---

        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

             Wednesday, July 28, 2004, Vol. 7, No. 148

                            Headlines

A U S T R A L I A

GYMPIE GOLD: Issues Memorandum to Noteholders
NATIONAL AUSTRALIA: Irish Unit Faces $210Mln Charges
PRIMELIFE CORPORATION: Updates Underwriting Agreement
QANTAS AIRWAYS: Adds Two More Non-Stop Services to LA


C H I N A  &  H O N G  K O N G

401 HOLDINGS: Enters Winding Up Petition
DICKSON GROUP: Swings to HK$8.59M Profit
DICKSON GROUP: Unaware of Reasons for Price, Turnover
I-CHINA HOLDINGS: Issues Share Consolidation Notice
SINOCHEM HONG KONG: Narrows Net Loss to HK$101.87M

STARBOW HOLDINGS: Swings to HKD103M Profit
SUN SANG: Enters Winding up Proceedings


I N D O N E S I A

BANK NIAGA: Posts 42% Profit Hike in H1


J A P A N

MITSUBISHI MOTORS: To Drop Three Car Models
MITSUBISHI MOTORS: Toyota May Support Okazaki Plant Suppliers
SOJITZ HOLDINGS: S&P Revises Status From Negative to Developing
SAPPORO HOLDINGS: To Post Profit After Four Years
UFJ HOLDINGS: MTFG To Seek Aid For UFJ From Sister Firms


K O R E A

KOOKMIN BANK: To Sign Forex Deal With China Bank
KOOKMIN BANK: Puts Aside KRW250B Extra Provisions
SSANGYONG MOTOR: Shanghai Auto Signs MOU to Buy Automaker


M A L A Y S I A

ANTAH HOLDINGS: Issues Default Status Update
FABER GROUP: Appoints Independent Auditor
GADANG HOLDINGS: Issues Additional 1M Ordinary Shares
GULA PERAK: Issues Additional 53,700 Ordinary Shares
HOTLINE FURNITURE: SC Extends Investigative Audit Until Nov 21

LANDMARKS BERHAD: Issues Notice of Book Closure
MAXIS COMMUNICATIONS: Issues Additional 660,000 Ordinary Shares
MECHMAR CORPORATION: Bursa Malaysia OKs Listing of Shares
NALURI BERHAD: Resets Court Hearing to September 9
PANTAI HOLDINGS: Releases Notice of Shares Buy Back

PANTAI HOLDINGS: Unit Enters JV With Al-Sharif Group
SELANGOR DREDGING: Issues Notice of Dividend Payment
SELANGOR DREDGING: 43rd AGM Set for August 18
TANJONG PUBLIC: Unveils Share Option Scheme
WOO HING: Discloses Amendment of 2003 Annual Report


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Public Offer on the Way After Rehab
ITTI SHOES: SC Green-lights Caterpillar's Trademark Suit
MANILA ELECTRIC: Sets Presentation of 2Q Results on July 29
NATIONAL HOME: Deutshe Bank Remits $9Mln Sale Proceeds
PHILIPPINE BANK: Releases Revised List of Principal Officers

PHILIPPINE LONG: Issues Additional 6,959 Shares for Listing
PILIPINO TELEPHONE: Updates Issuance of Preferred-K Shares
* S&P Says Philippines Likely to Reach 4.2% Deficit Target


S I N G A P O R E

INFORMATICS HOLDINGS: Legal Implications Hold Back PwC Report
JAPANESE CALC: Winding Up Hearing Set August 6
LAKESHIRE HOLDINGS: Creditors To Prove Debts on August 23
MANDARIN CALC: Winding Up Hearing Slated August 6
MILLENIUM-WESTMONT PRIVATE: Releases Intended Dividend Notice

MYCOBIOTECH LIMITED: Enters Winding Up Proceedings
MYHOME FURNITURE: Court Hears Winding Up Petition
OFUNA ENTERPRISE: Creditors Must Submit Claims on August 23
ONE-TEN SINGAPORE: Notice to Creditors To Sumbit Claims
PRESIDENT MARINE: Court Hears Winding Up Petition on August 6

SETIAUSAHA TRAVEL: Court Issues Winding Up Order


T H A I L A N D

BANGKOK MASS: Creditors, Shareholders Express Intention to Sell

     -  -  -  -  -  -  -  -  

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


GYMPIE GOLD: Issues Memorandum to Noteholders
---------------------------------------------
Gympie Gold announced in a press release that the second
statutory meeting of creditors (adjourned from June 2, 2004)
will be held at 11:00 a.m. today, July 28, 2004 at the
Auditorium 10, Shelley Street, Sydney NSW 2000.  Richarc
McCarthy from the Trustee will represent Noteholders as
unsecured creditors of Gympie Gold.

To view full copy of the Memorandum to Noteholders, click
http://bankrupt.com/misc/gympiegold072604.pdf

Contact:

Gympie Gold Ltd.
Suite 303 , 3 Spring Street,
SYDNEY , NSW, AUSTRALIA, 2000  
Head Office Telephone: 02 8249 4479  
Head Office Fax: 02 8249 4001  
Website: http://www.gympiegold.com.au/


NATIONAL AUSTRALIA: Irish Unit Faces $210Mln Charges
----------------------------------------------------
The Irish subsidiary of the National Australia Bank is facing
charges of up to $210 million (US$149mln) after a probe into the
unit's tax evasion and customer overcharging, reveals Asia
Pulse.

When the Irish High Court orders National Irish Bank to pay for
the six-year probe, including the legal costs of several
government departments, the bill could reach several hundreds of
million dollars, according to a Sydney Morning Herald report.

However, National Irish Bank will not be wound up despite the
gravity of the court findings set to be released on Friday. The
findings coincide with NAB's finalization of its European
Holdings.

The court documents state that National Irish Bank has set aside
about $109 million for remedial matters identified by the
inspectors and to compensate anyone suffering loss.

So far, $49 million has been paid in legal and bank costs and
$11.4 million for an Inland Revenue audit, while $22 million
will be spent refunding customers' lost fees and outstanding
interests.  Offshore investors will also be compensated as Irish
Bank has set aside $19 million for this purpose.

Contact:

National Australia Bank Ltd.
Level 24 , 500 Bourke Street,
MELBOURNE , VICTORIA, AUSTRALIA, 3000  
Head Office Telephone: (03) 8641-4160  
Head Office Fax: (03) 8641-4927  
Website: http://www.national.com.au/


PRIMELIFE CORPORATION: Updates Underwriting Agreement
-----------------------------------------------------
Primelife Corporation Ltd. disclosed to the Australian Stock
Exchange an update in relation to its underwriting agreement,
and the full year trading results and review.

Additional Capital Requirements

As identified by Primelife in an announcement on June 28, 2004,
Primelife will require additional capital and the amount is
likely to be material.

Primelife's board continues working towards finalizing the
quantum of funding required, how much Primelife's funding
requirements can prudently be debt financed and how much is to
be equity funded and the manner in which required funding will
be raised.

Indicatively, it presently appears that it is likely that total
additional funds required by Primelife will be in the order of
$70 million to $80 million.  The Board's present intention is
that funding will be a combination of new equity and new
convertible debt.

The board is also considering a variety of ways in which the
required funding can be raised, including a placement, a rights
issue, or a combination of both.

Underwriting Agreement

To facilitate the development of a capital raising proposal,
Primelife has entered into an underwriting agreement with Tricom
Equities Ltd. (Tricom).  Under this agreement, Tricom has agreed
to underwrite $50 million pro-rata renounceable rights issue of
shares to all Primelife shareholders and noteholders, should the
Board determine to proceed with a rights issue.

The underwriting agreement with Tricom is conditional on a
number of matters including:

(i) Primelife preparing and lodging an appropriate prospectus in
a form reasonably acceptable to Tricom;

(ii) Tricom completing due diligence investigations to its
reasonable satisfaction;

(iii) All other necessary documentation being agreed and all
necessary approvals being obtained;

(iv) Tricom arranging sub-underwriting commitments for at least
50 percent of the amoung under-written, including each of
Babcock and Brown Pty Ltd. and Albany Bay RV Investments Ltd.
(existing shareholders in Primelife) agreeing to sub-underwrite
their pro-rata share of any rights issue;

(v) Primelife raising a minimum additional $20 million by way of
an issue of new convertible notes (this condition will be
satisfied by Primelife entering into appropriate underwriting
agreements for such issue); and

(vi) The S&P/ASX 200 Index does not remain (for more than three
consecutive business days) at an amount that is at least 15
percent below the level of that Index as at the close of trading
on Friday, July 23, 2004 until the remaining conditions
precedent are waived or satisfied.

The above conditions precedent must be satisfied within 21 days.  
The price at which any rights issue will be undertaken is to be
negotiated in good faith between Tricom and Primelife prior to
the lodgement of a rights issue prospectus.  If Primelife does
proceed with a rights issue Tricom will be paid a one percent
management fee and three percent underwriting fee.

Primelife expects to be in a position to make a further detailed
announcement within the next two to three weeks.

