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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, August 9, 2004, Vol. 7, No. 156

                            Headlines

A U S T R A L I A

NATIONAL AUSTRALIA: Cuts A$1Bln Tech Spending By A$400Mln
PRIMELIFE CORPORATION: Issues Details on $80Mln Capital Raising
PRIMELIFE CORPORATION: Details Joint Venture Agreement


C H I N A  &  H O N G  K O N G

ANF INSURANCE: Creditors Must Submit Claims By August 27
DICKSON GARMENT: Enters Winding Up Proceedings
GOOD FRIENDS: Winding Up Hearing Set August 25
HAI NAM: Chow Chun Wah Initiates Winding Up Petition
LEABURG ENGINEERING: Appoints Provisional Liquidators

MANFAIR HOLDINGS: Creditors Meeting Set August 26
OCEAN WORLD: Creditors Meeting Set August 26
ORIENTAL GREAT: Creditors Meeting Slated for August 26
WING FUNG: Schedules Winding Up Hearing September 1
YUEN YIU: Issues Winding Up Petition


I N D O N E S I A

BANK PERMATA: 20% Stake Sale Set Next Year
MERPATI NUSANTARA: Foreign Investors Keen on Privatization


J A P A N

ALL NIPPON: Establishes Small-size Fleet Operator Air Next
DAIEI INCORPORATED: Rehab To Focus on Groceries
JEI SHI: Enters Bankruptcy
KITABUN KOPORESHON: Faces Insolvency
MATSUSHITA ELECTRIC: Denies Hitachi Tie-up Report

MITSUBISHI MOTORS: Posts Environmental Sustainability Report
MITSUBISHI MOTORS: Posts Investigations' Updates
SANYO ELECTRIC: JCR Assigns AA to Bonds
SHOWA DENKO: Revises H1 Performance Forecast for 2004
SOJITZ HOLDINGS: Posts Q1 Consolidated Financial Results

UFJ HOLDINGS: Releases Q1 Financial Results for 2004


K O R E A

HANARO TELECOM: Discloses Open Interest Balance of Derivatives
HANARO TELECOM: Making a Big Push into Broadband TV
HYNIX SEMICONDUCTOR: STMicroelectronics to Buy US$200M Bonds
HYNIX SEMICONDUCTOR: Receives Partnership Performance Award
JINRO LTD: NLRC Unable to Bridge Gap Between Union, Management


M A L A Y S I A

BOUSTEAD HOLDINGS: Issues Additional 20,000 Ordinary Shares
CHG INDUSTRIES: Answers BMSB Query
CONSOLIDATED FARMS: Issues Monthly Status Update
FABER GROUP: Grants Listing of 395,000 Ordinary Shares
FABER GROUP: Unit Appoints Liquidator

HAP SENG: Issues Resale, Cancellation of Treasury Shares Notice
HHB HOLDINGS: Seeks Extension of Regularization Plan
KSU HOLDINGS: Bursa Malaysia to Delist Securities
KSU HOLDINGS: Financial Condition Unchanged
PERNAS INTERNATIONAL: Changes Name to Tradewinds Corporation

PILECON ENGINEERING: Unit Releases Default Status Update
PROMTO BERHAD: Discloses Details of Restraining Order
TALAM CORPORATION: Issues 231,700 Ordinary Shares
UNITED CHEMICAL: Releases Default Status Update
YCS CORP.: Issues Details of Delisting


P H I L I P P I N E S

BAYAN TELECOMMUNICATION: Secured Creditors Oppose Court Ruling
MAYNILAD WATER: $30Mln Bond Draw Could Increase Water Tariff
PHILIPPINE BANK: Appoints New Directors
PILIPINO TELEPHONE: CA Grants Franchise Tax Exemption
SILAHIS INTERNATIONAL: BDO Asks Court to Junk PHP43.75Mln Claims

UNITED PARAGON: Clarifies News Article in BusinessWorld


S I N G A P O R E

CO-SEAL LIQUID: Enters Winding Up Proceedings
CREDIT SUISSE: Creditors Must Prove Debts by September 6
FOREST GREENS: Creditors To Submit Claims On September 6
GINTIAN INVESTMENT: Court Hears Winding Up Petition
IPCO INTERNATIONAL: Holds Annual General Meeting

JETDREAM HOLIDAY: Posts Preferential Dividend Notice
VICPLAS INDUSTRIES: Court Issues Winding Up Order


T H A I L A N D

CAPETRONIC INTERNATIONAL: Releases Tender Offer Result
EASTERN WIRE: Issues Statement on 2Q Operating Results
EASTERN WIRE: Issues Reviewed Quarterly Financial Statements

     -  -  -  -  -  -  -  -

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


NATIONAL AUSTRALIA: Cuts A$1Bln Tech Spending By A$400Mln
---------------------------------------------------------
National Australia Bank Ltd. (NAB) Chief Executive John Stewart
will cut the bank's A$1 billion technology project spending by
up to A$400 million, according to Dow Jones newswires.

The cost-cutting measure stemmed from Mr. Stewart's doubts about
the effectiveness of the technology used to run the bank's
finances and operations.  Accenture will perform an external
review on the project.  No specific figures have been disclosed,
but a NAB spokesman confirmed costs were under review.

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: Issues Details on $80Mln Capital Raising
---------------------------------------------------------------
Primelife Corp. Ltd. announced on its website last Friday an $80
million capital raising, comprising a rights issue of new shares
and new convertible notes and a conditional share placement to a
new strategic investor, Multiplex Group.

Primelife has also announced a series of corporate initiatives,
including a proposed development joint venture between
Primelife, Multiplex Group (Multiplex), and Babcock and Brown
Pty Ltd (Babcock & Brown).

Primelife non-executive Chairman Robert De Crespigny said:

"Primelife is a company with great potential.  This announcement
reflects the Board's determination to fundamentally reposition
Primelife and move its business forward.

The proposed development Joint Venture with Multiplex and
Babcock & Brown will cement Primelife's position as a premier
retirement and aged care service provider across Australia.  The
development reach of the partners is second to none in this
sector.

To view full copy of the announcement, click
http://bankrupt.com/misc/PRIMELIFECORPORATION080604_3.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/


PRIMELIFE CORPORATION: Details Joint Venture Agreement
------------------------------------------------------
Primelife Corp. Ltd. disclosed to the Australian Stock Exchange
the Multiplex announcement on the proposed development joint
venture between the Multiplex Group, Primelife Corp. Ltd. and
Babcock & Brown Pty Ltd.

Multiplex, Primelife and Babcock & Brown have entered into a
memorandum of understanding to form a joint venture for the
purposes of developing new retirement villages and aged care
facilities (the Joint Venture), subject to formal documentation,
due diligence and Primelife shareholder approval.

Multiplex is excited about the proposed Joint Venture as the
company sees a significant growth and opportunities for
development of retirement villages and aged care facilities.
Multiplex respect's Primelife's position as a significant
service provider in the retirement and aged care sectors across
Australia.

Multiplex has followed with interest the refinancing and
restructuring undertaken by the Board of Primelife, led by its
chairman Mr. Robert de Crespigny. As part of the strategic
alliance, Multiplex will also invest $5,000,000 by way of share
placement after completion of due diligence and Primelife's
right's issue.

It is our view that the Joint Venture will be able to accelerate
the rate of development of retirement villages and aged care
facilities in Australia, which in turn should lead to increased
development profits for Multiplex, Primelife and Babcock and
Brown.

The key terms of the Joint Venture will be:

- The Joint Venture will be constituted as to 45 percent
Primelife and 10 percent Babcock & Brown.

- Multiplex will have a right of first refusal to provide
construction and facilities management services on reasonable
market terms and conditions for any retirement village or aged
care developed by the Joint Venture.

- Primelife and Multiplex have agreed to commit at least $10
million to the Joint Venture, which will be matched by
proportionate contribution from Babcock & Brown.

- The Joint Venture will have an initial term of five years with
an option for a further five year term at the election of
Primelife or Multiplex, subject to the Joint Venture and the
parties meeting certain key performance indicators to be agreed
by the parties.


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


ANF INSURANCE: Creditors Must Submit Claims By August 27
--------------------------------------------------------
Notice is hereby given that the creditors of ANF Insurance
Company Limited (In Member's Voluntary Liquidation), which is
being voluntarily liquidated, are required on or before the 27
August 2004 to send their names, addresses and descriptions,
full particulars of their debts or claims, as well as the names
and addresses of their solicitors (if any) to the undersigned,
and if so required by notice in writing from the said liquidator
to 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 before such debts
are proved.

Dated this 6th day of August 2004

MATSUBARA YU
Liquidator
508, 1-9-12 Shinonome
Koto-ku,
Tokyo,135-0062
Japan


DICKSON GARMENT: Enters Winding Up Proceedings
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Dickson Garment Factory Limited by the High Court of Hong Kong
was on 19 July 2004 presented to the said Court by Chan Kam
Shing of Room 2807, Lung Tat House, Lower Wong Tai Sin Estate,
Wong Tai Sin, Kowloon, Hong Kong. The said petition will be
heard before the Court at 9:30 a.m. on 25 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 24 August 2004.


