TCRAP_Public/040820.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

             Friday, August 20, 2004, Vol. 7, No. 165

                            Headlines

A U S T R A L I A

CHEMEQ LIMITED: ASIC and ASX Monitors $50Mln Equity Raising
MITSUBISHI AUSTRALIA: ASB Says Magna Ad Breaches Revised Code
NATIONAL AUSTRALIA: CEO Denies Price War Initiation
ONE.TEL LIMITED: Ex-Chair Talks With ASIC to Evade Civil Action
QANTAS AIRWAYS: Releases Results for 1H 2004

QANTAS AIRWAYS: Despite Results Industry Still Unstable


C H I N A  &  H O N G  K O N G

CAPISCES INVESTMENT: Winding Up Hearing Slated on September 1
CHIAP LUEN: Sets Members' and Creditors' Meetings
DYNAMIC GLOBAL: Trading Halted Due to Chairman's Arrest
E.D.C. LIMITED: Enters Winding Up Proceedings
G&G HONGKONG: Faces Bankruptcy Proceedings

GOLD-FACE FINANCE: Court Hears Winding Up petition
INTERNATIONAL BREAD: Winding Up Hearing Set September 1
JINHUI HOLDINGS: Unaware of Reasons for Turnover Movement
PARCOTEX KNITTING: Winding Up Hearing Scheduled September 15


I N D O N E S I A

PERTAMINA: Won't Pay KBC Damages Due To Corruption
PERTAMINA: Chief To Sack Workers Who Divulge Company Secrets
SEMEN GRESIK: Government Still Undecided on Share Buyback


J A P A N

DAIEI INCORPORATED: Wal-Mart May Participate in Bailout
KOKUSAI MOTORCARS: To Sell Three Towers to Lone Star
MITSUBISHI CORPORATION: Fitch Affirms 'A' Rating, Stable Outlook
MITSUBISHI FUSO: Admits Hidden Defects May Have Led To Mishaps
MITSUBISHI MOTORS: To Hold Live Auction Sale on August 28

NAGASAKI KUKOU: Enters Bankruptcy
SOJITZ HOLDINGS: Issues Application for Takeover Bid Notice


K O R E A

JINRO-CABLE: Taihan Electric To Sign MOU
JINRO LIMITED: Union Resumes Talks With Management
SK NETWORKS: Accounting Firm To Compensate Creditors
THRUNET: Returns To Black In H1


M A L A Y S I A

ANCOM BERHAD: Issues Notice of Shares Buy Back
AVANGARDE RESOURCES: Releases Unaudited Quarterly Report
DATAPREP HOLDINGS: Director Intends to Deal With Securities
FORESWOOD GROUP: Issues Practice Note No. 4/2001 Update
HO HUP: Reveals Closed Period Dealings By Director

INTEGRATED RUBBER: Issues Entitlement, Prospectus Update
GOLDEN FRONTIER: Reveals Unaudited Quarterly Results
LANKHORST BERHAD: Resumes Securities Trading
NALURI BERHAD: Discloses Sale, Purchase Agreement Update
OSK HOLDINGS: Purchases 94,700 Ordinary Shares on Buy Back

PAN MALAYSIA: Issues Closed Period Trading
POS MALAYSIA: Receives Property Valuation Report From JPPH
TALAM CORPORATION: Grants Listing of 8,109.320 Ordinary Shares
TANJONG PUBLIC: Issues Additional 66,000 Ordinary Shares
TECHVENTURE BERHAD: Widens 2Q04 Net Loss to MYR3.43M


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Completes Union Cement Sale
COLLEGE ASSURANCE: To Stay Under SEC Oversight Committee
NATIONAL POWER: Won't Resume Bulacan Irrigation Water Supply
NATIONAL POWER: Tweaks Schedule of Generation Assets' Sale
NEGROS NAVIGATION: Creditor Demands Payment For Debts

PILIPINO TELEPHONE: NTC Presses P1.2B Payments From Telecoms


S I N G A P O R E

COMPACT METAL: Corrects 1H Financial Results
FALMAC LIMITED: Posts Notice of EGM
KLW HOLDINGS: Issues Response to SGX Request
SMRT CORPORATION: Sells Entire Stake in MediaCorp
YONGNAM HOLDINGS: Appeal on Springleaves Tower Suit Dismissed


T H A I L A N D

RATTANA REAL: Releases Management Discussion and Analysis
SAHAMITR PRESSURE: Releases Operating Result for 2Q 2004
SIAM AGRO: Unveils Reviewed 2Q Financial Statements
SINO THAI: Unveils Reviewed Second Quarter Financials
SRITHAI FOOD: SET Posts NP Sign On Securities

SYNTEC CONSTRUCTION: Releases Reviewed 2Q and Consolidated FS
THAI DURABLE: Unveils Reviewed 2Q Financials
THAI DURABLE: Releases Operating Results for 2Q 2004
THAI DURABLE: Issues Clarification Re Auditor's Opinion
THAI DURABLE: SP and NP Signs Posted Against Securities

THAI ELECTRONIC: Unveils Reviewed 2Q and Consolidated FS
THAI ENGINE: Unveils Reviewed 2Q and Consolidated FS
THAI ENGINE: SET Posts SP Sign on Securities
THAI GERMAN: Unveils Reviewed Quarter 2 FS
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


CHEMEQ LIMITED: ASIC and ASX Monitors $50Mln Equity Raising
-----------------------------------------------------------
Chemeq Ltd.'s $50-million placement and rights issue is believed
to be monitored by the Australian Securities and Investments
Commission and the Australian Stock Exchange (ASX), reports the
Sydney Morning Herald.

But institutional interest in the raising is believed to be
lukewarm. As one fund manager said on Wednesday: "We're not
particularly interested and we understand there hasn't been a
lot of institutional support."

Ord Minnett, the coordinator for the equity raising, has been
promoting a book-build, offering heavily discounted shares in
the $2.40 to $2.75 range to raise up to $14 million. The
remaining $40 million will be raised through a non-renounceable
rights issue.

In an unaudited statement of financial position lodged with the
ASX, Chemeq revealed a $7.5 million in current assets at the end
of the financial year against current liabilities of $11.7
million.

An ASX spokesman said it had previously asked Chemeq to clarify
its cash-flow position and would decide whether it had further
concerns after the expected announcement was made about the
raising.

"They are doing things by the book," he said. "It's quite
appropriate that they not be trading until they resolve these
issues."

In a disclosure to the ASX, Chemeq requested for a two-day
trading halt on Monday, followed immediately by a voluntary
suspension to allow the details of the equity raising to be
finalized in a thorough and orderly fashion.  Chemeq requests
the subsequent voluntary suspension because the Listing Rules
restrict trading halts to two trading days only and it is likely
to take a longer period to finalize the details of the equity
raising.

To view a full copy of the unaudited Statement of Financial
Position, click:
http://bankrupt.com/misc/CHEMEQLIMITED081904.pdf

CONTACT:

Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
BENTLEY, AUSTRALIA, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Website: http://www.chemeq.com.au/


MITSUBISHI AUSTRALIA: ASB Says Magna Ad Breaches Revised Code
-------------------------------------------------------------
The $500,000 ad aired by Mitsubishi Motors Australia last week
was found to have breached a new voluntary code for car
advertising, reports the Sydney Morning Herald.

The ad was forced to be taken off the air after the Advertising
Board found that the ad, which shows an all-wheel-drive Magna
racing a Ford Falcon and Holden Commodore, breached the revised
code, which came into force last month.

Two senior executives from the head office in Japan will fly in
to Australia, one of whom will oversee sales and marketing.
Their arrival coincides with a series of humiliations for
Mitsubishi, the latest being the recall of about 1000 Magnas and
Veradas due to brake problems.

"It is part of the restructure we are making to the organization
and there is nothing unusual about this," said Mitsubishi
spokesman Charles Iles. "We regularly have representatives from
our shareholder [Mitsubishi Japan] at the company."

According to Mitsubishi and Clemenger BBDO Sydney, Mitsubishi's
new advertising agency, which won the $43 million account
earlier this year, was disappointed with the Advertising
Standards Board's (ASB) decision to uphold the complaints.

Clemenger Managing Director Jim Moser said they were giving the
new code a thorough study and took a lot of time understanding
it. The ASB's ruling really surprised them. The advertising
agency said they have received feedback and understood the areas
where the ASB has issues.

"We still believe it is within the guidelines but will take on
board what the ASB has said. I think it is a learning process."

The standards board found that the Magna ad did not give a clear
view that the race was taking place under race or test track
conditions.  The revision of the car code was made to correct
the depiction of motor sport racing in ads at the instigation of
police and roads officials concerned that the current code
failed to promote safe driving.

New sections were added to the code, including one which states
that any racing scene must be clearly marked so they do not
encourage fast driving in everyday situations.

Complaints were still coming in after the two initial complaints
that triggered the investigation.

CONTACT:

Mitsubishi Motors Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia, 5042 AUSTRALIA
Phone: 08 8275 7443
Fax: 08 8275 7309
Email: careers@mmal.com.au
Website: www.mitsubishi-motors.com.au


NATIONAL AUSTRALIA: CEO Denies Price War Initiation
---------------------------------------------------
Chief Executive John Stewart denied accusations that National
Australia Bank is initiating a price war by cutting or waiving
fees to hold and win new customers, which resulted in a margin
squeeze throughout the sector, reports the Sydney Morning
Herald.

Mr. Stewart said, "We haven't adopted any pricing across the
board that would be [regarded as] a price war.

"We're reacting to the people who have been attacking our
customer base, all we are doing is defending our customer base."
Mr. Stewart added.

The Australian Prudential Regulation Authority (APRA) is
restricting NAB's activities after the rogue foreign exchange
trading scandal in January.  Mr. Stewart said its relationship
with APRA is now working well after a "bad start."

According to Mr. Stewart, NAB is hoping to reopen its foreign
exchange desk, which was closed after the $360 million forex
trading scandal, in the next few months.

Mr. Stewart said the bank, which issued a profit downgrade last
month that resulted in more than $5 billion being wiped off
NAB's market capitalization as investors sold shares, had lost
"the odd point in market share".

"But you would expect that after what's happened," he said.

"All the signs are good, the leading indicators are good and
we're very happy if we can hold market share. During this year,
that would be a major achievement."

Mr. Stewart said they have no immediate plans for the UK
business yet, but hopes to give a clearer picture with its UK
assets later in the year.

The bank is planning to launch an advertising campaign to win
over new customers only after the Olympic games for they can't
afford to advertise during the Olympic season, Mr. Stewart
added.

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/


ONE.TEL LIMITED: Ex-Chair Talks With ASIC to Evade Civil Action
---------------------------------------------------------------
In a move to escape a civil action over the $2.5 billion
collapse of One.Tel Ltd., former Chairman John Greaves is
proposing an out-of-court settlement with the Australian
Securities and Investments Commission (ASIC), reports the
Australian.

Steve Sherman, One.Tel liquidator, said the proposed settlement
will be voted by One.Tel creditors on Friday.  And if approved,
Mr. Greaves may be called to give evidence for ASIC. The details
of the settlement between ASIC and Mr. Greaves remain secret.

ASIC alleged Mr. Greaves and three fellow One.Tel directors-
joint managing directors Jodee Rich and Brad Keeling and finance
director Mark Silbermann, allowed One.Tel to lose $92 million by
operating the company while it was insolvent.

Mr. Greaves quit the board on April 3, 2001, two months before
administrators were appointed.

In March last year, Mr. Keeling reached a settlement with ASIC,
admitting his share of liability for the losses and was
disqualified as director for a decade and eventually paid
$920,000 to the One.Tel liquidator.

Mr. Rich and Mr. Silbermann are facing a more serious allegation
of withholding information from the One.Tel board in March 2001.

The civil suit against the former One.Tel directors is due to
begin in the NSW Supreme Court on Monday.  Mr. Keeling may be
called to give evidence against Mr. Rich and Mr. Silbermann in
the civil case.


QANTAS AIRWAYS: Releases Results for 1H 2004
--------------------------------------------
Qantas Airways Ltd. announced in a press release on Thursday the
results for the Year Ended 30 June 2004

QANTAS RESULTS FOR THE YEAR ENDED 30 JUNE 2004

HIGHLIGHTS

- Profit before tax of $964.6 million

- Net profit after tax of $648.4 million

- Revenue of $11.4 billion

- Final dividend of 9 cents per share fully franked, taking
total fully franked dividends for the year to 17 cents per share

- Earnings per share of 35.7 cents

QANTAS REPORTS PROFIT BEFORE TAX OF $964.6 MILLION

Qantas on Thursday announced a profit before tax of $964.6
million for the year ended 30 June 2004, a 92 per cent increase
on last year's result of $502.3 million.

The net profit after tax was $648.4 million, up 88.8 per cent
from last year.

The Directors declared a fully franked dividend of 9 cents per
share, bringing the total fully franked dividends for the year
to 17 cents per share.

