TCRAP_Public/040816.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, August 16, 2004, Vol. 7, No. 161

                            Headlines

A U S T R A L I A

ADSTREAM LIMITED: To Release 1H Results on August 26
BACKPACKERS TRAVEL: Acquired by Accor For $1.45M
GYMPIE GOLD: Executes Contract for Gympie Eldorado Operations
INTERCARD WIRELESS: Voluntary Administrators Appointed
MARKET TRADERS: ASIC Obtains Order From Court Against Director

NATIONAL AUSTRALIA: Appoints Four Non-Executive Directors
NATIONAL AUSTRALIA: Schedules January 31, 2005 AGM


C H I N A  &  H O N G  K O N G

CHINA FOOD: Court Hears Winding Up Petition
CHINA GAS: Announces SGM Results
FUDAN-ZHANGJIANG BIO-PHARMACEUTICAL: Clarifies Financial Report
LAI SUN: Releases Joint Announcement with eSun
SWIRE PACIFIC: Mulls HKD1.56bln Bond Issue

TAI FUK: Holds Creditors' and Members' Meetings on August 27
TGI PURE: Creditors' and Members' Meetings Set August 26


I N D O N E S I A

BANK PERMATA: Government To Shortlist Bidders By End-August
PENGERUKAN INDONESIA: Nears Bankruptcy
PERTAMINA: New Chief Told To Settle Rows


J A P A N

DIAMOND KIGYO: Faces Insolvency
ENUKE KOGYO: Enters Bankruptcy
JAPAN AIRLINES: Cancels 12 Flights Due to Storm
MITSUBISHI MOTORS: To Restructure China Sales Unit
MITSUBISHI MOTORS: Inks Dealership Agreement with DMMC

UFJ HOLDINGS: Inks Merger Deal with MTFG


K O R E A

HYNIX SEMICONDUCTOR: S&P Maintains Positive Outlook
JINRO LIMITED: Union Votes To Strike
LG CARD: Narrows H104 Net Loss to KRW361bln
SK NETWORKS: Posts KRW214.8bln Recurring Profit in H1
SSANGYONG MOTOR: H1 Net Profit Drops 87%


M A L A Y S I A

ANCOM BERHAD: Bank Negara OKs Rights Issue
ANTAH HOLDINGS: Unveils Disposal of Motor Vehicle
BERJAYA SPORTS: Purchases 1,400,000 Shares on Buy Back
BERJAYA SPORTS: Issues Notice of Director's Interests
DATAPREP HOLDINGS: Receives Transaction Notice From Director

FABER GROUP: EGM Set for August 30
FACB RESORTS: Changes Name to "Karambunai Corp. Bhd"
INNOVEST BERHAD: Details Recurrent Related Party Transactions
KSU HOLDINGS: Securities De-listing Deferred
LITYAN HOLDINGS: Units Default in Payments

MP TECHNOLOGY: Disposes Of Dormant Units
OILCORP BERHAD: Appoints New Member of Remuneration Committee
OILCORP BERHAD: Appoints Eng Chin Jin as Director
PILECON ENGINEERING: State Government Ends Construction Deal
TRU-TECH HOLDINGS: Seeks Extension of Regularization Plan

WCT ENGINEERING: Issues Litigation Update
WOO HING: Ong Boon Audits 2003 Financial Statement
WOO HING: Unveils 2003 Unaudited Financial Results


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Creditor's Appeal May Delay Rehab Plan
COLLEGE ASSURANCE: Assures On-Time Tuition Payments For Scholars
FILMAG HOLDINGS: SEC Allows Firm to Shut Down Shop
NATIONAL POWER: PIPPA Backs Rate Hike Petition
NATIONAL STEEL: Iligan City Threatens to Sell Assets

NEGROS NAVIGATION: RTC Grants Petition to Suspend Debt Payments


S I N G A P O R E

ARCHIT 2000: Posts Intended Preferential Dividend Notice
BESTBUILD DEVELOPMENT: Enters Winding Up Proceedings
BISTA CORPORATION: Winding Up Hearing Set August 20
HUA KOK: Details Impact of Unit's Scheme of Arrangement Cut-off
INFORMATICS HOLDINGS: PCW Reports Investigation Findings

KOH BROTHERS: Back In The Black In 1H
LIANG HUAT: Posts Terms of Debt Restructuring Plan
NIPPECRAFT LIMITED: Releases 1H Results
YONGNAM HOLDINGS: Returns to Profitability


T H A I L A N D

ADVANCE PAINT: Releases Reviewed Interim FS
CHRISTIANI: Releases Second Quarter and Consolidated FS
CHRISTIANI: Releases Notes to Interim Financial Statements
NFC FERTILIZER: Issues Changes of Board of Directors
PREECHA GROUP: Releases 2Q Operating Results

PREECHA GROUP: Releases Reviewed and Consolidated FS
T.C.J. ASIA: Explains the Difference in Operating Result
T.C.J. ASIA: Submits Reviewed Quarterly Financial Statement
T.C.J. ASIA: Releases Opinion of the Business Re Tender Offer
THAI ELECTRONIC: Details Connected Transaction

THAI HEAT: Releases Names of Auditors For 2Q FS

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ADSTREAM LIMITED: To Release 1H Results on August 26
----------------------------------------------------
In a press release last Friday, Adstream Marine Ltd. announced
that it will be releasing its Preliminary Final Results for the
year ended 30 June 2004 to the market at approximately 9:00 a.m.
(AEST) on Thursday 26 August 2004.

After the ASX confirms receipt of the announcement, a copy of
the same will be posted on the Company's website,
www.adsteam.com.au at 10:00 a.m. (AEST) on Thursday 26 August
2004, Mr John Moller, Managing Director of Adsteam Marine
Limited will hold an Analysts' Briefing which will be webcast
via the Adsteam website.

All shareholders and interested investors are invited to listen
to the webcast presentation.  The Company advises shareholders
and interested investors to allow extra time prior to the
briefing to ensure their computer is compatible for access to
the webcast. An online archive of the broadcast will be
available after the briefing.

CONTACT:

Adstream Marine Ltd.
Level 22, Plaza 2,
500 Oxford Street,
BONDI JUNCTION,
NSW, AUSTRALIA, 2022
Head Office Telephone: (02) 9369 9200
Head Office Fax: (02) 9369 9288
Website: http://www.adsteam.com.au/


BACKPACKERS TRAVEL: Acquired by Accor For $1.45M
------------------------------------------------
French hotelier Accor has added Backpackers Travel Centre to its
string of Base Backpacker hostels for $1,451,000, according to
the Australian Financial Review.

Backpackers World Travel, which is 20-percent owned by Accor,
paid for the travel agency after a deal negotiated last week.
Backpackers Travel Centre runs 22 retail-based budget travel
agencies stretching from Sydney to Darwin.

The contract of the sale is conditional on the outcome of
investigations by Backpackers Travel Centre voluntary
administrator Michael Humphris, a partner with insolvency
experts Howarth.  The travel agency is currently in voluntary
administration owing creditors $5 million.

The sale agreement states that Backpackers World Travel paid
$600,000 for Backpackers Travel Centre and $300,000 is alloted
for the payment of thousands of backpackers who have been left
out of pocket.  Monies for lease, liabilities, rental bonds and
employee entitlements would also be set aside.  These provisions
are made to ensure that backpackers were not left empty-handed.

According to Horwath's circular to creditors, Backpackers World
Travel would distribute more funds on a pro rata basis if the
claims exceeded $300,000.

"This is our contribution to Australian tourism, in which we
have a very strong belief," Backpackers World Travel director
Colin Resnick said.

The 5000 drop-in international backpacker arrival does not pose
a threat to the industry, according to Mr. Resnick "It's a
temporary blip, backpacker arrivals have been growing by 10 per
cent a year for quite some time. This is just a period of
consolidation, it will start growing again."

Backpackers World Travel would close six of the 22 retail shops
and combine the remaining 16 with its existing outlets to create
a backpacking behemoth of 45 retail travel shops around
Australia.

Senior travel industry experts fear that Backpackers World could
create a monopoly in the travel market, given that its 45 travel
agencies are likely to feed patrons to Accor's nine Base
Backpackers hostels.

But according to an Accor spokesman, the consolidation of the
travel agencies would only create a very small percentage of the
overall market that came through Backpackers World Travel.


GYMPIE GOLD: Executes Contract for Gympie Eldorado Operations
-------------------------------------------------------------
Australian exploration, mining and marketing company Gympie Gold
Limited announced in a press release last Friday the execution
of contracts for the sale of the mining and exploration leases
and assets comprising the Gympie Eldorado operations, 170
kilometres north of Brisbane, following a world wide sale
campaign undertaken by the company's Receivers.

The purchaser is Gympie Eldorado Mining Pty Ltd (GEM), a company
owned by Mizuho International PLC (Mizuho) 74 percent, Investec
Bank Australia (Investec) 13 percent and a syndicate combining
certain directors and shareholders of Buka Minerals Limited
(Buka) 13 percent, whose interests are proposed to be
transferred to Buka, subject to Buka shareholder approval.

The Mizuho/Investec/Buka consortium came together in March 2004
to replace HSBC Precious Metals Australia and Fortis Bank as
Gympie Gold's principal bankers, and as the new owners bring
significant financial and technical resources.

Mizuho is the world's second largest financial institution by
assets.  GEM, in seeking to maximize the long term
potential/value in the Gympie gold field, intends recommencing
surface exploration to test the South Inglewood extension of the
gold field, while maintaining current underground mining
operations.

GEM considers the Gympie gold field to be highly prospective and
under-explored, as highlighted by successful exploration in
2003, prior to Gympie Gold entering receivership. GEM
anticipates that the Gympie operations will return to ASX-listed
environment in 2005.

The sale is expected to take 6 to 8 weeks to complete pending
the transfer of mining and exploration tenements and
environmental authorities by government agencies.  Gympie's
strategic shareholding in D'Aguilar Gold Limited is also to be
sold to the consortium members, subject to ASX granting a one-
time waiver of escrow conditions.

For further information:

Peter Geroff, Receiver and Manager
Gympie Eldorado Gold Mines Pty Ltd (Receivers and Managers
Appointed)
C/- Ferrier Hodgson Chartered Accountants
Telephone: (07) 3831 4833
Facsimile: (07) 3831 3862


INTERCARD WIRELESS: Voluntary Administrators Appointed
------------------------------------------------------
Voluntary administrators have been appointed to Sydney research
and development company, Intercard Wireless Limited (Intercard)
following an investigation by the Australian Securities and
Investments Commission (ASIC).

Mr. Martin Green and Mr. Peter Krejci of GHK Green Krejci
Chartered Accountants were appointed by Intercard. ASIC had
raised its concerns with the Managing Director of Intercard, Dr
Peter Solomon about the directors' responsibilities to prevent
insolvent trading.

ASIC commenced an investigation after a surveillance review
identified concerns that Intercard was continuing to incur debts
when there were reasonable grounds to suspect that it was
insolvent.

Intercard is a publicly listed company that has been involved in
the development of wireless technology for passports and
national identification cards. It currently has no revenue and
is reliant on shareholders and investors for funding until the
technology is developed commercially.

'ASIC will continue to take steps to protect investors and
creditors and to remind directors of their responsibilities to
prevent insolvent trading. ASIC will also take action, where
necessary, to wind-up companies to ensure that they do not
continue to operate when they are insolvent', Deputy Executive
Director of Enforcement, Mr. Allen Turton said.

This ASIC announcement is dated August 12, 2004

CONTACT:

Intercard Wireless Ltd.
Level 7, 139 Macquarie Street,
SYDNEY, NSW, AUSTRALIA, 2000
Head Office Telephone (02) 9252 4055
Head Office Fax (02) 9252 4064
Website: http://www.intag.com.au/


MARKET TRADERS: ASIC Obtains Order From Court Against Director
--------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
announced in its website on August 12, 2004 that it has obtained
orders and declarations in the New South Wales Supreme Court
against Market Traders Institute Australasia Pty Limited (Market
Traders) and orders against Mr. Jeffrey Beaumont, a director of
Market Traders. The declaration and orders were made with the
consent of Market Traders and Mr. Beaumont.

The Court made a declaration that Market Traders carried on a
financial services business without holding an Australian
Financial Services licence in breach of the Corporations Act
2001 (the Act) from 9 September 2002 to 29 March 2004. Market
Traders provided general advice about foreign exchange contracts
and arranged for persons to deal in foreign exchange contracts.

The Court also made an order restraining Market Traders from
providing financial product advice regarding foreign exchange
contracts during training seminars, on-line tuition and in
internet chatrooms, and arranging for persons to deal in foreign
exchange contracts in breach of the Act, for five years.

The Court ordered Mr. Beaumont to refrain from providing
financial product advice regarding foreign exchange contracts
during training seminars, on-line tuition and in internet
chatrooms and arranging for persons to deal in foreign exchange
contracts, on behalf of another person who carries on a
financial services business in breach of the Act, for five
years.

'Consumers should ensure they attend financial seminars or
training courses that are hosted by accredited training
facilitators or licensed financial service providers,' ASIC's
Deputy Executive Director of Enforcement, Mr. Allen Turton said.

Proceedings against Michael Vevera, a former director of Market
Traders, are continuing in the New South Wales Supreme Court.


NATIONAL AUSTRALIA: Appoints Four Non-Executive Directors
---------------------------------------------------------
Mr. Graham Kraehe, Chairman of National Australia Bank,
announced in a press release last Friday the appointment of four
new non-executive directors to the National Board.