GOOD FRIENDS: Winding Up Hearing Set August 25
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Good Friends Food Centre Limited by the High Court of Hong Kong
was on 14 July 2004 presented to the said Court by Tsang Lau
Ming of Room 1524, Heng Shan House, Heng On Estate, Ma On Shan,
New Territories, Hong Kong. The said petition will be heard
before the Court at 9:30 a.m. on 25 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.


HAI NAM: Chow Chun Wah Initiates Winding Up Petition
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Hai
Nam Industrial Company Limited by the High Court of Hong Kong
was on 16 July 2004 presented to the said Court by Chow Chun Wah
of Flat B, 8/F., Sik On House, 54-66 Hill Road, Shek Tong Tsui,
Hong Kong. The said petition is directed to be heard before the
Court at 9:30 a.m. on 25 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 24 August 2004.


LEABURG ENGINEERING: Appoints Provisional Liquidators
-----------------------------------------------------
Leaburg Engineering Limited (In Compulsory Liquidation)
announced that pursuant to a direction given by Master Kwang of
the High Court, a hearing has been fixed on 6th September 2004
at 10:30 a.m. at the High Court, High Court Building, 38
Queensway, Hong Kong for the High Court to consider the
application made pursuant to Section 194 of the Companies
Ordinance by the Provisional Liquidators for the appointment of
David John Kennedy and Cosimo Borrelli as Joint and Several
Liquidators.

Copies of the Provisional Liquidators' reports of the First
Meetings of Creditors and Contributories can be obtained from
the Provisional Liquidators at the address below.

Dated this 6th day of August 2004.

David John Kennedy
Cosimo Borrelli
Joint and Several Provisional Liquidators
Leaburg Engineering Limited

RSM Nelson Wheeler Corporate Advisory Services Limited
7/F Allied Kajima Building
138 Gloucester Road
Wanchai
Hong Kong
Tel:  (852) 2598 5123
Fax: (852) 2598 0060


MANFAIR HOLDINGS: Creditors Meeting Set August 26
-------------------------------------------------
Notice is hereby given pursuant to Section 241 of the Hong Kong
Companies Ordinance that a meeting of the creditors of Manfair
Holdings Limited (In Creditors' Voluntary Liquidation) will be
held at the Conference Room, 5th Floor, Allied Kajima Building,
138 Gloucester Road, Wanchai, Hong Kong at 4:45 p.m. listed
below on 26 August 2004 for the purposes of considering Sections
241, 242, 243, 244, 251(1)(a), 255A(2) and 283 of the Companies
Ordinance.

Creditors may vote either in person or by proxy.

Proxies must be lodged at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong not later than 4 p.m. on 25
August 2004.


OCEAN WORLD: Creditors Meeting Set August 26
--------------------------------------------
Notice is hereby given pursuant to Section 241 of the Hong Kong
Companies Ordinance that a meeting of the creditors of Ocean
World Holdings Limited (In Creditor's Voluntary Liquidation)
will be held at Conference Room, 5th Floor, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong at 5:15 p.m.
listed below on 26 August 2004 for the purposes of considering
Sections 241, 242, 243, 244, 251(1)(a), 255A(2) and 283 of the
Companies Ordinance.

Creditors may vote either in person or by proxy.

Proxies must be lodged at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong not later than 4 p.m. on 25
August 2004.


ORIENTAL GREAT: Creditors Meeting Slated for August 26
------------------------------------------------------
Notice is hereby given pursuant to Section 241 of the Hong Kong
Companies Ordinance that a meeting of the creditors of Oriental
Great Limited (In Creditor's Voluntary Liquidation) will be held
at Conference Room, 5th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong at 5:45 p.m. listed below on
26 August 2004 for the purposes of considering Sections 241,
242, 243, 244, 251(1)(a), 255A(2) and 283 of the Companies
Ordinance.

Creditors may vote either in person or by proxy.

Proxies must be lodged at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong not later than 4 p.m. on 25
August 2004.


WING FUNG: Schedules Winding Up Hearing September 1
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wing Fung Construction (H.K.) Limited by the High Court of Hong
Kong Special Administrative Region was on the 26 July 2004
presented to the said Court by Lau Yee Ching  of Flat 4, 26th
Floor, Block F, Luk Yeung Sun Chuen, Tsuen Wan, New Territories,
Hong Kong. The said Petition is directed to be heard before the
Court at 11:50 a.m. on 1 September 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.

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 31 August 2004.


YUEN YIU: Issues Winding Up Petition
------------------------------------
Notice is hereby given that a Petition for the Winding up of
Yuen Yiu Industrial Company Limited by the High Court of Hong
Kong Special Administrative Region was on the 21 July 2004
presented to the said Court by Ng King Chuen trading as Wai Tat
Screw And Metal Company and whose business address is situated
at Room 8, 11th Floor, Block 2, Chai Wan Industrial City, 70
Wing Tai Road, Chaiwan, Hong Kong. The said Petition is directed
to be heard before the Court at 9:30 a.m. on the18th 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.

WONG AND CHAN
Solicitors for the Petitioner,
Room 2106-08, 21st Floor
Tower I, Lippo Centre
89 Queensway
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 17 August 2004.


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


BANK PERMATA: 20% Stake Sale Set Next Year
------------------------------------------
Once the 51-percent Bank Permata strategic stake sale is
completed by the end of 2004, the government is proceeding with
the market placement of 20-percent Permata shares next year,
reports Indoexchange.

The tender process for the second divestment will begin after
the bank's financial adviser, ABN Amro, completes its review of
the divestment scheme.

The final number of potential buyers, which rose from 10 to 18,
will be announced on the deadline for request qualification on
August 23.

The state originally proposed to sell 71 percent of its shares
in Permata but later change the scheme, allocating 51 percent to
strategic investors and offering the remaining 20 percent
through stock placement.

CONTACT:

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


MERPATI NUSANTARA: Foreign Investors Keen on Privatization
----------------------------------------------------------
The proposed privatization of Merpati Nusantara Airlines this
year has attracted the attention of foreign investors, Asia
Pulse says, citing Merpati commercial director Toto Nursatyo.

The privatization plan, which was publicized through the
international press and will be launched upon the parliament's
approval, has caught the eye of several investors from Malaysia,
Singapore and even oil companies in the Middle East.

The state-owned carrier, which operates 42 aircraft serving 250
domestic and regional routes at 127 flights per day, is
struggling to repay its debts despite booking an IDR1.57
trillion (US$174.44 million) income last year.

Merpati president Hotashi Nababan has announced earlier the
airline's plan to divest a 49-percent stake to foreign investors
aimed at raising IDR600 billion to buy new aircraft.

CONTACT:

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


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


ALL NIPPON: Establishes Small-size Fleet Operator Air Next
----------------------------------------------------------
Based on the ANA Group Mid-Term Corporate Strategy, the ANA
Group established Air Next, a low-cost fleet operator. This new
carrier will operate domestic flights for ANA with a fleet of
B737-500s based at Fukuoka Airport.

(1) Company name: Air Next Co., Ltd.

(2) President & CEO: Yoshitake, Ikuo

(3) Paid-in capital: Y50 million

(4) Shareholders: 100% Air Nippon Co., Ltd. (ANA nearly 100%
owned subsidiary)

(5) Headquarters: Tokyo, Japan

(6) Business plan

(i) Start of service: June 2005

(ii) Aircraft: B737-500 leased from ANA (2 aircraft in operation
by the end of March 2006, another 4 aircraft will be added by
the end of March 2008)

(iii) Network: Serving Fukuoka- or Okinawa-based domestic routes
currently operated by the ANA Group

(iv) Employees: Initially a staff of 40

CONTACT:

All Nippon Airways Co. Ltd.
5-10 Hanedakuko 3-Chome
Ohta-Ku 144-0041, Tokyo 100-6027
Japan
Telephone: +81 3 5756 5665/+81 3 5756 5679
Web site: www.anaskyweb.com


DAIEI INCORPORATED: Rehab To Focus on Groceries
-----------------------------------------------
Daiei Incorporated is considering closing down 60 loss-making
stores and open 80 new outlets as part of its new revitalization
program, says the International Herald Tribune.

The struggling retailer giant will shut down most of its general
merchandise business and replace them with grocery stores, which
require a relatively small investment but are very profitable.
Daiei will infuse JPY100 billion in fresh capital to fund the
new undertaking.

In order to raise the amount, Daiei plans to issue shares to
investment funds and other parties. New grocery outlets will be
set up mainly in the Tokyo metropolitan and the Kinki and Kyushu
regions utilizing around JPY70 billion of the proposed capital
infusion.

Creditors are expected to approve the plan as they have been
suggesting that the major retailer concentrate in the foodstuff
business.

Daiei, which operates 266 outlets nationwide, plans to close
down between 20 and 60 stores depending on the amount it secures
from its creditors.

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


JEI SHI: Enters Bankruptcy
--------------------------
Jei Shi Emu K.K. has entered bankruptcy, according to Teikoku
Databank America. The firm, which engaged in relay switches,
switchboards and electrical control equipment business, has
total liabilities of US$86.42 million. The company is based in
Himeji-Shi, Hyogo 672-8040.


