TCRAP_Public/040727.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, July 27, 2004, Vol. 7, No. 147

                            Headlines

A U S T R A L I A

MAYNE GROUP: Templeton Cuts Stake To 10%
NATIONAL AUSTRALIA: AFIC To Hold Talks With Chief
NATIONAL AUSTRALIA: Increases Lead In Agribusiness Sector
QANTAS AIRWAYS: Breach Of Security Sparks Security Scare


C H I N A  &  H O N G  K O N G

AMERICAN ACOUSTIC: First Creditors Meeting Set August 4
AWT LIMITED: Creditors Must Submit Claims by August 15
BERJAYA HOLDINGS: Appoints Kien Sing Chan as Chairman
FORTUNE TIME: Court Hears Winding Up Petition
GOODWILL TRADING: Enters Winding Up Proceedings

GREAT WALL: Proceeds to Third Stage of Delisting Procedures
HOMEFIELD INTERNATIONAL: Issues Notice of Intended Dividend
I-CHINA HOLDINGS: Unveils July 23 SGM Resolutions
JETWELL LIMITED: Winding Up Hearing Set August 4
SKYNET HOLDINGS: Posts FY03 HKD11.5M Net Loss


I N D O N E S I A

BANK PERMATA: Astra, Standchart Join Forces For Stake Buy


J A P A N

MITSUBISHI MOTORS: Denies Urawa Reds Share Sale
MITSUBISHI MOTORS: To Recall Additional 50,000 Vehicles
NIPPON OIL: Shuts Negishi CDU Down After Fire
SOJITZ HOLDINGS: JCR Downgrades Senior Debts to BB+
UFJ HOLDINGS: Eyes Full Merger with Mitsubishi Tokyo Next Year

UFJ HOLDINGS: Comments on Sojitz's "New Business Plan"


K O R E A

HYNIX SEMICONDUCTOR: Woori Bank Disposes of Shares
HYNIX SEMICONDUCTOR: Posts 2nd-Quarter KRW620B Profit
HYNIX SEMICONDUCTOR: To Produce 300-Millimeter Wafers in 2005
KOOKMIN BANK: Posts 1H04 Operating Results
KOOKMIN BANK: U.S. SEC Monitors Accounting Issue

LG INVESTMENT: Taiwanese Firm Withdraws Bid


M A L A Y S I A

ANCOM BERHAD: Releases Shares Buy Back Notice
BESCORP INDUSTRIES: Issues Notice of Books Closure
CONSOLIDATED FARMS: Issues Practice Note 1/2001 Update
HARVEST COURT: Issues Default in Payments
KRETAM HOLDINGS: Posts Notice of Address Change

LONG HUAT: Releases Restructuring Scheme Update
MTD CAPITAL: Releases Shares Buy Back Notice
MWE HOLDINGS: Enters Deal With Quasar Industrial
NAIM INDAH: Court OKs Capital Reconstruction
OSK HOLDINGS: Purchases 15,900 Ordinary Shares

PWE INDUSTRIES: Appeals To SC Decision
TALAM CORPORATION: Terminates Share Sale Agreement
TALAM CORPORATION: Releases Notice of Shares Buy Back
TANJONG PUBLIC: Receives Notification of Listing Requirements
TENAGA NASIONAL: Disposes of Stake in Subsidiaries


P H I L I P P I N E S

DIGITAL TELECOMMUNICATIONS: Eyes 1Mln Subscribers By Yearend
MANILA ELECTRIC: Discloses 1H Financial Performance for 2004
MANILA ELECTRIC: Issues Clarification to News Article


S I N G A P O R E

ASIA-PACIFIC BULK: To Hold Creditors Meeting on August 2
BAKERY MART: Court Issues Winding Up Order
CDS CHESER: Winding Up Order Made
CHARTERED SEMICONDUCTOR: Wins Top Safety Awards
CORTEN FURNITURE: Holds Creditor's First Meeting
EARLING BUILDERS: Dividend Notice Issued

EMCO STEEL: Released Dividend Notice
HO WAH: Sells Interests in Subsidiaries, Associated Companies
LIANG HUAT: Announces Unit's Winding Up
SINEXIMCO PRIVATE: Announces Judicial Management Order
TEMUSE PRIVATE: Creditors To Submit Claims by August 23

TOP GLOBAL: Issues Profit Warning


T H A I L A N D

SYNTEC CONSTRUCTION: Issues Information Re News Article
THAI GERMAN: Court Agrees On 3rd Amendment of Reorganization
THAI PLYWOOD: Lists Unit To Help Pay THB2.4Bln Debt

* BOND PRICING: For the Week 26 July to 30 July 2004

     -  -  -  -  -  -  -  -

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


MAYNE GROUP: Templeton Cuts Stake To 10%
----------------------------------------
U.S. fund manager Franklin Templeton Investments Australia said
in a shareholder notice that it had cut its stake in Mayne Group
Ltd. on Monday, Reuters reports.

Templeton, a long-standing major shareholder of Mayne, trimmed
its stake to 10.0 percent from about 11.2 percent.  "Templeton's
been selling. If the rest of that stake is going to come out,
you don't want to be around," Reuters quoted an analyst as
saying.

The share slide began when an unsourced media report stated that
stockbrocker Wilson HTM was quietly trying to look for a buyer
for Mayne's pharmacy business arm.

Mayne has been trying to sell the business but failed since
bidders' offers were approximately A$60 million below the
business' A$384 million ($272 million) book value.

In April, Mayne said it would focus on reviving the business and
cut costs after losing some of its pharmacy customers who felt
neglected during the sale process. "Mayne Pharmacy is not for
sale," spokesman Larry Hamson said.

Mayne shares, which include pathology and radiology businesses
and a pharmacy distribution arm, slipped 2.2 percent to A$3.58,
having hit an eight-month high on Friday.


NATIONAL AUSTRALIA: AFIC To Hold Talks With Chief
-------------------------------------------------
Australian Foundation Investment Co. (AFIC) chairman Bruce Teele
hopes to meet with National Australia Bank (NAB) chief executive
John Stewart in a couple of weeks, The Advertiser reports.

Mr. Teele wants to discuss AFIC's concerns over NAB's business
franchise and the sector's condition over the next few years.

In a statement made to Channel 9's Business Sunday, Mr. Teele
said that he was inspired by the appointment of Westfarmer's
Michael Chaney to take over as chairman of NAB by September next
year.

"I don't believe he would have taken it on unless he believed
that it was something that could be done and that he could add
value to," Channel 9 Business Sunday quoted Mr. Teele as saying.

AFIC's shareholding in NAB is 8.8 percent of its funds.


NATIONAL AUSTRALIA: Increases Lead In Agribusiness Sector
---------------------------------------------------------
In a press release, National Australia Bank said it has
increased its leading market share position in the farm-based
agribusiness sector.

According to data from TNS, a leading provider of global market
information, the National's market share in the agribusiness
sector, which is the share of all lending and deposits*, rose
from 23 percent to just over 26 percent over the twelve months
to the end of May 2004, strengthening the National's leading
position.

The National's General Manager Agribusiness Mike Carroll
attributes the success to the bank's long-term focus on the
agricultural sector and its investment in a team of over 530
agribusiness specialist bankers.

'Our Agribusiness banking relationship managers are regionally
located and empowered to make decisions on credit and pricing,'
Mr. Carroll said.

Mr. Carroll said the National is also on track to increase its
lending to Agribusiness clients by over one billon dollars for
the bank financial year, to the end of September. This loan
growth in 2003/04 will set a record for the National's
Agribusiness division, which was established just under 4 years
ago.

Mr. Carroll says this increase in lending volumes has
predominantly come from larger customers, reflecting the
industry trend towards farm consolidation.

'Our strongest growth has been with customers who borrow more
than two million dollars and we have seen virtually no change in
lending to customers borrowing less than $100,000.

'While the National's loan growth has predominantly come from
customers expanding their businesses, we've also seen strong
growth in lending to primary producers who are refinancing to
the National from other lenders.

'This demonstrates the success of our relationship banking
model. Every primary producer customer has a dedicated,
specialist agribusiness banker who can provide financial
services on a personalized basis.

'While we have been through one of the worst droughts in
Australia's history, and in some areas its effects persist, the
proportion of agribusiness loans which customers are having
difficulty servicing is at a 10-year low. This is evidence of
responsible lending practices over the last decade and
particularly over the last four years since the National created
a specialist agribusiness division.

'We are striking the right balance of on one hand supporting
large and highly productive operators who can afford higher
gearing levels, and on the other ensuring that less profitable
farmers don't take their debt to levels that might threaten
their viability.'

The TNS research also shows that the National provides banking
services to one in three Australian farmers. The TNS data covers
farm-based agribusinesses and is based on a survey comprising
over 2000 telephone interviews per year.

The National's Agribusiness division employs over 530
specialists based in over 100 locations in rural and regional
Australia.

* Includes personal lending for business purposes, trade
finance, leasing, short-term/long-term deposits, short-term/long
term lending.

For further information, please contact:

Geoff Lynch
Communications Adviser
National Australia Bank
Telephone: (03) 8634 1564
Mobile: 0405 319 819


QANTAS AIRWAYS: Breach Of Security Sparks Security Scare
--------------------------------------------------------
A Qantas Airways flight bound for Singapore was delayed for two
hours on Sunday after reports that a man wandered on to the
tarmac and boarded the plane set off a security scare, according
to the West Australian.

The incident led to the screening of the passengers on board
Qantas Flight 77, which was scheduled to depart at 11:30 a.m.
According to a spokesman for airport manager Westralia Airports
Corp., Qantas and the airport operator are now investigating how
a passenger could get into the apron from the airbridge.
"Certainly we take it seriously that he did end up in a place
where he shouldn't have been," the spokesman said.

The spokesman added that the screening was part of the
responsibility of Westralia and Qantas.  "We screen passengers
on behalf of the airlines, then the airlines have a
responsibility to ensure passengers don't mix with unscreened
persons," the West Australian quoted Westralia's spokesman as
saying.

"At no time was the safety and security of the aircraft
compromised because as soon as we were aware he had boarded the
aircraft from the apron, we put in place procedures which were
followed," the spokesman added.

Jodie Thomas, Qantas spokeswoman, gave no further details on the
incident, calling it "minor".  "In accordance with airport
security protocol the Australian Federal Police assisted the
Westralia Airports Corporation by responding to the incident,"
she said.


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


AMERICAN ACOUSTIC: First Creditors Meeting Set August 4
-------------------------------------------------------
American Acoustic Development issued a notice of first creditors
meeting with the following details:

Date of Meetings: 4th August 2004 (Wednesday)
Creditors: At 10:30 a.m.
Contributories: At 11:30 a.m.

Place: At the Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.

E T O'CONNELL
Official Receiver & Provisional
Liquidator

The Standard announcement is dated 23 July 2004.