Qantas also announced a one-off cash bonus of $1,000 to be paid
to eligible non-executive employees next week and an extensive
range of initiatives to assist staff to balance work and family
commitments (see separate media release).

The Chief Executive Officer of Qantas, Geoff Dixon, said the
record full year result, achieved in difficult conditions, was a
tribute to Qantas staff and management.

"The Group responded extremely well to the myriad challenges it
has faced over the past 12 months," he said.

"Air Transport World, the leading international aviation
publication, recognized these achievements by naming Qantas
'Airline Of The Year'."

Mr. Dixon said the main drivers of the 2003/04 result were:

- a gradual recovery in International flying that enabled
international earnings before interest and tax (EBIT) to
increase by $192.0 million or 92.8 per cent;

- the development of a very strong structural position across
all segments of Domestic flying that saw domestic EBIT increase
by $316.3 million or 141.8 per cent;

- substantial investment in product, punctuality and training
that saw service standards rise across all segments of the
company;

- cost and efficiency savings of $512 million that offset a flat
revenue line still recovering from the effects of the war in
Iraq and SARS;

- continuation of a successful fuel hedging program that partly
offset jet fuel prices that were 14.1 per cent higher than the
previous year;

- the continued growth in the Frequent Flyer and co-branded
credit and charge card areas.

Mr. Dixon said the difficult economic conditions still being
experienced by the aviation industry, further distorted by
widespread Government ownership and subsidies, meant Qantas
could not relent in its push for greater efficiencies in all of
its businesses (see separate media release).

"This will continue to involve tough decisions such as the
announcement in June that Qantas would establish a cabin crew
base in London next year.

"We strongly believe decisions such as this will enable us to
maintain and grow employment opportunities within Australia at a
time when many of our competitors are involved in considerable
downsizing.

"While some will claim this to be perverse logic, the need to
achieve cost outcomes closer to our subsidized overseas
competitors makes such actions unavoidable," he said.

Mr. Dixon said the Qantas Group also had a range of other
initiatives in place to meet the substantial challenges that
still confronted aviation worldwide.

These included:

- the Sustainable Future program, that aimed to reduce costs and
provide efficiencies of a further $500 million in 2004/05 and
another $500 million in 2005/06;

- substantial investment in new systems to lower information
technology operational costs, reduce dependency on legacy
technology and simplify business processes;

- fuel hedging, and current and possible future fuel surcharges
on fares, that will continue to offset to some degree increasing
crude oil prices in 2004/05;

- the deployment of new and more efficient aircraft (including
Airbus A330s) on additional and existing international markets
(for example: Australia to London via Hong Kong, Australia to
India, and Australia to Shanghai) and the completion of a
substantial reconfiguration program, including the award-winning
Business Class Skybed;

- investing in a new, intra-Asia low cost carrier based in
Singapore and seeking further opportunities to enter
partnerships to operate low cost carriers in overseas markets;

- substantial growth in the Group's freight operations,
involving new markets in China and Europe and the development of
further synergies with Australian air Express and Star Track
Express;

- growing the Group's new domestic low cost carrier, Jetstar, on
existing and new leisure routes;

- increasing capacity on key business routes operated by Qantas
Domestic;

- using the built-in flexibility of both the international and
domestic fleets to reduce or increase capacity quickly to meet
changing market and economic conditions.

Mr. Dixon said Qantas had spent around $2 billion in 2003/04 on
new aircraft and product as part of the $18 billion, ten year
re-equipment program that began in 2000/01.

"This expenditure was covered by cashflow. We would look to
repeat that effort in 2004/05 as the re-equipment program
continues," he said.

Mr. Dixon said the Group's domestic strategy had been successful
in its aim to co-ordinate network and capacity while delivering
the most appropriate product, service and economics for each
market segment.

"Since Jetstar commenced operations in May, the Group has
maintained a domestic market share over 65 per cent - 66.7 per
cent in July according to our estimates. Overall, the Group
continues to lower its costs while sustaining a yield premium
over Virgin Blue of around 30 per cent."

Mr. Dixon said Qantas maintained the capability to increase or
decrease capacity when required across all segments of its
domestic flying, and would use this capability to defend a
minimum 65 per cent market share.

"The launch of Jetstar has been successful and the airline is on
course to achieve its cost, load factor and yield targets. As we
stated last year, we are very confident that we will be able to
run the three domestic airlines - Qantas, QantasLink and Jetstar
- to the overall benefit of the Group."

Mr. Dixon said the Group's lower cost international operator,
Australian Airlines, had recorded a small profit in 2003/04.

"Australian is meeting its principal strategic aim of
maintaining a presence in low-yielding markets where Qantas
International, with its higher costs, could not compete."

Associated businesses continued to perform strongly,
particularly Qantas Holidays, although Qantas Flight Catering
was starting to experience some difficulties with high operating
costs and heavy discounting by competitors.

Qantas Freight expanded into new markets during the year and
Qantas acquired Star Track Express, the express road freight
operator, in a $750 million joint venture arrangement with
Australia Post. Star Track Express has an outstanding record of
profitable growth and continues to perform in line with
expectations.

Outlook

The rapid escalation in the price of crude oil is the major
factor facing Qantas and the aviation industry worldwide.
However, the airline's fuel hedging policy, the imposition of
the fuel surcharge in May and the opportunity to increase that
surcharge if oil prices continue to escalate, will provide a
cushion for the Group in 2004/05.

The sharp increase in domestic capacity in recent months has
added further pressure and, as expected, yields declined by up
to 10 per cent during July. Load, however, was not affected in
the face of this increased capacity and the Group's domestic
airlines are performing in line with expectations.

Taking the above into account, allowing for the fact that it is
still early in the financial year and provided market conditions
do not deteriorate, the returns for the first six weeks of
2004/05, forward bookings and a continuation of efficiency gains
leads Qantas to believe it can improve on its 2003/04 result in
2004/05.

Group Revenue

Revenue for the year totaled $11.4 billion, a decrease of $21.2
million or 0.2 per cent on the prior year. Excluding the
unfavorable impact of foreign exchange rate movements of $456.7
million, total revenue increased by 3.8 per cent or $435.4
million.

Net passenger revenue decreased by 0.2 per cent, with Revenue
Passenger Kilometres (RPK) growing 5.3 per cent and yield
deteriorating by 6.4 per cent. Excluding unfavorable foreign
exchange rate movements, passenger revenue was up 4.3 per cent
reflecting the growth in RPKs and a more modest deterioration in
yield of 2.0 per cent, predominantly in the domestic market.

Expenditure

Total expenditure, including borrowing costs, decreased by 4.4
per cent or $483.5 million to $10.4 billion. Excluding the
favorable impact of movements in foreign exchange rates of
$571.7 million, total expenditure increased by only 0.8 per cent
or $88.2 million. This was achieved despite a 4.8 per cent
increase in capacity as measured in Available Seat Kilometres
(ASK).

The success in minimizing the total expenditure increase to only
0.8 per cent, excluding exchange, reflects the benefit of cost
and efficiency savings delivered under the Sustainable Future
program. These benefits largely offset the combined increase in
costs predominantly due to price rises and capacity growth
totaling $600.2 million.

Manpower and staff related costs decreased 2.6 per cent,
reflecting continued improvements in productivity and
operational efficiency, and lower redundancy costs following the
right-sizing program during SARS in the prior year. Group-wide
manpower unit costs have decreased by 6.9 per cent.

Fuel costs decreased by 12.0 per cent or $184.8 million. The
underlying jet fuel price was 14.1 per cent higher than the
prior year, increasing costs by $120.2 million. However, hedging
benefits were $87.7 million higher than the prior year partly
offsetting the impact of the higher fuel prices, while favorable
foreign exchange rate movements reduced fuel costs by $235.1
million. Barrels consumed increased by 1.3 per cent compared to
ASK growth of 4.8 per cent, reflecting fuel efficiency gains
from new fleet acquisitions.

Sustainable Future Program Benefits

In total, the Sustainable Future program delivered $512 million
in benefits across the Group. This comprised labor savings of
$156 million, distribution savings of $145 million and $211
million in fleet, product and overhead savings.

Group Unit Costs

Net expenditure cost per ASK for the Group decreased by 11.4 per
cent including the favorable impact of foreign exchange rate
movements. However, after excluding foreign exchange benefits,
net expenditure per ASK still reduced by 5.4 per cent.

Net Impact of Foreign Exchange Rate Movements

The net impact of favorable foreign exchange movements was a
$115.0 million benefit to profit.

International operations

EBIT for international operations, including Australian
Airlines, totaled $398.9 million, up $192.0 million or 92.8 per
cent on last year.

The first four months of the year were severely affected by the
residual effects of SARS. Capacity was reduced and advance
bookings were down, requiring sale activity to stimulate the
market. Traffic returned to the market from November 2003,
coinciding with the Rugby World Cup, which provided an
additional boost. Capacity was progressively added in the second
half including the introduction of additional services to Los
Angeles. Qantas now operates more direct services to Hong Kong
than it did before SARS.

Australian Airlines capacity grew 97.8 per cent in the year,
reflecting a full year of operations, the introduction of new
services in July 2003 and the addition of a fifth Boeing 767-300
in October 2003.

International RPK growth of 5.7 per cent was broadly in line
with the increase in capacity of 5.8 per cent, leading to a
marginal decline in seat factor of 0.1 percentage points. Yield,
excluding the unfavorable impact of foreign exchange rate
movements, remained in line with last year despite the impact of
SARS in the first quarter.

Domestic operations

Domestic operations, including QantasLink and Jetstar,
contributed $539.3 million in EBIT, up $316.3 million or 141.8
per cent on last year.

Domestic RPKs increased 4.4 per cent on capacity growth of 2.6
per cent, leading to an increase in seat factor of 1.3
percentage points to 79.0 per cent. Yield, excluding unfavorable
exchange impacts, deteriorated 3.8 per cent as the market
continued to absorb increased capacity by both Qantas and Virgin
Blue.

During the first half of the year, Qantas maintained capacity
while Virgin Blue significantly expanded its operations,
increasing the size of its fleet from 31 aircraft to 40
aircraft. This resulted in a decrease in Qantas' domestic market
share from 69.4 per cent at June 2003 to 66.2 per cent at
December 2003.

During the second half of the year Qantas increased capacity,
maintaining its market share above the 65 per cent target.

QantasLink Dash 8 operations benefited from an expansion of
flying and the replacement of Dash 8-100 aircraft with newer,
50-seat Dash 8-Q300 aircraft that deliver better fuel efficiency
and improved economics.

Jetstar commenced operations on 25 May 2004 and recorded a small
operating profit in its first full month of operation. Net
operating start-up costs totaled $23.8 million.

Qantas Holidays

Qantas Holidays increased EBIT by 24.1 per cent to $54.1 million
as outbound tourism recovered from the SARS and Iraq crises of
last year, domestic demand strengthened and productivity
initiatives were implemented.

Qantas Catering

Qantas Catering's EBIT improved by 22.8 per cent to $90.0
million reflecting capacity growth within the main airline and
additional contracts secured from third party airlines.

Balance Sheet and Cash Flow

Net cash held at 30 June 2004 was $1,365.3 million. This is
$650.6 million less than at 30 June 2003 and principally related
to capital expenditure on aircraft payments, the acquisition of
Star Track Express and the early repayment of debt.

Cash flow from operations totaled $1,999.4 million, up $708.6
million on last year and largely due to increased profitability.
This broadly equaled capital expenditure of $2,007.0 million on
new aircraft and product.

Book debt to equity ratio, including operating leases and
hedges, improved from 51:49 at 30 June 2003 to 49:51 at 30 June,
2004.

Interest cover was 8.2 times, down 0.6 times on last year,
predominantly due to the reduction in capitalized interest
costs.

Earnings per share increased 78.6 per cent to 35.7 cents per
share.

CONTACT:

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


QANTAS AIRWAYS: Despite Results Industry Still Unstable
-------------------------------------------------------
The Chairman of Qantas Airways Ltd., Margaret Jackson, said in a
press release on Thursday that despite the outstanding profit
result for the airline in 2003/04, the global aviation industry
had not returned to "normal" and the company continued to
compete on an uneven playing field.

"The profit result announced on Thursday was excellent, but
there are some significant and continuing challenges facing
Qantas - challenges we are determined to meet," Ms. Jackson
said.

"Our industry is still far from stable, with crude oil prices at
record highs and annual global traffic numbers below those for
2000."

Ms. Jackson said that the competitive environment for Qantas was
not only tough, the playing field was not level and these
factors needed to be acknowledged by the Government and other
sections of the Australian tourism and travel industries.

"One of the key areas of concern relates to government
ownership, support and intervention," Ms. Jackson said.

"Privatized and commercial carriers like Qantas increasingly
find themselves pitted against airlines owned or funded by
Governments with ambitious national agendas.

"Qantas does not suggest that government ownership is always a
bad thing, however it becomes a problem when airlines have the
normal commercial disciplines removed or when they become
vehicles to satisfy governments' strategic aspirations," she
said.