KITABUN KOPORESHON: Faces Insolvency
------------------------------------
According to Teikoku Databank America, Kitabun Koporeshon K.K.
has entered bankruptcy. The building and house sales agent,
which is based in Himeji-Shi, Hyogo 672-8040, Japan has total
liabilities of US$129.17 million.


MATSUSHITA ELECTRIC: Denies Hitachi Tie-up Report
-------------------------------------------------
Matsushita Electric Industrial and Hitachi Limited have
dismissed reports about a tie-up plan for the joint production
of large crystal display (LCD) panels for flat-screen
televisions, Channel News Asia reports.

The Nihon Keizai newspaper has reported last week that both
parties were negotiating on how to share the JPY100-billion
(US$895 million) investment for a new LCD plant proposed to be
constructed in Mobara, Japan in 2006. Japan's Toshiba
Corporation is likely to join the venture as well.

According to the paper, the move is aimed at challenging S-LCD
Corporation, a 50-50 partnership by Samsung and Sony, launched
last month in Tengeong, Korea.

The two electronic giants, however, admitted they have discussed
"various business possibilities" but have not yet reached a
decision on the matter.

CONTACT:

Matsushita Electric Industrial Co., Ltd.
1006 Oaza Kadoma
Kadoma, Osaka 571-8501,
Japan
Phone: +81-6-6908-1121
Fax: +81-6-6908-2351
Website: www.matsushita.co.jp


MITSUBISHI MOTORS: Posts Environmental Sustainability Report
------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) on August 5 published its
Environmental Sustainability Report 2004, which details the
company's environmental stewardship activities and achievements
during fiscal 2003.

The company produced the first ESR in 1999 with the aim of
keeping stakeholders informed about the environmental
ramifications of its business activities and the measures it is
taking to reduce their impact on the environment. ESR 2004 marks
the sixth edition of this annual publication.

ESR 2004 includes more detailed information on the company's
activities in the field of fuel-cell car development and design.
New to this year's edition are sections on environmental steps
being taken by the company's affiliated production facilities
both in Japan and other countries, on corporate ethics and on
customer communications. In addition, ESR 2004 updates
information on the company's environmental stewardship
achievements in production, logistics, recycling and other
fields. ESR 2004 uses Forest Stewardship Council-approved paper
to reduce the environmental impact of printing.

Environmental stewardship highlights in 2003

Mitsubishi FCV fuel-cell vehicle prototype starts on-road
testing. The new Grandis model gains ultra-low emission vehicle
(U-LEV) certification. 95.7% of MMC gasoline models sold in
fiscal 2003 were LEV certified, a significant increase over the
79.4% for the previous year.

Waste resource recovery reached 99.5%. The company maintained
its zero landfill waste disposal record at all domestic
production facilities, a target first achieved in fiscal 2001.

At the end of fiscal 2003, 86.7% of MMC suppliers (352
companies) had acquired ISO 14001 certification.

The company continued to promote communications with children on
environmental matters. This included the publication of a
Japanese-language booklet titled "The Environment and Auto
Manufacturing" and the addition of more environment-related
content to the Kid's Square website section for junior
schoolchildren.

The Japanese language ESR 2004 has been published on the MMC
website today and may be accessed at the URL given below. A hard
copy version is available on request. The English language
version of ESR 2004 is due to be published towards the end of
August.

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: Posts Investigations' Updates
------------------------------------------------
In a press release, Mitsubishi Motors once again apologized for
the trouble it had caused in relation to past repair directives
and subsequent post-market measures.

The company firmly believes that to rebuild its operations under
a new management it must first dig up all quality-related
problems rooted in the past and ensure that such problems never
happen again. Only then will it be able to put this new
structure for legal compliance to work as part of our business
revitalization plan.

Extended investigation into past repair directives

Following an announcement on June 2 regarding 92 cases of past
repair directives dating back to December 1993, MMC filed seven
weekly reports to the Japanese Ministry of Land, Infrastructure
and Transport on its progress in dealing with the issue. On July
29, the company finalized all submissions for 35 of the 92 cases
that required recalls or improvement measures. MMC will continue
its investigations to ensure nothing has been overlooked.

Internal investigation into cause and background of quality
problems

MMC's Corporate Social Responsibility Promotion Office has
employed a group of 13 external lawyers to look into the cause
of the company's quality problems. Although subject to change as
the investigation develops, the main areas the group is looking
into include:

The internal decision making process for past repair directives
and the way in which they were carried out.

Why it was decided in 2000 to only look into repair directives
dating back to April 1998.

Why the company's investigations and reports were limited and
didn't include the 92 new cases.

The company's corporate culture at the time that allowed this to
occur.

The legal group will provide regular reports to the Business
Ethics Committee and steer its investigations in consultation
with the committee.

In a separate move, MMC and Mitsubishi Fuso have gathered
together a group of lawyers to look into the wheel hub and
clutch housing problems at Mitsubishi Fuso. MMC believes that,
while this problem is related to truck and bus operations, it is
important to gain accurate information on the issue to create
measures to prevent a similar situation from occurring again.

Upcoming plans

MMC plans to report the findings of its extended investigation
into past repair directives and defect information on August 26
based on a detailed analysis of the defects and post-market
measures. To prevent a similar situation from occurring in the
future, the CSR Promotion Office will use the lessons learned
through the company's extended investigations in its supervisory
role over the Quality Assurance Office.

The company will also expand the scope of its investigations
into the cause and background of quality problems as needed,
which makes it hard to determine the timing of the final report
at this stage.

Once the findings of the investigation are known, the CSR
Promotion Office will take the lead to draw up a plan to prevent
future occurrences and clarify responsibilities. The office will
also report its plans to the Business Ethics Committee and ask
for feedback.

Public announcements will be made as soon as possible taking
into consideration the progress of ongoing judicial proceedings.


SANYO ELECTRIC: JCR Assigns AA to Bonds
---------------------------------------
JCR has assigned AA ratings to the two series of bonds to be
issued under the shelf registration of the issuer.

Issuer: Sanyo Electric Co., Ltd.
Issues      Amount(bln) Issue Date     Due Date    Coupon
bonds no.19   JPY30    Aug. 26,2004  Aug. 26,2011   1.52%
bonds no.20   JPY30    Aug. 26, 2004 Aug. 26, 2014  2.02%
Covenants: Negative Pledge
Commissioned Company: No
Shelf Registration:
Maximum: JPY100 billion
Valid: two years effective from July 8, 2003

Rationale:

JCR announced the affirmation of AA rating for Sanyo Electric in
March this year, assuming improvement in financial structure
would be made thanks to expansion in earnings for fiscal 2004.
The operating profit for the 1st quarter of fiscal 2004
decreased a year-on-year 17% to 13.6 billion yen. Rise in price
of raw materials as well as fall in sales price put downward
pressure on the earnings. In particular, earnings from
electronic devices and batteries dropped sharply. Sanyo
Electric says that the operating results for the 1st quarter
were as expected by it. It has not revised the forecasts for the
performance for fiscal 2004, anticipating recovery of electronic
devices in and after the 2nd quarter. JCR will watch carefully
the going of the plan.

CONTACT:

SANYO Electric Co., Ltd.
5-5 Keihan-Hondori, 2-chome
Moriguchi, Osaka 570-8677,
Japan
Phone: +81-6-6991-1181
Fax: +81-6-6991-6566
Website: www.sanyo.co.jp


SHOWA DENKO: Revises H1 Performance Forecast for 2004
-----------------------------------------------------
In view of the recent trends of its businesses, Showa Denko K.K.
(TSE: 4004; "SDK") announces a revision of its performance
forecast for the first half of 2004. The earlier forecast, made
public on February 17, 2004 on the occasion of the announcement
of the 2003 business results, has been revised as in the tables
below.

(1) Consolidated basis (For the period from January 1 to June
30, 2004)

                                         (Unit: Y100 million, %)
                Previous  Revised           First Half Full Year
                Forecast  Forecast Change %     2003       2003

Net sales         3,400     3,482    82   2.4  3,456      6,894
Operating income    190       222    32  16.8    161        385
Ordinary income     120       162    42  35.0    105        238
Net income           37        63    26  70.3     38        103

(2) Non-consolidated basis (For the period from January 1 to
June 30, 2004)

                                         (Unit: Y100 million,%)
                Previous   Revised           Fist Half Full Year
                Forecast   Forecast Change %     2003       2003

Net sales         2,300     2,453    153   6.7  2,270      4,620
Operating income    115       154     39  33.9     99        229
Ordinary income      70       114     44  62.9     65        130
Net income           33        57     24  72.7     19         50


(3) Background for the revision

Net sales for the first half of 2004 will be higher than the
earlier forecast both on a consolidated and non-consolidated
basis. This is because the Petrochemicals segment's sales have
increased as a result of larger shipment volumes and higher
selling prices, which reflect rising raw material costs.

Operating income for the half-year term will also be higher than
the initial forecast both on a consolidated and non-consolidated
basis owing to increases in shipment volumes and selling prices
in the Petrochemicals and Inorganic Materials segments.

Due mainly to the increase in operating income, both ordinary
income and net income will increase on a consolidated and non-
consolidated basis.