To view full copy of Primelife's Unaudited management results,
click
http://bankrupt.com/misc/primelifecorporation072604.pdf

Contact:

Primelife Corp. Ltd.
210 Kings Way,
SOUTH MELBOURNE, VICTORIA,
AUSTRALIA, 3205  
Head Office Telephone: (03) 8699 3300  
Head Office Fax: (03) 8699 3414  
Website: http://www.primelife.com.au/


QANTAS AIRWAYS: Adds Two More Non-Stop Services to LA
-----------------------------------------------------
Qantas Airways will increase its non-stop services between
Melbourne and Los Angeles from seven to nine, according to the
Sydney Morning Herald.

The new non-stop service will commence on November 6.  Of the 37
flights operated between Australia and United States, 30 will
offer the non-stop services, Executive general manager John
Borghetti said.  The additional flights will help boost Qantas'
international operations in Melbourne to 58 return services per
week.

"We are committed to continuing our substantial investment in
this important market," the Sydney Morning Herald quoted Mr.
Borghetti as saying.

Flight services between Melbourne and Los Angeles started in
October 1996, and non-stop flights have been offered since
October 1999.  

Contact:

Qantas Airways
Qantas Centre, Level 9,
Building A , 203 Coward Street,
MASCOT , NSW, AUSTRALIA, 2020  
Head Office Telephone: (02) 9691 3636  
Head Office Fax: (02) 9691 3339  
Website: http://www.qantas.com


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


401 HOLDINGS: Enters Winding Up Petition
----------------------------------------
On 21 July 2004, a winding-up petition (the Petition) and
summons for the appointment of provisional liquidators were
filed against 401 Holdings Limited by China Units Enterprises
Limited (China Units).

Pursuant to a judgment dated 2nd July 2004 (the Judgment), the
Company has to pay to China Units (i) the principal amount of
HK$3 million under a convertible bond issued by the Company to
China Units on 30th July 2002; (ii) the outstanding interest
until payment in full and (iii) costs incurred by China Units in
recovering money owed to it by the Company. As at the date of
this announcement, the total sum due by the Company to China
Units is approximately HK$3.4 million.

The Petition hearing is scheduled on 18th August 2004. The
Company is seeking legal advice in respect of the Petition and
will oppose the Petition. Prior to the receipt of the Petition
by the Company, the Company had filed a notice of appeal on 15th
July 2004 against the Judgment and the hearing of the appeal
hearing is scheduled on 27th October 2004.

The summons for the appointment of provisional liquidators was
heard in the afternoon of 22nd July 2004 and the judge ordered
that the hearing be adjourned to 5th August 2004.

The Company will make further announcements to update
shareholders on this matter as and when appropriate.

Trading of shares in the Company was suspended at the request of
the Company with effect from 28th March 2003 and will remain
suspended until the Company can demonstrate to the Stock
Exchange of Hong Kong Limited (Stock Exchange) that the Company
is in compliance with the requirements under Rule 13.24 of the
Rules Governing the Listing of Securities on the Stock Exchange.

The Hani Securities Financial Net announcement is dated 26 July
2004.

CONTACT:

401 Holdings Limited
Shun Tak Centre, 200 Connaught Road
Central, Hong Kong
Tel: +852 2363 8301
Tel: +852 2363 8192


DICKSON GROUP: Swings to HK$8.59M Profit
----------------------------------------
Dickson Group announced its financial results for the year ended
March 31, 2004.

Currency: HKD
Auditors' Report: Unqualified

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

                               Note  ('000)             ('000)

Turnover                           : 1,385,774          
1,366,295         
Profit/(Loss) from Operations      : 19,111             (1,782)           
Finance cost                       : (2,492)            (3,186)           
Share of Profit/(Loss) of
  Associates                       : (3,042)            (4,425)           
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 209                (2,635)           
Profit/(Loss) after Tax & MI       : 8,587              (10,762)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : 0.013              (0.02)            
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : 8,587              (10,762)          
Final Dividend                     : NIL                NIL               
  per Share                          NIL                NIL               
(Specify if with other             : N/A                N/A               
  options)                                                                
B/C Dates for
  Final Dividend                   : N/A          
Payable Date                       : N/A       
B/C Dates for Annual         

  General Meeting                  : 25/8/2004 to 27/8/2004 bdi.

Other Distribution for             : N/A           
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A          

This is a Hong Kong Stock Exchange announcement.

Meanwhile, The Standard reported that Dickson Group recorded a
net profit of HK$8.59 million, reversing six straight years' of
losses, the Standard reports. A year earlier, it reported a net
loss of HK$10.76 million.

The construction machine parts trader said it was successful in
keeping construction costs down. No interim or final dividend
was declared, and earnings per share were 1.3 HK cents, compared
to a 2 HK cents loss per share a year ago.


DICKSON GROUP: Unaware of Reasons for Price, Turnover
-----------------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Dickson Group Holdings Limited, which is reproduced as follows:

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

The Directors of the Company have noted the unusual movement in
the price and increase in the trading volume of the shares of
the Company today and wish to state that we are not aware of any
reasons for such movement.

Save as the announcement of the Company for final results for
the year ended 31 March 2004 made on today, the Directors
confirm that there are no negotiations or agreements relating to
intended acquisitions or realizations which are discloseable
under Rule 13.23 of the Rules Governing the Listing of
Securities on the Stock Exchange (the Listing Rules), neither is
the Board aware of any matter discloseable under the general
obligation imposed by Rule 13.09 of the Listing Rules, which is
or may be of a price-sensitive nature.

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

As at the date of this announcement, Messrs. Fung Wing Mou,
Bernard, Chin Wai Keung, Richard and Leung Chi Ching, Frederick
are the executive directors of the Company and Messrs. Shum Man
Ching, Lau Sai Chung and Wong Ying Sheung are the independent
non-executive directors of the Company.

Lee Ling Ling
Company Secretary
Hong Kong, 23 July 2004"

CONTACT:

27/F., 9 Wing Hong Street,
Cheung Sha Wan
Kowloon, Hong Kong
Phone: (852) 2197 8888
Fax: (852) 2528 3313
E-mail: info@dicksongroup.com.hk


I-CHINA HOLDINGS: Issues Share Consolidation Notice
---------------------------------------------------
In a disclosure to the Stock Exchange of Hong Kong, market
participants are requested to note that the shareholders of I-
China Holdings Limited have approved the consolidation of shares
on the basis of 10 then existing ordinary shares (Old Shares) of
I-China into 1 new ordinary share (New Shares).  

Effective July 26, 2004, a temporary counter under stock code
2929 and stock short name "I-CHINA HOLD" will be established for
trading in board lots of 2,000 New Shares each to replace the
previous counter (stock code: 240) for trading in board lots of
20,000 Old Shares each.

CONTACT:

I-China Holdings Limited
73 Lei Muk Road
Kwai Chung, New Territories
HONG KONG
Tel: +852 2521 1238
Tel: +852 2523 9176


SINOCHEM HONG KONG: Narrows Net Loss to HK$101.87M
--------------------------------------------------
Sinochem Hong Kong Holdings Limited announced its financial
statements for the year ended March 31, 2004.

Currency: HKD
Auditors' Report: Unqualified

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

Turnover                           : 99,483             84,414            
Profit/(Loss) from Operations      : (91,474)           
(117,294)         
Finance cost                       : (10,180)           (18,100)          
Share of Profit/(Loss) of
  Associates                       : N/A                N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (101,873)          
(129,883)         
% Change over Last Period          : N/A   %
EPS/(LPS)-Basic (in dollars)       : (0.028)            (0.039)           
         -Diluted (in dollars)     : (0.028)            (0.039)           
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (101,873)         (129,883)         
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          

This Hong Kong Stock Exchange announcement is dated 23 July
2004.


STARBOW HOLDINGS: Swings to HKD103M Profit
------------------------------------------
Starbow Holdings Limited announced Tuesday its audited
consolidated results of the Company and its subsidiaries (the
Group) for the year ended 31 March 2004 together with
comparative figures for the year ended 31 March 2003 as follows:

Currency: HKD
Auditors' Report: Unqualified

                                                 (Audited)
                                  (Audited)      Last
                                   Current       Corresponding
                                   Period        Period
                                from 01/04/2003  from 01/04/2002
                                to 31/03/2004    to 31/03/2003
                            Note  ('000)         ('000)

Turnover                           : 23,117             23,410            
Profit/(Loss) from Operations      : 1,723              
(121,624)         
Finance cost                       : (1,601)            (285)             
Share of Profit/(Loss) of
  Associates                       : N/A                N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : 103                
(121,923)         
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)    2  : 0.0002             (0.8765)          
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : 103               (121,923)         
Final Dividend                     : 0                  0                 
  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) ACCOUNTING POLICIES

In the current year, the Group has adopted for the first time
the revised SSAP 12 "Income taxes" which is effective for
accounting periods commencing on or after 1 January 2003. The
principal effect of the implementation of SSAP 12 (revised) is
in relation to deferred tax. In prior years, deferred tax
liabilities were provided using the liability method in respect
of the taxation effect arising from all material timing
differences between the accounting and tax treatment of income
and expenditure, which were expected with reasonable probability
to crystallize in the foreseeable future. Deferred tax assets
were not recognized unless their realization was assured beyond
reasonable doubt.

