TCRAP_Public/040804.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

             Wednesday, August 4, 2004, Vol. 7, No. 153

                            Headlines

A U S T R A L I A

MAYNE GROUP: Ian Blackburne Joins Board
MITSUBISHI AUSTRALIA: Could Turn Around With Magna Launch
WOODSIDE PETROLEUM: To Release Half-Year Results on August 18


C H I N A  &  H O N G  K O N G

ASIAN CAPITAL: SFC Reprimands Firm
HERITAGE INTERNATIONAL: Unveils July 30 SGM Result
KAM WING: Winding Up Hearing Set August 18
KENLAN DEVELOPMENT: Enters Winding up Proceedings
PACIFIC SUN: Receives 1-Month Trading Suspension Notice

RISE ABOVE: Enters Winding up Hearing
TENGENT DEVELOPMENT: Winding Up Hearing Slated for August 18
VINSON CONTRACTING: Enters Winding up Petition
WELL LUCK: Enters Winding Up Proceedings


I N D O N E S I A

BANK NEGARA: S&P Ups Ratings to B+
MERPATI NUSANTARA: 20 Investors Keen on Stake Sale
PERTAMINA: Cannot Afford KBC's Claim


J A P A N

DAIEI INCORPORATED: Seeks JPY300bln Aid from Major Creditors
EIDAIKENTAKU K.K.: Faces Insolvency
JAPAN CENTRAL: Enters Bankruptcy
MITSUBISHI MOTORS: July Sales Dive 60%
RESONA HOLDINGS: Posts Bond Issuance Details

RESONA HOLDINGS: Reduces of Former Staff Pension Benefits
TOSHIBA CORPORATION: Moody's Changes Outlook to Stable
UFJ HOLDINGS: Mulls MTFG Merger Without Trust Units


K O R E A

HYNIX SEMICONDUCTOR: Japan to Investigate Chip Imports


M A L A Y S I A

ACTACORP HOLDINGS: Awaits Restructuring Scheme Approval
AKTIF LIFESTYLE: Completes Unit Disposal
BESCORP INDUSTRIES: Unveils Practice Note 4/2001 Update
CHG INDUSTRIES: Disclose Details of Restraining Order
CSM CORPORATION: Issues Update On Practice Note

FORESWOOD GROUP: Awaits Restructuring Scheme Approval
GENERAL SOIL: To Finalize Restructuring Scheme
KILANG PAPAN: Shareholders OK July 28 AGM Resolutions
NAUTICALINK BERHAD: Awaits Revised Restructuring Scheme Approval
OILCORP BERHAD: Clarifies Malay Mail Report

OMEGA HOLDINGS: SC Revokes Approval of Revamp Plan
PARK MAY: SC OKs Restructuring Scheme Proposal
PICA CORPORATION: Seeking New Corporate Adviser
PICA CORPORATION: Issues Litigation Update
REKAPACIFIC BERHAD: Releases Monthly Status Update

RNC CORPORATION: Danaharta Extends Moratorium Period
SRI HARTAMAS: Aims to Regularize Financial Condition
TRU-TECH HOLDINGS: Aims to Regularize Financial Condition


P H I L I P P I N E S

ABS-CBN BROADCASTING: Sets Investors' and Analysts' Briefing
BAYAN TELECOMMUNICATIONS: 1H Net Revenue Reaches PHP2.66Bln
NATIONAL POWER: Trans-Asia Confirms Veracity of News Article
PHILIPPINE LONG: Board Approves Long-Term Incentive Cash Plan
PHILIPPINE LONG: Declares Cash Dividend

PHILIPPINE LONG: Releases 1H Unaudited Financial Results
PHILIPPINE LONG: Appoints New Director and Advisor
PHILIPPINE LONG: Issues Additional 822 Common Shares For Listing
PILIPINO TELEPHONE: Unveils 1H 2004 Results
VICTORIAS MILLING: Releases Mill Performance for 2003-2004

ZIPPORAH REALTY: Unveils Result of Special Meeting of Directors


S I N G A P O R E

BROADVISION SINGAPORE: Creditors Must Prove Debts by August 30
CHUAN ENG: Court Issues Winding Up Order
INFORMATICS HOLDINGS: Shareholders OK New Share Issue
SINGAMIP ENTERPRISE: Posts Intended Dividend Notice
TIONG POLESTAR: Releases Notice of Dividend

W&P PILING: Releases Intended Preferential Payment Notice


T H A I L A N D

ADVANCE PAINT: Reports Utilization of Capital Raised
THAI PETROCHEMICAL: Founder Calls Share-sale Offer "Lies"

     -  -  -  -  -  -  -  -

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


MAYNE GROUP: Ian Blackburne Joins Board
---------------------------------------
Mayne Group Limited (ASX:MAY) announced in a company press
release on Tuesday that Dr Ian Blackburne will join the Board of
the Company as a non-executive director on 1 September 2004.

Dr Blackburne holds a PhD in Chemistry and an MBA.  He is
currently the Chairman of CSR Limited and the Australian Nuclear
Science and Technology Organisation, and sits on the boards of
Suncorp Metway and Teekay Shipping Corporation.  He was
previously the Managing Director of Caltex Australia.  He also
holds the honorary post of Adjunct Professor at the University
of Queensland in the Schools of Molecular Sciences and
Management.

Mayne's Chairman Mr. Peter Willcox said that he was very pleased
with Dr Blackburne's decision and welcomed him to the Board.

"Mayne is at an exciting time in its history with leading
positions established in each of its businesses and Dr
Blackburne's strong academic and business qualifications will be
valuable to us as we continue to develop the company," Mr.
Willcox said.

Ian Blackburne said that he was looking forward to joining the
board of Mayne Group at a time when it was focused on driving
improved performance from its Australian healthcare businesses
and was having considerable success expanding internationally.

"It is exciting to be involved in an Australian company that is
investing strongly and successfully in its technological
future," he said.

Mayne Group Limited is listed on the Australian Stock Exchange
and has businesses in international specialty pharmaceuticals
(the manufacture of injectable and oral pharmaceuticals for
distribution to more than 50 countries), diagnostic services
(pathology, diagnostic imaging and medical centres), pharmacy,
and health-related consumer products.

CONTACT:

Mayne Group Ltd.
Media and investor enquiries
Larry Hamson
Telephone: 03 9868 0380
Mobile: 0407 335 907


MITSUBISHI AUSTRALIA: Could Turn Around With Magna Launch
---------------------------------------------------------
The managing director of Mitsubishi Motors Corp.'s overseas
operations said Tuesday that the release of Mitsubishi
Australias' new Magna model would help the Australian unit
bounce back to profit as early as next year to 2006, news.com.au
reports.

According to managing director Osamu Masuko, the new model is
"very sophisticated, very good".  "I believe it will sell well
and assist Mitsubishi to remain profitable into the future," Mr.
Masuko said.

Mr. Masuko expects the turn-around will coincide with the return
to profit of Mitsubishi's global operations, which needed a $6-
billion bail-out in June.

Mitsubishi Australia posted a $200-million loss in 2003.

   
WOODSIDE PETROLEUM: To Release Half-Year Results on August 18
-------------------------------------------------------------
In a company press release, Woodside Petroleum Ltd. advises that
on 18 August 2004 it expects to release its half year results
for the period ended 30 June 2004, following review by the
external auditors and after consideration by the Board.

The results are still being finalized by management but current
indications are that the Net Profit After Tax but before
Significant Items, is anticipated to exceed by approximately 10%
the average of analysts' forecasts of A$314 million.

Some analyst forecasts appear not to have taken into account
unrealized foreign exchange gains arising from the US dollar
cash proceeds from the sale of a 40 percent participating
interest in Exploration Permit WA-271-P (including the Enfield
Project) to Mitsui E&P Australia Pty Ltd as announced on 31
March 2004.

The AUD/USD exchange rate on 31 March was 0.7549. The proceeds
of that sale, held as US dollar cash balances on interest
bearing deposits, are subject to balance date translation to
Australian dollars with the consequent gain or loss impacting
Net Profit After Tax but before Significant Items. The AUD/USD
exchange rate on 30 June was 0.6910.

The previously forecast gain on that sale of approximately A$375  
million after tax remains unchanged and will be represented as a
Significant Item.

CONTACT:

Woodside Petroleum Ltd.
Woodside Plaza , 240 St Georges Terrace
PERTH, AUSTRALIA, 6000  
Head Office Telephone: (08) 9348 4000  
Head Office Fax: (08) 9214 2777  
Website: http://www.woodside.com.au/


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


ASIAN CAPITAL: SFC Reprimands Firm
----------------------------------
The Securities and Futures Commission (SFC) has reprimanded
Asian Capital Partners (HK) Limited (ACPHK), an investment
adviser and its sole responsible officer, Mr. Andrew John
Peregrine Korner.

The actions stem from inquiries under section 56 of the
Securities Ordinance, which revealed that ACPHK had:

(i) failed to maintain the required level of net tangible assets
of $500,000 between 2001 and 7 April 2003;

(ii) failed to notify the SFC in writing when the net tangible
assets fell below the legal requirement; and

(iii) failed to file its annual returns and audited financial
statements on time.

The SFC found that the above breaches were neither deliberate
nor willful.

In deciding to publicly reprimand ACPHK and Mr. Korner, the SFC
has taken into account the following:

(i) ACPHK and Mr. Korner have no previous disciplinary record;
(ii) the above breaches have now been rectified; and
(iii) no client assets were at risk in this case.

Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"Observance of the FRR is essential for the protection of the
investing public. Investment advisers and brokers are reminded
that the financial resources requirements are now provided under
section 145 of the Securities and Futures Ordinance."

A copy of the Securities and Futures Appeals Tribunal (SFAT)'s
"Reasons for Determination" can be accessed at
http://bankrupt.com/misc/tcrap_asiancapital0803.pdf

This SFC announcement is dated 2 August 2004.


HERITAGE INTERNATIONAL: Unveils July 30 SGM Result
--------------------------------------------------
At the Shareholder's General Meeting (SGM) of Heritage
International Holdings Limited held on 30 July 2004, the
Shareholders approved (1) subscription of new shares; (2)
settlement of legal proceedings against the Company; and (3)
general mandate to issue shares.

At the SGM, voting in respect of the ordinary resolutions
regarding the refreshment of the general mandate to issue new
Shares (ordinary resolution No.3 and No.4, the Resolutions) was
conducted by way of poll. The total number of Shares as at the
date of this announcement is 2,791,991,157 Shares. Pursuant to
the Listing Rules, as there are no controlling Shareholders, the
Directors (excluding independent non-executive Directors) and
the Chief Executive of the Company and their respective
associates has been abstained from voting for the refreshment of
the General Mandate.

(1) The total number of Shares entitling the holders to attend
and vote for or against the Resolutions at the SGM is
2,247,111,157 Shares (80.48%);

(2) The total number of Shares entitling the holder to attend
and vote only against the Resolutions at the SGM is 544,880,000
Shares (19.52%); and


(3) The total number of Shares represented by vote for the
Resolutions at the SGM is 156,084,135(5.59%) and none of the
Shareholders has voted against the Resolutions at the SGM.

In a disclosure to the Hong Kong Stock Exchange, the Directors
and its associates have been abstained from voting for the
Resolutions at the SGM. The Company's share registrar and
transfer agent in Hong Kong, Computershare Hong Kong Investor
Services Limited at Shops 1712-1716, 17th Floor, Hopewell
Centre, 183 Queen's Road East, Hong Kong, was appointed as the
scrutineer at the SGM for the purpose of vote-taking.

The poll results for the Resolutions, in relation to the
refreshment of the General Mandate are set out as follows:

            For                 Against
   (number of Shares)  Percentage (number of shares)  percentage
    
Resolution No.3   156,084,135   100%       -             -
Resolution No.4   156,084,135   100%       -             -

By Order of the Board
Ngai Wai Kin
Company Secretary
Hong Kong, 30 July 2004

Heritage International Holdings Limited posted a net loss of
HKD20.2 million in the year ended March 31, 2004, versus a net
loss of HKD29.2 a year earlier, TCR-AP reported recently.


CONTACT:

Heritage International Holdings Limited
27th Floor, The centrium
60 Wyndham Street
Central
Hong Kong
Telephone: (852) 2230-3838
Fax: (852) 2230-3833
E-mail: info@heritage.com.hk


KAM WING: Winding Up Hearing Set August 18
------------------------------------------
Notice is hereby given that a Petition for the Winding up of Kam
Wing Holdings Limited by the High Court of Hong Kong Special
Administrative Region was on 19 July 2004 presented to the said
Court by Bank of China (Hong Kong) Limited whose registered
office is situated at 14th Floor, Bank of China Tower, No. 1
Garden Road, Central, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 am on the 18th day of August 2004 and 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.

Dated this 30th day of July 2004.

TSANG, CHAN & WONG
Solicitors for the Petitioner
16th Floor, Wing On House
No.71, 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 17th day of
August 2004.


KENLAN DEVELOPMENT: Enters Winding up Proceedings
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Kenlan Development Limited by the High Court of Hong Kong
Special Administrative Region was on 14 July 2004 presented to
the said Court by Bank of China (Hong Kong) Limited whose
registered office is situated at 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m. on the 18th 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.

Dated the 30th day of July 2004

KAO, LEE & YIP
Solicitors for the Petitioner
17th Floor, Gloucester Tower
The Landmark, 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 17th day of
August 2004.


PACIFIC SUN: Receives 1-Month Trading Suspension Notice
-------------------------------------------------------
The Securities and Futures Commission (SFC) will suspend the
licenses of Pacific Sun Investment Management (Hong Kong)
Limited and its responsible officer, Mr. Andrew Pieter Mantel
for one month and fine each of them $50,000 for breaching the
liquid capital requirements (Note 1), the SFC reported on its
Web site.

BACKGROUND

The action is the result of Pacific Sun's failure to maintain
the required level of liquid capital in breach of section 6 of
the Securities and Futures (Financial Resources) Rules (FRR)
(Note 2). The weekly financial reports submitted to the SFC
showed that Pacific Sun's liquid capital was in deficit
throughout the month of October 2003.

Pacific Sun was forewarned of its inability to maintain the
required liquid capital before the requirement came into effect
on 1 October 2003. It was given the opportunity to rectify its
liquid capital deficiency, but failed to do so until the SFC
threatened to shut down its business immediately by imposing a
restriction notice.

The SFC decided to revoke the licenses of Pacific Sun and Mantel
for the FRR breaches. They applied to the Securities and Futures
Appeals Tribunal (SFAT) for a review of the SFC decision.

REVIEW BY THE SFAT

Following the review hearing, the SFAT varied the SFC's decision
by suspending the licenses of Pacific Sun and Mantel for one
month and fining each of them $50,000. The suspension will take
effect from 14 August 2004 until 13 September 2004 (both days
inclusive).

The SFAT's Determination was issued on 31 July 2004. The SFAT
rejected submissions that the infraction should be disregarded
and accorded minimal regulatory attention. It noted that this
was a repeat offence (Note 3). Little effort appeared to have
been made to avoid the liquid capital deficiency,
notwithstanding repeated warnings.

The SFAT considered that "the impression that the infraction
evinced little concern on behalf of Mantel and Pacific Sun was
difficult to avoid". In light of the previous infraction, the
SFAT was surprised that Mantel and Pacific Sun did not see fit
to take every possible step to ensure that the relatively modest
liquidity requirement was met after the SFC's repeated warnings.

Nevertheless, the SFAT took the view that revocation was a
penalty too far and considered the penalty ought not to be
permitted to stand. In reaching the decision, the SFAT noted the
liquid capital requirement for entities, which do not hold
client funds, and "apprehended that its reaction would have been
very different if the position had been otherwise".

An SFC spokesman said: "The SFC respects the decision of the
SFAT. The decision shows the checks and balances in the
Securities and Futures Ordinance at work. The SFC is studying
the decision carefully for future reference in making decisions
on FRR breaches by licensees, which don't hold client assets.

However, the SFC reiterated the importance of compliance with
the FRR. The adequacy of the liquid capital requirement is under
constant review so that the required level is commensurate with
the risk undertaken by licensees. Other measures, such as
requiring licensees who don't handle client assets to take out
fidelity insurance, may be explored to further ensure the
protection of investors and market integrity."

"We note that the SFAT has little sympathy with the high-profile
attack made against the SFC, in particular what it regarded as
the unwarranted imputation of lack of good faith on the SFC's
part," the spokesman added.

A copy of the Securities and Futures Appeals Tribunal (SFAT)'s
Determination is posted at
http://bankrupt.com/misc/tcrap_pacificsun0803.pdf

Pacific Sun Investment Management (Hong Kong) Limited is a
corporation licensed under Securities and Futures Ordinance to
carry on business in Type 4 (advising in securities) and Type 9
(asset management) regulated activities. Mantel is a licensed
representative accredited to and the sole responsible officer of
Pacific Sun.

Effective from 1 October 2003, a corporation licensed to carry
on business in Type 4 or Type 9 regulated activity and that does
not receive or hold client assets must maintain a liquid capital
of not less than $100,000 or 5% of its liabilities, whichever is
higher, at all times.

In December 2002, Pacific Sun and Mantel were publicly
reprimanded for FRR failures. The firm was required to have
enough capital within eight weeks to avoid a revocation of
registrations.


RISE ABOVE: Enters Winding up Hearing
-------------------------------------
Notice is hereby given that a Petition for the Winding up of
Rise Above International Limited by the High Court of Hong Kong
Special Administrative Region was on the 12 July 2004 presented
to the said Court by Bank of China (Hong Kong) Limited whose
registered office is situated at 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong.

The Petition is scheduled before the Court at 9:30 a.m. on the
18 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.

Dated the 30th day of July 2004

TSANG, CHAN & WONG
Solicitors for the Petitioner
16th Floor, Wing On House
No.71, 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 17th day of
August 2004.


TENGENT DEVELOPMENT: Winding Up Hearing Slated for August 18
------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Tengent Development Limited by the High Court of Hong Kong
Special Administrative Region was on 14 July 2004 presented to
the said Court by Bank of China (Hong Kong) Limited whose
registered office is situated at 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong.

The Petition is scheduled before the Court at 9:30 a.m. on 18
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.

Dated the 30th day of July 2004

KAO, LEE & YIP
Solicitors for the Petitioner
17th Floor, Gloucester Tower
The Landmark, 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 17th day of
August 2004.


VINSON CONTRACTING: Enters Winding up Petition
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Vinson Contracting Limited by the High Court of Hong Kong was on
the 19 July 2004 presented to the said Court by Wai Hin Tong of
4/F., 25 Hing Wah Street, Castle Peak Road, Kowloon, Hong Kong.

The Petition is scheduled before the Court at 9:30 a.m. on the
25th 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 24th day of
August 2004.