We will announce the results for the first half of 2004 on
August 10. On that occasion, we will also announce our
performance forecast for the full-year of 2004.

About Showa Denko K.K.

Showa Denko is a major manufacturer and marketer of chemical
products serving a wide range of fields ranging from heavy
industry to the electronic and computer industries. The company
makes petrochemicals (ethylene, propylene), aluminum products
(ingots, rods) electronic equipment (hard disks for computers),
and inorganic materials (ceramics, carbons). The company has
overseas operations and a joint venture with Netherlands-based
Montell and Nippon Petrochemicals to make and market
polypropylenes. In March 2001, SDK merged with Showa Denko
Aluminum Corporation to strengthen the high-value-added
fabricated aluminum products operations, and is today developing
next-generation optical communications-use wafers.

On March 2003, Japan Credit Rating Agency (JCR) has assigned a
BBB- rating to the bonds of Showa Denko K.K.. The company
increased the operating profit and pretax profit for fiscal 2003
ended December 31, 2003, following the previous fiscal year.
Rise of digital home appliances and increase in earnings from
hard disk operations derived from acquisition of the business
operation improved the profits for two years in a row. Although
the financial structure remains weak, it has improved with the
interest-bearing debt being reduced.

CONTACT:

Showa Denko K.K.
IR & PR Group, Nobuhiro Kato
Phone: +81-3-5470-3235
E-mail: nobuhiro_kato@sdk.co.jp


SOJITZ HOLDINGS: Posts Q1 Consolidated Financial Results
--------------------------------------------------------
Sojitz Holdings Corporation posted its consolidated financial
results for the first quarter ended June 30, 2004.

Net sales in the 1st quarter of fiscal 2004 amounted to 1,214.0
billion yen, logging a progress of 41.4% vis-a-vis the
semiannual forecast initially announced in May 14, 2004, and was
impacted by the reduction of low-profit transactions in energy
related business. Gross trading profit was 58.8 billion yen,
which is equal to the results for the 1st quarter in fiscal
2003, recording progress of 44.4% vis-a-vis the semi-annual
forecast.

SG&A expenses of 43.5 billion yen resulted in an operating
income of 15.3 billion yen. A Recurring Profit of 13.9 billion
yen was appropriated, marking a progress of 40.9% vis-a-vis the
semi-annual forecast figure, due to increasing equity in gains
of unconsolidated subsidiaries and affiliates in accordance with
favorable earnings at unconsolidated subsidiaries and
affiliates, accounted for by the equity method. With an
extraordinary net loss amounting to 0.6 billion yen, a net
income (after taxes) of 9.8 billion yen, logging a progress of
49.0% vis-a-vis the semi-annual forecast, was recorded in the
first quarter.

To view the complete financial statement, please click on:
http://bankrupt.com/misc/TCRAP_SOJITZ080904.pdf

CONTACT:

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


UFJ HOLDINGS: Releases Q1 Financial Results for 2004
----------------------------------------------------
UFJ Holdings Incorporated has released its financial statement
for the first quarter of 2004.

The firm booked a net loss of JPY91.5 billion mainly due to
credit-related expenses. Business profits excluding bond gains
are on the right track with JPY20.9 billion from June 3.
Increase in reserves for the large troubled borrowers resulted
in JPY306.1 billion of credit related expenses. Problem loans,
likewise, increased to JPY4.62 trillion due to downgrade of
large troubled borrowers. Unrealized gains on stock increased
while unrealized losses on bonds expanded due to a rise in the
interest rates.

To view the complete financial statement please click on:
http://bankrupt.com/misc/TCRAP_UFJ080904.pdf

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
=========


HANARO TELECOM: Discloses Open Interest Balance of Derivatives
--------------------------------------------------------------
In a disclosure to the U.S. Securities and Exchange Commission
(SEC), Hanaro Telecom Inc. issued a fair disclosure relating to
its forward exchange transaction, filed with the Korea
Securities Dealers Association Automated Quotation Market
(KOSDAQ) on August 3, 2004.

OPEN INTEREST BALANCE OF DERIVATIVES

[Changes]

1. Object of Trading         Currency Forward Transaction (JPY)

2. Open Interest Balance Reported
   Prior to This Time (a+b)        KRW 279,993,334,856
   a. Amount of Purchase           KRW 279,993,334,856
   b. Amount of Sale               None
   - Ratio to Total Assets (%)     8.28%

3. Amount of Change (a+b)          decreased by KRW 24,888,424
   a. Amount of Purchase           decreased by KRW 24,888,424
   b. Amount of Sale               None

4. Ratio of Change
   a. Ratio to Total Assets              0.00%
   b. Ratio to Open Interest Reported   -0.01%
      Prior to This Time

5. Reasons for Change: A new foreign currency forward contract &
settlement of the previous contract.

6. Date of Change: August 2, 2004

7. Total Assets at the End of Preceding: KRW 3,381,922,386,883
   Business Year (2003)

8. Others: On August 2, 2004, Hanaro Telecom, Inc. entered into
a foreign currency forward contract due on August 17, 2004,
whereby the Company buys JPY equivalent to KRW 20,000,000,000
from KoRam Bank (based on KRW/ 100 JPY = 1155.60).

On the same date, the foreign currency forward contract with KDB
and CALYON, which was initially entered into on July 2, 2004 for
the amount of KRW 20,000,000,000, has been settled.

The amount of change refers to the difference between the
settlement amount on August 2, 2004 (entered into on July 2,
2004 for the amount of KRW 20,056,114,327) and the amount of the
new transaction entered into on August 2, 2004 for the amount of
KRW 20,031,225,903, which is due on August 17, 2004.

CONTACT:

Hanaro Telecom Headquarters
Shindongah Fire & Marine Insurance Building 43, Taepyeongno2-Ga,
Jung-Gu, Seoul 100-733 Korea
Tel: 82-106
Fax: 82-2-6266-4399
E-mail: trexx@hanaro.com


HANARO TELECOM: Making a Big Push into Broadband TV
---------------------------------------------------
Hanaro Telecom Inc. will launch a broadband TV service in order
to establish itself as a leading multimedia provider, Telecoms
Korea reports, citing Hanaro Inc. President Yoon Chang-bun.

A pilot service that integrates telecommunications, broadcast
and home network will be launched through xDSL networks in Seoul
and its surrounding areas by the end of this year.

The company expects to swing to a net profit of KRW500 million
on revenue of KRW1.5 trillion this year. Last year, the Company
posted a net loss of KRW165.3 billion on revenue of KRW1.38
trillion.


HYNIX SEMICONDUCTOR: STMicroelectronics to Buy US$200M Bonds
------------------------------------------------------------
Geneva-based STMicroelectronics NV, which is in talks with Hynix
Semiconductor Inc. to build joint venture chip plant in China,
has agreed to buy US$200 million convertible bonds issued by the
chipmaker, according to Reuters, citing the Korea Economic
Daily.

Creditors of Hynix will vote this week on the China project,
which would give ST and Hynix an entry into China's US$30
billion semiconductor market.

CONTACTS:

STMicroelectronics NV
1228 Plan-Les-Ouates
Geneva, FRANCE
Tel: +41 22 929 29 29
Tel: +41 22 929 29 00

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


HYNIX SEMICONDUCTOR: Receives Partnership Performance Award
-----------------------------------------------------------
Hynix Semiconductor Inc. announced it was awarded a fourth-year
Partner in Performance award by Celestica, a world leader in
electronics manufacturing services (EMS), for its contribution
to the company in 2003, Business Wire reports.

"Hynix is proud to be recognized by Celestica," said Gary
Swanson, senior vice president of sales at Hynix Semiconductor
America. "Hynix is very pleased to receive the Partners in
Performance Award for the fourth consecutive year. We value our
partnership with Celestica and together we will continue to
provide leading technology solutions for customers."

Celestica's Partners in Performance awards are given annually to
the company's suppliers, in recognition of their support of
Celestica's supply chain management objectives and dedication to
customer service. The 2003 Partners in Performance winners
demonstrated flexibility and responsiveness, impact on asset
management, effectiveness and efficiency, and overall
performance excellence.

"In 2003, the level of flexibility and responsiveness
demonstrated by Hynix in response to our supply chain
requirements, enabled Celestica to operate as a seamless
extension of our customers' global operations," said Robert
Shanks, Chief Supply Chain and Procurement Officer, Celestica.
"We're proud to recognize Hynix as a fourth-year Partners in
Performance award winner, in recognition of the company's
contribution to our success in the EMS industry."

About Hynix Semiconductor Inc.

Hynix Semiconductor Inc. (HSI) of Ichon, Korea, is one of the
leading companies in the development, sales, marketing and
distribution of high-quality semiconductors, including DRAM,
SRAM, Flash memory and system IC devices. Hynix Semiconductor is
the world's top tier DRAM supplier with eleven manufacturing
fabs worldwide, and production capacity of over 360,000 wafer
starts per month. Hynix maintains worldwide development,
manufacturing, sales and marketing facilities. Further
information about Hynix is available at www.hynix.com.