AWT LIMITED: Creditors Must Submit Claims by August 15
------------------------------------------------------
Notice is hereby given that the creditors of AWT Limited
(formerly known as Affluence Warehouse & Transportation
Limited), which is being compulsorily wound up, are required on
or before 15 August 2004 to send in their names and addresses,
full particulars of their debts and claims, and the names and
addresses of their solicitors (if any) to the Provisional
Liquidators of the company at 7/F Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong, and if so required by
notice in writing from the said Provisional Liquidators, either
by themselves or by their solicitors to come in and prove their
said debts or claims at such time and place as shall be
specified in such notice, or in default thereof, they will be
excluded from the benefit of any distribution before such debts
are proved.

Dated this 26th day of July 2004.

Nicholas Timothy Cornforth Hill
Stephen Briscoe
Joint and Several Provisional Liquidators
Presented by: RSM Nelson Wheeler Corporate Advisory Services
Limited

This is a Quamnet Gazette announcement.


BERJAYA HOLDINGS: Appoints Kien Sing Chan as Chairman
-----------------------------------------------------
The Board of Directors of Berjaya Holdings (HK) Limited
announced that Tan Sri Dato' Tan Kok Ping has resigned as an
executive director of the Company and the Chairman of the Board
with effect from 23rd July 2004 in order to pursue his
retirement plan. There is no disagreement between Tan Sri Dato'
Tan Kok Ping and the Board and no other matter regarding his
resignation that need to be brought to the attention of holders
of securities of the Company.

In a disclosure to The Standard, the Board takes this
opportunity to thank Tan Sri Dato' Tan Kok Ping for his valuable
contribution to the Company during his service.

The Board of the Company is pleased to announce that Mr. Chan
Kien Sing (Mr. Chan), an executive director of the Company, has
been appointed Chairman of the Board in place of Tan Sri Dato'
Tan Kok Ping with effect from 23rd July 2004.

Mr. Chan Kien Sing, aged 48, has been appointed as executive
director of the Company since 1993. He is a member of the
Malaysian Institute of Certified Public Accountants and
Malaysian Institute of Accountants.

Mr. Chan joined Berjaya Group Berhad, a substantial shareholder
of the Company with its shares listed on Bursa Malaysia, in 1989

as General Manager, Investment. In 1993, he was appointed as
group executive director to the board of Berjaya Group Berhad.
He is a director of various subsidiary companies under the
Berjaya Group of companies in Malaysia. He is also a director in
several foreign companies in Hong Kong and USA.

Mr. Chan does not have a service contract as director with the
Company and no director's remuneration has been paid to Mr.
Chan. He is subject to retirement by rotation and re-election
pursuant to the Articles of Association of the Company.

Mr. Chan does not have any relationships with any directors,
senior management or substantial or controlling shareholders of
the Company for the purpose of the Listing Rules. He has no
interests in shares of the Company within the meaning of Part XV
of the Securities and Futures Ordinance.

BUSINESS REVIEW AND PROSPECT

For the year ended 30th April 2004, the Group reported a profit
before taxation and profit attributable to shareholders of
approximately HK$548,000 and HK$592,000, respectively, compared
to a loss before taxation of approximately HK$12.15 million and
loss attributable to shareholders of approximately HK$12.11
million in the preceding year.

By order of the Board
TAN Ee Ling
Director
Hong Kong, 23rd July 2004


FORTUNE TIME: Court Hears Winding Up Petition
---------------------------------------------
Notice is given that a petition for the winding up Fortune Time
(Far East) Limited by the High Court of Hong Kong was, on the
7th day of July 2004, presented to the said Court by Cheung Chi
Man of Room C, 9K, Hung Cheong Factory Building, 3 Kwong Cheung
Street, Kowloon, Hong Kong.

The said petition is scheduled before the Court at 9:30 a.m. 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.

(Ms. Ada Chau Ming Wai)
for Director Legal Aid
34/F, 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.

The Standard announcement is dated 23 July 2004.


GOODWILL TRADING: Enters Winding Up Proceedings
-----------------------------------------------
Notice is hereby given that a petition for the winding up of
Goodwill Trading Company Limited by the High Court of Hong Kong
was on July 14, 2004 presented to the said Court by Pacific
Commercial Company Limited whose registered office is situated
at Suite 123, Pacific Commercial Plaza, No. 328 Sha Tsui Road,
Tsuen Wan, New Territories, Hong Kong. The said petition
scheduled before the Court at 10 a.m. 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.

EDWARD C.T. WONG & CO.
Solicitors for the Petitioner,
Rooms 1602-3, 16th Floor, Vicwood Plaza
199 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 so to do.  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.


GREAT WALL: Proceeds to Third Stage of Delisting Procedures
-----------------------------------------------------------
The Stock Exchange of Hong Kong Limited (HKSE) announced that
effective from the date of this announcement, Great Wall
Cybertech Limited (provisional liquidators appointed) (the
Company) would be put into the third stage of the delisting
procedures in accordance with Practice Note 17 to the Listing
Rules (Delisting Procedures).  Practice Note 17 formalizes the
procedures to be adopted in dealing with long suspended
companies.

Dealing in the shares of the Company has been suspended since 24
March 2003.  The Company has been placed in the second stage of
the delisting procedures pursuant to Practice Note 17 since 14
January 2004.  Prior to the expiry of the second stage of the
delisting procedures on 13 July 2004, the Company has not
submitted a valid resumption proposal.  A valid resumption
proposal means a proposal that, if it were implemented, would
enable an issuer to demonstrate that it complies with Rule 13.24
of the Listing Rules.  Rule 13.24 of the Listing Rules requires
an issuer to carry out, directly or indirectly, a sufficient
level of operations or have tangible assets of sufficient value
and/or intangible assets for which a sufficient potential value
can be demonstrated to the Exchange to warrant the continued
listing of the issuer's securities on the Exchange.

In view of the absence of any resumption proposals prior to the
expiry of the second stage of the delisting procedures and the
Company's continued failure to meet the requirements as
stipulated under Rule 13.24 of the Listing Rules, the Company
will now proceed to the third stage of the Delisting Procedures.
The Company will have a final six months for the submission of a
valid resumption proposal to the Exchange.  If the Company does
not submit a valid resumption proposal by 21 January 2005, the
Exchange intends to cancel the listing of the Company.

The Exchange will make a further announcement in due course if
the delisting takes place.

This HKSE announcement is dated 21 July 2004.


HOMEFIELD INTERNATIONAL: Issues Notice of Intended Dividend
-----------------------------------------------------------
Homefield International Development Limited issued a notice of
intended dividend in the High Court of Hong Kong with the
following details:

Name of Liquidator -- The Official Receiver

Registered Office and Liquidator's Address -- 10th Floor,
Queensway Government Offices, 66 Queensway, Hong Kong.

Last Day for Receiving Proofs -- 7th August 2004

Dated this 23rd day of July 2004

E T O'CONNELL
Official Receiver & Liquidator

This Standard announcement is dated 23 July 2004.


I-CHINA HOLDINGS: Unveils July 23 SGM Resolutions
-------------------------------------------------
Reference is made to (i) the announcement of I-China Holdings
Limited dated June 18, 2004 and (ii) the circular of the Company
dated June 30, 2004 (the Circular). Terms defined in the
Circular have the same meanings when used in this announcement.

SGM RESULTS

In a disclosure to the Hong Kong Stock Exchange, the Directors
are pleased to announce that at the SGM held on July 23, 2004,
all the resolutions put to the Shareholders in respect of the
Share Consolidation and the change of name of the Company have
been duly passed by the Shareholders by a show of hands.

SHARE CONSOLIDATION

The Share Consolidation will be effective on 26th July, 2004.
The Stock Exchange has granted the listing of and permission to
deal in the Consolidated Shares.

The trading timetable in respect of the Share Consolidation is
set out below:

Effective date of the Share Consolidation: Monday, 26th July,
2004

Existing counter for trading in Shares in board lots of 20,000
Shares closes: 9:30 a.m., Monday, 26th July, 2004

Temporary counter for trading in Consolidated Shares in board
lots of 2,000 Consolidated Shares (in the form of existing share
certificates) opens: 9:30 a.m., Monday, 26th July, 2004

First day for free exchange of existing share certificates for
new share certificates for the Consolidated Shares: Monday ,
26th July, 2004

Existing counter for trading in Consolidated Shares in board
lots of 10,000 Consolidated Shares (in the form of new share
certificates) reopens: 9:30 a.m., Monday, 9th August, 2004

Parallel trading in Consolidated Shares (in the form of new
share certificates and existing share certificates) commences:
9:30 a.m., Monday, 9th August, 2004

First day of operation of odd lot trading facility: Monday, 9th
August, 2004

Temporary counter for trading in Consolidated Shares in board
lots of 2,000 Consolidated Shares (in the form of existing share
certificates) closes: 4:00 p.m., Monday, 30th August, 2004

Parallel trading in Consolidated Shares (in the form of new
share certificates and existing share certificates) ends: 4:00
p.m., Monday, 30th August, 2004

Last day of operation of odd lot trading facility: Monday, 30th
August, 2004

Last day for free exchange of existing share certificates
for new share certificates for the Consolidated Shares: 4:00
p.m., Thursday, 2nd September, 2004

Shareholders may submit their certificates for Shares (in green
color) to the Registrars in exchange for certificates for
Consolidated Shares (in blue color) (on the basis of one
Consolidated Share for every ten Shares) free of charge at the
Registrars' office at G/F., Bank of East Asia Harbour View
Centre, 56 Gloucester Road, Wanchai, Hong Kong during business
hours from 26th July, 2004 up to and including 2nd September,
2004. Thereafter, existing certificates for Shares will be
accepted for exchange only on payment of a fee of HK$2.50 (or
such higher amount as may from time to time be allowed by the
Stock Exchange) for each new certificate issued for Consolidated
Shares. Unless otherwise instructed, new share certificates will
be issued in board lots of 10,000 Consolidated Shares. It is
expected that new certificates for Consolidated Shares will be
available for collection within 10 business days from the date
of submission of existing certificates for Shares to the
Registrars for exchange.

In order to alleviate the difficulties arising from the
existence of odd lots of the Consolidated Shares, the Company
has agreed to procure an agent to arrange to match the sales and
purchases of odd lots of the Consolidated Shares to Shareholders
who become holders of odd lots as a direct consequence of the
Share Consolidation. Holders of odd lots of Consolidated Shares
who wish to take advantage of this facility should contact Mr.
Paul Leung of Quam Securities Limited at Room 3308, Gloucester
Tower, The Landmark, 11 Pedder Street, Central, Hong Kong at
telephone number: (852) 2847 2239 from 9th August, 2004 to 30th
August, 2004 (both days inclusive).

Before the Share Consolidation, the Shares were trading in board
lot of 20,000 Shares. After the Share Consolidation comes into
effect, the Consolidated Shares will be trading in board lots of
10,000 Consolidated Shares.

CHANGE OF NAME OF THE COMPANY

The change of name of the Company is subject to the Registrar of
Companies in Bermuda granting approval for the change of name.
The effective date of the change of name will be the date on
which the new name is entered by the Registrar of Companies in
Bermuda on the register in place of the existing name. A further
announcement will be made in respect of the effective date of
the change of name of the Company, as and when appropriate.

GENERAL

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

By Order of the Board
Zen Wei Peu, Derek
Chairman
Hong Kong, 23rd July, 2004

This Hong Kong Stock Exchange announcement is dated 26 July
2004.