They are Robert Elstone, Danny Gilbert, Paul Rizzo and Jillian
Segal.

Robert Elstone is Managing Director of SFE Corporation, the
holding company for the Sydney Futures Exchange and related
entities.

Robert's academic background is in financial and monetary
economics. He has extensive experience in the oversight of
derivatives trading and risk management, and has worked with
public policy and regulators in the Australian financial sector.

Robert was Finance Director of Pioneer International Limited
from 1995 to 2000, and Chief Financial Officer of Air New
Zealand Limited from 1991 to 1994. Prior to that he spent 10
years in investment and mortgage banking.

Danny Gilbert has had extensive experience as a commercial
lawyer and as the co-founder and Managing Partner of Gilbert +
Tobin, which from start up in 1988 is now one of Australia's
most successful law firms. Danny has had extensive involvement
with social justice issues through work with community legal
centres and indigenous issues.

Paul Rizzo has broad financial management experience and skills
together with an extensive background in all aspects of banking.
This includes senior roles at CBA from 1991 to 1993 including
Chief General Manager, Retail Banking; Chief General Manager,
Group Credit Policy; and Chief General Manager and Adviser to
Managing Director.

Paul was also Chief Executive Officer of State Bank of Victoria
in 1990. He spent 24 years with ANZ Banking Group Limited from
1966 to 1990, which included the roles of Chief Executive
Officer of the ANZ Bank in New Zealand and Director of Global
Treasury. Paul also has broad director experience.

Jillian Segal has had a distinguished career as a lawyer and
regulator, most recently as Deputy Chairman, 2000 to 2002, and
Commissioner, 1997 to 2000, of the Australian Securities &
Investments Commission. During her term at ASIC, Jillian was
instrumental in policy formulation and its practical
implications in financial markets. She is also a Director of the
ASX.

Currently, Jillian is Chairman of the Australian Banking &
Financial Services Ombudsman Board, a position from which she
will be resigning.

The appointments are in addition to the announcement on 11
August of two new executive directors, Ahmed Fahour and Michael
Ullmer, and the previously announced retirements, at the end of
August, of Brian Clark, Ken Moss and Ed Tweddell.

Following these retirements and completion of the new
appointments the total number of Board members at the National
will be twelve, comprising three executive directors and nine
non-executive directors.

For more information, click
http://bankrupt.com/misc/NATIONALAUSTRALIABANK081304.pdf

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/


NATIONAL AUSTRALIA: Schedules January 31, 2005 AGM
--------------------------------------------------
The National Australia Bank Group Chairman, Mr. Graham Kraehe,
announced last Friday that the company's next Annual General
Meeting will be held on 31 January 2005 in Melbourne.

Mr. Kraehe said the decision to hold the AGM in January was made
in response to shareholder feedback and to provide the National
with more time to meet the increasing requirements under the
Australian and US accounting and disclosure regimes, Sarbanes
Oxley requirements and the impending adoption of International
Financial Reporting Standards.

"A number of companies with September year ends traditionally
hold their Annual General Meeting in the week before Christmas
and shareholders have requested that companies take action to
avoid this congestion.  At last year's AGM, we committed to
consider this issue to ensure as many shareholders as possible
could attend.  We also received requests for the change of date
via our Shareholder Services information line throughout the
year.  We have listened to these concerns and have moved the
date accordingly," he said.

The Notice of Meeting and Annual Report will be dispatched to
shareholders before Christmas, with the AGM scheduled at the end
of January to avoid the traditional holiday period.

The National sought and obtained approval from the Australian
Securities and Investments Commission (ASIC) for the change of
date of the AGM and consulted with the Australian Shareholders'
Association before making the change.

For further information:

Brandon Phillips
Group Manager, Group Communications Adviser
03 8641 3857 work
0419 369 058 mobile

Samantha Evans
Group Corporate Relations
03 8641 4982 work
0404 883 509 mobile


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C H I N A  &  H O N G  K O N G
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CHINA FOOD: Court Hears Winding Up Petition
-------------------------------------------
Notice is given that a Petition for the Winding up of China Food
& Oil Products (Hong Kong) by the High Court of Hong Kong was,
on the 2nd day of August, 2004, presented to the said Court by
Chan Kam Wai of 2/F., Block A, 55 Hau Wong Road, Kowloon City,
Kowloon, Hong Kong.

The said petition will be heard before the Court at 10:00 am on
the 1st day of 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.

Ms. Ada Chau Ming Wai
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 31st day of
August 2004.


CHINA GAS: Announces SGM Results
--------------------------------
The Board of China Gas Holdings Limited is pleased to announce
that the SGM was held on 12 August 2004 and the ordinary
resolution approving the Share Transfer Agreement in relation to
the acquisition of 30% equity interests in (Huainan China Gas
City Gas Development Company Limited) and the transactions
contemplated thereunder was duly passed by way of poll.

Results Of The SGM

As set out in the notice convening the SGM dated 9 July 2004,
ordinary resolution in respect of the Share Transfer Agreement
in relation to the acquisition of 30% equity interests in
(Huainan China Gas City Gas Development Company Limited) and the
transactions contemplated thereunder was proposed to be
considered and, if thought fit, passed at the SGM.

The resolution was voted by way of poll. The Company's share
registrar, Computershare Hong Kong Investor Services Limited,
was appointed as auditor for the vote taking in the SGM.

It was stated in the Circular that Huainan Natural Gas and its
associates would have to abstain from voting at the SGM. As at
the date of the SGM, Huainan Natural Gas and its associates did
not have any shareholding interests in the Company. As such, no
Shareholders have abstained from voting at the SGM.

As at the date of the SGM, there were a total number of
1,754,151,765 Shares in issue. Independent Shareholders holding
1,754,151,765 Shares were entitled to attend and vote for or
against the resolution at the SGM.

This Hong Kong Stock Exchange announcement is dated August 13,
2004.


FUDAN-ZHANGJIANG BIO-PHARMACEUTICAL: Clarifies Financial Report
---------------------------------------------------------------
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical clarified on
Infocast that the loss after taxation and minority interest as
well as the loss after extraordinary items for the 6 months
ended June 30 should be CNY8.139 million instead of CNY8.319
million as stated in the interim results announcement.


LAI SUN: Releases Joint Announcement with eSun
----------------------------------------------
Reference is made to the announcement of Lai Sun Development
Company Limited and eSun Holdings Limited dated July 2, 2004
relating to the Settlement and the announcement in respect of
the delay in dispatch of the circulars dated 22nd July, 2004.

Pursuant to Rule 14.38 and Rule 14A.49 of the Listing Rules, LSD
and eSun are required to dispatch a circular in relation to the
Settlement to their respective shareholders within 21 days after
the publication of the Announcement, which is on or before July
26, 2004.

Pursuant to Rule 8.2 of the Takeovers Code, LSD's Circular must
be dispatched to LSD's shareholders within 21 days of the date
of the Announcement, being July 2, 2004, which falls on July 23,
2004. As referred to in the Further Announcement, such deadlines
were both extended to August 13, 2004.

As LSD and eSun require additional time to arrange for the
compilation of certain financial and other information required
to be included in the Circulars, LSD and eSun announce that they
have applied to the Stock Exchange and the SFC (as the case may
be) for a waiver from strict compliance with Rule 14.38 and Rule
14A.49 of the Listing Rules and (in the case of LSD only) Rule
8.2 of the Takeovers Code respectively so that the dispatch of
the Circulars in relation to the Settlement as detailed in the
Announcement will be postponed to 31st August, 2004.

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

By Order of the Board
eSun Holdings Limited
Yeung Kam Hoi
Company Secretary
Hong Kong, 12th August, 2004


SWIRE PACIFIC: Mulls HKD1.56bln Bond Issue
------------------------------------------
Swire Pacific Limited is planning to offer around US$200 million
(HKD1.56 billion) to the local bond market, Infocast News
reports, citing Bloomberg.

Swire Pacific Group Finance Director Martin Cubbon confirmed
that the company has considered the bond issuance as part of its
long-term funding scheme aimed to raise cash to refinance debts
and fund investments.

The firm, which has HK$7.8 billion debts as of the end of June,
is optimistic about the future as it plans to beef up
investments in October, November, and December.

CONTACT:

Swire Pacific Limited
35th Fl., 2 Pacific Place, 88 Queensway
Hong Kong
Phone: +852-2840-8098
Fax: +852-2526-9365
Website: http://www.swirepacific.com


TAI FUK: Holds Creditors' and Members' Meetings on August 27
-------------------------------------------------------------
Pursuant to Section 247 of the Companies Ordinance (Chapter 32),
annual meetings of the Members and Creditors of Tai Fuk
Accountancy Limited (in creditor's voluntary liquidation) will
be held at 2/F, Wing Yee Commercial Building, 5 Wing Kut Street,
Central, HK on 27th August 2004 at the times listed below for
the purpose of laying before the meeting by the Liquidator an
account of their acts and dealings and of the conduct of the
winding-up during the preceding year.

Time of Meeting of Members 2:30 pm
Time of Meeting of Creditors 3:30 pm

Lau Siu Hung
Liquidator


TGI PURE: Creditors' and Members' Meetings Set August 26
--------------------------------------------------------
Notice is given that pursuant to Section 247 of the Companies
Ordinance (Chapter 32), annual meetings of the Members and
Creditors of TGI Pure Water System Company Limited will be held
at 2/F, Wing Yee Commercial Building, 5 Wing Kut Street,
Central, HK on 26th August 2004 at the times listed below for
the purpose of laying before the meeting by the Joint and
Several Liquidators an account of their acts and dealings and of
the conduct of the winding-up during the preceding year.

Time of Meeting of Members 2:30 pm
Time of Meeting of Creditors 3:30 pm

Lau Siu Hung
Ng Chun Kong
Joint and Several Liquidators


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BANK PERMATA: Government To Shortlist Bidders By End-August
-----------------------------------------------------------
Potential bidders for a majority stake in state-owned PT Bank
Permata will be short-listed by the Indonesian government by the
end of August, reports Bloomberg.

"The shortlist of bidders will be announced on Aug 30," said
Ekoputro Adijayanto, Permata's corporate secretary. 'Right now,
there is no indication of price.'

As much as 71 percent of Permata is being put up for sale by the
government this year. According to asset-sale agency PT
Perusahaan Pengelola Aset, it will first sell 51 percent to a
group of investors and then offer 20 percent on the stock
market. Proceeds from the sale will then be used to help plug a
budget deficit estimated at IDR26.3 trillion.

The government has set an Aug 23 deadline for investors to
confirm their intention to bid for a stake. It expects to name a
buyer in December.

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


PENGERUKAN INDONESIA: Nears Bankruptcy
--------------------------------------
State-owned dredging firm PT Pengerukan Indonesia (Rukindo) is
being driven towards bankruptcy by large losses and debts,
reports Asia Pulse.

Last year, the firm recorded a loss of IDR15.8 billion (US$1.78
million) and debts of IDR123 billion.

Workers at Rukindo have urged Minister for State Enterprises
Laksamana Sukardi to hold an extraordinary shareholders' meeting
to address the company's woes, which, according to a leader of
the workers, include a weak and ineffective management that
needs to be replaced.


PERTAMINA: New Chief Told To Settle Rows
----------------------------------------
The Indonesian government has ordered PT Pertamina's newly
appointed President Director Widya Purnama to settle disputes
with foreign investors, Dow Jones relates, citing a Financial
Times report.

In an interview with the Financial Times, Mr. Widya, the former
chief executive of telecommunications provider Indosat, said he
had been directed to resolve its disputes with Karaha Bodas, the
U.S. energy investor, and to kick-start negotiations with
ExxonMobil over the Cepu field in central Java.

Mr. Widya also said he is planning to address other problems at
Pertamina, including rampant corruption. "If anyone steals money
from my company I will shoot them. If I do that I will probably
go to jail. (But) I don't care," the Financial Times quoted Mr.
Widya as saying.

CONTACT:

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


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J A P A N
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DIAMOND KIGYO: Faces Insolvency
-------------------------------
According to Teikoku Databank America, Diamond Kigyo K.K. has
entered bankruptcy. The real estate firm, which is based in
Chiyoda-Ku, Tokyo 102-0082, Japan has total liabilities of
US$59.17 million.

For more information, please click: http://www.teikoku.com/


ENUKE KOGYO: Enters Bankruptcy
------------------------------
Enuke Kogyo K.K. has entered bankruptcy, according to Teikoku
Databank America. The firm, which engaged in plastic film, sheet
flooring material and synthetic leather business, has total
liabilities of US$30.83 million. The company is based in
Arakawa-Ku, Tokyo 116-0013.

For more information, please click: http://www.teikoku.com/


JAPAN AIRLINES: Cancels 12 Flights Due to Storm
-----------------------------------------------
Japan Airlines Corporation was forced to call off 12 flights by
two regional units as typhoon Rananim hit the Okinawan island
chain, reports NewsOnJapan.

According to JAL's Okinanwa unit Japan Transocean Air, 718
passengers were affected by the cancellations.

Meanwhile, the typhoon, which is the season's 13th tropical
storm, has also delayed nine flights of rival All Nippon
Airways.

CONTACT:

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


MITSUBISHI MOTORS: To Restructure China Sales Unit
--------------------------------------------------
Mitsubishi Motors Corporation (MMC) unveiled on August 6 plans
to restructure its China sales units and export vehicles from
Australia, Sinocast says.

The proposed restructuring is part of MMC's measures to boost
China sales in order to increase productivity of its Australian
plant.

