TCRAP_Public/040827.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, August 27, 2004, Vol. 7, No. 170

                            Headlines

A U S T R A L I A

ADSTEAM MARINE: Releases Final Dividend Details
ARISTOCRAT LEISURE: CEO Accused of Misleading Market
AUSTRALIAN GAS: Books $349.5Mln in Profit
CONSOLIDATED BUSINESS: Debt Exceeds $5Mln
MAYNE GROUP: Full Year Profit Increases By 80%

MAYNE GROUP: Paclitaxel Acquires European Patent
ONE.TEL LIMITED: Breaches Hurdle To Settlement With Ex-chair
ONE.TEL LIMITED: ASIC Trial of Ex-Directors Moved to Sept. 6
SANTOS LIMITED: Bookbuild Commences Thursday
VILLAGE ROADSHOW: Issues Update on Capital Management Objectives


C H I N A  &  H O N G  K O N G

ATMEL-WM HONGKONG: Creditors Must Prove Debts by September 20
BEPEAK LIMITED: Winding Up Hearing Slated on September 4
BUILD KING: Posts Notice of Discloseable Transaction
EASEWELL TECHNOLOGIES: Court Sets Bankruptcy Petition Hearing
E-COMMERCE LOGISTICS: Enters Winding Up Proceedings

GUANGDONG TOURS: Sets Members' and Creditors' Meetings
H.K. TRADITIONAL: Court Hears Winding Up Petition
KESSEL TELECOM: Creditors To Submit Claims on September 8
MAE HOLDINGS: SFC Prosecutes Wong Chi Wai for Short Selling
SAN MIGUEL: 1H Net Loss Narrows to HK$3.5M

SIMSEN INTERNATIONAL: Net Loss Shrinks to HK$185K
SOFTBANK INVESTMENT: Swings to Black with HK$20M H1 Net Profit
WAI YUEN: Notes Exceptional Turnover Movement


I N D O N E S I A

BANK PERMATA: Jamsostek Forms Consortium With Maybank For Bid
BANK PERMATA: Jamsostek To Hold Bank's Shares For Only 3-5 Years
BANK PERMATA: Mandiri Submits Letter For Qualification To Bid
INDOFOOD SUKSES: VP Says Unit's Sale Most Likely a Flotation
PERTAMINA: Not Extending ExxonMobil Contract

* Indonesian Govt Asks Banks To Help Restructure Textile Sector


J A P A N

DAIEI INCORPORATED: IRCJ Lays Out Revival Plan
DAIKYO INCORPORATED: Sells Internet Service Unit to PoweredCom
KANEBO LIMITED: Creditors Grant JPY99.5bln Loan Waiver
MITSUBISHI MOTORS: Loosens Ties With DaimlerChrysler
SOJITZ HOLDINGS: Plans to Book JPY350bln Loss This Year

*Fitch Maintains Rating Watch on Japanese Bank Merger Players


K O R E A

KOOKMIN BANK: CEO's Future Uncertain


M A L A Y S I A

BERJAYA SPORTS: Issues Shares Buy Back Notice
CEPATWAWASAN GROUP: Clarifies Litigation Report
FCW HOLDINGS: Widens 4Q04 Loss to MYR34.6M
FSBM HOLDINGS: Releases Unaudited Quarterly Report
FSBM HOLDINGS: Director Wong Chee Kong Resigns

GULA PERAK: Releases Unaudited Quarterly Report
MALAYAN FLOUR: Unveils Unaudited Quarterly Results
MOL.COM BERHAD: Unveils 1H04 Financial Results
MTD CAPITAL: Releases Final Dividend Notice
MULTI VEST: Cuts 4Q04 Net Loss to MYR1.42M

NAUTICALINK BERHAD: Releases Unaudited Quarterly Report
OSK HOLDINGS: Purchases 82,200 Ordinary Shares on Buy Back
PARK MAY: Seeks Extension of Regularization Plan


P H I L I P P I N E S

COLLEGE ASSURANCE: Foreign Partner's Approach Raises Questions
IONICS INC.: Narrows 2Q04 Loss to Php48.1M
MANILA ELECTRIC: Clarifies Rate Adjustment Report
NATIONAL POWER: PIPPA Seeks Speedy Resolution of Rate Hike Bid
PHILIPPINE AIRLINES: Appoints Jaime J. Bautista as New President

SOLID CEMENT: May Shut Down Plant on Monday
VICTORIAS MILLING: President Arthur Aguilar Resigns


S I N G A P O R E

AIKMA KOI: Creditors to Prove Claims By September 21
BEE WAH: Creditors Given Until Sept 21 To Prove Claims
HUA KOK: Posts Subsidiary Scheme of Arrangement
LAM BEE: Creditors Must Prove Debts By September 21
LIM BOON: Creditors To Prove Claims By September 21