WELL LUCK: Enters Winding Up Proceedings
----------------------------------------
Notice is hereby given that a Petition for the Winding up of
Well Luck Limited by the High Court of Hong Kong Special
Administrative Region was on the 14 July 2004 presented to the
said Court by Bank of China (Hong Kong) Limited whose registered
office is situate at 14th Floor, Bank of China Tower, No. 1
Garden Road, Central, Hong Kong.

The Petition is scheduled before the Court at 9:30 am on the 18
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.

Dated the 30th day of July 2004

KAO, LEE & YIP
Solicitors for the Petitioner
17th Floor, Gloucester Tower
The Landmark, 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 17th day of
August 2004.


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


BANK NEGARA: S&P Ups Ratings to B+
----------------------------------
Standard & Poor's Ratings Services, on August 2, revised its
long-term local currency rating on PT Bank Negara Indonesia
(Persero) Tbk (Bank BNI) to 'B+' from 'B'. The outlook on the
long-term local currency rating is stable. At the same time, the
'B' foreign currency ratings and short-term local currency
rating have been affirmed.

Standard & Poor's also revised its outlook on the long-term
foreign currency rating for Bank BNI to positive from stable.

The issue ratings on Bank BNI's subordinated debts of US$150
million due 2012 and US$100 million due 2013 have also been
raised to 'B-' from 'CCC+', while its senior unsecured debt of
US$145 million due 2007 was affirmed at 'B'. The rating agency
also has raised the public information rating on P.T. Bank
Permata (Bank Permata) to 'Bpi' from 'CCCpi'.

According to S&P's credit analyst and associate director inthe
Financial Ratings Group Adrian Chee, "The upgrade in the long-
term local currency rating on Bank BNI reflects the continued
improvement in its key fundamentals such as underlying
profitability and capitalization."

"The ratings also acknowledge the changes and initiatives
undertaken since its letters of credit graft case in 2003 to
improve its internal controls and systems, although any
beneficial impact, particularly arising from the bank's new
board of directors, is expected over the near to medium term,"
Mr. Chee added.

Bank BNI is gradually rebuilding its profitability, in
particular after the huge one-off loan loss provisioning of
Indonesian rupiah IDR1.3 trillion (US$142.5 million) it took in
2003 for its letters of credit case, which resulted in its
after-tax profit return on average assets (ROAA) declining to
0.64%, from 1.97% in 2002.

The bank's ROAA recovered in the first quarter of 2004 to 2.38%,
supported by the bank's continued satisfactory interest margins,
noninterest income contribution, and above-average operating
efficiency. The bank's capitalization position remains adequate,
with its ratio of adjusted common equity (ACE) to asset
improving to 7.64% in the first quarter of 2004, from 6.69% in
2003.

Bank BNI has also continued to build on its asset quality. In
2003, the bank's ratio of gross nonperforming assets (NPA, which
includes a portion of restructured loans and foreclosed
properties) to loans improved to 9.22%, from 10.55% in fiscal
2002. Nevertheless, the overall quality of the bank's loan
portfolio continues to be influenced by the inherently risky
environment that it operates in, as well as the relatively low
proportion of loans to assets of 36.5% in 2003. This, however,
had increased gradually from 30.8% in 2002, as the bank sought
to improve its asset and, in turn, interest income profiles.

The upgrade of the public information (pi) ratings on PT Bank
Permata Tbk (Bank Permata) to 'Bpi' from 'CCCpi' reflects its
strengthened capitalization position following the government's
injection of capital, and the stabilization of the bank's asset
quality and profitability. Bank Permata maintains a respectable
franchise in the small-scale and retail loans segments, with
loans to small and midsize enterprises forming about 36% of its
total loan portfolio.

CONTACT:

Pt Bank Negara Indonesia Terbuka
Jalan Jenderal Sudirman Kav 1
Jakarta, 10220
Indonesia
Phone: +62 21 2511946
       +62 21 2511214
Website: www.bni.co.id


MERPATI NUSANTARA: 20 Investors Keen on Stake Sale
--------------------------------------------------
The Indonesian government's proposed divestment of its 51-
percent stake in Merpati Nusantara Airlines (MNA) has caught the
interest of more than 20 investors, Asia Pulse reports, citing
MNA president Hotashi Nababan.

The state-run carrier, according to Mr. Nababan, has yet to
appoint a financial advisor before opening the tender to
potential buyers comprising of foreign and local airline
companies, consortium of travel agencies and financial firms.

MNC will divulge the investor's name by September or October
following the completion of the divestment process.

CONTACT:

Merpati Nusantara Airlines
Jl. Angkasa Blok B-15 Kav. 2-3
Jakarta 10720
Indonesia
Phone: (021) 6548888
Fax: (021) 6540620
E-mail: marketing@merpati.co.id


PERTAMINA: Cannot Afford KBC's Claim
------------------------------------
As much as PT Pertamina wants to pay Karaha Bodas Company's
(KBC) arbitration claim, monetary constraints prevent it from
doing so, The Jakarta Post says.

Pertamina's chief commissioner and State Minister of Enterprises
Laksamana Sukardi affirmed that the state oil company is willing
to pay the US$294 million arbitration award to energy firm KBC
but will have to delay the disbursement due to insufficient
funds.

Pertamina, according to Mr. Laksamana, had no option but to
honor the arbitration ruling, as it was "final and binding" in
order to avoid being blacklisted by the global business
community.

Although the state has decided not to bail out Pertamina, it had
formed a special team to negotiate with KBC to lower the
interest due to the oil firm.

In 2000, a Swiss arbitration court ordered Pertamina to
reimburse damages to KBC after the Indonesian government
cancelled a power project along with 27 other independent power
producers (IPPs) during the late 1990s financial crisis.

Pertamina appealed the decision in the U.S., Canadian, Hong Kong
and Singaporean courts but lost in a U.S. Court early this year.

U.S. companies Caithness Energy of Florida and POwer & Light
Company, and local firm PT Sumirah Daya Sakti hold U.S. based
KBC.

CONTACT:

PT Pertamina Tbk
Jalan Merdeka
Timur No. 1 A
Jakarta 10110
Tel: (62)(21)3815111
Fax: 3846865/ 3843882
www.pertamina.com


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


DAIEI INCORPORATED: Seeks JPY300bln Aid from Major Creditors
------------------------------------------------------------
As part of its revival program, Daiei Incorporated plans to ask
for a JPY300 billion financial assistance from its main creditor
banks, reports Agence France Presse.

The new draft rehabilitation plan, which includes the financial
aid request, has been submitted to main creditors UFJ Bank,
Sumitomo Mitsui Banking Corporation and Mizuho Corporate Bank.

The troubled retail titan, which operates 250 supermarkets, has
also proposed to sell or close down around 30 group companies
including a portion of its stake in consumer finance agency OMC
Card Inc.

CONTACT:

The Daiei Incorporated
4-1-1, Minatojima Nakamachi,
Chuo-ku, Kobe, 650-0046
Japan
Phone: +81-78-302-5001
Fax: +81-78-302-5572
Website: www.daiei.co.jp


EIDAIKENTAKU K.K.: Faces Insolvency
-----------------------------------
According to Teikoku Databank America, Eidaikentaku K.K. has
entered bankruptcy. The construction firm, which is based in
Toyohashi-Shi, Aichi 440-0081, Japan has total liabilities of
US$41.67 million.


JAPAN CENTRAL: Enters Bankruptcy
--------------------------------
Japan Central K.K. has entered bankruptcy, according to Teikoku
Databank America. The firm, which engaged in the golf course
business, has total liabilities of US$119.17 million. The
company is based in Osaka-Shi, Osaka 541-0052, Japan.


MITSUBISHI MOTORS: July Sales Dive 60%
-------------------------------------
Domestic vehicle sales of scandal-mired Mitsubishi Motors
Corporation dropped more than 60 percent in July from the same
period last year, NewsOnJapan reveals.

According to the Japan Automobile Dealers Association, sales of
Japan's sole loss-making carmaker continued to drop 60.1 percent
amid "sluggish market conditions" for the eighth-straight month
of decline to 4,711 vehicles.

"We have experienced some tough months, particularly for the
past three months. We are working hard to achieve annual sales
of 220,000 autos in the year to March 2005," a Mitsubishi
spokesman declared.

The company is currently arranging a series of campaigns to win
back customer confidence, ahead of a new vehicle launch
scheduled in autumn aiming to help its sales recover.

Mitsubishi, considered as Japan's fourth-largest automaker, is
currently struggling to overcome a series of defect-cover up
scandals, which discouraged customers from patronizing their
products.

Japan's auto industry saw its overall sales slip 2.0 percent in
July to 362,208 units for the sixth consecutive months of
decline.

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


RESONA HOLDINGS: Posts Bond Issuance Details
--------------------------------------------
In a press release, Resona Holdings Inc. outlined its straight
bond issuance as specified below.

Outline of the Straight Bond

(1) Issuer: Resona Holdings, Inc.

(2) Total issue amount: JPY 50.0 billion

(3) Maturity: 5 years

(4) Date of issuance: August 12, 2004

(5) Date of redemption: August 12, 2009

(6) Coupon rate: Annual rate of 1.28%

(7) Rating: BBB- (Rating and Investment Information, Inc.)

(8) Utilization of funds: To be utilized for repayment of the
borrowing from Resona Bank, Ltd.

Resona Bank's consolidated capital adequacy ratio is expected to
improve by approximately 0.27% if the entire fund is utilized
for the repayment.