Under the restructuring plan it announced in May, the embattled
Japanese automaker will shut one of its three Japan factories,
cut 10,000 jobs and seek monetary aid from Mitsubishi Group and
external investors.

Seven independent sales agencies in China will be combined into
a single entity to be based in Beijing City, which will deal
Mitsubishi cars imported from Japan.

CONTACT:

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


MITSUBISHI MOTORS: Inks Dealership Agreement with DMMC
------------------------------------------------------
On its company website, Dewan Mushtaq Group announced that it is
joining hands with Mitsubishi Motors Corporation in a dealership
network agreement.

"Dewan Mushtaq Motor Company Private Limited (DMMC), a company
of Dewan Mushtaq Group, will now serve the valued patrons of
Mitsubishi Motors.

Dewan Mushtaq Motor Company (Private) Limited is now the
authorized sole distributor and progressive manufacturer of
Mitsibushi vehicles, spare parts and after-sales services in the
territories of Islamic Republic of Pakistan and Azad Jammu and
Kashmir. Because a greater sense of every path leads to a
greater sense of purpose. We at Dewan Mushtaq Motor Company are
on the path of our journey with higher purpose, to take the lead
in providing supreme commuting solutions to our valued
customers."


UFJ HOLDINGS: Inks Merger Deal with MTFG
----------------------------------------
UFJ Holdings Incorporated and Mitsubishi Tokyo Financial Group
have finally signed a basic merger agreement forming the world's
biggest bank with US$1.7 trillion in combined assets, Reuters
reports.

The integration of holding companies, commercial banks, trust
units and securities firms to be completed by October 1, 2005
will form Mitsubishi UFJ Holdings. The new entity will have
incumbent Mitsubishi Tokyo President Nobou Kuroyanagi as
president and UFJ Holdings President Ryosuke Tamakoshi as
chairman.

Part of the agreement is to combine two brokerages units,
Mitsubishi Securities and UFJ Tsubasa Securities, forming one
securities agency called Mitsubishi UFJ Securities Company
Limited.

Despite the announcement, however, MTFG's rival Sumitomo
Financial Group is still planning to push through with its bid
to take over struggling UFJ, which has a market value of US$23
billion.

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: S&P Maintains Positive Outlook
---------------------------------------------------
Standard & Poor's Ratings Services (S&P) announced on Thursday
that its 'CCC+' long-term corporate credit rating on Hynix
Semiconductor Inc. remains on CreditWatch with positive
implications, following the announcement by the company that it
will invest in a US$2 billion joint-venture plant in China.

The 'CCC+' long-term corporate and senior unsecured debt ratings
on Hynix Semiconductor Manufacturing America Inc. also remain on
CreditWatch with positive implications.

The ratings were placed on CreditWatch on June 2, 2004,
following the announcement by Hynix's creditor banks that they
had accepted an increased offer from Citigroup to purchase
Hynix's remaining nonmemory chip division.

"Hynix's investment of about US$500 million in the China project
should be manageable, given favorable conditions for the memory
chip business and the company's strengthening credit profile on
the back of the planned Korean won (W) 954 billion sale of its
nonmemory division," said Standard & Poor's credit analyst Eun
Jin Kim.

"Making large capital investments is critical in the medium term
for Hynix to maintain its competitiveness and increase global
production capabilities to reduce its burden of countervailing
duties on its locally manufactured memory chips," Ms. Kim added.

In resolving the CreditWatch status, Standard & Poor's will
review the terms of the sale of the nonmemory business, and
Hynix's long-term ability to generate cash flow from its core
memory business to meet investment requirements and debt
repayments. Any upgrade is likely to be within one notch.

ANALYST: Eun Jin Kim, Tokyo (81) 3-3593-8728


JINRO LIMITED: Union Votes To Strike
------------------------------------
A vast majority of Jinro Limited's unionized workers voted on
Friday to strike, in order to press for higher wages and the
adoption of a five-day workweek, reveals Asia Pulse.

The vote came after management's refusal to accept a state-
brokered wage agreement, which, among other things, called for a
7 percent salary increase.

"We have no choice but to go ahead with the strike, but we will
determine the timing of a general strike by stepping up the
level of protest gradually," a union official said.

As a way to pressure the management of South Korea's No. 1
distiller of traditional liquor "soju" to give in to their
demands, the union members plan not to accept the request for
extra work and go home right after work beginning today.

Jinro's labor union had been demanding for a 12-percent wage
hike, a five-day workweek and job security, but after 13 rounds
of negotiations between labor and management, the talks still
ended in failure, which comes as Jinro's creditors are moving to
sell the company.

Jinro, which has a 54-percent share of the domestic soju market,
has been under court receivership since May 2003. Its debt is
estimated at KRW2.37 trillion (US$2.05 billion).

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


LG CARD: Narrows H104 Net Loss to KRW361bln
-------------------------------------------
LG Card Co. posted a net loss of KRW361 billion (US$312.3
million) in the first half of this year, versus a net loss of
KRW747 billion a year earlier, Dow Jones reports.

The credit-card firm incurred a gain of about KRW667.3 billion
from a debt-to-equity swap in February.

Meanwhile, its operating loss surged to KRW1.03 trillion from
KRW747 billion due to higher provisions. Revenue shrank to
KRW1.8 trillion from KRW2.62 trillion as the company continued
to slash bad assets.

LG Card's assets declined to KRW11 trillion at the end of June
from KRW17.8 trillion a year before, while liabilities dropped
to KRW11.8 trillion from KRW16.4 trillion.

For a copy of the Company's first half 2004 operating
performance, go to
http://bankrupt.com/misc/tcrap_lgcard081404.pdf

CONTACT:

LG Card Investor Relations
10th Floor, YTN Tower
6-1 Namdaemun-ro 5-ga,
Joong-Gu, Seoul, Korea
100-800
Phone: 822-6009-7206
Fax: 822-6009-7983


SK NETWORKS: Posts KRW214.8bln Recurring Profit in H1
-----------------------------------------------------
South Korea's SK Networks Co. said in a statement Thursday that
it posted a recurring profit of KRW214.8 billion in the first
half from KRW75.4 billion a year ago, Dow Jones reports.

The company's EBITDA (earnings before interest, taxes,
depreciation, and amortization) also rose 107 percent to
KRW212.1 billion from KRW102.7 billion. Its sales for the first
half, however, dropped 2.3 percent year-on-year from KRW6.56
trillion to KRW6.56 trillion (US$5.65 billion).

Its profitability, the company said, is on the mend because of
its corporate restructuring efforts and a stable market share of
the domestic petroleum market.

As part of its restructuring, SK Networks closed unprofitable
businesses, cut some 800 jobs and shut down 23 branches abroad.
These moves, SK Networks said, generated KRW59.7 billion for the
company. Furthermore, the company sold a total of KRW189.8
billion worth of assets in the first six months of the year.

"We have minimized the number of overseas branches to heighten
competitiveness and developed markets in China and the Middle
East. We also tried to boost efficiency by developing high-end
products," said Jung Man-Won, SK Networks' chief executive, in
the statement.

The company's operating profit to sales ratio also improved to
2.52 percent during the first half, compared with the 0.89
percent it posted in the same period last year, said the
statement.

SK Networks, the trading and oil distribution arm of SK Corp.
(003600.SE), the country's top refiner, was placed by creditors
under a debt workout program last year after nearly going
bankrupt following the discovery by prosecutors of accounting
irregularities amounting to KRW1.55 trillion in March 2003.

CONTACT:

SK Networks Co. Head Office
199-15, Euljiro-2Ga,
Jung-Gu, Seoul,
Korea 100-192,
Tel: 82-2-2221-2114
Fax: 82-2-754-9414
E-mail: webmaster@sknetworks.co.kr


SSANGYONG MOTOR: H1 Net Profit Drops 87%
----------------------------------------
Blaming a slump in domestic sales due to a sluggish economy,
South Korea's Ssangyong Motor Co. (003620.SE) on Friday said its
first half net profit plunged 87% to KRW41 billion from KRW306.2
billion a year ago, reports Dow Jones. The auto maker said its
net income a year ago was inflated by a tax benefit of KRW152.4
billion.

Operating profit dropped 66% on year to KRW59.9 billion from
KRW178 billion, while sales fell 2.3% to KRW1.68 trillion from
KRW1.72 trillion a year earlier.

A total 69,107 vehicles were sold by the troubled automaker in
the first half, a 16 percent drop from the 82,400 units it sold
in the same period last year. Local sales, meanwhile, fell 26
percent to 54,184 units due to sluggish consumer sentiment with
the bursting of the country's credit bubble last year.

Exports, however, climbed 55% on year to 14,923 units from 9,642
on robust exports of its sport utility vehicle models such as
New Rexton and Musso. Its increased overseas sales network in
western Europe and Australia also helped boost overseas
shipment, the company said.

As of end-June, the company's assets totaled KRW2.75 trillion
while liabilities reached KRW1.5 trillion. Its debt-to-equity
ratio stood at 119.6% at end-June, reduced from 164.1% at the
end of first half of 2003.

The auto maker, which is in the process of being sold to China's
Shanghai Automotive Industry Corp. (Group), or SAIC, credited
strengthened efficiency and profitability for the improvement in
its financial structure.

Ssangyong's creditors, who took control of the carmaker through
two debt-for-equity swaps following its separation from the
dissolved Daewoo Group, named SAIC as preferred bidder for the
South Korean carmaker, and signed a memorandum of understanding
to sell a 48.9% stake in Ssangyong to the Chinese auto group.

CONTACT:

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


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


ANCOM BERHAD: Bank Negara OKs Rights Issue
------------------------------------------
On behalf of the Board of Directors of Ancom Berhad, Hwang-DBS
Securities Berhad announced that Bank Negara Malaysia has, vide
its letter dated 11 August 2004, approved the Proposed Rights
Issue of 100,928,383 warrants at an issue price of RM0.02 per
Warrant on the basis of one (1) Warrant for every two (2)
existing ordinary shares of RM1.00 each held without any
conditions.

CONTACT:

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

This Bursa Malaysia announcement is dated 12 August 2004.


ANTAH HOLDINGS: Unveils Disposal of Motor Vehicle
-------------------------------------------------
Pursuant to paragraph 10.08 of the Listing Requirements of the
Bursa Malaysia Securities Berhad, Antah Holdings Berhad disposed
a motor vehicle, Mercedez Benz E 240 (A), Year of Make - 2000,
to the Executive Director, Mr. Wong Tet Loong on 12 August 2004
for a cash consideration of RM108,000.00 (the Disposal).

DETAILS OF THE PARTY TO THE TRANSACTION

Mr. Wong Tet Loong, 50 was appointed as an Executive Director of
Antah in June 2001.

CONSIDERATION FOR THE DISPOSAL

The consideration for the Disposal of RM108,000.00 is reached
after taking into account Mr. Wong Tet Loong's willingness to
forgo his current entitlement to a company maintained car.

INTEREST OF DIRECTORS, MAJOR SHAREHOLDERS AND PERSONS CONNECTED
WITH THEM

Save for Mr. Wong Tet Loong, none of the Directors, major
shareholders of Antah Group or parties connected with them have
any interest, direct or indirect, in the Disposal, which may be
regarded as a related party interest.

Mr. Wong Tet Loong had abstained from all deliberations on the
Disposal due to his interest.

RATIONALE FOR THE TRANSACTION

The disposal is part of the overall cost cutting measures taken
by Antah to reduce its overheads.

FINANCIAL EFFECTS

Earnings

The Disposal will not have any material effect on the earnings
of Antah Group.

Net Tangible Asset (NTA)

The Disposal will not have any material effect on the earnings
of Antah Group.

Share Capital

The Disposal will not have any effect on the share capital of
Antah Group.

Substantial Shareholders' Shareholding

The Disposal will not have any effect on the substantial
shareholders' shareholding in Antah.

Approvals Required

Based on the consideration of RM108,000.00, the Disposal does
not require the approvals of the shareholders of Antah, nor any
government authorities.

STATEMENTS BY THE BOARD OF DIRECTORS OF ANTAH

In view of the rationale as stated under paragraph 5 above, the
Board of Directors of Antah is of the opinion that the Disposal
is in the best interests of Antah Group.

CONTACT:

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

This Bursa Malaysia announcement is dated 12 August 2004.


BERJAYA SPORTS: Purchases 1,400,000 Shares on Buy Back
------------------------------------------------------
Berjaya Sports Toto Berhad disclosed to Bursa Malaysia
Securities Berhad the details of its shares buy back on August
12, 2004.

Date of buy back from: 04/08/2004

Date of buy back to: 06/08/2004

Total number of shares purchased (units): 1,400,000

Minimum price paid for each share purchased (RM): 3.580

Maximum price paid for each share purchased (RM): 3.660

Total amount paid for shares purchased (RM): 5,072,398.09

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

Number of shares purchased retained in treasury (units):
1,400,000

Total number of shares retained in treasury (units): 49,000,000

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: 12/08/2004

CONTACT:

Berjaya Sports Toto Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Telephone: 03-2935888
Fax: 03-2935 8043


BERJAYA SPORTS: Issues Notice of Director's Interests
-----------------------------------------------------
Berjaya Sports Toto Berhad will be in the closed period for
dealing in its securities by its Directors pending the
announcement of its results for the first financial quarter
ended July 31, 2004. The Company has received a notification
from Tan Sri Dato' Seri Vincent Tan Chee Yioun, a Director and
Chief Executive Officer of the Company, of his intention to deal
in the securities of the Company during the closed period as
follows:

"I, Tan Sri Dato' Seri Vincent Tan Chee Yioun, a Director/Chief
Executive Officer of Berjaya Sports Toto Berhad (BToto)
currently has interests in BToto as follows:

SHARES %

1. Direct Interest 30,206,500 3.06

2. Deemed Interest 397,679,299 40.22 427,885,799 43.28

ICULS* %

1. Direct Interest 34,111,951 10.88

2. Deemed Interest 254,960,564 81.34 289,072,515 92.22

* 8% Irredeemable Convertible Unsecured Loan Stocks 2002/2012

In compliance with Paragraph 14.08 of the Bursa Malaysia
Securities Berhad (BMSB) Listing Requirements in relation to
directors' dealings in the securities of their respective public
listed companies during the closed period, I wish to inform BMSB
that I intend to deal in the securities of BToto during the
closed period pending the announcement by BToto of its results
for the first financial quarter ended 31st July 2004.