JINRO LTD: NLRC Unable to Bridge Gap Between Union, Management
--------------------------------------------------------------
The National Labor Relations Commission (NLRC) was unable to
bridge the gap between the labor union and the management of
Jinro Limited, Yonhap News reports.

This raises the possibility that workers at the soju distiller
may go on strike, which could cause serious problems for the
domestic alcohol market.

Merrill Lynch was recently selected as the preferred manager to
arrange the sale of Jinro Ltd., TCR-AP reported in its 145th
edition.

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

CONTACT:

Jinro Limited
1448-3 Seocho-dong Seocho-gu
Seoul, SEOUL 137-866
KOREA (SOUTH)
Tel: +82 2 520 3114
Tel: +82 2 520 3453


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


BOUSTEAD HOLDINGS: Issues Additional 20,000 Ordinary Shares
-----------------------------------------------------------
Boustead Holdings Berhad's additional 20,000 new ordinary shares
of RM0.50 each issued pursuant to the employees' share option
scheme will be granted listing and quotation with effect from
9.00 a.m., Tuesday, 10 August 2004.

CONTACT:

Boustead Holdings Berhad
28th Floor Menara Boustead
69 Jalan Raja Chulan
50200 Kuala Lumpur, WP
Malaysia
Web address (URL): http://www.boustead.com.my
Tel: 603-2419044
Fax: 603-2419750


CHG INDUSTRIES: Answers BMSB Query
----------------------------------
Pursuant to a letter from the Bursa Malaysia Securities Berhad
dated 4 August 2004 requiring CHG Industries Berhad to furnish
the Exchange the details of the events leading to the grant of
the court order dated 2 August 2004, announced by the Company on
2 August 2004, the Company responded thereto as follows:

A. Indebtedness of CHG Group

1. On 6 September 2001, CHG announced that it is an affected
listed issuer pursuant to Practice Note 4/2001 (PN 4) (Criteria
and Obligations Pursuant to Paragraph 8.14 of the Listing
Requirements of Bursa Malaysia) issued by Bursa Securities.

2. As at 31 December 2003, the CHG Group's total indebtedness to
their financial institution creditors (FI Creditors) is
estimated to be in the amount of RM190,236,292.00. At the same
time, the CHG Group is indebted to unsecured suppliers (which
for these purposes, means suppliers who are each owed a sum
exceeding RM50,000.00 and which are hereinafter referred to as
Non-FI Creditors) a total sum of approximately RM38,500,000.00.

B. Events Leading Up to Restraining Order

(I) Previous Attempt at Debt Restructuring

3. The CHG Group had previously made attempts to restructure
their debts with the FI Creditors. In this respect, CHG, CHGPly
and CHT had entered into a debt restructuring agreement  (DRA)
dated 9 July 2003 with the FI Creditors pursuant to which the
CHG Group agreed to settle their respective indebtedness to the
FI Creditors in such manner and upon such terms and conditions
as contained in the DRA.

4. However, by reason of financial constraints, in particular a
severe cash flow problem, the CHG Group was unable to implement
the restructuring of their debts pursuant to the DRA and had
subsequently defaulted on the interest payments as stipulated in
the DRA.

5. Following the said default, on or about 26 April 2004, EON
Bank Berhad, one of the FI Creditors, gave notice vide letter to
terminate the DRA.

(II) Present Revised Restructuring Scheme

6. As has been announced to the Exchange on 29 April 2004, CHG
was then in the midst of finalizing revised restructuring
schemes to regularize its financial position and to restructure
its debts.

7. Further to the announcement above, the CHG Group entered into
a restructuring agreement dated 3 June 2004 (RA) with, amongst
others, one Linmax Group Sdn Bhd (Linmax) to undertake a
corporate and debt restructuring exercise (the Proposed
Restructuring).

8. The proposals contemplated in the Proposed Restructuring
pursuant to the RA include, inter alia, the proposed transfer of
CHG's listing status on the Main Board of Bursa Securities to
Linmax and the following proposed schemes of arrangement under
Section 176 of the Companies Act, 1965:

8.1 a scheme of arrangement for the members of CHG involving a
reduction in the issued and paid up capital of CHG from
RM47,850,002.00 to RM4,785,000.00 and thereafter, an acquisition
by Linmax of the entire issued and paid up capital of CHG upon
the completion of the proposed capital reduction aforesaid,
pursuant to which the members of CHG will exchange their shares
in CHG for new ordinary shares in Linmax; and

8.2 the settlement of debts owing by the CHG Group to their
creditors, via:

(i) A scheme of arrangement and compromise for FI Creditors as
particularized in the RA;

(ii) A scheme of arrangement and compromise for the Non-FI
Creditors.

9. The Proposed Restructuring was announced to the Exchange on 4
June 2004.

(III) Restraining Order Necessary

10. The said schemes of arrangement and compromise are pending
formalization for the consideration and approval of the members
of CHG and the relevant classes of creditors at statutory
meetings to be convened pursuant to Section 176(1) of the
Companies Act, 1965. In this regard, the CHG Group has presented
a paper to the FI Creditors in respect of the Proposed
Restructuring and the same is presently under discussions with
the FI Creditors. Pending formalization of the said schemes of
arrangement:

10.1 any proceedings and/or action commenced against any one of
the companies within the CHG Group is likely to frustrate the
implementation of the Proposed Restructuring;

10.2 such proceedings and/or action will trigger a scramble to
enforce claims against the respective companies within the CHG
Group and may culminate in the liquidation of any one or all of
them; and

10.3 as such, a restraining order pursuant to Section 176(10) of
the Companies Act, 1965 was necessary to enable the CHG Group to
focus their efforts on formalizing the said proposed schemes of
arrangement and compromise unhindered by the probability of
having to divert their attention and resources to defending or
dealing with any such proceedings and/or actions from their
creditors.

11. In point of fact, after the filing of the application for
the restraining order aforesaid and prior to the hearing of the
said application, letters of demand have been issued to the
relevant companies within the CHG Group from certain of the FI
Creditors requiring repayment, one of which threatens legal
proceedings for recovery in the event that the demand is not
met.

12. To compound matters, on or about 27 July 2004, CHG received
two notices dated 27 July 2004 from Bursa Securities. The first
of the two said notices, inter alia, gave notice to CHG that the
trading in the securities of CHG will be suspended with effect
from 4 August 2004 until further notice. The second of the two
said notices is a notice to CHG to show cause as to why the
securities of CHG should not be de-listed from the Official List
of Bursa Securities, and that in this respect, CHG is required
to make written representations to Bursa Securities. The notices
were announced by CHG to Bursa Securities on 27 July 2004.

13. In light of the above, the Proposed Restructuring will be
severely jeopardized if the restraining order applied for is not
in place. As announced on 2 August 2004, the order obtained on 2
August 2004 is with the express proviso that the said order
shall not apply to any proceedings by Bursa Securities unless
otherwise ordered by the Court. In this regard, also as
announced on 2 August 2004, the learned Judge has allowed the
intervention of Bursa Securities by consent and has fixed
23.9.2004 to hear submissions by the CHG Group and Bursa
Securities on the issue of whether the restraining order
encompasses Bursa Securities.

CONTACT:

CHG Industries Berhad
8th Mile Jalan Cheras
43200, Selangor
Malaysia
Tel: 603-9058811
Fax: 603-9053350


CONSOLIDATED FARMS: Issues Monthly Status Update
------------------------------------------------
Further to the monthly status announcement under Practice Note
No. 1/2001 on 2 August 2004, Consolidated Farms Berhad (Confarm)
announced that the Group is unable to pay the additional
principal and/or interest in respect of its credit facilities as
set out in Table 1
(http://bankrupt.com/misc/tcrap_consolidatedFarms0809.doc)

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

This announcement is dated 6 August 2004.


FABER GROUP: Grants Listing of 395,000 Ordinary Shares
------------------------------------------------------
Faber Group Berhad's additional 395,000 new ordinary shares of
RM1.00 each issued pursuant to the conversion of RM790,000
nominal value of 2000/2005 irredeemable convertible unsecured
loan stocks into 395,000 new ordinary shares will be granted
listing and quotation with effect from 9.00 a.m., Tuesday, 10
August 2004.

CONTACT:

Faber Group Berhad
Jalan Desa Bahagia
Taman Desa Off Jalan Klang Lama, Kuala Lumpur 58100
MALAYSIA
Tel: +60 3 7628 2888
Tel: +60 3 7628 2828


FABER GROUP: Unit Appoints Liquidator
-------------------------------------
Faber Group Berhad (FGB) announced that Intensive Quest Sdn Bhd
(IQSB), a 63% owned subsidiary company of the Company, has been
placed under members' voluntary liquidation (the MVL) following
the passing of a special resolution by its members at an
extraordinary general meeting held on 5 August 2004.

Encik Mohamad bin Abdullah has been appointed as liquidator for
the purpose of the MVL.

The MVL of IQSB is in line with the provisions of the
Shareholders' Agreement in respect of IQSB dated 8 April 2004
between FGB and Medlux Overseas (Guernsey) Limited (MOG), in
which FGB and MOG have mutually agreed to voluntarily wind-up
IQSB in accordance with applicable laws of Malaysia.

The MVL of IQSB is not expected to have a material effect on the
earnings or net tangible assets of the Faber Group for the
financial year ending 31 December 2004.

