
factories in Mizushima and Okazaki that its output for August is
expected to fall 42 percent to 33,000 units, with September seen
declining 37 percent to 52,000 units. With the addition of three
more days off at its mainstay Mizushima factory, the company's
output for July is expected to drop 18 percent to 53,000 units.

The automaker's rehabilitation plan unveiled in May featured a
domestic production volume target of 730,000 units in the year
to March 2005. However, the domestic sales estimate of 300,000
units was revised down to 220,000 units in mid-June.

CONTACT:

Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
http://www.mitsubishi-motors.co.jp


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

The report is the sixth weekly report submitted by the company.

After consulting with the ministry, MMC has decided to recall
five of the 52 cases related to merchantability. MMC is
currently preparing for the recalls and plans to submit the
documents to the ministry on July 29.

In line with its report on July 7, MMC has reconfirmed that none
of the five cases has caused accidents or fires.

Current status post-market measures for 30 cases already
submitted

As of July 20, measures had been implemented for 10.5 percent of
registered vehicles for the 30 cases submitted by July 7
(compared to 7.1 percent as of the last report on July 14). To
speed up the process, MMC will send staff to support dealers
from August.

Management of product information reports at dealers

Based on talks with four dealers, MMC has found that the product
information reports are kept together at the dealers head
office. There are no rules for disposing of the reports and some
of the remaining reports were found in files in storage areas.


MITSUBISHI MOTORS: Unveils Result of Ethics Committee Meeting
-------------------------------------------------------------
The Mitsubishi Motors Business Ethics Committee held its first
meeting on Thursday. All members were present along with
Mitsubishi Motors Chairman Yoichiro Okazaki, Mitsubishi Motors
Business Ethics Committee Chairman Noboru Matsuda and Corporate
Social Responsibility Promotion Office Corporate General Manager
Koji Furukawa.

At the meeting the representatives from Mitsubishi Motors
informed the committee of how the company is dealing with
problems at hand and updated us on the current status of efforts
to deal with the recall issue. Following this, Mitsubishi Motors
explained its action program for business ethics and corporate
reform based on placing top priority on legal compliance,
safety, and customers. This led to a lively discussion between
the committee and Mitsubishi Motors representatives.

COMMENTS FROM COMMITTEE MEMBERS:

Business ethics exist on the factory floor. You need to bring in
more appeal to you manufacturing.

You need to revise your in-house terminology. "Product
information reports" should be changed to "complaint report."

You need to shorten the process for determining recalls and
bring in external opinions.

Even if you can ensure safety, people won't feel at ease until
you restore trust in the company.

You need to step away from the Mitsubishi name and look at
things. You should consider taking "Mitsubishi" out of the
company and car names.

Make sure you follow up on the opinions you receive through the
direct line from employees to the president and chairman. It's
important that you don't let these opinions just fade away.

This is the last chance for Mitsubishi Motors to rebuild itself.

The committee intends to take a strict stance in raising issues
to help the company put everything into changing its corporate
culture from the ground up.

This is a company press release.


MITSUBISHI MOTORS: Ethics Committee Chairman Issues Statement
-------------------------------------------------------------
Mitsubishi Motors Business Ethics Committee Chairman Noboru
Matsuda announced the following statements:

The Business Ethics Committee is an advisory body for the
Mitsubishi Motors board of directors. In addition to submitting
reports directly to the board of directors and making proposals,
the committee will provide guidance and advice to the Corporate
Social Responsibility Promotion Office on quality audits and
reforms to corporate culture and business ethics.

The current stance of the public towards Mitsubishi Motors is
extremely severe and the company will not be able to restore
trust overnight.

As the Committee Chairman, Mr. Matsuda believes that Mitsubishi
Motors is earnest in its efforts to reform its business ethics
and corporate culture while also improve the quality of its
products and intends to help the company to restore trust. To
ensure the reforms at Mitsubishi Motors continue moving forward,
Mr. Matsuda will be upfront with the management, offering my
opinion from outside point of view based on what is socially
acceptable.

Mr. Matsuda added that he will also hold nothing back when
advising Mitsubishi Motors on its initiatives to dramatically
strengthen auditing of quality and governance issues in line
with its newly outlined philosophy of placing top priority on
legal compliance, safety, and customers.

The most pressing issue at hand for the committee is to make use
of its external standpoint in terms of governance to help
Mitsubishi Motors restore lost trust as soon as possible. To do
this, it is essential that the company put an end to the recall
issue once and for all.

Mitsubishi Motors also needs to push its efforts for legal
compliance through all levels of the company. The Business
Ethics Committee will receive reports on the company's progress
in this area and make proposals where necessary.

With developments such as the company receiving approval under
Japan's Industrial Revitalization Law, Mitsubishi Motors'
revitalization is gradually moving forward. Mr. Matsuda is
looking forward to seeing Mitsubishi Motors seize this
opportunity and see the entire company pull together to realize
a self-supported revitalization.

This is a company press release.


MITSUBISHI MOTORS: May Sell U.S. Financial Unit
-----------------------------------------------
Mitsubishi Motors Corporation is considering selling its U.S.
auto loan subsidiary in order to focus its U.S. management
resources on marketing, Dow Jones Newswires reported on
Thursday.

The financial subsidiary is Mitsubishi Motors Credit of America
Inc. capitalized at the equivalent of JPY130 billion. In the
business year to March 31, the California subsidiary fell into
the red as a substantial portion of auto loans turned sour and
resulted in losses totaling JPY50 billion.


SOJITZ CORPORATION: To Seek Up to JPY300B in Bank Aid
-----------------------------------------------------
Sojitz Holdings Corporation will seek as much as JPY300 billion
(US$2.7 billion) in financial aid from the UFJ banking group and
other lenders, according to Reuters. Swiss bank UBS is among
those that will provide the aid package to the ailing company.

Meanwhile, Bloomberg reported that company plans to reduce its
net interest-bearing liabilities to around JPY1 trillion by
March 2007, from about JPY1.5 trillion at the end of March 2004.

The Company aims to book an extraordinary loss of about JPY250
billion for the current business year ending March 2005, rather
than a JPY50 billion net profit the company had projected. It
aims to swing back to profit in the following year.