Details of the transactions will be announced to Bursa Malaysia
Securities Berhad (BMSB) within one (1) full trading day after
the transaction."


DATAPREP HOLDINGS: Receives Transaction Notice From Director
------------------------------------------------------------
Dataprep Holdings Bhd had, on 11 August 2004, received a notice
from Encik Mirzan bin Mahathir, the Chairman and Director of
Dataprep Holdings Bhd. Mr. Encik has transacted in the shares of
the Dataprep Holdings Bhd through Sabit Sdn Bhd.

Details of the transaction can be accessed at:
http://bankrupt.com/misc/tcrap_dataprep081304.doc


FABER GROUP: EGM Set for August 30
----------------------------------
Notice is hereby given that an Extraordinary General Meeting
(EGM) of Faber Group Berhad (FGB) will be held at Nusantara
Ballroom, 2nd Floor, Sheraton Imperial, Jalan Sultan Ismail,
50250 Kuala Lumpur on Monday, 30 August 2004 at 10 a.m. or at
any adjournment thereof, for the purpose of considering and if
thought fit to pass the following resolutions, with or without
modifications:

ORDINARY RESOLUTION 1

Proposed disposal by Faber Hotels Holdings Sdn Bhd (FHH), a
wholly-owned subsidiary of FGB, of 10,512,316 class a ordinary
shares of RM1.00 each and 9,779,215 convertible redeemable
cumulative preference shares of RM1.00 each (IHSB CRCPS) in
Inter Heritage (M) Sdn Bhd (IHSB) representing 49% of the total
equity interest of IHSB, of which FHH owns 51%, to United
Engineers (Malaysia) Berhad (UEM), the single largest
shareholder of FGB, for a total cash consideration of RM1.00
(proposed disposal)

"THAT, subject to all relevant approvals being obtained,
approval be and is hereby given for the disposal by FHH, a
wholly-owned subsidiary of FGB, of 10,512,316 class A ordinary
shares of RM1.00 each and 9,779,215 IHSB CRCPS in IHSB
representing 49% of the total equity interest of IHSB to UEM for
a total cash consideration of RM1.00 upon such terms and
conditions as set out in the Shares Sale and Purchase Agreement
dated 4 August 2004 entered into between FHH and UEM AND THAT
the Directors of the Company be and are hereby authorised to
take all such steps and to enter into all other agreements,
undertakings and indemnities expedient and/or appropriate in
order to implement, finalise and give full effect to the
Proposed Disposal with full powers to assent to any condition,
revaluation, modification, variation and/or amendment as may be
required and permitted by any relevant authorities."

ORDINARY RESOLUTION 2

PROPOSED SHAREHOLDERS' MANDATE FOR NEW RECURRENT RELATED PARTY
TRANSACTIONS (PROPOSED MANDATE) "THAT a mandate be and is hereby
granted by the shareholders of the Company for the Company and
its subsidiaries (FGB Group) to enter into the new recurrent
related party transactions of a revenue or trading nature which
are necessary for the FGB Group's day-to-day operations as set
out in Section
2.2.4 of Part A of the Circular to Shareholders dated 14 August
2004 with the related party mentioned therein, provided that:

(i) the transactions are in the ordinary course of business and
on normal commercial terms which are not more favourable to the
related parties than those generally available to the public and
are not to the detriment of the minority shareholders of the
Company; and (ii) the disclosure of the breakdown aggregate
value of the transactions conducted during a financial year will
be disclosed in the annual report for the said financial year
based on the following information:

(a) The type of the recurrent transactions made,

(b) The names of the related parties involved in each type of
the recurrent transaction made and their relationship with the
Company AND THAT the authority conferred by such mandate shall
continue to be in force until:

(i) The conclusion of the first annual general meeting of the
Company following this Extraordinary General Meeting at which
the mandate is given, at which time it will lapse, unless by a
resolution passed at the annual general meeting, the mandate is
again renewed; (ii) the expiration of the period within which
the next annual general meeting is required to be held pursuant
to Section 143 (1) of the Companies Act, 1965 (but shall not
extend to such extension as may be allowed pursuant to Section
143 (2) of the Companies Act, 1965); or (iii) revoked or varied
by resolution passed by the shareholders in general meeting
whichever is the earliest.

The Directors of the Company be and are hereby authorized to
complete and do all such acts and things as they may consider
expedient or necessary to give effect to the Proposed Mandate."

By Order of the Board
GWEE OOI TENG (MAICSA 0794701)
Company Secretary
Kuala Lumpur
14 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


FACB RESORTS: Changes Name to "Karambunai Corp. Bhd"
----------------------------------------------------
FACB Resorts Berhad (FACB) disclosed to Bursa Malaysia
Securities Berhad that the Company would be seeking
shareholders' approval on the following matters at an
Extraordinary General Meeting to be convened:

a. Proposed Change of Name from "FACB Resorts Berhad" to
"Karambunai Corp Bhd"

b. Proposed Share Buy-Back by the Company

A circular to shareholders containing details of the above
mentioned Proposals would be dispatched to the Company's
shareholders in due course.


INNOVEST BERHAD: Details Recurrent Related Party Transactions
-------------------------------------------------------------
The Board of Directors of Innovest Berhad announced the
recurrent related party transactions pursuant to Paragraph 2.0
of the Practice Note No. 12/2001 of the Listing Requirements of
Bursa Malaysia Securities Berhad.

For more information, go to
http://bankrupt.com/misc/tcrap_innovest081304.xls


KSU HOLDINGS: Securities De-listing Deferred
--------------------------------------------
Further to KSU Holdings Berhad's announcement dated 5 August
2004 and 13 August 2004, the Company announced that the removal
of the securities of the Company from the Official List of Bursa
Securities on 19 August 2004 at 9 a.m. will be deferred pending
the decision on the appeal by the Appeals Committee.

This Bursa Malaysia announcement is dated 13 August 2004.


LITYAN HOLDINGS: Units Default in Payments
------------------------------------------
Lityan Holdings Berhad (LHB) announced that the Company's
subsidiaries, Digital Transmission Systems Sdn Bhd (DTS) and
Lityan Systems Sdn Bhd (LSSB) had defaulted in their repayments
of overdraft facility of RM225,000/- and RM450,000/-
respectively granted by RHB Bank Berhad (RHB), as detailed in
Table A at http://bankrupt.com/misc/tcrap_lityan081404.doc.

Reasons for the default in payments

1) Delay in implementation of LHB's Proposed Renounceable Two-
Call Rights Issue, which was announced on 27 September 2002. As
announced, the Proposed Rights Issue will reduce the LHB Group's
borrowings significantly, including the said overdraft
facilities. The Proposed Rights Issue which has already secured
all the necessary approvals is at the last hurdle and has to be
delayed due to weak market sentiment. This delay has put a
further strain on the LHB Group's current cash flow condition.

2) Delay in payments by major customers.

Measures by LHB to address the default in payments

The management will further negotiate with RHB to regularize the
amounts due and owing to them by DTS and LSSB.

LHB will use the proceeds from its Proposed Rights Issue to
repay the Group's borrowings and is actively taking steps to
dispose the Group's non-core investments and non-operating
assets to generate cash flow.

Financial and legal implications in respect of the default in
payments including the extent of LHB's liability in respect of
the obligations incurred under the agreements for the
indebtedness

The estimated total amount outstanding as at 31 July 2004, in
relation to the payments which are in default and are the
subject matter of this announcement, is RM153,661.44 as
indicated in Table A.

Since LHB is the guarantor for the loans of DTS and LSSB, LHB is
liable for the full amount and any further interest and
financial cost levied until the settlement of these loans. LHB
is confident of the repayment of these loans.

Whether the default in payment constitutes an event of default
under a different agreement for indebtedness (cross default)

CONTACT:

Lityan Holdings Berhad
Bangunan Lityan, Peremba Square Saujana Resort,
Section U2 40150 Shah Alam
Selangor Darul Ehsan Malaysia
Telephone: + 603-7622-1188
Fax: +603-7666-6870
E-mail: enquiry@lityan.com.my

This Bursa Malaysia announcement is dated 13 August 2004.


MP TECHNOLOGY: Disposes Of Dormant Units
----------------------------------------
MP Technology Resources Berhad has on 11 August 2004 disposed of
their entire shareholdings in the following subsidiaries to
Inuri Corporate Services Sdn Bhd in their equal proportion, for
a total cash consideration of RM10,000.

1. Accurate Assets Sdn Bhd Co. No. 655426-W
2. MPTECH Ventures Sdn Bhd Co. No. 661790-T
3. MPTECH Construction Sdn Bhd Co. No. 661802-A
4. MPTECH Engineering Sdn Bhd Co. No. 661806-T
5. MPTECH Development Sdn Bhd Co. No. 661795-V

INFORMATION OF THE DISPOSALS

The Disposals are private limited companies incorporated in
Malaysia and having their registered office at 10th Floor, MUI
Plaza, Jalan P. Ramlee 50250 Kuala Lumpur. The above-mentioned
companies have not commenced operations and currently are
dormant.

The details of the Disposals are summarized as follow:

Company name Authorized Capital (RM) Paid Up Capital (RM)

1. Accurate Assets Sdn Bhd 100,000      2
2. MPTECH Ventures Sdn Bhd 100,000      2
3. MPTECH Construction Sdn Bhd 100,000  2
4. MPTECH Engineering Sdn Bhd 100,000   2
5. MPTECH Development Sdn Bhd 100,000   2

RATIONALE FOR THE DISPOSALS

The Disposals are part of the Group's exercise to dispose of its
dormant or non-operating companies.

FINANCIAL EFFECTS OF THE DISPOSALS

a. Share Capital and substantial shareholders' shareholding

The Disposals do not have any impact on the share capital and
substantial shareholders' shareholding of MPTECH.

b. Earnings

The Disposal will not have any significant impact on the
earnings for the financial year ending 30 November 2004.

c. Net Tangible Assets (NTA)

The Disposals will not have any material effect on the NTA of
the Group.

DIRECTORS AND MAJOR SHAREHOLDERS INTEREST

None of the directors and/or major shareholders of the Company
or its subsidiaries or persons connected with them, have any
interest, direct or indirect, in the Disposals.

DIRECTORS' RECOMMENDATION

Having considered all aspects of the Disposals, the Board of
MPTECH is of the opinion that the Disposals are in the best
interest of the Group.

APPROVALS REQUIRED

The Disposals are not subject to the approval of shareholders of
the Company and government authorities.

This announcement is dated 12 August 2004.


OILCORP BERHAD: Appoints New Member of Remuneration Committee
-------------------------------------------------------------
The Board of Directors of Oilcorp Berhad announced the
appointment of Mr. Eng Chip Jin as a new Member to the
Remuneration Committee and Nomination Committee, with effect
from 12 August 2004.

The Remuneration Committee now comprises the following persons:

Name Position

Mr. Francis Ng Chairman, Independent, Non-Executive
Mr. Ng Huat Tian Member, Group Managing Director, Non-
Independent
Mr. Pua Yow Liang Member, Non-Independent, Executive
Mr. Cho Nam Sang Member, Independent, Non-Executive
Mr. Eng Chip Jin Member, Independent, Non-Executive

The Nomination Committee now comprises the following persons:

Name Position

Mr. Cho Nam Sang Chairman, Independent, Non-Executive
Mr. Francis Ng Member, Independent, Non-Executive
Mr. Eng Chip Jin Member, Independent, Non-Executive

CONTACT:

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

This Bursa Malaysia announcement is dated 12 August 2004.


OILCORP BERHAD: Appoints Eng Chin Jin as Director
-------------------------------------------------
Oilcorp Berhad issued to Bursa Malaysia Securities Berhad the
information on the appointment of Eng Chin Jin as the company's
director.

Date of change: 12/08/2004

Type of change: Appointment

Designation: Director

Directorate: Independent & Non Executive

Name: Eng Chin Jin

Age: 36

Nationality: Malaysia

Qualifications: A graduate with a Bachelor of Business, majoring
in Accounts from Royal Melbourne Institute of Technology,
Melbourne, Australia and a Chartered Accountant registered with
the Malaysian Institute of Accountants in 1996 and was admitted
as a Certified Financial Planner by Financial Planning
Association of Malaysia (FPAM) in 2002. He is also a member of
the Australian Society of Certified Practicing Accountants
(ASCPA) and Malaysian Institute of Taxation (MIT)

Working experience and occupation: More than 10 years of
experience in both the professional and commercial sectors.
Started his career with Coopers & Lybrand in 1993 before joining
Moores Rowland in 1994 for 6 years and presently the Senior
Manager and Consultant for Liang & Co., Chartered Accountants.
He has also established EM2 Management & Consulting Sdn Bhd and
HuaCorp Management Services Sdn Bhd, which are involved in the
business of providing corporate advisory and consulting
services.