SSAP 12 (revised) requires the adoption of a balance sheet
liability method, whereby deferred tax is recognized in respect
of all temporary differences between the carrying amounts of
assets and liabilities in the financial statements and the
corresponding tax bases used in the computation of taxable
profit with limited exceptions. The adoption of SSAP 12
(revised) has had no material effect on the results of the Group
for the current or prior financial years accordingly, no prior
year adjustment has been required.

(2) EARNINGS/(LOSS) PER SHARE

The calculation of the basic earnings / (loss) per share is
based on the profit attributable to shareholders of
approximately HK$103,000 (2003: loss attributable to
shareholders of approximately HK$121,923,000) and on the
weighted average of 488,695,483 shares (2003: 139,102,303
shares) (as retrospectively adjusted for the effects of the
share consolidation which became effective subsequent to the
balance sheet date on 4 May 2004) deemed to be in issue during
the year.

No diluted earnings / (loss) per share is presented as there are
no dilutive potential ordinary shares in issue for each of the
years ended 31 March 2004 and 2003.   

(3)  GAIN ON DISPOSAL OF SUBSIDIARIES

On 2 January 2004, the Company disposed of its entire equity
interests in Recor International Limited and its subsidiaries
(the Recor Group) at a cash consideration of HK$100. Further
details of the disposed subsidiaries are disclosed in Note 18 to
the financial statements. The consolidated results of the Recor
Group for the period from 1 April 2003 to 2 January 2004 (date
of disposal), which have been included in the consolidated
income statement of the Group were as follows:

                                                Period from
                                             1 April 2003 to
                                             2 January 2004
                                                HK$000

Turnover                                        20,842
Cost of sale                                    (20,279)
Other revenues                                  193
Other net income                                1,292
Waiver of inter-company debts                   332,860
Administrative and other operating expenses     (2,176)
Finance costs                                   (17)
Taxation                                        -

Profit after tax                                332,715

The gain of approximately HK$5,805,000 arising on the disposal
of the Recor Group, being the difference between the proceeds of
disposal and the carrying amount of the net liabilities of the
Recor Group as at the date of disposal.


SUN SANG: Enters Winding up Proceedings
---------------------------------------
Notice is hereby given that a petition for the winding up of Sun
Sang (King Fung) Printing & Dyeing Company Limited by the High
Court of Hong Kong was on June 23, 2004 presented to the said
Court by Chan Wai Lap of 5/F., 54 Pitt Street, Yau Ma Tei,
Kowloon, Hong Kong.

The said petition is scheduled before the Court at 9:30 a.m. on
the 4th 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 of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention 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.


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


BANK NIAGA: Posts 42% Profit Hike in H1
---------------------------------------
Crediting strong margins amid falling interest rates,
Indonesia's PT Bank Niaga Tbk announced on Monday that it has
posted for the first half a 42-percent increase in net profit
from a year ago, Reuters reports.

Niaga president director Peter Stok affirmed the medium-sized
bank reaped an IDR301.9 billion profit in the first half of the
fiscal year. The bank also saw a 60-percent increase in its net
interest income to IDR701.6 billion (USD77.23 million), and
reported a 6.2 percent net interest margin as of June, a slight
increase from the 4.3 percent it posted for the same month in
2003.

Malaysia's second-biggest lender, Commerce Asset-Holding Bhd,
holds 52.8 percent of Bank Niaga.

CONTACT:

PT Bank Niaga Tbk
Graha Niaga
Jl. Jend. Sudirman Kav. 58
Jakarta 12190, Indonesia  
Phone : (62-21) 250 5151, 250 5252, 25
Fax : (62-21) 250 5205
www.bankniaga.com


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


MITSUBISHI MOTORS: To Drop Three Car Models
-------------------------------------------
As part of its cost-cutting measures, scandal-plagued Mitsubishi
Motors Corporation (MMC) plans to drop three Japan-made vehicles
from its US line-up, Channel News Asia reports, citing
Automotive News magazine.

By the end of the current model year, the Japanese automaker
will scrap its Diamante sedan and mid-sized Montero Sport. The
full-sized Montero SUV will be eliminated at the end of the 2006
model year, as the company lacks funds to upgrade the big
Montero to meet new safety and emission standards.

The firm has also cancelled plans to get new engines supplied by
a joint parts venture with Hyundai and the Chrysler Group for
Mitsubishi's Galant Sedan and redesigned Outlander Crossover
vehicles.

Mitsubishi suffered heavy losses of US$2 billion for the fiscal
year ended March 31, and is not expected to recover until 2007.

Meanwhile, sales from its US unit plummeted 26 percent last year
and throughout the first half of 2004.

Last week, MMC made public its plan to slash some 1,200 jobs at
its sole US plant in line with its plant volume adjustment.

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: Toyota May Support Okazaki Plant Suppliers
-------------------------------------------------------------
Some 20 suppliers of Mitsubishi Motors' Okazaki plant in Aichi
Prefecture will receive support from Toyota Motor Corporation,
Japan Today reports, citing Kyodo News.

Toyota Motor Corporation president Fujio Cho unveiled Monday the
firm's plan to support 20 suppliers, which will be affected by
the proposed closure of the Okazaki plant under Mitsubishi's
revival scheme.

Toyota, which had earlier agreed to hire 400 workers from the
plant, will expand business with the said suppliers as the
automaker already had previous dealings with half of them.


SOJITZ HOLDINGS: S&P Revises Status From Negative to Developing
---------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch
status to developing from negative on its 'CCC' long-term
corporate and 'B+' senior unsecured bond ratings on Sojitz Corp.
The action follows Sojitz' announcement of a new business plan
on July 23, 2004.

The ratings on Sojitz were placed on CreditWatch on June 8,
2004.

CreditWatch with developing implications means the ratings on
Sojitz could be revised downward or upward, with the latter
depending on the impact of the new plan, including a capital
increase, in strengthening Sojitz' financial profile. In
addition, the new plan does not appear to indicate any debt
forgiveness or a debt-for-equity swap on Sojitz's debt
obligations, although some uncertainty remains.

The new restructuring plan, which aims to accelerate the
measures contained in the original business plan announced in
2003, includes a review and disposal of assets and debt
reduction. The strengthening of Sojitz' financial profile
depends on future asset disposals and the size of the capital
increase. The capital increase could also lead to an upward
revision of the rating on the company's bond issues.

In addition, the long-term corporate rating on the company could
be raised if the likelihood that creditor banks will support
debt forgiveness or debt-for-equity swaps is reduced.

Full details of the plan, including measures to raise Sojitz'
capital, are not yet clear. Sojitz intends to announce details
of the restructuring plan in early September. The CreditWatch
status will be resolved after Standard & Poor's completes its
assessment of the capital raising measures and the feasibility
of Sojitz' restructuring plan.

A Japanese version of this media release is available on
Standard & Poor's CreditWire Japan via Bloomberg Professional.

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at www.ratingsdirect.com.

All ratings affected by this rating action can be found on
Standard & Poor's public Web site at www.standardandpoors.com.

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


SAPPORO HOLDINGS: To Post Profit After Four Years
-------------------------------------------------
Aided by brisk sales of its Draft One drink, Japan's third
largest brewery Sapporo Holdings Ltd. expects to post a profit
for the first half of the fiscal year, the first time in four
years.

According to Japan Today, the giant brewer sees a JPY2.7 billion
profit in the period ending June 30, swinging its group net
balance back into the black and offsetting the JPY6.4 billion
loss forecasted on February 20.

CONTACT:

Sapporo Holdings Limited
Yebisu Garden Place, 20-1,
Ebisu 4-chome, Shibuya-ku,
Tokyo 150-8522,
Japan
www.sapporoholdings.jp


UFJ HOLDINGS: MTFG To Seek Aid For UFJ From Sister Firms
--------------------------------------------------------
Mitsubishi Tokyo Financial Group Inc. (MTFG) may ask other firms
in the Mitsubishi group to extend financial support to UFJ
Holdings, which it had recently agreed to acquire, Bloomberg
reports, citing Financial Times.

MTFG plans to ask other Mitsubishi firms to purchase a portion
of the JPY1.4 trillion (US$12.7 billion) worth of UFJ's
preferred shares the Japanese government bought in the late
1990s to bail out Osaka-based UFJ.

The financial company, which has set its merger date with UFJ
Holdings Inc. to October 1, 2005, plans to return the public
funds the government infused in UFJ to ensure the merged bank is
free from state control.

However, reports claimed that the Mitsubishi Group, which has
also been asked to rescue the scandal-ridden Mitsubishi Motors
Corporation, might oppose MTFG's proposal.

CONTACT:

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


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


KOOKMIN BANK: To Sign Forex Deal With China Bank
------------------------------------------------
Customers at Kookmin Bank will be able to withdraw yuan from
China Construction Bank branches as soon as the two lenders sign
a foreign exchange agreement, JoonAng Daily reports.

The arrangement may be expanded to include advising on import
and export documents for each bank's corporate customers and
other services.

The deal with China Construction may help Kookmin catch up with
other Korean rivals in China, such as Woori Bank and Hana Bank,
both of which are boosting branches in China. Kookmin does not
have any branches in the world's most populous nation.  