Governments and the ruling families in the Middle East, for
example, were spending billions of dollars on aviation and
tourism to reduce their reliance on their finite oil and gas
reserves.

"Emirates committed US$19 billion last year to acquire 45 Airbus
A380s and other aircraft, and the airline plans to expand its
fleet to around 120 aircraft by 2010," Ms. Jackson said.

"The Chairman of Emirates is not only a member of the ruling
family, he is also Head of the Dubai Department of Civil
Aviation, which runs Dubai Airport. I don't recall any media
coverage in Australia of the recent decision by Dubai Airport to
ban low cost airlines."

Emirates pay no corporate tax in Dubai. Qantas has paid $1.3
billion in income tax since privatization and pays $180 million
a year in other direct taxes, such as payroll tax and fringe
benefits tax, in relation to its Australia-based employees.

Ms. Jackson said Emirates' strategy was being followed by a
number of Middle Eastern carriers. Etihad Airways, the Abu Dhabi
based airline that only started flying last November, last month
ordered 24 aircraft worth US$7 billion and took options over
another 12 aircraft. Qatar Airways has ordered 34 aircraft worth
US$5.2 billion and plans to operate 52 aircraft by 2008.

Ms. Jackson said that two-thirds of the 40 international
airlines that operated to and from Australia each week were
Government owned or subsidized and US and Canadian carriers
received legislated bankruptcy protection. US airlines received
US$15 billion in grants and loans after September 11 and also
receive substantial Government support in relation to many
security measures for which Qantas is not supported.

"Japanese airlines have received significant funding from their
Government, Air New Zealand has received a NZ$885 million
Government bail-out and the Italian Government has recently
stepped in to rescue Alitalia," she said.

"In addition, significant consolidation can be expected in the
global aviation industry. Air France and KLM have been permitted
to merge, forming the largest airline group in the world.

"It must be recognized that Qantas needs to be able to
participate in the consolidation process if it is to achieve the
scale and efficiencies needed to compete at the global level in
the years ahead."

Ms. Jackson said that, in contrast to the level of protection
enjoyed by other national airlines, many Australians took for
granted the fact that our aviation policy is one of the most
open in the world. Domestic airlines in Australia, for example,
can be 100 per cent foreign owned.

"In addition, Qantas remains fettered by a unique limitation -
the Qantas Sale Act," she said. "This restricts the company's
access to global equity capital and so increases its cost of
capital.

"Qantas is the only company in Australia to be subject to such
legislated shackles. In light of the substantial challenges
facing Qantas, we and the Government must find a mutually
acceptable solution to this issue."

Ms. Jackson also noted that Singapore allowed its airlines to
depreciate aircraft over just three years. If Qantas were able
to take advantage of a three-year write-off period, the present
value benefit would be a decreased tax liability of A$1.3
billion.

"Qantas employs 35,000 people, including a very high percentage
of Australians when compared with any Australian company that
operates internationally and also the 'home grown' employment
levels of other international airlines.

"Qantas' five major international competitors employ a total of
around 1,000 people in Australia.

"We have increased jobs by more than 10,000 over the past decade
and we are continuing to grow jobs at Qantas," she said.

"Qantas also continues to be a major player in the $73 billion
Australian tourism industry and purchases over $2 billion of
goods and services locally each year.

"We are a huge supporter of community, charity, arts and
sporting organizations across Australia through the Sharing the
Spirit program and play a key role in times of national crisis.

"Qantas is continuing to strive for greater efficiency so that
it can increase its profitability, invest in new aircraft and
product, grow its operations and jobs and maintain its
reputation as one of the world's leading airlines."


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


CAPISCES INVESTMENT: Winding Up Hearing Slated on September 1
-------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Capisces Investment Limited by the High Court of Hong Kong was,
on the 28th day of July, 2004, presented to the said Court by
Chan Ching Fong of Room 2603, Block G, Shing Wui House, Tin
Shing Court, Tin Shui Wai, New Territories, Hong Kong.

The said petition will be heard before the Court at 9:30 am. on
the 1st 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.


CHIAP LUEN: Sets Members' and Creditors' Meetings
-------------------------------------------------
Notice is given that pursuant to Section 247 of the Companies
Ordinance (Chapter 32), a meeting of the members of Chiap Luen
Finance Limited (in creditors' voluntary liquidation) will be
held at 20/Floor, Prince's Building, Central, Hong Kong on 27
August 2004 at 2:30 p.m. and will be followed by a meeting of
the creditors of the company to be held at the same place at
3:30 p.m. for the purpose of receiving an account of the
liquidator's act and dealings and of the conduct of the winding
up of the company during the year ended 7 March 2004.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the company. Forms of
proxies for both meetings must be lodged at 22/Floor, Prince's
Building, Central, Hong Kong not later than 4:00 p.m. on the day
before the meetings or any adjourned meetings.

Anthony P. S. Lui
Liquidator


DYNAMIC GLOBAL: Trading Halted Due to Chairman's Arrest
-------------------------------------------------------
The Board of directors of Dynamic Global Holdings Limited has
noted increase in the trading volume of the shares of the
Company today and wish to state that they are not aware of any
reasons for such movement.

The Board further confirms that there are no negotiations or
agreements relating to intended acquisitions or realisations
which are discloseable under rule 13.23, neither is the Board
aware of any matter discloseable under the general obligation
imposed by rule 13.09, which is or may be of a price sensitive
nature, save as disclosed below.

The Board hereby announces that it has received notice from
Zhuhai Gree Group, the holding company of Gree Group (Hong Kong)
Limited, a substantial shareholder of the Company, that the
chairman and chief executive officer of the Company Mr. Liang
Jianhua has been arrested and detained by the Procuratorate of
Zhuhai in the People's Republic of China (PRC).

The Company has yet failed to contact Mr. Liang in relation to
the incident and will make further announcement in this regard
once the Company has gathered further information.

The trading in the shares of the Company was suspended effective
9:30 a.m. on 19 August 2004 at the request of the Company
pending further announcement to clarify this incident.

By Order of the Board
Chen Jung Hsin
Executive Director
Hong Kong


E.D.C. LIMITED: Enters Winding Up Proceedings
---------------------------------------------
Notice is given that a Petition for the Winding up of E.D.C.
(H.K.) Limited by the High Court of Hong Kong was, on the 28th
day of July, 2004, presented to the said Court by Cheng Yat Ning
of Room 1707, Block B, Hei Wah House, Lok Wah South Estate, Ngau
Tau Kok, Kowloon, Hong Kong.

The said petition will be heard before the Court at 9:30 am. on
the 1st 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.


G&G HONGKONG: Faces Bankruptcy Proceedings
------------------------------------------
A Petition for the Winding up of G&G HongKong Limited by the
High Court of Hong Kong was, on the 28th day of July, 2004,
presented to the said Court by Cheng Kwok Lam of Room 1706, Wing
Wai House, Sun Tin Wai Estate, Shatin, New Territories, Hong
Kong.

The said petition will be heard before the Court at 9:30 am. on
the 1st 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.


GOLD-FACE FINANCE: Court Hears Winding Up petition
--------------------------------------------------
Notice is given that a Petition for the Winding up of Gold-Face
Finance Limited by the High Court of Hong Kong Special
Administrative Region was, on the 6th day of August 2004,
presented to the said Court by China Overseas Building
Construction Limited of 29th Floor, China Overseas Building, 139
Hennessy Road, Wanchai, Hong Kong.

The said Petition will be heard before the Court at 10:00 am on
the 8th 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.

Lily Fenn & Partners
Solicitors for the Petitioner
Room D, 32nd Floor
Lippo Centre, Tower 1
89 Queensway
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention 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 7th day of
September 2004.


INTERNATIONAL BREAD: Winding Up Hearing Set September 1
-------------------------------------------------------
Notice is given that a Petition for the Winding up of
International Bread Limited by the High Court of Hong Kong was,
on the 28th day of July 2004, presented to the said Court by
Tong Kin Cheong of 285 Wing Ning Lane, Wang Toi Shan, Yuen Long,
New Territories, Hong Kong.

The said petition will be heard before the Court at 9:30 am. on
the 1st 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.


JINHUI HOLDINGS: Unaware of Reasons for Turnover Movement
---------------------------------------------------------
The Stock Exchange of Hong Kong has, on August 18, 2004,
received a message from Jinhui Holdings Company Limited, which
is reproduced as follows:

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

The board of directors of Jinhui Holdings Company Limited has
noted the recent increase in trading volume of the shares of the
Company and wishes to state that, save for the disclosures made
in the announcement of a major transaction for the Company dated
17 August 2004, the Board is not aware of any reasons for such
movement.

The Board also confirms that, other than the announcement of the
Company dated 17 August 2004, there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23 of the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong
Limited, neither is the Board aware of any matter discloseable
under the general obligation imposed by rule 13.09 of the
Listing Rules, which is or may be of a price-sensitive nature.

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

As of the date of this statement:

(a) the executive directors of the Company are Ng Siu Fai, Ng
Kam Wah  Thomas, Ng Ki Hung Frankie and Ho Suk Lin;
(b) the non-executive director of the Company is Ho Kin Lung and
(c) the independent non-executive directors of the Company are
Cui Jian Hua and Tsui Che Yin Frank.

By Order of the Board
Ho Suk Lin
Executive Director & Company Secretary

CONTACT:

Jinhui Holdings Co Limited
1-6 Connaught Road West
26th Floor Yardley Commercial Building
Hong Kong
Phone: +852 2545 0951
       +852 2541 9794
Website: http://www.jinhuiship.com/


PARCOTEX KNITTING: Winding Up Hearing Scheduled September 15
------------------------------------------------------------
Notice is given that a Petition for the Winding up of Parcotex
Knitting Company Limited by the High Court of Hong Kong was, on
the 9th day of August, 2004, presented to the said Court by Lee
Kwong Pun of Flat 1408, Hong Nin House, Hong Yat Court, Lam Tin,
Kowloon, Hong Kong.

The said petition will be heard before the Court at 9:30 am. on
the 15th 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 14th day of
September 2004.


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


PERTAMINA: Won't Pay KBC Damages Due To Corruption
--------------------------------------------------
Despite an international court ruling that orders state-owned
oil and gas firm PT Pertamina to pay Karaha Bodas Company (KBC)
damages US$299 million in damages, the newly-installed head of
the oil firm said on Wednesday that they would not do so due to
alleged corruption in the US-based energy firm's local power
project.

In a Jakarta Post report yesterday, Pertamina president director
Widya Purnama said that a 1999 report from the Development
Finance Comptroller showed a mark-up of US$19.16 million in the
project's investment cost. Mr. Widya added that according to an
independent appraisal, the project was worth only US$50 million,
which contradicts KBC's claims it had invested US$110 million.
These, Mr. Widya said, are evidence of corruption in the KBC
power project.

"Pertamina will not pay ... because the project has inflicted
losses to the state and to the company," the Pertamina chief
said.

The International Arbitration Court in Geneva ruled that
Pertamina must pay damages of US$299 million, including accrued
interest, to KBC after the government suspended the company's
power project in the wake of the late 1990s financial crisis.

The Pertamina chief aired expectations that the probe into the
alleged graft in the KBC project will be expedited by the
police, who have already grilled several Pertamina and KBC with
respect to the awarding of the contract, and have charged three
suspects thus far for fictitious transactions and mark-ups.

"If the investigation uncovers corruption in the project, it
will serve as new evidence in the appeal to the U.S. Supreme
Court to annul the (arbitration court's) ruling," Mr. Widya
said.

CONTACT:

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


PERTAMINA: Chief To Sack Workers Who Divulge Company Secrets
------------------------------------------------------------
PT Pertamina president director Widya Purnama said Wednesday
that any employee of the state-owned oil and gas firm found to
be disclosing company secrets to the press or lawmakers would be
dismissed from their jobs without any hesitation, reveals the
Antara News Agency.

The Pertamina chief added that if necessary, the company will
take such employees to court.

"If there is a problem that should be settled, it is much better
to convey it (the problem) to the management. If possible, the
problem should be addressed to me in a proper manner and with
sufficient supporting and accurate facts," he said.

To that end, he stressed, it is imperative for Pertamina to have
strong team work at all levels starting from the lowest echelons
to the highest levels of the company's hierarchy as a
manifestation of good corporate management.


SEMEN GRESIK: Government Still Undecided on Share Buyback
---------------------------------------------------------
The Indonesian government has yet to decide if it would buy back
shares in state-owned cement manufacturer PT Semen Gresik (SG)
from Mexican cement giant Cemex SA, reports The Jakarta Post,
citing Coordinating Minister for the Economy Dorodjatun
Kuntjoro-Jakti.

According to the official on Wednesday, they still have not yet
discussed or decided on any out-of-court settlement options,
including the proposal by some ministers and Gresik management
to reclaim its shares from Cemex in order to resolve a long-
drawn-out row over the Mexican firm's investment in the cement
firm.