Directorship of public companies (if any): Nil

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

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

Remarks: The Board of Directors now comprise the following
persons:

Name Position

Tan Sri Dato'Ser(Dr) Hj Abu Hassan Chairman, Non-Independent,
bin Hj Omar Non-Executive
Mr. Ng Huat Tian Group Managing Director,
Non-Independent
Mr. Pua Yow Liang Non-Independent, Executive Director
En Mohamed Hazali bin Tan Sri (Dr) Non-Independent, Executive
Director
Hj Abu Hassan
Ir Ang Choon Hug Non-Independent, Executive Director
Mr. Ng Huat Chai Non-Independent, Executive Director
Mr. Cho Nam Sang Independent, Non-Executive
Mr. Francis Ng Independent, Non-Executive
Mr. Eng Chip Jin Independent, Non-Executive


PILECON ENGINEERING: State Government Ends Construction Deal
------------------------------------------------------------
The Board of Pilecon Engineering Berhad (PEB) announced that the
State Government of Johor Darul Ta'zim (the State Government)
has vide a written notice dated 11 August 2004 terminated the
Privatization cum Development Agreement (the Agreement) entered
into on 3 April 1993 between the State Government and Johor
Coastal Development Sdn Bhd (JCD), a 56%-owned subsidiary of
PEB.

The Agreement was entered into for JCD to undertake the then
proposed construction of a mini city called Waterfront City
adjacent to the Central Business District in the Johor Straits
immediately west of the causeway.

However, as the alienated lots issued to JCD are not affected by
the termination of the Agreement, there will not be any negative
impact on the net tangible assets per share and earnings per
share of PEB.

In response thereto, JCD has taken immediate actions by engaging
solicitors to act on its behalf in proceeding with arbitration
as provided in the Agreement so as to safeguard and protect all
its interests and rights under the Agreement.

CONTACT:

Pilecon Engineering Berhad
No 2 Jalan U1/26 Seksyen U1
Shah Alam, Selangor Darul Ehsan 40150
MALAYSIA
Telephone: +60 3 7804 1888
Telephone: +60 3 7804 3888

This Bursa Malaysia announcement is dated 12 August 2004.


TRU-TECH HOLDINGS: Seeks Extension of Regularization Plan
---------------------------------------------------------
Tru-Tech Holdings Berhad refer to the announcements made on 27
May 2004 pertaining to the Proposed Restructuring Scheme. On
behalf of the Board of Directors of Tru-Tech, Avenue Securities
Sdn Bhd wishes to announce that on 12 August 2004, an
application has been made to seek the approval of Bursa Malaysia
Securities Berhad (formerly known as Malaysia Securities
Exchange Berhad) for an extension of time for three (3) months
to 27 November 2004 for Tru-Tech to announce the detailed plan
to regularize its financial condition.

The proposed restructuring schemes are as follows:

(a) Proposed Scheme Of Arrangement With Tru-Tech's Shareholders;
(b) Proposed Scheme Of Arrangement With Creditors;
(c) Proposed Acquisition;
(d) Proposed Exemption;
(e) Proposed Disposal;
(f) Proposed Offer For Sale; And
(g) Proposed Listing Transfer

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

This announcement is dated 12 August 2004.


WCT ENGINEERING: Issues Litigation Update
-----------------------------------------
On behalf of WCT Engineering Berhad, AmMerchant Bank Berhad
announced that a Writ of Summons dated 10 August 2004 and an
amended Statement of Claim dated 11 August 2004 have been filed
against Pengurusan Danaharta Nasional Berhad, Bescorp Industries
Berhad, WCT Land Berhad (WCTL) and Bursa Malaysia Berhad (BMB)
by the solicitors of Liew Yoon Thiam and Hi Geok Kim @ Hi Peh
Lang (collectively known as the Plaintiffs) seeking, inter-alia,
the following relief:

1. An Order restraining WCTL from expropriating the listed
shares of the Plaintiffs and issuing in its place one (1) new
share in WCTL for every ten (10) shares held in Bescorp.

2. An Order restraining BMB from delisting the Plaintiffs'
shares from the Bursa Saham Malaysia.

3. In the event WCTL and BMB had effectuated the restructuring
scheme of the Special Administrators of Bescorp, an Order to
Bescorp and WCTL to restore the original shares into the
register of Bescorp and for an Order to BMB to relist the shares
of the Plaintiffs on Bursa Malaysia.

4. An Order that all further proceedings in the restructuring
exercise be stayed pending the Investigative Audit Report
directed by the Securities Commission over Bescorp is completed.

Bescorp and WCTL are currently seeking legal advice on the above
legal action.

This announcement is dated 12 August 2004.


WOO HING: Ong Boon Audits 2003 Financial Statement
--------------------------------------------------
Ong Boon Bah & Co. has audited the financial statements of Woo
Hing Brothers (Malaya) Berhad (Special Administrators Appointed)
for the financial year ended 31 December 2003.

As at 31 December 2003, the Group and the Company have net
current liabilities of RM101,798,130 and RM101,898,373 and
accumulated losses of RM119,023,130 and RM119,123,373
respectively.

The accumulated losses resulted in a capital deficiency of
RM101,798,130 and RM101,898,373 for the Group and the Company
respectively. As such and as referred to in Note 1(a) to the
financial statements, the financial statements have been
prepared on a break-up basis whereby assets have been stated at
the lower of net book value and estimated realizable amounts, to
provide for any further estimated liabilities which will arise
and to reclassify property, plant and equipment, other non-
current assets and non-current liabilities as current assets and
current liabilities.

As disclosed in Note 3 to the financial statements, the
financial statements of all subsidiary companies are not
audited. The financial statements of all subsidiary companies
have not been consolidated except for Golden Linear Marketing
Sdn Bhd and Soon Hee Goldsmith Jewellery Sdn Bhd. The subsidiary
companies, which are not consolidated are undergoing a
Creditors' Voluntary Liquidation.

As disclosed in Note 4 to the financial statements, the results
of the associated company, NTH, Nouvelles Techniques Horlogeres
SA, is not equity accounted for in the consolidated financial
statements due to the unavailability of financial statements
from the associated company.

Subject to the above, in our opinion:

(a) The financial statements have been prepared in accordance
with the provisions of the Companies Act, 1965 and the
applicable approved accounting standards in Malaysia so as to
give a true and fair view of:

(i) The matters required by Section 169 of the Companies Act,
1965 to be dealt with in the financial statements of the Group
and of the Company; and

(ii) The state of affairs of the Group and of the Company as at
31 December 2003 and of the results and cash flows of the Group
and of the Company for the financial year ended on that date;
and

(b) The accounting and other records and the registers required
by the Companies Act, 1965 to be kept by the Company and by the
subsidiary companies of which we have acted as auditors have
been properly kept in accordance with the provisions of the said
Act.

The auditor is satisfied that the financial statements of the
subsidiary companies that have been consolidated with the
Company's financial statements are in form and content
appropriate and proper for the purposes of the preparation of
the consolidated financial statements and have received
satisfactory information and explanations as required by us for
those purposes.

ONG BOON BAH & CO WONG SOO THI
Chartered Accountants

Wong Soo Thiam
Partner of the Firm

Kuala Lumpur
22 April 2004


WOO HING: Unveils 2003 Unaudited Financial Results
--------------------------------------------------
Woo Hing Brothers (Malaya) Berhad refer to the Company's
unaudited consolidated financial results for the financial year
ended 31 December 2003, which was announced on 28 February 2004
and 30 June 2004 respectively.

The Company announced that the difference of RM12.3 million
between the net profit/loss after tax and minority interest
shown in the above accounts is mainly due to the following:

1) Waiver of interest charge on:
a. term loans amounting to RM5,190,647,
b. bank overdrafts amounting to RM4,365,489, and
c. revolving credits amounting to RM4,284,572.

The unaudited consolidated financial results did not provide for
the waiver of interest as the transactions were yet to be
completed during that time.

2) The adjustment of the amount owing to creditors based on a
proof of debt exercise by the Special Administrators amounting
to RM1,566,757.

Yours faithfully,
HENG JI KENG
Special Administrator

This Bursa Malaysia announcement is dated 12 August 2004.


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


BAYAN TELECOMMUNICATIONS: Creditor's Appeal May Delay Rehab Plan
----------------------------------------------------------------
In a move which could delay the debt restructuring plans of
Bayan Telecommunications Inc. (BayanTel), the Bank of New York
will appeal an earlier court decision approving the telco's
rehabilitation plan, the Manila Times reported on Friday.

"[T] here are certain aspects in the decision which do not have
basis in fact and in law," the lender said, in a two-page notice
filed before the Pasig Regional Trial Court,  although it agreed
with the lower court's decision to uphold the equal treatment
accorded both secured and unsecured creditors of Bayantel.

The lender said it would discuss these issues in its brief,
which would be submitted to the Court of Appeals.

The Pasig court approved Bayantel's rehabilitation on June 28.

BayanTel is restructuring about US$477 million in debt. Of this,
US$277 million is owed to banks while about US$200 million is
owed to bondholders. The debt-saddled firm stopped making
interest payments to these creditors in 2001 due to recurring
losses, thus forcing the company to seek rehabilitation.

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/


COLLEGE ASSURANCE: Assures On-Time Tuition Payments For Scholars
----------------------------------------------------------------
College Assurance Plan Inc. (CAP) assured the public that none
of its scholars were ever denied the permit to take their exams
on account of delayed payments to the schools where they are
enrolled in, the Philippine Star reports.

In a statement issued on Friday, the pre-need firm explained
that under its direct-to-school payment facility agreement
(DSPFA), it enters into an arrangement with the school to pay in
advance 60 percent of the estimated tuition fees for its
scholar-beneficiaries who will enroll in that particular school.

A month after enrollment, the school sends a bill to CAP for its
scholars who have actually enrolled. CAP then pays the school
four weeks after the bill was sent or before the final exams.

The company is selling its real estate assets and PHP3.4 billion
worth of Metro Rail Transit bonds to cover a PHP17.2 billion
shortfall in its trust fund as of end-2003, TCR-AP reported
recently.

According to CAP Senior Vice-President Cresencio Bendijo, the
company will hold talks with an unnamed U.S.-based investor for
the infusion of at least US$100 million in equity and a long-
term loan.

CONTACT:

College Assurance Plans Phils. Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Vill., Makati City
Ph: 817-6586, 759-2000
Fax: (0632) 818-0560


FILMAG HOLDINGS: SEC Allows Firm to Shut Down Shop
--------------------------------------------------
The Philippine Securities and Exchange Commission (SEC) has
allowed Filmag Holdings Inc. to cease operations after findings
that the closure would not be detrimental to the public, Yehey
Finance reports.

"Considering the fact that public interest is no longer present
the verified petition for voluntary revocation of the
certificate of registration and permit to sell securities filed
by Filmag Holdings, Inc., is recommended granted," the SEC said
in a resolution.

The company filed for voluntary closure because it stopped
engaging in mining operations since 1997, when the operations of
its bentonite project was terminated. Following the dissolution
of its bentonite operations, the company said its activities
were limited to investing in fund placements.

Filmag Holdings was a unit of Trans-Philippines Investment
Corp., which was also the parent of AGP Industrial Corp.,
Amalgamated Securities Corp., and Global Mining Resources, Inc.

Trans-Philippines had earlier applied for debt relief at the SEC
after it failed to meet maturing liabilities.


NATIONAL POWER: PIPPA Backs Rate Hike Petition
----------------------------------------------
The Philippine Independent Power Producers Association (PIPPA),
an association composed of 23 independent power producers
(IPPs), supported the rate hike petition of National Power
Corporation (Napocor) currently pending with the Energy
Regulatory Commission (ERC), the Philippine Star reports.

Specifically, PIPPA advised the ERC to seriously consider the
following points in its deliberations on said petition:

1. Allow Napocor to recover their true cost of generation, which
consists of fuel, purchased power cost, salaries, operation and
maintenance, forex, etc. This is Napocor's direct expenses
incurred in producing electricity. Fuel alone accounts for 70
percent of he total generation cost. Fuel prices in the world
market have increased significantly from $18/barrel to
$45/barrel in the case of heavy fuel oil or an increase of 250
percent. Coal, on the other hand, procured by Napocor in the
international market increased from $30/MT to a high of $80/MT
or 260 percent. At Napocor's ERC approved generation rate of
P2.7556/kWh, their true cost of generating power in 2003 amounts
to P5.9261/kWh or a net operating loss of P3.1705/kWh. In
absolute terms this translates to approximately P108-billion net
operating loss per year.

2. Maintain the financial viability of Napocor, by allowing them
to charge rates in accordance with their respective mandates,
i.e. for Napocor a 12-percent RORB. However, its current rate
application with ERC only results in an eight-percent RORB which
international banks are asking. In addition, the recovery
mechanisms approved recently by ERC specifically the GRAM and
the ICERA increases the financial burden of Napocor as it only
defer recovery of actual cash costs (i.e., fuel and forex) over
six months with no assurance of ERC rate approval. Napocor's
current generation rate of P2.7556/kWh has resulted in a P108-
billion net loss for 2003 and a projected net loss of P105
billion in 2004. Its rate on return base (RORB) in 2003 is a
high negative rate of 14.82 percent. The delayed implementation
of the Napocor rate hike leads to financing shortfall for
Napocor in the range of P100 billion to about P165 billion,
thus, adding to government's budget deficit. If this situation
persists who will invest in power generation at a negative
return.