CONTACT:

Sojitz Holdings Corporation
1-23,Shiba 4-chome,Minato-ku
Tokyo, 108-8405, Japan
Phone: +81-3-5446-111
Fax: +81-3-5446-1365
http://www.sojitz.com


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


HANBO IRON: Workers Strike Ahead Of End-July Sale
-------------------------------------------------
About 400 union members at Hanbo Steel Co. staged another full-
day strike on Thursday, demanding bonuses and job security, Dow
Jones reports.

"The union is demanding a one-time bonus equivalent to 500% of
the normal monthly bonus for each employee when the company
successfully finds a buyer," said a company official who
declined to be named. In its counteroffer, the company proposed
to pay a 483% bonus, according to the official.

A consortium of Hyundai Motor Group's steel-making units signed
a memorandum of understanding in June to buy the Company. INI
Steel Co. and Hyundai Hysco had jointly offered KRW930 billion
for Hanbo, and are slated to sign a final deal by the end of
this month.


HYNIX SEMICONDUCTOR: Shareholders OK Sale of Non-Memory Ops
-----------------------------------------------------------
Shareholders of Hynix Semiconductor Inc. has approved the sale
of its non-memory operations to U.S. financial services giant
Citigroup Inc., according to Dow Jones Newswires.

Analysts said the cash raised from the sale of the non-memory
operations would help Hynix pay down maturing debt and finance a
new chip plant in China. At the end of March, Hynix's interest-
bearing debt amounted to KRW3.63 trillion.

CONTACT:

Hynix Semiconductor Inc.
San 136-1, Ami-ri, Bubal-eub
Ichon, Kyonggi 467-860, South Korea
Phone: +82-31-630-4114
Fax: +82-31-630-4103
http://www.hynix.com


KOOKMIN BANK: Analysts Predict 2Q04 US$117Mln Profit
----------------------------------------------------
Kookmin Bank is projected to report KRW135 billion (US$117
million) in profits for the second quarter ended June 30,
rebounding from a KRW114.6 billion loss a year earlier,
according to a Reuters poll of eight analysts.

However, its earnings are expected to drop about 11 percent from
a revised KRW151.3 billion profits earned in the first quarter.

"Kookmin's asset quality on loans to household and small- and
medium-sized companies (SMEs) has been deteriorating," said
Chung Moo-il, an analyst at Korea Investment & Securities. "We
expect the pace of improvement in its asset quality will be
slower than other banks in the second-half because of its focus
on household and SME loans."

The bank is expected to report a net profit of KWR1.1 trillion
for this year, against a loss of KRW753.3 billion a year ago,
according to Reuters estimates.

CONTACT:

Kookmin Bank
9-1, 2-ga, Namdaemoon-ro, Jung-gu
Seoul, 100-703, South Korea
Phone: +82-2-317-2890
Fax: +82-2-317-2885
http://www.kookmin-bank.com


SSANGYONG MOTOR: Shanghai Automotive Picked As Prime Bidder
-----------------------------------------------------------
Shanghai Automotive Industry Corporation (SAIC) has been
designated as the preferred bidder for the takeover of Ssangyong
Motor, Yonhap News reported on Friday.

Ssangyong creditors plan to sign a preliminary agreement with
the SAIC on July 27 and a formal contract in August.

Ssangyong Motor was taken over and managed by creditors after it
went bankrupt under heavy debts during the 1997-98 Asian
financial crisis and entered into a corporate workout program.


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


ANCOM BERHAD: Purchases 4,000 Ordinary Shares on Buy Back
---------------------------------------------------------
Ancom Berhad disclosed to Bursa Malaysia Securities Berhad the
details of its shares buy back dated July 22, 2004.

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

Total number of shares purchased (units): 4,000

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

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

Total consideration paid (RM):

Number of shares purchased retained in treasury (units): 4,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 3,838,200

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

Contact:

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


BOUSTEAD HOLDINGS: Issues Additional 49,000 Ordinary Shares
-----------------------------------------------------------
Boustead Holdings Berhad's additional 49,000 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:

Boustead Holdings Berhad
18th Floor, Menara Boustead,
69 Jalan Raja Chulan,
50200 Kuala Lumpur
Telephone: 03-2141 9044
Fax: 03-21430075
Website: http://www.boustead.com.my


FABER GROUP: Issues Notice On Meeting of 2000/2005 Bondholders
--------------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Faber Group
Berhad wishes to inform that a Meeting of the Holders of All
Series of the 2000/2005 Bonds will be held on 13 August 2004.
The Notice of the said Meeting is attached for information
purposes.

This announcement is dated 22 July 2004.

Remarks:
The date of the Restructuring Deed in the Notice of Meeting
should read as 22nd December 2004. Hence, the release of this
announcement.

For more information, click
http://bankrupt.com/misc/FABERGROUP072304.doc

CONTACT:

Faber Group Berhad
20th Floor
Menara 2 Faber Towers,
Jalan Desa Bahagia
Taman Desa, Off Jalan Klang Lama
58100 Kuala Lumpur
Telephone: 03-76282888
Fax: 03-76282828


FEDERAL FURNITURE: Issues Update on Proposals
---------------------------------------------
Federal Furniture Holdings (M) Berhad issued to Bursa Malaysia
Securities Berhad an update in relation to the:

- Proposed Capital Reduction;
- Proposed Share Premium Reduction;
- Proposed Rights Issue With Warrants;
- Proposed Issue of Shares; and
- Proposed Debt Restructuring

The company refers to the announcement made by Aseambankers
Malaysia Berhad dated 24 June 2004 in relation to the Proposals.

Aseambankers, on behalf of the Company wishes to announce that
the Securities Commission (SC) had via its letter dated 20 July
2004 approved certain exemptions on certain guidelines in
relation to asset valuations subject to the following
information being furnished to the SC:

(a) Updated valuation reports prepared by the valuers containing
the following information:

(i) Latest valuation of the properties, including detail
workings of the valuation;

(ii) Changes on the physical condition of the properties;

(iii) Changes on the ownership and the status of laws governing
the properties (including all approvals already obtained);

(iv) Changes to the property market; and

(b) Declaration from the valuers as contained in the Asset
Valuations Guidelines.