Other ministers could propose such an option, said spokesman for
the Office of the Coordinating Minister for the Economy Mahendra
Siregar. However, any decision should get the nod of the
privatization committee for state enterprises, which is headed
by Mr. Dorodjatun.

At a privatization auction in 1998, Cemex bought a 25.53-percent
stake in Semen Gresik for US$290 million, as well as an option
to raise its holdings to 51 percent. However, when Cemex
exercised that option, the Indonesian government backed away
from the agreement due to strong opposition to the sale.

The Mexican firm promptly brought in December 2003 the dispute
before the Washington-based International Center For the
Settlement of Investment Disputes, seeking revocation of the
purchase agreement and damages.

CONTACT:

Pt Semen Gresik (persero) Terbuka
Jalan Veteran
Gresik, 61122
INDONESIA
+62 31 398 1731-2/1745
+62 31 398 3209/3972 2264


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


DAIEI INCORPORATED: Wal-Mart May Participate in Bailout
-------------------------------------------------------
Bloomberg reports that the world's largest retailer, Wal-Mart
Stores Inc., is weighing opportunities to invest in Japan's
ailing retailer Daiei Incorporated.

Following Daiei's announcement of a plan to pursue restructuring
alternatives, the U.S.-based merchant hired Goldman Sachs Group
and Dresdner Kleinwort Wasserstein to study the feasibility of
the venture.

Wal-Mart, which owns a 37-percent stake in Tokyo-based Seiyu
Limited, has been expanding its presence overseas to boost sales
and profit as "finding new locations in the U.S. becomes more
difficult over the next decade."

Ahead of a planned merger with Mitsubishi Tokyo Financial Group
next year, Daiei's main creditor UFJ Holdings Incorporated plans
to send the troubled firm to state-backed Industrial
Revitalization Corporation of Japan (IRCJ) to speed up the
restructuring despite the retailer's resistance.

CONTACT:

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


KOKUSAI MOTORCARS: To Sell Three Towers to Lone Star
----------------------------------------------------
Kokusai Motorcars Company has clinched a deal with U.S.
investment firm Lone Star for the sale of three high-rise office
buildings worth JPY120 billion, relates Jiji Press.

In line with its goal to streamline operations to focus on taxi,
limousine and bus services, the troubled cab operator decided to
dispose of Kokusai Akasaka Building, Kokusai Shin-Akasaka
Building West Tower and Kokusai Shin-Akasaka Building East
Tower.

The proceeds of the sale will help refinance more than half of
the cab operator's JPY200 billion interest-bearing debts
incurred through dubious real estate investments during the late
1980's "bubble" economy period.

Texas-based Lone Star, known for its bailout of bankrupt Tokyo
Sowa Bank which has since been renamed Tokyo Star Bank, has also
invested in Japanese golf courses, many of which are remnants of
reckless ventures during the bubble economy stage.


MITSUBISHI CORPORATION: Fitch Affirms 'A' Rating, Stable Outlook
----------------------------------------------------------------
Fitch Ratings, the international rating agency, has on August 18
affirmed Mitsubishi Corporation's Senior Unsecured rating at
'A'. The Outlook remains Stable.

The rating reflects Mitsubishi's strong credit profile,
evidenced by its relatively conservative financial strategy,
steady earnings growth, and consolidated business diversity. In
particular, the rating is underpinned by the proven resilience
to adverse change in economic and market conditions. The company
has managed consistent earnings growth while its peers have
suffered more frequently from market volatility. It maintains a
substantial unrealized gain of investment securities that could
be used to offset any non-recurring charges in case of need.
The rating also reflects its leading position in the general
trading house sector, with evidence of its strong business
franchise in energy, natural resources, and foodstuff
businesses, and a better financial profile than its peers.

Mitsubishi's strong financial profile is illustrated by a
moderate gearing (net debt to equity) of 2.8x at March 2004.
Management is anticipating modest growth in total debt as the
business expansion continues in FYE05, but it plans to continue
improving leverage and gearing ratios by increasing earnings and
shareholder's equity.

Liquidity and financial flexibility are also good, with
sufficient coverage of short-term debt obligations by its liquid
assets and marketable investment securities.

Mitsubishi's recent announcement of its participation in
rescuing Mitsubishi Motors Corporation (MMC) highlighted the
potential risks involved in its business and investment
strategy. Mitsubishi injected JPY40 billion into the troubled
MMC and provided senior executives to MMC's board. While the
amounts of the investment and its exiting exposure to MMC are
not substantial, investing in the troubled company will involve
greater risk than trading commodities or investing in going-
concern companies.

Although the current rating incorporates this high business and
investment risk, Fitch would treat any significant investments
made in breach of the current investment policy, and any
material failure of businesses or investments, as triggers for
rating reviews.

Mitsubishi's credit strengths are tempered by high earnings
cycling, as well as ongoing investment risk. Current high
commodity prices highlight the cyclical nature of the sector's
business risk profile, meaning that Mitsubishi's strong earnings
growth may be unsustainable over the medium term. Mitigating
factors in this regard include the company's strengthened risk
management function, continued efforts in business and
investment restructurings and disposals, and a more disciplined
investment policy, which have all helped to prevent significant
asset expansion and investment losses while the business has
continued to grow.

The company's earlier efforts in business restructuring and
faster recovery relative to its peers also suggest greater
potential for business and investment gains if the economic
recovery in Japan and growth in other regions is sustained.
These factors are reflected in Mitsubishi's ratings, supporting
the Stable Outlook.


MITSUBISHI FUSO: Admits Hidden Defects May Have Led To Mishaps
--------------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation conceded that the road
mishaps involving two of its trucks probably resulted from
unreported defects, Kyodo News reports.

According to the embattled truck manufacturer, loose screws may
have caused the accident in Kitakyushu, Fukuoka Prefecture on
July 28 when a Mitsubishi trailer truck swerved to the opposite
lane and ran over three vehicles after a propeller shaft came
off.

Another accident occurred in Nakatsu, Oita Prefecture on July 31
when a truck's overheated muffler triggered a fire.

Mitsubishi Fuso said it will continue to investigate the details
of the incidents.

Mired by a series of defect cover-up scandals, the automaker has
so far recalled 10 of 47 problematic vehicles.

CONTACT:

Mitsubishi Fuso Truck of America, Inc.
2015 Center Square Rd.
Bridgeport, NJ 08085 (Map)
Phone: 856-467-4500
Fax: 856-467-4695
Website: www.mitfuso.com


MITSUBISHI MOTORS: To Hold Live Auction Sale on August 28
---------------------------------------------------------
Mitsubishi Motors (Thailand) will hold a live auction sale of
its automotive assembly plant machineries at 10:00 SST on August
28, 2004 at 61/1 Moo 4, Lardkrabang Industrial Estates,
Chalongkrung Road, Lardkrabang, Bangkok, Thailand.

Inspection:  Viewing from 23rd - 27th August, 2004 at 9 am. - 5
pm.

Notes:  10 Percent buyers premium plus VAT

Contact: Henry Butcher International
Maurice Bromley
Tel: +66 2 229 4747 / 8
Fax: +66 2 229 4749
Email: maurice.bromley@henrybutcher.com

Featured in the sale are:
(1) General Vehicle Assembly Plant Equipment
2 Dynamometers
Power steering filling unit
4 Atlas Copco Compressors (GA&FD Models)
4 Transformers
Spot welders

(2) Workshop Machines
Okuma & Howa Face Milling Machine
Makino Tool and Cutter grinder
4 Toyoda/OM 24" Vertical boring mills (incomplete)
Hitachi - Seiki MG500 twin pallet horizontal machine centre
Hokoko 12DO6 spindle multidrill
Brierley Twist Drill Grinder
3 Okuma LS Lathes

CONTACT:

Mitsubishi Motors (Thailand) Co., Ltd.
88 Phaholyothin Road, Klongluang,
Phathumthai 12120, Thailand
Phone: 66-2-908-8000
Fax: 66-2-908-8285
Website: http://www.mitsubishi-motors.co.th/


NAGASAKI KUKOU: Enters Bankruptcy
---------------------------------
Nagasaki Kukou Country Kaihatsu K.K. has entered bankruptcy,
according to Teikoku Databank America. The firm, which engaged
in golf course and hotel management business, has total
liabilities of US$73.33 million. The company is based in
Nishisonogi-gun, Ngasaki 851-3103.

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


SOJITZ HOLDINGS: Issues Application for Takeover Bid Notice
-----------------------------------------------------------
Sojitz Holdings Corporation (Sojitz Holdings) announced in a
press release that Sojitz Corporation (Sojitz), a wholly owned
subsidiary of Sojitz Holdings, had decided to apply to Olympus
Corporation (Olympus) in connection with Olympus' takeover bid
for ITX Corporation (ITX).

(1) Rationale

While Sojitz has continued to cooperate with ITX in the
development of business activities, ITX's investment and venture
business incubation strategy has increasingly differed from the
Sojitz Group's focus on securing sustained earnings and its IT
business strategies driven primarily by Group company Nissho
Electronics Corporation.

In addition, the Sojitz Group is currently establishing its New
Business Plan and based on its fundamental policies Sojitz group
is accelerating business reorganization based on the concept of
selection and focus to streamline assets. Against this backdrop,
Sojitz has decided to divest a part of its shareholding in ITX
as part of the takeover bid by Olympus.

Olympus has maintained a strategic alliance with ITX in a number
of fields including life sciences and is seeking to include the
company within its scope of consolidation.

The Sojitz Group intends to continue its close relationship with
ITX despite the dilution in ownership.

(2) Number of Shares (planned) in response to the takeover bid
144,364 shares (approximately 29.45% of ITX's outstanding
shares)
(Reference: The Sojitz Group's shareholding - 161,451 shares,
approximately 32.93% of ITX's outstanding shares)

(3) Schedule

August 17, 2004 Announcement of the takeover bid
August 18, 2004 Notification of commencement of the takeover bid
September 7, 2004 Last day of the takeover bid period

(4) Profile of ITX Corporation

Company Name: ITX Corporation
Representative: Akinobu Yokoo, President and CEO
Headquarters: 2-5, Kasumigaseki 3-chome, Chiyoda-ku, Tokyo
Business Commencement: April 1, 2000
Paid-in Capital: 20,456 million (as of June 30, 2004)
Main Business: Invest in, develop and promote businesses in the
fields of life sciences, network and technology, mobile
communications and business innovation

(5) Profile of Olympus Corporation

Company Name: Olympus Corporation
Representative: Tsuyoshi Kikukawa, President
Headquarters: 43-2, Hatagaya 2-chome, Shibuya-ku, Tokyo
Establishment: October 12, 1919
Paid-in Capital: 40,833 million (as of June 30, 2004)
Main Business: Manufacture and sale of equipment and devices for
imaging, medical, life science, and industrial applications
The original and official version of this notice is written in
Japanese.

In case of any discrepancies between this notice and the
original, the Japanese version shall govern.


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


JINRO-CABLE: Taihan Electric To Sign MOU
----------------------------------------
In a move that would pave the way for the possible takeover of
Jinro-Cable Industries Co., Taihan Electric Wire Co said on
Wednesday it will sign a memorandum of understanding with
Korea's fourth-largest cable manufacturer, reveals The Korea
Herald.

Taihan and LG Cable Ltd. were chosen by a Daejeon District Court
judge on Monday as the two preferred bidders for the debt-
saddled cable maker. Both parties will sign the memorandum and
put down 5 percent of their undisclosed bids. Taihan said this
will enable both contestants to further negotiate with Jinro-
Cable.

The court plans to select the winning candidate by the end of
August.

Jinro-Cable, which has been under court receivership since
August 2003, was put up for sale July 12. Deloitte Touche
Tohmatsu and domestic law firm Yoon & Yang are managing the
sale.

CONTACT:

JINRO INDUSTRIES CO., LT
Add: #917-1, Mock-dong, Yangchun-gu, Seoul, Korea
Tel: 822-580-4500, 3470-5200
FAX: 822-587-1108~9, 584-6867~8
Web Site: http://www.jinro-cable.co.kr


JINRO LIMITED: Union Resumes Talks With Management
--------------------------------------------------
Officials of Jinro Ltd. (KSE:018120) said yesterday that
negotiations between the management and labor union of the soju
manufacturer have restarted, reports Yonhap News.

"They have narrowed their differences considerably and will
produce good results sooner or later," a company official said.

The two sides were scheduled to hold a negotiation session
yesterday afternoon.

Jinro's labor union was demanding 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.

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


SK NETWORKS: Accounting Firm To Compensate Creditors
----------------------------------------------------
Some 39 creditors of SK Networks are set to receive a total of
KRW15 billion in compensation from Young Wha Accounting for its
slipshod auditing of the SK Group's trading arm, relates The
Korea Times.

The accounting firm and the creditors are expected to sign a
formal agreement on the compensation issue this weekend.