3. Implementation of the time-of-use (TOU) pricing will enable
the business sector to reschedule or shift their operating hours
from peak to off-peak period. This will reduce peak load usage
and business operating costs through lower power prices.

4. Assure investors of a stable regulatory regime without
judicial intervention. The recent Court of Appeals ruling will
not only affect the power industry, but will include toll roads,
telecommunications and transport as well. In addition, previous
IPP renegotiations, BIR tax reviews, local government imposition
of new taxes add uncertainty for investors. The need for major
players like Napocor to be financially competitive in a stable
regime will be required in order for the power industry to be
sustainable.

In summary, PIPPA urges the ERC to allow Napocor to charge its
true cost and maintain its financial viability by allowing
reasonable RORB and implement the TOU pricing. This will give a
positive signal to investors at the time when new power projects
are needed. Likewise, the rate hike will enhance the
privatization efforts of the Power Sector Assets and Liabilities
Management Corp. (PSALM) and Napocor.

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468


NATIONAL STEEL: Iligan City Threatens to Sell Assets
----------------------------------------------------
The Iligan City council has urged National Steel Corporation
(NSC) to pay back taxes, threatening to auction the revived
steel firm's assets if it fails to settle its debt, Yehey
Finance reports.

City councilors pointed out that NSC still has PhP4.503 billion
in "other assets" such as real property and spare parts, which
they said was more than enough to cover unpaid taxes,
surcharges, penalties, imposts, and fees amounting to PhP928.055
million. These assets were aside from other plant assets that
the steel firm transferred to creditor banks to write off debts.

According to TCR-AP, National Steel Corp. (NSC) will not reopen
until the real estate tax of about PHP700 million payable to
Iligan City is settled.

Creditor-banks would have wanted to complete NSC's sale on July
30, but neither the banks nor the buyer want to pay the back
tax. Consequently, the deadline for the signing of NSC's asset
purchase agreement has been extended by another 45 days.


NEGROS NAVIGATION: RTC Grants Petition to Suspend Debt Payments
---------------------------------------------------------------
The Manila Regional Trial Court (RTC) has granted the petition
of Negros Navigation Company Inc. (Nenaco) for an immediate
suspension of debt payments, the Manila Bulletin reported on
Friday.

The company, which has debts totaling PhP2.5 billion, has also
been prohibited by the court from selling, encumbering,
transferring, or disposing in any form any of its properties.

The court has appointed Sulficio Tagud Jr. as rehabilitation
receiver.

Trading in the Company shares has been suspended indefinitely
since March 30 after it filed a petition with the Manila RTC to
enter into a corporate rehabilitation program with a plea for an
immediate suspension of debt payments.

CONTACT:

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


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


ARCHIT 2000: Posts Intended Preferential Dividend Notice
--------------------------------------------------------
Archit 2000 Construction Pte Ltd. has released a Notice of
Intended Preferential Dividend.

Address of Registered Office: Formerly of 50 Playfair Road
#04-02 Noel Building
Singapore 367995.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 98 of 1995.

Last Day for Receiving Proofs: 27th August 2004.

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

Kamala Ponnampalam
Assistant Official Receiver.


BESTBUILD DEVELOPMENT: Enters Winding Up Proceedings
----------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Bestbuild Development Pte Ltd by the High Court was, on the 5th
day of August 2004, presented by Michael Ng Wei Teck and Peter
Chay Fook Yuen, as Judicial Managers of Bestbuild Development
Pte Ltd (In Judicial Management), both care of Messrs KPMG of 16
Raffles Quay, #22-00 Hong Leong Building, Singapore 048581.

The Petition is directed to be heard before the Court sitting at
the High Court at 10.00 o'clock in the forenoon, on Friday 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 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 same by the
undersigned on payment of the regulated charge for the same.

The Petitioners' address is care of Messrs KPMG of 16 Raffles
Quay, #22-00 Hong Leong Building, Singapore 048581.

The Petitioners' Solicitors are Rajah & Tann of 4 Battery Road,
#15-01 Bank of China Building, Singapore 049908.

Rajah & Tann
Petitioners' Solicitors.

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the above named Rajah
& Tann, the Petitioners' Solicitors, notice in writing of his
intention to do so. The notice must state the name and address
of the person, or, if a firm, the name and address of the firm,
and must be signed by the person or firm, or his or their
solicitor (if any) and must be served, or, if posted, must be
sent by post in sufficient time to reach the above named not
later than 12 o'clock noon of the 26th day of August 2004 (the
day before the day appointed for the hearing of the Petition).


BISTA CORPORATION: Winding Up Hearing Set August 20
---------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Bista Corporation Pte Ltd (formerly known as Bista (Trading) Pte
Ltd by the High Court was, on the 14th day of June 2004,
presented by Giver Profumi S.P.A. (Italy Company Registration
No. 284609 of Milan) of 38, Via Manzoni, Milan, Republic of
Italy.

The said Petition will be heard before the Court sitting at
10.00 o'clock in the forenoon on the 20th day of August 2004.

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

The Petitioners' address is as indicated above.

The Petitioners' Solicitors are Ari, Goh & Partners of 10 Anson
Road, #21-08A International Plaza, Singapore 079903.

Ari Goh & Partners
Solicitors for the Petitioners.

Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above named
Ari, Goh & Partners notice in writing of his intention to do so.
The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person or firm or his or their solicitor (if any) and must
be served, of if posted, must be sent by post in sufficient time
to reach the above named not later than twelve o'clock noon of
the 19th day of August 2004 (the day before the day appointed
for the hearing of the petition).


HUA KOK: Details Impact of Unit's Scheme of Arrangement Cut-off
---------------------------------------------------------------
Hua Kok International Limited (the Company) refers to its
announcement of 9 August 2004. The following sets out the impact
of the termination of the Hua Kok Realty (Private) Limited's
(the Subsidiary) scheme of arrangement on the Company, with some
additional details not already set out in the previous
announcement:

(i) The Company has given a corporate guarantee in favor of the
Subsidiary's secured creditor amounting to S$7.5 million (the
Corporate Guarantee).

The Directors believe that the Subsidiary has pledged sufficient
assets to its secured creditor for the purposes of fully
repaying the debts owing to the secured creditor. The assets
pledged have a book value of SGD16.9 million, and a current
estimated market value of SGD8 million (if sold on a going
concern basis).

Accordingly, although the Company is contingently liable under
the Corporate Guarantee, it is unlikely that such contingent
liability will crystallize and affect the financial position of
the Company.

(ii) The Company has given indemnities in favor of the
Subsidiary's creditors against any payments which may be made by
them pursuant to calls on performance guarantees issued by such
Subsidiary's creditors (the Performance Guarantee Creditors).

These performance guarantee indemnities amount to SGD10.4
million, of which SGD4.8 million may or will crystallize upon
the termination of the Subsidiary Scheme or the liquidation of
the Subsidiary. The balance SGD5.6 million of the performance
guarantee indemnities will not crystallize as the underlying
projects have been successfully novated, and under the terms of
the respective novations, the respective Performance Guarantee
Creditors are no longer liable for SGD5.6 million of the
performance guarantees they have issued.

In relation to the SGD4.8 million performance guarantee
indemnities that may crystallize, SGD0.8 million arises from a
performance guarantee of SGD1.4 million (the balance SGD0.5
million of the performance guarantee is to be settled by a cash
collateral furnished by the Subsidiary) which the Housing and
Development Board (HDB) has called on. In this connection, the
Subsidiary has on 29 July 2004, taken out an application for an
injunction on the basis that the call by HDB on the performance
guarantee was unconscionable.

The Company is proposing to negotiate with each of the
Performance Guarantee Creditors to settle the contingent
liabilities when the contingent liabilities crystallize (i.e.
including with the Performance Guarantee Creditor which has
issued a performance guarantee to the HDB should the Subsidiary
fail in its application for an injunction) by (subject to
applicable laws, legal advice and approval of Shareholders of
the Company as may be required) issuing shares in the capital of
the Company to the Performance Guarantee Creditors. Such
settlement is likely to be through private treaty with each of
the Performance Guarantee Creditors or by way of a scheme of
arrangement between the Company and the Performance Guarantee
Creditors.

In the event of a successful settlement with the Performance
Guarantee Creditors, the Subsidiary will be indebted to the
Company as a result of the Company's right of subrogation.

(iii) The Subsidiary has advanced inter-company loans amounting
to SGD8.7m to the Company (the Inter-Company Loans) (before
taking into account any monies that may be owing by the
Subsidiary to the Company arising from the Company's right of
subrogation as set out in (ii) above).

The Directors are considering settling the Inter-Company Loans
by (subject to applicable laws, legal advice and approval of
Shareholders of the Company as may be required) issuing shares
in the capital of the Company to the Subsidiary and/or the
liquidators of the Subsidiary if and when the Subsidiary is
placed under liquidation.

As announced by the Company on 9 June 2004, the Company has been
proactively holding discussions with third parties on possible
major acquisitions of businesses from such parties that would
result in a reverse takeover if such discussions materialize
into binding agreements. While there is no absolute certainty
that a successful outcome will materialize from such
discussions, the Directors are committed towards all measures
and proposals to increase the capitalization of the Company.

The Directors are reasonably optimistic that if and as and when
the Company successfully enters into binding agreements
resulting in a reverse takeover, the Performance Guarantee
Creditors and the liquidators of the Subsidiary will likely
agree to the receipt of the Company's shares in settlement of
the Company's liabilities (as set out in paragraphs (ii) and
(iii) above).

Whether the Company is a going concern will depend on a
successful reverse takeover and outcome of its negotiations with
the Performance Guarantee Creditors and the liquidators of the
Subsidiary.

Submitted by Phua Puay Heng, David, Group Financial Controller
on August 12, 2004 to the Singapore Stock Exchange.


INFORMATICS HOLDINGS: PCW Reports Investigation Findings
--------------------------------------------------------
The Board of Directors of Informatics Holdings Limited wishes to
announce that it has recently received the report from
PricewaterhouseCoopers (PwC) setting out their findings on the
sample tests of transactions in material revenue and cost areas
for financial years 2003 and 2004 relating to the Company's
operations in Singapore, Malaysia, the United Kingdom and
Sweden, as part of its work in connection with the misstatements
in the Company's quarterly results announcements in the
financial year ended 31 March 2004 (the 30 July Report). This
represents the final phase of PwC's investigations.

Key Highlights of the 30 July Report:

The Board is of the view that the specific details contained in
the 30 July Report do not constitute material price-sensitive
information which have to be disclosed pursuant to Rule 703 of
the SGX-ST Listing Manual. However, a summary of the key
highlights of the 30 July

Report as extracted from it is set out below:

(1) Singapore

PwC noted that there were significant process and control issues
in Singapore and Malaysia. The issues noted in Singapore were
primarily due to a weak control environment that resulted in
non-compliance with policies and procedures, management override
of processes and poor record keeping. PwC expressed reservations
on the poor accounting and documentation standards on franchise
operations. PwC also had concerns over proper revenue cut-off
due to the poor record keeping in the Company's Singapore
subsidiary.

(2) Malaysia

PwC noted that the accounting function at the Company's
Malaysian subsidiaries was in disarray as there had been high
turnover of finance staff. Books and records were not kept in a
proper manner and supporting documentation for certain
transactions was either not available or incomplete. PwC echoed
the views of the Company's external auditors, Ernst & Young,
which had stated that the accounting records of the Company's
two Malaysian subsidiaries could not be relied on to
sufficiently explain all the transactions.

(3) Sweden and the United Kingdom

PwC noted that the operations in Sweden and the United Kingdom
were relatively small and not many issues were noted there.

PwC has highlighted to the Company the following main areas in
which controls can be strengthened:

(a) the need to strengthen the overall control environment, in
particular, formalizing and reinforcing the following:

(i) segregation of duties;

(ii) delegation of authority; and

(iii) risk management;

(b) the need to improve the Company's record keeping procedures;

(c) the need to strengthen the finance function, in particular
its reporting lines to the Chief Financial Officer and the need
to exercise ownership over reporting requirements of financial
information, both internally and externally;

(d) the need to institute processes to ensure strict compliance
with all laid down procedures, particularly the accounting
policies and if necessary, to institute sign-off procedures;

(e) the need to revisit the practices of recognizing revenue for
courses and franchise for appropriateness;

(f) the need to formalize new product development process,
taking into consideration not only the commercial aspects but
also the financial implications, especially for franchises;

(g) the need to have an assurance process to ensure all key
controls are being exercised diligently by operations and if
necessary, to consider documenting the minimum acceptable
controls and introducing a control self-assessment process in
the organization and/or appoint a Controller of Controls or
Controls Committee;

(h) the need to review the effectiveness of the current internal
audit set-up, including its reporting lines and resource levels;

(i) the need to formalize the role of the external auditors in
non year-end support in financial reporting particularly in
quarterly announcement of results and to consider appointing the
same firm of external auditors at all the Company's locations;

(j) the need to strengthen control over material overseas
subsidiaries;

(k) the need to strengthen the governance process over franchise
operations through better segregation of duties (initiation
versus approval; marketing versus finance) and clearer
delegation of authority;

(l) the need to review and document clearly the franchise
business processes including the performance of credit
assessments, the use of pathfinders, the provisioning of overdue
franchise debts, and franchise revenue recognition policies; and
to implement such policies after review and approval by the
Audit Committee;

(m) the need to institutionalize a formal review of all quarter
end consolidation processes and highlight to the Audit Committee
all major out-of-book adjustments and any "late" sales,
especially in the area of franchise income; and

(n) the need to review the effectiveness of the Group's Code of
Ethics and Whistleblower Programme.