This announcement is dated 6 August 2004.


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

Date of transaction: 05/08/2004

Total number of treasury shares sold (units):

Total number of treasury shares cancelled (units): 67,000

Minimum price paid for each share sold (RM):

Maximum price paid for each share sold (RM):

Total amount received for treasury shares sold (RM):

Cumulative net outstanding treasury shares as at to-date
(units): 32,913,100

Adjusted issued capital after cancellation/resale (no. of
shares) (units): 589,746,900

Remarks:
cc: Securities Commission

CONTACT:

Hap Seng Consolidated Berhad
No 1A Jalan 205
Petaling Jaya, Selangor Darul Ehsan 46050
MALAYSIA
Tel: +60 3 7783 9888
Tel: +60 3 7781 6305


HHB HOLDINGS: Seeks Extension of Regularization Plan
----------------------------------------------------
On 28 June 2004, Public Merchant Bank Berhad (PMBB), had
announced on behalf of HHB Holdings Berhad (HHB), that an
application had been submitted to Bursa Securities for extension
of time for HHB to make its Requisite Announcement pursuant to
Paragraph 6.1(a) of PN10.

PMBB, on behalf of HHB, wishes to announce that Bursa Securities
had vide its letter dated 5 August 2004, stated that it shall
commence de-listing procedures against HHB upon the expiry of
six (6) months period from the last day of the extended
timeframe (30 June 2004) granted by Bursa Securities pursuant to
PN10 if HHB has still not submitted its regularization plans to
the relevant authorities.

This announcement is dated 5 August 2004.


KSU HOLDINGS: Bursa Malaysia to Delist Securities
-------------------------------------------------
After having considered all the facts and circumstances of the
matter and upon consultation with the Securities Commission,
Bursa Malaysia Securities Berhad (Bursa Securities), has decided
to de-list the securities of KSU Holdings Berhad from the
Official List of Bursa Securities as the Company does not have
an adequate level of financial condition to warrant continued
listing on the Official List of Bursa Securities.

Accordingly, please be informed that the securities of the
Company will be removed from the Official List of Bursa
Securities at 9.00 am on Thursday, 19 August 2004.

With respect to the securities of KSU, which are currently
deposited with the Bursa Malaysia Depository Sdn Bhd (Bursa
Depository), the securities may remain deposited with the Bursa
Depository notwithstanding the de-listing of the securities from
the Official List of B0ursa Securities. It is not mandatory for
the securities of a company, which has been de-listed to be
withdrawn from Bursa Depository.

Alternatively, shareholders of KSU who intend to hold their
securities in the form of physical certificates, can withdraw
these securities from their Central Depository System (CDS)
accounts maintained with the Bursa Depository at anytime after
the securities of KSU has been de-listed from the Official List
of Bursa Securities. This can be effected by the shareholders
submitting an application form for withdrawal in accordance with
the procedures prescribed by Bursa Depository. These
shareholders can contact any participating organizations of
Bursa Securities and/or Bursa Depository's helpline at 03-
20717711 or 03-20717723 for further information on the
withdrawal procedures.

Date: 4 August 2004


KSU HOLDINGS: Financial Condition Unchanged
-------------------------------------------
Further to KSU Holdings Berhad's announcement dated 20th August
2003, 10th September 2003, 9th October 2003, 10th November 2003,
5th December 2003, 2nd January 2004, 4th February 2004, 1st
March 2004, 1st April 2004, 5th May 2004, 1st June 2004 and 5
July 2004, the Company wishes to inform that as of to date,
there has been no further development on its plan to regularize
its financial condition.

This announcement is dated 5 August 2004.


PERNAS INTERNATIONAL: Changes Name to Tradewinds Corporation
------------------------------------------------------------
The Bursa Malaysia Securities Berhad announced that Pernas
International Holdings Berhad has changed its name to
"Tradewinds Corporation Berhad". As such, Pernas' securities
will be traded and quoted under the new name with effect from
9.00 a.m., Monday, 9 August 2004.

The Stock Short Names will be changed as follows:

Securities Old
Stock Short Name New
Stock Short Name
(i) Ordinary Shares

(ii) Warrants PERNAS

PERNAS-WA
PERNAS-WB
PERNAS-WC TWSCORP

TWSCORP-WA
TWSCORP-WB
TWSCORP-WC

However, the Stock Numbers remain unchanged.

CONTACT:

Pernas International Holdings Berhad
Jalan Raja Laut
Kuala Lumpur, Kuala Lumpur 50350
Malaysia
Tel: +60 3 2693 5177
Tel: +60 3 2691 4486


PILECON ENGINEERING: Unit Releases Default Status Update
--------------------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
(BEB) on 5 July 2004 with regards to the status of default in
payment pursuant to Practice Note 1/2001 by its subsidiary,
Transbay Ventures Sdn Bhd (TVSB), PEB wishes to hereby announce
that there have not been any changes to the status of default
since then.


PROMTO BERHAD: Discloses Details of Restraining Order
-----------------------------------------------------
Promto Berhad Berhad wishes to notify Bursa Malaysia Securities
Berhad (Bursa Malaysia) that the Company and its subsidiaries
have been granted a restraining order (RO) for a period of 90
days effective from 6 August 2004 to 4 November 2004 by the
Kuala Lumpur High Court pursuant to Section 176 (10) of the
Companies Act, 1965.

Collectively to be referred as (Effected Subsidiaries) are:

1. Promto Properties Sdn Bhd
2. Syarikat Lee Engineering (Kota Bahru) Sendirian Berhad
3. Promto-Sikojaya Sdn Bhd
4. Chee Keong (Malaysia) Sdn Bhd
5. Ipoh Pipe Industries Sdn Bhd
6. Milnes Technology Sdn Bhd
7. Jasa Timor Sendirian Berhad
8. Fuller Cms Sdn Bhd
9. Louvre Products Industries Sdn Bhd
10. Goodlite Trading Sdn Bhd

The Company does not expect the RO to have any material effect
on the financial and operational matters of Promto Berhad and
the Effected Subsidiaries.

This Bursa Malaysia announcement is dated 6 August 2004.


TALAM CORPORATION: Issues 231,700 Ordinary Shares
-------------------------------------------------
Talam Corporation Berhad's additional 231,700 new ordinary
shares of RM1.00 each issued pursuant to the Conversion of
2,317,000 irredeemable convertible preference shares into
231,700 new ordinary shares will be granted listing and
quotation with effect from 9.00 a.m., Monday, 9 August 2004.

CONTACT:

Talam Corporation Berhad
Jalan Pandan Indah 4/2 Pandan Indah
Kuala Lumpur, 55100
MALAYSIA
Tel: +60 3 4296 2000
Tel: +60 3 4297 7220


UNITED CHEMICAL: Releases Default Status Update
-----------------------------------------------
The Board of Directors of United Chemical Industries Berhad
(UCI) announced that further to the announcement made on 9 July
2004, there are no new significant developments in relation to
the various default in payment.

The Board of Directors of UCI would like to further provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note No. 1/2001.

For the list of outstanding loans defaulted, go to
(http://bankrupt.com/misc/tcrap_unitedchemical080904.xls)

This announcement is dated 6 August 2004.


YCS CORP.: Issues Details of Delisting
--------------------------------------
Further to the Announcement made on June 30, 2004 on the above
issue, YCS Corporation Berhad would like to state that it is
currently in the midst of preparing a written representation to
Bursa Malaysia Berhad as to why the securities of the Company
should not be de-listed from the Official List of Bursa Malaysia
Berhad.

Further development will be announced accordingly.

CONTACT:

YCS Corporation Berhad
Taman Perindustrian UEP Subang Jaya
Subang Jaya, Selangor Darul Ehsan 47600
MALAYSIA
Tel: +60 3 80242922
Tel: +60 3 80242911


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


BAYAN TELECOMMUNICATION: Secured Creditors Oppose Court Ruling
--------------------------------------------------------------
Secured creditors of Bayan Telecommunications Inc. (BayanTel)
have filed an appeal against the recent court approval of the
telco's financial rehabilitation "for being contrary to law and
evidence on record", according to a BusinessWorld report.

Bayantel's secured creditors include Asian Finance and
Investment Corp., Bayerische Landes-bank (Singapore Branch),
Clearwater Capital Partners Singapore Pte. Ltd., Deutsche Bank
AG, Express Investments III Private Ltd., Export Development
Canada, J.P. Morgan Chase Bank, P.T. Bank Negara Indonesia (Hong
Kong Branch), Standard Chartered Bank, and local banks
Metropolitan Bank and Trust Co. and Rizal Commercial Banking
Corp.

The creditors said the Pasig court's decision was illegal for
putting all BayanTel creditors, with or without collateral, on
equal footing even in terms of getting payments.

Local banks China Banking Corp. and Philippine National Bank
also filed a separate notice of appeal.

Secured creditors account for 52.6 percent of BayanTel's total
debts, with unsecured creditors accounting for the rest.

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/


MAYNILAD WATER: $30Mln Bond Draw Could Increase Water Tariff
------------------------------------------------------------
An increase in water tariff is expected with the government's
decision to draw US$30 million on Maynilad Water Services Inc.'s
US$120-million performance bond, reports BusinessWorld.