CONTACT:

Kookmin Bank
9-1 Namdaemoonro 2-ga
Chung-gu, Seoul 100-092
KOREA (SOUTH)
Tel: +82 2 317 2114
Tel: +82 2 776 5637


KOOKMIN BANK: Puts Aside KRW250B Extra Provisions
-------------------------------------------------
Kookmin Bank has set aside additional provisions of KRW250
billion in its first-half income statement in the wake of an
accounting probe by the Financial Supervisory Service (FSS), Dow
Jones Newswires reports.

The FSS conducted a regular inspection on Kookmin Bank earlier
this year. During the inspection, the FSS and Kookmin Bank
differed on some accounting estimates related to the bank's
provisioning strategy.

"The FSS saw some items needed more provisions, but it doesn't
mean that Kookmin Bank has violated accounting rules," said a
spokesman for the bank. "Although the result of the inspection
hasn't been released yet, the FSS could suggest that the bank
needs additional provisions, so we decided to adopt a
conservative provisioning strategy and reflected extra
provisions in the first half."

The FSS is expected to announce the result of the probe next
month.


SSANGYONG MOTOR: Shanghai Auto Signs MOU to Buy Automaker
---------------------------------------------------------
Shanghai Automotive Industry Corporation (SAIC) has signed on
Tuesday a memorandum of understanding (MOU) to purchase
Ssangyong Motor Co., Xinhuanet reports.

Under the MOU, SAIC was chosen as the exclusive preferred buyer
to purchase 48.9 percent shares of Ssangyong Motor.

Both parties will conduct further investigation and negotiation,
and if they agreed with conditions proposed by each other, they
will finally sign the definitive agreements on September or
October, according to SAIC President Hu Maoyuan.

The takeover will make SAIC the biggest shareholder of Ssangyong
Motors.

CONTACT:

Ssangyong Motor Company Limited
150-3 ChilgoE-dong
Pyeongtaek-si, Kyonggi 459-711
KOREA (SOUTH)
Tel: +82 31 610 1114
Tel: +82 31 610 3739


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


ANTAH HOLDINGS: Issues Default Status Update
--------------------------------------------
Antah Holdings Berhad, in a notice posted with the Bursa
Malaysia on 26 July 2004, announced there are no further
development of the default in payments of the various credit
facilities to the financial institutions and non-financial
institutions.

However, the Company has announced a Proposed Debt Restructuring
Scheme on 16 July 2004 to resolve the current default in
payments to financial and non-financial creditors.

CONTACT:

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

This Bursa Malaysia announcement is dated 26 July 2004.


FABER GROUP: Appoints Independent Auditor
-----------------------------------------
Reference is made to the announcement dated 28 May 2004 in
relation to the proposed restructuring scheme of Faber Group
Berhad.

As stated in the Bursa Malaysia announcement, the Securities
Commission (SC) had on 27 May 2004 approved the Proposed
Restructuring Scheme subject to the fulfillment of the
conditions imposed by the SC, which include, inter-alia, the
appointment of an independent firm of auditors to conduct an
investigative audit to ascertain the reasons for the losses
incurred by the Faber Group Berhad (FGB Group), within two (2)
months from the date of the SC approval letter.

Pursuant to the above, the Company wishes to announce that,
Messrs. Monteiro & Heng, Chartered Accountants had been
appointed as the Independent Auditor to carry out the said
investigative audit. The investigative audit is to be completed
within six (6) months from the date of appointment of Messrs.
Monteiro & Heng, Chartered Accountants and upon completion, four
(4) copies of the investigative audit report will be submitted
to the SC and an announcement made on the results of the audit.

Hereinafter collectively referred to as the "Proposed
Restructuring Scheme"

(i) Proposed transfer of Hotel Merlin Kuantan Sdn Bhd, Mersing
Merlin Inn Sdn Bhd, Faber Kompleks Sdn Bhd, Merlin Labuan Sdn
Bhd, Subang Jaya Hotel Development Sdn Bhd, Langkawi Island
Resort Sdn Bhd, Hotel Merlin Cameron Highlands Bhd, Merlin Inn
Johor Bahru Sdn Bhd, Faber Plaza Sdn Bhd, Faber Centre Sdn Bhd,
Sungai Petani Land, Tower Block Land and Faber Towers to Jeram
Bintang Sdn Bhd (JBSB) and its wholly-owned subsidiary, Canggih
Pesaka Sdn Bhd for a cash consideration of RM1.00;

(ii) Proposed waiver of the accreted yield on Redeemable
Convertible Secured Zero Coupon 2000/2005 Bonds (RCSB) amounting
to RM250.894 million from the date of issuance to 10 April 2003
(being the date on which the RCSB Bondholders approved the
termination of further accrual of yield on the RCSB);

(iii) Proposed novation of liability amounting to RM929.460
million under the RCSB and proposed issuance of RM985.611
million of Non Convertible Redeemable Secured Zero Coupon
2004/2012 Bonds (JBSB Bonds);

(iv) Proposed issuance of RM200.0 million nominal value of
Redeemable Convertible Preference Shares of RM1.00 each and up
to RM185.528 million nominal value of Redeemable Secured Loan
Stock (RSLS) to JBSB comprising of RM135.564 million nominal
value of RSLS to be issued and 4% coupon compounded annually up
to maturity amounting up to RM49.964 million nominal value
payable in the form of RSLS (with consequential amendments to
the Memorandum and Articles of Association);

(v) Proposed acknowledgement of debt and settlement of the
balance sum amounting to RM51.442 million;

(vi) Proposed management and maintenance arrangements between
JBSB and its subsidiary with FGB; and

(vii) Proposed settlement by JBSB of the JBSB Bonds

CONTACT:

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

This announcement is dated 26 July 2004.


GADANG HOLDINGS: Issues Additional 1M Ordinary Shares
-----------------------------------------------------
Gadang Holdings Berhad's additional 1,000,000 new ordinary
shares of RM1.00 each issued pursuant to the conversion of
RM1,000,000 nominal value of 2 percent 2003/2008 irredeemable
convertible unsecured loan stocks into 1,000,000 new ordinary
shares will be granted listing and quotation with effect from
9.00 a.m., Wednesday, 28 July 2004.

CONTACT:

Gadang Holdings Berhad
Wisma Gadang
52, Jalan Tago 2
Off Jalan Persiaran Utama
Sri Damansara
52200 Kuala Lumpur
Tel: 03-6275 6888
Fax: 03-6275 2136

This Bursa Malaysia announcement is dated 26 July.


GULA PERAK: Issues Additional 53,700 Ordinary Shares
----------------------------------------------------
Gula Perak Berhad's additional 53,700 new ordinary shares of
RM1.00 each issued pursuant to the conversion of 53,700
irredeemable convertible secured loan stocks into 53,700 new
ordinary shares was granted listing and quotation on 27 July
2004.

CONTACT:

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

This Bursa Malaysia announcement is dated 26 July 2004.


HOTLINE FURNITURE: SC Extends Investigative Audit Until Nov 21
--------------------------------------------------------------
Messrs PKF, being the appointed investigative auditor to carry
out an investigative audit on the past losses of Hotline
Furniture Berhad (HFB) and its group of companies pursuant to
one of the conditions imposed on HFB by the Securities
Commission (SC) on the Restructuring Scheme of HFB, had on 20
May 2004, submitted an application to the SC for an extension of
time until 21 November 2004 to complete the investigative audit
(Application).

Pursuant thereto, Public Merchant Bank Berhad, on behalf of the
Board of Mahajaya Berhad and Hotline Furniture Berhad (HFB), is
pleased to inform that the SC had vide its letter dated 22 July
2004, approved the Application.

This Bursa Malaysia announcement is dated 26 July 2004.


LANDMARKS BERHAD: Issues Notice of Book Closure
-----------------------------------------------
The Board of Directors of Landmarks Berhad announced that the
first and final dividend of 1.5%, less tax, in respect of the
financial year ended 31 December 2003, will be paid on 10
September 2004 to shareholders whose names appear in the Records
of Depositors on 16 August 2004.

In a notice posted with the Bursa Malaysia on 26 July 2004, the
Records of Depositors of the Company will be closed at 5.00 p.m.
on 16 August 2004 for the purpose of determining shareholders'
entitlement to the dividend.

A depositor shall qualify for entitlement only in respect of:

(a) Shares deposited into the depositor's securities account
before 12.30 p.m. on 12 August 2004 (in respect of shares which
are exempted from mandatory deposit);

(b) Shares transferred into the depositor's securities account
before 4.00 p.m. on 16 August 2004 in respect of ordinary
transfers;

(c) Shares bought on the Bursa Malaysia Securities Berhad on a
cum entitlement basis according to the rules of the Bursa
Malaysia Securities Berhad.

Shareholders are reminded that pursuant to the Securities
Industry (Central Depositors) (Amendment) (No. 2) Act, 1998
which came into force on 1 November, 1998, all shares not
deposited with Malaysian Central Depository Sdn Bhd by 12.30
p.m. on 1 December, 1998 and not exempted from mandatory
deposit, have been transferred to the Minister of Finance. Only
persons who have appealed to the Minister of Finance (31 May,
2000 being the extended period of appeal granted by the Minister
of Finance) and have their appeals approved and their shares
credited into their CDS account before the date of the last day
of filing (16 August 2004) will be entitled to receive the first
and final dividend.