CONTACT:

Federal Furniture Corp. Berhad
Suite 1501B Menara Choy Fook On
1B Jalan Yong Shook Lin, Section 7
46050 Petaling Jaya
Telephone: 03-7955 9937
Fax: 03-7956 2812
Website: http://www.federal-furniture.com


FERRYLINK SHIPPING: Placed Under Creditor's Voluntary Winding Up
----------------------------------------------------------------
MBf Holdings Berhad (MBfH) wishes to inform Bursa Malaysia that
its subsidiary, Ferrylink Shipping (S) Pte Ltd, will be placed
under creditors' voluntary winding up and that Mr Chia Soo Hien
and Madam Ng Geok Mui of Messrs BDO International, 5 Shenton
Way, #07-00 UIC Building, Singapore 068808 have been proposed as
the Liquidators of Ferrylink.

Information on Ferrylink

Ferrylink was incorporated on 15 May 1980 in Singapore. The
authorized share capital of Ferrylink is S$10,000,000 comprising
10,000,000 ordinary shares of S$1.00 each of which 3,500,000
ordinary shares have been issued and fully paid-up. Ferrylink
shareholders' deficit is S$3,357 as at 30 June 2004.

Ferrylink ceased its operation since 1996 and become dormant
thereafter.

Rationale for the Winding Up

The winding up exercise of Ferrylink is part of the
rationalization and streamlining exercise of MBfH Group.

Financial Effect of the Winding Up

The winding up of Ferrylink will not have any material effect to
MBfH Group.

Interests of Directors, Substantial Shareholders and Persons
connected to the Directors and Substantial Shareholders

None of the directors, substantial shareholders and persons
connected to the directors and substantial shareholders of MBfH
has any interest, direct and indirect in the said exercise.

Yours faithfully,
For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary


HAP SENG: BMSB Grants Listing of 20,000 New Ordinary 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


HARBOUR LINK: Details Incorporation of Associate Company
--------------------------------------------------------
Harbour-Link Group Berhad disclosed to Bursa Malaysia Securities
Berhad the details of the incorporation of an associate company.

(1) INTRODUCTION

Harbour-Link Group Berhad (Harbour) wishes to announce that the
Company's wholly-owned subsidiary, Eastern Soldar Engineering &
Construction Sdn. Bhd. (ESEC) had on 15 July 2004 incorporated
an associate company under the Companies Act, 1965 known as
Zecon-Esec Engineering Sdn. Bhd. (Company No: 659717 X) (ZEE).

(2) INFORMATION ON ZEE

The authorised share capital of ZEE is RM100,000 divided into
100,000 ordinary shares of RM1.00 each. The paid up capital as
at to-date is RM100.00 made up of 100 shares of RM1.00 each
where 51 is held by Zecon Engineering Berhad and the remaining
49 ordinary shares is held by ESEC.

The Directors of ZEE are Hj Zainal Abidin Bin Ahmad, Abg Azahari
Bin Abd Osman, Yong Piaw Soon and Toh Guan Seng.

The principal activities of ZEE is to act as contractors of
technical & professional services to the oil drilling &
petroleum production industries and to enter into business
contracts and to undertake sales and after-sales services of
products connected with oil and petroleum industries of every
description.

(3) FINANCIAL EFFECTS

The investment in ZEE is not expected to have any material
effect on earnings and net tangible assets of the Company for
the current financial year.

(4) INTEREST OF DIRECTORS', SUBSTANTIAL SHAREHOLDERS' AND
CONNECTED PERSONS

Save as disclosed above, none of the other directors nor
substantial shareholders of the Company nor any person connected
to them has any interest, direct or indirect in the said
incorporation of ZEE.

CONTACT:

Harbour-Link Group Berhad
No. 39-40 BDA-Shahida
Commercial Centre
97008 Bintulu
Sarawak
Telephone: 086332815
Fax: 086332429


INTEGRATED RUBBER: Completes Share Sale Agreement With Chip Lam
---------------------------------------------------------------
Integrated Rubber Corp. Berhad (IRCB) refers to the
announcements on 26 May 2003 and 28 May 2003.

On behalf of the Board of Directors of IRCB, Southern Investment
Bank Berhad wishes to announce that the Share Sale Agreement
dated 26 May 2003 between the Company and Chip Lam Seng Berhad,
which includes supplementals thereto, was completed on 22 July
2004. The completion of the Restructuring Scheme is pending the
implementation of the Restricted Offer for Sale and Offer for
Sale.

This announcement is dated 22 July 2004

CONTACT:

Integrated Rubber Corp. Berhad
10th Floor, Block B
Wisma Semantan,
No. 12 Jalan Gelenggang,
Bukit Damansara,
50490 Kuala Lumpur
Telephone: 03-20925588
Fax: 03-20939917


INTEGRATED RUBBER: Appoints New Audit Committee Member
------------------------------------------------------
Integrated Rubber Corp. Berhad disclosed to Bursa Malaysia
Securities Berhad the information on Dato' Daniel Tay Kwan Hui's
appointment as Member of the company's Audit Committee.

Date of change: July 22, 2004

Type of change: Appointment

Designation: Member of Audit Committee

Directorate: Independent & Non Executive

Name: Dato' Daniel Tay Kwan Hui

Age: 48

Nationality: Malaysian

Qualifications:

A Barrister and was called to the Bar of England and Wales in
1978 and called to the Bar, States of Malaya in 1979.

Working experience and occupation:

- A Magistrate in Ipoh in 1980 and resumed legal practice in
1982.
- A committee member of Perak Bar Council.
- A councillor of the Majlis Perbandaran Manjung and is also a
Secretary of the Council of Justices of the Peace, Perak since
1998.

- President of the YMCA of Ipoh and Vice-President of the
National Council of YMCA

Directorship of public companies (if any): Nil

Family relationship with any director and/or major shareholder
of the listed issuer: Nil

Details of any interest in the securities of the listed issuer
or its subsidiaries: Nil

Composition of Audit Committee (Name and Directorate of members
after


INTEGRATED RUBBER: Issues Information On Director's Resignation
---------------------------------------------------------------
Integrated Rubber Corp. Berhad issued to Bursa Malaysia
Securities Berhad the information on the resignation of Ahmad
Kamal bin Abdullah Al-Yaffi as the company's director.