Last August, Young Wha, the Korean member of Ernst & Young, was
meted a KRW319-million fine for its failure to uncover a KRW2-
trillion accounting fraud at SK Networks, which went by the name
SK Global at that time.

The negligence of Young Wha, which handled SK Networks' auditing
requirements for about 10 years, has prompted SK Networks' 39
financial creditors to seek to file a lawsuit against the firm.
However, with the accounting firm's move, the creditors are
expected to accept Young Wha's proposal, and will divide the
compensation according to their holdings in SK Networks' bad
debt and the losses they incurred.

Young Wha's decision to pay a large compensation to creditors
for engaging in improper auditing practices is unprecedented,
and is likely to set a standard for other similar cases in the
future.

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


THRUNET: Returns To Black In H1
-------------------------------
The efforts of broadband Internet service operator Thrunet Co.
to cut costs have helped the company bounce back into the black
in the first half, reports Yonhap News.

South Korea's third-largest broadband Internet service operator
said in a statement that it has posted a net income of KRW175.2
billion for the first half, a big turnaround from the KRW57.7
billion loss it suffered in the same period last year.

Thrunet, which has about 11.3 percent of South Korea's 11
million broadband Internet customers, said that conservative
operations have caused sales to drop 7.8 percent from a year ago
to KRW182.6 billion. Operating profit, meanwhile, stood at
KRW6.3 billion in the six-month period, compared with a loss of
KRW16.6 billion a year earlier.

The rebound in net profit came on the back of a self-rescue plan
implemented after the company sought court protection from
creditors last March, the company said. Since the court
protection was approved, Thrunet has been a possible buyout
target for other telecommunications firms such as Hanaro Telecom
Inc. and Dacom Corp.

"By the end of this year, we will make an announcement to select
a lead manager to sell our company," Thrunet spokesman Song Bo-
young said.

CONTACT:

Investor Relations Department
1337-20 Seocho-2dong, Seocho-ku
Seoul, Korea Zip(137-751
Phone 82-2-3488-8959
Fax 82-2-3488-8770
E-mail ircontact@corp.thrunet.com
CS 82-2-1588-3488 (extension)


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


ANCOM BERHAD: Issues Notice of Shares Buy Back
----------------------------------------------
Ancom Berhad disclosed to the Bursa Malaysia Securities Berhad
the details of its shares buy back on August 18, 2004.

Date of buy back: 18/08/2004

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

Total number of shares purchased (units): 22,500

Minimum price paid for each share purchased (RM): 0.790

Maximum price paid for each share purchased (RM): 0.800

Total consideration paid (RM):

Number of shares purchased retained in treasury (units): 22,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 4,149,700

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

CONTACT:

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


AVANGARDE RESOURCES: Releases Unaudited Quarterly Report
--------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Avangarde
Resources Berhad released its unaudited quarterly report for the
financial period ended June 30, 2004.

             SUMMARY OF KEY FINANCIAL INFORMATION
                           30/06/2004

          INDIVIDUAL PERIOD              CUMULATIVE PERIOD
   CURRENT YEAR    PRECEDING YEAR  CURRENT YEAR  PRECEDING YEAR
     QUARTER       CORRESPONDING   TO DATE       CORRESPONDING
                   QUARTER                       PERIOD

        30/06/2004  30/06/2003     30/06/2004    30/06/2003
        RM'000       RM'000         RM'000       RM'000


1  Revenue
           449      12,943          1,155       31,572

2  Profit/(loss)
    before tax
         -2,406     -1,180         -3,675       -1,010

3  Profit/(loss)
after tax and
minority interest
         -2,406     -1,180          -3,675      -1,086

4  Net profit/(loss)
for the period
         -2,406     -1,180         -3,675       -1,086

5  Basic earnings/(loss)
per shares (sen)
         -5.50      -2.70          -8.40        -2.48

6  Dividend per
share (sen)
         0.00        0.00           0.00         0.00

For a full copy of the Company's condensed consolidated cash
flow statement, go to
http://bankrupt.com/misc/tcrap_avangarde081904.xls
http://bankrupt.com/misc/tcrap_avangarde081904B.doc
http://bankrupt.com/misc/tcrap_avangarde081904C.doc


DATAPREP HOLDINGS: Director Intends to Deal With Securities
-----------------------------------------------------------
Dataprep Holdings Berhad (DHB) has received notification from
Datuk Lim Chee Wah, an Executive Director of Dataprep Holdings
Bhd (DHB) that he intends to deal in the securities of DHB
during the closed period as defined in the Listing Requirements
of the Bursa Malaysia Securities Berhad.

Securities   Direct interest   % of shares   Indirect   % of
shares/
                                                        ICULS-A/
                                                        ICULS-B/
                                                        Warrants

Ordinary shares    n/a         n/a          29,060,440   45.40%
@ RM1.00 each                              (VXL Holdings
                                            Sdn Bhd)

4% Three (3)       n/a         n/a         2,652,052     14.60%
Years Irredeemable                        (VSL Holdings
Convertible                                Sdn Bhd
Unsecured Loan
Stocks -
DPREP-LA 2002/2005
(ICULS-A)

4% Five (5) Years  n/a         n/a         2,058,175     13.60%
Irredeemable                              (VXL Holdings
Convertible                                Sdn Bhd
Unsecured Loan
Stocks-DPREP-LB
2002/207 (ICULS-B)

Warrants           n/a         n/a        2,058,175      13.60%
                                          (VXL Holdings
                                          Sdn Bhd

CONTACT:

Dataprep Holdings Berhad
Lot 69-73, Jalan Setiabakti
Bandar Damansara
50490 Kuala Lumpur, WP
Malaysia
Tel no: 603-2539625
Fax no: 603-2539620

This announcement is dated 18th August 2004.


FORESWOOD GROUP: Issues Practice Note No. 4/2001 Update
-------------------------------------------------------
In accordance with Paragraph 5.1(c) of Practice Note No. 4/2001
of the Listing Requirement of Bursa Malaysia Securities Berhad
(Bursa), Foreswood Group Berhad (FGB) announced that the Company
had applied to Bursa for an extension of two (2) months up to 19
October 2004 to enable FGB to obtain all the necessary approvals
for the implementation of the plans in compliance with Paragraph
5.1 (c) of the Practice Note No. 4/2001 (PN4).

CONTACT:

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

This announcement is dated 18 August 2004.


HO HUP: Reveals Closed Period Dealings By Director
--------------------------------------------------
Further to the announcement made on 5 August 2004, Ho Hup
Construction Company Berhad announced to Bursa Malaysia
Securities Berhad that Mr. Lai Moo Chan has notified the Company
of his dealing in the securities of Ho Hup. The details of the
transaction is as follows:

Director   Transaction   Price per  No. of shares Percentage of
              Date        share       sold  issued share capital

Lai Moo Chan 17.08.2004    RM1.47         7,000          0.0068

CONTACT:

Ho Hup Construction Company Berhad
No 2 Medan Imbi
Kuala Lumpur, 55100
MALAYSIA
Tel: +60 3 2148 7711
Tel: +60 3 2142 4988

This announcement is dated 18 August 2004.


INTEGRATED RUBBER: Issues Entitlement, Prospectus Update
--------------------------------------------------------
Integrated Rubber Corporation Berhad (formerly known as
Berjuntai Tin Dredging Berhad) (IRCB) refer to the announcement
made on 30 June 2004 in relation to the Notice of Entitlement
and the Prospectus dated 26 July 2004.

On behalf of IRCB, Southern Investment Bank Berhad wishes to
announce the total acceptances for the 4,357,000 new ordinary
shares of RM0.50 each in IRCB (IRCB Shares) pursuant to the
Restricted Offer for Sale (ROFS Shares) as set out below:

                                 No. of ROFS     %
                                 Shares

Total number of ROFS Shares      4,357,000   100.00
provisionally allotted

Total application received       1,907,628    43.78
Undersubscribed                  2,449,372    56.22

Further, the total acceptances for the 5,081,000 new IRCB Shares
reserved for eligible suppliers and customers, and eligible
employees of Comfort Rubber Gloves Industries Sdn Bhd pursuant
to the Offer for Sale (Offer Shares), are as set out below:

                                No. of Offer    %
                                  Shares

Total number of Offer Shares   5,081,000    100.00
provisionally allotted

Total application received     3,823,000     75.24

Undersubscribed                1,258,000     24.76

Additionally, the 41,050,954 IRCB Shares by way of placement to
identified public investors pursuant to the Offer for Sale have
been fully subscribed.

This Bursa Malaysia announcement is dated 18 August 2004.


GOLDEN FRONTIER: Reveals Unaudited Quarterly Results
----------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Golden
Frontier Berhad released its unaudited quarterly report for the
financial period ended June 30, 2004.

             SUMMARY OF KEY FINANCIAL INFORMATION
                           30/06/2004

          INDIVIDUAL PERIOD              CUMULATIVE PERIOD
   CURRENT YEAR    PRECEDING YEAR  CURRENT YEAR  PRECEDING YEAR
     QUARTER       CORRESPONDING   TO DATE       CORRESPONDING
                   QUARTER                       PERIOD

        30/06/2004  30/06/2003     30/06/2004    30/06/2003
        RM'000       RM'000         RM'000       RM'000


1  Revenue  22,155    18,947        64,861       53,347

2  Profit/(loss)
   before tax  -712   122           -1,296       422

3  Profit/(loss)
after tax and minority
interest       -721    43           -1,333       318

4  Net profit/(loss)
for the period -721   43           -1,333       235

5  Basic earnings/(loss)
per shares (sen) -1.16  0.07        -2.14        0.38

6  Dividend per share (sen)
                 0.00   0.00        0.00          0.00

                   AS AT END OF CURRENT   AS AT PRECEDING
                        QUARTER           FINANCIAL YEAR END

7 Net tangible assets per share (RM)

                         1.2500              1.2800

For additional information, go to
http://bankrupt.com/misc/tcrap_goldenfrontier081904.xls

CONTACT:

Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Tel: +60 4 226 2226
Tel: +60 4 228 2890


LANKHORST BERHAD: Resumes Securities Trading
--------------------------------------------
Further to the Listing's of Bursa Malaysia Securities Berhad's
Circular No. L/Q 26362 of 2004, the trading in the Lankhorst
Berhad's securities has resumed with effect from 9.00 a.m.,
Wednesday, 18 August 2004.

CONTACT:

Lankhorst Berhad
Tingkat 6, Bangunan UMNO Selangor
Persiaran Perbandaran
Seksyen 14
40000 Shah Alam, Selangor
Malaysia

This Bursa Malaysia announcement is dated 18 August 2004.


NALURI BERHAD: Discloses Sale, Purchase Agreement Update
--------------------------------------------------------
On behalf of Naluri Berhad (Special Administrators Appointed),
Aseambankers Malaysia Berhad announced that Naluri has through
an exchange of letters with Multi Esprit Sdn Bhd (MESB), SHB and
its subsidiaries, namely Kelana Megah Sdn Bhd (KMSB), Blossom
Time Sdn Bhd (BTSB), Cerah Menang (M) Sdn Bhd (CMSB) and
Cergasjaya Properties Sdn Bhd (CPSB), mutually agreed to an
extension of time to 31 October 2004 for the fulfillment of all
conditions precedent to the following agreements:

(i) A subscription agreement dated 12 December 2003 between
Naluri and SHB in relation to the subscription by Naluri of new
ordinary shares of RM1.00 each in SHB (SHB Shares) and ICPS-A of
RM0.10 each in SHB;

(ii) A renunciation agreement dated 12 December 2003 between
Naluri and MESB in relation to the partial renunciation by MESB
of its rights and entitlements of its subscription amounting to
14.243 million new SHB Shares and 272.732 million ICPS-A at
RM0.10 per ICPS-A to be issued to MESB pursuant to a proposed
rights issue of SHB;

(iii) A conditional sale and purchase agreement dated 12
December 2003 between Naluri and KMSB in relation to the
proposed acquisition of leasehold land held under Lots PTB
10707, 20006, 20380 and 20438 Johor Bahru, Johor Darul Takzim,
Lots PTD 146378 and 148062, Mukim of Plentong, Johor Bahru,
Johor Darul Takzim and Lot PTB 10710, Johor Bahru, Johor Darul
Takzim;

(iv) A conditional sale and purchase agreement dated 12 December
2003 between Naluri and CMSB in relation to the proposed
acquisition of two (2) pieces of freehold vacant land totaling
approximately 1.127 hectares held under Geran No Pendaftaran
46814 Lot No 303 and Geran No Pendaftaran 46821 Lot No 340 both
situated in Seksyen 1, Bandar Batu Feringghi, Daerah Timur Laut,
Pulau Pinang;

(v) A conditional sale and purchase agreement dated 12 December
2003 between Naluri and BTSB in relation to the proposed
acquisition of three (3) pieces of freehold vacant land totaling
approximately 21.155 hectares under Geran Mukim 29, Lot 31,
Geran 16796, Lot 478 and Geran 16797, Lot 479 all within Mukim
17, Daerah Timur Laut, Pulau Pinang; and

(vi) A conditional sale and purchase agreement dated 12 December
2003 between Naluri and CPSB in relation to the leases of three
(3) pieces of leasehold Malay reserve land held under HSD 888/97
PT No 2501, HSD 889/97 PT No 2502 and all the land held under
HSD28/93 PT No 2209 all in Mukim Sungai Laka, Daerah Kubang
Pasu, Negeri Kedah.

