TCRAP_Public/040825.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Wednesday, August 25, 2004, Vol. 7, No. 168

                            Headlines

A U S T R A L I A

ARISTOCRAT LEISURE: Releases 1H 2004 Results
MITSUBISHI AUSTRALIA: Workers Favor Redundancy Agreement
OLEA AUSTRALIS: Executive Chairman Charged
QANTAS AIRWAYS: To Share Airbus Back Up With SIA
QANTAS AIRWAYS: Offers New Domestic Inflight Service

SANTOS LIMITED: Posts After-tax Net Profit of $86.5Mln
SANTOS LIMITED: Offers FUELS


C H I N A  &  H O N G  K O N G

BPS INTERNATIONAL: Faces Bankruptcy Proceedings
CHINA GAS: Announces Major and Connected Transactions
DIGITAL CHINA: Back to Black with HKD30.4M Q1 Net Profit
EVERPASS ENGINEERING: Court Hears Winding Up Petition
GAINFINDERS LIMITED: Winding Up Hearing Set September 8

SINO TRADE: Enters Winding Up Proceedings
SURPLUS TRADER: Bankruptcy Hearing Set September 1
TIMBERLAND INDUSTRIAL: To Hold Creditors' Meeting on August 30
WISECITY CONSULTANTS: Court Sets Winding Up Petition Hearing


I N D O N E S I A

BANK NEGARA: May Be Sold At 1.4 Times Its Book Value
BANK PERMATA: Bank Rakyat Allots US$88.8M For Stake Buy
TELEKOMUNIKASI INDONESIA: Considering Bond Issue This Year


J A P A N

DAIEI INCORPORATED: President To Quit Over Rehab
DAIEI INCORPORATED: Deutsche Securities Extends Aid
MITSUBISHI MOTORS: Holds Fourth Ethics Committee Meeting
UFJ HOLDINGS: Borrower Rehab Plans Face Snags


K O R E A

HYNIX SEMICONDUCTOR: Bolsters Internal Security Measures


M A L A Y S I A

AMSTEEL CORPORATION: Set to Sell Shopping Complex
ANTAH HOLDINGS: Enters Share Purchase Agreement
ARTWRIGHT HOLDINGS: Issues Private Placement Update
CEPATWAWASAN GROUP: Unveils Litigation Update
CHASE PERDANA: Releases Unaudited Quarterly Report

CME GROUP: Widens 2Q04 Net Loss to MYR1.08M
EKRAN BERHAD: Issues Capitalization Proposal Update
INNOVEST BERHAD: Unveils 1H04 Financial Result
KUMPULAN BELTON: Unveils Expiry of Warrants 1999/2004
KUMPULAN BELTON: Issues Monthly Default Status Update

METROPLEX BERHAD: Releases Debt Restructuring Update
MTD CAPITAL: Releases Notice of Shares Buy Back
MTD CAPITAL: AGM Set for September 15
OSK HOLDINGS: Purchases 78,200 Ordinary Shares on Buy Back
OSK HOLDINGS: MOU Deal Expired August 20

SUNWAY INFRASTRUCTURE: Releases Unaudited Quarterly Report
TALAM CORPORATION: Purchases 109,100 Ordinary Shares on Buy Back


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Sets Up Offices in Japan, UK
COLLEGE ASSURANCE: Wants to Sell More Plans
MANILA ELECTRIC: Names New Director
METRO PACIFIC: Unveils 1H04 Php5.9M Unaudited Net Loss
NATIONAL POWER: Rate Increase A Must, Says Finance Chief

NATIONAL POWER: Trans-Asia Oil Eyes Zambales Plant
NATIONAL POWER: Government Defers BNPP Privatization


S I N G A P O R E

BOUSTEAD SINGAPORE: Proposes Disposal of Properties
BOUSTEAD SINGAPORE: Incorporates Subsidiary in the Philippines
CHARTERED SEMICONDUCTOR: Hosts 2004 Technology Forums
HIANG KIE: Court Orders Winding Up Order
HO WAH: Amends Investment Agreement with Ariel Singapore

INFORMATICS HOLDINGS: Sets Rights Issue Books Closure Date
I.R.E. CORPORATION: Nippon Paint Interest Changes
I.SECUREP HOLDINGS: Court Issues Winding Up Order
JAPANESE CALC: Court Issues Winding Up Order
MANDARIN CALC: Court Orders Winding Up Notice

NIPPECRAFT LIMITED: Enters Into Interested Person Transactions
PAN-UNITED ENGINEERING: Court Issues Winding Up Notice
RUSSIAN CALC: Court Issues Winding Up Order
SPANISH CALC: Court Issues Winding Up Order


T H A I L A N D

NATURAL PARK: Unveils Board of Directors Meeting Results
NATURAL PARK: Releases Preliminary Details of Debenture
NATURAL PARK: Issues Reviewed 2Q and Consolidated FS
NATURAL PARK: Clarifies Article on SEC Newsletter
PREECHA GROUP: Rehabilitation Plan Almost Complete

RATTANA REAL: Reports on Funds Usage After Capital Increase
SRITHAI FOOD: Appoints New Accountant for FY 2004
SUNTECH GROUP: Issues Notice of Additional Information
SYNTEC CONSTRUCTION: Unveils Result of Board Meeting
T.C.J. ASIA: Reports Preliminary Result of Tender Offer

THAI ELECTRONIC: Unveils Investment in Unit's Ordinary Shares
THAI ENGINE: SEC Concludes FS Needs No Amendment
THAI GERMAN: NR Sign Posted on Securities

     -  -  -  -  -  -  -  -

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


ARISTOCRAT LEISURE: Releases 1H 2004 Results
--------------------------------------------
In a disclosure to the Australian Stock Exchange, the Board of
Aristocrat Leisure Ltd. (ASX:ALL) announced the company's first
half year results for the period ended June 30, 2004.

Key points include:

- Total revenue for the period of $526.6 million, a 29% increase
on the pre one-off adjustments result of the corresponding
period last year;

- Profit after tax of $63.3 million, a significant turnaround on
the post one-off adjustments $32.9 million loss recorded for the
previous corresponding period and a record half result for the
company;

- Improvement primarily driven by strong growth in Aristocrat's
international businesses which contributed 75.3 percent of
segment revenue, up from 63.2 percent in the prior corresponding
period;

- Operating cash flow up 173 percent to $90.2 million;

- Net debt at period end of $10.9 million compared to $257.2
million at the same time last year;

- An interim dividend of 4 cents per share, unfranked, payable
22 September 2004.

Mr. Paul Oneile, Chief Executive Officer, said that the results
demonstrated the underlying strength of the company and that the
strategies adopted during the past year had positioned the
company for sustainable growth.

"This first half result represents a record for the company and
that the strategies adopted during the past year had positioned
the company for sustainable growth.

"This first half result represents a record for the company,
exceeding the previous record half result achieved in 2001 by
15.6 percent.  It demonstrates that we have the right strategies
in place to ensure Aristocrat remains one of the world's leading
providers of gaming solutions.  We are now better positioned
than ever to take advantage of the opportunities that present
themeselves in the expanding global gaming market."

To view full copy of this press release, click
http://bankrupt.com/misc/ARISTOCRATLEISURE.pdf

To view a full copy of the half-year report, click
http://bankrupt.com/misc/ARISTOCRATLEISURE082404.pdf

To view a full copy of the half-year presentation, click
http://bankrupt.com/misc/ARISTOCRATHALFYEARPRESENTATION.pdf

CONTACT:

Aristocrat Leisure Ltd.
71 Longueville Road,
LANE COVE, NSW,
AUSTRALIA, 2066
Head Office Telephone: (02) 9413 6300
Head Office Fax: (02) 9420 1352
Website: http://www.aristocratgaming.com


MITSUBISHI AUSTRALIA: Workers Favor Redundancy Agreement
--------------------------------------------------------
The Sydney Morning Herald reported Tuesday that 400 workers of
Mitsubishi Australia have voted to accept the redundancy package
ahead of the scheduled closure of the facility next year.

The offer consists of four weeks pay and five-and-a-half weeks
pay for each year of service.  The said offer was recommended by
the Australian Manufacturing Workers Union, which, along with
officials described it as generous.

Mitsubishi's general manager of human resources Steve Barrett
said the package was a fair and balanced outcome for workers.
"The company has been working with the unions to negotiate a
redundancy package that recognizes the severity of our
employees' situation," Mr. Barret said.

"We presented to our employees a package that provides for
improvements to the existing voluntary redundancy arrangements
which are consistent with vehicle manufacturing industry
standards."

Some staff will get payouts and leave within weeks while others
will continue at Lonsdale right up until the plant's scheduled
shutdown in October next year.

Mitsubishi plans to axe about 650 jobs at Lonsdale as part of a
global restructuring of its operations in response to falling
shares, particularly in the United States.

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


OLEA AUSTRALIS: Executive Chairman Charged
------------------------------------------
Mr. John Andrew (Gus) Simpson, the Executive Chairman of listed
company Olea Australis Limited (Olea Australis), appeared on
Monday in the Perth Court of Petty Sessions following an
investigation by the Australian Securities and Investments
Commission (ASIC).

Mr. Simpson, of Cottesloe in Western Australia, was charged with
one count of providing false information in a prospectus issued
by Olea Australis on 9 March 2000.

ASIC alleges that Mr. Simpson knew, or ought reasonably to have
known that the information was false, and that it was likely to
induce other persons to subscribe for securities.

It is alleged the prospectus included comments by an independent
olive expert, that the olive tree yields in the prospectus were
realistic and likely to be achieved.

ASIC alleges that Mr. Simpson was aware that the information
relating to olive tree yields, which appeared in the prospectus,
was not the same information approved for inclusion in the
prospectus by the independent olive expert.

Mr. Simpson was not required to plead and was bailed to his own
personal undertaking.

The matter was adjourned until the 20 September 2004 for plea.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

Background

The prospectus offered investors the opportunity to participate
in an olive growing and processing project at Dandaragan in
Western Australia. Investors could lease one or more Olive
Groves of 0.2 hectares each, through a 20 year lease and
management agreement. The subscription amount for one olive
grove was $10,247.00. In addition, for each olive grove
investors were required to also subscribe for 5,000 shares at
$0.20 per share in Olea Australis.

Olea Australis was listed on the Australian Stock Exchange on 26
June 2000 and is the ultimate holding company of Dandaragan
Olives Management Limited (DOM). DOM is the responsible entity
accountable for managing the affairs of the Olea Australis
Project.

This ASIC announcement is dated August 23, 2004.


QANTAS AIRWAYS: To Share Airbus Back Up With SIA
------------------------------------------------
A possible cooperation between Qantas Airways and Singapore
Airlines will soon materialize to ease the two carriers'
deployment of the Airbus A380, the giant passenger jet in 2006,
reports the Sydney Morning Herald, citing the Australian
Associated Press.

As Qantas and Singapore Airlines are more used to competing
head-to-head for passenger traffic and argue over aviation route
access, the move's realization would represent a rare
cooperative step for the two carriers.

"We have had discussions with Qantas about cooperation in non-
commercial areas like engineering and training with regards to
the A380," a Singapore Airlines spokesman said in an email
response to a Dow Jones Newswires query.

The deal is believed to help both parties to lower the costs
they incur to get their staff ready to fly the planes and
maintain them once they are in the air.

Singapore Airlines, Asia's largest carrier, plans to become the
first airline in the world to fly the double-decker 550-seat
A380 in April 2006. The airline has ordered 10 of the planes,
with options to buy 15 more.

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: Offers New Domestic Inflight Service
----------------------------------------------------
Qantas Airways Ltd. announced in a press release on Tuesday that
it will launch a new domestic inflight service this week,
featuring the return of hot dinners in Economy Class and a
choice of two dinners in Business Class.

Qantas Executive General Manager John Borghetti said the
enhanced product and service offered customers increased dining
options and a selection of gourmet snacks.

"We have designed a more flexible and innovative service for our
customers and have food experts to source products that
represent the best Australia has to offer for our domestic
customers," Mr. Borghetti said.

He said the new product and service, which will be branded fresh
spirit, included:

Business Class

- A combination of hot and cold meal choices for lunch and
dinner
- Larger meals and healthier dining options
- Pastries and bread rolls from Laurent Boulangerie Patisserie
- Platters offering gourmet cheeses from King Island Cheese and
Calander Cheese
- Handmade cakes by Manna from Heaven
- Pate from Maggie Beer
- New serving dishes and large ceramic coffee mugs
- Hot towels

Economy Class

- Hot dinners on all flights with the choice from two hot meals
on medium and long flights
- Warm bakery options for breakfast
- Assorted sandwiches for lunch
- Selection of fresh fruit
- Luken and Maya's gourmet biscuits
- Savoury products from Mother Mega's Fine Foods
- Home made cookies from Byron Bay Cookie Company
- Premium juices
- Bottles of water

Mr. Borghetti said that inflight service on trans-continental
Perth flights had been upgraded to international standards last
year.

Economy class customers on Perth services are offered
complimentary beer and wine from lunchtime and a second service
of tea and coffee on morning services or ice cream on afternoon
services.

Business Class customers on Perth flights are offered an entree'
and a choice of three main course options followed by cheese or
dessert. A second service was re-introduced for breakfast and
brunch with a choice of drinks offered before take-off and all
meals.

Mr. Borghetti said Qantas Domestic would continue to offer its
customers high frequency Cityflyer services between Sydney,
Melbourne, Brisbane, Canberra, Adelaide and Perth that include:

- Two-class aircraft on all routes
- Priority departure gates nearest to airport security screening
and Qantas Club lounges
- Free bar service after 4pm weekdays
- Complimentary inflight meals and entertainment
- The extensive network of Qantas Club lounges
- Complimentary newspaper for early morning flights
- Dedicated baggage carousels

The new domestic inflight service will commence Wednesday 25
August 2004.


SANTOS LIMITED: Posts After-tax Net Profit of $86.5Mln
------------------------------------------------------
In a press release, Santos Limited announced that its after-tax
net profit was $86.5 million in the six months ended 30 June
2004 compared with $135.6 million in the previous corresponding
period.

As expected, the profit downturn was due to the loss of
production caused by the Moomba incident in January this year.

Net profit for the first half would have been around $62 million
higher or approximately $149 million without loss of earnings
from the incident. The estimated adverse impact of the incident
on Santos' full-year 2004 after-tax profit, after insurance
recoveries, remains $25-30 million, as previously advised.

The lower first half result does not include any recovery of
losses expected from insurance polices covering business
interruption or property damage caused by the Moomba incident.

The result also includes one-off after-tax restructuring costs
of $14 million, which are on track to deliver significant profit
improvements from 2005.

"Improvement expected" - Chairman

Directors have declared a steady fully franked interim dividend
at 15 cents per ordinary share for the third successive year.

Santos' Chairman, Mr. Stephen Gerlach, said the Board had
decided to maintain the interim dividend in light of the
significant production and profit improvements expected in the
second half of 2004 and further in 2005.

The dividend will be paid on 30 September 2004 to shareholders
registered in the books of the Company at the close of business
on the record date of 2 September 2004.

Santos' Managing Director, Mr. John Ellice-Flint, said that the
Company's key projects, especially production from the Bayu-
Undan liquids project and development of the Mutineer-Exeter oil
field, would play a major role in the improved 2005 results.

Further projects, including development of the John Brookes and
Casino gas fields, Bayu-Undan LNG project and Indonesian gas
developments, would likely further supplement the production
portfolio.

The impact of the 1 January 2004 Moomba incident, combined with
declining field performance from producing fields in Western
Australia and Victoria, resulted in Santos achieving total
production of 21.2 million barrels of oil equivalent (mmboe) in
the latest June half year compared with 26.8 mmboe in the
previous corresponding period.  The Moomba incident resulted in
the loss of 4.0 mmboe compared with the 2003 first half.

Sales volume for the six months fell by 4.5 mmboe from 26.5
mmboe to 22.0 mmboe, primarily reflecting lower gas volumes.
Accordingly, revenue declined from $716.0 million to $590.5
million, partly offset by higher average oil and gas prices.

Earnings before interest and tax (EBIT) for the latest half year
totaled $142.5 million compared with $237.7 million in the
previous corresponding period.

Operating cash flow fell from $421.7 million to $192.6 million,
due to the Moomba incident and the timing of payments and
receipts.

Net debt increased from $898 million at 31 December 2003 to
$1,239 million reflecting the lower operating cash flow, higher
capital expenditure and the weakening of the Australian dollar.
Gearing at 30 June was 29%, well within the Company's target
gearing range.

Capital expenditure for the half year was a record $390 million
($344 million in the previous corresponding period), reflecting
progress with major projects to expand and diversify Santos'
portfolio, including the Bayu-Undan LNG development in the Timor
Sea and the new Mutineer-Exeter oil field development off
Western Australia.  Spending on the rebuilding of the Liquids
Recovery Plant at Moomba ($36 million Santos share), which is
subject to insurance recoveries, is also included in expenditure
for the latest first half.

Full year capital expenditure is expected to increase to around
$925 million, reflecting new exploration and development
projects and additional spending on projects with expected rapid
pay-back from onshore Australian and the US in an environment of
high oil prices and high US gas prices.

Progress on key projects
Mutineer-Exeter, Carnarvon Basin, offshore Western Australia

Further progress was made during the June half year on this new
$480 million oil field development.

Santos is operator for the Mutineer-Exeter project which is more
than 60% complete.

In the sub-surface, the structure and reservoir distribution is
proving to be more complicated than originally anticipated.

Exeter 4AH has been drilled and completed, with an initial
production capacity of 25,000 barrels of oil per day.

The northeastern Mutineer 5 development well has been drilled
and confirmed. The pilot hole at Mutineer 8 was drilled recently
and indicated that the Company needs to revise this development
location. A further pilot hole, Mutineer 7, was unsuccessful in
confirming the development location in the south west of the
field.

These results led to increased uncertainty on the ultimate
recoverable volumes in the area of the fields so far drilled.