(The above estimate is based on the risk assets at the end of
March 31, 2004)

(9) Underwriters: Nomura Securities Co., Ltd. (lead manager),
Nikko Citigroup Limited (manager), Goldman Sachs (Japan) Ltd.
(manager), Merrill Lynch Japan Securities Co., Ltd. (manager)

(10) Fiscal agent: Resona Bank, Ltd.

CONTACT:

Resona Holdings, Inc.
2-1, Bingomachi 2-chome, Chuo-ku
Osaka 540-8608, Japan  
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337
Website: www.resona-hd.co.jp


RESONA HOLDINGS: Reduces of Former Staff Pension Benefits
---------------------------------------------------------
Resona Employees' Pension Fund (Administrative Director: Kazuma
Yamaoka), which is an employees' welfare pension fund for Resona
Group employees, applied on April 30, 2004 to the Ministry of
Health, Labor and Welfare for an alteration of its supplementary
pension system through a reduction of benefits for eligible
beneficiaries (former employees).

The application was approved by the Minister of Health, Labor
and Welfare on July 28, 2004 and the intended alteration is put
into effect on August 1, 2004.

Since the level of pension benefits before this reduction
differs depending on which bank an eligible beneficiary belonged
to and also when he retired, the degree of reduction differs
among beneficiaries. However, if we look at the average of all
beneficiaries to whom this reduction relates, we expect a 13.1%
reduction with a maximum reduction of 21.8%.

Though based on a provisional calculation, the unfunded
retirement benefit liabilities of Resona Group in relation to
its employees' pension fund are expected to be reduced by
approximately JPY39.0 billion. On a business accounting basis,
Resona Group expects its retirement benefit liabilities to
decline by approximately the same amount.

Possible impact of this modification on profits and losses of
the Group, which varies depending on how many eligible
beneficiaries apply for the offered option of lump-sum payment,
Resona Holdings will announce the impact soon after such details
are fixed.


TOSHIBA CORPORATION: Moody's Changes Outlook to Stable
------------------------------------------------------
The rating outlook for the Baa1 senior unsecured long-term debts
of Toshiba Corporation and its subsidiaries was revised to
stable from negative by Moody's Investors Service.

The outlook change reflects Moody's view of the improvement of
Toshiba's earnings stability due to refocus on its business
portfolio.

Toshiba suffered heavy losses in the fiscal years ended March
1999 and 2002 due to the downturn of the world semiconductor
market -- the DRAM market in particular -- which resulted in a
multi-notch downgrade by the rating agency.

To reverse the trend, Toshiba withdrew from the DRAM market,
thus reducing profitability fluctuations. Meanwhile, the company
has refocused on application-specific semiconductors, where it
collaborates with its customers from the development stage,
mitigating the high volatilities inherent to semiconductor
businesses.

In addition, its discrete electronic components have shown high
and stable operating profit margins, while its NAND-type flash
memories are now another profit source for the company.

Meanwhile, Toshiba's digital products division, which includes
notebook PCs and digital consumer electronics products, has not
generated the profitability levels expected by the company.

Toshiba's social infrastructure-related products division has
maintained relatively good and stable profit. However, this
market is mature and is not likely to grow. As a result,
semiconductors have a high weighting in the total business
portfolio.

Moody's expects that the company's profitability will remain
relatively volatile because of its high dependence on
semiconductors. However, Toshiba's refocus on its business
portfolio has contributed to increased cash flow stability. As a
result, Moody's expects Toshiba to maintain a rather stable
balance sheet structure going forward.

Tokyo-based Toshiba Corporation is a leading integrated
electronics company in Japan.

CONTACT:

Toshiba Corporation
1-1, Shibaura 1-chome, Minato-ku
Tokyo 105-8001, Japan  
Phone: +81-3-3457-4511
Fax: +81-3-3455-1631
Website: www.toshiba.com


UFJ HOLDINGS: Mulls MTFG Merger Without Trust Units
---------------------------------------------------
UFJ Holdings Inc. is studying plans to push through with its
merger with Mitsubishi Tokyo Financial Group, but with the
initial exclusion of their trust banking businesses, Channel
News Asia reports.

The Yomiuri Shimbun newspaper reported that UFJ and MTFG will
ink a basic merger deal of their holding and banking units by
the end of August excluding their trust banking businesses.

The merger would allow UFJ to get a US$2.75 billion capital
boost from MTFG, enabling UFJ to dispose of its bad loans.

UFJ and MTFG's plan to create the world's largest bank through
the merger was halted following a Tokyo Court order in favor of
Sumitomo Mitsui Financial Group, which accused UFJ of breaching
a contract involving SMFG's proposed acquisition of UFJ's trust
unit.

UFJ has formally rejected a merger proposal made by SMFG after
the court decision was handed down.

CONTACT:

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


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


HYNIX SEMICONDUCTOR: Japan to Investigate Chip Imports
------------------------------------------------------
Japan will investigate whether to impose punitive import taxes
on computer chips made by Hynix Semiconductor Inc. after
receiving complaints from Japanese semiconductor companies, the
Associated Press reports.

The Japanese government will explore whether Hynix's dynamic
random access memory chips (DRAM) are being sold in Japan at
unfairly low prices because of government subsidies.

Japanese officials have said the investigation would take up to
a year, with a possible six-month extension.

CONTACT:

Hynix Semiconductor Incorporated
San 136-1 Ami-ri Bubal-eup Ichon-si
Gyeonggi, KYONGGI-DO 467-866
Korea (South)
Tel: +82 31 630 4114
Tel: +82 31 630 4101


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


ACTACORP HOLDINGS: Awaits Restructuring Scheme Approval
-------------------------------------------------------
Further to Actacorp Holdings Berhad (AHB)'s announcement dated 1
July 2004, the Company is presently awaiting for the approvals
of the Securities Commission and the Foreign Investment
Committee in relation to its Revised Proposed Restructuring
Scheme (as defined in our announcement dated 8 April 2004).

Any further development on the Revised Proposed Restructuring
Scheme of the Company will be announced in due course.

C.c:  Securities Commission
Attn.: Encik Kris Azman Abdullah

This Bursa Malaysia announcement is dated 2 August 2004.

CONTACT:

Actacorp Holdings Berhad
Jalan 3/76D Desa Pandan
Kuala Lumpur, SELANGOR 55100
MALAYSIA
Tel: +60 3 9282 1388
Tel: +60 3 9284 7133


AKTIF LIFESTYLE: Completes Unit Disposal
----------------------------------------
Hwang-DBS Securities Berhad, on behalf of Aktif Lifestyle
Corporation, had on 18 May 2004 announced that the Securities
Commission had, vide its letter dated 17 May 2004 approved the
Proposed Disposal of Aktif Lifestyle Stores Sdn Bhd (ALS) to CP
Properties Sdn Bhd (CP) [Proposed Disposal].

On 18 June 2004, the shareholders of Aktif at its Extraordinary
General Meeting had approved the Proposed Disposal.

The Company wishes to announce the following developments:

a) CP has procured a letter from RHB Bank Berhad (RHB) dated 27
July 2004 whereby RHB agrees to release and discharge the
Company from all its obligations arising from its Corporate
Guarantee dated 27 September 1997, and not to proceed with its
Kuala Lumpur High Court Civil Suit No. D5-22-1295-2003 against
ALS and the Company subject, inter-alia, to the conversion and
the restructuring of the RM10 million owed by ALS into a Term
Loan of RM10 million having been completed and the restructured
term loan agreement together with the Lion Diversified Holdings
Berhad's Corporate Guarantee have been duly executed and
stamped;

b) CP has also procured a letter from OCBC Bank (Malaysia)
Berhad (OCBC) dated 29 July 2004 whereby OCBC will release and
discharge the Company from its obligations under its Corporate
Guarantee and will not enforce the summary judgment obtained
against ALS and the Company from the High Court of Malaya on 30
December 2003 subject, inter-alia, to its issuance of a
confirmation under a restructured term loan agreement that the
RM10 million owed by ALS has been converted into a Restructured
Term Loan.

c) The Board of Aktif is pleased to inform that the Proposed
Disposal was completed on 30 July 2004.

This announcement is dated 2nd August 2004.


BESCORP INDUSTRIES: Unveils Practice Note 4/2001 Update
-------------------------------------------------------
Reference is made to paragraph 4.1(b) of the Practice Note
4/2001 of the Listing Requirements of Bursa Malaysia Securities
Berhad (Bursa Securities) whereby Bescorp Industries Berhad
(BIB) is required to announce the status of its plan to
regularize its financial condition on a monthly basis until
further notice from Bursa Malaysia.

The Information Circular to Shareholders of BIB has been
dispatched on 23 July 2004 together with the Notice of Book
Closure for the implementation of the Proposed Share Exchange
under the Proposed Scheme. The Book Closure Date was fixed on 30
July 2004.

The Company also wishes to announce the completion on even date
of the following exercises under the Proposed Scheme:

(i) The acquisition of the entire issued and paid-up share
capital of BIB comprising 19,000,000 ordinary shares of RM1.00
each in BIB (BIB Shares) by WCT Land Berhad (WCTL) for a total
purchase consideration of RM950,000 satisfied through the
issuance of 1,900,000 new ordinary shares of RM0.50 each in WCTL
(WCTL Share(s)) by WCTL to the shareholders of BIB on the basis
of 1 new WCTL Share for every 10 existing BIB Shares held on 30
July 2004;

(ii) The capitalization of RM160,000,000 being part of the
inter-company advances by WCT Engineering Berhad (WCT), the
holding company of WCTL, to WCTL through the issuance of
320,000,000 new WCTL Shares by WCTL to WCT at an issue price of
RM0.50 per WCTL Share; and

(iii) The conversion of RM132,000,000 being part of the inter-
company advances by WCT to WCTL through the issuance of
RM132,000,000 nominal value of 5-year 3% convertible redeemable
debt securities (CRDS) issued by WCTL (WCTL CRDS) comprising
RM120,000,000 nominal value of WCTL CRDS A and RM12,000,000
nominal value of WCTL CRDS B to WCT.