JETWELL LIMITED: Winding Up Hearing Set August 4
------------------------------------------------
Notice is hereby given that a petition for the winding up of
Jetwell (H.K.) Limited by the High Court of Hong Kong was on
June 30, 2004 presented to the said Court by Chan To Joe whose
address is Flat H, 7th Floor, Siu King Building, 10 Chun Wah
Road, Kowloon Bay, Kowloon, Hong Kong. The said petition is
directed to be heard before the Court at 10 a.m. on August
4,2004. Any creditor or contributory of the said company
desirous to support or oppose the making of an order on the said
petition may appear at the time of hearing by himself or his
counsel for that purpose. A copy of the petition will be
furnished to any creditor or contributory of the said company
requiring the same by the undersigned on payment of the
regulated charge for the same.

MESSRS. CHAN, WONG & LAM
Solicitors for the Petitioner,
Suite 2012, Two Pacific Place
88 Queensway
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 so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 3rd day of August
2004.


SKYNET HOLDINGS: Posts FY03 HKD11.5M Net Loss
---------------------------------------------
Skynet (International Group) Holdings Limited announced its
financial results on July 23, 2004.

Year end date: 31/3/2004
Currency: HKD
Auditor's Report: Modified

                                                    (Audited   )
                                       (Audited)    Last
                                      Current      Corresponding
                                      Period             Period
                               from 1/4/2003      from 1/4/2002
                                to 31/3/2004       to 31/3/2003
                                 Note  ('000)       ('000)

Turnover                           : 1,511              51,366
Profit/(Loss) from Operations      : (11,140)
(112,872)
Finance cost                       : N/A                (1,728)
Share of Profit/(Loss) of
  Associates                       : N/A                (415)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (11,534)           (96,916)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0026)           (0.0215)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (11,534)           (96,916)
Final Dividend                     : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)

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

B/C Dates for Other
  Distribution                     : N/A

Remarks:

(1)      LOSS FROM OPERATIONS

                                           2004            2003

                                           HK$'000       HK$'000
Loss from operations has been arrived
at after charging (crediting):
Allowance for bad and doubtful debts          -          2,055
Loss on disposal of property, plant and
equipment                                    -          5,812
Impairment loss recognised on goodwill
arising on acquisition of additional
interests in a subsidiary                    -          3,796
Gain on waiver of bank loans interest         -         (7,135)
Provision for guarantee to repay redemption
sum of a subsidiary's preferred shares       -         93,600
Gain on disposal of subsidiaries              -        (5,112)

(2)      LOSS PER SHARE

The calculation of the basic loss per share is based on the net
loss for the year of HK$11,534,000 (2003: HK$96,916,000) and
4,507,099,957 (2003: 4,507,099,957) ordinary shares in issue
during the year.

No diluted loss per share for both years have been presented as
the exercise of the potential ordinary shares would result in a
reduction in loss per share.

This Hong Kong Stock Exchange announcement is dated 26 July
2004.


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


BANK PERMATA: Astra, Standchart Join Forces For Stake Buy
---------------------------------------------------------
Indonesia's biggest carmaker Astra International and UK-based
Standard Chartered are forming an alliance to acquire a majority
stake in PT Bank Permata, The Jakarta Post reports.

Astra corporate secretary Aminuddin confirmed that the Astra-
Standchart partnership had submitted a letter of interest to PT
Perusahaan Pengelola Aset (PPA) in order to participate in the
Permata tender.

"Astra and Standard Chartered will have equal shares in the
consortium. Astra has allocated some funds for the bid from its
internal cash flow," Mr. Aminuddin said without disclosing the
exact amount allocated for the bid.

The government has earlier announced the proposed divestment of
71 percent of Bank Permata through state-owned asset management
agency PPA, which took over the assets previously handled by the
dissolved Indonesian Bank Restructuring Agency (IBRA). The
proceeds of the stake sale will be used to plug the state budget
deficit.

Should they successfully acquire the controlling stake in
Permata, Standard Chartered and Astra say they intend to
maintain Permata's independence while focusing on the consumer
market, as well as the small and medium-sized enterprise sector.

Standard Chartered will develop the bank's operation and risk
management, while Astra would allow Permata to access its
financial distribution network and customers.

The decision marks Astra's return to the banking industry after
the government took over and recapitalized its previously-owned
Bank Universal, which was later merged with four other insolvent
banks to form Bank Permata during the Asian financial crisis.

The consortium has named NM Rothschild & Sons and UBS as
financial advisers for the stake buy.

Contact:

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


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


MITSUBISHI MOTORS: Denies Urawa Reds Share Sale
-----------------------------------------------
Debt-laden Mitsubishi Motors Corporation (MMC) dismissed a
newspaper report Friday disclosing the automaker's proposed sale
of its equity stake in J-League soccer club Urawa Reds, reports
Japan Today, citing Kyodo News.

The firm's spokesman maintained that the firm does not intend to
divest its shares on the team.

Mitsubishi Motors Corporation, whose business has been affected
by a series of defect cover-up scandals, announced last week a
plan to sell its U.S. auto loan subsidiary in order to focus its
U.S. management resources on marketing.

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: To Recall Additional 50,000 Vehicles
-------------------------------------------------------
Following a transport ministry mandate, Mitsubishi Motors
Corporation will recall an additional 50,000 vehicles, bringing
the total number of its recalled vehicles to 216,000, reports
Japan Today.

The ailing automaker's recall reports are scheduled for
submission to the Ministry of Land, Infrastructure and Transport
on July 29.


NIPPON OIL: Shuts Negishi CDU Down After Fire
---------------------------------------------
Japan's largest refiner, Nippon Oil Corporation closed down its
number two crude distillation unit (CDU) at the Negishi refinery
after it was hit by a fire, Reuters reports.

The said CDU, which produces 70,000 barrels of crude oil per
day, caught fire on Sunday due to an oil leak. The fire was
extinguished after 10 minutes.

The company has yet to determine when the unit will resume
operations.

Contact:

Nippon Oil Corporation
3-12, Nishi Shimbashi 1-chome,
Minato-ku, Tokyo 105-8412, Japan
Phone: 81-3-3502-1131
Fax: 81-3-3502-9352


SOJITZ HOLDINGS: JCR Downgrades Senior Debts to #BB+
----------------------------------------------------
Japan Credit Rating Agency Limited (JCR) has downgraded the
rating on senior debts of Sojitz Holdings to #BB+ from BBB-,
placing it under Credit Monitor. It has also placed the ratings
on the bonds and CP program of Sojitz Corp. under Credit Monitor
as #BBB- and #J-2, respectively.

Issuer: Sojitz Holdings Corporation
Senior debts
Issue Amount(bln) Issue Date     Due Date      Coupon bonds no.1
JPY25             Mar. 25, 2004  Mar. 24, 2006      3.00%
(guaranteed by Sojitz Corp.)

Issuer: Sojitz Corporation
Issues Amount(bln)  Issue Date      Due Date       Coupon
(former Nicheimen)
bonds no.11 JPY9     Sept.14, 1999  Sept. 14, 2004  3.21%
bonds no.13 JPY11    Sept.22, 2000  Sept. 22, 2005  2.70%
bonds no.14 JPY20    Dec. 14, 2000  Dec. 14, 2004   2.10%

Issues Amount(bln)  Issue Date        Due Date      Coupon
(former Nissho Iwai Corporation)
FRN no.11   JPY3   Nov. 20, 1997    Nov. 20, 2007  floating
bonds no.19 JPY4   Aug. 27, 1998    Aug. 26, 2005  3.00%
CP:
Maximum: Y500 billion
Backup Line: 0%

Rationale:

Sojitz Holding today announced its new revival plan aiming at
improvement in financial soundness and earnings power. Given the
large write-offs and capital enhancement primarily by UFJ Bank,
JCR downgraded the rating on senior debts of Sojitz Holdings by
one notch to #BB+. The details of the new business plan will be
determined by the first half of September as a result of due
diligence. JCR placed the ratings for Sojitz Holdings and Sojitz
Corp. under Credit Monitor to examine carefully the plan.

It will write off the assets amounting to 250 billion yen. The
write-downs will be larger than expected. On the other hand, the
group plans to increase capital via UFJ Bank and others to raise
funds for the write-downs.

The group will allocate the management resources to the growth
businesses, gathering pace of the restructuring. It aims to have
a pretax profit before extraordinary items of 100 billion yen.
The effects of the restructuring may take time. JCR considers it
necessary to evaluate carefully the earnings plan.

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
www.sojitz-holdings.com


UFJ HOLDINGS: Eyes Full Merger with Mitsubishi Tokyo Next Year
---------------------------------------------------------------
In their aim to hold a simultaneous merging of their respective
banks, trust banks and securities companies, Mitsubishi Tokyo
Financial Group Inc. and UFJ Holdings have set their merger date
to October 1, 2005.

Japan Today, citing Kyodo News, revealed that Mitsubishi Tokyo's
president and chairman Nobuo Kuroyagani is likely to be
appointed as president of the new entity, which is set to become
the world's largest banking group in terms of assets with the
merger.

Contact:

UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
www.ufj.co.jp


UFJ HOLDINGS: Comments on Sojitz's "New Business Plan"
------------------------------------------------------
UFJ Holdings, Inc. (UFJ Holdings) and UFJ Bank Limited (UFJ
Bank), a wholly owned subsidiary of UFJ Holdings, issued a
following comment regarding the "New Business Plan" of Sojitz
Holdings Corporation:

"UFJ Holdings and UFJ Bank highly appreciate actions toward
establishing sound financial strength and accelerating moves to
improve earning power outlined in the summary of New Business
Plan announced by Sojitz Holdings Corporation today. Though the
Plan should be scrutinized as the details of the Plan takes
shape, UFJ Holdings and UFJ Bank will positively review the
request for cooperation in strengthening equity capital."

This announcement is dated July 23, 2004.


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


HYNIX SEMICONDUCTOR: Woori Bank Disposes of Shares
--------------------------------------------------
Woori Bank, a wholly-owned subsidiary of Woori Finance Holdings,
agreed to dispose of Hynix Semiconductor shares to a third
party.

Key Details

(1) A resolution was passed by Woori Bank's board of directors
in relation to the disposition of a portion of Hynix
Semiconductor shares that it holds on July 22, 2004.

(2) Transaction Details

Item                                Details



Sale amount:                    79,320,000,000 Won
Number of shares sold:          12,000,000 shares
Outstanding shares before sale: 53,838,858 shares
Outstanding shares after sale:  41,838,858 shares
Expected closing date:          August 13, 2004

In a disclosure to the U.S. Securities and Exchange Commission,
the transaction or structure may be subject to further changes.

Date: July 23, 2004
By:   Young Sun Kim
Title:   Director


HYNIX SEMICONDUCTOR: Posts 2nd-Quarter KRW620B Profit
-------------------------------------------------------
Hynix Semiconductor Inc., in a press release, announced the
earnings results for its second quarter of 2004, ended June 30,
2004. The Company recorded the consolidated revenues, which
include the results of overseas subsidiaries of 1,698 billion
won with 681 billion won of operating profit for the second
quarter. The consolidated net income was 620 billion won.