The actual expected increase is estimated at PHP7 per cubic
meter.  The increase will raise Maynilad's water tariff to
almost PHP26 per cubic meter from the current basic rate of
PHP19.92 per cubic meter.

Of the amount to be withdrawn, Maynilad's parent firm Benpres
Holdings guaranteed the payment of 60 percent while Benpres'
French partner, Ondeo Services Philippines Incorporated, will
pay the remainder.

While Benpres is currently restructuring nearly US$500 million
of its debts, banks that have guaranteed its performance bond
may have to wait for its cash flow to improve.  Ondeo, on the
other hand, has the capacity to pay US$12 million, which is 40
percent of the US$30 million to be drawn.

Under a standby letter of credit, a consortium of banks led by
Hong Kong-based Citicorp. International Ltd. can run after
Maynilad shareholders for payment of the drawn amount.

Maynilad sources said Ondeo would pass on this cost to
customers. But any rate increase must be duly approved by the
MWSS Regulatory Office.


PHILIPPINE BANK: Appoints New Directors
---------------------------------------
Philippine Bank of Communications (PBCom) announced to the
Philippine Stock Exchange that during its regular meeting held
on July 29, 2004, the following directors of the Bank were
appointed, namely:

(1) Ralph Nubia, Jr. as Executive Director for Corporate Banking
and Branch Lending.

(2) Carlos Chung Bunsit as Executive Director and Segment Head-
In-Charge of Credit Management & Asset Recovery Segment.

(3) Henry Y. Uy as Executive Director for Trust Group.

(4) Ernesto T. Luy as Executive Director in-charge of oversight
functions for Treasury, Facilities and Management Division and
Branch Expansion Programs.

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


PILIPINO TELEPHONE: CA Grants Franchise Tax Exemption
-----------------------------------------------------
The Court of Appeals (CA) has upheld a local trial court
decision exempting Pilipino Telephone Corp. (Piltel) from paying
local franchise taxes, SunStar Cebu reports.

The CA summarily dismissed in a July 12, 2004 ruling the appeal
filed by Makati City government seeking a reversal of the
judgment of the Makati Regional Trial Court dated December 10,
2002, which directed Makati City to cease and desist from
assessing and collecting local franchise tax from Piltel.

The CA decision is considered precedent-setting, as it now
determines that telecom franchises which contain the specific
exemption clause and were passed after the effectivity of the
LGC are exempt from payment of local franchise tax.

The Makati City government assessed Piltel's franchise tax to
PHP45 million.  Piltel, in turn,  filed a protest for the
aggregate assessment of the Makati City government, and cited
its exemption by virtue of its franchise under Republic Act
7293, which expressly exempted the telephone company from paying
local franchise tax except that which is specifically mentioned
in Section 6 of Piltel's legislative franchise.

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


SILAHIS INTERNATIONAL: BDO Asks Court to Junk PHP43.75Mln Claims
----------------------------------------------------------------
Banco de Oro (BDO) has opposed the petition of Silahis
International Hotel seeking for redirection of rental payments
made by Philippine Amusement and Gaming Corp. (Pagcor) from the
bank to the hotel company, reports the Manila Times.

Banco de Oro, in a six-page motion stated, "Petitioner [Silahis
Hotel] has divested itself in an absolute and unconditional
manner all its rights, titles and interests over its receivable
from Pagcor representing monthly rentals up to December 2004 by
virtue of deeds of assignment of receivables executed prior to
the filing of the petition for suspension of payment."

BDO said that it forged an agreement with Silahis Hotel
assigning lease rental receivables due from Pagcor to the Sy
family-controlled lender. The receivables amount to PHP43.75
million, representing Pagcor's rentals from May to December
2004, according to the Manila Times report.

"The receivables assigned by (Silahis Hotel) in favor of BDO no
longer form part of the assets of the petitioner that could be
subject of the rehabilitation plan because this were ceded in an
absolute and unconditional manner long before the filing of the
petition for suspension of payment," the lender's motion read.

"Hence, this honorable court acting as a rehabilitation court
can no longer exercise jurisdictional control over these assets
as they no longer form part of the assets of the petitioner," it
read further.

The suspension of payment and stay order issued by Manila
Regional Trial court on July 12 prohibits Silahis Hotel from
making any payment of its outstanding liabilities from the start
of the court hearing on the hotelier's rehabilitation petition.

Silahis Hotel's obligations to Banco de Oro amount to PHP54
million.

The financial woes of Silahis Hotel stemmed from the Asian
financial crisis and an eight-month labor strike which led to a
one-year closure of Pagcor's operations.

The hotel filed a petition for debt-relief after it failed to
pay US$19 million of PHP1.06 billion in obligations to banks
such as, Urban Bank (now Export and Industry Bank), Land Bank of
the Philippines, Security Bank and Westmont Bank (now United
Overseas Bank) under a syndicated loan agreement.


UNITED PARAGON: Clarifies News Article in BusinessWorld
-------------------------------------------------------
United Paragon Mining Corp. disclosed to the Philippine Stock
Exchange a clarification to the news article entitled "United
Paragon to borrow $17M-$20M to revive mine" published in the
August 5, 2004 issue of the BusinessWorld (Internet Edition).
The article reported that:

"United Paragon Mining Corp. plans to secure $17 million to $20
million in financing to reopen its Longos mine, its principal
mining operation in Paracale, Camarines Norte. Alongside this,
the firm is restructuring its capital to raise enough equity to
repair its mines. Alfredo C. Ramos, president and chairman, told
BusinessWorld the restructuring had already been approved by the
board. `It is hard to pin down the figure but we plan to raise
between $7 million and $8 million in equity or even lesser at $5
million to $6 million. The less equity, the better."

United Paragon Mining Corporation (UPM), in its letter to the
Exchange dated August 6, 2004, informed the Exchange that:

"As regards the reported plan of UPMC to secure US$17 million to
US$20 million financing and US$5 to 8 million in equity to open
its Longos mine, the company advises that said figures merely
represent the UPMC management's estimates of the amount of
funding that would be needed if and when it decides to open the
said Longos mine. Presently, no decision has yet been made by
the UPMC management to open the said Longos mine. Neither has
there been any agreement with any party for the financing
thereof."

CONTACT:

United Paragon Mining Corp.
Business Address:  8/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Telephone Numbers: 636-5133 to 34
Fax Number: 636-4923
Email Address: longos@vasia.com


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


CO-SEAL LIQUID: Enters Winding Up Proceedings
---------------------------------------------
Notice is hereby given that a petition for the winding up of Co-
Seal Liquid Plastic Dressing Pte Ltd by the High Court was, on
the 3rd day of August 2004, presented by Hitachi Credit
Singapore Pte Ltd of 268 Orchard Road #11-01, Singapore 238856,
a creditor.

The petition is directed to be heard before the Court sitting at
the High Court of Singapore at 10:00 a.m., on the 27th 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 the hearing by himself or his counsel for that
purpose. A copy of the petition will be furnished to any
creditor or contributory of the company requiring the copy of
the petition by the undersigned on payment of the regulated
charge for the same.

The Petitioner's address is 268 Orchard Road #11-01, Singapore
238856.

The Petitioner's Solicitors are Messrs Guan Teck & Lim of 139
Cecil Street, #03-02 Cecil House, Singapore 069539.

Messrs GUAN TECK & LIM
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 Petitioner's
solicitors, notice in writing of his intention to do so. The
notice must state name and address of the person, or, if a firm,
the name and address of the firm, and must be signed by the
person, firm or his or their solicitor (if any) and must be
served, or if posted, must be sent by post in sufficient time to
reach the above named not later than twelve o'clock noon of the
26th day of August 2004 (the day before the day appointed for
the hearing of the Petition).


CREDIT SUISSE: Creditors Must Prove Debts by September 6
--------------------------------------------------------
The creditors of Credit Suisse First Boston (Singapore) Futures
Pte Ltd, which is being wound up voluntarily are required on or
before the 6th day of September 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, or in default thereof they will be excluded from
the benefit of any distribution made before such debts are
proved.

NG MAY LIAN JUDY
Liquidator.
c/o 18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

This Singapore Government Gazette announcement is dated August
6, 2004.


FOREST GREENS: Creditors To Submit Claims On September 6
---------------------------------------------------------
Notice is given that the creditors of Forest Greens Pte Ltd,
which is being wound up voluntarily are required on or before
the 6th day of September 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.

If so required by notice in writing by the said Liquidators,
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, 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.

This Singapore Government Gazette announcement is dated August
6, 2004.


GINTIAN INVESTMENT: Court Hears Winding Up Petition
---------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Gintian (Singapore) Investment Pte Ltd by the High Court was on
the 30th day of July 2004 presented by Bank Of China being the
successors-in-title of The Kwangtung Provincial Bank (RC No.
F00753W), a bank incorporated in the People's Republic of China
and having a place of business at 4 Battery Road, Bank of China
Building, Singapore 049908, a creditor.