The impact of these drilling results will be updated once the
current drilling program has been completed.

A development location to the north is currently being drilled
and up to three further development wells are planned during
this phase of drilling.

Results to date indicate that the project should be able to meet
the anticipated start up timing of mid 2005.

Bayu-Undan, Timor Sea

Santos, with a 10.6% interest, is the only Australian
participant in the world- class Bayu-Undan gas and liquids
project.

The first phase of this project, the Gas Recycle (Liquids)
phase, is now complete and producing an average of 88,000
barrels of liquids per day (Santos share 9,000 barrels).

The full rate liquids production was achieved ahead of schedule
and the wells drilled so far have generated better than expected
productivity.

Phase two, the Liquefied Natural Gas (LNG) phase, is also
progressing on schedule.  The installation of the pipeline to
Darwin and the construction of the LNG plant at Wickham Point
are both approximately 50% complete.

More than 1.1 million hours have been worked without a lost time
accident and the Bayu-Undan project has exceeded a total of 400
safe days worked.

Casino, Otway Basin, offshore Victoria

The development of the Casino gas field in the Otway Basin
offshore Victoria is progressing towards sanction.

John Brookes, Carnarvon Basin, offshore Western Australia

Santos and its Joint Venturers earlier this month announced the
go-ahead for this $220 million gas project being developed off
Western Australia.

Project approval includes a signed contract with Newcrest Mining
to supply 120 petajoules of gas over 15 years to the Telfer gold
mine in WA.

The development of the John Brookes field has been accelerated,
with first production expected to commence around mid 2005.

Progress on the John Brookes development has been rapid with
construction of the platform jacket having already started.

Maleo, East Java Basin, offshore Indonesia

In January 2004, Santos signed a Heads of Agreement with PT
Peruahaan Gas Negara (PGN) for the entire gas reserves of the
Maleo field in East Java.  Negotiations are proceeding towards
the signing of a gas sales agreement, once satisfactory credit
arrangements are established by PGN.  Resolution of satisfactory
credit arrangements will enhance the value of the project.
Production is now likely to commence in 2006.

Production outlook

In line with previous advice, Santos continues to expect total
2004 production of 45-46 mmboe.

Significantly higher production is forecast for 2005.  The
magnitude of the 2005 production increase will become clearer
towards the end of 2004 when there is greater clarity on the
year-end exit production of East Spar and Stag and the precise
start-up timing of the Mutineer-Exeter and John Brookes
projects.

The delay on Maleo will reduce the previous 2005 forecast
production by around 2 mmboe. The previously announced
difficulties in the Carnarvon Basin from reduced performance
from the Stag and East Spar fields is expected to reduce
production by around 2 mmboe for each field, a total possible
impact of 6 mmboe.

Subject to satisfactory conclusion, the acquisition of Novus
Petroleum's Indonesian and Australian assets in the PT Medco-
Novus takeover, could add around 2 mmboe to Santos' 2005
production.

Other significant developments
Mr Ellice-Flint said that as well as progress on key projects
such as Bayu-Undan, Mutineer-Exeter and John Brookes, the
opening six months of 2004 included several other significant
developments within Santos.

"Activity has continued in July and August, with the
announcement of additional new projects and the commencement of
drilling some of the Group's prime exploration prospects," he
said.

Other 2004 Santos developments to date include:

Being awarded a new exploration license in the Sorell Basin,
offshore Tasmania, giving Santos seven exploration blocks in the
Sorell and nearby offshore Otway Basin.

Divesting a non-core shareholding in Magellan Petroleum
Australia Limited.

Implementing a major restructure to improve the Company's key
business processes and simplify the organizational structure.
The restructure is expected to achieve improvements in one-off
after-tax earnings in the order of $22 million in 2005 and $30
million in 2006.

Farming out 16.67 percent equity in the exploration permit WA-
264-P, containing the Corowa 1 discovery, to Beach Petroleum.
Under the agreement, Santos retains 50% equity and operatorship
of the permit.

Entering into a major agreement to swap 150 petajoules (PJ)
Cooper Basin gas with Origin Energy - further cementing the
Moomba Hub's role for eastern Australia gas needs.

Agreeing to acquire some of Novus Petroleum's Indonesian and
Australian assets in the PT Medco-Novus takeover, adding
Indonesian exploration acreage, 2 mmboe of production in 2005
and 22 mmboe of 2P reserves.  This is subject to negotiations
and execution of formal detailed documentation.

Significantly expanding and diversifying US acreage adding two
new venture areas in the shallow waters of the Gulf of Mexico
and onshore east Texas.

Farming out 60 percent interest in the NT/P61 permit in the
Timor Sea to ConocoPhillips, ahead of drilling the Caldita
prospect, a major gas prospect in the Timor Sea.  This is
Santos' second venture with ConocoPhillips in the region. The
companies are already in joint venture in the massive Bayu-Undan
development.

Divesting non-core onshore Otway assets for $25.8 million to
Origin Energy Resources.

Expanding into North Africa, with plans to invest approximately
A$70 million in a joint eight-well exploration venture over
three years in the Gulf of Suez, Egypt, with major US petroleum
group, Devon Energy Corporation.  Drilling of the first
exploration well under this agreement commenced within a matter
of days of the Santos-Devon JV announcement.

Further expanding offshore Victorian gas interests with
agreement to increase to 50 percent Santos' equity interests in
both the Patricia Baleen and the Sole gas fields.
Exploration

Santos drilled four exploration wells in the first half, of
which three were successful in discovering hydrocarbons: Jeruk
1, offshore East Java; Torres 1, onshore South Texas and Hebe 1,
southwest Queensland.

Mr Ellice-Flint said the second half of the current financial
year would see Santos involved in one of the most active and
intense periods of exploration in the Company's history.

A total of 17 wells are scheduled to be drilled at a total cost
of around $90 million.

"Two of these high-potential wells - Khefren 1 and Jeruk 2 - are
currently being drilled in Egypt and Indonesia respectively," he
said.

CONTACT:

Santos Ltd (NASDAQ (SC)
Level 29, Santos House,
91 King William St.
Adelaide, 5000, Australia
Phone: +61-8-8218-5111
Fax: +61-8-8218-5476
Website: http://www.santos.com.au


SANTOS LIMITED: Offers FUELS
----------------------------
Santos Limited in a disclosure to the Australia Stock Exchange
announced an offer of Franked Unsecured Equity Listed Securities
(FUELS) and the redemption and buyback of its existing Reset
Convertible Preference Shares (Resets).

The offer of FUELS which are non-cumulative, redeemable and
convertible preference shares, is for $500 million.  The
redemption and buyback of Resets will be for all outstanding
Resets with a total Face Value of $350 million.

"The offer of FUELS and the redemption and buyback of Resets is
consistent with Santos' ongoing commitment to capital
management", said Santos Chairman, Mr. Stephen Gerlach.

"FUELS have more equity like features than Resets and will
achieve a more efficient capital structure for Santos.

"The company has decided to use some of the proceeds from the
issue of FUELS to fund a redemption of Resets.  The remaining
funds will be used to partially fund Santos' growth development
program, which will deliver increased production in the future,"
he said.

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


==============================
C H I N A  &  H O N G  K O N G
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BPS INTERNATIONAL: Faces Bankruptcy Proceedings
-----------------------------------------------
A Petition for the Winding up of BPS International (Group)
Company Limited by the High Court of Hong Kong Special
Administrative Region was, on the 27th day of July 2004,
presented to the said Court by Chickeeduck Distribution Limited
whose registered office is situate at the 1st Floor, 6 On Lok
Mun Street, On Lok Tsuen, Fanling, New Territories, Hong Kong.

The said Petition will be heard before the Court at 9:30 am on
the 1st day of September 2004.

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

Robin Bridge & John Liu
Solicitors for the Petitioner
22nd Floor, Lane Crawford House
70 Queen's Road Central
Central, Hong Kong

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


CHINA GAS: Announces Major and Connected Transactions
-----------------------------------------------------
On 19 August 2004, China Gas Holdings Limited entered into the
Great Sun Agreement with Famestar in relation to (i) the
acquisition of the entire issued share capital of Great Sun; and
(ii) the acquisition of the entire shareholder's loan owed by
Great Sun to Famestar as of completion of the Great Sun
Agreement, for an aggregate consideration of CNY81,600,000
(equivalent to approximately HK$77,714,000).

On the same date, Shenzhen Natural Gas, a wholly owned
subsidiary of the Company, entered into the Share Transfer
Agreements with Beijing YLC in relation to the acquisition of
10% equity interests in Hanchuan Jiaxu, Yumeng Jiaxu, Yingcheng
Jiaxu and Xiaogan Jiaxu, all of which are currently 65% Pursuant
to the Hanchuan Agreement, Shenzhen Natural Gas agreed to
acquire and Beijing YLC agreed to sell 10% equity interests in
Hanchuan Jiaxu for a consideration of RMB3,730,000 (equivalent
to approximately HK$3,552,000).

Pursuant to the Xiaogan Agreement, Shenzhen Natural Gas agreed
to acquire and Beijing YLC agreed to sell 10% equity interests
in Xiaogan Jiaxu for a consideration of RMB5,330,000 (equivalent
to approximately HK$5,076,000). Pursuant to the Yingcheng
Agreement, Shenzhen Natural Gas agreed to acquire and Beijing
YLC agreed to sell 10% equity interests in Yingcheng Jiaxu for a
consideration of RMB5,330,000 (equivalent to approximately
HK$5,076,000). Pursuant to the Yumeng Agreement, Shenzhen
Natural Gas agreed to acquire and Beijing YLC agreed to sell 10%
equity interests in Yumeng Jiaxu for a consideration of
CNY3,310,000 (equivalent to approximately HK$3,152,000).

Upon completion of the Great Sun Acquisition and the JV
Acquisition, Hanchuan Jiaxu, Yumeng Jiaxu, Yingcheng Jiaxu and
Xiaogan Jiaxu will become wholly owned subsidiaries of the
Company, while Xiaogan Zhenrong will become a 55% owned
subsidiary of the Company.

The Great Sun Acquisition and the JV Acquisition, when
aggregated with the Clever Decision Acquisition, constitute e-
major transactions on the part of the Company under Rule 14.06
of the Listing Rules.

Since Famestar is the holding company of Great Sun, a
substantial shareholder of Hanchuan Jiaxu, Yumeng Jiaxu,
Yingcheng Jiaxu, Xiaogan Jiaxu and Xiaogan Zhenrong, all being
non-wholly owned subsidiaries of the Company, Famestar is
regarded as a connected person of the Company as defined under
the Listing Rules.

Since Beijing YLC is a substantial shareholder of Hanchuan
Jiaxu, Xiaogan Jiaxu, Yingcheng Jiaxu, Yumeng Jiaxu and Xiaogan
Zhenrong, all being non-wholly owned subsidiaries of the
Company, Beijing YLC is also regarded as a connected person of
the Company as defined under the Listing Rules.

Accordingly, the Great Sun Acquisition and the JV Acquisition
also constitute connected transactions on the part of the
Company under Rule 14A.13 of the Listing Rules and will be
subject to, among other things, the approval of the Independent
Shareholders at the SGM.

The SGM will be convened and held to consider and, if thought
fit, to approve, among other things, the Great Sun Agreement,
the Share Transfer Agreements and the transactions contemplated
thereunder.

The Independent Board Committee comprising Mr. Zhao Yu Hua, Dr.
Mao Er Wan and Ms. Wong Sin Yue, Cynthia, being all the
independent non-executive Directors, will be formed to advise
the Independent Shareholders as to the fairness and
reasonableness of the Great Sun Acquisition and the JV
Acquisition, and whether the Great Sun Acquisition and the JV
Acquisition are in the interests of the Company and the
Shareholders as a whole. An independent financial adviser will
be appointed to advise the Independent Board Committee and the
Independent Shareholders in this regard.

A circular containing, among other things, details of the Great
Sun Acquisition, the JV Acquisition, the letter of advice from
the independent financial adviser to the Independent Board
Committee and the Independent Shareholders, the recommendation
from the Independent Board Committee to the Independent
Shareholders, the accountants' reports on Great Sun, Hanchuan
Jiaxu, Xiaogan Jiaxu, Yingcheng Jiaxu and Yumeng Jiaxu, the
information regarding the Group and the notice of the SGM will
be dispatched to the Shareholders within 21 days after the
publication of this announcement.

Trading in Shares on the Stock Exchange was suspended at the
request of the Company from 9:30 a.m. on 20 August 2004 pending
the release of this announcement. Application has been made to
the Stock Exchange for the resumption of trading in Shares at
9:30 a.m. on 24 August 2004.

To view the full release, click on:
http://bankrupt.com/misc/TCRAP_CHINAGAS082404.pdf


DIGITAL CHINA: Back to Black with HKD30.4M Q1 Net Profit
--------------------------------------------------------
According to Infocast News, Digital China Holdings Limited
posted a net profit of HKD30.336 million for the fiscal first
quarter ended June 30, compared to a net loss of HKD148.635
millison for the previous corresponding period. The EPS were
HKD0.0353. No dividend was declared for the period.

To view the financial results, click on:
http://bankrupt.com/misc/TCRAP_DIGITALCHINA082404.pdf


EVERPASS ENGINEERING: Court Hears Winding Up Petition
-----------------------------------------------------
Notice is given that a Petition for the Winding up of Everpass
Engineering Limited by the High Court of Hong Kong Special
Administrative Region was, on the 9th day of August 2004,
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.

The said Petition will be heard before the Court at 9:30 am on
the 15th 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.

Chow, Griffiths & Chan
Solicitors for the Petitioner
Room 1902-04, 19th Floor
Hang Seng Building
77 Des Voeux Road Central
Hong Kong

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


GAINFINDERS LIMITED: Winding Up Hearing Set September 8
-------------------------------------------------------
Notice is given that a Petition for the Winding up of
Gainfinders Limited by the High Court of Hong Kong Special
Administrative Region was, on the 4th day of August 2004,
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, 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.

Gallent Y. T. Ho & Co.
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
Central, Hong Kong

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


SINO TRADE: Enters Winding Up Proceedings
-----------------------------------------
Notice is given that a Petition for the Winding up of Sino Trade
Asia Limited by the High Court of Hong Kong Special
Administrative Region was, on the 29th day of July 2004,
presented to the said Court by Standard Chartered Bank (Hong
Kong) Limited whose registered office is situate at 32nd Floor,
Standard Chartered Bank Building, 4-4A Des Voeux Road, Central,
Hong Kong.

The said Petition will be heard before the Court at 10:00 am on
the 1st day of September 2004.

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

White & Case
Solicitors for the Petitioner
9th Floor, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong

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


SURPLUS TRADER: Bankruptcy Hearing Set September 1
--------------------------------------------------
A Petition for the Winding up of Surplus Trader Limited by the
High Court of Hong Kong Special Administrative Region was, on
the 29th day of July 2004, presented to the said Court by
Standard Chartered Bank (Hong Kong) Limited whose registered
office is situate a t 32nd Floor, Standard Chartered Bank
Building, 4-4A Des Voeux Road, Central, Hong Kong.

The said Petition will be heard before the Court at 10:00 am on
the 1st day of September 2004.

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

White & Case
Solicitors for the Petitioner
9th Floor, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong

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


TIMBERLAND INDUSTRIAL: To Hold Creditors' Meeting on August 30
--------------------------------------------------------------
Notice is given that a meeting of the creditors of Timberland
Industrial Limited will be held at 11:00 am on 30 August 2004 at
the offices of Ferrier Hodgson Limited, 14th Floor, Hong Kong
Club Building, 3A Chater Road, Central, Hong Kong.

At the meeting, the creditors may amongst other things, by
resolution determine whether or not an application shall be made
to the court for the appointment of a committee of inspection to
act with the liquidators, and who are to be the members of the
committee if appointed.

Proxies to be used at the meeting must be lodged with me not
later than 24 hours before the meeting.

ROD SUTTON
Joint and Serveral Liquidator


WISECITY CONSULTANTS: Court Sets Winding Up Petition Hearing
------------------------------------------------------------
Notice is given that a Petition for the Winding up of Wisecity
Consultants Limited by the High Court of Hong Kong Special
Administrative Region was, on the 3rd day of August 2004,
presented to the said Court by Sun Hung Kai Real Estate Agency
Limited whose registered office is situate a t 45th Floor, Sun
Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong.

The said Petition will be heard before the Court at 9:30 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.

Winston Chu & Co.
Solicitors for the Petitioner
Room 2006, 20th Floor
One Pacific Place
88 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.


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


BANK NEGARA: May Be Sold At 1.4 Times Its Book Value
----------------------------------------------------
The Indonesian government is expected to sell a 30-percent stake
in PT Bank Negara Indonesia (BBNI.JK) at between 1.1 and 1.4
times its book value, reports Dow Jones, citing BNI President
Sigit Pramono.

With analysts pegging BNI's book value at around IDR840 per
share as of June 30, the selling price of the bank's shares is
expected to be between IDR924 and IDR1,176 each.

Mr. Pramono said that the price range for BNI, Indonesia's third
largest lender, is "reasonable", and is expected to attract
investors.

The government, which holds a 99.12% stake in BNI, is expected
to sell the bank in the fourth quarter.

CONTACT:

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


BANK PERMATA: Bank Rakyat Allots US$88.8M For Stake Buy
-------------------------------------------------------
Bank Rakyat Indonesia (BRI) announced it has allocated IDR800
billion (US$88.8 million) for its bid to buy a 51-percent stake
in Bank Permata, reveals the Antara news agency.

According to BRI Director I Wayan Alit Antara, the state-owned
bank is in talks with other interested bidders to form a
consortium to acquire the stake. He, however, did not comment on
reports that it has already agreed to form a consortium with
Hong Leong Bank, one of Malaysia's largest banks.

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

The government expects to name a buyer in December.