The RM12,000,000 nominal value of WCTL CRDS B shall be utilized
for the settlement of the debts of BIB through the Special
Administrators or Creditors' Agent.

The completion of the Corporate Proposals is now pending the
implementation of the following:

(i) The settlement of the debts of BIB by WCT to the creditors
of BIB through the Special Administrators or Creditors' Agent
via the utilization of RM12,000,000 nominal value of WCTL CRDS B
and cash payment of RM15,000,000;

(ii) The Offer for Sale by WCT of 82,000,000 WCTL Shares;

(iii) The transfer of the listing status of BIB on the Second
Board of Bursa Malaysia Securities Berhad (Bursa Securities) to
WCTL and the subsequent transfer of the listing of and quotation
for the entire enlarged issued and paid-up share capital of WCTL
from the Second Board to the Main Board of Bursa Securities; and

(iv) The liquidation of BIB following the implementation of the
workout proposal by the Special Administrators

Save for the above, there were no further developments since its
previous announcement with regard to the Practice Note.

CONTACT:

Bescorp Industries Berhad
7th Floor, Centrel Tower
Wisma Consplant, 2 Jalan SS16/4
Subang Jaya
47500 Petaling Jaya, Selangor
Malaysia
Telephone:603-7327988
Fax: 603-7349967


CHG INDUSTRIES: Disclose Details of Restraining Order
-----------------------------------------------------
CHG Industries Berhad refer to the announcements dated 4 June
2004 and 7 June 2004.

The Board of Directors of CHG Industries Berhad had on 2 August
2004 obtained a Restraining Order pursuant to Section 176(10) of
the Companies Act 1965 (the Restraining Order).

The details of the hearing transpired are as follows:

1) The Restraining Order

(a) That all proceedings and/or actions and/or further  
proceedings in any suits and/or proceedings and/or actions
against CHG Industries Berhad (Company No. 195911-T) and its two
subsidiaries, namely, Cheng Hin Timber Industries Sdn Bhd
(Company No. 15246-X) and CHG Plywood Sdn Bhd (Company No. 8079-
M) (collectively known as 'the Applicants') by any persons
and/or corporations and/or creditors, including without
limitation financial institutions and unsecured suppliers to
whom each such supplier is owed a sum exceeding RM50,000-00
(collectively 'Scheme Creditors'), are hereby restrained except
by leave of the Honorable Court for a period of ninety (90) days
from the date of the Restraining Order provided that the
Restraining Order shall not apply to any proceedings by Bursa
Malaysia Securities Berhad ('Bursa Securities') unless otherwise
ordered by the Court;

(b) That notice of the Restraining Order be advertised once in
The Star and Berita Harian newspapers and the Restraining Order
be deemed to have been duly served on the Scheme Creditors and
any other persons and/or creditors of the Applicants on the day
immediately following the day on which the advertisements of the
Restraining Order in The Star and Berita Harian newspapers are
published, whichever is published first.

(c) That the Applicants be given liberty to apply to the
Honorable Court for further orders and/or relief as the
Applicants deem just and/or expedient; and

(d) That the costs of this application be borne by the
Applicants.

2) Pursuant to the oral application by Bursa Securities to
intervene in the above proceedings, Bursa Securities by consent
has been added as a Respondent thereto.

3) The Court has fixed 23 September 2004 to hear submissions by
the Applicants and Bursa Securities on the issue of whether the
Restraining Order covers Bursa Securities.

The Restraining Order is not expected to have material financial
and operational impact on the Company in view that:

(i) The Restraining Order is to facilitate the finalization of
the Company's proposed Corporate Restructuring Scheme; and

(ii) Currently the operations of the Company are maintained at a
level sufficient to meet the outstanding and urgent requirements
of its customers.

This Bursa Malaysia announcement is dated 2 August 2004

CONTACT:

CHG INDUSTRIES BERHAD
8th Mile Jalan Cheras
Cheras, Selangor Darul Ehsan 43200
MALAYSIA
Tel: +60 3 907 58811
Tel: +60 3 907 66215


CSM CORPORATION: Issues Update On Practice Note
-----------------------------------------------
Pursuant to the Practice Note No. 4/2001 (PN4/2001) of the
Listing Requirements, Malaysian International Merchant Bankers
Berhad, on behalf of CSM Corporation Berhad, announced that
there is no new development on CSM's plan to regularize its
financial condition since the last monthly status announcement
dated 1 July 2004.

For and on behalf of
CSM CORPORATION BERHAD
MALAYSIAN INTERNATIONAL MERCHANT BANKERS BERHAD

c.c. Issues and Investment Division
Securities Commission
(Attention: Encik Kris Azman Abdullah, Director)

This Bursa Malaysia announcement is dated 2 August 2004.

CONTACT:

CSM Corporation Berhad
Jalan Semangat
Petaling Jaya, 46100
Malaysia
Tel: +60 3 7958 8888
Tel: +60 3 7958 1289


FORESWOOD GROUP: Awaits Restructuring Scheme Approval
-----------------------------------------------------
In line with Practice Note No.4/2001 of the Listing Requirement
of the Bursa Malaysia Securities Berhad (Bursa), Foreswood Group
Berhad wishes to announce that there is no significant
development in respect of its plan to regularize its financial
condition. The Company is still waiting for Securities
Commission's approval on its Proposed Corporate and Debt
Restructing Scheme.

This announcement is dated 2 August 2004.

CONTACT:

Foreswood Group Berhad
Level 4, B59
Taman Sri Sarawak Mall
Jalan Tunku Abdul Rahman
93100 Kuching, Sarawak
Malaysia
Tel no: 6082-428626
Fax no: 6082-423626


GENERAL SOIL: To Finalize Restructuring Scheme
----------------------------------------------
Further to the announcement dated 1 July 2004, the Board of
Directors of General Soil Engineering Holdings Berhad announced
that the Proposed Restructuring Scheme have been submitted to
the Securities Commission (SC) and the SC (on behalf of Foreign
Investment Committee) on 14th February 2004.

As of 2 August 2004, the SC is in the midst of finalizing the
Proposed Restructuring Scheme.

CONTACT:

General Soil Engineering Holdings Berhad
346, Jalan Tuanku Abdul Rahman
50100 Kuala Lumpur , WP
Tel no: 603-2989888
Fax no: 603-2948681


KILANG PAPAN: Shareholders OK July 28 AGM Resolutions
-----------------------------------------------------
The Board of Directors of Kilang Papan Seribu Daya Berhad
announced that at the Fifteenth Annual General Meeting (AGM)
held on 28 July 2004, the shareholders of the company had
approved all the resolutions set out in the notice of AGM dated
6 July 2004.

This Bursa Malaysia announcement is dated 2 August 2004.

CONTACT:

Kilang Papan Seribu Daya Berhad
Lot 1 Harmoni Industrial Estate
Kolombong, Inanam 88100
MALAYSIA
+60 88 423 385
+60 88 423 287


NAUTICALINK BERHAD: Awaits Revised Restructuring Scheme Approval
----------------------------------------------------------------
In compliance with Practice Note No. 4/2001 (PN4), the Board of
Directors of Nauticalink Berhad (NB) announced that the Company
is still awaiting approval of the relevant authorities with
regard to its revised corporate restructuring proposals since
submission on 15 April 2004.

This announcement is dated 2 August 2004.


OILCORP BERHAD: Clarifies Malay Mail Report
-------------------------------------------
In relation to the article "Oil Corp Tipped to Win Rm100m Mid-
East Project" stated in " Malay Mail" dated 2nd August 2004,
Oilcorp Berhad clarified that it is still at its preliminary
stage of negotiation on the said possible chemical plant
project.

The Company will make an announcement to Bursa Malaysia
Securities Berhad should there be any agreement entered into by
the Company in relation to the said project.

Further, as stated in the Company's announcement dated 23rd June
and 8th July 2004, the value of the Putrajaya Precinct 1 Cogen-
D.C.S. Annex plant project and NF-A (PS-4) Topsides Upgrade
project is RM 53.8 million and RM RM 181.3 million respectively
instead of RM85 million and RM 180 million as stated in the said
article.

In addition to the Company's announcement dated 8th July 2004
mentioned above, the said NF-A (PS-4) Topsides Upgrade project
were awarded to Oil-Line Engineering & Associates Sdn Bhd and
its consortium partner, Intraline Resources Sdn Bhd (Intraline)
instead of Oilcorp, Orientals and Intraline as stated in the
said article.

This Bursa Malaysia announcement is dated 2 August 2004.

CONTACT:

Oilcorp Berhad
No 2-2 Jalan SS 6/6 Kelana Jaya
47301 Petaling Jaya  Selangor Darul Ehsan
MALAYSIA
Phone: +60 3 7804 4843


OMEGA HOLDINGS: SC Revokes Approval of Revamp Plan
--------------------------------------------------
The Securities Commission (SC) has revoked its approval for
Omega Holdings Bhd's restructuring plan, the Star reported on
Tuesday.  

The SC took this action after discovering that the Company's new
holding company Energro Bhd did not have the core business
stated in the restructuring proposal, that is, to distribute
Alfa Romeo cars in Malaysia.