Date of change: July 22, 2004

Type of change: Resignation

Designation: Director

Directorate: Independent & Non Executive

Name: Ahmad Kamal bin Abdullah Al-Yafii

Age: 66

Nationality: Malaysian

Qualifications:

- Member of the Institute of Chartered Accountants (England and
Wales) 1965

- Fellow of the Institute of Chartered Accountants (England and
Wales) 1975

Working experience and occupation:

- Tutor, University Malaya (1966-1967)
- Financial Controller, Malayawata Steel Bhd (1968-1970)
- Partner, Hanafiah Raslan & Mohamad (1970-1999)

Directorship of public companies (if any):

- Chase Perdana Berhad
- Kramat Tin Dredging Berhad
- Pembinaan Jayabumi (Sarawak) Berhad
- Malaysia Smelting Corporation Berhad
- KUB Malaysia Berhad
- Mentakab Rubber Company (Malaya) Berhad
- Negara Properties (M) Berhad
- Sit Tatt Berhad
- Malaysia Airports Holdings Berhad

Family relationship with any director and/or major shareholder
of the listed issuer: Nil

Details of any interest in the securities of the listed issuer
or its subsidiaries: Nil


KEMAYAN CORPORATION: Court Adjourns Hearing on Case Against MBSB
----------------------------------------------------------------
Further to the announcement dated 13 July 2004, the Board of
Directors of Kemayan Corporation Berhad (KCB) hereby inform the
Bursa Malaysia Securities Berhad that Malaysia Building Society
Berhad had applied to the High Court of Malaya, Kuala Lumpur for
an adjournment for hearing of the Originating Summons No. D6-24-
284-2003 versus Malaysia Building Society Berhad (MBSB)

The High Court allowed the adjournment and fixed the matter for
hearing on 18th August 2004.

CONTACT:

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


LANKHORST PANCABUMI: Parent Issues Update On Winding Up Petition
----------------------------------------------------------------
With reference to Bursa Malaysia Securities Berhad's letter
dated 15th July 2004 in respect of the Winding-Up Petition on
Lankhorst Pancabumi Contractors Sdn. Bhd. (LPCBS), the company
wishes to furnish the following additional information:

(1) There is no interest claimed by the Creditor under the
Petition.

(2) Lankhorst Berhad and its group of companies is solvent i.e.
there is no contingent or other liability that has become or is
likely to become enforceable within the period of twelve (12)
months from the date hereof which will or may affect the ability
of the Group or the Company to meet their obligations as and
when they fall due; and

(3) The Company undertakes to provide Bursa Securities with a
solvency declaration within seven (7) days from the date hereof.

By Order of the Board.

This announcement is dated 22nd July 2004

We refer to your Company's announcement dated 14 July 2004 in
respect of the aforesaid matter.  In this connection, kindly
furnish Bursa Malaysia Securities Berhad (Bursa Securities) with
the following additional information immediately for public
release:

Interest rate on the amount claimed under the petition, if any;
Where LPCSB is a major subsidiary, a statement whether Lankhorst
Berhad and its group of companies is solvent i.e. that no
contingent or other liability has become or is likely to become
enforceable within the period of twelve (12) months from the
date thereof which will or may affect the ability of the Group
or the Company to meet their obligations as and when they fall
due; and

Where LPCSB is a major subsidiary, an undertaking to provide to
Bursa Securities a solvency declaration executed by the
directors of the Company within seven (7) days (where such
declaration can be made).

Please note that the contents of the announcement must be
endorsed by the board of directors of the Company.

Yours faithfully
Chee Kai Mun
Manager
Issues & Listing
Group Regulations


LONG HUAT: Updates Restructuring Scheme
---------------------------------------
Long Huat Group Berhad (LHGB) refers to the announcement made on
9 July 2004 in relation to the Restructuring Scheme.

On behalf of the Board of Directors of LHGB (LHGB Board),
Southern Investment Bank Berhad wishes to announce that pursuant
to the Capital Reconstruction, Shareholders' Scheme and Debt
Settlement, new ordinary shares of RM0.50 each in Lee Swee Kiat
Group Berhad (LSKG) (LSKG Shares) have been allotted and issued
to LHGB shareholders and Scheme Creditors on 22 July 2004.

The notice of allotment to LHGB shareholders and Scheme
Creditors was scheduled for dispatch on 23 July 2004. Similarly,
the notice of allotment to placees pursuant to the Placement was
scheduled for dispatch on 23 July 2004.

Prior to the above, LSKG had completed the Acquisition on 11
June 2004.

This announcement is dated 22 July 2004.

CONTACT:

Long Huat Group Berhad
Level 3 Block C (South)
Pusat Bandar Damansara
50490 Kuala Lumpur
Telephone: 03-27322695
Fax: 03-27322696


PERNAS INTERNATIONAL: Issues Update On Proposals
------------------------------------------------
Pernas International Holdings Berhad (PIHB) issued to Bursa
Malaysia Securities Berhad an update in relation to the proposed
disposal Of 100 percent of the issued share capital of Teon
Choon Realty Sdn Bhd (TCRC) and 70 percent of the issued share
capital Of Ladang Serasa Sdn Bhd (LSSB) from Pernas Securities
Sdn Bhd (PSSB), a wholly owned subsidiary of Tradewinds
Corporation Berhad to Tradewinds (M) Berhad (TWS).

Reference is made to Tradewinds Corporation Berhad's earlier
announcement dated 21 May 2004 in relation to the Proposed
Disposals.

On behalf of Tradewinds Corporation Berhad, Aseambankers
Malaysia Berhad hereby announce that PSSB and TWS have exchanged
letters to mutually extend the period for securing the
conditions precedent set out in the share sale agreement dated
28 April 2003 and supplemented by an exchange of letters dated 9
June 2003, 25 September 2003, 18 December 2003, 23 March 2004
and 21 May 2004 (Share Sale Agreement). The date for fulfillment
of the conditions precedent of the Share Sale Agreement has been
extended a further 60 days from 21 July 2004 to 19 September
2004.

All the other terms and conditions in the Share Sale Agreement
remain unchanged.

This announcement is dated 22 July 2004.