Hynix explained the Company achieved the highest quarterly
profit since its formation in 1983, and emphasized that it
reported operating profit for a fourth straight quarter since
the third quarter of last year.

The consolidated revenues increased 26% sequentially from 1,350
billion won in the previous quarter. The consolidated operating
profit and net income increased by 79% and 62% from 380 billion
won and 382 billion won, respectively.

Memory sales increased due to higher production volume,
increased sales portion of the value added products, and growth
in sales of Flash memory products. Favorable market conditions
for foundry and the increase in demand for CIS (CMOS Image
Sensors) and LDI (LCD Driver ICs) also attributed to the growth
of System IC sales.

In addition, net income has been significantly improved as the
Company maintained non-operating expenses at a low level, and
enhanced cost competitiveness through continuous improvement in
productivity and investment efficiency.

In parent basis, revenues for the second quarter increased by
30% to 1,684 billion won from 1,297 billion won in the previous
quarter and the operating profit increased by 123% to 648
billion won from 291 billion won. Net income increased by 78% to
625 billion won from 351 billion won.

The Company announced that the financial results announced
herein are preliminary and speak only as of June 30, 2004.
Readers should not assume that this information remains
operative at a later time. In addition, this information may
include forward-looking statements that involve a variety of
risks and uncertainties that could cause actual results to
differ materially.


HYNIX SEMICONDUCTOR: To Produce 300-Millimeter Wafers in 2005
-------------------------------------------------------------
Hynix Semiconductor Inc. will start equipping new manufacturing
machines to produce 300-millimeter wafers in the first half of
2005, according to Yonhap News. The 300-millimeter wafer is
designed to produce chips in a more cost-effective manner than a
200-millimeter wafer.

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: Posts 1H04 Operating Results
------------------------------------------
On July 23, 2004, Kookmin Bank held an earnings conference and
released its operating results for the first half of 2004.

The following are the key figures released during the
conference, and full presentation material is available at
Kookmin Bank website (www.kbstar.com) for further information.

In a disclosure to the U.S. Securities and Exchange Commission,
the figures presented in this section have not been fully
reviewed by our independent auditor yet, and therefore they are
subject to changes in the due course of review process.

Selected Financial Data

  (1) Balance sheet figures


(in trillions of Won)    As of the date indicated


             June 30, 2004     Dec.31, 2003    % Change (YTD)


Total Assets      184.8              184.1          0.4
  Loans in Won    125.8              123.7          1.7
Total Liabilities 176.0              175.7          0.2
  Deposits in Won 131.7               134.4         2.0

Stockholders' Equity 8.8               8.4          4.8

  (2) Operating results

(in billions of Won)    For the six-month period ended

                     2004     2003      % Change (YoY)

Operating Income     337.8    253.7          N.A.

Operating Income before Provisioning
                     2,752.7      2,724.5    1.0

Non-operating Income  109.6       43.9      149.7

Net Income             307.6       161.2    N.A.

For the purpose of comparison, presented pro-forma figures as if
the merger with Kookmin Credit Card Co. in September 30, 2003
had been completed in September 30, 2002


Asset Quality

              (in billions of Won)    As of the date indicated

             June 30, 2004     March 31, 2004     % Change (QoQ)

Total Loans for NPL Management
               141,249.7       142,972.6          1.2 %

Substandard & Below Loans
               5,167.3          5,880.2           12.1 %

Allowance for Loan Losses
               3,844.7          4,221.1            8.9 %

Substandard & Below Ratio
               3.66 %           4.11 %             0.45 %p

Coverage Ratio 74.4 %           71.8 %             2.6 %p

Delinquency Ratio 3.32 %        3.97 %             0.65 %p

Applying the Financial Supervisory Service Standards.

Date: July 23, 2004
By: Ki Sup Shin
Title: Chief Financial Officer & Senior Executive Vice
President

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


KOOKMIN BANK: U.S. SEC Monitors Accounting Issue
------------------------------------------------
The U.S. Securities and Exchange Commission (SEC) is keeping a
close watch on Kookmin Bank after the Korean Financial
Supervisory Service (FSS) said it would audit the bank listed on
the New York Stock Exchange (NYSE) on suspicion of improper
accounting during the 2003 fiscal year, the Korea Times reports.

There are allegations that Kookmin Bank failed to set aside
appropriate loan loss reserves and tried to reduce its tax
burden by over-estimating losses from its merger with Kookmin
Credit Card.

There is some concern whether or not the SEC will censure the
NYSE-listed bank if the FSS takes punitive action against
Kookmin after uncovering accounting irregularities. It is still
unclear whether the FSS will regard the questionable accounting
as intentional or technical.

Kookmin insists there was no improper accounting in its 2003
financial statements, saying that their bookkeeping practice was
based on corporate accounting standards. It has filed a petition
with the National Tax Tribunal.

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


LG INVESTMENT: Taiwanese Firm Withdraws Bid
-------------------------------------------
Korea Development Bank, which is in charge of LG Investment &
Securities Co.'s sale, has terminated talks with Taiwan-based
Yuanta Core Pacific Securities after failing to agree on a
price, Bloomberg News reported on Saturday.

In May, Woori Finance Holdings Co. and Yuanta were chosen as the
preferred bidders to buy LG Card Co.'s 21 percent stake in LG
Investment, which is worth KRW174 billion (US$149 million) based
on its market price.

Woori Finance is still evaluating LG Investment's assets after
it signed a contract with LG Card earlier this month to make a
final bid to buy the LG Investment stake.

Korea Development and other creditors of LG Card want to use
proceeds from the stake sale to bail out LG Card.

CONTACT:

LG Investment & Securities
20,Yoido-dong, Youngdungpo-gu, Seoul, 150-721, Korea
Telephone: 82-2-768-7000
Fax: 82-2-782-6337


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


ANCOM BERHAD: Releases Shares Buy Back Notice
---------------------------------------------
Ancom Berhad has issued a Notice of shares buy back to the Bursa
Malaysia Securities Berhad.

Date of buy back: 23/07/2004

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

Total number of shares purchased (units): 25,100

Minimum price paid for each share purchased (RM): 0.830

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

Number of shares purchased retained in treasury (units): 25,100

Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 3,863,300

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


BESCORP INDUSTRIES: Issues Notice of Books Closure
--------------------------------------------------
Bescorp Industries Berhad disclosed to Bursa Malaysia Securities
Berhad the details of the closure of books relating to the share
exchange of ordinary shares.

EX-date: 28/07/2004
Entitlement date: 30/07/2004
Entitlement time: 05:00:00 PM
Entitlement subject: Others

Entitlement description:

The closure of books relating to the share exchange of the
existing ordinary shares of RM1.00 each in Bescorp Industries
Berhad (Special Administrators Appointed) with new ordinary
shares of RM0.50 each in WCT Land Berhad (WCTL Shares)

Period of interest payment:

For year ending/Period ending/ended:

Share transfer book & register of members will be closed from
(both dates inclusive) for the purpose of determining the
entitlements  :30/07/2004 to 30/07/2004

Registrar's name, address, telephone no:

PFA Registration Services Sdn Bhd
Level 13, Uptown 1
No. 1, Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor Darul Ehsan
Tel No.: 03-2721 2222
Fax No.: 03-2721 2530

Payment date:

(a) Securities transferred into the Depositor's Securities
Account before 4:00 pm in respect of transfers:30/07/2004

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

(c) Securities bought on the Exchange on a cum entitlement basis
according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable):
1900000

Entitlement indicator: Ratio

Ratio: 1:10

Rights Issues/Offer Price:

Remarks

The trading of the existing ordinary shares of RM1.00 each in
Bescorp Industries Berhad (Special Administrators Appointed)
(BIB) (BIB Shares) has been suspended since 9 April 1998.

The trading of the existing BIB Shares will continue to be
suspended until the listing of and quotation for all the
ordinary shares of RM0.50 each in WCT Land Berhad (WCTL) (WCTL
Shares) to be issued pursuant to the proposed corporate and debt
restructuring scheme of BIB. The BIB Shares shall cease to be
valid for trading purposes upon the listing of and quotation for
the WCTL Shares on the Main Board of Bursa Malaysia Securities
Berhad.

In order to facilitate the Share Exchange, BIB is recalling all
the BIB Shares for exchange with 1,900,000 new WCTL Shares on
the basis of one (1) new WCTL Share for every (10) ten existing
BIB Shares held by the shareholders of BIB.

In determining the shareholders of BIB's entitlement to the WCTL
Shares, any fractional entitlement will be disregarded and the
fractional amount shall be dealt with in such manner as the
Special Administrators in their absolute discretion think
expedient in the interest of BIB.

Any enquiries concerning this notice of book closure should be
addressed to the Registrar of BIB at the abovementioned address.

CONTACT:

Bescorp Industries Berhad
Unit 725, 7th Floor, Block A
Kelana Centre Point
No. 3 Jalan SS7/19
Kelana Jaya
47301 Petaling Jaya
Tel: 03-7880 9699
Fax: 03-7880 8699


CONSOLIDATED FARMS: Issues Practice Note 1/2001 Update
------------------------------------------------------
Further to the monthly status announcement under Practice Note
No. 1/2001 on 16 July 2004, the Board of Consolidated Farms
Berhad (Confarm) wishes to announce that the Confarm Group is
unable to pay the additional principal and/or interest in
respect of its credit facilities as set out in Table 1.

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

This announcement is dated 23 July 2004.

Table 1

Additional Amount of Principal and/or Interest Due from 17 July
2004 to 23 July 2004

Lender       Borrower    Additional Amount Due   Type of
Facilities
                         from 17 July 2004 to
                         23 July 2004

Bumiputra-     Confarm       630.0                 Banker's
Acceptance
Commerce                                              (BA)
Bank Berhad (BCBB)

Malayan Banking    Confarm   681.0                     BA
Berhad

BCBB       Consolidated      103.2               Term Loan
           Breeder Farms
           Sdn Bhd

BCBB       Consolidated      515.0               BA
           Feedmill Sdn Bhd

Total                      1,929.2

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


HARVEST COURT: Issues Default in Payments
-----------------------------------------
The Board of Directors of Harvest Court Industries Berhad
announced that the Company and its group of Companies (HCIB) had
defaulted in the repayment of various facilities granted by its
bankers, as detailed in the Tables Section of this announcement.

REASONS FOR DEFAULT IN PAYMENTS

The reasons are as below:

(a) There was a reduction in sales from 2002 onwards due to a
weak global market affected by the Iraqi War and SARS; and

(b) The depressed property market making it unfeasible for the
Group to launch its development projects; and

(c) The inability to raise funds via the equity markets due to
weak market sentiments.

MEASURES TO ADDRESS THE DEFAULT IN PAYMENTS

The Group is currently taking steps to rationalize its
borrowings by way of a Debt Restructuring Scheme wherein a
certain percentage of its loans would be converted to Redeemable
Convertible Secured Loan Stocks (RCSLS) as per the Group's
announcement on 23rd July 2004.

FINANCIAL AND LEGAL IMPLICATIONS TO HCIB

There are no financial and legal implications in respect of the
default in payments as none of HCIB's bankers have initiated
legal action or recalled its facilities. The Group's operations
are still ongoing and certain of its bankers' facilities are
still being utilized.