In a statement on Tuesday, the SC said that after approving the
scheme, it discovered that the sales concession deal between
Milan Auto Sdn Bhd - the controlling shareholder of Energro -
and Fiat Auto SpA of Italy had been terminated.  

Without the agreement, which was central to the approval of the
restructuring proposal, the SC considered the plan to be no
longer viable.  

The revocation means that Energro will not acquire the listing
status of Omega and, therefore, Energro shares will not be
listed on Bursa Malaysia.

CONTACT:

Omega Holdings Berhad
Jalan Semantan Damansara Heights
50490 Kuala Lumpur, SELANGOR DARUL EHSAN 46050
MALAYSIA
+60 3 2713 2160
+60 3 2713 2170


PARK MAY: SC OKs Restructuring Scheme Proposal
----------------------------------------------
AmMerchant Bank Berhad (AmMerchant Bank), on behalf of Park May
Berhad, announced that the Securities Commission (SC) has
approved the plan to regularize the Park May group of companies'
financial position (Proposed Restructuring Scheme), as proposed,
vide its letter dated 27 July 2004 (SC Approval Letter).

In a disclosure to the Bursa Malaysia Securities Berhad, Park
May is currently addressing the conditions imposed by the SC as
set out in the SC Approval Letter before proceeding with the
implementation of the Proposed Restructuring Scheme.

This announcement is dated 2 August 2004.

CONTACT:

Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama, Kuala Lumpur 58100
MALAYSIA
+60 3 7982 7060
+60 3 7625 4987


PICA CORPORATION: Seeking New Corporate Adviser
-----------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad wishes to
make the following announcement for public release:

Further to the Company's announcement on Practice Note 4, the
Company is still in the process of identifying suitable party to
take over the function of Commerce International Merchant
Bankers Bhd (CIMB), the Company's adviser for the proposed
Composite Scheme that had resigned with immediate effect on
March 18, 2004 (CIMB), and continue with the Scheme. The
proposed Composite Scheme remains unchanged and is still pending
approval from the Securities Commission.

CONTACT:

PICA (M) CORPORATION BERHAD
No 3 Jalan Kia Peng
Kuala Lumpur, 50450
MALAYSIA
+60 3 2161 8800
+60 3 2161 1714


PICA CORPORATION: Issues Litigation Update
------------------------------------------
The Board of Directors of Pica (M) Corporation wishes to make
the following announcement for public release:

1) RM60 Million Guaranteed Revolving Underwriting Facility

Further to the Company's announcement on the status of the above
matter, the Court has fixed 17 August 2004 for further mention
in relation to the Defendant's striking out application. Apart
from the above, the legal proceeding is still pending in court.

2) RM5 Million Revolving Credit Facility & RM7 Million Short
Term Loan

Further to the Company's announcement, the Company wishes to
inform that the Plaintiff's summary judgment application has
been postponed to 10 October 2004 for mention. Apart from the
above, the legal proceeding is still pending in court.

3) RM50 Million Term Loan Facility

Further to the Company's announcement, the Company wishes to
inform that the Plaintiff's summary judgment application has
been fixed for further mention on 24 September 2004. Apart from
the above, the legal proceeding is still pending in court.

4) RM4 million Revolving Credit Facility & RM7 million Overdraft
Facility

Further to the Company's announcement, the Company wishes to
inform that the Plaintiff's summary judgment application has
been further fixed for mention on 26 October 2004. Apart from
the above, the legal proceeding is still pending in court.

5) Approx RM3 million Credit Facility

Further to the Company's announcement, the Company wishes to
inform that the Company has filed in its Statement of Defense
and the Plaintiff's summary judgment application has been fixed
for mention on 9 September 2004. Apart from the above, the legal
proceeding is still pending in court.

This Bursa Malaysia announcement is dated 2 August 2004.


REKAPACIFIC BERHAD: Releases Monthly Status Update
--------------------------------------------------
The Board of Directors of RekaPacific Berhad announced as
follows (the Forty First Monthly Status Announcement):

1) There is no change in the status of the Restructuring
Proposal as the Company's listed status remains uncertain.

2) In respect of Company's judicial review proceedings against
the Bursa Malaysia Securities Berhad and the Securities
Commission in their decision to de-list the Company on 12
December 2001 and 26 March 2004, the matter remains the same as
announced by the Company on 1 July 2004.

Yours faithfully
For and on behalf of
BOARD OF DIRECTORS OF REKAPACIFIC BERHAD

This Bursa Malaysia announcement is dated 3 August 2004.

CONTACT:

RekaPacific Berhad
77-1 Jl Setiabakti Bukit Damansara
Kuala Lumpur, 50490
MALAYSIA
+60 3 2094 2260
+60 3 2094 2335


RNC CORPORATION: Danaharta Extends Moratorium Period
----------------------------------------------------
Reference is made to the "First Announcement" on 19th February
2001 on the Proposed Corporate and Debt Restructuring Scheme
(PRS), the previous Monthly Status Announcements since 1st March
2001 and also all the announcements pertaining to the Proposed
Restructuring Scheme (PRS).
   
On 18th April 2003, RNC Corporation Berhad and its advisers, OSK
Securities Berhad had submitted the proposed modifications to
the PRS to the Securities Commission (SC), Ministry of
International Trade and Industry (MITI), Federal Economic
Planning Unit (EPU) and Foreign Investment Committee (FIC) for
their approvals.
   
The SC via its letter dated 13th November 2003 and 17th November
2003 approved the proposed modifications to the PRS. The
approval of the SC on the PRS was subject to the compliance of
terms and conditions as announced on 18th November 2003 and 19th
November 2003.
   
The Working Due Diligence Committee is in the process of
complying with the terms and conditions as stipulated by the SC.
   
The SC had vide its letter dated 15th April 2004 extended the
implementation of the PRS to 16th October 2004.
   
Pengurusan Danaharta Nasional Berhad (Danaharta) had extended
the moratorium period for another twelve (12) months from 28th
July 2004 to 27th July 2005 pursuant to section 41(3) of the
Danaharta Act, 1998, vide its letter dated 19th July 2004.

This Bursa Malaysia announcement is dated 2 August 2004.

CONTACT:

Rnc Corporation Berhad
20/F East Wing Plaza Permata
Jalan Kampar Off Jalan Tun Razak, 50400 Kuala Lumpur Wilayah
Persekutuan
MALAYSIA
+60 3 4043 9411
+60 3 4043 1233


SRI HARTAMAS: Aims to Regularize Financial Condition
----------------------------------------------------
Sri Hartamas Berhad refers to the Practice Note No. 4/2001 (PN4)
on the criteria and obligations pursuant to paragraph 8.14 of
the Listing Requirements.

The Company hereby set out below the monthly report for the
month of July 2004 for your kind attention:

"The Special Administrators of SHB wish to inform that there is
no change to our announcement made on 1 July 2004 on the status
of SHB's plan to regularize its financial condition.

On behalf of SHB, Commerce International Merchant Bankers Berhad
had on 31 May 2004 announced that the Securities Commission had,
via its letter dated 27 May 2004, which was received on 31 May
2004, granted its approval to SHB for an extension of time up to
31 December 2004 to complete the implementation of the Proposed
Scheme of Arrangement.

In this respect, the Special Administrators of SHB, the
management of FACB Resorts Berhad and the management of Hartamas
Group Berhad continue to take the necessary steps to fulfil all
the conditions relating to the Proposed Scheme of Arrangement of
SHB.

For more information, please contact tel no. 03-2095 3388 (ext.
8002) or Tan Kim Chuan (ext. 8101).

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

This announcement is dated 2 August 2004."

CONTACT:

Sri Hartamas Berhad
8 Jalan Yap Kwan Seng
Kuala Lumpur, KUALA LUMPUR 50450
MALAYSIA
+60 3 2167 0600
+60 3 2162 0212


TRU-TECH HOLDINGS: Aims to Regularize Financial Condition
---------------------------------------------------------  
Further to the announcement on 1 July 2004, Avenue Securities
Sdn Bhd (Avenue) on behalf of the Board of Directors of Tru-Tech
Holdings Berhad, announced that Tru-Tech is in the process of
finalizing a comprehensive restructuring plan to regularize its
financial condition.

Avenue, on behalf of the Board of Directors of Tru-Tech, wishes
to announce that there has been no material development in
respect of the Company's plan to regularize its financial
position since the announcement dated 27 May 2004.

The details of the restructuring plan will be announced once it
is finalized. As set out in the Tru-Tech's announcement dated 27
February 2004 (First Announcement), Tru-Tech will announce its
detailed plan to regularize its financial condition within six
(6) months from the date of the First Announcement.

This announcement is dated 2 August 2004.

CONTACT:

Tru-Tech Holdings Berhad
Lot 45, Batu 12
Jalan Johor Bahru-Kota Tinggi
Mukim Plentong
81800 Ulu Tiram , Johor
Malaysia
Tel no: 607-8615220
Fax no: 607-8617972


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


ABS-CBN BROADCASTING: Sets Investors' and Analysts' Briefing
------------------------------------------------------------
ABS-CBN Broadcasting Corp. disclosed to the Philippine Stock
Exchange that it will be having an Investors' and Analysts'
Briefing to discuss its Second Quarter and First Half 2004
Results on August 10, 2004, Tuesday at 2:00 p.m. at the
Chronicle Lounge, 14th Floor, ELJ Communications Centre, Eugenio
Lopez Jr. Street, Quezon City.