CONTACT:

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


TELEKOMUNIKASI INDONESIA: Considering Bond Issue This Year
----------------------------------------------------------
In an effort to lessen its foreign exchange losses, PT
Telekomunikasi Indonesia (Telkom) is studying the possibility of
a rupiah bond issue later this year to help refinance its
US$800-million debt, reveals Dow Jones, citing Telkom President
Commissioner Tanri Abeng.

Mr. Tanri said on Monday that Telkom's planned bond issue can be
backed up by the company's solid financial performance. He,
however, did not divulge any details about the size of the bond
or its maturity.

Telkom, Indonesia's largest telecommunications firm, reported a
19-percent drop in its net profit for the first half, which it
mostly blamed on foreign exchange losses due to the weaker
rupiah totaling IDR869.81 billion.

As of June 30, the short-term liabilities of Telkom, which is
51.2 percent owned by the government, stands at US$160 million,
while long-term debt account for the rest.

CONTACT:

P.T. Telekomunikasi Indonesia
Tbk. Jalan Japati 1
Bandung, 40133, Indonesia
Phone: +62-22-4527337
Fax: +62-22-7104743
http://www.telkom.co.id


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


DAIEI INCORPORATED: President To Quit Over Rehab
------------------------------------------------
As rehabilitation talks between Daiei Incorporated and its
creditors near completion, Kunio Takagi expressed his intention
to resign as president of the ailing retailer giant, The Japan
Times reports.

According to sources, Mr. Takagi will vacate his post and take
responsibility for Daiei's slumping business after wrapping up
the negotiations, which focused on whether Daiei will permit the
Industrial Revitalization Corporation of Japan's (IRCJ)
involvement in its revival program.

Mr. Takagi will meet top bank executives this week to convince
them to accept Daiei's own restructuring proposal, which was
presented to the retailer's main lenders UFJ bank, Mizuho
corporate Bank and Sumitomo Mitsui Banking Corporation last
week.

Under the scheme, Daiei will revive its business without IRCJ's
help by raising JPY100 billion through a shares issue to
securities houses and investment funds.

Seeing that the plan needs an overhaul, the creditor banks
continue to seek support from ICRJ, which is "charged with
helping to revive heavily indebted companies deemed otherwise
salvageable by buying loans extended to them from banks."

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


DAIEI INCORPORATED: Deutsche Securities Extends Aid
---------------------------------------------------
Deutsche Securities and its Japanese affiliates have presented
an alternative revival plan to Daiei Incorporated to prevent it
from being sent to the Industrial Revitalisation Corporation of
Japan, relates the Financial Times.

The Deutsche proposal, which excludes IRCJ's involvement, is the
first plan presented to the struggling retailer in which a
foreign firm would work with local companies, such as trading
house Marubeni and Tokyu Land, in reviving Daiei's operations.

Deutsche plans to acquire a stake in Daiei while Tokyu Land
would help attract tenants for its shops and Marubeni would
assist in its supermarket operations.

Daiei, which has also received restructuring proposals from
several foreign firms including Wal-Mart, has not yet responded
to the Deutsche offer.

Deutsche and Tokyo Land have done business in the past,
including a recent JPY29 billion (USD264.7 million) five-year
property fund. The two companies are currently eyeing Daiei as
they focus on their corporate rehabilitation businesses.

Marubeni, which has annual business deals worth JPY65 billion
with Daiei, affirmed its intention to grant aid to the retailer
upon formal request.

The Ministry of Economy, Trade and Industry, which regulates
both the retail sector and IRCJ, considers the Deutsche scheme a
better option than pushing ICRJ's involvement despite Daiei's
resistance.

"In theory, we can oppose the plan if we believe there is a
problem with it," said one Meti official.

Daiei has been hesitant to accept ICRJ's support for fear of job
cuts since the state-backed rehabilitation body is known for its
harsh restructuring measures.


MITSUBISHI MOTORS: Holds Fourth Ethics Committee Meeting
--------------------------------------------------------
The Business Ethics Committee, an advisory body for the
Mitsubishi Motors board of directors, held its fourth meeting on
August 20.

At the meeting, Mitsubishi Motors gave an interim report on its
extended investigation into information pertaining to quality
issues in the past. Comments offered by committee members
include:

Make sure you disclose everything on August 26 regarding your
investigations announced on June 2.

You should clearly explain how you went about your in-depth
investigation.

It is only natural that you dig up everything from the past to
redeem yourself. What is more important, though, is how you will
establish a steadfast system to deal with defects in the future.
You should learn from the current problems and put a stricter
process in place to determine recalls.

You have investigated the situation to the best of your ability.
I think you can declare an end to the investigations at this
stage.

Following the interim report, the company explained the
structure of its ongoing investigation into the cause of the
recall problems and outlined the main points of the
investigation. The committee commented that the company should
use the results of the internal investigations and gather
information externally to help establish a framework to ensure a
similar situation never occurs again.

Committee member Kazuko Miyamoto reported before the meeting
that she had received a suggestion for a consumer group to visit
the company's Okazaki plant to view the production process and
talk with workers on ensuring safety and users' needs. All
members agreed this would be a good idea and directed the
company organize a visit.

The next meeting will be held on September 6.

Noboru Matsuda
Business Ethics Committee Chairman

CONTACT:

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


UFJ HOLDINGS: Borrower Rehab Plans Face Snags
---------------------------------------------
UFJ Holdings Incorporated is experiencing difficulties regarding
the rehabilitation process of its major troubled borrowers,
reports The Daily Yomiuri.

Despite an earlier basic policy deal signed by UFJ and its
borrowers that the large-lot borrowers seek revival aid from UFJ
and other banks, the troubled lender still finds it hard to
complete the remaining 20 percent of its restructuring projects
by the end of the month.

UFJ is seeking IRCJ support for two of its troubled borrowers,
Daiei Incorporated and Daikyo Incorporated, which have been
shunning the prospect because of possible "dismissal of board
members and drastic streamlining of their businesses and
workforces."

Revival plans for other UFJ borrowers involve the divestment of
their businesses and other assets to foreign companies.

CONTACT:

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


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


HYNIX SEMICONDUCTOR: Bolsters Internal Security Measures
--------------------------------------------------------
South Korean chip maker Hynix Semiconductor has announced that
starting this week, employees at its headquarters' offices in
Gangnam, Seoul, will have to go through tighter security
procedures when entering and exiting the building in light of
security breaches at smaller semiconductor companies, JoongAng
daily reports.

According to Hynix public relations official Kim Ah-young, the
company has spent KRW200 million beefing up its security since
May. Among the added measures designed to prevent possible
leakage of data such as semiconductor design blueprints are
metal detection scanners to search for objects such as USB
memory sticks, digital cameras and MP3 players. In addition, two
closed circuit televisions are installed at each entrance to
prevent theft, and every floor will have a specially trained
security guard on duty.

With the heightened security, employees are now prohibited from
carrying portable data-collection devices such as memory sticks
or floppy disks and digital cameras. Workers with digital
camera-equipped cellular phones are required to place a sticker
over the lens of the camera or lock it in a security box before
entering the building.

Furthermore, employees are not allowed to burn any data onto
compact discs or send e-mail attachments. Also, a firewall has
been installed to block access to Yahoo! Mail and other web-
based mail services. Uploading files to Web boards is prohibited
as well.

Previously, strict security measures were only implemented at
Hynix's production facilities and research center, but reports
of data leakage at several semiconductor firms have prompted the
chip maker to hasten efforts to also beef up its security at its
headquarters office.

The company is also planning to implement similar security
measures at its new production plant in China.

CONTACT:

Hynix Semiconductor Inc.
San 136-1, Ami-ri, Bubal-eub
Ichon, Kyonggi 467-860, South Korea
Phone: +82-31-630-4114
Fax: +82-31-630-4103
http://www.hynix.com


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


AMSTEEL CORPORATION: Set to Sell Shopping Complex
-------------------------------------------------
On behalf of the Board of Directors of Amsteel Corporation
Berhad, OSK Securities Berhad (OSK) announced that Lion Ipoh
Parade Sdn Bhd (LIPSB) and Lion Seremban Parade Sdn Bhd (LSPSB),
had respectively, on 20 August 2004 accepted the letters of
offer dated 11 August 2004 from TMW Lion GmbH (Purchaser) (LO)
for the following proposals:

(a) The proposed disposal of the shopping complex known as Ipoh
Parade for a total cash consideration of RM161,525,000 (Proposed
Disposal of Ipoh Parade); and

(b) The proposed disposal of the shopping complex known as
Seremban Parade for a total cash consideration of RM64,624,000
(Proposed Disposal of Seremban Parade).

The Proposed Disposal of Ipoh Parade and Proposed Disposal of
Seremban Parade are hereinafter collectively referred to as the
"Proposed Disposals". Ipoh Parade and Seremban Parade shall
hereinafter be collectively referred to as the "Parades", whilst
LIPSB and LSPSB are collectively referred to as the "Vendors".

A formal sale and purchase agreement (SPA) in respect of each of
the Proposed Disposals will be signed after a due diligence
review has been conducted to the satisfaction of the Purchaser.
An announcement shall be made upon the execution of the relevant
sale and purchase agreements in respect of the Proposed
Disposals.

Further details of the Proposed Disposals are set out in the
ensuing sections of this Announcement.

2. DETAILS OF THE PROPOSED DISPOSALS

2.1 Proposed Disposal of Ipoh Parade

LIPSB, a wholly-owned subsidiary of Ayer Keroh Resort Sdn Bhd
(AKR), which in turn is a 70% owned subsidiary of Amsteel, had
on 20 August 2004 accepted a letter of offer from the Purchaser
to purchase the shopping complex known as Ipoh Parade (excluding
an annexed block of a proposed medical centre partially
constructed up to six (6) storeys with one (1) basement level)
for a total cash consideration of RM161,525,000. Further details
of Ipoh Parade are set out in Section 3.1 (a) of this
Announcement.

Ipoh Parade will be sold and transferred to the Purchaser free
from encumbrances, charges, liens and restraints whether
equitable or legal, and without prejudice to Section 9(h) of
this Announcement, subject to all conditions, express or implied
in the document of title to the property and existing tenancies
and licences and on an "as-is-where-is" basis subject to the
provisions of the SPA.

The mode of settlement in respect of the Proposed Disposal of
Ipoh Parade is set out in Table 1 enclosed below.

2.2 Proposed Disposal of Seremban Parade

LSPSB, a 70% owned subsidiary of Masbeef Sdn Bhd, which in turn
is a wholly-owned subsidiary of AKR, had on 20 August 2004
accepted a letter of offer from the Purchaser to purchase the
shopping complex known as Seremban Parade (excluding the
municipal council office premises measuring approximately 33,380
square feet located on the fifth (5th) floor inclusive of lift
lobby on the ground floor of the shopping complex belonging to
Majlis Perbandaran Seremban) for a total cash consideration of
RM64,624,000. Further details of Seremban Parade are set out in
Section 3.1 (b) of this Announcement.

Seremban Parade will be sold and transferred to the Purchaser
free from encumbrances, charges, liens and restraints whether
equitable or legal, and without prejudice to Section 9(h) of
this Announcement, subject to all conditions, express or implied
in the document of title to the property and existing tenancies
and licences and on an "as-is-where-is" basis subject to the
provisions of the SPA.

The mode of settlement in respect of the Proposed Disposal of
Seremban Parade is set out in Table 1 enclosed below.

There will be no liabilities to be assumed by the Purchaser
arising from the Proposed Disposals.

CONTACT:

Amsteel Corporation Berhad
165 Jalan Ampang
Kuala Lumpur, 50450
MALAYSIA
Tel: +60 3 2162 2155/2161 3166
Tel: +60 3 2162 3448


ANTAH HOLDINGS: Enters Share Purchase Agreement
-----------------------------------------------
Further to the announcement dated 16 July 2004 in relation to
the restructuring scheme of Antah Holdings Berhad comprising the
Proposed Debt Restructuring and Proposed Two-Call Rights Issue,
the Company had on 23 August 2004 entered into a Share Purchase
Agreement (SPA) with Koh Tian Joo, Tan Hui Ken and Ngiow Lee Eng
(collectively, the WFE Vendors) to acquire 75% equity interest
in Westform Far East Sdn Bhd (WFE) comprising 562,500 ordinary
shares of RM1.00 each (Sale Shares) for a purchase consideration
of RM60,000,000 (Purchase Consideration) to be satisfied by the
issuance of 90,000,000 new ordinary share of RM0.50 each in
Antah (Antah Shares) (Consideration Shares) at an issue price of
RM0.50 per Antah Share and RM15,000,000 nominal value of 2-year
zero coupon irredeemable convertible unsecured loan stocks
(Consideration ICULS) (Proposed Acquisition).

The Proposed Debt Restructuring, Proposed Two-Call Rights Issue
and Proposed Acquisition shall be referred to as the Proposed
Restructuring Scheme.

DETAILS OF THE PROPOSED ACQUISITION

The Proposed Acquisition shall entail the proposed acquisition
by Antah of the Sale Shares from the WFE Vendors for a purchase
consideration of RM60,000,000 to be satisfied by the issuance of
90,000,000 Consideration Shares at an issue price of RM0.50 per
Antah Share and RM15,000,000 nominal value of Consideration
ICULS.

The purchase consideration of RM60,000,000 was arrived at based
on a willing buyer-willing seller basis after taking into
consideration:

(a) the audited net tangible assets (NTA) of WFE of RM7,642,688
as at 31 December 2002;

(b) the audited profit after tax (PAT) of WFE of RM2,231,109 for
the financial year ended 31 December 2002;

(c) the historical financial performance of WFE; and

(d) the guarantee by the WFE Vendors of a minimum PAT of WFE of
RM10,000,000 per year for the each of the financial years ending
31 December 2004 and 31 December 2005.

The proposed issue price of the Consideration Shares and
conversion price of the Consideration ICULS of RM0.50 were
arrived at after taking into account the following:

(a) the five (5)-day weighted average market price of the Antah
Shares up to 20 August 2004 of RM0.141 per share (being the date
preceding this announcement);

(b) the audited consolidated NTA of Antah as at 30 June 2003 of
RM0.67 per Antah Share;

(c) the audited consolidated loss after taxation and minority
interest of Antah for the financial year ended 30 June 2003 of
RM240.61 million; and

(d) the par value of Antah Shares of RM0.50.

The new Antah Shares to be issued pursuant to the Proposed
Acquisition shall upon allotment and issuance, rank pari passu
in all respects with the existing Antah Shares, save and except
that they shall not be entitled to any dividends, rights,
allotments and/or other distributions, the entitlement date of
which is prior to the date of allotment of the Consideration
Shares.

The salient terms of the Consideration ICULS is set out in Table
1 at http://bankrupt.com/misc/tcrap_antah082404.doc.

Information on WFE

WFE was incorporated in Malaysia on 21 December 1995 under the
Companies Act, 1965 as a private limited company. As at 31
December 2003, the authorized share capital of WFE is
RM1,000,000 comprising 1,000,000 ordinary shares of RM1.00 each,
of which RM750,000 comprising 750,000 ordinary shares of RM1.00
each has been fully paid up.

The principal activities of WFE are formwork design,
manufacturing and engineering including sales, rentals and
installation, design, build and revalue engineering for building
structure as well as other constructive activities. As at 31
December 2003, WFE does not have any subsidiary or associated
companies.

The audited financial information of WFE for the five (5)
financial period/ years ended 31 December 2002 is shown in Table
2 below.

Original Cost and Date of Investment

The original dates and cost of investments of the WFE Vendors in
WFE are as shown in Table 3 below.

Profit Guarantee

As an integral part of the Proposed Acquisition, Antah had on 23
August 2004 entered into a Profit Guarantee and Management
Agreement (PGMA) with the WFE Vendors whereby the WFE Vendors
unconditionally and irrevocably agree with and guarantee that
WFE shall attain the PAT of at least RM10,000,000 for each of
the financial years ending 31 December 2004 and 31 December 2005
respectively (Guaranteed PAT) provided that the WFE Vendors be
given control over the management of WFE during the guarantee
period. In the event that there is a shortfall for the
Guaranteed PAT for that financial year (Shortfall), the WFE
Vendors shall make good 75% of the Shortfall.

Share Buy-Back Arrangement

Syarikat Pesaka Antah Sdn Bhd (SPASB), a substantial shareholder
of Antah shall purchase 12,000,000 Antah Shares to be issued to
the WFE Vendors pursuant to the Proposed Acquisition. In
relation thereto, SPASB had on 23 August 2004 entered into a
Share Sale Agreement (SSA) with the WFE Vendors to acquire
12,000,000 Antah Shares to be issued to WFE Vendors pursuant to
the Proposed Acquisition for a cash consideration of RM6,000,000
or RM0.50 per Antah Share (Share Buy-Back Arrangement). The SSA
and the SPA shall be completed simultaneously.