CONTACT:

Pernas International Berhad
21st Floor, Wisma Zelan
No. 1, Jalan Tasik Permaisuri 2
Bandar Tun Razak
56000 Kuala Lumpur
Telephone: 03-91730177
Fax: 03-91734996
Website: http://www.pernas.com


SRI HARTAMAS: Updates Creditors' Voluntary Winding Up Petition
--------------------------------------------------------------
As announced to the Exchange on 29 June 2004, the directors of
SRI Hartamas Builders Sdn Berhad (SHBSB) (in Creditors'
Voluntary Liquidation) SHBSB had on 29 June 2004 resolved:

- That the Company cannot by reason of its liabilities continue
its business and that it be wound up voluntarily;

- That pursuant to Section 255 of the Companies Act, 1965, Tam
Kok Meng c/o Tam & Associates Corporate Services Sdn Bhd, D-8-3
Level 10 Block D, Menara Uncang Emas, 85 Jalan Loke Yew 55200
Kuala Lumpur, be and is hereby appointed as Provisional
Liquidator for the purpose of the winding up; and

- That separate meeting of members and creditors of the Company
be convened on 22 July 2004 pursuant to Section 255(1)(b) of the
Companies Act, 1965.

The Special Administrators of Sri Hartamas Berhad (Special
Administrators Appointed), being the ultimate holding company of
SHBSB, wish to inform the Exchange that the following meetings
were held pursuant to Section 255(1)(b) of the Companies Act,
1965.

(1) Members Meeting

At an Extraordinary General Meeting of the members of the
Company convened on 22 July 2004, the following resolutions were
duly passed:

Special Resolution

- That it has been proven to the satisfaction that the Company
cannot by reason of its liabilities continue its business, and
that it is advisable to wind-up the same and that accordingly
the Company be wound-up voluntarily.

Ordinary Resolution

- That Tam Kok Meng c/o Tam & Associates Corporate Services Sdn
Bhd, D-8-3 Level 10 Block D, Menara Uncang Emas, 85 Jalan Loke
Yew 55200 Kuala Lumpur, be and is hereby appointed as Liquidator
for the purpose of such winding-up.

(2) Creditors Meeting

In a creditors' meeting held on 22 July 2004 immediately
following the said EGM, the creditors have confirmed the
appointment of Tam Kok Meng as Liquidator of the Company. To
assist the Liquidator in discharging his duties in the winding
up process, the creditors had appointed a Committee of
Inspection.

As at 30 June 2003, the deficit in shareholders' fund of SHBSB
was RM 301,348,138 and the Company suffered a loss of RM
11,342,919 for the year then ended. The aforesaid liquidation
will not have any material operational impact on Sri Hartamas
Group of Companies.

This announcement is dated 22 July 2004

Yours faithfully
For and on behalf of
Sri Hartamas Berhad - Special Administrators Appointed
Ooi Woon Chee
Special Administrator

CONTACT:

Sri Hartamas Berhad
Suite 33.01
Level 33 Plaza MBf
8 Jalan Yap Kwan Seng
50450 Kuala Lumpur
Telephone: 03-21670600
Fax: 03-21620212


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


BAYAN TELECOMMUNICATIONS: Eyes 300,000 Subscribers In 3 Years
-------------------------------------------------------------
Bayan Telecommunications Phils. Inc. (BayanTel) said it could
increase its subscriber base to 300,000 in three years' time,
ABS-CBN News reports.

The subscribers would mostly come from Metro Manila after
BayanTel obtained from the National Telecommunications Inc.
(NTC) a Metro Manila-wide local exchange carrier (LEC) license
last January.  Metro Manila subscribers account for 185,000 out
of the total 270,000 of BayanTel's subscribers.

"In three years' time, we would be able to potentially cover the
entire Metro Manila. We are expanding but not in the traditional
way wherein we buy switches that cost $5 million, install them
but not have any subscribers" ABS-CBN News quoted BayanTel chief
consultant Tunde Fafunwa as saying.

Currently, BayanTel has 6.5 million phone lines but only 3.2
million are subscribed.

BayanTel has set aside annual expenditures of PHP1.2 billion, 50
percent of which is earmarked for Metro Manila, 30 percent for
the provinces and the remaining 20 percent for the international
business.

The telco is also eyeing data services in the Visayas and
Mindanao.  BayanTel awaits a pending petition before the NTC to
service the entire Visayas and Mindanao.

DSL subscriber base has grown to 4,000 as of end-June, or ten
times since its broadband Internet connection was launched early
last year, which makes the telco the second-largest DSL
subcriber base market next to Philippine Long Distance Telephone
Co. (PLDT).

BayanTel, overall, is hoping to achieve the 500,000-subscriber
mark.  Under the telco's franchise, it is allowed to put up a
total of 300,000 landlines in Quezon City, Navotas, Malabon,
Manila and nearby provinces.

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: May Seek To Hike Rates Due to PPCA Losses
---------------------------------------------------------
The Philippine Star reports that National Power Corp. (Napocor)
may seek a power rate increase after it incurred losses by
pegging its purchased power cost adjustment (PPCA) to 40
centavos per kilowatthour since mid-2002.

Napocor's board has already approved a resolution that would
lift the 40 centavos per kWh PPCA. The PPCA is the automatic
cost recovery scheme that allows Napocor to pass on to customers
costs associated with foreign-currency denominated obligations
under its existing contracts with independent power producers
(IPPs).

The resolution also "allowed Napocor management to recover the
costs of purchased power as allowed by existing laws, and to
file for the appropriated generation tariffs with the Energy
Regulatory Commission". The revised generation rates were based
on return-on-rate-base (RORB) with time-of-use (TOU) mechanism.

The power firm has a pending petition to increase its generation
rate by an average of PHP1.87 per kWh.  It was not clear,
though, if the application for generation rate hike carries the
impact of the proposed lifting of the 40-centavo cap on PPCA.
Napocor officials have not also disclosed a possible increase in
rates on top of the generation rate hike petitioned to ERC.

In 2002, the PPCA was at PHP1.25 per kWh, but president Arroyo
ruled out that it should be pegged at 40 centavos per
kilowatthour in order to bring down electricity rates, so
Napocor is forced to subsidize 85 centavos for the PPCA.

The PPCA is passed on by Napocor to its customers, including the
Manila Electric Co. (Meralco) which in turn pass it on to
electricity end-users through the so-called purchased power
adjustment (PPA). In July 2003, PPCA reduction was reflected on
Meralco consumers' bills.

Napocor has already filed a petition to the Energy Regulatory
Commission (ERC) asking for the lifting of the PPCA cap, but the
ERC said the matter is beyond their jurisdiction, and that a
presidential directive is what Meralco should seek in order to
lift the PPCA cap.


NATIONAL POWER: Settles 8-Year Row With Philippine Geothermal
-------------------------------------------------------------
The eight-year dispute between National Power Corp. (Napocor)
and Philippine Geothermal Inc. (PGI) has been settled, according
to the Philippine Star, citing the Department of Energy (DOE).