APPOINTMENT OF RECEIVER OR RECEIVER AND MANAGER

In the event of default, the bankers are empowered to appoint
receiver or receiver and manager. However, no action was taken
and none is expected since all bankers have agreed in principle
with the Group's proposed Debt Restructuring Scheme.

CROSS DEFAULT

The default in payment to any one of HCIB's bankers will cause a
cross default with the other banks. Since the Group has already
defaulted in its repayments to each and every one of the
bankers, the issue of cross default has no material
consequences. With the completion of the Debt Restructuring
Scheme, the default in payments will be adequately addressed.

OTHER INFORMATION

The Group is in the midst of finalizing the documentations
pertaining to the Debt Restructuring Scheme and its appointed
Advisors will make announcements in due course.

Bank          Facilities    Amount (RM)      Default Date
                            @30/04/2004


(1) Affin Bank  Overdraft and Trade 15,051,371  13/12/2002
               Finance

(2) Utama Merchant Term Loan       4,461,920    30/09/2002
Bank Berhad

(3) RHB Bank Berhad  Overdraft &    2,151,535   31/03/2002
                    Trade Finance

(4) Alliance Merchant  Revolving Credit 5,000,000 30/06/2003

(5) Public Bank Berhad Term Loan,       6,735,070  N/A
                      Overdraft and Trade
                      Finance

(6) United Overases    Overdraft & Trade  6,687,050 N/A
Bank (M) Bhd          Finance/
Bank Bhd
Bhd

This Bursa Malaysia announcement is dated 23 July 2004.

CONTACT:

Harvest Court Industries Berhad
Lot 450, Jalan Papan,
Pandamaran Industrial Area,
42000 Port Klang,
Selangor
Tel: 03-31652218
Fax: 03-31681336
Website: http://www.harvestcourt.com


KRETAM HOLDINGS: Posts Notice of Address Change
-----------------------------------------------
Kretam Holdings Berhad announced that with effect from 26 July
2004, the address and contact numbers of Lawco Corporate
Services Sdn Bhd, its Share Registrars, would be changed to the
following:

Suite 16-10 Wisma UOA II
21 Jalan Pinang
50450 Kuala Lumpur

Telephone No.: 03-21702622
Fax No.: 03-21630763

The Company press release is dated 23 July 2004.


LONG HUAT: Releases Restructuring Scheme Update
-----------------------------------------------
Southern Investment Bank Berhad refers to the announcement made
on 22 July 2004 in relation to the Restructuring Scheme of Long
Huat Group Berhad (LHGB).

Pursuant to the Shareholders' Scheme, LHGB became a wholly owned
subsidiary of LSKG. Accordingly, on behalf of the Board of
Directors of LHGB (LHGB Board), Southern Investment Bank Berhad
wishes to announce that Lee Swee Kiat Group Berhad (LSKG) had on
22 July 2004, entered into a sale of shares agreement
(Agreement) with Aliran Mawar Sdn Bhd (AMSB) to dispose of its
entire equity interest in LHGB to AMSB for a total cash
consideration of RM1.00 to facilitate the liquidation of LHGB
(Disposal).

(2) Disposal

2.1 Basis of arriving at the sale consideration

The sale consideration of RM1.00 was arrived at after taking
into account the deficit shareholders' funds of LHGB at the
Company level, of RM76,924,405 and RM72,846,233 as at 31
December 2002 and 2003 respectively.

2.2 Salient terms and conditions of the Agreement

The salient terms and conditions of the Agreement are as
follows:

(i) Subject to the terms and upon the conditions set out in the
Agreement, LSKG agrees to sell to AMSB and AMSB agrees to buy
from LSKG free from all mortgage, lien, charge, encumbrances or
adverse claim of any nature whatsoever, the issued and paid-up
share capital of RM933,600 comprising 1,867,200 ordinary shares
of RM0.50 each in LHGB (Sale Shares) together with all benefits,
rights and entitlements accrued or attaching from the date of
the Agreement for the purchase consideration.

(ii) The sale of the Sale Shares by LSKG to AMSB is subject to
the approval of the Board of Directors of LSKG (LSKG Board).

(iii) In consideration of LSKG agreeing to sell the Sale Shares
to AMSB in accordance with the provisions contained in the
Agreement, AMSB undertakes and agrees to purchase the Sale
Shares for a total consideration of RM1.00 (Purchase Price) to
be paid by AMSB in accordance with the provisions of the
Agreement.

(iv) Upon the execution of the Agreement, AMSB will remit the
Purchase Price to LSKG and LSKG will deliver the following to
AMSB for the purpose of effecting the transfer and registration
of the Sale Shares in the name of AMSB:

(a) all the relevant original certificates in respect of the
Sale Shares;

(b) valid and registrable Share Transfer Forms (undated and
unstamped) duly executed by LSKG in favor of AMSB in respect of
the Sale Shares;

(c) a resolution of the LSKG Board approving the transfer of
the Sale Shares to AMSB, certified true by the company secretary
of LSKG; and

(d) such other documents as may be required to enable LSKG to
be the legal and beneficial owner of the Sale Shares.

(v) Completion of the sale and purchase of the Sale Shares will
take place upon delivery of the documents referred to above to
AMSB and payment of the Purchase Price.

(vi) AMSB represents and warrants undertaking with LSKG to the
intent that this clause will have full force and effect
notwithstanding the completion of the sale and purchase of the
Sale Shares:

(a) to nominate and appoint their own directors to replace the
existing directors of LHGB appointed by LSKG upon execution of
the Agreement. Thereafter, the existing directors will be held
harmless for all responsibilities, duties and functions of a
director;

(b) to appoint a company secretary to replace the existing
company secretary upon execution of the Agreement;

(c) to replace the existing registered office upon execution of
the Agreement; and

(d) to be responsible for all the management, operations and
administrative functions of LHGB, including the orderly winding
down of LHGB.

There are no liabilities to be assumed by AMSB pursuant to the
Disposal.

2.3 Information on LHGB

LHGB was incorporated in Malaysia on 29 June 1977 under the
Companies Act, 1965 (Act) as a private limited company under the
name Long Huat Timber Preservation Sdn Bhd and changed its name
to Long Huat Timber Industries Sdn Bhd on 12 March 1980. LHGB
was converted to a public company under the name Long Huat
Timber Industries Bhd under the Act on 19 July 1989. LHGB
assumed its present name on 4 September 1993.

The authorised share capital of LHGB is RM50,000,000 comprising
100,000,000 ordinary shares of RM0.50 each of which RM933,600
comprising 1,867,200 ordinary shares of RM0.50 each remains in
issue and fully paid-up upon completion of the Capital
Reconstruction. LHGB and its subsidiaries had ceased their main
operations in July 2001 and their shoe operations in August
2002. Previously, LHGB and its subsidiaries were involved in
timber moulding, logging activities, marketing of timber,
furniture parts and shoes, furniture manufacturing, hotel and
leisure and property development.

Please refer to the Explanatory Statement cum Circular dated 22
December 2003 for further information on LHGB.

2.4 Information on AMSB

AMSB was incorporated in Malaysia on 24 April 1999 under the Act
as a private limited company. The present authorized share
capital of AMSB is RM100,000 comprising 100,000 ordinary shares
of RM1.00 each, of which 2 ordinary shares of RM1.00 each have
been issued and fully paid up. AMSB is principally an investment
holding company.

The directors and major shareholders of AMSB as at 20 July 2004
are as follows:

(3) Rationale for the Disposal

The Disposal is an integral part of the Restructuring Scheme and
is consistent with the overall objective of LHGB to regularize
its financial condition. The Disposal is also undertaken to
facilitate the liquidation of LHGB by way of winding up.

(4) Financial Effects

The cost of investment of LSKG in LHGB of RM16,107,850 will be
treated as part of goodwill written off on the completion date
of the Scheme of Arrangement. Hence, the Disposal will not have
any impact on LSKG.

Please refer to the Explanatory Statement cum Circular dated 22
December 2004 for further information on the financial effects
of the Disposal.

(5) Approvals required

The Disposal, which forms part of the Restructuring Scheme is
subject to approvals being obtained from the following:

(i) the Securities Commission (SC), which was obtained via
their letter dated 14 July 2003;

(ii) the Ministry of International Trade and Industry, which
was obtained via their letter dated 23 July 2003;

(iii) the shareholders of LHGB at an Extraordinary General
Meeting, which was obtained on 13 January 2004;

(vi) the Shareholders of LHGB and Scheme Creditors at Court
convened meetings, which was obtained on 13 January 2004; and

(vii) the shareholders of Lee Swee Kiat Holdings Sdn Bhd,
namely, Lee Swee Kiat & Sons Sdn Bhd and East Malaysia Growth
Corporation at their respective general meetings, which was
obtained on 29 March 2003 respectively.

Additionally, the Disposal is subject to the LSKG Board's
approval.

(6) Directors' and substantial shareholders' interests

None of the Directors and/or major shareholders of LHGB and LSKG
and/or persons connected to them have any interest, direct or
indirect, in the Disposal.

(7) Directors' statement

The LHGB and LSKG Board, having considered all aspects of the
Disposal, are of the opinion that the Disposal, which forms part
of the Restructuring Scheme, is in the best interest of the
Company.

(8) Estimated time frame

Barring any unforeseen circumstances, the Disposal is expected
to be completed within a month of this announcement.

(9) Departure from the SC's Policies and Guidelines on
Issue/Offer of Securities (SC Guidelines)

To the best knowledge of the LHGB and LSKG Board, there are no
departures from the SC Guidelines in undertaking the Disposal.

(10) Documents for inspection

The Agreement will be available for inspection at the registered
office of LHGB on Level 3 Block C, Pusat Bandar Damansara, 50490
Kuala Lumpur, Malaysia from Monday to Friday (except public
holidays) during business hours for a period of two (2) weeks
from the date of this announcement.

This announcement is dated 23 July 2004.

CONTACT:

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


MTD CAPITAL: Releases Shares Buy Back Notice
--------------------------------------------
MTD Capital Berhad has issued a notice of shares buy back to the
Bursa Malaysia Securities Berhad.

Date of buy back from: 19/07/2004

Date of buy back to: 19/07/2004

Total number of shares purchased (units): 179,200

Minimum price paid for each share purchased (RM): 2.900

Maximum price paid for each share purchased (RM): 2.900

Total amount paid for shares purchased (RM): 521,639.04

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

Number of shares purchased retained in treasury (units): 179,200

Total number of shares retained in treasury (units): 1,098,300

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: 23/07/2004

Lodged by: MTD Capital Bhd
8359 Jalan Batu Caves
68100 Batu Caves
Selangor Darul Ehsan

This announcement is dated 23 July 2004.


MWE HOLDINGS: Enters Deal With Quasar Industrial
------------------------------------------------
Pursuant to paragraph 10.08 of Part E, Chapter 10 of the Listing
Requirements of Bursa Malaysia Securities Berhad, the Board of
Directors of MWE Holdings Berhad (MWE) announced that the
Company has entered into the following related party
transaction.