Salient Terms of the SPA, PGMA and SSA

The salient terms of the SPA, PGMA and SSA include, amongst
others the following:

SPA

(i) Antah shall purchase the Sale Shares from the WFE Vendors
for the Purchase Consideration free from any mortgage, deposit,
charge, assignment, pledge, lien or other encumbrance, priority
or security interest or arrangement of whatsoever nature
securing any obligations of any person or any other type of
preferential arrangement having similar effect together with all
rights attached thereto including all dividends and
distributions declared paid or made in respect thereof on or
after the date of the SPA;

(ii) The Purchase Consideration shall be satisfied by way of
allotment and issuance of 90,000,000 Consideration Shares
credited as fully paid-up and RM15,000,000 nominal value of
Consideration ICULS to the WFE Vendors or its nominees on the
completion date of the SPA;

(iii) The Proposed Acquisition shall be conditional upon the
following conditions precedent being fulfilled on or before the
date falling one (1) year from the SPA or by such later date(s)
as the parties may mutually agree in writing:-

(a) the written approvals of the Securities Commission (SC), SC
(on behalf of Foreign Investment Committee (FIC)) and Ministry
of International Trade and Industry (MITI) for the Proposed
Acquisition;

(b) the written approval of the SC for the Share Buy-Back
Arrangement;

(c) Bursa Malaysia Securities Berhad (formerly known as Malaysia
Securities Exchange Berhad) (Bursa Securities), for the listing
of and quotation for the Consideration Shares and the new Antah
Shares to be issued pursuant to the conversion of the
Consideration ICULS;

(d) consents or approvals as may be necessary from any third
party or governmental or regulatory body or competent authority
having jurisdiction over the sale of the Sale Shares having been
granted or obtained or revoked, and if such consents or
approvals are granted or obtained subject to any conditions,
such conditions being acceptable to the parties;

(e) the relevant approvals being obtained for the Proposed Debt
Restructuring;

(f) the approval of the shareholders of Antah (if required); and

(g) the SSA being unconditional in accordance with the terms
therein;
(iv) Antah is not obligated to complete the SPA unless the SPA
and the SSA are completed simultaneously;

(v) Antah and the WFE Vendors acknowledge and agree that a
variance of less than 10% imposed by the SC or any other
relevant authority on the Purchase Consideration shall not be a
valid ground for termination of the SPA;

(vi) Antah shall use its best endevour to procure the release of
the WFE Vendors from personal guarantees given by the WFE
Vendors in favour of such financial institutions for the benefit
of WFE up to the proportion of the Vendors' shareholding in the
Company within six (6) months from the completion date of the
SPA. For the avoidance of doubt, failure of Antah to secure such
release of the WFE Vendors by the financial institutions shall
not constitute a breach under the SPA;

(vii) The WFE Vendors shall contemporaneously with the execution
of the SPA, sign the PGMA and the SSA;

(viii) Antah shall be at liberty to conduct a legal and/or
financial due diligence on WFE (Due Diligence) in respect of all
matters (including but not limited to financial, operational,
management, accounting and legal matters) relating to WFE. Antah
shall confirm in writing (DD Written Confirmation) to the WFE
Vendors whether the Due Diligence has or has not been
satisfactory within sixty (60) business days from the date of
the SPA (the "DD Cut-Off Date). Failing the delivery of the DD
Written Confirmation by Antah by the DD Cut-Off Date, Antah
shall be deemed to have found the Due Diligence satisfactory on
the DD Cut-Off Date. In the event that Antah shall have
delivered to the WFE Vendors the DD Written Confirmation
indicating that the Due Diligence has not been satisfactory to
Antah on or before the DD Cut-Off Date, the SPA shall forthwith
terminate and neither party shall have any claim against the
other whatsoever save in respect of any antecedent breach;

(ix) Upon completion of the Proposed Acquisition (Completion),
Antah shall be entitled to nominate three (3) non-executive
directors representing Antah (one of whom shall be the non-
executive chairman) to the board of directors of WFE. The WFE
Vendors shall have two (2) representative directors on the board
of directors of WFE having executive position; and

(x) On Completion, the WFE Vendors shall be entitled to nominate
one (1) non-executive director being the representative of the
WFE Vendors to the board of directors of Antah.
PGMA

(i) The WFE Vendors jointly and severally undertake and
guarantee that WFE shall achieve an annual PAT of at least
RM10,000,000 per year for the each of the financial years ending
31 December 2004 and 31 December 2005 respectively (Guarantee
Period);

(ii) The WFE Vendors shall be entitled to unrestricted control
over the daily management, operations, sales and marketing and
all employees of WFE during the Guarantee Period;

(iii) The obligations of the WFE Vendors in relation to 75% of
the Guaranteed PAT shall be secured against the RM15,000,000
nominal value Consideration ICULS which shall be deposited with
a stakeholder acceptable to Antah (Stakeholder);

(iv) The Stakeholder shall release the Consideration ICULS held
as security in stages of RM7,500,000 nominal value Consideration
ICULS per year when WFE achieves the Guaranteed PAT for each of
the financial year ending 31 December 2004 and 31 December 2005
respectively;

(v) In the event that there is a Shortfall, the WFE Vendors
shall make good 75% of the Shortfall in cash; and

(vi) In the event that the WFE Vendors fail to make good 75% of
the Shortfall, Antah shall be entitled to repurchase such
nominal value of Consideration ICULS equivalent to the amount of
75% of the Shortfall not otherwise paid in cash by the Vendors
at nil value for cancellation of such amount on the basis of
RM1.00 nominal value Consideration ICULS for every RM1.00 in 75%
of the Shortfall.
SSA

(i) The WFE Vendors agreed to sell and SPASB has agreed to
purchase 12,000,000 Antah Shares, forming part of the
Consideration Shares to be issued to the WFE Vendors upon
completion of the SPA, for a cash consideration of RM6,000,000
or RM0.50 per Antah Share;

(ii) The Share Buy-Back Arrangement shall be conditional upon
the following conditions precedent being fulfilled on or before
the date falling one (1) year from the SSA or by such later
date(s) as the parties may mutually agree in writing:

(a) the approvals of the SC, FIC and any other relevant
authorities for the Share Buy-Back Arrangement; and

(b) the SPA being conditional in accordance with the terms
therein;

(iii) SPASB is not obligated to complete the SSA unless the SSA
and the SPA are completed simultaneously; and

(iv) The parties shall be allowed to renegotiate the terms and
conditions of the SSA in the event that there is a variation by
the SC or other relevant authorities to the Purchase
Consideration for the Proposed Acquisition pursuant to the terms
of the SPA.

Liabilities to be Assumed

Antah will not assume any liabilities of WFE under the Proposed
Acquisition. The existing liabilities of WFE will be settled by
WFE in the normal course of business.

RATIONALE FOR THE PROPOSED ACQUISITION

The Proposed Acquisition will allow the Antah group of companies
(Antah Group) to diversify its income stream into the building
material industry which will provide synergistic benefits to the
property and infrastructure division of the Antah Group. The
Proposed Acquisition is also expected to contribute positively
to the future earnings of the Antah Group. The Share Buy-Back
Arrangement will minimize the dilution to the shareholdings of
the existing substantial shareholder of Antah as a result of the
Proposed Acquisition.

PROSPECTS OF WFE

WFE is principally involved in manufacturing, supply and
installation of integrated system formworks for the construction
and building industry. As such, the prospects of WFE will be
closely related to the construction industry.

The construction sector will continue to be supported by the
property sub-sector, driven by measures and incentives
introduced under the Economic Stimulus Package to stimulate
construction and sales of residential properties, in particular
affordable houses. On-going, public and privatized
infrastructure projects as well as off-shore fabrication works
in the oil and gas industry will further boost the growth of the
sector. The construction sector is, therefore, projected to
register a slightly stronger growth of 2.6%.

The residential sector, the main sector driving the property
market, is expected to remain active in the year ahead although
slower activity may be seen in the earlier months. The stronger
demand for affordable houses RM150,000 and below, accounting for
74.4% of the volume of transactions, should continue in the
following year. Sales performance of new launches at 54.6% was
less than encouraging, portending to a glut in unsold
properties. Some capital gains can be expected in some good
locations such as mature neighborhoods with limited supply,
areas with good accessibility and localities with adequate
amenities.

(Source: Economic Report 2003/2004)

(a) Political, economic and regulatory risks

Like all other business entities, changes in political, economic
and regulatory conditions in Malaysia, could materially and
adversely affect the financial and business prospects of WFE.
Amongst the political, economic and regulatory uncertainties are
the changes in political leadership, expropriation,
nationalization, re-negotiation or nullification of existing
sales orders and contracts, interest rates, method of taxation
and currency exchange rates.

While WFE will seek to limit the impact of such risk to its
business, there is no assurance that any change in the above
factors will not have a material adverse effect on the business
and operations of WFE.

(b) Business risks

The WFE's principal activities which are related to the
construction sector will be subject to certain risks inherent in
this sector. These may include changes in general economic
conditions and political conditions, inflation, taxation,
interest rates and exchange rates of foreign currencies and
changes in business conditions such as, but not limited to,
deterioration in prevailing market conditions, labour and
material supply shortages, increase in costs of labour and raw
materials.

(c) Competition

WFE is predominantly involved in the supporting industry of the
construction sector. Therefore WFE is subject to competition
from other market players within the industry. WFE attributes
its relative competitive strength in the market to its fair and
reasonable pricing, prudent management, financial strength and
WFE's established and good track record.

(d) Dependence on key personnel

The success of WFE will depend to a significant extent upon the
abilities and continued efforts of its current management team.
Upon completion of the Proposed Acquisition, Antah plans to
retain the current management team of WFE. The loss of any
member of its management team may have an impact on WFE's
operations. However, the WFE Vendors who also form part of WFE's
key management still retains a 25% equity interest in WFE after
the Proposed Acquisition and pursuant to the PGMA, the WFE
Vendors will retain control over the management of WFE during
the guarantee period. WFE's future success will also depend upon
its ability to attract and retain skilled personnel.

EFFECTS OF THE PROPOSED ACQUISITION

Share Capital

The effects of the Proposed Acquisition on the issued and paid-
up share capital of the Company are shown in Table 4.

Substantial Shareholders

The effects of the Proposed Acquisition on the substantial
shareholders of the Company are shown in Table 5.

Earnings

The Proposed Acquisition is expected to enhance the future
earnings of the Antah Group.

NTA

Based on the audited consolidated financial statements of Antah
for the financial year ended 30 June 2003, the proforma effect
of the Proposed Acquisition on the NTA of Antah, assuming the
Proposed Acquisition had been effected on the date, are
tabulated in Table 6.

CONDITIONS OF THE PROPOSED ACQUISITION

The Proposed Acquisition is subject to and conditional upon the
approvals from the following:

(a) the SC;

(b) the SC (on behalf of FIC);

(c) the MITI;

(d) Bursa Securities for:-

(i) the listing of and quotation for the new Antah Shares to be
issued pursuant to the Proposed Acquisition; and

(ii) the listing of and quotation for the new Antah Shares to be
issued pursuant to the conversion of the Consideration ICULS;

(e) the shareholders of Antah at an extraordinary general
meeting to be convened (if required);

(f) other relevant authorities (if necessary).
The Proposed Acquisition and Proposed Two-Call Rights Issue are
conditional upon the approvals of the Proposed Debt
Restructuring being obtained. However, the Proposed Debt
Restructuring is not conditional upon the Proposed Two-Call
Rights Issue and Proposed Acquisition.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

Y.A.M. Tunku Naquiyuddin ibni Tuanku Ja'afar is the Executive
Chairman of Antah and is also the substantial shareholder of
Antah by virtue of his sibling's shareholdings in SPASB. As
SPASB is a party to the Share Buy-Back Arrangement, Y.A.M. Tunku
Naquiyuddin ibni Tuanku Ja'afar is deemed interested in the
Proposed Acquisition. As such, he has abstained and will
continue to abstain from all deliberations and voting on the
resolution pertaining to the Proposed Acquisition at the Board
meeting. He will also abstain and ensure that persons connected
to him, will abstain from voting on the resolution approving the
Proposed Acquisition in respect of his direct and indirect
shareholdings.

SPASB, a substantial shareholder of Antah is deemed interested
in the Proposed Acquisition by virtue of its participation in
the Share Buy-back Arrangement. In addition, Y.A.M. Tunku Dara
Tunku Tan Sri Naquiah binti Tuanku Ja'afar, Y.A.M. Tunku Dato'
Seri Nadzaruddin ibni Tuanku Ja'afar, Y.A.M. Tunku Tan Sri Imran
ibni Tuanku Ja'afar, Y.A.M. Jawahir binti Tuanku Ja'afar and
Y.A.M. Irinah binti Tuanku Ja'afar are also deemed substantial
shareholders in Antah by virtue of their interests in SPASB. As
such, they will abstain and ensure that persons connected to
them, will abstain from voting on the resolution approving the
Proposed Acquisition in respect of their direct and indirect
shareholdings.

Save as disclosed above, none of the Directors and/or
substantial shareholders and persons connected to the Directors
and substantial shareholders has any interest, direct or
indirect, in the Proposed Acquisition.

ADVISER

Avenue has been appointed as the Adviser for the Proposed
Acquisition.

INDEPENDENT ADVISER

In view of the interests of the directors and substantial
shareholders of Antah as set out in Section 8 above, the
Proposed Acquisition is a related party transaction under
Paragraph 10.08 of the Listing Requirements of Bursa Securities.
In this respect, K & N Kenanga Berhad has been appointed to act
as the Independent Adviser to advise the minority shareholders
of Antah as to whether the Proposed Acquisition is fair and
reasonable so far as the shareholders are concerned and whether
the Proposed Acquisition is to the detriment of the minority
shareholders.

ESTIMATED TIME FRAME

Barring any unforeseen circumstances, the Proposed Acquisition
is expected to be completed within twelve (12) months from the
date of this announcement.

DEPARTURE FROM SC GUIDELINES

The Board is not aware of any departure from the SC's Policies
and Guidelines on Issue/Offer of Securities in relation to the
Proposed Acquisition.

13. DOCUMENTS FOR INSPECTION

The SPA, PGMA and SSA may be inspected at the registered office
of Antah at 9577, Jalan SS 16/1, Subang Jaya, 47500 Petaling
Jaya, Selangor during normal business hours from Mondays to
Fridays (except public holidays) for a period of three (3)
months from the date of this announcement.

CONTACT:

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


ARTWRIGHT HOLDINGS: Issues Private Placement Update
---------------------------------------------------
Artwright Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad that all the Private placement of up to 5,228,000 new
ordinary shares of RM1.00 each in the Company and with up to
5,228,000 detachable warrants (Artwright Warrants) have been
successfully placed out in tranches as follows:

Date Issued   No. of     No. of       Expiry Date
             Placement   Artwright    of Artwright
             Shares      Warrants     Warrants

22 March     500,000     500,000      21 March 2014
2004

17 May       1,650,000   1,650,000    21 March 2014
2004

21 June      2,200,000   2,200,000    21 March 2014
2004

12 August    878,000     878,000      21 March 2014
2004

The exercise price of the Artwright Warrants is at RM1.00 each
and to be satisfied fully in cash.

This announcement is dated 23 August 2004.

CONTACT:

Artwright Holdings Berhad
274909-A
6th Floor
3 Cangkat Raja Chulan
50250 Kuala Lumpur, WP
Malaysia


CEPATWAWASAN GROUP: Unveils Litigation Update
---------------------------------------------
Further to the announcement dated 5 July 2004, the Board of
Directors of Cepatwawasan Group Berhad announced that the
Company has been informed by Datuk Lo Fui Ming that he has
commenced committal proceeding against the previous directors,
namely Tengku Dato' Kamal Ibni Sultan Sir Abu Bakar (NRIC:
611008-06-5021), Tengku Kamarul Zaman Ibni Almarhum Sultan Sir
Abu Bakar (NRIC: 621104-06-5135), Kassim Bin Mohamed Ali (NRIC:
570718-10-5915) and Abdul Rahim Bin Sendiri (NRIC: 460708-06-
5203) (hereinafter collectively referred to as the Previous
Directors) for breach of the Consent Order by the Company not to
make capital commitment, investment and acquisition and not to
dispose of the assets of the Company as set out in the
announcement dated 5 July 2004.

The Company on 18 August 2004 discovered that a sum of RM13
million of its subsidiary, Prolific Yield Sdn Bhd, was paid to
Opti Temasek Sdn Bhd, a company having a paid-up capital of
RM2.00 which was incorporated on 27 April 2004 whose directors
are Yip Kum Wah (NRIC No. 390923-08-5783) and Lee Ah Lan (NRIC
No. 501002-05-5394) appointed on 25 June 2004. The amount of RM
13 million was paid by 5 cheques issued as detailed hereunder:

Bank and Cheque Nos.   Date        Amount (RM)
MBB 675953 8         July 2004     5,000,000
MBB 675952 9         July 2004     3,000,000
MBB 675951 10        July 2004     3,000,000
MBB 675963 13        July 2004     1,000,000
MBB 675964 13        July 2004     1,000,000

The cheque payment vouchers for the above payments were with no
description of purpose of payment.

The Board of Directors is taking steps, actions and arrangements
to recover the moneys and to protect the interests of the
Company.

Dated this 23rd day of August 2004


CHASE PERDANA: Releases Unaudited Quarterly Report
--------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Chase
Perdana 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
        8,867       42,458         41,227        91,271

2  Profit/(loss) before tax
        720          -8,748         1,147        -18,397

3  Profit/(loss) after tax and minority interest
        737          -8,722         1,177        -18,222

4  Net profit/(loss) for the period
        737          -8,722         1,177        -18,222

5  Basic earnings/(loss) per shares (sen)
       0.09          -34.00         -0.12        -71.04

6  Dividend per share (sen)
       0.00          0.00           0.00         0.00

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

7  Net tangible assets per share (RM)

                    0.6300              -39.3200

For more information, go to
http://bankrupt.com/misc/tcrap_chaseperdana082404.xls

CONTACT:

Chase Perdana Berhad
Off Jalan Semantan Damansara Heights
50490 Kuala Lumpur, 50490
MALAYSIA
+60 3 2718 3700
+60 3 2094 0503


CME GROUP: Widens 2Q04 Net Loss to MYR1.08M
-------------------------------------------
CME Group Berhad posted a net loss of MYR1.088 million in the
second quarter ended June 30, versus a net loss of MYR617,000 a
year earlier, Dow Jones reports.

   2nd quarter ended June 30:
   Figures are in Ringgit (MYR).
                                 2004               2003
Revenue                    MYR170,000       MYR1,529,000
Pretax Profit              (1,088,000)          (617,000)
Net Profit                 (1,088,000)          (617,000)
Earnings Per Share          (8.66 Sen)         (3.23 Sen)
Dividend                      Omitted            Omitted

   6 months ended June 30:
Revenue                       321,000          1,773,000
Pretax Profit              (2,363,000)        (2,457,000)
Net Profit                 (2,363,000)        (2,457,000)
Earnings Per Share         (15.49 Sen)        (12.76 Sen)
Dividend                      Omitted            Omitted
($1=MYR3.80; MYR1=100 Sen)

(Figures in parentheses are losses.)

Results are based on Malaysian accounting standards and are
unaudited.