BY ORDER OF THE BOARD
Megat Al Bakry Megat Ismail
Lim Yew Heang        
Secretaries       
26 July 2004     

CONTACT:

Landmarks Berhad
Tingkat 7, Bangunan A
Peremba Square, Saujana Resort
Seksyen U2
40150 Shah Alam,
Selangor
Tel: 03-7622 0088
Fax: 03-7622 0099


MAXIS COMMUNICATIONS: Issues Additional 660,000 Ordinary Shares
---------------------------------------------------------------
Maxis Communications Berhad's additional 660,000 new ordinary
shares of RM0.10 each issued pursuant to the employees share
option scheme were granted listing and quotation on 27 July
2004.

CONTACT:

Maxis Communications Berhad
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Tel: 03-23307000
Fax: 03-23300590
Website: http://www.maxis.com.my

This Bursa Malaysia announcement is dated 26 July 2004.


MECHMAR CORPORATION: Bursa Malaysia OKs Listing of Shares
---------------------------------------------------------
RHB Sakura Merchant Bankers Berhad refers to the announcement
made on behalf of MechMar Corporation (Malaysia) Berhad on 13
May 2004 in relation to the proposed establishment of a new
employees' share option scheme (Proposed ESOS) ESOS.

On behalf of the Board of Directors of MechMar, RHB Sakura
announced that Bursa Malaysia Securities Berhad (formerly known
as Malaysia Securities Exchange Berhad) had vide its letter
dated 26 July 2004 granted its approval-in-principle for the
listing of such number of new ordinary shares of RM1.00 each to
be issued pursuant to the exercise of options under the Proposed
ESOS representing up to 15% of the issued and paid-up share
capital of the Company at any point in time during the duration
of the Proposed ESOS.

This Bursa Malaysia announcement is dated 26 July 2004.

CONTACT:

Mechmar Corporation (M) Berhad
No. 1 Jalan Perunding
U1/17 Seksyen U1
Hicom Glenmarie Industrial Park
40150 Shah Alam
Tel: 03-5569 2828
Fax: 03-5519 1316


NALURI BERHAD: Resets Court Hearing to September 9
--------------------------------------------------
Aseambankers Malaysia Berhad refers to the announcement on
behalf of Naluri Berhad (Special Administrators Appointed) on 28
June 2004 in relation to, inter alia, the Originating Summons
and Affidavit, which were served on Naluri and the Special
Administrators of Naluri as co-defendants.

Naluri announced that the hearing in relation to the Originating
Summons No. 08-24-157-2004 which had been fixed for 10 August
2004 has been postponed to 9 September 2004.

This Bursa Malaysia announcement is dated 26 July 2004.

CONTACT:

Naluri Berhad
8th Floor, Menara TR
161B, Jalan Ampang
50450 Kuala Lumpur
Tel: 03-21620878
Fax: 03-21620676


PANTAI HOLDINGS: Releases Notice of Shares Buy Back
---------------------------------------------------
Pantai Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad the details of its shares buy-back dated July 26, 2004.

Date of buy back: 26/07/2004

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

Total number of shares purchased (units): 35,100

Minimum price paid for each share purchased (RM): 0.905

Maximum price paid for each share purchased (RM): 0.920

Total consideration paid (RM): 32,316.20

Number of shares purchased retained in treasury (units): 35,100

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

Cumulative net outstanding treasury shares as at to-date units):
21,008,600

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

CONTACT:

Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Centre
No. 8 Jalan Bukit Pantai
59100 Kuala Lumpur
Tel: 03-22879822
Fax: 03-22873822
Web site: http://www.pantai.com.my/


PANTAI HOLDINGS: Unit Enters JV With Al-Sharif Group
----------------------------------------------------
The Board of Directors of Pantai Holdings Berhad (PHB) announced
that Pantai Medivest Sdn Bhd (PMSB), a wholly-owned subsidiary
of PHB, has entered into a Joint Venture Agreement (JVA) with
Al-Sharif Group For Investment & Development (Al-Sharif Group)
for the purpose of exploring business opportunities in the areas
of healthcare in the Kingdom of Saudi Arabia and other Middle
East countries, particularly in the provision of services
relating to clinical waste management, linen and laundry,
cleansing, facilities engineering management and biomedical
engineering management as well as other healthcare related
consultancy services.

A new company with an authorized capital of Saudi Riyal One
Million (SR 1,000,000) (Newco) (SR1.00 = RM1.03 approximately)
shall be incorporated in accordance with the rules and
guidelines of the Saudi Arabia General Investment Authority and
under appropriate foreign investment laws, as the vehicle for
the joint venture. The Newco will have an initial paid-up
capital of Saudi Riyal Ten Thousand (SR 10,000) of which 49%
equity shall be held by PMSB whilst the remainder of 51% shall
be held by Al-Sharif Group.

The joint venture will not have any material impact on the
Group's earnings for the financial year ending 30 June 2005.

None of the Directors or substantial shareholders of PHB or
persons connected to them have any interests, direct or
indirect, in the joint venture.

The JVA is not subject to the approval of the shareholders of
PHB or any authorities.


SELANGOR DREDGING: Issues Notice of Dividend Payment
----------------------------------------------------
Subject to the approval of the shareholders at the Annual
General Meeting on 18 August 2004, a First and Final Dividend of
2% less tax at 28% will be paid on 15 September 2004 to all
shareholders whose names appear in the Record of Depositors and
the Register of Members of the Company at the close of business
on 25 August 2004.

A Depositor shall qualify for entitlement to the dividend only
in respect of:

(a) Shares transferred into the Depositor's Securities Account
on or before 4.00 pm on 25 August 2004 in respect of transfers;
and

(b) Shares bought on the Bursa Malaysia Securities Berhad on a
cum entitlement basis according to the rules of the Bursa
Malaysia Securities Berhad.

Notes:

(i) A member of the Company entitled to attend and vote at this
meeting is entitled to appoint a proxy or proxies to attend and
vote instead of him. A proxy need not be a member of the Company
and the provisions of Section 149(1)(b) of the Companies Act,
1965 shall not apply.

(ii) A member of the Company may appoint not more than two
proxies to attend at the same meeting. Where the Member of the
Company appoints two proxies, the appointment shall be invalid
unless the Member specifies the proportion of his shareholding
to be represented by each proxy.

(iii) A member of the Company who is an authorized nominee as
defined under the Securities Industry (Central Depositories) Act
1991 can appoint at least one proxy in respect of each
securities account it holds with ordinary shares of the Company
standing to the credit of the said securities account.

(iv) The instrument appointing a proxy shall be in writing under
the hand of the appointer or of his attorney duly authorized in
writing or, if the appointer is a corporation, either under seal
or under the hand of an officer or attorney duly authorized.

(v) The instrument appointing a proxy and the power of attorney
or other authority, if any, which is signed or notarially
certified copy of that power of authority, shall be deposited at
the Registered Office of the Company, Wisma Selangor Dredging,
Tingkat 18, West Block, 142-C, Jalan Ampang, 50450 Kuala Lumpur,
not less than forty-eight hours before the time appointed for
holding the Meeting or adjourned meeting.

Explanatory Notes to Special Business:

Resolution 7

The resolution 7, if passed, will renew the powers given to the
Directors at the last Annual General Meeting authority to issue
up to ten percentum (10%) of the issued share capital of the
Company for the time being for such purposes as the Directors
consider would be in the best interests of the Company. The
authority, unless revoked or varied at a general meeting, will
expire at the next Annual General Meeting of the Company.

This Bursa Malaysia announcement is dated 27 July 2004.

CONTACT:

Selangor Dredging Berhad
Tingkat 18, West Block
Wisma Selangor Dredging
142-C Jalan Ampang
50450 Kuala Lumpur
Tel: 03-21613377
Fax: 03-21616651
Web site: http://www.sdb.com.my


SELANGOR DREDGING: 43rd AGM Set for August 18
---------------------------------------------
Notice is hereby given that the forty-third annual general
meeting of Selangor Dredging Berhad will be held at the
Ballroom, Hotel Grand Maya, 138, Jalan Ampang, 50450 Kuala
Lumpur on Wednesday, 18 August 2004 at 9 a.m. for the following
purposes:

(1) To receive and consider the Financial Statements for the
year ended 31 March 2004 and the Directors' and Auditors'
Reports thereon. (Resolution 1)

(2) To approve the payment of a First and Final Dividend of 2%
(2003: 2%) less tax at 28% for the year ended 31 March 2004.
(Resolution 2)

(3) To approve the payment of Directors' Fees amounting to
RM128,000 (2003 : RM135,500) for the year ended 31 March 2004.
(Resolution 3)

(4) To re-elect Ms. Teh Lip Pink as Director who retires
pursuant to Article 79 of the Company's Articles of Association.
(Resolution 4)

(5) To re-elect Mr. Tee Keng Hoon as Director who retires
pursuant to Article 87 of the Company's Articles of Association.
(Resolution 5)

(6) To re-appoint Messrs Moores Rowland, the retiring Auditors
and to authorize the Directors to fix their remuneration.
(Resolution 6)

AS SPECIAL BUSINESS

(7) To consider and if thought fit, to pass the following
resolution as an Ordinary Resolution:

AUTHORITY PURSUANT TO SECTION 132D OF THE COMPANIES ACT, 1965
"THAT, subject always to the Companies Act, 1965 and the
approvals of the relevant governmental and/or regulatory
authorities, the Directors be and are hereby empowered, pursuant
to Section 132D of the Companies Act, 1965, to issue shares in
the Company from time to time at such price, upon such terms and
to such person/persons or party/parties whomsoever the Directors
may deem fit provided that the aggregate number of shares issued
pursuant to this resolution does not exceed 10% of the issued
share capital of the Company for the time being, and that such
authority shall continue in force until the conclusion of the
next Annual General Meeting". (Resolution 7)

(8) To transact any other business which due notice shall have
been given in accordance with the Companies Act, 1965.