(2) DETAILS OF THE TRANSACTION

MWE had on 23 July 2004 agree to grant an advance of RM1.5
million to Quasar Industrial Vehicles Sdn Bhd (QIV), a 53% owned
subsidiary of MWE Advanced Structure Sdn Bhd, which in turn is a
90% owned subsidiary of MWE, for the purpose of working capital
requirement (the Transaction).

As at 30 June 2004, the total amount owing by QIV to MWE is
RM2,834,105.62.

(3) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

Mr. Tang King Hua, the Managing Director and shareholder of MWE,
is also a director of QIV,

Save as disclosed above and to the best knowledge of the Board
of Directors, none of the Directors or substantial shareholders
of MWE and persons connected to the directors or substantial
shareholders has any interest, direct or indirect in the
Transaction.

(4) DIRECTORS' OPINION

The Board of Directors of the Company, having taking into
consideration all aspects of the Transaction, is of the opinion
that the Transaction is in the best interest of MWE group.

(5) APPROVAL REQUIRED

The Transaction is not subject to the approval of shareholders
of MWE nor any other relevant authorities.


NAIM INDAH: Court OKs Capital Reconstruction
--------------------------------------------
Further to our announcement dated 14 May 2004 pertaining to the
capital reconstruction proposal of Naim Indah Corporation Berhad
(NICB) (formerly known as Arus Murni Corporation Berhad) and the
Company's announcement dated 12 July 2004, PM Securities Sdn
Bhd, on behalf of the NICB, announced that the High Court of
Malaya has, on 20 July 2004, granted the following Orders in
relation to the Company's application dated 24 June 2004:

(1) That the issued and paid-up share capital of the Company be
reduced from RM188,340,909 comprising 188,340,909 fully-paid
ordinary shares of RM1.00 each to RM37,668,182 comprising
188,340,909 ordinary shares of RM0.20 each, by way of the
cancellation of RM0.80 of the par value of each existing NICB
ordinary share of RM1.00 each in issue resulting in the new par
value of RM0.20 for each NICB Share;

(2) That immediately upon the implementation of the Proposed Par
Value Reduction, the share premium account of the Company shall
be reduced by an amount of up to RM317,358,091 and that the
credit of up to RM317,358,091 arising therefrom shall be
utilised towards setting-off the accumulated losses of the
Company as at 31 December 2003;

(3) Consequent to the Proposed Par Value Reduction, the
outstanding Irredeemable Convertible Unsecured Loan Stocks
(ICULS) of the Company can be converted into new ordinary shares
of RM0.20 each in the company at a ratio of one (1) ICULS with a
nominal value of RM0.20 for every one (1) ordinary share of
RM0.20 each in accordance with Paragraph (a) of Schedule 5 of
the Trust Deed dated 14 July 2003;

(4) The Company is given the liberty to apply to the Court for
further order(s); and

(5) The costs relating to the Petition shall be borne by the
Company.

The above Court order has been duly lodged with the Companies
Commission of Malaysia on 23 July 2004.

Hereinafter collectively known as "the Proposals" or "Proposed
Capital Reconstruction", which terms shall be used inter-
changeably.

- Proposed Share Capital Reduction Pursuant To Section 64(1) Of
The Companies Act, 1965 (Act) Involving The Cancellation Of
RM0.80 Of The Par Value Of Each Existing NICB Ordinary Share Of
RM1.00 Each In Issue (Proposed Par Value Reduction); And

- Proposed Reduction Of The Share Premium Of NICB Of Up To
RM317,358,091 Pursuant To Sections 64(1) And 60(2) Of The Act
(Proposed Share Premium Reduction).

This announcement is dated 23 July 2004.

c.c. Attn: En. Kris Azman Abdullah
Securities Commission


OSK HOLDINGS: Purchases 15,900 Ordinary Shares
----------------------------------------------
OSK Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad the details of its shares buy back dated on July 23,
2004.

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

Total number of shares purchased (units): 15,900

Minimum price paid for each share purchased (RM): 1.630

Maximum price paid for each share purchased (RM): 1.650

Total consideration paid (RM): 26,289.09

Number of shares purchased retained in treasury (units): 15,900

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

Cumulative net outstanding treasury shares as at to-date
(units): 37,613,300

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


PWE INDUSTRIES: Appeals To SC Decision
--------------------------------------
PM Securities Sdn Bhd refers to the announcements of PWE
Industries Berhad (PWE) dated 16 July 2003, 10 October 2003, 20
January 2004 and 28 June 2004 in relation to the proposed
corporate restructuring of PWE.

On behalf of PWE, PM Securities Sdn Bhd wishes to announce that
we, on behalf of the Company, had on 23 July 2004 submitted an
application to the Securities Commission (SC) to appeal against
the SC's decision of not approving the Proposed Corporate
Restructuring of PWE.

This Bursa Malaysia announcement is dated 23 July 2004.

c.c.: Securities Commission
Attn: En. Kris Azman Abdullah


TALAM CORPORATION: Terminates Share Sale Agreement
--------------------------------------------------
On 24 May 2004, Wira Profit Sdn Bhd, a subsidiary of Talam
Corporation Berhad (Talam) entered into a Share Sale Agreement
with Yap Seng Yew [NRIC No: 5777541] and Gan Li Li [NRIC No:
6884205] both of No. 8 Jalan Gopeng, 41400 Klang, Selangor (the
Vendors) to acquire 1,000,000 ordinary shares of RM1.00 each
representing the entire issued and paid-up share capital of
Bintang Dian Sdn Bhd (Company No: 242017-W) (Bintang Dian), a
company incorporated in Malaysia and having its registered
office at 20-M, Lorong Gopeng, 41400 Klang, Selangor for a total
consideration of Ringgit Malaysia Twelve Million Two Hundred
Thousand (RM12,200,000.00) only.

Bintang Dian is to develop a piece of land measuring
approximately one hundred and four (104) acres in Bandar Baru
Selayang, Mukim Batu, Daerah Gombak under the category of mixed
development.

The Company wishes to announce that the Share Sale Agreement has
been mutually terminated on 23 July 2004 at the request of the
Vendors and the parties are released of all their respective
obligations whatsoever under the Share Sale Agreement.

This Bursa Malaysia announcement is dated 23 July 2004.


TALAM CORPORATION: Releases Notice of Shares Buy Back
-----------------------------------------------------
Talam Corporation disclosed to Bursa Malaysia Securities Berhad
the details of its shares buy back dated July 23, 2004.

Description of shares purchased:  ordinary

Total number of shares purchased (units): 52,100

Minimum price paid for each share purchased (RM): 1.130

Maximum price paid for each share purchased (RM): 1.140

Total consideration paid (RM): 58,893.00

Number of shares purchased retained in treasury (units): 52,100

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

Cumulative net outstanding treasury shares as at to-date
(units): 4,804,000

Adjusted issued capital after cancellation (no. of shares)
(units): 0


TANJONG PUBLIC: Receives Notification On Listing Requirements
-------------------------------------------------------------
Tanjong Public Limited Co. received notifications pursuant to
Paragraph 14.09 (a) of the Listing Requirements of Bursa
Malaysia Securities Berhad (Bursa Malaysia) of dealings during
the Open Period.

Contents:

Bursa Malaysia announced that the Company has been notified of
the following dealings by Yap Swee Hang, a Principal Officer of
the Company pursuant to Paragraph 14.09 (a) of the Listing
Requirements of the Exchange:

(1) Notification on 23 July 2004:

(a) (i) That he has disposed in the open market of the Bursa
Malaysia, 10,000 shares of 7.5 pence each in Tanjong
representing 0.0025% of the issued share capital of Tanjong as
at the date of the transaction; (ii) Date of transaction - 21
July 2004; and (iii) Transaction price - RM12.00 per share of
7.5 pence each.

(b) (i) That he has disposed in the open market of the Bursa
Malaysia, 10,000 shares of 7.5 pence each in Tanjong
representing 0.0025% of the issued share capital of Tanjong as
at the date of the transaction; (ii) Date of transaction - 22
July 2004; and (iii) Transaction price - RM12.00 per share of
7.5 pence each.

CONTACT:

Tanjong Public Limited Co.
Principal Office in Malaysia
Level 30, Menara Maxis
Kuala Lumpur City Centre
50088 Kuala Lumpur
Telephone: 03-23813388
Fax: 03-23813399


TENAGA NASIONAL: Disposes of Stake in Subsidiaries
--------------------------------------------------
Tenaga Nasional Berhad (TNB) announced the disposal of the
Company's entire stake in Port Dickson Power Bhd. (PDP) and
JanaUrus PDP Sdn. Bhd. (JPSB).

On 25 February 2004, TNB announced that the Company had entered
into the following agreements:

(i) a conditional share sale agreement with Sime Darby Bhd (SDB)
on 25 February 2004 to sell its 22,500 ordinary shares, 22,500
redeemable preference shares and 22,455,000 loan stocks
constituting seventy five percent (75%) of its entire twenty
percent (20%) stake in Port Dickson Power Berhad (PDP) and also
its entire 20,000 ordinary shares constituting twenty percent
(20%) stake in JanaUrus PDP Sdn. Bhd (JPSB).

(ii) a separate conditional sale and purchase agreement with
Hypergantic Sdn. Bhd. (HSB), a wholly-owned subsidiary of
Malakoff, to sell 7,500 ordinary shares, 7,500 preference shares
and 7,485,000 loan stocks, constituting twenty five (25%) of
TNB's entire stake in PDP.

(Both agreements will be referred to hereinafter as the
Agreements).

On 24 May 2004, TNB announced that all parties to the above said
Agreements have mutually agreed upon in writing to the extension
of time of the Conditions Period for a further period of 2
months commencing from 25 May to 25 July 2004 (both dates
inclusive).

TNB wish to announce that the approval of the Economic Planning
Unit, Prime Minister's Department for the sale of TNB's 20%
stake in PDP and JPSB has been received. Therefore, with this
approval the condition precedents under the Agreements have been
duly fulfilled.

This Bursa Malaysia announcement is dated 23 July 2004.


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


DIGITAL TELECOMMUNICATIONS: Eyes 1Mln Subscribers By Yearend
------------------------------------------------------------
Digital Telecommunications Inc. (Digitel) president Lance Y.
Gokongwei has expressed optimism that the number of its
subscribers will hit the 1-million mark by the end of the year,
The Manila Times reports.

At present, Sun Cellular, the mobile phone services brand of
Digitel, has 700,000 subscribers as of end-March this year.
"Two to three million is the ideal subscribers for us. But since
we don't expect to earn money for Digitel this year, we have to
settle for a lower figure," the Manila Times quoted Mr.
Gokongwei as saying.

Although Digitel's mobile arm has a lot of catching up to do
with rivals Smart Communications Inc., which has 16.8 million
subscribers, and Globe Telecommunications Inc. with over 10
million users, Mr. Gokongwei said the firm would eventually be
able to keep up.

"I believe Sun Cellular remains competitive and our targets
viable. We will continue with our network expansion programs,"
the Manila Times quoted Mr. Gokongwei as saying.

The expansion of Sun Cellular's network coverage is expected to
continue bringing in losses to Digitel.  A US$250 million will
be spent for the completion of the third phase of its network
expansion, as well as for the initial stages of Phase 4.  The
funds to be used for the expansion will come from the US$200-
million bond offering where existing Digitel shareholders will
have a preemptive right and partly from suppliers' credit.