EKRAN BERHAD: Issues Capitalization Proposal Update
---------------------------------------------------
Ekran Berhad disclosed to the Bursa Malaysia Securities Berhad
that the completion of the proposed capitalization and issuance
of 4,999,998 new ordinary shares of Rm1.00 each in Langkawi
Airport Hotel Sdn Berhad has been extended from 1 April 2004 to
31 March 2005 pursuant to the fourth Supplemental Letter dated
23 August 2004.

CONTACT:

Ekran Berhad
Jalan Parlimen
Kuala Lumpur, SARAWAK 50480
MALAYSIA
+60 82 236908
+60 82 236922

This announcement is dated 23 August 2004.


INNOVEST BERHAD: Unveils 1H04 Financial Result
----------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Innovest
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
         2,364         1,261         3,638       2,518

2  Profit/(loss) before tax
         217          -4,360          10        -5,403

3  Profit/(loss) after tax and minority interest
         403          -4,679          196       -5,722

4  Net profit/(loss) for the period
         403          -4,679           196       -5,722

5  Basic earnings/(loss) per shares (sen)
         0.12         -1.41           0.06       -1.72

6  Dividend per share (sen)
         0.00          0.00           0.00       0.00

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

7  Net tangible assets per share (RM)

            0.0100          0.0090

For additional information, go to
http://bankrupt.com/misc/tcrap_innovest082404.xls

CONTACT:

Innovest Berhad
2 Lorong Dungun Kiri Damansara Heights
Kuala Lumpur, Kuala Lumpur 50490
MALAYSIA
+60 3 2093 3373
+60 3 2094 3733


KUMPULAN BELTON: Unveils Expiry of Warrants 1999/2004
-----------------------------------------------------
The Board of Directors of Kumpulan Belton Bhd has decided not to
extend the exercise period of the Warrants that will expire at 5
p.m. on Wednesday, 22 December 2004 (Expiry Date). As such,
Warrants 1999/2004 not exercised by 5.00 pm on the Expiry Date
will lapse and become null and void and cease to be exercisable
thereafter.

CONTACT:

Kumpulan Belton Berhad
Lot 10 Sungai Siput Light Indus'l Estate
31100 Sungai Siput, Perak Darul Ridzuan 48000
MALAYSIA
+60 3 6257 2233
+60 3 6257 8989

This announcement is dated 23 August 2004.


KUMPULAN BELTON: Issues Monthly Default Status Update
-----------------------------------------------------
The Board of Directors of Kumpulan Belton Berhad (Belton) wishes
to inform the following updates on the status of Belton's
default in payment and involvement in litigation for the period
from 29/07/2004 to the date of this announcement.

The default in payment of credit facilities by certain
subsidiaries can be accessed at
http://bankrupt.com/misc/tcrap_kumpulanbelton082404.doc


METROPLEX BERHAD: Releases Debt Restructuring Update
----------------------------------------------------
Metroplex Berhad (MB) announced that there has been no material
development since our last announcement dated 20 July 2004.

Following the extension of the Restraining Order granted by the
High Court of Malaya, Metroplex Berhad is presently still
negotiating with its lenders on the Proposed debt restructuring
of the group. An announcement will be made to Bursa Securities
once an agreement has been reached on this.

CONTACT:

Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Telephone: 03-2618911
Fax: NA

This announcement is dated 23 August 2004.


MTD CAPITAL: Releases Notice of Shares Buy Back
-----------------------------------------------
MTD Capital Berhad disclosed to the Bursa Malaysia Securities
Berhad the details of its shares buy back on August 23, 2004.

Date of buy back: 23/08/2004

Description of shares purchased:  Ordinary shares of RM1/- each

Total number of shares purchased (units): 67,000

Minimum price paid for each share purchased (RM): 2.620

Maximum price paid for each share purchased (RM): 2.690

Total consideration paid (RM): 176,210.00

Number of shares purchased retained in treasury (units): 67,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,923,600

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

CONTACT:

MTD Capital Berhad
Batu 8 Jalan Batu Caves
Batu Caves, Selangor Darul Ehsan 68100
Malaysia
Tel: +60 3 6189 9022
Tel: +60 3 6187 7898


MTD CAPITAL: AGM Set for September 15
-------------------------------------
Notice is hereby given that the Eleventh Annual General Meeting
(AGM) of MTD Capital Berhad will be held at its Registered
Office at No. 26, Jalan 2/6, Dataran Templer, Bandar Baru
Selayang, 68100 Batu Caves, Selangor Darul Ehsan on Wednesday,
15 September 2004 at 10 o'clock in the morning.

For more information, go to
http://bankrupt.com/misc/tcrap_mtdcapital082404.doc


OSK HOLDINGS: Purchases 78,200 Ordinary Shares on Buy Back
----------------------------------------------------------
OSK Holdings Berhad disclosed to the Bursa Malaysia Securities
the details of its shares buy back on August 23, 2004.

Date of buy back: 23/08/2004

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

Total number of shares purchased (units): 78,200

Minimum price paid for each share purchased (RM): 1.520

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

Total consideration paid (RM): 120,353.28

Number of shares purchased retained in treasury (units): 78,200

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

Cumulative net outstanding treasury shares as at to-date
(units): 11,868,900

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


OSK HOLDINGS: MOU Deal Expired August 20
----------------------------------------
In reference to the announcements made on 21 June 2004 and 24
June 2004, the Board of Directors of OSK Holdings Berhad (OSKH)
announced that the Memorandum of Understanding (MOU) with Smart
Day International Limited dated 21 June 2004 has lapsed on 20
August 2004. The parties are unable to conclude negotiations and
have mutually agreed to let the MOU lapse.

This Bursa Malaysia announcement is dated 23 August 2004.


SUNWAY INFRASTRUCTURE: Releases Unaudited Quarterly Report
----------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Sunway
Infrastructure 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
           14           0             31           0

2 Profit/(loss) before tax
          -4,088        0           -5,036         0

3  Profit/(loss) after tax and minority interest
          -4,088        0           -5,041         0

4  Net profit/(loss) for the period
          -4,088        0           -5,041         0

5  Basic earnings/(loss) per shares (sen)
          -2.27        0.00         -2.80        0.00

6  Dividend per share (sen)
          0.00         0.00          0.00        0.00

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

7  Net tangible assets per share (RM)

                     1.0600        1.0900

For more information, go to
http://bankrupt.com/misc/tcrap_sunway082404.doc


TALAM CORPORATION: Purchases 109,100 Ordinary Shares on Buy Back
----------------------------------------------------------------
Talam Corporation Berhad issued a notice of shares buy back on
August 23, 2004.

Date of buy back: 23/08/2004

Description of shares purchased:  ordinary

Total number of shares purchased (units): 109,100

Minimum price paid for each share purchased (RM): 1.110

Maximum price paid for each share purchased (RM): 1.130

Total consideration paid (RM): 121,904.00

Number of shares purchased retained in treasury (units): 109,100

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

Cumulative net outstanding treasury shares as at to-date
(units): 5,072,200

Adjusted issued capital after cancellation (no. of shares)
(units): 0

CONTACT:

Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Tel no: 603-2732222
Fax no: 603-2731439


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


BAYAN TELECOMMUNICATIONS: Sets Up Offices in Japan, UK
-------------------------------------------------------
Bayan Telecommunications, Inc. (BayanTel) recently opened BTI
Global Communications, Inc. in Tokyo and BTI Global
Communications Ltd. in the United Kingdom to tap the market of
overseas Filipino workers based there, Yehey Finance reports.

There are more than 300,000 Filipinos living in Japan, most of
them high-income earners. The Company also intends to serve more
than 250,000 Filipinos working in Europe.

BayanTel did not disclose how much its international operations
would contribute to growth this year.

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

CONTACT:

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


COLLEGE ASSURANCE: Wants to Sell More Plans
-------------------------------------------
Despite its unsettled trust fund problems, College Assurance
Plans Philippines Inc. (CAP) wants to sell more education pre-
need plans worth PhP5 billion, Business World reports.

The PhP5 billion in new plans would be on top of the PhP1
billion worth it sought to sell under a petition filed at the
Securities and Exchange Commission (SEC) last Friday.

The commission has yet to decide whether it will renew CAP's
license to sell pre-need plans once its current license expires
in September. The renewal hinges on whether CAP can get a new
investor that will infuse US$100 million in new capital as well
as lend it US$127 million.

The pre-need company earlier reported a PhP17-billion deficiency
in its trust assets as of end-2003. The company has PhP8.4
billion in trust assets, against an actuarial reserve liability
of PhP25.5 billion.

CONTACT:

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


MANILA ELECTRIC: Names New Director
-----------------------------------
Power distributor Manila Electric Co. (Meralco) has elected
former Energy Secretary Francisco Viray as a member of the board
of directors of the Company, the Manila Bulletin reports. He
replaces Edmundo Varona, who has been Director of Meralco since
July 2003.

Mr. Viray is currently the Executive Vice-President of Trans-
Asia Oil and Energy Development, an independent power producer,
which has expressed interest in acquiring National Power Corp.'s
600-megaWatt coal-fired power plant in Zambales province, among
other government power-generating facilities up for
privatization.

CONTACT:

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


METRO PACIFIC: Unveils 1H04 Php5.9M Unaudited Net Loss
------------------------------------------------------
Metro Pacific Corporation (Metro Pacific) reported an unaudited
net loss of Php5.9 million for the first six months of 2004,
compared with Php93.9 million net profit reported during the
same period in 2003.

In a disclosure to the Philippine Stock Exchange, the loss
results principally from significant losses at shipping unit
Negros Navigation Company (Nenaco) for the period, despite
higher profits realized at Landco Pacific Corporation (Landco).

Consolidated Results

Metro Pacific recorded consolidated net revenues of Pesos 1.6
billion for the first six months of 2004 compared with Pesos 2.0
billion of revenues for the same period in 2003, reflecting the
decline in Nenaco revenues and deconsolidation of Bonifacio Land
Corporation (UBLC).

Operating expenses were reduced by 16.0 percent, to Pesos 311,7
million versus Php371.0 million in 2003. Financing charges
declined by 29.0 percent to Php313.4 million in 2004 compared
with Php443.2 million in 2003, reflecting the reduction of debt
levels following the conclusion of additional debt settlement
agreements, and deconsolidation of BLC.

Significant provisions for the current period and for prior
years were made at the Nenaco level, against which Metro Pacific
reversed Php658.0 million in prior year's provisions against
investments in Nenaco in light of that unit's prospects under a
court approved and administered rehabilitation program.
Extraordinary gains of Php249.0 million resulting from
successful debt reduction during the period were also booked.

Operations Review

Landco Pacific Corporation (Landco) reported a net profit of
Php32.9 million for the first six months of 2004 a 133.3 percent
improvement over the Php14.1 million net profit recorded for the
same period last year, reflecting Increased sales at the Leisure
Farms and Leisure Farms Ponderosa residential farming projects.
Consolidated revenues improved to Php401.3 million in 2004
compared with Php305,9 million in 2003, while financing charges
reduced to Php8.5 million in 2004 compared with Php15.3 million
in 2003.

Pacific Plaza Towers (UPPT) reported a first-halt 2004 net loss
of Pesos 16.4 million compared with the net profit of Pesos 7.9
million reported in 2003. The reversal in profitability resulted
from lower net values realized from the dacion (exchange or
sale) of various units for the retirement of certain
obligations.

Nenaco reported a substantial net loss (excluding prior period
adjustments) of Php335.0 million for the first six months of
2004 versus a profit of Php62.7 million in 2003, due to a
significant reduction in the number of its vessels in service
and from an extended schedule of docking for various vessels.

"While Metro Pacific is disappointed with the extent of the
problems at Nenaco, in which substantial provisions have been
made, the Company has been heartened by its prospects for
recovery under a court-approved rehabilitation program. Setting
that aside, prospects for our core property business are
increasingly favorable. Landco continues to expand and interest
in our property portfolio is healthy. Our work continues and our
efforts redoubled as it strive to rebuild Metro Pacific," said
President and CEO Jose Ma. Lim.

About Metro Pacific

Metro Pacific Corporation is a Manila, Philippines-based holding
firm listed on the Philippine Stock Exchange (PSE: MPC). Metro
Pacific's business portfolio includes property concerns Landco
Pacific Corporation, Pacific Plaza Towers and Costa de Madera
Corp., and listed shipping flnn Negros Navigation Company
(PSE:NN). Further information regarding Metro Pacific can be
accessed at www.metropacific.com.

For a copy of the disclosure, go to
http://bankrupt.com/misc/tcrap_metropacific0824.pdf

For Media and Investor Inquiries Contact:

David Nugent
Vice President
Media and Corporate Communications
Metro Pacific Corporation
Tel: (632) 888-0888; 888-0829


NATIONAL POWER: Rate Increase A Must, Says Finance Chief
--------------------------------------------------------
The National Power Corporation (Napocor) should be allowed to
increase its rates to revive the state-owned power utility and
to restructure the energy sector, Business World reports, citing
Finance Secretary Juanita D. Amatong.

Ms. Amatong warned that Napocor's deficit would top PhP100
billion this year, from PhP66 billion in 2003, "unless rates are
increased."

Napocor's deficit forms a big chunk of the country's
consolidated public sector deficit (CPSD), which, among others,
takes into account the government's budget shortfall as well as
the financial situation of all government-owned and -controlled
corporations (GOCCs) and other public financial entities.

Napocor and the Power Assets and Liabilities Management Corp.,
(PSALM) filed a joint petition for new generation charges on
June 22. The Energy Regulatory Commission (ERC) has already
started the public hearing on Napocor's petition to increase its
generation rate by P1.87 per kilowatthour (kWh). The commission
is expected to come out with a decision whether to give the
power firm a provisional authority (PA) on or before September 5
this year.

CONTACT:

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


NATIONAL POWER: Trans-Asia Oil Eyes Zambales Plant
--------------------------------------------------
Trans-Asia Oil and Energy Development is planning to acquire
National Power Corporation (Napocor)'s 600-megawatt coal-fired
power plant in Zambales province, the Manila Bulletin reported
on Tuesday, citing Trans-Asia Executive Vice-President Francisco
Viray.

The Masinloc power facility is scheduled for sale in October.
Its estimated cost is at least US$600 million.

Trans-Asia is open to forming a joint venture with other
interested bidders, given the huge amount of capital needed to
acquire a power generation facility.

Other parties that have submitted their letters of interest in
joining the bidding include Marubeni Corp, First Generation
Holdings, Korea Electric Power Co, Aboitiz Equity Ventures and
YTL Power of Malaysia.

Trans-Asia is also interested in acquiring the 600mW coal-fired
Calaca power plant in Batangas province, and the 425mW Makiling-
Banahaw geothermal plant in Laguna province, Viray said.


NATIONAL POWER: Government Defers BNPP Privatization
----------------------------------------------------
The Philippine government will defer the privatization of the
Bataan Nuclear Power Plant (BNPP) until after 70 percent of
National Power Corporation's assets are sold, the Philippine
Star reports.

The BNPP is one of several power facilities, including the Limay
and Sucat plants, being eyed for conversion into natural gas-
powered facilities.

Philippine President Gloria Macapagal Arroyo said the BNPP could
possibly be sold by next year and activated as a converted
facility to help ease an impending power shortage in Luzon by
2008.

Based on a revised schedule for the privatization of Napocor's
generating assets, the Power Sector Assets and Liabilities
Management Corp. (PSALM) has set the sale of 70 percent of the
power plants in Luzon and the Visayas by end-2005.


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


BOUSTEAD SINGAPORE: Proposes Disposal of Properties
---------------------------------------------------
The Board of Directors of Boustead Singapore Limited is pleased
to announce that its subsidiary, Boustead Projects Pte Ltd has
on 23 August 2004 accepted a letter of offer from Mapletree
Trustee Pte Ltd which formally states Mapletree's interest in
purchasing the following properties (collectively, the
Properties):

(a) Logistics building at 60 Alps Avenue, owned by Boustead
Projects Investments Pte Ltd, a wholly owned subsidiary of
Boustead Projects;

(b) Logistics building at 61 Alps Avenue, owned by B Logistics
Pte Ltd, a wholly owned subsidiary of Boustead Projects; and

(c) Warehousing-cum-light industrial building at Tai Seng
Avenue, owned by iPark Pte Ltd, a wholly owned subsidiary of
Boustead Projects.

The terms set out in the Letter of Offer include inter alia an
aggregate consideration of approximately S$52.5 million in
respect of the proposed sale of the Properties and the right of
Mapletree to conduct due diligence in respect of the Properties.
If carried out, the sale of the Properties will result in all
existing tenancies being assigned to Mapletree.

The Letter of Offer provides that the parties will in good faith
negotiate and endeavor to agree on the terms and conditions of
the legal documents pertaining to the Proposed Transaction,
which comprise a call and put option agreement and a sale and
purchase agreement for each of the Properties within thirty (30)
days from today.

As the Proposed Transaction is subject, inter alia, to the
negotiations and finalization of the relevant legal documents,
the Board of Directors will update the shareholders on any
developments as and when appropriate. The Proposed Transaction
will also be subject to the approval of the Company's
shareholders under Chapter 10 of the SGX-ST Listing Manual.

None of the Directors has and, as far as the Directors are
aware, none of the controlling shareholders of the Company has
any interest, direct or indirect, in the Proposed Transaction.

By Order of the Board
Alvin Kok
Company Secretary
23 August 2004

Submitted to the Singapore Stock Exchange on August 23, 2004.


BOUSTEAD SINGAPORE: Incorporates Subsidiary in the Philippines
--------------------------------------------------------------
The Board of Directors of Boustead Singapore Limited wishes to
announce that the Company's wholly owned subsidiary, Boustead
Salcon Pte Ltd, has incorporated a 60% owned subsidiary in the
Philippines known as Boustead Technologies Incorporated.

The principal activities of Boustead Technologies are related to
water and environmental engineering, power generation and
distribution and other engineering activities. Its authorized
share capital is Peso 10,000,000/- divided into 10,000,000
ordinary shares of Peso 1.00 each and its issued and paid up
capital is Peso 3,000,000/-.