TENAZ PTE: Creditors to Prove Debts On or Before September 21
THONG INVESTMENTS: Creditors Given Until Sept 21 To Prove Claims


T H A I L A N D

BANGKOK RANCH: Reports Business Reorganization Progress
CAPETRONIC INTERNATIONAL: SET Suspends Trading Of Securities
EASTERN WIRE: SET Removes Securities From Rehabco Sector
PREECHA GROUP: Securities Transferred to Rehabco Group
SYNTEC CONSTRUCTION: SET Lifts Trading Halt of Securities

THAI WIRE: NR Sign Posted on Securities
TONGKAH HARBOUR: Reports Tin Mining Operating Result for July 04

* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


ADSTEAM MARINE: Releases Final Dividend Details
-----------------------------------------------
In making its announcement to the Australian Stock Exchange in
relation to its Preliminary Final Results, Adsteam Marine Ltd.
is also announcing payment of a fully franked final dividend of
2.2 cents per share to be paid on Tuesday 5 October 2004.

The Record Date for the final dividend is Thursday 9 September
2004.  For shareholders to qualify for the payment of the final
dividend, their shares must be registered with Adsteam Marine's
share register on Thursday 9 September 2004 (Record Date).

Trading in relation to the dividend will cease at the close of
business on Thursday 2 September. Investors who acquire shares
after the close of trading on Thursday 2 September will not be
entitled to the dividend.

The Company has in place a Dividend Reinvestment Plan (DRP)
which gives shareholders the opportunity of reinvesting their
dividends in shares in the Company at a discount to the weighted
average market price of those shares.

With respect to the announced final dividend, the discount
(2.5%) at which the shares are to be issued under the DRP
remains unchanged.

The Issue Price of the Company shares to be allotted under the
DRP will be at a discount of 2.5% to the weighted average market
price of all Adsteam Marine Limited shares sold on the
Australian Stock Exchange during the five trading days from and
including the date the shares are first quoted "ex" for the
determination of the relevant Dividend.

The Company shares will trade ex-entitlement on Friday 3
September 2004.

CONTACT:

Adsteam Marine- Corporate Office
Adsteam Harbour
United Salvage (Australia and the Pacific)
Level 22, Plaza 2
500 Oxford Street
Bondi Junction NSW 2022
AUSTRALIA
Phone: +61 2 9369 9200
Fax: +61 2 9369 9266
Email: info@adsteam.com.au
Website: http://www.adsteam.com.au/


ARISTOCRAT LEISURE: CEO Accused of Misleading Market
----------------------------------------------------
A statement made by Aristocrat Leisure Ltd.'s chief executive at
a media briefing on Tuesday is said to be misleading the market
about the $115 billion class action against them, the Australian
reports.

Aristocrat CEO Paul Oneile said the group's fast-climbing share
price would force several claimants out of the civil suit
launched in February last year.

The claimants, who bought shares between September 2002 and May
2003, allege that the company failed to keep the market fully
informed.

But according to Bernard Murphy, a Maurice Blackburn Cashman
solicitor partner, and the class action leader of more than 500
shareholders, there were at least $100 million of claims from
shareholders whose losses have crystallized because they have
sold their shares.

"The increase in the price of Aristocrat's shares is having no
material effect on the size of the class action," he said. "In
fact, the value of the claim by the former shareholders is now
more than $115 million plus interest."

Mr. Murphy said he could not understand why Mr. Oneile had made
the comments, because he told Aristocrat's lawyers in May that
current shareholders were not a part of the class action.

To prove that the company engaged in deceptive conduct and
breached the Corporations Law, the shareholders are hoping to
use the evidence and the findings of Aristocrat's battle with
former chief executive Des Randall.

At the Federal Court on Wednesday, Counsel for Aristocrat
shareholders, Kristine Hanscombe succeeded in forcing the
company to hand over potentially hundreds of documents related
to Mr. Randall's termination.

Dr. Hanscombe accused Aristocrat of resisting the handover,
saying shareholders who bought between September 2002 and May
2003 deserved to know what was happening to the company's
profit.

In June, the NSW Supreme Court found Mr. Randall had not told
the board of directors the truth about the US operations.

Litigation backer IMF (Australia) is funding the case.

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


AUSTRALIAN GAS: Books $349.5Mln in Profit
-----------------------------------------
The Australian Gas Light Company (AGL) reported in a press
release on Thursday a profit attributable to Shareholders of
$349.5 million for the 12 months to June 30 2004, up 18.5 per
cent.