In 2003, Digitel spent US$250 million for its network expansion
coming mostly from suppliers' credit and internally generated
funds.

Digitel registered losses of PhP1.26 billion last year, mainly
because of losses sustained by Digitel Mobile Philippines Inc.,
Digitel's unit that carries the Sun Cellular brand.

"Definitely, the losses will be bigger than last year,"
according to Mr. Gokongwei. "We continue to expect losses in the
next two years. But by the last few months of 2006, we expect to
break even."

In terms of earnings before interest, taxes, depreciation and
amortization or Ebitda, Digitel expects to be back in the black
in 2006 and eventually post a net profit the following year.


MANILA ELECTRIC: Discloses 1H Financial Performance for 2004
------------------------------------------------------------
On Monday, the Manila Electric Co. (Meralco) disclosed its first
half financial performance for 2004 to the Securities and
Exchange Commission (SEC) where the company posted a net income
of PHP1.4 billion driven by 3.8 percent increase in sales volume
growth.

This represents an annualized Return on Rate Base (RORB) of 6.9
percent after tax.  Despite achieving this level of net income,
the company continues to be burdened by refund payments to
customers.

"At its face value the reported net income of PHP1.4 billion is
a pittance compared to our financial obligations.  This also
includes the heavy burden the ongoing refund has on our
financial position," said Meralco VP for Corporate Communication
Elpi O. Cuna, Jr.

Estimated cash outlay for customers refunds for the remainder of
the year is at PHP2.4 billion and about PHP4.7 billion in 2005.

Meralco is also in the midst of finalizing a refinancing plan
which will enable the utility company to manage its debt
obligations for the next two years.  Its debts stand at PHP24.2
billion as of June 30, 2004.  Of this amount, around PHP8.7
billion is due in the second half of the year, including short
term debt amounting to PHP4.8 billion.

Meralco's communication chief also stressed that aside from its
financial obligations and the refund payments, the company has
to contend with its capital expenditure program.

For this year alone the company is expected to spend around
PHP5.75 billion for its capex.  "Our capital expenditure program
is of primodial importance since this will ensure that our
company will be able to provide the level of service expected by
our customers," Mr. Cuna said.

During the period from 1994 to 2004, Meralco invested PHP60
billion in plant and equipment to keep up with the growth in
customers and demand.

Meralco's net income for the same period of about PHP29 billion,
however, was wiped out by the retroactive rate rollback by the
Supreme
Court.

In its first semester report, Meralco said that the commercial
sector posted the highest growth rate at five percent over the
same period last year, logging 4,226.98 million kWh followed by
the residential class with 4,369.58 M kWh for a four percent
growth.

The industrial sector showed a 2.3 percent rise at 3.360.87 M
kWh.  Streetlights however, dipped to 5.8 percent at 69.13 M
kWh.


MANILA ELECTRIC: Issues Clarification to News Article
-----------------------------------------------------
Manila Electric Co. (Meralco) disclosed to the Philippine Stock
Exchanege a clarification to the news article entitled,
"Meralco petition for lower interest on customer deposits
junked" published in the July 24, 2004 issue of Today.  The
article reported that:

"The Energy Regulatory Commission (ERC) has dismissed the
application of Manila Electric Co. (Meralco) to reduce the
interest on customer deposits from ten percent to one percent
every year.  In its application, Meralco claimed that the
interest on customer deposit should be reduced since it is not a
bank. Furthermore, the company said ERB Resolution 95-21, which
imposed the ten percent interest on customer deposit, is not
applicable to it since Meralco has its own ter ms and conditions
of service that imposes only a six percent per year.

Customer deposits held by Meralco amounted to PHP13.255 billion
in 2003.  In its July 14 order, regulators headed by chairman
Rodolfo Albano Jr. and commissioners Oliver Butalid and Jesus
Alcordo ruled that the ERC 'believes and so holds that ERB
Resolution 95-21 prevails over the terms and conditions of
service of Meralco."

Manila Electric Co. in its letter to the Exchange dated July 26,
2004, stated that:

"The company confirms the fact that the ERC has ruled that the
ten percent interest rate shall be applied.  The rationale given
was among others, that the ERC has granted our company a ten
percent rate of return of its Weighted Average Cost of Capital's
(WACC) deposit component and that the recently issued Magna
Carta for Residential Electric Consumers has provided that all
distribution utilities has provided that all distribution shall
pay interest on bill deposits at ten percent."


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


ASIA-PACIFIC BULK: To Hold Creditors Meeting on August 2
--------------------------------------------------------
A meeting of creditors of Asia-Pacific Bulk Terminal (Holdings)
Pte Ltd will be held at 141 Market Street, #13-00 AEC Centre
(Prince 5), Singapore 048944 on the 2nd day of August 2004 at
2.00 pm.

Agenda

(1) To obtain approval for sale of investment.

(2) To seek direction on recovery action against a debtor.

(3) To seek approval for Liquidators' fees and disbursements.

(4) Any other matters.

Gautam Banerjee
Joint Liquidator.
for Asia-Pacific Bulk Terminal (Holdings) Pte Ltd
c/o 8 Cross Street
#17-00 PWC Building
Singapore.

Forms of general and special proxies are enclosed herewith.
Proxies to be used at the meeting must be deposited at 8 Cross
Street #17-00, Singapore 048424, not less than forty-eight (48)
hours before the time appointed for holding the above meeting.


BAKERY MART: Court Issues Winding Up Order
------------------------------------------
In the Matter of Bakery Mart Pte Ltd., a Winding Up Order made
on 12th day of July 2004.

Name and Address of Liquidators: Chee Yoh Chuang and
Lim Lee Meng
Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

WONG TAN & MOLLY LIM LLC
Solicitors for the Petitioner.

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


CDS CHESER: Winding Up Order Made
---------------------------------
In the matter of CDS Cheser Pte Ltd., a winding up order was
made on the 2nd day of July 2004.

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

Shook Lin & Bok
Solicitors for the Petitioner.

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


CHARTERED SEMICONDUCTOR: Wins Top Safety Awards
-----------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated foundries, garnered top awards during the
Singapore Ministry of Manpower's Annual Safety Performance
Awards 2004 ceremony held on July 22 at the Suntec Singapore
International Convention and Exhibition Centre.

All of Chartered's fabrication facilities were honored for their
outstanding safety performance, demonstrating effectiveness in
safety management systems and company-wide support toward
implementing long-term environmental sustainability programs.
Fab 2 and Silicon Manufacturing Partners (SMP or Fab 5) received
Gold Awards, as did Fab 1, which ceased operations earlier this
year. Fab 3 and Chartered Silicon Partners (CSP or Fab 6) both
won the prestigious Occupational Safety and Health (OSH)
Excellence Awards in the top award category, after achieving
Gold Award status for three consecutive years.

"We are proud that the Singapore Ministry of Manpower has
recognized Chartered's commitment to health and safety, and
acknowledged our performance and programs with top honors at the
Annual Safety Performance Awards," said Tang Yong "TY" Ang, vice
president of quality and reliability assurance and fab support
operations at Chartered. "We share the Chartered Wins Top Safety
Awards Given By Singapore Ministry Of Manpower/ 2 achievements
with our employees, customers, resident partners and suppliers
in recognition for their responsibilities and ownership of our
environmental, safety and health programs."

About Chartered

Chartered Semiconductor Manufacturing, one of the world's top
three dedicated foundries, is forging a customized approach to
outsourced semiconductor manufacturing by building lasting and
collaborative partnerships with its customers. The company
provides flexible and cost-effective manufacturing solutions for
customers, enabling the convergence of communications, computing
and consumer markets. In Singapore, Chartered operates four
fabrication facilities and has a fifth fab, the company's first
300mm facility, which is expected to begin pilot production by
the end of 2004.

A company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market (Nasdaq: CHRT) and on
the Singapore Exchange (SGX-ST: CHARTERED).

This Singapore Stock Exchange announcement is dated July 23,
2004.

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


CORTEN FURNITURE: Holds Creditor's First Meeting
------------------------------------------------
Notice is hereby given that the first meeting of the creditors
of Corten Furniture Pte Ltd will be held at AEC Centre,
International Factors Building, 141 Market Street, Singapore
048944 on Wednesday, 4th August 2004 at 3.00 pm for the
following purposes:

AGENDA

(1) To lay before the creditors a full statement of the affairs
of the Company, showing the assets and liabilities of the
Company;

(2) To appoint a Committee of Inspection if deemed necessary;
and

(3) Any other matters.

Mr. Don M. Ho, CPA
Liquidator.

Messrs Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
20 Cecil Street #12-02 & 03
Equity Plaza
Singapore 049705.
Tel: 6532 0320 (8 lines).
Fax: 6532 0331.

Note:
To entitle you to vote thereat, your proof of debt must be
lodged with me not less than forty-eight hours before the time
for that purpose in the notice convening the meeting at which it
is to be used.

This Government Gazette announcement is dated July 23, 2004.


EARLING BUILDERS: Dividend Notice Issued
----------------------------------------
Earling Builders Pte Ltd. announced on July 23, 2004 on the
Singapore Stock Exchange that it has issued a Notice of Intended
Dividend.

Address of Registered Office: Formerly of 57 Namly Garden
Singapore 267385.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 45 of 1999.

Amount Per Centum: 0.1341%.

First and Final or otherwise: First & Final Dividend.

When Payable: 8th July 2004.

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

Kamala Ponnampalam
Assistant Official Receiver.


EMCO STEEL: Released Dividend Notice
------------------------------------
Emco Steel Products Pte Ltd. announced on July 23, 2004 on the
Singapore Stock Exchange that it has released a Notice of
Dividend.

Address of Registered Office: Formerly of 133 New Bridge Road
#25-05 Chinatown Point
Singapore 059413.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 105 of 1999.

Amount Per Centum: 89.7789%.

First and Final or otherwise: 2nd & Final Preferential Dividend.

When Payable: 7th July 2004.

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

Kamala Ponnampalam
Assistant Official Receiver.


HO WAH: Sells Interests in Subsidiaries, Associated Companies
-------------------------------------------------------------
In accordance with Rule 704 of the SGX-ST Listing Manual, the
Board of Directors of Ho Wah Genting International Ltd wishes to
announce that it has disposed of its entire shareholding
interest to Mr Chua Kee Leng in the following dormant companies,
which were its subsidiaries or associated companies prior to
such disposal:

Subsidiaries

(1) Ho Wah Genting Technology Pte Ltd

(2) Ho Wah Genting Marketing (Singapore) Pte Ltd

(3) AMPM Telco Pte Ltd

(4) Horiguchi Engineering (Singapore) Pte Ltd

(5) HWGIL Investments Pte Ltd

Associated companies

(1) Furuki Lasertech Pte Ltd

(2) A.U. Precision Pte Ltd

The consideration payable by Mr Chua Kee Leng for each of the
Disposed Companies was SGD1 each. The consideration was arrived
at after taking into consideration the net tangible assets of
each of the Disposed Companies, which was negative.