Various government agencies and local courts have approved the
agreement between Napocor, PGI, which is a subsidiary of U.S.-
based Unocal, and the Power Sectors Assets and Liabilities
Management Corp. (PSALM).  The settlement enhances the value of
the Tiwi and Mak-Ban geothermal facilities and sets the stage
for PSALM to begin the privatization of these power projects.

"The agreement symbolizes the beginning of a renewed
relationship and a stronger commitment to the Philippines," the
Philippine Star quoted Unocal chairman, chief executive officer
and president Charles R. Williamson as saying.

Based on the deal, Napocor will receive $87 million in
accumulated service fee, which will be used to reduce the power
firm's current liabilities. The Philippine government, according
to the National Economic Development Authority (NEDA), could
also save about US$256 million and conform to the restructured
power market in the country with the Napocor-PGI deal. Best of
all, the settlement will benefit the Philippines in terms of
increased government revenue and a bolstered Philippine power
market, said Energy Secretary Vincent Perez.

A Geothermal Resource Sales Contract (GRSC) was signed by PGI
and PSALM to supply steam at a contracted price competitive with
other base-load fuels until 2021.  In July of 1996, PGI filed
for arbitration with the International Chamber of Commerce (ICC)
after Napocor failed to renew the service contract.

In turn, Napocor filed a petition of declaratory relief in
August 1996 at the Quezon City Regional Trial Court.  Under a
temporary agreement, Napocor and PGI continued operations while
negotiating a fair and mutually beneficial settlement.

Part of that agreement is setting aside 60 percent of PGI's
service fee going forward, to be settled as part of the
compromise. The payment received by PGI represents a portion of
the service fee that had been set aside, stated the Philippine
Star report.

PGI, under a service contract with Napocor, pioneered the
development of geothermal energy steam resources in the
Philippines.


NEGROS NAVIGATION: Issues Clarification of News Article
-------------------------------------------------------
Negros Navigation Co. Inc., issued to the Philippine Stock
Exchange a clarification to the news article entitled "Nenaco
needs fresh capital to survive rehabilitation process" published
in the July 22, 2004 issue of the Manila Times (Internet
Edition).  The article reported that:

"The rehabilitation of debt-saddled Negros Navigation Co. cannot
be achieved if no fresh capital is infused into the company,
creditor Pilipinas Shell Petroleum Corp. said.  In a four-page
petition, Pilipinas Shell said, 'The company's history has
clearly shown that to rely solely on the operations of the
company and any projected cash flows from such operations would
be a risky proposition for all creditors,'

'The infusion of much-needed capital would show that there is a
commitment to revitalizing the company finances in a very
tangible manner,' the petition noted.

The petition also read, 'PSPC has patiently waited for a
definite rehabilitation plan to be proposed by Nenaco, in the
hope that an acceptable solution to the company's present state
of affairs may be found.  However, in all its pleadings, Nenaco
simply chooses to avert these problems by advancing plans and
'steps' that are too general to be worthy of any credence.  The
'plan' that the petitioner has presently come up with is too
vague to be acceptable to any creditor, let alone PSPC."

Negros Navigation Co. Inc., in its letter to the Exchange dated
July 22, 2004, stated that:

"The company is not in a position to confirm the above-mentioned
newspaper report because the same quotes the contents of a
pleading of Pilipinas Shell Petroleum Corp. which Nenaco have
not received."

CONTACT:

Negros Navigation Co. Inc.
Pier II, North Harbor
Tondo, Manila
Telephone Number: 245-5588
Fax Number: 245-0780 (Telefax)
Email Address: nnwebmaster@surfshop.net.ph
Website: http://www.nenaco.com.ph


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


CHARTERED SEMICONDUCTOR: Posts Q2 Net Profit
--------------------------------------------
Backed by increasing demand for camera phones and Internet gear,
Chartered Semiconductor's second quarter net profit jumped to
SGD15.3 million or six cents per diluted American Depository
Share (ADS) from a previous SGD90 million loss, Reuters reports.

Chartered, the world's third biggest made-to-order chips
supplier, was expected to earn between SGD7.2 million and
SGD12.2 million, according to four analysts polled by Reuters.
Excluding a SGD10.1 million gain and an SGD1.7 million
impairment charge resulting from the move to a new manufacturing
system, profit would have been at SGD6.9 million.

Earlier, the state-held firm had predicted a profit of between
SGD5.5 million and SGD13.5 million.

CONTACT:

Chartered Semiconductor Manufacturing Ltd
60 Woodlands Industrial Park D, Street 2
738406 Singapore
Phone: +65-6362-2838
Fax: +65-6362-2938
http://www.charteredsemi.com


FAIRDON ENTERPRISES: Releases Intended Dividend Notice
------------------------------------------------------
Fairdon Enterprises Pte Ltd has issued a Notice of Intended
Dividend on July 23, 2004.

Address of Registered Office: Formerly of 33A Hong Kong Street
Singapore 059672.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 99 of 1992.

Last Day for Receiving Proofs: August 6, 2004.

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

SUNARI BIN KATENI
Assistant Official Receiver.


FUNAI ELECTRIC: Issues Notice of Second and Final Dividend
----------------------------------------------------------
Funai Electric (S) Pte Ltd. has released, on July 23, 2004, a
Notice of Second and Final Dividend.

Address of Registered Office: Formerly of 9 Lok Yang Way
Singapore 628627.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 6 of 1997.

Amount Per Centum: 14.32%.

First and Final or otherwise: Second & Final Dividend.

When Payable: July 6 & 7, 2004.

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

SUNARI BIN KATENI
Assistant Official Receiver.


GOODMIX INVESTMENT: Enters Winding Up Proceedings
-------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Goodmix Investment Pte Ltd by the High Court was, on July 14,
2004, presented by Arabian Bulk Trade Marketing Pte Limited, a
company incorporated under the laws of Singapore and having its
registered office at
128 Tanjong Pagar Road, Singapore 088535, the creditors.

The Petition is scheduled before the Court sitting at Singapore
at 10:00 a.m. on August 6, 2004.

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

The Petitioners' address is 128 Tanjong Pagar Road, Singapore
088535.

The Petitioners' solicitors are Messrs Ang & Partners, 150 Beach
Road,
#32-00 The Gateway West, Singapore 189720.