Update on actions by the Company

The Company is addressing the issues raised in the 30 July
Report and is taking steps to implement certain measures to
strengthen the internal audit and financial controls of the
Company. As regards PwC's recommendations, the Company's
response is as follows:

(i) with regard to item (a) above, the Company will form task
forces and set timelines to address the weaknesses noted by PwC.
Particular attention will be given to ensure proper segregation
of duties and delegation of authority. In addition, the Company
will consider appointing a specialist in risk management to
spearhead the initiative to identify and manage risks within the
Group;

(ii) with regard to item (b) above, the new Financial Controller
in Malaysia has made good progress in improving the records
maintained by the Company's Malaysian operations and will
continue to make further improvements in record keeping
procedures;

(iii) with regard to item (c) above, the heads of the finance
functions in all the operating units within the Group have been
instructed to report directly to the Chief Financial Officer;

(iv) with regard to item (d) above, at the end of each quarter
from 1 April 2004 onwards, the heads of finance in all the
operating units within the Group are required to submit a self-
assessment and confirmation that the reports submitted by them
for consolidation are in compliance with the Group's accounting
policies and practices;

(v) with regard to item (e) above, the Company has reviewed the
revenue recognition practices for courses and franchise
operations and now requires operating units to report compliance
with such practices at the end of each quarter;

(vi) with regard to item (f) above, the Chief Financial Officer
has been tasked to review all new product development processes
and to submit his proposals to the Audit Committee for approval;

(vii) with regard to item (g) above, the Chief Financial Officer
will draw up a control self assessment form for approval by the
Audit Committee prior to requiring heads of operating units to
complete and sign-off the form at the end of each quarter

(viii) with regard to item (h) above, the Audit Committee will
be appointing an external consultant to evaluate the
effectiveness of the internal audit function and to recommend
areas for improvement;

(ix) with regard to item (i) above, from 1 April 2004 onwards,
the appointment of external auditors to review the financial
results of the Group has been formalized with an engagement
letter specifying the scope of work expected of them. Steps will
also be taken to appoint the same firm of external auditors for
all major operating units within the Group;

(x) with regard to item (j) above, regular review procedures
will be performed by the Chief Executive Officer and the Chief
Financial Officer of the Company to strengthen control over
material overseas subsidiaries;

(xi) with regard to items (k) and (l) above, a franchise
governance process has been implemented and all new franchise
agreements will be reviewed and approved by a contract review
committee chaired by the Chief Executive Officer prior to their
execution. In addition, the franchise revenue recognition
practice will be further tightened and submitted to the Audit
Committee for approval;

(xii) with regard to item (m) above, the Company has implemented
the process of highlighting to the Audit Committee all major
out-of-book adjustments and any "late" sales when quarterly
results are submitted for review by the Audit Committee; and

(xiii) with regard to item (n) above, the Chief Financial
Officer has been tasked to draw up a Code of Ethics and
Whistleblowing Programme for approval by the Audit Committee.

By Order Of The Board
Raymond Quek Hiong How

This Singapore Stock Exchange announcement is dated August 13,
2004.

CONTACT:

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


KOH BROTHERS: Back In The Black In 1H
-------------------------------------
Koh Brothers Limited has released its financial statement for
the first half of fiscal 2004, which is consolidated with the
financial report of Koh Brothers Group.

The Group booked a 3 percent increase in sales at SGD151.2
million for the first half year of 2004 as compared to last
year's SGD146.8 million. Its pre-tax net profit significantly
improved 765 percent from SGD203,000 in 2003 to SGD1.8 million
this year.

Depreciation charges, reduction of contract-in-work progress,
settlement of trade creditors and the re-classification of non-
current borrowing has resulted to changes in the Koh Brothers
Limited's working capital, assets and liabilities.

To view the complete financial statement, please click on:
http://bankrupt.com/misc/TCRAP_KOHBROTHERS081204.pdf


LIANG HUAT: Posts Terms of Debt Restructuring Plan
--------------------------------------------------
The Board of Directors of Liang Huat Aluminium Limited refers to
its earlier announcement on August 2, 2004 relating to the
appointment of M/s KPMG Business Advisory Pte Ltd. as Special
Consultants. The Board wish to announce that the Company is at
present, in consultation with the Special Consultants and
certain major creditors, finalizing the terms of a debt
restructuring plan with a view to comprehensively restructure
the Group's indebtedness to its creditors.

It is proposed that the Debt Restructuring Plan will be
implemented first, by way of a scheme of arrangement pursuant to
section 210 of the Companies Act (Chapter 50) to be made between
the Company and its creditors.

With a view to comprehensively implement the Debt Restructuring
Plan for the entire Group, two (2) separate schemes of
arrangement (individually and respectively, LHAI Scheme and DI
Scheme, or collectively, the Subsidiary Scheme) pursuant to
section 210 of the Act will also be proposed by Liang Huat
Aluminium Industries Pte Ltd (LHAI) and Durabeau Industries Pte
Ltd (DI) respectively with their respective creditors in order
that outstanding indebtedness to such creditors will also be
comprehensively restructured. LHAI and DI are the two (2) main
operating subsidiaries of the Group.

Pending finalization of the terms of the Debt Restructuring Plan
which is currently taking place with certain major creditors,
the Company has been advised and has made a preemptive
application to the High Court of Singapore seeking a moratorium
of actions to be undertaken (if any) by third party(s). This
application will be made pursuant to section 210(10) of the Act,
whereby the Court has power to restrain further proceedings in
any action or proceeding against the Company except by leave of
Court.

Subject to further amendments to be finalized between the
Company, the Special Consultants and the major creditors, the
material terms of the Debt Restructuring Plan are:

(1) Each scheme creditor, other than Maybank and UOB (the
Debenture Holders), shall be paid a cash equivalent of 10% of
their respective Claim in two equal installments, the first of
which will be paid within six months from the date the Principal
Scheme takes effect and the second and final cash payment will
be made within the following six months thereafter.

(2) The Debenture Holders will receive a cash equivalent of 10%
of each of their respective claim within twenty four months from
the Effective Date, failing which, the whole or the unpaid part
of such payment as the case might be or may be converted and
payable in terms set out below in relation to the Company's
intended issue of shares.

(3) The balance 90% of each of the creditor's claim (or in the
case of the Debenture Holder, the whole or the unpaid part at
the expiration of the twenty-four month period) will be paid by
way of a new issue of shares at the issue price of $0.04 each.

(4) The Principal Scheme will be subject to the customary
conditions precedent namely, approvals from shareholders,
approval from SGX-ST for the listing and quotation of the
Consideration Shares; whitewash waiver (if applicable) from The
Securities Industry Council and approval of the scheme creditors
and confirmation of the Court.

Applications will be made shortly to the High Court of Singapore
for the purposes of convening meetings of creditors for the
Principal Scheme as well as the Subsidiary Scheme.

The Directors take the view that there are reasonable grounds
for the Company to continue as a going concern because its major
creditors have indicated that they will support the Company
pending finalization of the Debt Restructuring Plan. The Group
will be placed in a stronger financial position to focus its
efforts and resources on its core businesses upon completion of
the Debt Restructuring Plan.

The Company will make prompt and timely announcements of further
developments concerning its restructuring progress.

Submitted by Tan Yong Kee, Group Managing Director on August 12,
2004 to the Singapore Stock Exchange.


NIPPECRAFT LIMITED: Releases 1H Results
---------------------------------------
The specialist provider of personal and business organizing
tools, Nippecraft Limited, announced last Friday to the
Singapore Stock Exchange its half-year results ending last June
30.

The company booked a 13.7 percent revenue increase from SG$19.4
million in the first half of fiscal year 2003 to SG$22.1 million
in the first half of financial year of 2004. On the other hand,
gross profit rose 24.1 percent from SG$8.2 million in 1H2003 as
to SG$10.2 million in 1H2004.

The positive performance could be attributed to the enhanced
performance from the Australian market and the continuous cost
control over manufacturing operations.

A net profit before tax of SG$186,000 reversed the loss SG$1.1
million for the corresponding period in 2003.

To view the complete financial statement, please click on:
http://bankrupt.com/misc/TCRAP_NIPPECRAFTLIMITED081304.pdf

CONTACT:

Nippecraft Limited
9 Fan Yoong Road
Singapore 629787
Tel: (65) 6262-2662
Fax: (65) 6262-1551
For sales enquiries, email to sales@nippecraft.com.sg
For career opportunities, email to careers@nippecraft.com.sg
For investor enquiries, email to contact@nippecraft.com.sg


YONGNAM HOLDINGS: Returns to Profitability
------------------------------------------
Yongnam Holdings Limited announced in a press release a strong
set of results for the half-year ended June 30, 2004.

The company, a Specialist Steel Construction group with
operations in Singapore, Malaysia, Thailand and Hong Kong,
booked a revenue of SGD29.2 million in the first half of fiscal
2004. Yongnam reversed into the black with a net profit of
SGD1.5 million against losses of SGD5.9 million over the same
period last year. Its resilient performance reflects improved
margins in the order backlog, better cost control and the
results of the restructuring launched last year.

To view the complete financial report, please click:
http://bankrupt.com/misc/TCRAP_YONGNAMHOLD081304.pdf


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


ADVANCE PAINT: Releases Reviewed Interim FS
-------------------------------------------
Advance Paint & Chemical (Thailand) PCL submitted to the Stock
Exchange of Thailand its Interim Financial Statement, Report of
Independent Auditor, and Balance Sheet as at June 30, 2004.

Reviewed Report of Independent Auditor to the Shareholders and
Board of Directors of Advance Paint & Chemical (Thailand) PCL.

Chamras CPA Co.,Ltd. have reviewed the balance sheet as at June
30, 2004, the related statements of income for the 3 months and
6 months then ended June 30, 2004 and 2003, changes in
shareholders' equity and cash flows for the 6 months then ended
of Advance Paint & Chemical (Thailand) Public Company Limited.

These interim financial statements are the responsibility of the
Company's management as to their correctness and completeness of
the presentation.  The auditors' responsibility is to issue a
report on the interim financial statements based on our review.

The auditors conducted their review in accordance with the
standards on auditing applicable to review engagement.  This is
a standard requirement that they plan and perform the review to
obtain moderate assurance as to whether the interim financial
statements are free of material misstatement.  A review is
limited primarily to inquire of the Company personnel and
analytical procedures applied to financial data and thus provide
less assurance than an audit in accordance with generally
accepted auditing standards. We have not performed an audit and,
accordingly, we do not express such an audit opinion.

Based on the editors review, nothing has come to their attention
that causes them to believe that the accompanying interim
financial statements are not presented fairly, in all material
respects, in conformity with generally accepted accounting
principles.

To view full copy of the Auditor's report, click
http://bankrupt.com/misc/advancepaint081304_2.doc

To view full copy of Interim Financial Statement, click
http://bankrupt.com/misc/advancepaint081304_3.xls

To view full copy of the Balance Sheet, click
http://bankrupt.com/misc/advancepaint081204.xls

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


CHRISTIANI: Releases Second Quarter and Consolidated FS
-------------------------------------------------------
Christiani & Nielsen (Thai) PCL disclosed to the Stock Exchange
of Thailand the details of its Reviewed Second Quarter Results
and Consolidated Financial Statement.

CHRISTIANI & NIELSEN (THAI) PUBLIC COMPANY LIMITED

Reviewed Ending June 30, (In thousands)

                       Quarter 2               For 6 Months

Year                2004        2003          2004        2003

Net profit (loss)   50,646   (373,536)       236,513   (523,906)

EPS (baht)          0.17      (1.24)          0.78      (1.74)

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."

To view full copy of the Financial Statement, click
http://bankrupt.com/misc/CHRISTIANIANDNIELSEN081304.xls

To view a report of the auditor's opinion, click
http://bankrupt.com/misc/CHRISTIANIANDNIELSENfs.rtf

CONTACT:

CHRISTIANI & NIELSEN (THAI) PCL
50/670 SOI SUKHUMVIT 105,
SUKHUMVIT RD, BANG NA,
PHRA KHANONG Bangkok
Telephone: 0-2398-0158
Fax: 0-2398-9860
Website: www.cn-thai.co.th


CHRISTIANI: Releases Notes to Interim Financial Statements
----------------------------------------------------------
Christiani & Nielsen PCL disclosed to the Stock Exchange of
Thailand the notes to its Interim Financial Statement.

(1) GENERAL INFORMATION

(1.1) Assumption underlying the preparation of the financial
statements

During the year 2002, the Company, as a parent company who
provides guarantees to the subsidiaries, was claimed by
creditors of its subsidiaries for the repayment of loans and
guarantees totaling approximately THB1,429 million.

Under the situation and the financial status of the Company at
that time, which still had significant deficit and capital
deficit, the Company's management was of an opinion that the
Company was not capable to repay such liabilities.

The Company had therefore on 31 May 2002 lodged a petition for
rehabilitation of its business with the Central Bankruptcy Court
and the Court had on 8 July 2002 ordered for the rehabilitation
of the Company's business in accordance with the Bankruptcy Act
and had appointed CN Advisory Company Limited as planner.

Following the Court's order for the rehabilitation of the
Company's business, the debtors, creditors and lenders were
invited by the Comptroller of Bankruptcy to lodge the claims for
settlement of debts with the Company.  The total claims lodged
by the appellants amounted to approximately THB10,945 million
which exceeded the outstanding balances in the Company's
accounts.  The difference mainly represented guarantee
obligations and contract value.