The proposals shall be collectively referred to as "proposals",
whilst the proposed SHB subscription and the proposed SHB
securities acquisition shall together be referred to as
"proposed SHB investment.

(i) Proposed capital restructuring comprising a proposed capital
repayment, proposed share premium account utilization and
proposed share premium set-off (proposed Naluri Capital
Restructuring Scheme)

(ii) Proposed subscription of new ordinary shares of rm1.00 each
in Sriwani Holdings Berhad (SHB) and certain new irredeemable
convertible preference shares known as ICPS-A (Proposed SHB
Subscription)

(iii) Proposed acquisition of certain ordinary shares of RM1.00
each in SHB (SHB Shares) and certain irredeemable convertible
preference shares of RM0.10 each in SHB from certain financial
institutions, certain trade creditors of SHB and Malaysia
Airports (Sepang) Sdn Bhd (Proposed SHB Securities Acquisition)

(iv) Proposed acquisition of certain properties from certain
subsidiaries of Shb (Proposed SHB Property Acquisition)

(v) Proposed acquisition by Naluri of 100% equity interest in
United Industries Sdb Bhd (UISB), 100% effective equity interest
in United Vehicle Industries Sdn Bhd (UVISB), 92.772% effective
equity interest in United Filter Sdn Bhd (UFSB) and 70% equity
interest in United Sanoh Industries Sdn Bhd (USISB) (Proposed UI
group Acquisition)

CONTACT:

Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Tel: +60 3 2162 0878
Tel: +60 3 2162 0676

This announcement is dated 18 August 2004.


OSK HOLDINGS: Purchases 94,700 Ordinary Shares on Buy Back
----------------------------------------------------------
OSK Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad the details of its shares buy back on August 18, 2004.

Date of buy back: 18/08/2004

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

Total number of shares purchased (units): 94,700

Minimum price paid for each share purchased (RM): 1.500

Maximum price paid for each share purchased (RM): 1.540

Total consideration paid (RM): 144,586.92

Number of shares purchased retained in treasury (units): 94,700

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

Cumulative net outstanding treasury shares as at to-date
(units): 11,760,000

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

CONTACT:

Osk Holdings Berhad
Jalan Ampang
50450 Kuala Lumpur, 50450
MALAYSIA
Tel: +60 3 2162 4388
Tel: +60 3 2161 8254


PAN MALAYSIA: Issues Closed Period Trading
------------------------------------------
Further to our announcement dated 13 August 2004 on the trading
of shares of Pan Malaysia Corporation Berhad during the closed
period, the Company has received notification from Tan Sri Dato'
Dr Khoo Kay Peng that MUI Continental Insurance Berhad had
traded in the ordinary shares of PMC as follows:

Date of Transaction: 18 August 2004

Price Per Share (RM): 0.5454

No. of Shares Purchased: 110,000

% of Issued Share Capital: 0.013

CONTACT:

Pan Malaysia Corporation Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
MALAYSIA
Tel: +60 3 2141 1891
Tel: +60 3 2144 4755


POS MALAYSIA: Receives Property Valuation Report From JPPH
----------------------------------------------------------
POS Malaysia & Services Holdings Berhad (PSH) had on 11 August
2004 received a valuation report from the Jabatan Penilaian Dan
Perkhidmatan Harta Perak (JPPH) for the valuation on a 7-storey
office building situated at Persiaran Greenhill, Ipoh, Perak
(the Property). Real Riviera Sdn Bhd, a wholly owned subsidiary
PSH, owns the Property.

1. Purpose of Valuation

The purpose of valuation is to determine the market value of the
Property.

2. Approval Condition

The valuation of the Property does not require the approval of
the Securities Commission.

3. Effects on Net Tangible Assets (NTA)

The Property was valued at RM8,600,000 by the JPPH as at 26 June
2004 as compared to the audited net book value of RM8,207,000 as
at 31 December 2003. The surplus of RM393,000 will not be
incorporated in the accounts of the subsidiary as the effect on
the NTA per share of PSH Group is negligible.

4. Documents available for inspection

The Valuation Report is available for inspection at the
Company's registered office during normal business hours from
Monday to Friday (except for public holidays) for a period of 3
months from the date of this announcement.

CONTACT:

Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
MALAYSIA
Tel: +60 3 2166 2323
Tel: +60 3 2166 2266

This announcement is dated 18 August 2004.


TALAM CORPORATION: Grants Listing of 8,109.320 Ordinary Shares
--------------------------------------------------------------
Talam Corporation Berhad's additional 8,109,320 new ordinary
shares of RM1.00 each issued pursuant to the conversion of
81,093,208 irredeemable convertible preference shares into
8,109,320 new ordinary shares will be granted listing and
quotation with effect from 9.00 a.m., Friday, 20 August 2004.


TANJONG PUBLIC: Issues Additional 66,000 Ordinary Shares
--------------------------------------------------------
Kindly be informed that Tanjong Public Limited Company's
additional 66,000 new ordinary shares of 7.5 pence each issued
pursuant to the employees' share option scheme will be granted
listing and quotation with effect from 9 a.m., Friday, 20 August
2004.

CONTACT:

TANJONG PLC
Kuala Lumpur City Centre
Kuala Lumpur, 50088
Malaysia
Tel: +60 3 381 3388
Tel: +60 3 381 3399


TECHVENTURE BERHAD: Widens 2Q04 Net Loss to MYR3.43M
----------------------------------------------------
Techventure Berhad released its unaudited second quarter results
for the financial period ended June 30, 2004, according to
Reuters.

                                 2004               2003

Revenue                 MYR12,858,000      MYR20,819,000
Pretax Profit              (3,416,000)        (2,362,000)
Net Profit                 (3,426,000)        (2,324,000)
Earnings Per Share          (6.82 Sen)         (4.71 Sen)
Dividend                      Omitted            Omitted

   6 months ended June 30:

Revenue                    26,799,000         35,506,000
Pretax Profit              (5,688,000)        (4,533,000)
Net Profit                 (5,709,000)        (4,396,000)
Earnings Per Share         (11.36 Sen)         (8.90 Sen)
Dividend                      Omitted            Omitted

Figures are in ringgit (MYR).

Figures in parentheses are losses.

CONTACT:

Techventure Berhad
69B, Jalan SS 22/19
Damansara Jaya
47400 Petaling Jaya , Selangor
Malaysia
Tel no: 603-7180115
Fax no: 603-7193533


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


BACNOTAN CONSOLIDATED: Completes Union Cement Sale
--------------------------------------------------
This is in reference to Circular for Brokers No. 3657-2004 dated
August 12, 2004, pertaining to the completion of the sale by
Bacnotan Consolidated Industries, Inc. (BCI) of its shares in
Union Cement Holdings Corporation (UCHC) to Cemco Holdings, Inc.

In relation thereto, BCI, in the SEC Form 17-C dated August 17,
2004, provided the Exchange additional information on the
transaction, which includes the following:

1) Condensed income statement and balance sheet of BCI as of
June 30, 2004; and

2) Proforma condensed income statement and balance sheet of BCI
which reflects the sale of the Company's and Atlas Cement
Corporation's (ACC) shares in UCHC.

For your information.
JURISITA M. QUINTOS
Senior Vice President - Operations Group

CONTACT:

Bacnotan Consolidated Industries, Inc.
Phinma Plaza-Level 12
39 Plaza Drive, Rockwell Center
Makati City 1200
Tel. No:  870-0100
Fax No:  870-0456
E-mail Address:  rapandrada@phinma.com.ph
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Stock Transfer Service, Inc.

For more information, go to
http://bankrupt.com/misc/tcrap_bacnotan081904.pdf


COLLEGE ASSURANCE: To Stay Under SEC Oversight Committee
--------------------------------------------------------
The Securities and Exchange Commission (SEC) has denied the
request of College Assurance Plan (CAP) not to be placed under
an oversight committee, ABS-CBN News reports, citing SEC
Chairman Lilia Bautista.

The Company filed the motion for reconsideration on the grounds
that the members of the committee "lacks the business expertise"
to man the council, a source told reporters.

The oversight committee, which is headed by Atty. Danny
Concepcion, is tasked to supervise CAP on its asset build-up
program to replenish its projected trust fund shortfall and make
recommendations whenever applicable.

Members of the committee include SEC nontraditional securities
department assistant director Noni Ambat and lawyer Carlo
Tapara. Ms. Ambat is also the comptroller assigned to closely
monitor CAP.

Early this month, CAP said it is in the process of finalizing
documents with a new investor who will provide the funding it
needs to sustain operation. Under the proposed agreement, CAP
will issue capital stocks with a preferential claim to the
company's dividends and assets, to the investor.

CAP added that while the investor is likely to get one-third
stake in the company, it would continue to operate under the
same management.

CONTACT:

College Assurance Plan
CAP I Building
126 Amorsolo Cor. Herrera Streets
Legazpi Village, Makati City
Ph: 817-6586, 759-2000
Fax: (0632) 818-0560


NATIONAL POWER: Won't Resume Bulacan Irrigation Water Supply
------------------------------------------------------------
The National Power Corporation (NPC) will not resume the supply
of irrigation water to Bulacan and Pampanga farms although the
water at the Angat Dam water reservoir has improved over the
past few weeks, the Manila Times reports, citing Provincial
Disaster Coordinating Office (PDCO) officer Raul Agustin.

The NPC explained that it cannot resume the supply of irrigation
water until the dam's managers are sure that there will be
enough water for Metro Manila.

Mr. Agustin said that unless the elevation climbs up higher and
there will be more rainfall in the coming months, they cannot
resume the supply of irrigation water.

Lack of rainfall in the last quarter of 2003 contributed to the
decline of the dam's water level, prompting the NPC authorities
to limit the supply of irrigation water.

In April, technicians of the dam shut down the gates, which
release water for the irrigation of farmland in Bulacan and
parts of Pampanga when the water level dropped to 180 cubic
meters.

CONTACT:

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


NATIONAL POWER: Tweaks Schedule of Generation Assets' Sale
----------------------------------------------------------
The government has revised the schedule for the sale of National
Power Corp. (Napocor)'s assets to allow interested investors
enough time in conducting their due diligence, Business World
reports, quoting Energy Secretary Vincent S. Perez Jr.

"By end-2004, the government should have sold about 33% of the
generating capacity in Luzon and Visayas and 50% by June 2005.
By end-2005, we are looking at privatizing 70% of the assets,
which is a major threshold in the EPIRA [Electric Power Industry
Reform Act] law," Mr. Perez said.

Under the revised schedule, the government is set to sell the
1.2-megawatt (MW) Loboc hydroelectric plant in Loboc, Bohol and
the 0.4-MW Cawayan hydroelectric plant in Sorsogon City, and the
225-MW Bataan thermal plant in Limay, in September.


NEGROS NAVIGATION: Creditor Demands Payment For Debts
-----------------------------------------------------
A creditor of Negros Navigation Co. (Nenaco) has asked the
Manila Regional Trial Court (RTC) for the immediate payment of
its outstanding debts after the court issued its stay order, the
Manila Times reports.

According to creditor Movant Banago Port & Stevedoring Inc.,
Nenaco incurred an additional Php1.5-million unpaid balances for
cargo-handling services rendered on Nenaco vessels since April
1, which was when the local court hearing Nenaco's
rehabilitation case issued the stay order.

In a three-page motion submitted to the RTC, Movant said Nenaco
"is mandated and may be compelled by motion to maintain current
its financial obligations to its suppliers of goods and services
after the issuance of the aforementioned stay order."

"The stay order, however, obligates petitioner to
correspondingly pay in full all administrative expenses incurred
after the issuance of the stay order. The administrative
expenses necessarily include cargo handling and stevedoring
expenses without which the petitioner cannot normally proceed
with its operations," the motion read.

Movant added that it would be "unjust and unfair" of Nenaco "to
secure a stay order prohibiting creditors from collecting
accounts yet proceed after its issuance to incur additional
unpaid accounts."

"It is neither the intent nor the spirit of the law to arm the
petitioner with such a discretion or to disarm creditors of
means to recover its just credits," the motion read.

Nenaco's total liabilities are estimated at Php2.4 billion,
including Php1 billion in bank loans. Its creditors include the
Development Bank of the Philippines, Export-Import Bank, Bank of
Commerce, Equitable-PCI Bank, Prudential Bank and Trust Co. and
Metropolitan Bank and Trust Co.

Another Php1 billion is owed to different trade suppliers and
lessors of equipment and property; Php400 million in unpaid
taxes is owed to the Bureau of Internal Revenue.