The incorporation of Boustead Technologies is not expected to
have a material impact on the Group's earnings per share or net
tangible assets per share for the current financial year.

None of the Directors or controlling shareholders of the Company
has any interest, direct or indirect, in the above transaction.

By Order of the Board
Alvin Kok
Company Secretary

Submitted to the Singapore Stock Exchange on August 23, 2004.


CHARTERED SEMICONDUCTOR: Hosts 2004 Technology Forums
-----------------------------------------------------
Chartered Semiconductor Manufacturing announced in a press
release dated August 23 that it will host its annual worldwide
Technology Forums in three locations:

Friday, September 3 Hsinchu, Taiwan

Thursday, September 16 San Jose, California

Wednesday, November 10 Yokohama, Japan

This year's forums - entitled "New Perspective. New Performance.
New Choice." - focus on the importance of looking ahead and
aligning today's solutions platform for tomorrow's needs, as
well as establishing a "smart" platform, one that provides
customers with the technology, design and economic choices they
require to address the complex challenges at 90 nanometer (nm)
and beyond to achieve the desired silicon results.

"As 0.13 micron becomes mainstream, companies are realizing that
new choices and business models are required for future
technology nodes, as design portability and multi-sourcing
options become essential for reducing risks in terms of design
flexibility and overall system costs," said Mike Rekuc, senior
vice president of worldwide sales and marketing at Chartered.

"At this year's Tech Forum series, our attendees will gain
practical information about Chartered's proven, 0.13-micron
total-solutions platform that is empowering a broad spectrum of
advanced SoC products in the marketplace today. They will also
learn details of the industry's first common process and design-
enablement platform, which is a design-ready, proven platform
established by Chartered and IBM gaining increasing acceptance
by industry leaders."

The Tech Forum agenda includes presentations on Chartered's
technology roadmap, 90nm platform solutions, 0.13-micron SoC
solutions, high-performance mixed signal/RF, and leading edge
manufacturing methodologies and management systems for enhancing
process and reliability performances at Chartered's 200- and
300-millimeter wafer fabrication facilities.

At the Tech Forum in San Jose, Dr. John E. Kelly, III, senior
vice president and group executive - Technology, Systems &
Technology Group, IBM, will deliver the keynote address. Senior
executives and technology experts from Chartered and IBM will
also discuss their collaboration
to establish a common process and design-enablement platform for
enabling the transition to 90nm and beyond, as well as methods
for enabling successful technology transfer.

The Tech Forum in Taiwan will also feature Chartered's value-
added solutions - embedded and programmable technologies, power
management capabilities and wireless innovations - which are
well-suited for integration in a variety of consumer electronics
products such as embedded cards as well as mobile, display and
wireless products.

Each Tech Forum also features a Partner Pavilion, which
showcases Chartered's strategic value chain partners. The
partners exhibiting at one or more locations this year include:
Analog Bits, Inc.; Advanced Semiconductor Engineering, Inc.
(ASE); ARM Limited; Artisan Components, Inc.; Cadence Design
Systems, Inc.; ChipIdea Microelectronics S.A.; eMemory
Technology Inc.; The Fabless Semiconductor Association (FSA);
Flextronics Corporation; Hoya; Legend Design Technology, Inc.;
Magma Design Automation Inc.; Mentor Graphics Corp.; MoSys,
Inc.; Photronics, Inc.; Qthink; QualCore Logic Inc.; Solid
Silicon Technology, LLC; STATS ChipPAC Ltd.; Synopsys, Inc.;
Taiwan Mask Corporation; Time To Market; Toppan Chunghwa
Electronics Co., Ltd.; Ulead Technology, Inc.; Virage Logic
Corp. and The VCX.

Registration information is available at
http://www.charteredsemi.com/forum/.

About Chartered

Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, is forging a customized
approach to outsourced semiconductor manufacturing by building
lasting and collaborative partnerships with its customers. The
company provides flexible and cost-effective manufacturing
solutions for customers, enabling the convergence of
communications, computing and consumer markets. In Singapore,
Chartered operates four fabrication facilities and has a fifth
fab, the company's first 300mm facility, which is expected to
begin pilot production by the end of 2004.

A company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market (Nasdaq: CHRT) and on
the Singapore Exchange (SGX-ST: CHARTERED).

CONTACT:

Chartered Semiconductor Manufacturing Ltd
60 Woodlands Industrial Park D, Street 2
738406 Singapore
Phone: +65-6362-2838
Fax: +65-6362-2938
Website: http://www.charteredsemi.com


HIANG KIE: Court Orders Winding Up Order
----------------------------------------
In the matter of Hiang Kie Pte Ltd, which is under Judicial
Management, a Winding Up Order was made on the 13th of August
2004.

Name and address of Liquidator: Ong Yew Huat and
Seshadri Rajagopalan
Messrs Ernst & Young
10 Collyer Quay
#21-01 Ocean Building
Singapore 049315.

Messrs Rajah & Tann
Solicitors for the Petitioner.
No. 4 Battery Road
#15-01 Bank of China Building
Singapore 049908

This Singapore Government Gazette notice is dated August 20,
2004.


HO WAH: Amends Investment Agreement with Ariel Singapore
--------------------------------------------------------
Further to the announcement of Ho Wah Genting International
Limited dated 5th May 2004 stating that the Company has entered
into an Investment Agreement with Ariel Singapore Pte Ltd
setting out the terms and conditions of Ariel Singapore's
investment in the Company, the Company wishes to announce that
it has entered into a Supplemental Letter with Ariel Singapore
dated 23 August 2004 to amend the Investment Agreement as
follows:

(1) Under the terms of the Investment Agreement, the conditions
precedent set out therein are required to be fulfilled by 31
August 2004 (or such other date as may be agreed in writing
between the parties), failing which, Ariel Singapore is not
obliged to complete its investment in the Company. The parties
have agreed, in the Supplemental Letter, to extend the date for
the completion of the conditions precedent to 31 December 2004,
in order to allow more time to achieve the conditions.

(2) It is a condition precedent of the Investment Agreement
that, inter alia, a whitewash waiver under Rule 14 of the
Singapore Code on Take-overs and Mergers be granted by the
Securities Industry Council (SIC) to Ariel Singapore (and its
concert parties), so that Ariel Singapore (and its concert
parties) shall, subject to the requisite whitewash resolution
being passed by the Company's shareholders, not be required to
make a mandatory take-over offer for the remaining shares in the
issued capital of the Company upon the completion of one or more
of the contemplated transactions. The whitewash waiver is
intended to cover the issuance of new shares in the capital of
the Company upon the exercise of the option granted to Ariel
Singapore in the Investment Agreement. Under the terms of the
Investment Agreement, the Option may be exercised during the 2-
year period after the lifting of the current trading suspension
of the Company's shares.

The SIC has in its letter dated 17 August 2004 approving Ariel
Singapore's whitewash application stated that any whitewash
waiver granted would be on the basis that the exercise of the
Option (including the allotment and issuance if the new shares
of the Company) shall be completed within 2 years from the date
the Option was issued. As such, the Supplemental Letter provides
that the Option exercise period shall be from the date when the
trading of the shares of the Company first recommences until the
second anniversary of the date the Option was issued (being the
date of completion of the subscription for the 100,000,000 new
shares of S$0.01 each under the Investment Agreement), resulting
in a shorter exercise period of the Option. The Supplemental
Letter also provides that the completion of the allotment and
issuance of the Option shares shall take place within such
period in the event the Option is exercised.

By Order of the Board
Mr Wong Chin Chong David
Director

Submitted to the Singapore Stock Exchange on August 23, 2004


INFORMATICS HOLDINGS: Sets Rights Issue Books Closure Date
----------------------------------------------------------
Notice is given that the Share Transfer Books and Register of
Members of Informatics Holdings Limited will be closed from 5.00
p.m. on 7 September 2004 (Books Closure Date) up to and
including 8 September 2004 for the purpose of determining the
provisional allotments of Rights Shares and Warrants to members
of the Company whose registered addresses with the Company or
The Central Depository (Pte) Limited (CDP), as the case may be,
as at the Books Closure Date are in Singapore, or who have, at
least five (5) market days prior to the Books Closure Date,
provided to the Company or CDP, as the case may be, addresses in
Singapore for the service of notices and documents (Singapore
Registered Shareholders) under the
Rights Issue.

In order to avoid any violation of the securities legislation in
countries other than Singapore, the Rights Shares with Warrants
will not be issued to Shareholders with registered addresses
outside Singapore as at the Books Closure Date and who have not,
at least five (5) market days prior thereto, provided to the
Company or CDP, as the case may be, with addresses in Singapore
for the service of notices and documents.

Singapore Registered Shareholders (being depositors) whose
securities accounts with CDP are credited with Shares as at 5.00
p.m. on the Books Closure Date will be provisionally allotted
the Rights Shares with Warrants under the Rights Issue on the
basis of the number of Shares standing to the credit of their
securities accounts with CDP as at 5.00 p.m. on the Books
Closure Date.

Shareholders (being depositors) whose securities accounts with
CDP are credited with Shares and having registered addresses
outside Singapore, may provide CDP, at 4 Shenton Way, #02-01 SGX
Centre 2, Singapore 068807, with an address in Singapore for the
service of notices and documents no later than 5.00 p.m. on 31
August 2004, being five (5) market days prior to the Books
Closure Date.

Singapore Registered Shareholders (whose Shares are not
registered in the name of CDP) whose names appear in the
Register of Members of the Company as at 5.00 p.m. on the Books
Closure Date, will be provisionally allotted the Rights Shares
with Warrants under the Rights Issue on the basis of the number
of Shares held by them as stated in the Register of Members of
the Company as at 5.00 p.m. on the Books Closure Date.

Shareholders (whose Shares are not registered in the name of
CDP) having registered addresses outside Singapore, may provide
the Company's Share Registrar, M & C Services Private Limited,
at 138 Robinson Road, #17-00 The Corporate Office, Singapore
068906, with an address in Singapore for the service of notices
and documents no later than 5.00 p.m. on 31 August 2004, being
five (5) market days prior to the Books Closure Date.

Duly completed and stamped transfers (in respect of Shares not
registered in the name of CDP) together with all relevant
documents of title received by the Company's Share Registrar, M
& C Services Private Limited, at 138 Robinson Road, #17-00 The
Corporate Office, Singapore 068906 up to 5.00 p.m. on the Books
Closure Date will, subject to the Articles of Association of the
Company, be registered to determine the provisional allotments
of the Rights Shares with Warrants of the Singapore Registered
Shareholders under the Rights Issue.

By Order of the Board
Raymond Quek Hiong How
Company Secretary
Singapore
23 August 2004

CONTACT:

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


I.R.E. CORPORATION: Nippon Paint Interest Changes
-------------------------------------------------
I.R.E. Corporation Limited has, on August 23, submitted a Notice
Of a Substantial Shareholder's Interest to the Singapore Stock
Exchange.

PART I

(1) Date of notice to issuer: August 23, 2004

(2) Name of Substantial Shareholder: NIPPON PAINT CO., LTD

(3) Please tick one or more appropriate box(es):

x a Change in the Percentage Level of a Substantial
Shareholder's Interest or Cessation of Interest. [Please
complete Parts III and IV]

PART II

(1) Date of change of interest:

(2) Name of Registered Holder:

(3) Circumstance(s) giving rise to the interest or change in
interest:
(4) Information relating to shares held in the name of the
Registered Holder:

No. of shares held before the change:
As a percentage of issued share capital:

No. of shares which are the subject of this notice:
As a percentage of issued share capital:

Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:

No. of shares held after the change:
As a percentage of issued share capital:

PART III

(1) Date of change of interest: August 18, 2004

(2) The change in the percentage level: From 35% to 28.77%

(3) Circumstance(s) giving rise to the interest or change in
interest: Others

Please specify details: Debt conversion exercise pursuant to
which the debts of S$20,240,395 owed by the Company and its
subsidiary to Nippon Paint (Singapore) Co Pte Ltd and
S$4,769,870 owed by the Company to Nippon Paint (H.K.) Co., Ltd
were converted into 578,297,000 shares and 136,282,000 shares of
S$0.01 each respectively in the capital of the Company.

(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

The result of the above two transactions.

PART IV

(1) Holdings of Substantial Shareholder, including direct and
deemed interest:

- Direct Deemed
No. of shares held before change: 0 56,120,000
% of issued share capital: 0 35
-
No. of shares held after change: 0 770,699,000
% of issued share capital: 0 28.77

Note : Nippon Paint Co., Ltd is deemed to be interested in the
shares held by Nippon Paint (Singapore) Co Pte Ltd and Nippon
Paint (H.K.) Co., Ltd by virtue of Section 7 of the Companies
Act, Cap 50.


I.SECUREP HOLDINGS: Court Issues Winding Up Order
-------------------------------------------------
In the matter of I.Securep Holdings Pte Ltd., a Winding Up Order
was made on the 30th day of July 2004.

Name and address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118.

Messrs LEGALWORKS LAW CORPORATION
Solicitors for the Petitioners

This Singapore Government Gazette notice is dated August 20,
2004.


JAPANESE CALC: Court Issues Winding Up Order
--------------------------------------------
In the matter of the Japanese Calc Pte Ltd, formerly known as
Duranzo Trading Pte Ltd, a Winding Up Order was made on 6 August
2004.

Name and Address of Liquidator: Tay Swee Sze
30 Robinson Road
#04-01 Robinson Towers
Singapore 048546.

Ang & Partners
Solicitors for the Petitioner.
150 Beach Road
#32-00 The Gateway West
Singapore 189720

This Singapore Government Gazette notice is dated August 20,
2004.


MANDARIN CALC: Court Orders Winding Up Notice
---------------------------------------------
In the matter of the Mandarin Calc Pte Ltd, formerly known as
Salfas Trading Pte Ltd, a Winding Up Order was made on 6 August
2004.

Name and Address of Liquidator: Tay Swee Sze
30 Robinson Road
#04-01 Robinson Towers
Singapore 048546.

Ang & Partners
Solicitors for the Petitioner.
150 Beach Road
#32-00 The Gateway West
Singapore 189720

This Singapore Government Gazette notice is dated August 20,
2004.


NIPPECRAFT LIMITED: Enters Into Interested Person Transactions
--------------------------------------------------------------
Nippecraft Limited, on August 23, announced to the Singapore
Stock Exchange that it has entered into transactions with
Interested Person amounting to approximately SGD1,714,000 which
has exceeded the 3% of the group's audited net tangible assets
as of December 31, 2003 (SGD1,029,000) and within the 5%
threshold of SGD1,716,000.

The company and its subsidiaries entered into transactions with
PT Indah Kiat Pulp & Paper Tbk, PT Pabrik Kertas Tjiwi Tbk and
TK Import & Export Ltd during the financial year. These
companies are defined as APP Group in the Mandate for Interested
Person Transactions.

To view the full announcement, click:
http://bankrupt.com/misc/TCRAP_NIPPECRAFTLIMITED082404.pdf


PAN-UNITED ENGINEERING: Court Issues Winding Up Notice
------------------------------------------------------
Notice is hereby given that the creditors of Pan-United
Engineering Pte Ltd, which is being wound up voluntarily, are
required on or before the 20th day of September 2004 to send in
their names and addresses, with the particulars of their debts
or claims and the names and addresses of their solicitors, if
any, to the undersigned, the Liquidator of the said company.

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

Ramasamy Subramaniam Iyer
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424

This Singapore Government Gazette notice is dated August 20,
2004.


RUSSIAN CALC: Court Issues Winding Up Order
-------------------------------------------
In the matter of the Russian Calc Pte Ltd, formerly known as
Baleston Pte Ltd, a Winding Up Order was made on 6 August 2004.

Name and Address of Liquidator: Tay Swee Sze
30 Robinson Road
#04-01 Robinson Towers
Singapore 048546.

Ang & Partners
Solicitors for the Petitioner.
150 Beach Road
#32-00 The Gateway West
Singapore 189720

This Singapore Government Gazette notice is dated August 20,
2004.


SPANISH CALC: Court Issues Winding Up Order
-------------------------------------------
In the matter of the Spanish Calc Pte Ltd., formerly known as
Senegal Pte Ltd., a Winding Up Order was made on 6 August 2004.

Name and Address of Liquidator: Tay Swee Sze
30 Robinson Road
#04-01 Robinson Towers
Singapore 048546.

Ang & Partners
Solicitors for the Petitioner.
150 Beach Road
#32-00 The Gateway West
Singapore 189720

This Singapore Government Gazette notice is dated August 20,
2004.


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


NATURAL PARK: Unveils Board of Directors Meeting Results
--------------------------------------------------------
Natural Park PCL notifies the Stock Exchange of Thailand the
resolutions of the Board of Directors Meeting of the Company
held on 16 August 2004.

(1) Approval for the Company to subscribe the capital increase
by ordinary shares in Bangkok Metro Public Company Limited
(being an affiliate in which the Company holds shares at 24.71
percent of the paid-up capital of the said company) in the
amount of 49,410,218 shares, priced at THB3 per share, totaling
THB148,230,654, to maintain the proportion of shareholding of
the Company.

The shareholders meeting of Bangkok Metro Public Company
Limited, held on 21 July 2004, resolved for the increase of the
registered capital from the existing amount of THB7,050 Million
to THB7,350 Million; namely, to increase the registered capital
by another THB300 Million by issuing 300,000,000 new ordinary
shares, par value of one Baht per share, to allot and offer to
the existing shareholders under the proportion, priced at THB3
per share.

(2) Approval for the Company to subscribe the capital increase
by ordinary shares in Richee Center & Supply Co., Ltd. (being a
subsidiary in which the Company holds shares at 67.5 percent of
the registered capital of the said company) for Sofitel
Sukhumvit Project in the amount of 3,206,250 shares, priced at
THB100 per share, by making the first payment of THB25 per
share, totaling THB80,156,250, to maintain the proportion of
shareholding of the Company.