Messrs Ang & Partners
Solicitors for the Petitioners.

Note: Any person who intends to appear on the hearing of the
Petition must serve on or send by post to the above named Messrs
ANG & PARTNERS, 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 5th August 2004 (the day before the day appointed for the
hearing of the Petition).


INFORMATICS HOLDINGS: PWC Vindicates Audit Committee
-----------------------------------------------------
Auditor PricewaterhouseCoopers (PWC) has cleared beleaguered
Informatics Holdings' audit committee of wrongdoing, Dow Jones
reports.

PwC said the company's audit committee comprising independent
directors Frank Yung, Seet Ai Mee and Tang Chun Choy, who
stepped down during the firm's July 30 annual general meeting,
had acted properly.

In defense of its audit team, Informatics told the Singapore
Stock Exchange that PWC "has no reason to question the honesty
and integrity of the audit committee."

PWC has faulted Informatics Holdings' senior management for not
doing enough to prevent the company's accounting mishaps and
raised the possibility of restating previous years' results. In
addition, PWC found some of the firm's records "not acceptable"
and determined that the management should have done better to
formalize and increase the role of Ernst and Young as auditor in
the absence of a chief financial officer.

The education provider is currently under police probe following
admission of misstating its quarterly financial results ended
December 2003.

Earlier this month, it was announced that Ung Gim Sei, Neo Boon

Siong and Anderson Tang Siu Ki have been named to Informatics'
new audit committee.

CONTACT:

Informatics Building
5 International Business Park
Singapore 609914
Phone No: +65 6560 0003
Fax No: +65 6665 3605


INFORMATICS HOLDINGS: Releases PWC Report
-----------------------------------------
The Board of Directors of Informatics Holdings Ltd wishes to
announce that it has just received the full report from
PricewaterhouseCoopers (PwC) on the circumstances relating to
misstatements in quarterly results, which incorporates the
findings of the PwC report referred to in the announcement dated
28 June 2004 and sets out the management responsibilities in
respect of both event/circumstances resulting in these
misstatements to the extent disclosed by the available facts
(the 20 July Report).

Key Highlights of the July 20 Report

The Board is of the view that the specific details contained in
the 20 July Report do not constitute material price-sensitive
information which have to be disclosed pursuant to Rule 703 of
the SGX-ST Listing Manual. However, a summary of the key
highlights of the 20 July
Report as extracted from it is set out below:

(1) Loss for the year ended 31 March 2004

PwC noted that the quantity of the additional provisions for the
year ended 31 March 2004 together with its observations over
revenue recognition, particularly with regard to franchise
income, raises a possible concern over the Company's results in
prior years. However, further work in this area was not within
their scope.

The additional provisions for the year ended 31 March 2004
principally related to provisions for debtors. The Company has
reviewed the provisions for debtors in finalizing its accounts
for the prior years. The provision for debtors as at 31 March
2004 was increased after considering the developments during the
financial year. The issue of restating the results for prior
years was considered during the finalization of the accounts for
the year ended 31 March 2004 and the conclusion was that results
in the prior years were not required to be restated.

(2) Non-compliance with published accounting policies

PwC noted that there were clear examples of deviation from
published accounting policy in respect of revenue recognition
which has resulted in aggressive revenue recognition. PwC also
noted that the process of new sales product review by the
Finance of the Company was inadequate.

(3) Failure of Finance Function

PwC noted that the lack of a long-standing senior appointment in
the role of Chief Financial Officer has weakened the head office
finance function role. This has resulted in there being no
effective check and balance to stop the aggressive revenue
recognition practices of management. PwC noted that with the
lack of a strong finance function, senior management should have
done more to ensure that all late adjustments in Q2 FY2004 were
presented fairly to the Audit Committee.

(4) The Audit Committee

PwC noted that it has no reason to question the honesty and
integrity of the Audit Committee. PwC also noted that the Audit
Committee's focus was on principles and process and PwC felt
that the Audit Committee was inadequately briefed on the
cumulative impact of all the head office manual adjustments in
Q2 FY2004.

(5) Quality of Information

PwC noted that the quality of some underlying records supporting
the financial adjustments in Q1 and Q2 FY2004 was not
acceptable.

(6) The Quarterly Reporting Process and the Company's auditors
PwC noted that management should have done much more,
particularly in Q2 FY2004 when there was no Chief Financial
Officer, to formalize and increase the role of the Company's
auditors in relation to the Company's quarterly results.

It should be noted that paragraphs 2 to 6 above relate only to
the results for the three quarters ended 31 December 2003
announced by the Company. High level recommendations by PwC has
made the following key recommendations to the Company:

(a) Institutionalize a formal review of all quarterly
consolidation processes and highlight to the Audit Committee all
major out-of-book adjustments and any "late" sales, especially
in the area of franchise income.

(b) Formalize the Company's quarter end procedures with the
Company's auditors.

(c) Clearly define the working definition of "start of course"
and codify the Company's revenue recognition policy to ensure
that all courses are in line with the Company's stated revenue
recognition policy.

(d) Strengthen awareness in the finance function of the Company
and its subsidiaries in Singapore of the Company's practices and
policies through training and establish clear procedures to be
adhered to if deviations occur.

(e) Document clearly the franchise agreement processes including
the use of pathfinders and associated revenue recognition modes.

Update on actions by the Company

The Company is addressing the issues raised in the 20 July
Report and is taking steps to implement the necessary internal
control and risk management procedures. On the instruction of
the Audit Committee, the Company is in the process of
strengthening the internal audit and the financial controls of
the Company. In any case, the Company has already implemented
many measures including the following:

(i) With regard to items (a) and (b) above, the Audit Committee
has agreed to engage the Company's auditors to carry out certain
agreed upon procedures for the quarter end consolidation
processes.

(ii) With regard to items (c), (d) and (e) above, the Financial
Controllers of the Company and all its subsidiaries have been
instructed to adhere strictly to all revenue recognition
policies (including those relating to franchise agreements) as
well as the policies laid down in the Group's financial manual
and that non-compliance will be brought to the attention of the
Audit Committee. In particular, the Financial Controller and
Finance Managers in Singapore have been instructed to ensure
compliance with the procedures and practices laid down in the
Group's financial manual and to report all deviations to the
Chief Financial Officer.