CONTACT:

Negros Navigation Company, Inc.
Pier II, North Harbor
Tondo, Manila
Tel. No:  245-5588
Fax No:  245-0780 (Telefax)
E-mail Address: nnwebmaster@surfshop.net.ph
URL: http://www.nenaco.com.ph
Auditor: Joaquin Cunanan & Company
Transfer Agent: Stock Transfer Service, Inc.


PILIPINO TELEPHONE: NTC Presses P1.2B Payments From Telecoms
------------------------------------------------------------
Pilipino Telephone Corporation (Piltel) and Smart Communications
Inc. owe the National Telecommunications Commission (NTC) about
Php1 billion in unpaid regulatory fees, Business World reports,
citing NTC Chief Ronald Olivar Solis.

The unpaid fees include Supervision Regulatory Fees (SRF), which
telecommunication firms must pay to NTC so they could operate.
The exact amount of receivables is now the subject of
litigation.

Pilipino Telephone Corporation (PLTL) is the third largest
cellular mobile telephone service provider in the Philippines as
measured by number of customers. Its principal shareholder is
Philippine Long Distance Telephone Company (PLDT), which holds a
45.3% ownership and voting interest.

Smart Communications Inc. (SMART) is the Philippines' leading
wireless services provider with 14.4 million subscribers on its
network as of end-March 2004. It is a wholly owned subsidiary of
PLDT.

CONTACT:

Pilipino Telephone Corporation
25/F, Smart Tower
6799 Ayala Ave., Makati City
Tel. No:  511-6121/6241
Fax No:  817-3345
E-mail Address: dntan@smart.com.ph
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Stock Transfer Service, Inc.


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


COMPACT METAL: Corrects 1H Financial Results
--------------------------------------------
Further to the announcement made on 14 August 2004 in respect of
the Half Year Financial Statement, Compact Metal Industries Ltd
wishes to rectify the following information:

(7) Net asset value (for the issuer and group) per ordinary
share based on issued share capital of the issuer at the end of
the (a) current financial period reported and (b) immediately
preceding financial year:


                              Group                Company
                       30-Jun-04 31-Dec-03  30-Jun-04 31-Dec-03
Net Asset Value per
ordinary share based
on issued share
capital of 221,223,260
(2003:221,223,260)     4.86cents 3.09cents  2.99cents  1.22cents


Note: The figures should have been compared with the immediately
preceding year instead of the corresponding period.

Submitted by Kan Kuon Weng, Company Secretary on August 18, 2004
to the Singapore Stock Exchange.


FALMAC LIMITED: Posts Notice of EGM
-----------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Falmac Limited will be held at Jurong Country Club, Ficus 2,9
Science Centre Road, Singapore 609078 on September 8, 2004 at
4:00 pm for the purpose of considering and, if thought fit,
passing the resolutions with or without any modifications.

To view the full document, please click:
http://bankrupt.com/misc/TCRAP_FALMACLIMITED081904.pdf


KLW HOLDINGS: Issues Response to SGX Request
--------------------------------------------
The Board of Directors of KLW Holdings Ltd., wishes to announce
the following additional information in response to the request
from the Singapore Exchange:

Please clarify/elaborate the Company's review of the performance
of the group in paragraph 8, in which it states "Gross profit
percentage decreased ... mainly due to the re-structuring of the
manufacturing/ trading division in Malaysia to cater for the
more diverse demands in the export market."

Particularly, how does the re-structuring of the
manufacturing/trading division in Malaysia and the expansion of
customer base, increase in product types and product
specifications lead to a higher cost of sales as compared with
30 June 2003?

The expansion of customer base had resulted in an increase in
product types and product specifications. This caused a
restructuring of the manufacturing/trading division in Malaysia,
whereby wages and subcontractor expenses had increased as more
time was incurred in the initial training period for the workers
to get used to the new production flow.

Additional factory overhead was also incurred to cater for the
increase variation of products. Material cost had increased as
the production line incurred higher wastages in the initial
stage before it finds the most efficient ways of producing the
new products. The cost of sales has thus increased.

As more production time was needed for the new products,
turnover from our manufacturing/trading division in Malaysia had
also dropped.

Due to the above reasons, thus, this caused the gross profit
percentage to decrease for the 6 months ending 30 June 2004.


Lim Teck Meng
Joint Company Secretary
August 19, 2004


SMRT CORPORATION: Sells Entire Stake in MediaCorp
-------------------------------------------------
SMRT Corporation Ltd (SMRT) wishes to announce that its wholly-
owned subsidiary, RFP Investments Pte Ltd, has disposed of its
entire 14.56% shareholding in MediaCorp Press Ltd, comprising
11,476,000 ordinary shares of par value SGD0.49 each, at 30.5
cents each to the following parties and in the proportion as set
out against their names:

Name                          No. of Shares           Percentage
MediaCorp Pte Ltd             8,204,051               71.49
Singapore Telecommunications
Limited                       3,271,949               28.51

The total cash consideration was arrived at on a willing-buyer
swilling-seller basis.

The disposal is not expected to have a material impact on the
earnings per share or net tangible assets per share of the SMRT
Group for the current financial year ending 31 March 2005.


S. Prema
Company Secretary
August 18, 2004


YONGNAM HOLDINGS: Appeal on Springleaves Tower Suit Dismissed
-------------------------------------------------------------
Further to the announcement on 13 August 2004 made on the
Singapore Stock Exchange, the directors of Yongnam Holdings
Limited (the Group) had on the 18th day of August 2004, received
the judgment on the civil appeal by Yongnam Development Pte Ltd
(the Company) against Somerset Development Pte Ltd, heard on
28th July 2004. The Court of Appeal had dismissed the appeal by
the Company.

This judgment by the Court of Appeal would not significantly
impact the Group's results as the Group has written-off SGD12.2
million, being the net book value of the Property, as an
exceptional loss for FY 2003.

The Group has in previous announcements highlighted that Hong
Leong Finance Limited, (Hong Leong) had extended a loan
including interest amounting to SGD7.1 million to the Company,
which was secured by the Property. The Group is now consulting
with its legal advisors and Hong Leong with regards to an
appropriate resolution to the matter.


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


RATTANA REAL: Releases Management Discussion and Analysis
---------------------------------------------------------
Vitavas Vibhagool, the Managing Director of Rattana Real Estate
PCL hereby submits to the Stock Exchange of Thailand the
financial statement of Rattana for the three-month period ended
30 June 2004, which has been reviewed by the Auditor.  The
summary results are:

(1) Revenue

Total Revenue for the second quarter of 2004 amounts to THB7
million compared to THB31 million for same period of previous
year.  The decrease resulted from the sale of a plot of land
awaiting development and recorded gain by reversing THB17
million of the provision for impairment of the land to income.
Moreover, in 2003, the Company sold an office building with a
THB13 million gain on the sale.

(2) Interest Expenses

Interest expenses for the second quarter of 2004 were THB3
million which decreased by 93 percent compared to THB42 million
for same period of previous year. The decrease was due to the
company's ability to restructure the conditions and repayment of
its liabilities with almost all of its lenders and creditors.

(3) Extraordinary Items

The Company realized gain from debt restructuring for the second
quarter of 2004 amounting to THB156 million and THB535 million
for same period of previous year.  Since the Company was able to
restructure the conditions and repayment of its liabilities with
almost all of its lenders and creditors, this attributed to the
net profit for the second quarter of 2004 of THB157 million and
THB518 million for the same period of previous year.

Please be informed accordingly,
Yours sincerely
(Mr. Vitavas Vibhagool)
Managing Director

CONTACT:

RATTANA REAL ESTATE PCL
CHARN-ISSARA TOWER 2, FL29,
2922/305-306 NEW PETCHBURI ROAD,
BANGKAPI, HUAI KHWANG Bangkok
Telephone: 0-2308-2049, 0-2308-2708-18
Fax: 0-2308-2719-20


SAHAMITR PRESSURE: Releases Operating Result for 2Q 2004
--------------------------------------------------------
Sahamitr Pressure PCL disclosed to the Stock Exchange of
Thailand its operating performance for the six-month period
ended June 30, 2004 and 2003.

The reasons of the variant of the Company's operating
performance compared to the same period of prior year are:

(1) Sales were increased due to the recapture of the domestic
market from the SARS disease crisis in past year, affecting on
the export market volume as production capacity has been mainly
allocated for domestic market needs.  Selling price in average
is adjusted in response to the raw material price increase.

(2) Total revenues increased due to the sales increase as
described in No. 1.

(3) Cost of sales was increased in respect to the sales whereas
cost of raw materials has been slightly increased according to
general business condition.

(4) Operating expenses were increased mainly due to freight-out
cost according to sales increased.

(5) Interest expenses in Profit & Loss Statement were increased
due to the undertaking of new loans to clear some portion of
debts prior to the due date and of the new working capital.

As to the actual interest expenses resultant from the debt-
restructuring plan of six-month period ended June 30, 2004 total
THB6.6 million and the same period of prior year total THB10.5
million, is debited in total debts of the Balance Sheet in order
to conform to the Generally Accepted Accounting Principles.

The decrease of actual interest expenses is caused by debts
clearing prior to due date, debts repayment by due date
resultant in less principal.  However, total interest expenses
were less than that of 2003.

(6) In Q1/2003, the company has gained THB7 million from debt
repurchase when clearing some portion of debts prior to due date
and the creditor has managed to undergo haircut in favor of the
company.

This item does not take place in year 2004.

CONTACT:

SAHAMITR PRESSURE CONTAINER PUBLIC COMPANY LIMITED
72/9 MOO 7, RAMA II ROAD,
SAMAEDAM, BANG KHUN THAIN Bangkok
Telephone: 0-2895-4139-58, 0-2416-5568-9
Fax: 0-2416-5534, 0-2895-4163
Website: www.smpcplc.com


SIAM AGRO: Unveils Reviewed 2Q Financial Statements
---------------------------------------------------
Siam Agro-Industry Pineapple and Others PCL (SAICO) reported to
the Stock Exchange of Thailand its reviewed quarterly financial
statements as follows.

The Siam Agro Industry Pineapple and Others Public Company
Limited Reviewed Ending June 30 (In thousands)

                       Quarter 2               For 6 Months
Year                2004        2003          2004        2003

Net profit (loss)  (3,059)    (13,914)      (15,829)     (7,899)

EPS (baht)         (0.10)      (0.46)        (0.53)      (0.26)

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/SAICOINTERIMFS081704.doc
http://bankrupt.com/misc/SIAMAGROINTERIMFS081704.doc
http://bankrupt.com/misc/SIAMAGROSTATEMENTOFCASHFLOWS081704.xls

CONTACT:

SIAM AGRO-INDUSTRY PINEAPPLE AND OTHERS PCL
OCEAN TOWER 2, FLOOR38,
75/105 SUKHUMVIT ROAD,
WATTHANA Bangkok
Telephone: 0-2661-7878
Fax: 0-2661-7865
Website: www.saico.co.th


SINO THAI: Unveils Reviewed Second Quarter Financials
-----------------------------------------------------
Sino Thai Resources Development PCL reported to the Stock
Exchange of Thailand its reviewed quarterly financial statements
as follows.

Sino-Thai Resources Development PCL
Reviewed Ending June 30 (In thousands)

                        Quarter 2            For 6 Months
Year                  2004        2003       2004        2003

Net profit (loss)     1,593     (2,140)     (2,227)     186,616

EPS (baht)           0.08      (0.15)       (0.11)       13.80

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."

Umyos Huvanandana
Managing Director

For more information, click
http://bankrupt.com/misc/SINOTHAIBALANCESHEET081604.xls
http://bankrupt.com/misc/SINOTHAIINTERIMFS081604.rtf
http://bankrupt.com/misc/SINOTHAINOTESTOINTERIMFS081604.rtf

CONTACT:

SINO-THAI RESOURCES DEVELOPMENT PCL
SHINAWATRA THAI TOWER, FLOOR 7, ZONE A,
626 RAMA IV ROAD, MAHAPRUTTHARAM,
BANG RAK Bangkok
Telephone: 0-2633-0088
Fax: 0-2633-0008


SRITHAI FOOD: SET Posts NP Sign On Securities
---------------------------------------------
The Stock Exchange of Thailand (SET) posted an NP sign on
Srithai Food & Beverage PCL effective from the first trading
session of August 17, 2004 due to its failure to submit the
financial statements for the period ending June 30, 2004 by the
deadline specified by the SET.

The aforementioned NP signs indicate to the general public that
the SET is currently waiting the receipt of the required
financial statements.

CONTACT:

SRITHAI FOOD & BEVERAGE PUBLIC COMPANY LIMITED
69 MOO 4 WATKINGKAEW ROAD,
RAJADHEWA, BANG PLEE, Samut Prakarn
Telephone: 0-2312-4281-4, 0-2312-4289-300
Fax: 0-2312-4285
Website: www.srithaifood.thailand.com


SYNTEC CONSTRUCTION: Releases Reviewed 2Q and Consolidated FS
-------------------------------------------------------------
Syntec Construction PCL issued to the Stock Exchange of Thailand
its reviewed quarterly financial statements as follows.