By Order of the Board
Ms. Nandita K K Choudhury
Ms. Yeow Poh Ching
Secretaries
Kuala Lumpur
27 July 2004


TANJONG PUBLIC: Unveils Share Option Scheme
-------------------------------------------
Tanjong Public Ltd's additional 125,000 new ordinary shares of
7.5 pence each issued pursuant to the employees' share option
scheme was granted listing and quotation on 27 July 2004.

CONTACT:

Tanjong Public Limited Company
The Registry
34 Beckenham Road
Beckenham, Kent BR3 4TU
England
Tel: 020 863 92000
Fax: 020 865 83430

Principal Office in Malaysia
Level 30, Menara Maxis
Kuala Lumpur City Centre
50088 Kuala Lumpur
Tel: 03-23813388
Fax: 03-23813399

This Bursa Malaysia announcement is dated 27 July 2004.


WOO HING: Discloses Amendment of 2003 Annual Report
---------------------------------------------------
Woo Hing Brothers (Malaya) Berhad announced to its shareholders
that there is an amendment to the 2003 Annual Report as follows:

Chairman Statement By The Special Administrators (Page 8 of the
Annual Report) Under the "Financial Performance",

"For the year under review, the Group recorded revenue of RM10.7
million, a reduction of RM4.9 million as compared to the
preceding financial year of RM15.6 million. However, the Group's
current post tax loss of RM9.5 million is significantly lower as
compared to the preceding financial year of RM56.6 million. The
reduction of the post tax loss is mainly attributable to the
waiver of debts by payables of RM1.6 million, waiver of
interests charge on term loans of RM 5.2 million, waiver of
interests charge on bank overdrafts of RM4.4 million, waiver of
interests charge on revolving credits of RM4.3 million,
impairment loss on property, and plant and equipment written
back of RM2 million being partially reduced by loss on disposal
of property, plant and equipment of RM4.6 million and allowance
for doubtful debts of trade and non-trade receivable of RM1.3
million made during the financial year."

Should be read as,

"For the year under review, the Group recorded revenue of RM0.7
million, a reduction of RM10.0 million as compared to the
preceding financial year of RM10.7 million. This is due to the
completion of the sale of the Company's core business in the
retailing/wholesaling of watches to Tema Anggun Sdn Bhd on 1
April 2003.

However, the Group's post tax profit of RM4.3 million as
compared to the preceding financial year post tax loss of RM9.5
million is mainly attributable to the waiver of debts by
payables of RM1.6 million, waiver of interests charge on term
loans of RM 5.2 million, waiver of interests charge on bank
overdrafts of RM4.4 million, waiver of interests charge on
revolving credits of RM4.3 million, impairment loss on property,
and plant and equipment written back of RM2 million being
partially reduced by loss on disposal of property, plant and
equipment of RM4.6 million and allowance for doubtful debts of
trade and non-trade receivable of RM1.3 million made during the
financial year."

The errors in the 2003 Annual Report are regretted.

Yours faithfully
Heng Ji Keng
Special Administrator of
Woo Hing Brothers (Malaya) Berhad
July 23 Press release

CONTACT:

Woo Hing Brothers (Malaya) Berhad
Lot B1, Blok B
1st Floor, KL Plaza
179, Jalan Bukit Bintang
55100 Kuala Lumpur
Tel: 03-21441233
Fax: 03-21422228
Web site: http://www.woohing.com.my


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


BAYAN TELECOMMUNICATIONS: Public Offer on the Way After Rehab
-------------------------------------------------------------
Bayan Telecommunications Inc. (BayanTel) plans to go public once
its debt-restructuring is completed, BusinessWorld reports.

The completion of the restructuring process would help the telco
build shareholder value and eventually allow it to go public.  
BayanTel is required to go public under its telecom franchise.

According to chief consultant Tunde Fafunwa, BayanTel's listing
of shares would not create a conflict even if the majority
shares are held by the Lopez Group since it is not a subsidiary
of Benpres Holdings Corp.

Mr. Fafunwa added that BayanTel needs image building to attract
investors because of its debt problems.  "We have to create
equity value for our shareholders. The market as a whole do not
understand the quality and success that BayanTel has had," he
said.

Contact:

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


ITTI SHOES: SC Green-lights Caterpillar's Trademark Suit
--------------------------------------------------------
The Supreme Court (SC) has ordered the trial of Itti Shoes owner
Manolo P. Samson for intellectual property infringement,
BusinessWorld reports.

In March 2002, U.S.-based Catterpillar Inc. filed a criminal
complaint against Mr. Samson claiming that the Robinson's
Galleria outlet of Itti Shoes has been selling illegal
Caterpillar products such as shoes, clothes, bags, and
accessories since November 1999. A total of 80 infringement
cases have been filed by Caterpillar against Mr. Samson.

The Caterpillar products sold in the said outlet carried
identical or colorable imitations of authentic Caterpillar
products.  Trademarks, symbols and designs were also used.  The
fake products allegedly manufactured in China were also sold
about the same price as originals at between PHP3,000 and
PHP4,000 per shoe pair.

Caterpillar estimated a US$35-million to US$40-million loss in
the Philippines because of the rampant sale of counterfeit CAT
products. Original Caterpillar products were not sold in local
malls and outlets but only in duty-free shops, the U.S. company
said.

Mr. Samson has claimed that he has the authority to manufacture
Caterpillar products, noting that he registered the Caterpillar
logo with a diamond below the letter A.

Gilbert Reyes, lawyer for Caterpillar, said his client has long
questioned the legality of the registration of this logo and
that the petition for its cancellation has yet to be resolved by
Judge Reynaldo B. Daway. With the Supreme Court decision, Mr.
Daway is expected to proceed with the trial of the case.   

The global licensor of Caterpillar, US firm Wolverine Worldwide,
Inc., has not licensed any of Mr. Samson's companies to
manufacture Caterpillar goods. "As far as Caterpillar is
concerned, we want to proceed with the trial. What Mr. Samson is
doing violates the international commitments of the Philippines
on honoring intellectual property rights," BusinessWorld quoted
Mr. Reyes as saying.


MANILA ELECTRIC: Sets Presentation of 2Q Results on July 29
-----------------------------------------------------------
Manila Electric Co. (Meralco) will be announcing its 2004 Second
Quarter results on July 29, 2004. In connection with this,
Meralco will be conducting an Investor's Briefing on the same
day at 2:00 p.m., this will be held at the:

Basement Mini Theater
Lopez Building, Meralco Theater
Ortigas Avenue, Pasig City

Meralco has also arranged for a simultaneous Conference Call
facility. Details for the Conference Call are:

Conference Call Number: 852 2112 1333
Passcode: Meralco

Contact:

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


NATIONAL HOME: Deutshe Bank Remits $9Mln Sale Proceeds
------------------------------------------------------
Some $9 million in proceeds from National Home Mortgage
Financing Corp.'s (NHMFC) disposal of bad assets have been
endorsed to the government, the Manila Times reports.

Antonio Herbosa, the director for corporate finance of auditing
firm Punongbayan and Araullo, said Deutsche Bank AG's (DB)
representatives led by Morgan Laughlin, head of DB Real Estate
for Non-Japan Asia, are in the Philippines to close the
transaction with NHMFC.

DB Real Estate Global Opportunities agreed to buy in May a 52-
percent interest in the PHP13.4 billion of NHMFC's nonperforming
residential mortgage loans.  "Based on our findings, these
highly delinquent homes amounting to PHP13.4 billion could've
financed four more homes each," Mr. Herbosa said.

A special purpose vehicle was formed to manage the restructuring
and collection of those liabilities.

The Special Purpose Vehicle Act, which was passed last year,
provides incentives for both banks and buyers of their bad
assets. It provides for a five-year availment period for these
incentives, which include tax perks and waiver on various fees.

The loan portfolio includes residential mortgage loans to the
most delinquent borrowers under the defunct Unified Home Lending
Program (ULHP). The loans were originated by NHMFC between 1987
and 1996. Social Security System or Home Development Mutual Fund
borrower-members benefited from the sold loans.

Under the sale structure, NHMFC will retain a 49-percent
interest in the loans through the SPV and a share in the future
loan collection and recovery proceeds.