AGL Chairman Mark Johnson said, "AGL has produced strong profit
growth for Shareholders in an increasingly competitive energy
market. The improved profit is attributable to the existing
portfolio of businesses."

"The Company's financial position is sound. Earnings per share
grew by 9.5 cents, up from 67.3 cents in the previous year. The
underlying profit after income tax of $361.8 million, excluding
significant items and outside equity interests, increased by
12.8% on the prior year," Mr. Johnson said.

"These results have been achieved from the strong market
positions the Company has established and reflects the benefits
of continued improvements in operating efficiencies and service
levels for our 3 million customers", Mr. Johnson added.

The AGL Board has declared a final dividend of 31 cents per
share (franked to 74 per cent) payable on 24 September 2004.
This takes the total dividend for the year to 60 cents per share
(franked to 75 per cent) compared with 55 cents per share
(franked to 62 per cent). There is 8 cents per share of Foreign
Dividend Account amount applying to the full year dividend. The
Dividend Reinvestment Plan remains suspended.

Operating cash flow rose by 17.5 per cent to $637.2 million.
AGL's "A" credit rating was confirmed during the year.

"AGL's financial position remains strong and will enable the
Company to continue to pursue opportunities to further enhance
its position across the energy sector", Mr. Johnson said.

"Market conditions in New Zealand now provide an opportunity to
unlock value for AGL Shareholders through the sale of the
Company's interest in NGC. AGL has appointed an adviser and
commenced a process to facilitate the sale over the coming
months", Mr. Johnson concluded.

AGL Managing Director Greg Martin said, "The strong performance
from AGL's energy businesses has underpinned this financial
result, particularly the contribution from energy retailing and
networks. The positive influence of weather, satisfactory
regulatory outcomes in Victoria and NSW and a full year
contribution from the Pulse business all played a part in
delivering this strong result."

"Most pleasingly, the continued organic growth of AGL's existing
businesses, has enabled the Company to deliver increased returns
to Shareholders", Mr. Martin added.

Looking ahead, Mr. Martin said, "AGL remains focused on
increasing Shareholder value through organic growth, pursuing
complementary acquisition activities and optimizing the
Company's capital structure. Expected proceeds from the disposal
of NGC are being incorporated into consideration of these areas
of focus, including capital management initiatives, about which
we expect to make an announcement in the near future."

BUSINESS SEGMENTS
Energy Sales & Marketing

EBIT of $218.8 million was 11.3 per cent higher than the
previous year. This was a good result in light of increased
levels of competition in NSW, Victoria and SA, with growth
delivered through positive first-half weather outcomes and a
full year contribution from the Pulse business.

AGL maintains a strong competitive position in retail markets
and remains focussed on winning and retaining high value
customers. Dual fuel customer accounts increased by 67,700
during the year. Overall there was a net loss of 76,000 customer
accounts across South Australia and NSW.

Energy Networks

EBIT of $234.2 million was 8.5 per cent higher than the previous
year. The improved financial performance for gas and electricity
networks was driven by increased throughput due to positive
weather outcomes in the first half, an increase in customer
connections and an increase in regulated tariffs. Further
regulatory outcomes are expected in the current financial year
on NSW gas access arrangements.

Agility

EBIT of $55.5 million was 9.9 per cent higher than the previous
year. The Agility business is continuing to grow its
contribution to AGL's results through existing major contracts
with AGL-related parties as well as the pursuit of new work in
other related infrastructure areas. Contract work with Powerco
in Tasmania has cemented Agility as a provider of national
infrastructure management services.

Power Generation

EBIT of $21.7 million was 8 per cent higher than the previous
year. AGL's acquisition of a 32.5 per cent interest in Loy Yang
Power in April 2004 resulted in an EBIT contribution of $2.7
million, in line with expectations. Loy Yang Power will continue
to provide an important contribution to earnings in addition to
the Somerton and Hallet peaking plants.

Investments

New Zealand business including NGC Holdings (66 per cent) - EBIT
of $129.4 million was down 7.0% on the previous period. This
included the contribution from NGC Holdings following its
business restructure in 2003 and a successful capital return and
bond issue. EBIT to Funds Employed increased by 7.4 per cent to
18.4 per cent.

ActewAGL (50%) - EBIT of $50.9 million increased 14.6 per cent
from $44.4 million due to focussed management on core operations
in the Capital Region. ActewAGL successfully grew and retained
customers and won the 2004 Australian Business Excellence Award
for Customer Service and Market Focus.

LPG Investments - Total EBIT of $15.3 million was down 23.9
percent on the previous period. This was principally due to a
planned maintenance shutdown of plant that impacted HC
Extractions while Elgas improved its trading margin and
increased its EBIT by 8.6 per cent to $13.9 million.