CONTACT:

ABS-CBN Broadcasting Corp.
ABS-CBN Broadcasting Centre Complex
Mother Ignacia St. cor. Sgt. Esguerra Ave.
Quezon City
Telephone Numbers:  924-4101 to 4122; 415-2272
Fax Number:  431-9368
Email Address: oliver_calma@abs.pinoycentral.com
Website: http://www.abscbn-ir.com


BAYAN TELECOMMUNICATIONS: 1H Net Revenue Reaches PHP2.66Bln
-----------------------------------------------------------
Bayan Telecommunications Inc. (Bayantel) posted a PHP2.66
billion net revenue for the first half, a seven percent increase
from last years' PHP2.47 billion, according to the Philippine
Daily Inquirer.

With results, Bayantel officials are confident that they will be
able to reach the 14-percent growth target for this year.  "The
company aims to realize PHP5.7 billion in net revenues this
year, which is a 14-percent growth from the 2003 revenue at PHP5
billion," the Inquirer quoted Bayantel chief consultant Tunde
Fafunwa as saying.

The increase is mainly attributed to a 226-percent jump in
Internet services, 29 percent from international and local long
distance calls, and seven percent in voice service revenues.

CONTACT:

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


NATIONAL POWER: Trans-Asia Confirms Veracity of News Article
------------------------------------------------------------
With reference to the news article entitled "Trans-Asia keen on
buying major Napocor power plants" published in the August 2,
2004 issue of the BusinessWorld (Internet Edition). The article
reported that:

"Oil exploration firm Trans-Asia Oil and Energy Development
Corp. yesterday expressed interest to bid for any of the three
major power plants of the National Power Corp.'s (Napocor) up
for sale.

Trans-Asia President Francisco L. Viray, former Energy chief,
said they are looking at the 600-megawatt (MW) Masinloc coal
plant in Zambales, the 600 MW Batangas coal plant in Calaca and
the 425-MW Makiling-Banahaw (Mak-Ban) geothermal power plant in
Laguna. Mr. Viray said they will bid for the 110-MW Pinamucan
power plant in Dingle, Iloilo.

`We're just hoping to participate in the privatization of
Masinloc, Calaca or Tiwi-Makban, plus Pinamucan. Any of the
three, if we get one, then we'll stop. We're interested in
getting one, plus Pinamucan,' Mr. Viray said.

He added Trans-Asia will join a consortium but it has yet to
conduct talks with one. `We submitted our letter of intent for
Masinloc. They [government] don't have the bid documents yet,'
he said.

Trans-Asia is also putting up a 3.4-MW bunker coalfired power
plant in Guimaras which will mainly benefit the Guimaras
Electric Cooperative. The project is expected completed by
February. The investment is priced at PhP600,000 per MW. `We're
also looking for financing, both equity and loan,' Mr. Viray
said.

Trans-Asia Oil and Energy Development Corporation (TA), in its
letter dated August 3, 2004, informed the Exchange that:

"The statements in said news article specifically attributed to
our Executive Vice-President, Dr. Francisco L. Viray, are
accurate."


PHILIPPINE LONG: Board Approves Long-Term Incentive Cash Plan
-------------------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Philippine
Long Distance Telephone Co. (PLDT) announced that its Board of
Directors approved the establishment of a Long Term Incentive
Cash Plan for Eligible key executives and advisors of PLDT, its
subsidiaries and affiliates (the Plan and the PLDT Group
respectively).

The Plan will be four years, covering the period January 1, 2004
to December 31, 2007 (the Plan Period).  Payment of awards under
the Plan is contingent upon the achievement of the Board-
approved target increase in PLDT's common share price by the end
of the Plan Period.  The target increase in the Base PLDT share
price (which is the average of the closing prices of PLDT shares
ten trading days before December 31, 2003) is approximately 15
percent per annum compounded for the Plan Period.

Actual awards will be payable to participants in one lump sum as
soon as reasonably practicable after the completion of the Plan
Period, except as otherwise provided in the Plan in case of
termination of employment and a change in control occurring
during the Plan Period.

Only key executives and offices of the PLDT Group as well as
full-time advisors engaged by companies within the PLDT Group
whose duties and responsibilities have a significant impact on
the long-term performance of the PLDT Group will be eligible to
participate in the Plan.  Approximately 630 key executives and
advisors of the PLDT Group are expected to initially participate
in the Plan.  However persons who join any of the companies
within the PLDT Group within two years from the start of the
Plan Period, if determined to be eligible, may be selected to
become participants.

If the share price and profit objectives are met, the cost of
the Plan, before taxation, for the four-year Plan Period will be
approximately PHP3.6 billion, which amount represent less than
three percent of the cumulative consolidated net profit target
for the Plan Period.

The Executive Compensation Committee of the Board will
administer the Plan and has the authority to determine (a) the
eligibility and identity of participants; (b) the award
attributable to each participant based on the participant's
annual base compensation and taking into account such
participant's seniority, responsibility level, performance
potential, tenure with the PLDT Group, job difficulty and such
other measures as the Committee deems appropriate; (c) the level
of achievement of the performance objectives; and (d) the actual
award payable to each participant based on the level of
achievement of the performance objectives.

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


PHILIPPINE LONG: Declares Cash Dividend
---------------------------------------
Philippine Long Distance Telephone Company (PLDT) submitted to
the Philippine Stock Exchange the attached disclosure pertaining
to the cash dividends declared by the Board of Directors during
its meeting held on August 3, 2004.

In reference to Circular for Brokers No. 148-2003 dated January
21, 2003, please be reminded that the Securities and Exchange
Commission (SEC), in its letter to the Company dated December
16, 2002, has allowed the Company to set the payment date "in
accordance with its by-laws and Board's Resolution."

In addition, the SEC stated that the implementation of the same
should be "with proper coordination with the PCD."

Please take note of the following details of the cash dividends
declared for shares listed with the Exchange:

Cash Dividend: (Series B, F, Q, V, Z)
Cash: P1.00 per share
Ex-Date: August 27, 2004
Record Date: September 1, 2004
Payment Date: September 30, 2004

For more information click
http://bankrupt.com/misc/philippinelong080304_2.pdf


PHILIPPINE LONG: Releases 1H Unaudited Financial Results
--------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) released to the
Philippine Stock Exchange its preliminary and unaudited
financial results for the first six month of 2004.  

With fully-owned subsidiary Smart Communications, Inc.
exhibiting continued strength, PLDT's consolidated net income
rose to PHP12 billion, 73 percent over the recurring net income
of PHP6.9 billion and 573 percent higher than the PHP1.8 billion
reported net income in the first half of 2003.

Net income in the second quarter alone was PHP6.8 billion,
buoyed partially by election-related spending.  Revenues for the
PLDT Group likewise increased by 20 percent to PHP55.6 billion
in the first six months of 2004 while consolidated EBITDA
improved to PHP34.7 billion as a result of higher revenues and
lower cash operating expenses.  Consolidated free cash flow grew
significantly from PHP9.3 billion in the first half of 2003 to
PHP17.7 billion in the same period in 2004 allowing the group to
reduce total debt by US$279 million in the first six months of
2004.

To view full copy of the unaudited financial results, click
http://bankrupt.com/misc/philippinelong080304.pdf


PHILIPPINE LONG: Appoints New Director and Advisor
--------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) disclosed to the
Philippine Stock Exchange that during the meeting of the Board
of Directors of PLDT held on August 3, 2004, the Board elected
Mr. Sadao Maki as director, and appointed Mr. Shigeru Yoshida as
advisor to the Finance Committee of the Company.


PHILIPPINE LONG: Issues Additional 822 Common Shares For Listing
----------------------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2004 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, to cover the Executive Stock Option
Plan (ESOP) of the company, at an exercise price of PHP814.00
per share.

In this connection, please be advised that a total of 822 common
shares have been availed of and fully paid by the optionees
under the company's ESOP.

In view thereof, the listing of the 822 common shares is set for
Wednesday, August 4, 2004.  This brings the number of common
shares listed under the ESOP to a total of 137,624 common
shares.

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


PILIPINO TELEPHONE: Unveils 1H 2004 Results
-------------------------------------------
Pilipino Telephone Corp. (Piltel) announced in a press release
on Tuesday that it ended the first half of 2004 with a net
income of PHP810 million, resulting mainly from continued strong
cellular subscriber growth and inclusive of foreign exchange
losses of PHP79 million.  

This marks a turnaround from the loss of PHP535 million posted
in the same period in 2003 and comes after the attainment of a
critical mass of subscribers and the elimination of one-time
impairment provisions booked in previous years.

Subscriber Growth

Piltel's GSM brand, Talk 'N Text, recorded net additions of
approximately 687,000 subscribers in the first half of 2004, a
historic high for a six-month period.  The total subscriber base
increased by 60 percent to 3,553,895 at the end of June 2004
compared to 2,220,336 subscribers at the end of June 2003.  The
average monthly subscriber chum rate was 3.2 percent in the
first six months of 2004 from 4.6 percent in the same period
last year.  Talk 'N Text was launched in April 2000 under a
reseller arrangement with Smart Communications Inc. (Smart) and
is the country's largest GSM service.

Piltel also had 46,903 landline subscribers as of June 30, 2004.

To view full copy of the press release, click
http://bankrupt.com/misc/PILTEL080304.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  


VICTORIAS MILLING: Releases Mill Performance for 2003-2004
----------------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Victorias
Milling Co. Inc. reported its mill performance for Crop Year
2003 to 2004.