Deutsche Bank is interested to hire at least 200 employees to
collect and service the delinquent accounts, Mr. Herbosa said.

Mr. Herbosa also said the Deutsche Bank fund has already set up
a hotline to handle borrowers' queries and concerns regarding
the servicing of their accounts.


PHILIPPINE BANK: Releases Revised List of Principal Officers
------------------------------------------------------------
Philippine Bank of Communications (PBCom) submits to the
Philippine Stock Exchange the revised list of principal officers
of the bank.

(A) The following were not nominated and elected/reelected as
the New Members of the Board of Directors who shall serve until
the election and qualification of their successors, namely;

(1) Luy Kim Guan- Honorary Chairman of the Board
(2) Chung Tiong Tay- Chairman of the Board
(3) Ralph Nubia, Jr.- Vice Chairman of the Board
(4) Enrique T. Luy- Vice Chairman of the Board
(5) Isidro C. Alcantara, Jr.- President and CEO
(6) Henry Y. Uy- Director
(7) Carlos Chung Bumsit- Director
(8) Bi Yong So Chungunco- Director
(9) Ernesto T. Luy- Director
(10) Edwin L. Luy- Director
(11) Johnny O. Cobankiat- Independent Director
(12) J. Antonio M. Quila- Independent Director
(13) Ruben D. Almendras- Independent Director
(14) Renato H. Peronilla- Independent Director
(15) Jose Luis S. Javier- Independent Director

(B) The following were elected principal officers of the Bank
namely:

(1) Luy Kim Guan- Honorary Chairman of the Board
(2) Chung Tiong Tay- Chairman of the Board
(3) Ralph Nubla, Jr.- Vice Chairman of the Board
(4) Enrique T. Luy- Vice Chairman of the Board
(5) Isidro C. Alcantara, Jr.- President and CEO
(6) Angel M. Corpus - Treaurer/Executive Vice President
(7) Atty. Edmundo L. Tan-Corporate Secretary
(8) Atty. Janice Ian B. Delfin- Assistant Corporate Secretary

Contact:

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


PHILIPPINE LONG: Issues Additional 6,959 Shares for Listing
-----------------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000 the
application submitted by Philippine Long Distance Telephone Co.
(PLDT) to list additional 1,289,745 common shares, with a par
value of PHP5.00 per share.

In this connection, please be advised that a total of 6,959
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 6,959 common shares is set
for Wednesday, July 28, 2004.  This brings the number of common
shares listed under the ESOP to a total of 134,482 common
shares.

The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.

Contact:

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


PILIPINO TELEPHONE: Updates Issuance of Preferred-K Shares
----------------------------------------------------------
Pilipino Telephone Corp. (Piltel) issued to the Philippine Stock
Exchange an update in relation to the issuance of 820,250,000
shares to cover the conversion of 4,825,000 Class A Series K
convertible preferred shares (Preferred K shares) held by Smart
Communications Inc. at a conversion ratio of 170:1.

Considering that this issuance represents 32.7 percent of the
total outstanding shares of common stock of Piltel, please be
informed that the Revised Rule on Additional Listing of Shares
may be applied to the said transaction.

In this connection and in compliance with Section 4 of the
Revised Rule on Additional Listing of Shares, Piltel submitted
on July 26, 2004, the attached Comprehensive Corporate
Disclosure on the details of the transaction including not
limited but to the:

(a) Acquisition by Smart of 59,292,720 Class 1 Series K
Convertible Preferred shares of stock of Piltel.

(b) Creation of the Class 1 Series K Convertible Preferred
shares of Piltel and the Issuance of the Preferred-K shares;

(c) Conversion of 4,825,000 Preferred K-shares;

(d) Aggregate Value of the Preferred-K shares and the Basis of
its Issue Value;

(e) Audited Financial Statements of Smart;

(f) Confirmation of Smart's Resulting Ownership of Piltel

(g) Confirmation of the objective of the issuance and conversion
of the Preferred K shares to consolidate all group-wide wireless
telecommunications results of the PLDT group under Smart;

(h) Summary of the Major Terms and Conditions of the Agreements
between Smart and Piltel Creditors; and

(i) Interest of Directors.

For more information, click
http://bankrupt.com/misc/piltel072704.pdf

Contact:

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


* S&P Says Philippines Likely to Reach 4.2% Deficit Target
----------------------------------------------------------
Standard & Poor's Ratings Services said on Friday that the
Philippine government's (foreign currency BB/Stable/B; local
currency BBB/Stable/A-3) half year fiscal performance shows only
moderate slippage, and that this increases the odds of the
government meeting the current year's deficit target of 4.2
percent of GDP.

Nevertheless, achievements attained so far still fall short of
addressing concrete fiscal consolidation.

Budget figures published by the Philippine Department of Finance
on first-half fiscal performance show a deficit of Philippine
peso (PHP) 80.1 billion (US$1.4 billion), slightly above the
targeted PHP79.6 billion, and at 40.4 percent of the full-year
target of PHP197.8 billion.

While risks remain primarily on the expenditure side, it
increases hopes of the administration meeting its deficit target
for a second year in a row, after the 2003 central government
fiscal deficit of 4.6 percent of GDP beat its 4.7 percent
target.

Although the deficit targets are less than ambitious,
maintaining the direction of fiscal consolidation is essential
to sustain investor confidence, and that of external creditors,
on whom public finances have become progressively more reliant.

The revenue effort-which has been the perennial weak spot of
government finances-continued to improve modestly in the first
half, coming in 3.1 percent above target, and 12.4 percent
higher than in the same period of 2003. This, however, masks
continued shortfalls by the Bureau of Internal Revenue (which
contributes about 80 percent of total revenues) with first-half
collection PHP5.5 billion below target, highlighting the need to
push ahead with tax initiatives and proposed reforms of the
agency.

On the expenditure side, the overrun was limited to a relatively
modest 2.6 percent against target, despite the risk of excess
spending related to the May elections. This was owed mostly to
meeting disbursement plans for personal services (the largest
expense item in the budget), and less-than-anticipated interest
expense owing to lower-than-budgeted interest rates and lower
net borrowing.

Standard & Poor's believes that on balance the chances of
meeting the official deficit target of 4.2 percent of GDP have
improved, but that downside risks to that outcome remain,
stemming primarily from the expenditure side. Interest expenses,
which are close to 30 percent of total expenditure (and about 38
percent of revenues), remain susceptible to rising interest
rates and to adverse changes in the peso exchange rate. These
effects could negate the likely benign influences on revenues
from strong nominal GDP growth, rising external trade, and
improvements from recent administrative measures.


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


INFORMATICS HOLDINGS: Legal Implications Hold Back PwC Report
-------------------------------------------------------------
Troubled education provider Informatics Holdings Limited said
Monday it withheld some details of the financial report drawn up
by PricewaterhouseCoopers (PwC) on its accounting mishaps due to
possible "serious legal ramifications", Business Times reveals.
PwC had been commissioned by Informatics' audit committee to
look into the accounting irregularities for the nine months
ended Dec 31.

In a meeting with the Securities Investors Association of
Singapore (Sias), Informatics legal adviser Adrian Chan
explained, "In releasing the report in its entirety, the
ramification, on individuals as well as the company as a whole,
will not be in the company's best interest."

Sias president David Gerald accepted the explanation but noted
that they have not come up with "any definite conclusions as to
culpability."

Last week, Informatics released a report which only provided
highlights deemed important to shareholders. Full copies of the
report have been sent to the authorities.

Meanwhile, newly-appointed CEO Michael Teng, who took over from
Ong Boon Kheng who quit in June, is optimistic about the
company's prospects despite the current issues.


CONTACT:

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


JAPANESE CALC: Winding Up Hearing Set August 6
----------------------------------------------
Notice is hereby given that a Petition for the winding up of
Japanese CALC Pte Ltd (formerly Duranzo Trading) by the High
Court was on the 9th day of July 2004 presented by Nacom Societe
Anonyme Holding (Luxembourg RC no. RCS Luxembourg B number
61295), a company incorporated under the laws of Singapore and
having its registered office at 30, Boulevard Joseph II, L-1840
Luxembourg, the creditors.

The said Petition is scheduled before the Court sitting at
Singapore at 10:00 o'clock in the forenoon, on the 6th day of
August 2004.

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

The Petitioner's address is 30, Boulevard Joseph II, L-1840
Luxembourg.

The Petitioner's solicitors are Messrs ANG & PARTNERS, 150 Beach
Road,
#32-00 The Gateway West, Singapore 189720.

Messrs Ang & Partners
Solicitors for the Petitioner.

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the above named Messrs
Ang & Partners, notice in writing of his intention so to do. The
notice must state the name and address of the person, or, if a
firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the above named not later than twelve o'clock noon
of the 5th day of August 2004 (the day before the day appointed
for the hearing of the Petition).


LAKESHIRE HOLDINGS: Creditors To Prove Debts on August 23
---------------------------------------------------------
Notice is given that the creditors of Lakeshire Holdings Pte
Ltd, which is being wound up voluntarily are required on or
before the 23rd day of August 2004 to send in their names and
addresses and particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the
undersigned, the Liquidators of the said Company and, if so
required by notice in writing by the said Liquidators are, by
their solicitors or personally, to come in and prove their 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 made before such debts are proved.