APT (30%) - EBIT of $14.3 million was down 12.8 per cent on the
previous period principally due to expenses from an unsuccessful
pipeline bid.

OUTLOOK

Based on current trading conditions, and barring unforeseen
circumstances, the Directors expect the underlying profit and
earnings per share performance in the current financial year to
exceed that of 2003/04. When there is more clarity on the timing
and impact of the sale of NGC and capital management initiatives
the Company will be in a position to make a further statement to
the market.

For more detailed information visit www.aglinvestor.com

Further Enquiries:

Jane McAloon
Group Manager
Direct: 02 9922 8349
Mobile 0419 447384

Jane Counsel
Media Relations Manager
Direct: 02 9921 2352
Mobile: 0416 275 273

For more information, click
http://bankrupt.com/misc/AUSTRALIANGAS082604.pdf


CONSOLIDATED BUSINESS: Debt Exceeds $5Mln
-----------------------------------------
At the creditors' meeting of Consolidated Business Media (CBM),
director John Webb expressed an apology to the creditors, saying
it was not his intention to lose their money, reports the West
Australian.

Mr. Webb, who filed for bankruptcy Tuesday, said CBM's funds
were drained as a result of a smear campaign and a prolonged
legal battle.  In 1995, Mr. Webb told creditors he and his
associated businesses could not repay its $1.3 million debt to
CBM.

CBM's debt has exceeded $5 million, mostly owed to the
Australian Taxation Office at $3.1 million. The company was put
into liquidation on August 2, Liquidator Gary Anderson said
during the creditors meeting.

Before the appointment of Mr. Anderson, CBM's business assets
were sold to Media and Events Australia, a company controlled by
former CBM general manager Greg Millar, for $45,000.

The appointment came in amid mounting debts and legal action
against CBM, including a $2 million damages claim by competitor
Exhibit Exhibitions.  Mr. Webb is counter-suing. Exhibit
managing director Peter Versluis said later he would consider
contributing to a probe fund.

Mr. Anderson also said that creditors would have to spend up to
$50,000 to fund a public investigation into whether CBM traded
while insolvent. The Australian Securities & Investments
Commission has looked into the company's collapse.

A $17,000 commercial boat belonging to CBM has been recovered,
and was investigating reports that the company owned $30,000 of
sporting memorabilia, Mr. Anderson added.

Former CBM employees are owed more than $300,000 alone in wages
and entitlements, while more than 70 companies, including major
media organizations, are listed as unsecured creditors,
including 96FM ($24,101), Freehills ($95,640), Ernst & Young
($84,766), The Sunday Times ($51,497) and The West Australian
($29,707).


MAYNE GROUP: Full Year Profit Increases By 80%
----------------------------------------------
In a press release on Thursday, Mayne Group Limited (ASX:MAY)
announced net profit after tax (before significant items) had
increased by 80 percent to $102.1 million for the year ended 30
June 2004. Reported NPAT after significant items of $94.3m is in
line with the revised guidance provided to the market on 4
August 2004.

- Net profit after tax (before significant items) up 80% to
$102.1 million

- Second consecutive year of continuing business EBIT growth

- Earnings before interest, tax and significant items (EBIT) up
17% to $156.5 million

- Pharmaceuticals EBIT $56.4 million with strong second half
result

- Pathology Services EBIT (including Medical Centres) increased
39%

- Consumer Products business recovered strongly

- Pharmacy showed strong resilience in second half

- Strong balance sheet and net operating cash flow up $87
million to $273 million

- Cash EPS (reported EPS before amortisation and significant
items) up 36%

- Final divided 6.5 cents

Mayne's Group Managing Director and Chief Executive Officer, Mr.
Stuart James, said "This is a very good result for Mayne in a
year that has involved significant corporate reshaping and
repositioning. The Company's core businesses are leaders in
their sectors and have delivered a second consecutive year of
earnings growth."

"With the reshaping now completed, we are seeing performance
improvements in our businesses starting to flow through with
significant EBIT growth in the second half of 2004. We are
committed to delivering further improvements in these
businesses."

"In the last year, we have bolstered management in each of our
businesses with talented and motivated people. We have also
taken significant steps to reduce Mayne's business risk and
position ourselves for the future by investing in R&D,
manufacturing capacity and technology, by broadening the
geographic base of the Company and by building critical mass in
each of our businesses. Our competitiveness has never been
stronger," he said.

"In short, we have a solid foundation in place and a clear path
forward with significant potential," he said.

Divisional operating results

Mayne's international, injectable specialty pharmaceuticals
business delivered a largely unchanged result in a year that did
not have any significant new product launches. Earnings are
expected to grow organically from this year on as a result of
continued investment in research and development that has led to
the product pipeline more than doubling in the last three years.