The company broke for the third consecutive year, its all time
record in cane tonnage and raw sugar production.  The refined
sugar produced for Crop Year 2003 to 2004 was also the highest
in the last ten years or since Crop Year 1994 to 1995.

Canes milled for this crop year reached 2,972,169 gross tonnes
cane, which is six percent higher from the projected tonnage of
2.8 million gross tons cane and from last crop year's 2,814,304
gross tons cane.

Of the total volume of canes milled, 44 percent came from the
district planters and 56 percent from the non-district planters.  
The company's share of the total cane supply for the eleven
sugar mills in the province was 24.84 percent for the crop year
in review.

Sugar rendement (LKG/TC) of 1.96 was the highest in the province
as milling closed down on June 27 after 44 weeks of operations.

Raw sugar production reached 5,841,455 LKG, which is higher than
last crop year's all time record of 5,643,106 LKG.

To view full copy of the report, click
http://bankrupt.com/misc/victoriasmilling080304.pdf

CONTACT:

Victorias Milling Co. Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Telephone No/s:  896-0381; 899-0485
Fax No/s:  895-4150
Email Address: fal@philonline.com
Website: http://www.victoriasmilling.com


ZIPPORAH REALTY: Unveils Result of Special Meeting of Directors
---------------------------------------------------------------
Zipporah Realty Holdings Inc. disclosed to the Philippine Stock
Exchange the results of the Special Meeting of the Board of
Directors held on July 30, 2004, at the Golden Asia Restaurant,
EDSA Central Mall, EDSA corner Shaw Boulevard, Pasig City, Metro
Manila, at which meeting, a quorum was present and acting
throughout, the following resolutions were approved and adopted:

(1) Resolution authorizing the Registrant to sell, transfer and
convert all of its fully paid and non-assessable shares of
stocks in its wholly owned subsidiary, Ebedev, Inc. for such
amount and under such terms and conditions as may be in the best
interest of the Corporation; and

(2) Resolution authorizing the following officers of the
Registrant to negotiate with interested parties regarding the
terms of such sale, as well as to sign, execute, deliver,
receive and receipt for and on behalf of the Corporation, any
and all contracts documents and instruments required to carry
out the forgoing resolution:

Chairman: Santiago Cua
President: Exequiel Robles
Vice-Chairman: Brigido J. Dulay
Treasurer: Mariza Santos-Tan

To view full copy of the Special Meetings' Results, click
http://bankrupt.com/misc/zipporahrealty080204.pdf

CONTACT:

Zipporah Realty Holdings Inc.
6/F, Sagittarius Condominium
H.V. dela Costa St., Salcedo Village, Makati City
Telephone Number: 829-7846
Fax Number: 817-1324


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


BROADVISION SINGAPORE: Creditors Must Prove Debts by August 30
--------------------------------------------------------------
Notice is given that the creditors of Broadvision Singapore Pte
Ltd, which is being wound up voluntarily are required on or
before August 30, 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
liquidator of the said Company.

If so required by notice in writing by the said liquidator, they
are to come in personally or by their solicitors and prove their
debts or claims at such time and place as shall be specified in
such notice. In default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

Lee Kay Beng
Liquidator.
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.

This Singapore Government Gazette announcement is dated July 30,
2004.


CHUAN ENG: Court Issues Winding Up Order
----------------------------------------
In the Matter of Chuan Eng Seng Trading (Pte) Ltd., a Winding Up
Order was made July 16, 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.

Messrs SHOOK LIN & BOK
Solicitors for the Petitioner.

This Singapore Government Gazette announcement is dated July 30,
2004.


INFORMATICS HOLDINGS: Shareholders OK New Share Issue
-----------------------------------------------------
Shareholders of embattled Informatics Holdings Limited approved
a new share issue during its annual general meeting held Friday,
reports Dow Jones Newswires.

According to the firm's auditor Ernst & Young, the rights issue
is expected to generate around SGD19.6 million (US$1=S$1.7235)
needed to prevent the education services provider from facing
bankruptcy.

During the meeting, shareholders unanimously paved the way for
the one-for-four rights issue proposed by tycoons Oei Hong Leong
and Vincent Tan, who actively purchased Informatics shares to
rescue the firm following an accounting scandal.

Meanwhile, Informatics chief executive Michael Teng said that
the firm will soon unveil a turn-around scheme designed to
recover profitability.

CONTACT:

Informatics Holdings Ltd.
Informatics Bldg.,
5 International Business Park
609914 Singapore
Phone: +65-65600003
Fax: +65-66653605
Website: www.informaticsgroup.com


SINGAMIP ENTERPRISE: Posts Intended Dividend Notice
---------------------------------------------------
Singamip Enterprise Pte Ltd. posted a Notice of Intended
Dividend on the Singapore Government Gazette.

Registered Office: No. 9 Bukit Batok Street 22
Singapore 659585.

Last Day for Receiving Proofs: August 13, 2004.

Name of Judicial Managers: Ong Yew Huat and
Seshadri Rajagopalan.

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


TIONG POLESTAR: Releases Notice of Dividend
-------------------------------------------
Tiong Polestar Engineering Pte Ltd (In Liquidation) has released
a Dividend Notice.

Address of registered office: 9 Battery Road
#13-10 Straits Trading Building
Singapore 049910.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 60 of 2000.

Amount per centum: 65%.

First and final or otherwise: Interim.

When payable: 23rd August 2004.

Where payable: 9 Battery Road
#13-10 Straits Trading Building
Singapore 049910.

Jamshid K Medora
Liquidator.
9 Battery Road
#13-10 Straits Trading Building
Singapore 049910.

This Singapore Government Gazette announcement is dated July 30,
2004.


W&P PILING: Releases Intended Preferential Payment Notice
---------------------------------------------------------
W & P Piling Pte Ltd, which is under liquidation, has released a
Notice of Intended Preferential Dividend.

Address of Registered Office: c/o The Liquidator's Office.

Nature of Matter: Companies Winding Up No. 30 of 2003/E.

Last day for receiving Proofs: 30th August 2004.

Name of Liquidator: Mr Don M Ho, CPA.

Address: c/o 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.

This Singapore Government Gazette announcement is dated July 30,
2004.


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


ADVANCE PAINT: Reports Utilization of Capital Raised
----------------------------------------------------   
In a disclosure to the Stock Exchange of Thailand, Advance Paint
& Chemical (Thailand) PCL announced that it has issued and
offered warrants to existing shareholders to buy the company's
common shares APC-W1 and APC-W2 on 31st March 2004 and 30th June
2004.  The company would like to report the results of its
capital raising.

Capital balance brought forward as at 1st January 2004: THB14.88
Million

Warrants to purchase the company's common shares (APC-W1):
THB0.12 Million

Warrants to purchase the company's common shares (APC-W2):
THB0.61 Million

Total: THB15.61 Million
        
The company would like to report that the capital raised as of
30th June 2004 was used in improving its machines' efficiency
and other related systems in the amount of THB10.65 million and
the remaining balance were used for raw materials purchasing and
other administrative expenses.
        
Please be informed accordingly.
Yours faithfully,
(Mrs. Narumol Punnakitikashem)      

CONTACT:

ADVANCE PAINT & CHEMICAL (THAILAND) PCL   
344 MOO 2, BANG PA-IN INDUSTRIAL ESTATE,
BANG PA-IN Ayutthya    
Telephone: 0-3522-1140, 0-2541-5374-8   
Fax: 0-3526-1871   


THAI PETROCHEMICAL: Founder Calls Share-sale Offer "Lies"
---------------------------------------------------------
Thai Petrochemical Industry PCL founder Prachai Leophairatana
has brushed off as "lies" the announcement by debt plan
administrator team member Thanong Bidaya that the team plans to
give Mr. Prachai the right to buy new shares in Thai
Petrochemical Industry PCL and TPI Polene, reports Business Day.

"All I can say is that the plans announced by him [Thanong] are
all lies, although we are interested in this plan. Past
experience shows that they have always lied to us," Mr. Prachai
told Business Day.

Apparently, Mr. Prachai's skepticism stems from the government's
failure to fulfill past promises, such as its pledge that TPI
will be able to secure a loan from Krung Thai Bank to refinance
its debts.

TPI, Thailand's largest debt defaulter, is undergoing
restructuring for its US$2.95 billion debt with a plan
administrator team appointed by the Ministry of Finance.

The proposed plan of the debt administrator team includes
finding a strategic investor and selling shares to raise capital
to pay-off part of the debt.  The plan calls for extension of
the maturity of the debt to 12 years from the current five years
and a payment of a third of the US$2.95 billion within the first
year after the court's approval.

The funds to be used for paying the debts will come from the
sale of TPI Polene's shares, which is 49-percent owned by TPI,
with an estimated value of US$250 million and by selling new
shares equal to 60 percent of the company, estimated at US$650
million.

The remaining US$500 million debt owed to foreign creditors are
to be paid within five years, the US$850 million to be paid
within 10 years and the US$450 million will be paid over 12
years.

The new plan is to be presented to the Central Bankruptcy Court
on August 9 for consideration.

Mr. Prachai said he does not approve of the plans to write-down
capital, as it will nullify the privileges TPI enjoys from the
Board of Investment and has opposed the sale of shares in TPIPL.

"Under my proposal, creditors will continue to hold a 75-percent
stake and control all the assets of the company," Mr. Prachai
said.

Mr. Prachai said that a company like TPI offered good potential
for the future as the company was running efficiently and was
making earnings before interest, tax, deprecation and
amortization of nearly THB20 billion annually and its current
assets are at around THB38 billion.

CONTACT:

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

                            *********


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

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

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

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