The Company had inspected the evidence and lodged the opposition
for the incorrect amounts of the claims and had on 15 January
2003 proposed its rehabilitation plan to the creditors and the
plan was approved by the majority of its concerned trade and
financial institution creditors on 18 February 2003 and
subsequently agreed by the Central Bankruptcy Court on 2 May
2003 (the actions of which were detailed in Note 13) in which
the Court appointed CN Advisory Company Limited as a plan
administrator.

The Company had in 2003 implemented under the rehabilitation
plan in which the capital restructuring, most of the group and
debt restructuring plans had already been completed, the details
of which were described in Note 13.  Since the Company had
fulfilled the main processes under the rehabilitation plan and
had considered setting up reserve for potential loss from
guarantee obligations and other liabilities in the accounts, the
management believes that the Company is able to fulfill the
remaining processes under the rehabilitation plan and will
request for release from the plan soon.

As part of the Company's rehabilitation plan approved by the
Stock Exchange of Thailand on 19 November 1996, the Company has
discontinued the operations of certain units.  The net
assets/liabilities and operating results of the discontinued
operation units have been separately shown in the consolidated
balance sheets and earnings statements.

(1.2) Basis for the preparation of interim financial statements

These interim financial statements are prepared in accordance
with Accounting Standards Pronouncement No. 41 "Interim
Financial Reporting", with the Company choosing to present
condensed interim financial statements. However, additional line
items are presented in the balance sheets, and the statements of
earnings, changes in shareholders' equity and cash flows as in
the annual financial statements.

These interim financial statements are intended to provide
information additional to that included in the latest annual
financial statements. Accordingly, they focus on new activities,
events and circumstances so as not to duplicate information
previously reported. These interim financial statements should
therefore be read in conjunction with the latest annual
financial statements.

To view full copy of the notes to Interim Financial Statement,
click
http://bankrupt.com/misc/CHRISTIANIANDNIELSENnotestofs.rtf


NFC FERTILIZER: Issues Changes of Board of Directors
----------------------------------------------------
C.J. Morgan Company Limited as the Plan Administrator of NFC
Fertilizer PCL (NFC) would like to inform the Stock Exchange of
Thailand that 14 directors of NFC have submitted their
resignation letters.

On August 9, 2004, the NFC has changed the directors and the
authority of directors according to section 6.2.2.4 of the
Business Reorganization Plan of NFC.

The following are the changes in the Board of Directors:

Resigned Directors

(1)  Mr. Cherdpong  Siriwit
(2)  Mr. Vibul  Aunsnunta
(3)  Mr. Wisanu  Niwesmarintra
(4)  Mr. Sirichai  Sakornratanakul
(5)  Mr. Jaroonsak  Hengtrakul
(6)  Mr.Chanyuth pathumarak
(7)  Dr. Prajya  Phinyawat
(8)  Mrs. Sasitorn  Sujid
(9)  Miss Sopa  Nontananundh
(10) Mrs. Paspun  Suwanchinda
(11) Prof. Dr. Sorasith  Vacharotayan
(12) Mr. Pradap Thunyakoop
(13) Me. Chaiyong Niranwong
(14) Mr. Kritsda Udyanin

New Directors

(1) Assoc. Prof. Dr. Seri Wongmonta
(2) Mr. Wichai Thongtang
(3) Mr. Nuttaphob Ratanasuwanthawee
(4) Mr. Direk Chatpimonkul
(5) Mr. Suchart Areekul
(6) Mr. Manit Thavilab
(7) Miss Apinya Chatpimonkul
(8) Mrs. Bongkot Rasmeepaisarn
(9) Mr. Wiboon Rasmeepaisarn
(10) Mr. Bundit Sapienchai
(11) Mr. Pasert Uekamolsukho
(12) Mr. Songchai Anunantakul
(13) Mr. Chavalit Saleepol
(14) Mrs. Sunee Songchaitanasuk

The following are the changes in the authority of the directors:

"Both Mr. Direk Chatpimonkul or Mr. Suchart Areekul and Mr.
Nuttaphob Ratanasuwanthawee or Mrs. Bongkot Rasmeepaisarn may
jointly sign together with the NFC's seal affixed."

However, since NFC is still processing the Business
Reorganization Plan, the power and duties in managing the
business and asset of NFC and all legal rights of NFC's
shareholder, except the right to receive dividend, are still
vested in the Plan Administrator.

The authorized directors of the Plan Administrator are Mr.
Chamni Janchai, Mr. Visoot Kajchamaporn and Mr. Ziriwat
Anunkusri.

The following are the authority of the Plan Administrator's
directors:

"Mr. Chamni Janchai may jointly sign together with the company's
seal affixed or Mr. Visoot Kajchamaporn and Mr. Ziriwat
Anunkusri may jointly sign together with the company's seal
affixed."

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

CONTACT:

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


PREECHA GROUP: Releases 2Q Operating Results
--------------------------------------------
In a disclosure to the Stock Exchange of Thailand, Preecha Group
PCL issued the details of its reviewed financial statement for
the 2nd quarter, 2004.

Preecha and its subsidiaries have a net loss from the operation
at THB33.74 million.

In comparison, the company had a net loss from the operation at
THB55.97 million at the end of the 2nd quarter, 2003.  Because
the interest expenses in the year 2004 reduced in the year 2003
to THB17.82 million and gain on asset transfer for debt
restructuring has increased THB17.18 million and other income
has increased THB16.27 million.

Sincerely Yours,
Mr.Boonlert Kiartsritara
Director

CONTACT:

PREECHA GROUP PCL
1919 PATTANAKARN ROAD,
SUAN LUANG Bangkok
Telephone: 0-2722-8855
Fax: 0-2722-8844-5
Website: www.preecha.com


PREECHA GROUP: Releases Reviewed and Consolidated FS
----------------------------------------------------
Preecha Group PCL issued to the Stock Exchange of Thailand its
reviewed quarterly and Consolidated Financial Statements.

Preecha Group PCL
Reviewed Ending June 30, (In thousands)

Quarter 2               For 6 Months
         Year        2004        2003          2004        2003

Net profit (loss)   24,916    (14,624)        33,744    (55,975)

EPS (baht)           0.22      (0.13)          0.30      (0.50)

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."

For more information, click
http://bankrupt.com/misc/prechaconfs.xls
http://bankrupt.com/misc/prechanotestointerimfs.doc

To view full copy of auditor's report, click
http://bankrupt.com/misc/prechagroupauditorsreport.doc


T.C.J. ASIA: Explains the Difference in Operating Result
--------------------------------------------------------
T.C.J. Asia PCL (TCJ) submits to the Stock Exchange of Thailand
an explanation on the difference in the operating results for
the second quarter of 2004, as at June 30, 2004.

TCJ and its subsidiary company had a net profit amounting to
THB8.12 million, but had a net loss amounting to THB39.56
million in the same period of 2003 or a difference of 120.52
percent.  The reasons for the difference are:

(1) Net Sales increased from THB53.98 million in the second
quarter of 2003 to THB100.83 million in the same period of 2004
or increased 86.81 percent.

(2) Rental income increased from THB28.83 million in the second
quarter of 2003 to THB46.83 million in the same period of 2004
or increased 62.43 percent.

(3) The interest expenses decreased from THB27.71 million in the
second quarter of 2003 to THB3.73 million in the same period of
2004 or decreased 86.54 percent.

This is for your information
Yours faithfully,
Ms. Srivilai Chatjuthamard
Plan Administrator

CONTACT:

T.C.J. ASIA PCL
89/169 MOO 7, VIBHAVADI RANGSIT ROAD,
DON MUANG Bangkok
Telephone: 0-2552-6611, 0-2552-6622
Fax: 0-2552-7185-6
Website: www.tcj.co.th


T.C.J. ASIA: Submits Reviewed Quarterly Financial Statement
-----------------------------------------------------------
T.C.J. Asia reports to the Stock Exchange of Thailand its
reviewed quarterly financial statements.

T.C.J. ASIA PCL AND SUBSIDIARIES

Reviewed Ending June 30 (In thousands)

Quarter 2               For 6 Months                    Year
2004        2003          2004        2003

Net profit (loss)     8,116    (39,556)        23,951
(75,060)

EPS (baht)            0.36      (1.58)          1.07      (3.00)

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."

(Miss Srivilai Chatjuthamard)
Plan Administrator
Authorized to sign on behalf of the company

To view full copy of the balance sheet, click
http://bankrupt.com/misc/TCJASIA2.xls

To view full copy of the notes to Financial Statement, click
http://bankrupt.com/misc/TCJASIA3.xls

To view full copy of the Auditor's report, click
http://bankrupt.com/misc/TCJASIA081304.doc


T.C.J. ASIA: Releases Opinion of the Business Re Tender Offer
-------------------------------------------------------------
On July 21, 2004, T.C.J. Asia Plc. (TCJ) received a copy of the
statement of a tender offer for our securities from Mrs.
Anongrat Chatjuthamard (Tender Offeror):

Amount of Securities Percentage of securities
                                        Offering  Offering

Type of                                price per   value (baht)
securities                             unit (baht)
       Share/unit  Shares with   To the total To the total
                   voting        issued       shares with
                   rights        securities   voting rights

Ordinary 1,264,500 1,264,500  5.67   5.67   8.82  11,152,890.00
shares

Preferred
shares

Warrants

Convertible
debentures

Other
securities
(if any)
          Total     5.67        Total            11,152,890.00

1/ Net price to be received by the Offeree is THB8.7964 per
share since the Offeree is subject to payment of a brokerage fee
of 0.25 percent of the offering price and value-added tax of 7
percent of the brokerage fee.

The tender offer period is during 9:00 to 4:00 p.m. of each of
the 25 business days from July 22, 2004 to August 27, 2004.

To view full copy of the disclosure, click
http://bankrupt.com/misc/TCJASIATENDEROFFER080904.txt


THAI ELECTRONIC: Details Connected Transaction
----------------------------------------------
Premier Planner Company Limited as the Plan Administrator of
Thai Electronic Industry PCL has processed our duties in
accordance with the rehabilitation Plan for issuing the
increased shares in the amount of 109,600,716 shares. And on 20
May, the Company has sold those increased shares to the present
shareholders totaling 80,121,362 shares.

The Company would like to inform the Stock Exchange of Thailand
(SET) the next procedure under the Rehabilitation Plan which is
selling the remaining increased shares in the amount of
13,900,000 shares to Premier Capital (2000) Company Limited.

The above procedure is subject to the connected transaction
under the notification of SET.  Hence, The Company issued to the
SET a copy of the details of such transaction.

Information Memorandum on Connected Transaction

(1) Date of transaction: 30 July 2004

(2) Nature of Transaction:

Thai Electronic Industry Plc. has sold increased shares of the
Company totaling 13,900,000 shares to Premier Capital (2000)
Co.,Ltd. at the price THB1 per share

(3) Total Value of Transaction: THB13,900,000

(4) Related Parties:

Premier Capital (2000) Co., Ltd. a subsidiary of Premier
Enterprise Plc. Premier Enterprise Plc.which is the connected
person of Thai Electronic Industry Plc. through joint directors.

Moreover, Mrs. Vimolthip Phongsathorn, the major shareholder of
Thai Electronic Plc. is the wife of the Company' s Director

(5) Detail of Connected Persons and the Characteristics of
Connection:

The following are the lists of shareholders and executives of
Thai Electronic Industry Plc., Premier Enterprise Plc. and
Premier Capital (2000) Company Limited.

                               TEIC        PC (2000)     PE

Mr.Vichien Phongsathor       Director     Director     Director

Ms.Duangthip Eamrungro       Director     Director     Director

Mrs.Vimolthip Phongsathorn shareholder Director's   Director's
                                       wife         wife

Thai Electronic
Industry Plc.  Joint Director   Joint Director   Joint Director
Vichien Phongsathorn Vichien Phongsathorn Vichien Phongsathorn

Duangthip Eamrungroj Duangthip Eamrungroj Duangthip Eamrungroj

The company certifies that the above information is true and
correct.

You're faithfully,
(Mrs. Duangthip Eamrungroj, Mr.Teerapol Juthapornpong)
Premier Planner Company Limited
As the Plan Administrator of
Thai Electronic Industry PCL

CONTACT:

THAI ELECTRONIC INDUSTRY PCL
1/10 MOO 4, BANGCHAN INDUSTRIAL ESTATE,
BANG KAPI, Bangkok
Telephone: 0-2517-1276-8, 0-2517-1936
Fax: 0-2517-1937, 0-2518-1471


THAI HEAT: Releases Names of Auditors For 2Q FS
-----------------------------------------------
Thai Heat Revival Company Limited as the rehabilitation planner
of Thai Heat Exchange PCL (THECO) would like to inform the Stock
Exchange of Thailand (SET) the Auditors of THECO for the year
2004.

THECO will submit the Reviewed report of the financial statement
for the 2nd quarter of the year 2004 by the following auditors.

(1) Mr.Sewee Wiwatpanachart- register No. 2219 or

(2) Miss Chavana Wiwatpanachart- register No.  4712

Thai Heat Revival Company Limited
As the Reorganization planner of Thai Heat Exchange PCL
Mr.Surin Wanpensakul
Director

CONTACT:

THAI HEAT EXCHANGE PCL
1364 RAMKHAMHAENG ROAD,
SUAN LUANG Bangkok
Telephone: 0-2318-2478-9, 0-2314-4582, 0-2319-1911-5
Fax: 0-2318-2655, 0-2319-4268
Website: www.thaiheat.com



                            *********


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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