Additionally, in the key US and European markets the paclitaxel,
MVI, and Wasserburger bolt-on acquisitions are delivering
financial results in-line with expectations. They have built
critical mass in these regions and will be strategically
important assets for supporting Mayne Pharma's growth.

In the first regular trading period since the Pan
Pharmaceuticals recall, Mayne Consumer Products delivered an
excellent recovery in the second half with earnings before
interest and tax almost quadrupling versus the first half of the
year. This result is attributable to improvements in
manufacturing and packaging efficiencies, tight cost control and
a series of sales and marketing initiatives that have re-
established this business' leadership in the Australian
nutraceutical market.

Mayne Pharmacy showed strong resilience in the face of the
uncertainty generated when approaches to purchase the business
were assessed by the Company during the year. Mayne is committed
to supporting community pharmacy in Australia and driving its
core business of providing superior service to pharmacists at a
competitive price. A revitalized management team is charged with
delivering against this strategy and without the distractions of
the last 12 months, the business is in a strong position to grow
shareholder value.

Close attention to service, productivity and cost management
paid dividends in Mayne's pathology operations. Queensland
Medical Laboratories (QML) continued to generate margins well in
excess of plan and Dorevitch Pathology in Victoria improved its
productivity with additional benefits realised through the
integration of Gippsland Pathology Services. Finally, Mayne
Health Laverty Pathology in NSW delivered its fourth consecutive
period of earnings improvement resulting in margins almost
doubling that achieved 18 months ago.

Mayne's Medical Centres also continued their progressive
improvement with the business reporting its first half of
positive EBIT contribution. This business now provides Mayne
with both a positive operating cash flow and a strong referral
base for its pathology operations.

The pleasing performance in Pathology and Medical Centres was
partially offset by a disappointing half-year result for Mayne's
Diagnostic Imaging business. A new management team with
increased accountability at the site level, together with a
government approved fee increase from June 2004, will improve
the performance of the Diagnostic Imaging business.

Outlook

In regard to outlook, Mr. James said that Mayne remains focused
on continuing the financial and operational improvement that has
started across its businesses, and assessing further prudent
corporate development opportunities.

"Priority number one is delivering Mayne's third consecutive
year of EBIT growth for the Group's continuing businesses and we
will continue to assess acquisition opportunities that make
strategic and financial sense," Mr. James said.

In conclusion Mr. James said, "Our businesses are very strong
and we will be making them even stronger. We have a highly
capable management team and each of our businesses has leading
positions in the growing health industry so we are expecting the
positive results to continue."

Media and investor enquiries:

Larry Hamson, General Manager Corporate Relations
Phone: 03 9868 0380
Mobile: 0407 335 907

CONTACT:

Mayne Group
Head Office Address:
Level 21/390 St Kilda Rd Melbourne 3004
Head Office Phone: +613 9868-0700
Website: http://www.maynegroup.com/


MAYNE GROUP: Paclitaxel Acquires European Patent
------------------------------------------------
Mayne Group Limited (ASX:MAY) announced in a press release on
Wednesday that the European Patent Office has granted Mayne a
patent for its formulation of paclitaxel. The patent will be
effective in 17 European countries and will support the
Company's position as a leading supplier of paclitaxel in
Europe.

Paclitaxel is widely used for the treatment of breast, ovarian
and non-small cell lung cancer. Bristol Myers Squibb is the
innovator of the drug and recorded European sales for the
branded version - Taxol- of $US440 million in 2003, making it
the largest oncology drug by sales value in Europe.

Mayne's Group Managing Director and Chief Executive Officer, Mr
Stuart James said that the grant of the paclitaxel patent
reinforced Mayne's position as the largest vertically integrated
supplier of paclitaxel globally behind the innovator.

"Using our patented formulation, Mayne (through our
collaboration with IVAX Corporation earlier this year) launched
Paxene- the first alternative paclitaxel across the major
markets in Europe.

Additionally, we are well prepared to soon launch our own
patented version of paclitaxel in those European countries not
covered by the Paxene distribution arrangement," he said.

In conclusion Mr. James said, "This patent further strengthens
our leading global sales, marketing and intellectual property
position for this core oncology drug."

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

Media and investor enquiries
Larry Hamson
Phone: 03 9868 0380
Mobile: 0407 335 907


ONE.TEL LIMITED: Breaches Hurdle To Settlement With Ex-chair
------------------------------------------------------------
One.Tel Ltd. liquidator Steve Sherman of Ferrier Hodgson is now
hoping to settle with former company chairman John Greaves after
overcoming a deadlock with creditors preventing the settlement
of a legal case against Mr. Greaves, the Australian Financial
Review reports.