And also approval for the Company to subscribe all capital
increase by ordinary shares which other shareholders disclaim
the subscription.

The shareholders meeting of Richee Center & Supply Co., Ltd.,
held on 11 August 2004, resolved for the increase of the
registered capital from the existing amount of THB400 Million
to THB875 Million; namely, to increase the registered capital by
another THB475 Million by issuing 4,750,000 new ordinary shares,
par value of THB100 per share, to allot and offer to the
existing shareholders under the proportion, priced at THB100
per share, but it first call the payment of the share price at
THB25 per share.

(3) Approval for the amendment of the preliminary details of the
convertible debentures by canceling the preliminary details of
the convertible debentures as approved by the Board of
Directors' meeting on August 6, 2004 and using the attached
preliminary details of the convertible debenture as the
replacement.

(4) It was unanimously resolved to approve the change of the
determination of the place of the Extraordinary General Meeting
of Shareholders No.1/2547 to be held at Ballroom, Four Seasons
Hotel, at 9:00 a.m.

The date and the agenda to be considered at the Extraordinary
General Meeting of Shareholders No.1/2547 will be the same as
what is stated in the agenda of the Minutes of the Meeting of
the Board of Directors No.15/2004.

Please be informed accordingly
Sincerely yours,
(Mr. Thowthawal Subhavanich)
Chief Financial Officer

CONTACT:

NATURAL PARK PUBLIC COMPANY LIMITED
Address: 88 SOI KLANG (SUKHUMVIT 49),
SUKHUMVIT ROAD, WATTANA, Bangkok
Telephone: 0-2259-4800-11
Fax: 0-2259-4819, 0-2259-4815


NATURAL PARK: Releases Preliminary Details of Debenture
-------------------------------------------------------
Natural Park PCL issued to the Stock Exchange of Thailand the
Preliminary Details of the Convertible Debentures.

Type: Convertible debenture in name certificate with the right
to convert into ordinary shares of the Company.

Objective: Use as a working capital for business operation

Use as a capital for business expansion
Use as a capital for debt refinancing payment

Amount: Not exceeding 500 units.  Nevertheless, after the
conversion of the entire offered convertible debentures, the
number of ordinary shares from such conversion shall not exceed
the number of ordinary shares reserved for the conversion which
is not exceeding 1,000,000,000 shares.

Face value: US$100,000

Total issue of the convertible debentures: Not exceeding US$50
million or any equivalent currency

Tenor: Not exceeding five years from the issuance date

Conversion period: Daily from the issuance date

Expiration of the conversion period: Seven days prior to the
maturity of the convertible debentures.

Conversion ratio and conversion price: One unit of the
convertible debenture will be converted into newly issued
shares.

The conversion price for each new ordinary share will be
specified by the Board of Directors of the Company and such
price shall be in the range between 105 percent to 125 percent
of the market price based on the weighted average closing price
or the average closing price of the Company's shares traded on
the Stock Exchange of Thailand for a certain period prior to the
offer for sale of the convertible debentures.

The Board of Directors of the Company or any person assigned by
the Board of Directors shall specify the number of days used for
calculation of the average closing price.

Such number of days must be ranged between [15 days and 30 days]

Nevertheless, one unit of the convertible debenture will be
converted into he new ordinary shares in a number equal
to100,000 x E/P shares where;

E = Exchange rate of the US Dollar currency as of the offering
date of the convertible debenture (unit: Baht per US Dollar)

P = Conversion price specified by the Board of Directors of the
Company (unit: Baht per share)

Number of ordinary shares reserved for the conversion: Not
exceeding 1,000,000,000 shares

Nevertheless, the total number of ordinary shares reserved for
the conversion of this offering combining with other offering of
the convertible debentures or warrants with the rights to
purchase ordinary shares must not exceed 1,000,000,000 shares or
12.41 percent of the total issued shares of the Company which
equals to 8,057,160,000 shares

Allocation method: Internationally offered to the investors
pursuant to the Securities and Exchange Commission Notification
No. GorJor. 47/2541, Re. Rules, Conditions, and Procedures for
Requesting and Granting of Approval for the International
Offering of Newly Issued Debentures to the Investors, dated
December 25, 1998 (as amended).  The offering may be made on one
or several separate occasions.

Impact on shareholders: In the case of exercising all of the
conversion right pursuant to all convertible debentures, the
number of ordinary shares from such conversion equals to
1,000,000,000 shares.

After combining such shares from conversion with the
8,057,160,000 existing shares, the total shares of the Company
will equal to 9,057,160,000 shares.  Therefore, the voting right
of the existing shareholders will be reduced by
1,000,000,000/9,057,160,000 or 11.04 percent of the paid-up
capital after the capital increase.

However, if the conversion right pursuant to all convertible
debentures is exercised and shareholders of Pacific Assets
Public Company Limited offer all shares to the Company as per
the tender offer causing the Company to issue additional
488,976,000 shares, the total number of:

(i) the existing shares,
(ii) the shares from the conversion of convertible debentures,
and
(iii) offered shares for tender offer will be 9,546,136,000
shares.

Therefore, the voting right of the existing shareholders will be
reduced by 1,488,976,000/9,546,136,000 or 15.60 percent of the
paid-up capital after the capital increase.  It is expected that
the earnings per share will be affected in an early period from
the date of exercise of conversion right pursuant to the
convertible debentures only.

However, at current economic growth and the Company's growth
resulting from the gradual completion of the projects which
causes an increase of the Company's revenue, the Company expects
that earnings per share will increase, this will compensate for
the impact on the shareholders in the long-term.

It is expected that there will be no impact on the market price
of shares (price dilution) on the date the convertible shares
are issued because the conversion price is greater than the
market price (based on weighted average closing price or the
average closing price of the Company's shares traded on the
Stock Exchange of Thailand for a certain period prior to the
offer for sale of the convertible debentures for which the
number of days used for calculation of the average closing price
shall be specified by the Board of Directors of the Company).

However, if the Company's shares price is greater than the
aforementioned market price on the issued date of the
convertible debentures or if the Company's shares price is
greater than the conversion price, this may impact on the market
price of shares (price dilution).

Early redemption:

(1) The Company may or may not entitle to redeem the convertible
debentures prior to the maturity depending upon the terms and
conditions of each tranche of the issued convertible debentures
which will be specified by the Board of Directors.

If the Company is entitled to redeem all of the convertible
debentures prior to its maturity (call option), the price of
such early redemption shall be approximately between 100 percent
and 120 percent of the face value plus accrued interest (if
any).

The date for the early redemption will be after 3 years of the
issuance date and when the closing price of the Company's shares
is not less than 130 percent of the conversion price for the
period of not less than 15 consecutive days out of 30 trading
days.

(2) The holders of the convertible debentures may or may not
entitle to request the Company to redeem the convertible
debentures prior to the maturity depending upon the terms and
conditions of each tranche of the issued convertible debentures
which will be specified by the Board of Directors.

If the holder of the convertible debentures is entitled to
request the Company for the early redemption of all convertible
debentures (put option), the price of such early redemption
shall be approximately between 100 percent and 120 percent of
the face value plus accrued interest (if any).

The date for the early redemption will be after 3 years of the
issuance date.

Nevertheless, if the holders of the convertible debentures
requests for the early redemption of the entire amount, the
Company must obtain the source of fund for the early redemption
in the amount of not exceeding 120 percent of the face value or
in the total amount of not exceeding USD60 million.

Events requiring the Company to issue new shares to accommodate
a change of the exercise of conversion right.

Upon an occurrence of events under Clause 35/5 of the Securities
and Exchange Commission Notification No. GorJor. 32/2544, Re:
Application and Grant of Approval for Offering Newly Issued
Shares dated 19 October 2001 (as amended).

Issuance of Convertible Debenture Comply with Stock Exchange of
Thailand's and Securities and Exchange Commission's regulation.


NATURAL PARK: Issues Reviewed 2Q and Consolidated FS
----------------------------------------------------
Natural Park PCL, in a disclosure to the Stock Exchange of
Thailand, reported its reviewed quarterly financial statements
as follows.

NATURAL PARK PUBLIC COMPANY
Reviewed Ending June 30 (In thousands)

                       Quarter 2               For 6 Months
Year                2004        2003          2004        2003

Net profit (loss)  (191,156)      16,021     (270,740)
22,665

EPS (baht)          (0.02)      0.0023        (0.03)      0.0026

Type of report: Qualified 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.Paisarn Tangyuenyong and Mr.Thowthawal Subhavanich )
Director

For more information, click
http://bankrupt.com/misc/NPARK081604.rtf
http://bankrupt.com/misc/NPARK081604_2.xls
http://bankrupt.com/misc/NPARK081604_3.rtf


NATURAL PARK: Clarifies Article on SEC Newsletter
-------------------------------------------------
With reference to the Securities and Exchange Commission (SEC)
Newsletter 58/2547 dated 23 August 2004 regarding SEC's claim on
the action of Mr. Thosapong Jarutavee, the company director,
against Section 311 of the Securities and Exchange Act B.E.2535,
Natural Park PCL would like to clarify on this matter as:

(1) The case of Mr.Thosapong Jaruthavee happened before the
completion of the company rehabilitation plan.  Further legal
processes have to be done in order to prove the case. Thus,
there is no conclusion for this matter now.

(2) The opinion of current company executives is that the case
has not dealt with or has any effects on the company business
now and in the future.

(3) Mr. Thosapong Jaruthavee has resigned from the Director
position effective 23 August 2004 in order to verify his
innocence and to facilitate future legal process.

Yours sincerely,
Natural Park Public Company Limited
Sermsin Samalapa
President & CEO


PREECHA GROUP: Rehabilitation Plan Almost Complete
--------------------------------------------------
As Preecha Group PCL has been transferred from Real Estate
Sector to REHABCO Group the Company realizes the importance of a
Debt Restructuring process in order to be traded again normally
in the Real Estate Sector.

As of now, the Company has almost completed its Debt
Restructuring process and has carried out the following business
rehabilitation process:

(1) Appointing Siam City Securities Company Limited (Financial
Advisor) as its financial advisor for a preparation of the
Company's Rehabilitation Plan.

(2) Coordinating with the Financial Advisor in reporting a
progress of the Plan to the Securities Exchange of Thailand.

In order for the shareholders and general investors to have
access to information concerning the Company's Rehabilitation
Plan, the Company wishes to present its Rehabilitation Plan in
order to avoid being de-listed with the following details:

(a) The Company's Income Earning Projects:

In 2004, the Company has a plan to develop real estate project
in a suburban area of Bangkok where transportation is
convenient.  The project is emphasizing on a single-house type.
Sales strategies has also been altered by adding "House by
Order" to the original sales of "Ready-Made House" as
alternatives for clients and to help increase the Company's
financial liquidity for various project development investment.

In 2004, the Company is having 7 projects under development to
sell to clients with a total of 3,078 THB million. The projects'
information is as follows:

(1) Preecha Suvintawong Project- 102 Units;
Project Value: 500 MB

(2) Preecha Romklao Project- 359 Units;
Project Value: 1,257 MB

(3) Preecha Private Beach Project- 24 Units
Project Value: 94 MB

(4) Preecha Srinakarin Project- 26 Units
Project Value: 131 MB

(5) Preecha Complex Project- 2 Units
Project Value: 320 MB

(6) Preecha Rajpattana Road Project- 63 Units
Project Value: 297 MB

(7) Preecha Praeksa Project- 361 Units
Project Value: 479 MB

(b) Progress on Debt Restructuring

The Company realizes the importance of a Debt Restructuring
process with financial institutions to enable the Company to
operate its business continuously.  In the past period, the
Company has negotiated and been able to reduce its debt by 65
percent of a total debt. Details are in the following table:

End of Financial  Debt to Financial  Other Debts  Total Debt
Period             Institutions

31 December 1998     3,842.00           529.00     4,371.00

31 December 1999     2,619.00           705.00     3,324.00

31 December 2000     2,902.00           443.00     3,345.00

31 December 2001     1,902.55           122.48     2,025.03

31 December 2002     1,603.00           171.00     1,774.00

31 December 2003     1,312.00           106.00     1,418.00

As at 31 December 2003, the Company owed THB1,312 million to
financial institution and the Company has completed a
restructuring of 98 percent of its debt. For the remaining of
its debt, the Company expects to complete the restructuring
process within 2004.

As for an adjustment of shareholders' equity in order to reduce
a value of negative shareholders' equity, the Company has sold
its investment in 5 subsidiary companies on 30 December 1999 and
on 25 May 2001.

Shareholders' equity after a 98 percent debt restructuring as of
31 March 2004 was 41.60 MB.

(c) Plan to Decrease Capital/Increase Capital

The Company currently has an unpaid registered capital of 231.67
MB dividing into 23.17 million ordinary shares with a par value
of THB10 per share. The Company expects to sell these capital
increased shares to original shareholders and/or general
investors as private placement for a price to be announced
later.

This is expected to be within the third quarter of 2004.
Proceeds from this capital mobilization will be used for the
following purposes:

(1) To pay debt to the financial institution creditors
(2) To buy land for project(s) according to the Company's plan
(3) To be used as the Company's capital flow for business
operation

However, within 2004 the Company expects to be able to write off
the Company's accumulated loss by decreasing registered capital
and after that the Company will increase its registered capital
again by selling the said capital increased shares to original
shareholders and/or private placement and /or general public so
that the Company can expand business and develop its various
projects.

Sincerely Yours,
Mr. Boonlert Kiartsritara
Director

CONTACT:

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


RATTANA REAL: Reports on Funds Usage After Capital Increase
-----------------------------------------------------------
As the Rattana Real Estate Public Company Limited has made the
increase of capital and offered to the investors in private
placement and/or institutional investors for 120 million shares
at THB1.70 per share during 7, 11 and 12 May 2004.

The Company would like to announce that the proceeds of THB204
million have been used for debt repayment.

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


SRITHAI FOOD: Appoints New Accountant for FY 2004
-------------------------------------------------
As the executive directors of Srithai Food & Beverage Public
Company Limited has convened its 4/2547 Meeting of 11th August
2004 has the following resolutions.

Appointment:

To appoint Mr. Somchai Kurujitkosol, Certified Public Accountant
License No. 3277 and/or Mr. Ampol  Chamnongwat, Ceertified
Public Accountant License No. 4663 of S.K. Accountant Services
Limited, to be the company's certified public accountant for the
second quarter of 2004 in replacement of Mr. Pipat Pusayanond of
Pipat and Associate Office Co.,Ltd.

The previous public accountant who has withdrawn from the
enlisted public accountant as approved by the Office of the
Stock Exchange of Thailand, and Mrs. Suwanee Kittipanya-ngam of
Bancheekij Co.,Ltd. who is not available for this assignment.
The company has fixed the auditing cost in this new round at
THB100,000 (one hundred thousand baht only).

The company also wishes to ask for the review on the extension
of the Financial Statement of second quarter of 2004 for another
14 days to be sent to the SET Office by 30th August 2004.  The
matter is now at the consideration of the Commission.

Kindly be informed as explained
Yours very faithfully,
(Mr. Anan Jantranukul)
Executive Director

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


SUNTECH GROUP: Issues Notice of Additional Information
------------------------------------------------------
Suntech Group Public Company Limited clarified the facts in
respect of transactions with related companies to the Stock
Exchange of Thailand (SET) on March 17, 2004 as detailed in the
Notification letter of the Company Regarding the Additional
Information of the Company No. STG. 023/2547.

The Company would like to provide additional information
regarding the said transactions to ensure consistent
understanding between the Company and the SET on the following
issues:

(1) Investment in Hemaraj Land and Development Public Company
Limited (Hemaraj).

(1.1) The approval for purchase of 14,000,000 shares of Hemaraj
from Mr. Sawasdi Horrungruang, Miss Nuchanart Horrungruang, and
Mr. Prawit Horrungruang is deemed as a connected transaction of
a listed company because these three persons are considered as
related persons of a listed company.

Subject to the regulations on connected transactions of the SET,
the Company is required to submit a report of connected
transactions to the SET and request approval thereof in a
shareholders meeting.

In this regard, the Company proposed that the Extraordinary
Shareholders Meeting No. 1/2540 on March 3, 1997 consider a
joint investment in Hemaraj and the Meeting resolved to approve
such joint investment as detailed in a copy of the report of
connected transactions submitted to the SET as detailed in a
copy of the Minutes of the Extraordinary Shareholders Meeting
No. 1/2540 on March 3, 1997.

The Company would like to inform you that the purchase of
Hemaraj's shares from these three persons is made to expand
investment in other businesses for the purpose of the Company's
growth.

(1.2) With respect to the sale and purchase of Hemaraj's
ordinary shares, a memorandum of agreement was made on March 5,
1997 which prescribes that the seller may deliver partial shares
to the Company and the delivery of the full number thereof shall
be delivered completely by the last day the purchaser applies
for transfer of shares no later than December 31, 1997.

In this regard, the seller gave notice of the reason of non-
delivery of shares on the execution date of the Memorandum, that
is that Hamaraj's shares were then in the possession of a closed
financial institution.

At that time, the Board of Directors considered and acknowledged
and was of the opinion that since the seller had sponsored and
given financial support to the company, it is concurred that the
seller can make delivery of Hemaraj's shares in installments
under the agreed conditions.

(1.3) Upon the expiration of time as specified in the Memorandum
December 31, 1997 the Company received the transfer of 8,945,600
shares but the remaining 5,054,400 shares had not been
transferred.

Thereafter, the Company asked for delivery of the remaining
shares, thus another 3,888,606 shares were delivered to the
Company on August 19, 1998.

The seller informed the Company that the rest would be delivered
within September 1998 but upon the lapse of such period, the
seller sent a request for extension of delivery because the
shares were in the possession of a closed financial institution
under the supervision of FRA.

However, the Company accelerated the transfer of ownership of
shares and informed the seller of a penalty to be paid as
detailed in the demand notices of delivery dated July 13, 1998
and January 7, 1999 and requests for extension of delivery dated
September 28, 1998 and January 18, 1999.