The Board believes that the above measures implemented by the
Company adequately address the weaknesses noted in the 20 July
Report and are sufficient to prevent their recurrence.

A copy of the 20 July Report has been given to the relevant
authorities, including the SGXST and, as the Board understands,
the Commercial Affairs Department.

Bo Order of the Board
Raymond Quek Hiong How
Company Secretary


INFORMATICS HOLDINGS: Posts Announcement from Shareholders
----------------------------------------------------------
The Board of Directors of Informatics Holdings Ltd (the Company)
wishes to announce that the Company has received a notice from
the solicitors of Berjaya Leisure Capital (Cayman) Limited and
Berjaya General Insurance Berhad (together, the Berjaya Group),
that the Berjaya Group, which has a shareholding interest of
approximately 29.07% in the Company, requests three board seats,
to be effective shortly after the forthcoming Annual General
Meeting of the Company to be held on 30 July 2004. They have
also requested that one of their nominees be considered for the
position of non-executive Chairman of the Board.

Once the Company receives the names of the relevant nominees,
the Nominating Committee will review the nominees and make its
recommendation to the Board. The Company will make the
appropriate announcements in due course.

By Order of the Board
Raymond Quek Hiong How
Company Secretary
Singapore


KGD ASSOCIATES: Court Hearing Winding Up Petition
-------------------------------------------------
Notice is hereby given that a Petition for the winding up of KGD
Associates Pte Ltd by the High Court was, on the 15th day of
July 2004, presented by Tan Guat Eng at 780 Upper Serangoon
Road, #01-02 Choon Kim House, Singapore 534649, a creditor.

The Petition is scheduled before the High Court in Singapore at
10.00 o'clock on August 23, 2004.

Any creditor or contributory of the company desiring to support
or oppose the making of an order on the Petition may appear at
the time of the 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 Petitioners' address is 780 Upper Serangoon Road, #01-02
Choon Kim
House, Singapore 534649.

The Petitioners' solicitors are Veritas Law Corporation of 2
Havelock Road, #06-06 Apollo Centre, Singapore 059763.

Veritas Law Corporation
Solicitors for the Petitioners.

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the above named
Veritas Law Corporation of 2 Havelock Road, #06-06 Apollo
Centre, Singapore 059763, notice in writing of his intention to
do so. The notice must state the name and address of the person,
or, if a firm, the name and address of the firm, and must be
signed by the person, firm, or his or their solicitor (if any)
and must be served, or, if posted, must be sent by post in
sufficient time to reach the above named not later than 12
o'clock noon of the 12th day of August 2004 (the day before the
day appointed for the hearing of the Petition).


PACIFIC RIM: Holds Final Meeting on August 30
---------------------------------------------
Notice is hereby given pursuant to Section 308 of the Companies
Act, Cap. 50, that a Final Meeting of the Members of Pacific Rim
Warehousing (S) Pte Ltd (In Member's Voluntary Liquidation) will
be held at 138 Cecil Street, #15-00 Cecil Court, Singapore
069538 on August 30, 2004 at 11.00 a.m. for the purpose of
laying before the Meeting an account showing how the winding up
has been conducted, and the property of the Company disposed of
and of hearing any explanation that may be given by the
Liquidator, and also of determining by resolution the manner in
which the books, accounts and documents of the Company and of
the Liquidator shall be disposed of.

DOUGLAS TAN KAY YEOW
Liquidator.

Note: Pursuant to Section 181 of the Companies Act, Cap. 50, a
member entitled to attend and vote at this Meeting is entitled
to appoint another person or persons (whether a member or not)
as his proxy to attend and vote in his stead.

This Singapore Government Gazette announcement is dated July 23,
2004.


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


NATIONAL FERTILIZER: Changes Name to NFC Fertilizer PCL
-------------------------------------------------------
According to the Business Rehabilitation Plan of National
Fertilizer PCL, the Company has changed the company name to "NFC
Fertilizer PCL" through the Department of Business Development
of Ministry of Commerce, on July 20, 2004. However, the company
symbol is still "NFC".

The C.J. Morgan Company Limited as the Plan Administrator of the
Company delivers the registered document to support such
information to the Stock Exchange of Thailand as the evidence.

Please be advised accordingly.
Yours respectfully,
Mr. Visoot  Kajchamaporn and Mr. Ziriwat  Anunkusri
C.J. Morgan Company Limited
On behalf of the Plan Administrator of NFC Fertilizer PCL

CONTACT:

National Fertilizer PCL
LAOPENGNGUAN BLDG 1, FLOOR 17-19,
333 VIBHAVADI RANGSIT ROAD, CHATU CHAK, Bangkok
Telephone: 0-2618-8100
Fax: 0-2618-8200
Website: www.nfc.co.th


THAI PETROCHEMICAL: MoF Says Stake Purchase Would Benefit PTT
-------------------------------------------------------------
The Ministry of Finance (MoF) wants PTT Plc to buy a not more
than 30 percent stake in Thai Petrochemical Industry PCL (TPI),
according to Business Day.

PTT's acquisition of TPI stake is part of the government's
effort to allow the company to become Thailand's largest oil
conglomerate.  Finance Minister Somkid Jatusripitak said the
government is willing to help PTT bring in more revenue from
petrochemical business, but denies that pressure is being placed
on PTT to buy a TPI stake.

Mr. Somkid wants PTT, which is 69 percent owned by the
government, to be the vehicle in developing the local
petrochemical industry in its aim to position itself as the
regional energy hub besides aiming to become the center for
manufacturing industries such as automobiles and electronics.

One third of PTT's current THB400 million in revenues is
attributed to the petrochemical business.  "The petrochemical
business has the potential to become one of the most crucial
industries in Thailand in the next five years, helping the
"Detroit of Asia" plan as the auto industry also relies on
petrochemicals," Business Day quoted Mr. Somkid as saying.

According to PTT President Prasert Bunsumpun, the firm is in the
process of conducting a feasibility study before investing in
TPI.

TPI, Thailand's largest defaulter is currently undergoing a
US$2.95 billion debt-restructuring (THB118.8 billion).

Contact:

THAI PETROCHEMICAL INDUSTRY PCL
TPI TOWER,FLOOR 8, 26/56
NEW JUN ROAD, THUNGMAHAMEK, SATHON Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Website: www.tpigroup.co.th


                            *********


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

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

Dejito, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

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

                 *** End of Transmission ***