Mr. Sherman had proposed to the committee of creditors last
Friday the ratification of a settlement with Mr. Greaves, but
the ensuing vote produced a deadlock of three votes to three.
However, further discussions last Tuesday have added two more
supporters to the liquidator's proposal.

Mr. Greaves was one of four directors whom Mr. Sherman sued last
February for almost $30 million, much of that for the two $7.5
million bonuses paid in 1999 to 2000 to former directors Jodee
Rich and Brad Keeling shortly before the Company collapsed.

Despite the ongoing legal proceedings, Mr. Sherman hopes to
settle with Mr. Greaves on August 30.  The deal is also expected
to allow Mr. Greaves to settle a civil charge of insolvent
trading by the Australian Securities and Investments Commission
(ASIC).

CONTACT:

One.Tel Limited
9 CASTLEREAGH STREET
SYDNEY, NSW 2000
AUSTRALIA
Phone: +61 2 97778111
       +61 2 97778199


ONE.TEL LIMITED: ASIC Trial of Ex-Directors Moved to Sept. 6
------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
trial in the NSW Supreme Court of former One.Tel directors Jodee
Rich, Brad Keeling and Mark Silbermann has been moved to
September 6 because of a backlog of documents that were recently
delivered to the two remaining defendants, reports the
Australian Financial Review, citing the judge in charge of the
case.

Justice Robert Austin, who announced the postponement on
Tuesday, said a 10-day postponement was granted because some
documents given to the defendants under discovery process since
early July "appear potentially to have real significance".

The judge said a 90-page report by PricewaterhouseCoopers
forensic accountant John Carter dealt with "some of the issues
addressed in his later forensic report but also with some other
issues, and apparently prepared for a different purpose, namely
to assist the plaintiff whether to institute proceedings".

ASIC has alleged that former chairman John Greaves and three
fellow One.Tel directors, namely, Mr. Rich, Mr. Silbermann and
Mr. Brad Keeling, allowed One.Tel to lose $92 million by
operating the company while it was insolvent.

Mr. Keeling settled with the Asic more than a year ago,
accepting a major financial penalty and a 10-year
disqualification as a director, while Mr. Greaves is hoping to
settle his case with the ASIC.


SANTOS LIMITED: Bookbuild Commences Thursday
--------------------------------------------
As announced by Santos Ltd on Tuesday August 24, an
Institutional Bookbuild was to open on Friday August 27 and
close on Monday August 30 to set the Margin for the proposed
issue of FUELS (Franked Unsecured Equity Listed Securities).

Due to the strong interest shown by investors since the
announcement of the offer, Santos advises that the Bookbuild is
now open and will be closed at 12 noon on Friday August 27.

Investors intending to participate in the proposed issue should
indicate their interest to Merrill Lynch as soon as possible and
prior to the revised closing time.

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


VILLAGE ROADSHOW: Issues Update on Capital Management Objectives
----------------------------------------------------------------
In a disclosure to the Australian Stock Exchange, the Board of
Village Roadshow Limited announced that it has reviewed and
affirmed the capital management objectives outlined in the
Company's announcement to Australian Stock Exchange Limited on 1
July 2004.

In brief these can be summarized as follows:

- the overall capital management objective is to create a more
efficient capital structure;

- the Directors are of the view that the Company's current
capital structure has been a significant impediment to the
reflection of the Company's underlying value in share market
prices for both ordinary and preference shares;

- the Directors also believe that the current capital structure
has the effect of inhibiting the distribution of income on a
consistent and sustainable basis to holders of both ordinary and
preference shares and thereby reduces the investment appeal of
both ordinary and preference shares; and

- as a result, the Directors believe that over time and as
business circumstances permit, a total issued capital in the
range of 235m to 285m shares will result in a capital structure
that can, when required, at least sustain future dividends on a
reasonably consistent basis, subject, of course to the financial
performance, capital requirements, business objectives and
prospects of the Company in the future.

Following the successful on-market buy-backs of 140.1m A Class
preference shares (preference shares) and 23.5m ordinary shares,
the Company now has on issue 321,542,140 shares in aggregate
comprising:

- 211,413,107 ordinary shares; and

- 110,129,033 A Class preference shares.

To meet the target issued capital of between 235m and 285m under
the Company's capital management strategy, the Company currently
intends to undertake further on-market buy-backs of up to
between 36.5m and 86.5m shares.

However, prior to making any decision in respect of any further
buy-back of shares there are several issues that need to be
addressed.

Shareholder Approval

Under the Corporations Act, a company can only buy-back 10% of
its voting shares in any 12 month period in the absence of
shareholder approval.