The seller rapidly delivered shares to the Company and the last
delivery of 1,164,000 was made on December 24, 2003.

The seller, however, has not delivered some 3,940 shares to the
Company, which have been demanded from the seller as detailed in
the demand notice of delivery dated February 23, 2004. As a
result, the seller delivered another 3,940 shares to the Company
on 20 April 2004 so the complete number of shares was delivered
under the Memorandum.

(1.4) Subject to the Memorandum, if the seller cannot transfer
the ownership of shares, the seller will compensate the
purchaser for damages based on the share value in regard to the
shares pf which the ownership cannot be transferred, at the rate
of 15 percent per year calculated from the date the purchase
applies for the transfer of shares to the date the seller
transfers the ownership of shares as requested.

In this regard, the Company asked for the payment of a penalty
and the Company was of the opinion that if it cannot give a
follow-up or demand the penalty from the seller, the Company
will take any legal action against the seller.

(1.5) The Company would like to further inform you of the
objective of investment which is that the Company intends to
make a long-term investment in Hamaraj and not purchasing for
speculations to make a profit in short-term.

Therefore, the delay in delivery of shares will not affect the
acquisition of shares, since on February 1999, the seller agreed
and consented to grant the voting right and all other available
rights in respect to shares to the Company as detailed in the
Memorandum dated February 19, 1999.

(2) Legal suits filed against the Company in respect of payment
by postdated checks to connected companies

(2.1) The Company would like to clarify that payments by
postdated checks to connected companies i.e. THB265 Million to
NTS Steel Group Public Company Limited (NTS), THB23.96 Million
to Metal Star Company Limited (Metal Star) and THB30 Million to
Nakornthai Integrated Steel Company Limited were not made by the
Company but by STG International Trading Company Limited (STG),
which carries out the business of supplying and trading in all
types of steel and is a subsidiary, (in which the Company holds
299,993 shares, representing 99 percent of registered capital)
as detailed below:

(2.2) STG entered into steel purchase agreements with the three
companies named above, details of which appear in steel purchase
agreements and the termination letters of such agreements as
follows:

(1) On December 13, 1996 STG entered into two steel purchase
agreements with NTS and made payment for steel by postdated
checks for THB104,000,000 and THB161,600,000 and then on April
30, 1997 and June 25, 1997 STG terminated both such agreements,
respectively. At the time the transactions were made, the
directors and shareholders of STG and NTS are listed below:

List of Directors

STG
NTS

Mr. Sawasdi Horrungruang,
Mr. Sawasdi Horrungruang,
Mr. Chamni Chanchai
Mr. Chamni Chanchai
Mr. Chaiyaphon Horrungruang,
Miss Patama Horrungruang,
Mr. Prawit Horrungruang,
Mr. Santi Kittikote

List of Shareholders

STG
NTS
Suntech Group Public Company Limited

Mr. Sawasdi Horrungruang,
Miss Siriporn Horrungruang
Mr. Sawai Horrungruang,

(2) On February 22, 1997 STG entered into an agreement with
Metal Star and made payment for steel by a postdated check for
THB23,956,460 and then on March 11, 1997 STG terminated such
agreement.

At the time the transaction was made the directors and
shareholders of STG and Metal Star are listed below:

List of Directors

STG
Metal Star

Mr. Sawasdi Horrungruang,
Mr. Soonthorn Chayleamlak
Mr. Chamni Chanchai
Mr. Sakda Horrungruang,
Mr. Chaiyaphon Horrungruang,
Mr. Prawit Horrungruang,

List of Shareholders

STG
Metal Star
Suntech Group Public Company Limited

Mr. Soonthorn Chayleamlak
Mr. Sakda Horrungruang,
Mr. Surapon Chitbat

(3) On January 17, 1997 STG entered into an agreement with NIS
and made payment for steel by a postdated check for
THB30,000,000 and then on April 18, 1997 STG terminated such
agreement.

At the time the transaction was made, the directors and
shareholders of STG and NIS are listed below:

List of Directors

STG
Metal Star

Mr. Sawasdi Horrungruang
Mr. Kosol Horrungruang
Mr. Chamni Chanchai
Mr. Mitree Sattapornphan
Mr. Chaipol Horrungruang,
Mr. Winai Taptimteth
Mr. Prawit Horrungruang,

List of Shareholders

STG
Metal Star
Suntech Group Public Company Limited

Mr. Sawai Horrungruang,
Mr. Soonthorn Chayleamlak
Mr. Sawasdi Horrungruang,

(2.3) Termination of the aforesaid agreements was made because
that time steel price considerably fluctuated so that the seller
could not deliver goods to STG within the period as specified in
the agreements.

(2.4) After the terminations of the agreements, STG asked the
three companies to return such postdated checks as detailed in
the notice requesting return of postdated checks.

(2.5) The Company failed to submit the three transactions to a
shareholders meeting for approval since the Company understood
that they were connected transactions which were exempt from
being reported to the SET (considering the regulations of
connected transactions at the time of transactions) and did not
require approval from a shareholders meeting.

This is because the three transaction were made in the normal
course of business and under general trading conditions of
listed companies or subsidiaries and the trading price is the
general market price.

(2.6) In the case of NTS, which is in the business
rehabilitation process under the Bankruptcy Act B.E. 2483 (1940)
(as amended B.E. 2542 (1999), STG as Creditor No. 42 filed an
application for debt repayment pursuant to the business
reorganization process under the Bankruptcy Act B.E. 2483 (1940)
(as amended B.E. 2542 (1999) as detailed in the evidence of
application for debt repayment dated November 23, 2000.

Currently, debt repayment is in process under a debt
rehabilitation plan.  If there is any progress or the Company
receives repayment, the Company will promptly give notice
thereof to the SET.

(2.7) In the case of Metal Star and NIS, STG asked for repayment
and then made confirmations of debt with the two companies as
evidence for enforcement of repayment against these two
companies as detailed in the confirmations dated May 8, 1997
with Metal Star and dated May 9, 1997 with NIS.

Furthermore, the Company is of the opinion that if STG cannot
follow up or demand repayment from the two companies, STG may
apply legal measures against the two companies.

(2.8) On March 17, 2004, the Company clarified the facts
regarding payment by postdated checks to the connected companies
to the SET.  Due to faulty internal cooperation, an officer
preparing the letter replying to enquiries stated that the
Company made payment by such postdated checks but actually the
payments were made by STG.  The Company hereby clarifies such
mistake.

(2.9) With respect to the sale and purchase of goods, payment by
a postdated check is made in the normal course of business in
which third party sellers are treated in the same way.

In making prepayment for goods, normally, partial payment will
be made to enable the seller to have working capital for the
purchase of raw materials and production planning to ensure
delivery of goods to its customers.  The seller shall make
payment when it receives the goods completely.

To show that payment for goods by a postdated check is made in
the normal course of business, the Company uses this payment
method with other business partners.

The following are examples of steel trade transactions:

steel trade transactions with W. Rungruang Steel dated December
1, 1993, with Ruangroj Steel Company Limited dated January 12,
1994 and with C. Steel Work (1993) Partnership Limited dated
March 21, 1994.

(3) Debt obligations which may result from guarantees for
connected companies

(3.1) The Company gave guarantee against Metal Star's debt in a
limit of not more than THB200,000,000.  This is because the
Company entered into a steel scrap sale and purchase agreement
with Metal Star on September 30 1995, with 12-month contract
period.

In this regard, Metal Star requested deposit for such purchase
of steel but the Company could not do so, the Company then
negotiated with Metal Star to act as its guarantor for credit
facilities in which Metal Star would receive credit facilities
from a financial Institution for the purpose of gathering steel
scrap instead.

The Company submitted this matter to the Board of Directors for
approval of the guarantee as detailed in the Minutes of the
Board of Directors Meeting No. 13/2538 dated October 19, 1995.

(3.2) The Company's reasons and necessities in providing
guarantee against Metal Star's debt is that in 1995 the Company
had a sales volume from sale of steel scrap of more than
THB1,400 Million and due to greater demand for steel scrap and a
problem of expansion of steel scrap gathering base outside the
area, it was necessary for the Company to make a plan for the
scrap steel business expansion by entering into a future
agreement to sell and to purchase steel scrap with Metal Star,
as business partner.

This is to enable Metal Star to gather and supply the steel
scrap to the Company for a period of 12 months as detailed in
the steel scrap sale and purchase agreement with Metal Star
dated September 30, 1995.

At that time, Metal Star requested a deposit from the Company to
use to guarantee the working capital for gathering and supplying
the steel scrap in numbers as per the Company's demand.

The Company could not respond to Metal Star's request but for
the maximum trade benefit of the Company, the Company,
therefore, negotiated with Metal Star to act as guarantor,
including placing the Company' assets as security for credit
facilities which the financial institution granted to Metal Star
for the purpose of gathering and supplying the steel scrap.

(3.3) The reason that the Company failed to submit this
transaction to a shareholders meeting for approval as per the
regulations on connected transactions of the SET is that the
Company's officer understood that the transaction size is lower
than that requiring approval from a shareholders meeting so it
was submitted to the Board of Directors only.

In this case, the Company did not intend to avoid compliance
with the regulations of the SET.  Although this transaction was
not permitted or approved by a shareholders meeting, the plan
administrator, who is a person authorized to act on behalf of
the existing shareholders, is of the view that this transaction
should be properly made to ratify such transaction pursuant to
the power granted to it under the business restructuring plan of
the Company.

However, the Company represents that in the future, the Company
will carefully undertake all connected transactions and will not
allow the occurrence of any mistake.

(3.4) The Company has never disclosed the guarantee transaction
in the financial statements since the Company is of the view
that the creditors will exercise their rights to claim for debt
repayment under the business rehabilitation plan if the Company
fulfills the condition precedent of the plan.

Therefore, the Company had not recorded such guarantee
transaction in the financial statement but finally disclosed it
in the financial statement ending 30 June 2003 since:

(a) The creditor of Metal Star (Asset Management Corporation
(AMC) gave notice of exercising the claim against the Company as
guarantor as detailed in the notice of exercising the claim
under the business rehabilitation plan of AMC dated June 18,
2001 and the AMC's demand notice under the guarantee agreement
and notice of pledge dated September 21, 2001.

(b) The Office of the Securities and Exchange Commission (Office
of SEC) sent Letter No. GorLorTor. Jor. 2/2547, Re: Audit of
2003 Financial Statements dated January 5, 2004 to the Company
giving the opinion that the Company should record such guarantee
transaction as debt of the Company because Metal Star is unable
to make debt repayment to the creditor.

In addition, the creditor sent notice of exercising the claim
against the Company as guarantor so the Company should record
the whole amount of such debt in the financial statement ending
June 30, 2003.

Please be informed accordingly
Sincerely yours,
(Dr. Chaiyaphon Horrungruang)
President

CONTACT:

SUN TECH GROUP PUBLIC COMPANY LIMITED
U.M. TOWER, FLOOR 17, 9 RAMKHAMHAENG ROAD,
SUAN LUANG, Bangkok
Telephone: 0-2719-9743
Fax: 0-2719-9744


SYNTEC CONSTRUCTION: Unveils Result of Board Meeting
----------------------------------------------------
Syntec Construction Public Company Limited, hereby notifies the
Stock Exchange of Thailand (SET) the resolutions of the Board of
Directors Meeting of the Company No. 10/2004, held on 18 August
2004, as follows:

(1) Approval for the company to subscribe the capital increase
ordinary shares in Bangkok Metro Public Company Limited (which
the company holds shares at 5.07 percent of the paid-up capital
of the said company) in the amount of 10,147,058 shares, priced
at THB3 per shares, totaling THB30,441,174, to maintain the
proportion of shareholding of the Company.

The shareholders meeting of Bangkok Metro Public Company
Limited, held on 21 July 2004, resolved for the increase of the
registered capital from the existing amount of 7,050.0 Million
Bath to 7,350.0 Million Bath; namely, to increase the registered
capital by another 300.0 Million Bath by issuing 300,000,000 new
ordinary shares, par value of one Bath per share, (Subscription
Ratio 35.25 existing shares for 1 new share) to allot and offer
to the existing shareholders under the proportion, priced at 3
Bath per share.

(2) Approval for the company to subscribe the capital increase
ordinary shares in Richee Center & Supply Co., Ltd. (which the
company holds shares at 25 percent of the registered capital of
the said company) in the amount of 1,187,500 shares, priced at
THB100 per share, by making the first payment of THB25 per
share, totaling THB29,687,500, to maintain the proportion of
shareholding of the company.

The shareholders meeting of Richee Center & Supply Co.,Ltd.,
held on 11 August 2004, resolved for the increase of the
registered capital from the existing amount of THB400.0 Million
to THB875.0 Millionh;  namely, to increase the registered
capital by amount THB475.0 Million by issuing 4,750,000 new
ordinary shares, par value of THB100 per share, to allot and
offer to the existing shareholders under the proportion, priced
at Baht per share, but it first call the payment of the share
price at THB25 per share.

Please be informed accordingly
Sincerely Yours,
(Mr.Somchai Sirilertpanich)
Director

CONTACT:

SYNTEC CONSTRUCTION PUBLIC COMPANY LIMITED
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


T.C.J. ASIA: Reports Preliminary Result of Tender Offer
-------------------------------------------------------
Reference is made to the Tender Offer document (Form 247-4) of
Mrs. Anongrat Chatjuthamard for the securities of T.C.J. Asia
Public Company Limited, which was submitted to The Office of
Securities and Exchange Commission (SEC) with a copy sent to the
SET on July 21, 2004.

On Monday, the Offeror has submitted the Form of Report of
Preliminary Result of Tender Offer (Form 247-6-b) for the
securities of T.C.J. Asia Public Company Limited to the SEC with
a copy to the SET and the Company.

The Company would like to disclose the Form 247-6-b to the SET
and the investors as per the enclosed document.

Please be informed accordingly
Sincerely yours,
(Ms. Srivilai Chatjuthamard)
The Plan Administrator

Form 247-6-b (SorJor.6/2003)

Form of Report of Preliminary Result of Tender Offer

(1) Date of Submission: August 23, 2004

(2) Name of tendered securities: Ordinary shares of T.C.J. Asia
Public Company Limited

(3) Name of the Offeror:  Mrs. Anongrat Chatjuthamard

(4) Name of the Preparer of the tender offer: Finansa Securities
Limited

(5) Offer period: 25 business days starting from July 22, 2004
to August 27, 2004

(6) Amount and percentage of securities held before the making
of tender offer and securities offered for sale up to the end of
August 20, 2004:

(6.1) Shares

Type                 Amount      % of total         % of total
                                issued shares     voting rights
                                of the company   of the company

Shares held before

Ordinary shares   20,360,000      91.30           91.30

making the tender offer

Shares offered for sale

Ordinary shares        4,350       0.02            0.02

Shares held before

Ordinary shares     20,364,350      91.32           91.32

making the tender offer and the shares offered for sale

Remark:

The Offeror, the persons in the same group as the Offeror and
the persons under Section 258 of the Offeror hold, in aggregate,
21,035,500 shares of the Company, representing 94.33 percent of
total issued shares of the Company and total voting rights of
the Company.

Therefore, the shares held by the Offeror, the persons in the
same group as the Offeror and the persons under Section 258 of
the Offeror as well as the shares offered for sale up to the end
of August 20, 2004 are totaled 21,039,850 shares, representing
94.35 percent of total issued shares of the Company and total
voting rights of the Company.

(6.2) Convertible Securities: None

We hereby certify that the above information is correct and
accurate and that there is no information contained herein that
may lead other persons to misunderstanding in any material
respect and no concealment is made of any material information.

(Mrs. Anongrat Chatjuthamard)
The Offeror

CONTACT:

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


THAI ELECTRONIC: Unveils Investment in Unit's Ordinary Shares
-------------------------------------------------------------
Premier Planner Company Limited, as the Plan Administrator of
Thai Electronic Industry Public Company Limited would like to
inform you that on 23 February 2004, Premier CE Company Limited
which is the Company's subsidiary has invested in the shares of
Premier Home Appliance Company Limited in the number of 9,993
Shares at the value of thb100 each representing 99.93 percent of
the total shares of such company. As a result, such company is
now being a subsidiary company of the Company.

For your kind acknowledgement
Yours faithfully,
(Mrs. Duangthip Eamrungroj, Mr.Suradej Boonyawatana)
Premier Planner Company Limited
As the Plan Administrator of
Thai Electronic Industry Public Company Limited

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: SEC Concludes FS Needs No Amendment
------------------------------------------------
The Securities and Exchange Commission (SEC) has informed not to
amend the Financial Statement of Thai Engine Manufacturing Co.
Ltd. (TEM).

Pursuant to posting an SP (Suspension) sign against TEM since
the first trading session on August 17,2004 because the listed
company's auditor reported their inability to reach any
conclusion on company's the first quarterly reviewed financial
statements as of June 30, 2004.

Presently, the Stock Exchange of Thailand (SET) has received the
conclusion from the Securities and Exchange Commission (SEC)
that it is not necessary to amend the captioned financial
statements on the issue that the auditor has stated.

Nevertheless, the SET has still suspended trading its securities
until the causes of de-listing are eliminated.

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 GERMAN: NR Sign Posted on Securities
-----------------------------------------
The Stock Exchange of Thailand (SET) has posted an NR (Notice
received) sign on the securities of Thai-German Products PCL
effective from the first session 18 August 2004 to announce that
the SET has received the SEC's conclusion that it is not
necessary to amend its financial statements on the issues so
stated by the company's auditor.

However, the SET has still suspended trading on the securities
of Thai German because it must prepare a rehabilitation plan.

Previously, the SET posted an NP (Notice pending) sign on Thai
German effective from the first session 18 August 2004. This is
because in the Company's reviewed financial statements for the
period ending 30 June 2004 as submitted to the SET, the
company's auditors were unable to reach any conclusion on the
financial statements and the SET was waiting for the SEC'S
conclusion on this matter.

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


                            *********


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

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

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