The Petition will be heard before the Court sitting at Singapore
at 10.00 o'clock in the forenoon on the 27th 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 themselves or their Counsel for that
purpose. A copy of the Petition will be furnished to any
creditor or contributory of the Company requiring the copy of
the Petition by the undersigned on payment of the regulated
charge for the same.

The Petitioner's address is 4 Battery Road, Bank of China
Building, Singapore 049908.

The Petitioner's solicitors are Messrs RAJAH & TANN of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908.

Messrs RAJAH & TANN
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 Petitioner's
solicitors, Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank
of China Building, Singapore 049908, 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 Petitioner's
solicitors not later than twelve o'clock noon of 26th August
2004 (the working day before the day appointed for the hearing
of the Petition).


IPCO INTERNATIONAL: Holds Annual General Meeting
------------------------------------------------
Notice is hereby given that the 12th Annual General Meeting of
IPCO International Limited will be held at the registered office
of the Company, 24 Pandan Road, Singapore 609275 on August 24,
2004 at 10.00 a.m. for the following purposes:

As Routine Business

(1) To receive and adopt the Audited Financial Statements of the
Company for the financial year ended 30 April 2004 together with
the Reports of the Directors and Auditors. (Resolution 1)

(2) To approve Directors' fees of SGD38,250/- (2003: SGD60,000/-
) for the financial year ended April 30, 2004. (Resolution 2)

(3) To re-elect the following Directors retiring pursuant to the
Company's Articles of Association:

i) Mr Sukardi Tandijono Tang (Article 91) (Resolution 3(i))

ii) Mr Carlson Clark Smith (Article 91) (Resolution 3(ii))

iii) Dato' Chow C K Kenneth @Wira Tjakrawinata (Article 91)
(Resolution 3(iii))

(4) To re-appoint Messrs BDO International as Auditors of the
Company and authorise the Directors to fix their remuneration.
(Resolution 4)

(5) To transact any other routine business that may properly be
transacted at an Annual General Meeting.

As Special Business

To consider and, if thought fit, to pass the following Ordinary
Resolutions with or without any modifications:

(6) "THAT pursuant to Section 161 of the Companies Act, Cap. 50
and subject to Rule 806 of the Listing Manual of the Singapore
Exchange Securities Trading Limited, authority be and is hereby
given to the Directors of the Company to issue and allot new
shares in the capital of the Company (whether by way of rights,
bonus or otherwise) at any time and upon such terms and
conditions and for such purposes and to such persons as the
Directors may in their absolute discretion deem fit, provided
always that

(i) the aggregate number of shares to be issued pursuant to this
Resolution does not exceed 50% of the issued share capital of
the Company (as calculated in accordance with sub-paragraph (ii)
below), of which the aggregate number of shares to be issued
other than on a pro-rata basis to shareholders of the Company
does not exceed 20% of the issued share capital of the Company
(as calculated in accordance with sub-paragraph (ii) below);

(ii) (subject to such manner of calculation as may be prescribed
by the SGX-ST), for the purpose of determining the aggregate
number of shares that may be issued under sub-paragraph (i)
above, the percentage of issued share capital shall be based on
the issued share capital of the Company at the time this
Resolution is passed, after adjusting for:-

(a) new shares arising from the conversion or exercise of any
convertible securities or share options which are outstanding or
subsisting at the time this Resolution is passed; and

(b) any subsequent consolidation or subdivision of shares; and

(iii) unless revoked or varied by the Company in general
meeting, such authority conferred by this Resolution shall
continue in force until the conclusion of the next Annual
General Meeting of the Company or by the date by which the next
Annual General Meeting of the Company is required by law to be
held, whichever is the earlier." (Resolution 5)

(7) "THAT pursuant to Section 161 of the Companies Act, Cap. 50,
approval be and is hereby given to the Directors to offer and
grant options in accordance with the IPCO Employees' Share
Option Scheme (the "Scheme") and to issue such shares as may be
required to be issued pursuant to the exercise of the options
under the Scheme provided always that the aggregate number of
shares to be issued pursuant to the Scheme shall not exceed 10%
of the issued share capital of the Company for the time being".
(Resolution 6)

(8) "THAT pursuant to the IPCO Employees' Share Option Scheme
(the "Scheme"), the Directors of the Company be and are hereby
authorised to offer and grant from time to time to the following
Executive Director (who will abstain from voting) and whose
participation in the Scheme are hereby approved, options to
subscribe for shares not exceeding in the aggregate in any one
financial year 70,000 shares each, subject to such adjustments
as may be made pursuant to the Scheme, and to allot and issue
shares pursuant to the exercise of such options subject always
to the limitation each of twenty-five (25) per cent. of the
total number of shares (including any shares which may be issued
pursuant to adjustments made under the Scheme) which may be
issued by the Company pursuant to the exercise of options under
the Scheme during the entire operation of the Scheme:

Carlson Clark Smith". (Resolution 7)

By Order of the Board

Mary Judith De Souza
Tan Soo Khoon Raymond
Seah Hai Yang
Company Secretaries

Submitted by Quah Su-Ling, Chief Executive Officer on August 6,
2004 to the Singapore Stock Exchange.

CONTACT:

Ipco International Limited
7 Temasek Boulevard 038987
Singapore
Phone: +65 2642711
       +65 2642091/2641469
Website: www.ipco.com.sg/


JETDREAM HOLIDAY: Posts Preferential Dividend Notice
----------------------------------------------------
Jetdream Holiday Pte Ltd. issued a Notice of Preferential
Dividend.

Address of Registered Office: Formerly of 10 Anson Road
#24-04A International Plaza
Singapore 077903.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 198 of 1991.

Amount Per Centum: 74.6%.

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

When Payable: 28th July 2004.

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

Kamala Ponnampalam
Assistant Official Receiver.

This Singapore Government Gazette announcement is dated August
6, 2004.


VICPLAS INDUSTRIES: Court Issues Winding Up Order
-------------------------------------------------
In the Matter of Vicplas Industries Pte Ltd., a Winding Up Order
was made on 30th July 2004.

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

RAJAH & TANN
Solicitors for the Petitioner.

Note:
(a) All creditors of the above named company should file their
proof of debt with the liquidator who will be administering all
affairs of the company.

(b) All debts due to the above named company should be forwarded
to the liquidator.

This Singapore Government Gazette announcement is dated August
6, 2004.


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


CAPETRONIC INTERNATIONAL: Releases Tender Offer Result
------------------------------------------------------
Capetronic International (Thailand) PCL (CAPE) announced to the
Stock Exchange of Thailand that it has received from Mrs. Sunisa
Pathompreuk, Ms. Chayapa Wongsawat, Ms. Chinnicha Wongsawat, and
Mr. Yodchanan Wongsawat (the Offerors) the Copy of the Report on
the Preliminary Result of the Tender Offer (Form 247-6 Khor)
which was submitted on August 6, 2004 to the Securities and
Exchange Commission.

To view full copy of the Tender Offer Preliminary Result, click
http://bankrupt.com/misc/capetronicinternational080604.htm

CONTACT:

Capetronic International (THAILAND) PCL
105 MOO 3,BANGNA-TRAT ROAD,
THAKHAM,BANG PAKONG Chacherngsao
Telephone:(038) 573161-72
Fax: (038) 573173-4


EASTERN WIRE: Issues Statement on 2Q Operating Results
------------------------------------------------------
Eastern Wire PCL disclosed to the Stock Exchange of Thailand
that its Second Quarter performance (April 1 to June 30, 2004)
showed an increase in profit of THB207.96 million compared to
last year (due to the company's reserve of THB200 million for
potential loss due to guarantee given).

In the Second Quarter, the company has normal net profit of
THB32.34 million, an increase of THB7.96 million over last year
resulting from an increase in Sales revenue by THB28.43 million
and by controlling cost which resulted in the better operating
performance.

Very truly yours,
(Mr. Weera Louwitawat)(Ms.Laddawan Suwapradub)
EPCO MANAGEMENT CO.,LTD.
Plan Administrator

CONTACT:

EASTERN WIRE PCL
RASA TOWER, ROOM 1201-1203,
555 PHAHOLYOTHIN ROAD,
CHATU CHAK Bangkok
Telephone: 0-2937-0058-66
Fax: 0-2937-0067


EASTERN WIRE: Issues Reviewed Quarterly Financial Statements
------------------------------------------------------------
Eastern Wire PCL (EPCO) released to the Stock Exchange of
Thailand its reviewed quarterly financial statements.

Eastern Printing PCL
Reviewed Ending June 30, 2004  (In thousands)

Quarter 2           For 6 Months

Year                2004       2003      2004       2003

Net profit (loss)   32,340  (175,617)    55,780   (155,391)

EPS (baht)           0.13      (0.70)     0.21     (0.62)

Type of report: Unqualified Opinion with an emphasis of matters

Comment:

(1) Please see details in financial statements, auditor's report
and remarks from SET Information Management System

"The company hereby certifies that the information above is
correct and complete.  In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID),and has also submitted the original report to the
Securities and Exchange Commission."

Very truly yours,
(Mr.Weera Louwitawat)(Ms.Laddawan Suwapradub)
EPCO MANAGEMENT CO. LTD.
Plan Administrator





                            *********


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

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

This material is copyrighted and any commercial use, resale or
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