No such restriction applies to the Company's preference shares
which are non-voting.

The recent on-market buy-back of ordinary shares was in respect
of 10% of the issued ordinary shares.

In order to enable the Company to maintain the flexibility in
any future buy-back(s), the Directors have decided to convene a
meeting of shareholders to seek approval in accordance with
Section 257C of the Corporations Act for the Company to buy-back
up to a further 43,000,000 ordinary shares (being approximately
20% of the current issued ordinary shares) on-market in the
twelve months following the passing of such resolution.

The resolution to be put to shareholders will be an ordinary
resolution requiring a simple majority vote. Both ordinary and
preference shareholders will be entitled to vote on the
resolution.

A Notice of Meeting and Explanatory Memorandum are currently
being prepared and are expected to be dispatched to shareholders
around the middle of September. It is expected that the
shareholder meeting will be held early in October 2004.

Financing of Further On-Market Buy-Backs

At this stage, the Company has not put in place the financing
for further on-market buy-backs.

There are, however, a number of transactions which, if
completed, will make funds available for the buy-back of shares:

- Negotiations continue for the sale of the Company's interest
in the cinema joint venture in Taiwan; and

- Proposals in respect to new borrowings for some of the
Company's cinema interests are currently under negotiation with
banks.

The Directors believe that there are reasonable grounds to
believe that these transactions will be completed in the next
few months.

If all of these transactions are successful, it is expected that
funding of up to $100m will be available to the Company for
further buy-backs.

Corporate Banking Facility

Any further buy-back of ordinary shares will require the
approval of the Company's principal banker, ANZ Bank under the
Company's corporate banking facility.

Financial Covenants and Solvency

A buy-back of shares will also involve a review of financial and
other covenants under the Group's relevant banking facilities as
well as an analysis of the effect of any such buy-back on the
financial condition and solvency of the Company following such
buy-back.

The Directors have deferred the consideration of the terms of
any further buy-backs until the necessary approvals are in place
and funding has been obtained. A review of the relevant
covenants and financial impact of any buy-back will be
undertaken at that time.

DIVIDEND FOR YEAR ENDED 30 JUNE 2004

If a dividend was paid on both the ordinary shares (7.175 cents)
and the A Class preference shares (10.175 cents) on issue at 31
August 2004, a cash payment of approximately A$26m would be
required to be made from the Company's cash reserves or credit
facilities.

With the capital management objective remaining a priority, the
Directors believe that the interests of the Company and its
shareholders would be best served by deploying these funds in
the buy-back of further shares.

In addition, the Company considers that this amount could be
relevant in effecting further buy backs in terms of cash flow,
bank covenants and in obtaining the necessary ANZ bank
approvals.

Having regard to the foregoing and following a review of the
audited accounts for the year ended 30 June 2004, the Directors
have determined that no dividend will be declared on ordinary or
preference shares for the year ended 30 June 2004.

In accordance with previous announcements, consideration of
dividends for the year ending 30 June 2005 will be made
following the review of the audited accounts for the year ending
30 June 2005 and in light of the then current circumstances,
including the outcome of the Company's capital management
strategy.

It is expected that this review will take place at the end of
August 2005.

ENQUIRIES:

Peter Foo, Finance Director, 03 9667 6666

CONTACT:

Village Roadshow Limited
Head Office
206 Bourke Street
Melbourne Vic 3000
Australia
Phone: 61 3 9667 6666
Fax: 61 3 9639 1540
Website: http://www.villageroadshow.com.au/


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


ATMEL-WM HONGKONG: Creditors Must Prove Debts by September 20
-------------------------------------------------------------
The Creditors of Atmel-WM HongKong Limited, which is being
voluntarily liquidated, are required on or before the 20
September 2004 to send their names, addresses and descriptions,
full particulars of their debts or claims, as well as the names
and addresses of their solicitors (if any) to the undersigned.

If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice.

In default thereof, they will be deemed to waive all of such
debts or claims and the liquidators will be entitled seven days
after the above date, to distribute the funds available or any
part thereof to the Members.

Suen Pui Yee
Iain Ferguson Bruce
Liquidators
11th Floor, Prince's Building
10 Chater Road, Central
Hong Kong


BEPEAK LIMITED: Winding Up Hearing Slated on September 4
--------------------------------------------------------
Notice is given that a Petition for the Winding up of Bepeak
Limited by the High Court of Hong Kong Special Administrative
Region was, on the 5th 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 a t 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.

Ford, Kwan & Company
Solicitors for the Petitioner
Room 1202-1206, 12th Floor,
Wheelock House, 20 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 7th day of
September 2004.