Chee Yoh Chuang
Lim Lee Meng
Liquidators.
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.


MANDARIN CALC: Winding Up Hearing Slated August 6
-------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Mandarin CALC Pte Ltd (formerly Salfas Trading Pte Ltd) by the
High Court was on the 9th day of July 2004 presented by NACOM
SOCIETE ANONYME HOLDING (Luxembourg RC no. RCS Luxembourg B
number 61295), a company incorporated under the laws of
Singapore and having its registered office at 30, Boulevard
Joseph II, L-1840 Luxembourg, the creditors.

The said Petition is scheduled before the Court sitting at
Singapore at 10:00 o'clock in the forenoon, on the 6th day of
August 2004.

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

The Petitioner's address is 30, Boulevard Joseph II, L-1840
Luxembourg.

The Petitioner's solicitors are Messrs ANG & PARTNERS, 150 Beach
Road,
#32-00 The Gateway West, Singapore 189720.

Messrs ANG & PARTNERS
Solicitors for the Petitioner.

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the above named Messrs
ANG & PARTNERS, notice in writing of his intention so to do. The
notice must state the name and address of the person, or, if a
firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the above named not later than twelve o'clock noon
of the 5th day of August 2004 (the day before the day appointed
for the hearing of the Petition).


MILLENIUM-WESTMONT PRIVATE: Releases Intended Dividend Notice
-------------------------------------------------------------
Millenium-Westmont Pte Ltd., issues Notice of Intended Dividend.

Registered Office: 16 Raffles Quay
#14-02 Hong Leong Building
Singapore 048581.

Court: High Court of Singapore.

Number of Matter: No. 241 of 1998.

Last Day for Receiving Proofs: 9th August 2004.

Name of Liquidators: Ong Yew Huat and Fang Ai Lian.

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

This Singapore Government announcement is dated July 23, 2004.


MYCOBIOTECH LIMITED: Enters Winding Up Proceedings
--------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Mycobiotech Limited (formerly Mycobiotech Private Limited) by
the High Court was, on July 15, 2004, presented by Templar
Investments Limited of Saffrey Square, Suite 205, Bank Lane, PO
Box N-8188 Nassau, Bahamas, creditors.

The said Petition is scheduled before the Court sitting at 10.00
o'clock in the forenoon on August 6, 2004.

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

The Petitioners' address is Saffrey Square, Suite 205, Bank
Lane, PO Box N-8188 Nassau, Bahamas.

The Petitioners' Solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620.

Drew & Napier, LLC
Solicitors for the Petitioners.

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
Drew & Napier LLC a notice in writing of his intention to do so.
The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their Solicitors (if any) and must
be served, or if posted must be sent by post in sufficient time
to reach the above named, not later than twelve o'clock noon of
the 5th day of August 2004.


MYHOME FURNITURE: Court Hears Winding Up Petition
-------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Myhome Furniture & design Pte Ltd by the High Court was, July
15, 2004, presented by the Petitioner KOK YUEN FUN DORIS of 168A
Queensway #16-242, Singapore 140168.

The said Petition is directed to be heard before the Court
sitting at the High Court in Singapore at 10.00 a.m. on August
6, 2004.

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

The Petitioner's address is at 168A Queensway #16-242, Singapore
140168.

The Petitioner's solicitors are Messrs Madhavan Partnership of
No. 80 Robinson Road #08-01/02, Singapore 068898 (Attn: Mr
Zaheer Merchant)

Messrs Madhavan Partnership
Solicitors for the Petitioner.

Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above named
Messrs Madhavan Partnership of No. 80 Robinson Road #08-01/02,
Singapore 068898 (Attn: Mr Zaheer Merchant) notice in writing of
his intention to do so. The notice must state the name and
address of the person, or if a firm, the name and address of the
firm, and must be signed by the person or firm, or his or their
Solicitor (if any) and must be served, or, if posted, must be
sent by post in sufficient time to reach the above named not
later than twelve o'clock noon of 5th August 2004 (the day
before the appointed day for the hearing of the Petition).


OFUNA ENTERPRISE: Creditors Must Submit Claims on August 23
-----------------------------------------------------------
Notice is hereby given that the creditors of Ofuna Enterprise
(Singapore) Pte Ltd. (In Member's Voluntary Liquidation), whose
debts or claims have not already been admitted, are required on
or before 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
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.


ONE-TEN SINGAPORE: Notice to Creditors To Sumbit Claims
-------------------------------------------------------
The Creditors of One-Ten Singapore Pte Ltd., which is being
wound up by Special Resolutions of members on 19th July 2004,
are required on or before 23rd August 2004, to send in their
names and addresses and the particulars of their debts or claims
and the names and addresses of their solicitors (if any) to the
undersigned, the Liquidator of the Company, and, if so required
by notice in writing from the said Liquidator, are by their
solicitors, or personally, 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 made before such debts are proved.

Chia Soo Hien
Liquidator.
c/o BDO International
5 Shenton Way
#07-00 UIC Building
Singapore 068808.

This Singapore Government announcement is dated July 23, 2004.


PRESIDENT MARINE: Court Hears Winding Up Petition on August 6
-------------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
President Marine Pte Ltd by the High Court, was on the 13th day
of July 2004,presented by Mencast Marine Pte Ltd (RC No.
199405608N), a company incorporated in Singapore and having its
registered address at 7 Tuas View Circuit, Singapore 637642, a
Creditor.

The Petition is directed to be heard before the Court sitting
at Singapore at 10.00 o'clock in the forenoon on the 6th day of
August 2004.

Any Creditor or Contributory of the Company desiring to support
or oppose the making of an Order on the Petition may appear at
the time of hearing by himself or his Counsel for that purpose;
and a copy of the Petition will be furnished to any Creditor or
Contributory of the Company requiring the copy of the Petition
by the undersigned on payment of the regulated charges for the
same.

The Petitioner's address is 7 Tuas View Circuit, Singapore
637642.

The Petitioner's solicitors are Messrs Kelvin Chia Partnership
of 6 Temasek Boulevard, 29th Floor, Suntec Tower Four, Singapore
038986.

Kelvin Chia Partnership
Solicitors for the Petitioners.

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
Petitioner's Solicitors, Messrs Kelvin Chia Partnership, notice
in writing of his intention to do so. The notice must state the
name and address of the person, or if a firm, the name and
address of the firm, and must be signed by the person or firm,
or his or their Solicitors (if any) and
must be served, or, if posted, must send by post in sufficient
time to reach the above named not later than 12.00 noon of the
5th day of August 2004 (the day before the day appointed for the
hearing of the Petition).


SETIAUSAHA TRAVEL: Court Issues Winding Up Order
------------------------------------------------
In the Matter of Setiausaha Travel & Tours Pte Ltd, a winding up
order was made on July 16, 2004.

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

Drew & Napier, LLC
Solicitors for the Petitioners.


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


BANGKOK MASS: Creditors, Shareholders Express Intention to Sell
---------------------------------------------------------------
Bangkok Mass Transit System's (BTSC) creditors and major
shareholders have agreed to sell out their debts and shares in
the firm to the government, according to Business Day.

According to Minister of Transport Suriya Jungrungreangkit, the
government will buy debts from BTSC at a 55 percent discount on
the firm's total principal debt, plus accrued interest. Mr.
Suriya expects THB20 billion for the government's acquisition of
BTSC's principal debts.

"BTSC's major creditors, including KfW bank of Germany, SCB
[Siam Commercial Bank Plc] and IFC [International Finance
Corporation] have expressed their intentions to sell out their
stakes in BTSC to the government. BTSC's major institutional
shareholders are also pleased to sell out all their stakes in
the firm to the government," Mr. Suriya said.

The suitable price of BTSC's shares are THB5 per share. However,
the sky train operator's offer is at THB15 per share.  The
government priced it at slightly higher than THB5 a piece.  
According to Mr. Suriya, it was the same rate as he had offered
during talks with several major shareholders of BTSC.

The government is willing to hold talks with BTSC chief
executive officer Keeree Kanjanapas so that an understanding
could be reached on the price. Mr. Suriya added that the offer
price should be worked out in such a way that it reflects the
fundamentals of BTSC's business.

However, the government will let BTSC's shareholders decide by
themselves as to whether they really want to sell their stakes
in the firm to the government, said Mr.Suriya.

Included in Mr. Keeree's debt-restructuring plan is a debt-to-
equity conversion wherein creditors led by property developer
Thanayong Plc (TYONG), which has a 30-percent stake in BTSC,
would own a combined stake of more than 40 percent in BTSC.  
Part of the plan also involves debt buy back from creditors at a
discount of 45 percent to the firm's total principal debt.

BTSC's failure to present a letter of intent from its creditors
to provide additional loans has prompted the government to
intervene.

Contact:

The Bangkok Mass Transit System
1000 Phahonyothin Road
Lad Yao, Chatuchak
Bangkok 10900
Telephone: 0 2617 7300
Fax: 0 2617 7133,0 2617 7155
Email: nuduan@bts.co.th
BTS Hotline: 0 2617 7141-2


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

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

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

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

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

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