Syntec Construction PCL
Reviewed Ending June 30 (In thousands)

                        Quarter 2               For 6 Months
Year                2004        2003          2004        2003

Net profit (loss)   42,943     140,532        16,867     193,999

EPS (baht)           0.03        0.40          0.01        0.55

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."

(Mr.Somchai Sirilertpanich)
Director
Authorized to sign on behalf of the company
Authorized to sign on behalf of the company

For more information, click
http://bankrupt.com/misc/SYNTECHNOTESTOINTERIMFS081604.doc
http://bankrupt.com/misc/SYNTECREPORTOFAUDITOROFFS081604.doc
http://bankrupt.com/misc/SYNTECSTATEMENTOFCHANGES081604.xls

CONTRACT:

SYNTEC CONSTRUCTION PCL
555/7-11 SUKHUMVIT 63 ROAD,
KHLONG TON NUA, WATTANA, Bangkok
Telephone: 0-2381-6333-4, 0-2381-6337, 0-2381-6339
Fax: 0-2381-6330


THAI DURABLE: Unveils Reviewed 2Q Financials
--------------------------------------------
Thai Durable Group PCL reported to the Stock Exchange of
Thailand reviewed quarterly financial statements as follows.

Thai Durable Group PCL
Reviewed Ending June 30 (In thousands)

Quarter 2             For 6 Months
Year                 2004          2003         2004
2003

Net profit (loss) (74,026)     (69,394)     (151,185)
(138,199)

EPS (baht)        (0.19)       (0.17)        (0.41)
(0.33)

Type of report: Unable to reach any conclusion

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."

(MRS.PHAKARAT VISUDHIMARK)
MANAGING DIRECTOR
Authorized to sign on behalf of the company

For more information, click
http://bankrupt.com/misc/THAIDURABLEBALANCESHEET081604.doc
http://bankrupt.com/misc/THAIDURABLEINTERIMFS081604.doc
http://bankrupt.com/misc/THAIDURABLENOTESTOINTERIMFS081604.doc

CONTACT:

THAI DURABLE GROUP PCL
33 Moo 4 Suksawadi Road,
Tambol Bangchak, Phra Pradaeng Samut Prakarn
Telephone: 0-2463-0024, 0-2463-2293-6
Fax: 0-2463-3821


THAI DURABLE: Releases Operating Results for 2Q 2004
----------------------------------------------------
Thai Durable Group PCL released to the Stock Exchange of
Thailand its Operating Result for the Second Quarter of 2004.

The company incurred a loss of THB74.03 million or a loss of
THB0.19 per share for the second quarter of year 2004, which is
THB4.64 million more than the loss of THB69.39 million for the
same period of last year.

The main reason of the loss is that the company accrued expenses
totaled to THB18.6 million for the loss from labor dispute in
the second quarter of 2004.  In addition, the company had higher
interest expense amounted to THB7.87 million as compared to
THB3.72 million of the same period last year.  Moreover the
company had loss on foreign exchange of THB6.70 million in the
second quarter of 2004, while the company had gain on foreign
exchange of THB4.04 million in the same period of last year.

However, Net Sales increased by 8.28 percent as compared to the
same period of last year, while Cost of Sales decreased by 4.29
percent.  Thus the gross loss was reduced. The improvement was a
result of the better production cost control.

Net loss for the six-month period amounted to THB151.19 million
or a net loss THB0.41 per share.

Please kindly acknowledge
Sincerely yours,
(Mr.Chavalit Thonglim) (Mr. Mongkorn Dhanasukanchana)
Authorized Directors


THAI DURABLE: Issues Clarification Re Auditor's Opinion
-------------------------------------------------------
Thai Durable Group has submitted to the Stock Exchange of
Thailand its financial report for the second quarter of 2004 to
the Stock Exchange of Thailand.

The report is unreliable because of the uncertainty of the
company's ability to continue as a going concern.  The company
would like to extend the explanation as follows:

The company has suffered recurring loss from operations.  Cost
of sales for the six-month period ended June 30, 2004 exceeded
net sales for the six-month period by THB63.4 million.

The main reason was the high price of raw material (cotton).  On
the other hand, the company could not increase the sales price
due to high market condition.  In addition, the company's
accrued expenses totaled to THB18.6 million for the loss from
labor dispute in the second quarter of 2004. Moreover, the
company had higher interest expense fox the six-month period
amounted to THB17.3 million due to more credit facilities
utilized from financial institution in the period.

Loss on foreign exchange was THB5.8 million. Net loss for the
six-month period then amounted to THB151.2 million.  The company
incurred negative cash flows from operating activities for the
six-month period, amounted to THB339.3 million.

However, the company has successfully raised capital with
subscription period during 23-25 February 2004.

The amount of capital raised was THB388.41 million (net of
related expenses) as previously advised to the Stock Exchange of
Thailand.  The company utilized the money as working capital and
acquired necessary spare parts and equipment for the production.
Spinning and winding machines were acquired. The company expects
higher production and lower cost of production in the second
half of the year 2004.

Please kindly acknowledge
Sincerely yours,
(Mr. Chavalit Thonglim) (Mr. Mongkorn Dhanasukanchana)
Authorized Directors


THAI DURABLE: SP and NP Signs Posted Against Securities
-------------------------------------------------------
Thai Durable Group PCL (TDT) has submitted to the Stock Exchange
of Thailand (SET) its reviewed financial statements for the
period ending 30 June 2004.

As the company's auditor was unable to reach any conclusion on
the financial statements, it can be considered that the numbers,
which represent the company's financial status and operating
outcome as presented in its financial statements failed to
adequately and/or properly reflect the actual position of the
Company.

Due to these discrepancies, the Securities and Exchange
Commission (SEC) is considering requiring that the Company amend
its financial statements on the issues raised by its auditor.

Therefore, the SET has posted an SP (Suspension) sign to suspend
trading on the securities of TDT effective from the first
trading session of 17 August 2004 to enable shareholders and
general investors to have sufficient time to scrutinize an
auditor's report on the review of its financial statements.

However, the SET will post an NP (Notice Pending) sign effective
from the first trading session of 18 August 2004 until the
Company has the opportunity to submit its amended financial
statements or the SEC concludes that it will not be necessary to
amend its financial statements.


THAI ELECTRONIC: Unveils Reviewed 2Q and Consolidated FS
--------------------------------------------------------
In a disclosure to the Stock Exchange of Thailand, Thai
Electronic Industry PCL reported its reviewed quarterly
financial statements as follows.

Thai Electronic Industry PCL
Reviewed Ending June 30 (In thousands)

                          Quarter 2               For 6 Months
Year                  2004        2003          2004        2003

Net profit (loss)  (26,626)       5,606      (40,386)
1,682

EPS (baht)        (0.73)        2.40        (1.11)        0.14

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/THAIELECTRONICBALANCESHEET081604.xls
http://bankrupt.com/misc/THAIELECTRONICINTERIMFS081604.doc
http://bankrupt.com/misc/THAIELECTRONICNOTESTOINTERIMFS081604.do
c

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 ENGINE: Unveils Reviewed 2Q and Consolidated FS
----------------------------------------------------
In a disclosure to the Stock Exchange of Thailand, Thai Engine
Manufacturing PCL reported its reviewed quarterly financial
statements as follows.

Thai Engine Manufacturing PCL
Reviewed Ending June 30 (In thousands)

                           Quarter 2               For 6 Months
Year                 2004        2003          2004        2003

Net profit (loss)     44       2,120         1,634    (51,938)

EPS (baht)          0.01        0.28          0.22      (6.93)

Type of report: Unable to reach any conclusion

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/THAIENGINEAUDITORSREPORT081604.rtf
http://bankrupt.com/misc/THAIENGINECASHFLOWSTATEMENTS081604.xls
http://bankrupt.com/misc/THAIENGINENOTESTOFS081604.doc

CONTACT:

THAI ENGINE MANUFACTURING PCL
ALFA BLDG, FLOOR 8-12,69/8-12
VIBHAVADI RANGSIT ROAD, PHAYA THAI Bangkok
Telephone: 0-2644-4151-75
Fax: 0-2644-4181-2
Website: www.thaiengine.com


THAI ENGINE: SET Posts SP Sign on Securities
--------------------------------------------
Thai Engine Manufacturing PCL has publicly submitted to the
Stock Exchange of Thailand (SET) their reviewed financial
statements for the period ending June 30, 2004.

Since their auditors were unable to reach any conclusion on
their financial statements, it can be considered that the
numbers (indicating the financial status and operating results
of the company presented in their financial statements) did not
reflect the actual position of the companies and the Securities
and Exchange Commission (SEC) probably issued an instruction
that they are obliged to amend their financial statements.

The SET has posted SP sign for suspended trading on their
securities from the first session of August 17, 2004 to enable
shareholders and general investors to have sufficient time to
scrutinize the auditors' report relating to the results in
financial statements.

The SET has still suspended trading on the securities of Thai
Engine in view of the fact that the company must prepare a
rehabilitation plan.


THAI GERMAN: Unveils Reviewed Quarter 2 FS
------------------------------------------
TGPRO reports reviewed quarterly financial statements as
follows:

Thai-German Products PCL
Reviewed Ending June 30 (In thousands)

Quarter 2               For 6 Months
Year                 2004        2003          2004        2003

Net profit (loss)    3,634   (526,055)      (10,107)   (624,071)

EPS (baht)           0.17     (27.99)        (0.48)     (33.21)

Type of report: Unable to reach any conclusion

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/THAIGERMANAUDITORSREPORT081604.doc
http://bankrupt.com/misc/THAIGERMANINTERIMFS081604.xls
http://bankrupt.com/misc/THAIGERMANNOTESTOINTERIMFS081604.xls

CONTACT:

THAI-GERMAN PRODUCTS PCL
99 HUAYPONG-NONGBON ROAD,
TAMBOL HUAYPONG, AMPHUR MUANG Rayong
Telephone: 0-3868-4901-5
Fax: 0-3868-4906
Website: www.tgpro.co.th




* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                              Total
                                        Shareholders   Total
                                        Equity         Assets
  Company                      Ticker    ($MM)          ($MM)
  ------                       ------    ------------   -------

  CHINA & HONG KONG
  -----------------
Hainan DadongH-B               200613    (-5.15)       18.72
Hainan Dadong-A                000613    (-5.15)       18.72
Guangdong Sunrise-B            200030    (-177.22)     45.09
Guangdong Sunrise-A            000030    (-177.22)     45.09
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-203.9)      52.16
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-203.9)      52.16
Shenzhen Great Ocean           200057    (-10.87)      11.27
Shenzhen Petrochemical
Industry Group                 200013    (-290.79)     25.62
Shenzhen Petrochemical
Industry Group                 000013    (-290.79)     25.62


INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT      (-50.67)     393.92
PT Smart Tbk                    SMAR      (-37.38)     398.89


  JAPAN
  -----

Fujitsu Comp Ltd                6719       (-46.88)    316.07
Prime Systems                   4830      (-100.79)     130.2

  MALAYSIA
  --------

CSM Corporation Bhd             CSM        (-8.40)      41.55
Faber Group Bhd                 FAB        (-7.16)     504.98
Kemayan Corp Bhd                KOP      (-353.12)      84.89
Panglobal Bhd                   PGL       (-41.07)     187.79
Sri Hartamas Bhd                SHB      (-138.37)      24.48
YCS Corporation Bhd             YCS         28.34      160.27

  PHILIPPINES
  -----------

Pilipino Telephone Co.          PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46


  THAILAND
  --------

Asia Hotel PCL                  ASIA       (-26.62)     96.21
Asia Hotel PCL                  ASIA/F     (-26.62)     96.21
Bangkok Rubber PCL              BRC        (-41.29)     80.14
Bangkok Rubber PCL              BRC/F      (-41.29)     80.14
Central Paper Industry PCL      CPICO      (-37.02)     40.41
Central Paper Industry PCL      CPICO/F    (-37.02)     40.41
Datamat PCL                     DTM           2.27      17.21
Datamat PCL                     DTM           2.27      17.21
Jutha Maritime                  JUTHA      (-0.78)      29.03
Jutha Maritime                  JUTHA/F    (-0.78)      29.03
National Fertilizer PCL         NFC        (-91.34)    293.84
National Fertilizer PCL         NFC/F      (-91.34)    293.84
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.84)      13.32
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.84)      13.32
Thai Wah Public
Company Limited-F               TWC        (-43.88)     168.15
Thai Wah Public
Company Limited-F               TWC/F      (-43.88)     168.15
Tuntex (Thailand) PCL           TUNTEX     (-50.94)     398.25
Tuntex (Thailand) PCL           TUNTEX/F   (-50.94)     398.25






                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***