Following the disposal, Ho Wah Genting Technology Pte Ltd, Ho
Wah Genting Marketing (Singapore) Pte Ltd, AMPM Telco Pte Ltd,
Horiguchi Engineering (Singapore) Pte Ltd and HWGIL Investments
Pte Ltd ceased to be subsidiaries of the Company and Furuki
Lasertech Pte Ltd and A.U. Precision Pte Ltd ceased to be
associated companies of the Company.

None of the directors of the Company has any interest, direct or
indirect, in the above transactions.

Submitted by Tan Swee Gek, Joint Company Secretary on July 23,
2004 to the Singapore Stock Exchange.


LIANG HUAT: Announces Unit's Winding Up
---------------------------------------
The Board of Directors of Liang Huat Aluminium Limited wishes to
announce that the Company's wholly-owned subsidiary in Hong
Kong, Liang Huat Metal (Hong Kong) Limited, was wound up by
Order of the High Court of the Hong Kong Special Administrative
Region under the provisions of the Companies Ordinance (Chapter
32) and that the Official Receiver, was constituted provisional
liquidator of the affairs of the Subsidiary.

The Subsidiary was inactive and the Company is evaluating the
impact of the winding up proceeding on the consolidated net
tangible assets and earnings per share of the Company for the
current financial year.

Submitted by Tan Yong Kee, Group Managing Director on July 23,
2004 to the Singapore Stock Exchange.


SINEXIMCO PRIVATE: Announces Judicial Management Order
------------------------------------------------------
Notice is hereby given that on the 16th day of July 2004, an
order of the High Court for placing the Sineximco Private Pte
Ltd. under judicial management was made pursuant to Originating
Petition No. 7 of 2004/C, and the relevant particulars of the
matter are given as follows:

(1) Number of matter: Originating Petition No. 7 of 2004/C.

(2) Date of presentation of petition: May 28, 2004.

(3) Petitioner's Solicitors: M Rajaram/ Ratanesh K Bal
of Messrs Straits Law Practice LLC
133 New Bridge Road
#16-01 Chinatown Point
Singapore 059413.

(4) Date of Order: 16th July 2004.

(5) Registered office of the above named Company: 101 Cecil
Street
#19-02 Tong Eng Building
Singapore 069533.

Messrs STRAITS LAW PRACTICE LLC
Solicitors for the Petitioner.

This Singapore Government Gazette announcement is dated July 20,
2004.


TEMUSE PRIVATE: Creditors To Submit Claims by August 23
-------------------------------------------------------
Notice is hereby given that the creditors of Temuse Private
Limited (In Member's Voluntary Liquidation), whose debts or
claims have not already been admitted, are required on or August
23, 2004 to submit particulars of their debts or claims and any
security held by them to the Liquidator.

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

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

Lim Say Wan
Liquidator.
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809.

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


TOP GLOBAL: Issues Profit Warning
---------------------------------
In anticipation of the announcement of the results for the half
year ended 30 June 2004, the Board of Directors of Top Global
Limited deems it appropriate to issue a profit warning.

The Directors wishes to inform that the Group expects to report
a loss for the half year ended 30 June 2004. Due to the
continuing difficulties, weak and volatile environment faced by
the building and construction industry, margins for projects
completed and nearing completion had been severely impacted. The
Group also has to make provisions for some doubtful debts.

The Company is in the process of finalizing the results for the
half year ended 30 June 2004. Further details of the Group's
performance will be disclosed when it announces its unaudited
financial results for the half year ending 30 June 2004.

Submitted by Tan Siok Kheng, Company Secretary on July 23, 2004
to the Singapore Stock Exchange.


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


SYNTEC CONSTRUCTION: Issues Information Re News Article
-------------------------------------------------------
Syntec Construction Pcl. submits to the Stock Exchange of
Thailand a public notification on the correct information
regarding the news in Matichone Raiwan dated 23 July 2004 page
18, entitled "Sawang's Debt caused Krung Thai Bank's NPL to
elevate".

The source came from Krung Thai Bank (KTB) disclosing that the
Bank of Thailand audited KTB's loan and order to group the loan
of Sawang company's group, (Natural Park PCL or N-PARK, Siam
Syntech Construction PCL and Richee Group Company Limited) with
a total of THB2 billion as a doubtful debt which caused the bank
to reserved 100 percent on this loan.

Syntec Construction PCL (previously Siam Syntec Construction
Public Company Limited), would like to inform that Syntec got a
Bank Guarantee loan from KTB to guarantee the construction of
three (3) projects, namely the World Trade Tower Bangkok, Waste
Water Treatment System and S.T. Louis Hospital totalling
THB110,688.980.10 (One hundred and ten million six hundred
eighty eight thousand nine hundred eighty baht and ten satang).

After KTB issued the Bank Guarantees for the said 3 projects,
the World Trade Tower Bangkok Co. Ltd. was in default in the
construction contract and the case was final. So, Syntec and KTB
as a Guarantor, does not have to take any responsibilities to
the World Trade Tower Bangkok Company Limited.  Syntec had
completed the project for Waste Water Treatment System that was
handed over to the Bangkok Metropolitans Authority (BMA).

The St. Louis Hospital Project had been completed as well. These
projects are still under warranty period according to the
condition of the contract.

Therefore, KTB does not have any responsibilities for BG issued
for the above three projects.  At present, Syntec does not have
any more loans or any debts with KTB.

Moreover, Ms. Sawang Mankongchroen, Group Chief Executive
Officer and authorized director of the company does have any
debt with KTB.

Therefore, all detail in the news information written at
Matichon Raiwan newspaper about Syntec Construction Pcl. (Siam
Syntech Const. Pcl.) and Ms. Sawang Mankongchroen is not true
and accurate, and it could cause damage to the Company and Ms.
Sawang Mankongchroen as well.

Please be informed accordingly.
Sincerely Yours,
(Mr.Somchai Sirilertpanich)
Director


THAI GERMAN: Court Agrees On 3rd Amendment of Reorganization
------------------------------------------------------------
Thai German PCL submits to the Stock Exchange of Thailand an
update regarding the sixth progress report on improving the
process of its business reorganization plan on July 20, 2004.

The Central Bankruptcy Court has agreed on the Third Amendment
of the Business Reorganization Plan (The Plan) on July 23, 2004.

Thai-German Products PCL by The Plan Administrator need to
follow the details of The Plan.

Yours Sincerely,
(Mr.Apinun Ratchatasombat)
Executive Planner Representation


THAI PLYWOOD: Lists Unit To Help Pay THB2.4Bln Debt
---------------------------------------------------
Thai Plywood Co. hopes to pay down its THB2.4 billion debt by
listing its Saraburi unit with the Stock Exchange of Thailand
(SET), according to the Bangkok Post.

The debt-ridden state enterprise of the Natural Resources and
Environment Ministry considers floating 700 million shares,
equivalent to a 49-percent stake of Thai Plywood Saraburi, to
trade on the SET by the end of the year, managing director
Borworn Kittipakorn said.

"Listing the unit will help us service the debt faster.
Otherwise it could take about 15 years to pay off all debts," he
added.

Thai Plywood owes THB2.3 billion to Krung Thai Bank and THB100
million to Thai Military Bank. The said amounts were used to
establish the Saraburi factory. But the economic crisis that hit
Asia in 1996 resulted a THB354 million loss for the company from
2001 to 2003.

Thai Plywood also operates a factory in Bang Na district,
Bangkok. The Saraburi and Bang Na factories produce a total of
around 4,000 to 5,000 square meters of plywood a day, veneer and
medium-density fibre board (MDF).  Mr. Borworn said the
operation is expected to turn a profit this year with about
THB162 million in revenue.




* BOND PRICING: For the Week 26 July to 30 July 2004
----------------------------------------------------

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


AUSTRALIA
---------

Advantage Group                      10.000%     4/15/06    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
Amity Oil Ltd.                       10.000%    10/31/13    2
APN News & Media Ltd                  7.250%    10/31/08    5
Australian Food & Fibre Ltd.          4.000%     12/4/08   10
Austrim National Radiation Ltd.       9.500%    10/31/04   50
Bendigo Bank Ltd                      8.000%     5/29/49   10
BIL Finance Ltd                       8.000%    10/15/07    9
BIL Finance Ltd                       8.250%    10/15/04    9
BIL Finance Ltd                       8.750%    10/15/04    9
BIL Finance Ltd                       8.750%    10/15/05    9
BIL Finance Ltd                       9.000%    10/15/04    9
BIL Finance Ltd                       9.250%    10/15/06    9
BIL Finance Ltd                      10.000%    10/15/04    9
Capital Properties NZ Ltd             8.500%     4/15/05    8
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    9
Citigold Corp.                       12.000%     3/29/07    1
Consolidated Minerals Ltd            11.250%     3/31/05    1
Djerriwarrh Investments Ltd           6.500%     9/30/09    4
Djerriwarrh Investments Ltd           7.500%     9/30/04    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.300%    10/31/06    8
Fletcher Building Ltd                 8.600%     3/15/08    8
Fletcher Building Ltd                 8.750%     3/15/06    8
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    7
Fernz Corp Ltd                        8.560%    10/15/06    8
Futuris Corporation Ltd               7.000%    12/31/07    2
Gympie Gold Ltd                       8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    8
Hy-Fi Securities Ltd                  8.750%     8/15/08   13
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure and Utility            8.500%     9/15/13    8
Minerals Corporation     11.500%     9/30 04    1
New South Wales Treasury Corporation  0.500%     2/16/10   74
NPT Capital Ltd                       9.500%    11/30/04   10
Nuplex Industries Ltd                 9.300%     9/15/07    8
Powerco Ltd                           8.150%      9/1/07    7
Powerco Ltd                           8.400%     5/22/07    8
Queensland Treasury Corporation       0.500%     5/19/10   74
Richmond Ltd                         10.750%    12/15/04   10
Salomon Smith Barney Australia        4.250%      2/1/09    9
Sapphire Securities                   7.410%     9/20/35    7
Sapphire Securities                   9.160%     9/20/35    9
Sapphire Securities                   9.250%    12/20/06    9
Sydney Gas Company                   12.000%     4/1/06     1
Sky Network Television Ltd            9.300%    10/29/49    8
Strathfield Group Ltd                11.000%    12/31/05    1
Structural Systems Ltd               11.000%     6/30/07    1
Tower Finance Ltd                     8.650%    10/15/09    9
Tower Finance Ltd                     8.750%    10/15/07    8
TrustPower Ltd                        8.300%     9/15/07    8
TrustPower Ltd                        8.500%     9/15/12    8
Urbus Properties Ltd                  9.250%     3/10/07    1
Vision Systems Ltd                    9.000%    12/15/08    2


CHINA
-----

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


KOREA
-----

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


MALAYSIA
--------

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


SINGAPORE
---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Rabobank Singapore                     1.000%      1/15/13   71
Sengkang Mall Ltd                      4.880%      11/20/12   1
Tampines Assets Ltd                    5.625%      12/7/06    1
Tincel Ltd                             5.000%      6/13/11    1
Tincel Ltd                             7.400%      6/13/11    1


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





                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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contained herein is obtained from sources believed to be
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                 *** End of Transmission ***