BUILD KING: Posts Notice of Discloseable Transaction
----------------------------------------------------
Build King Holdings Limited (formerly known as I-China Holdings
Limited) has, on August 25, disclosed to the Hong Kong Stock
Exchange that during the period from 29th April, 2004 to 24th
August, 2004, the company has acquired from the market an
aggregate of 4,100,000 shares in Chaoda Modern Agriculture
(Holdings) Limited for a total consideration of HK$8,923,050.
The Investments together constitute a discloseable transaction
under Chapter 14 of the Listing Rules. A circular providing the
information required under the Listing Rules will be dispatched
to shareholders within 21 days after the publication of this
Announcement.

To view the full release, click on:
http://bankrupt.com/misc/TCRAP_BUILDKING082604.pdf


EASEWELL TECHNOLOGIES: Court Sets Bankruptcy Petition Hearing
-------------------------------------------------------------
A Petition for the Winding up of Easewell Technologies 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 a t 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.

Gallant 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.


E-COMMERCE LOGISTICS: Enters Winding Up Proceedings
---------------------------------------------------
Notice is given that a Petition for the Winding up of E-Commerce
Logistics Limited by the High Court of Hong Kong Special
Administrative Region was, on the 12th day of August 2004,
presented to the said Court by Winsor Air Cargo Centre Limited
whose registered office is situate at 2nd Floor, East Ocean
Centre, No. 98 Granville Road, Tsimshatsui East, Kowloon, Hong
Kong.

The said Petition will be heard before the Court at 10:00 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.

Knight & Ho
Solicitors for the Petitioner
Room 2207-10, 22nd Floor
World- Wide House
19 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
August 2004.


GUANGDONG TOURS: Sets Members' and Creditors' Meetings
------------------------------------------------------
Pursuant to Section 247 of the Companies Ordinance (Chapter 32),
a meeting of the members of Guangdong (H.K.) Tours Company
Limited will be held at Auditorium, Duke of Windsor Social
Service Building, 15 Hennessy Road, Wanchai, Hong Kong on 8th
day of September 2004 at 10:30 a.m. and 11:00 a.m.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote on his behalf. A
proxy need not be a member or creditor of the company.

Forms of proxies for both meetings must be lodged at the office
of Messrs. Kennic L. H. Lui & Co., 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, Hong Kong not later
than 4:00 p.m. on the day before the meetings.

Kennic Lai Hang Lui
Ruby Mun Yee Leung
Joint and Several Liquidators


H.K. TRADITIONAL: Court Hears Winding Up Petition
-------------------------------------------------
Notice is given that a Petition for the Winding up of H.K.
Traditional Chinese Medicine Kidney Hospital 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 Roco
Investment Limited and Exact Grow Development Limited whose
registered office are both situate at Top Floor, Chinachem
Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon, Hong
Kong.

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

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

Ford, Kwan & Company
Solicitors for the Petitioner
Room 1202-1206, 12/Floor,
Wheelock House, No. 20 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.


KESSEL TELECOM: Creditors To Submit Claims on September 8
--------------------------------------------------------
Notice is given that the creditors of Kessel Telecom Limited,
which is in Members' Voluntary Liquidation, are required (if
they have not already done so), on or before the close of
business on 8 September 2004, to send in their names, addresses
and particulars of their debts or claims, and the name and
address of their solicitors, if any, to the Joint and Several
Liquidators of the above-named company at Messrs. Kennic L. H.
Lui & Co. of 5th Floor, Ho Lee Commercial Building, 38-44
D'Aguilar Street Central, Hong Kong.

If so required by notice in writing from the said Liquidators,
they are to come in personally or by their solicitors and prove
their said debts or claims at such time and place as shall be
specified in such notice.

In default thereof, they will be deemed to waive all of such
debts or claims and the Liquidators will be entitled, seven days
after the above date, to distribute any and all surplus assets
or funds available or any part thereof to the members.

Kennic Lai Hang Lui
Lau Wu Kwai King Lauren
Joint and Several Liquidators


MAE HOLDINGS: SFC Prosecutes Wong Chi Wai for Short Selling
-----------------------------------------------------------
In a press release published on its website, the Securities and
Futures Commission (SFC) announced that it has successfully
prosecuted Mr Wong Chi Wai for short selling MAE Holdings
Limited shares on 20 June 2003.

On August 25, Wong pleaded guilty before Mr Eddie Yip, a
Magistrate at Eastern Magistracy, to nine summonses in relation
to his short selling of securities in contravention of Section
170 of the Securities and Futures Ordinance. Section 170(1)
prohibits the sale of securities when the person does not have a
presently exercisable and unconditional right to sell them.

An SFC investigation found that on 20 June 2003, Wong placed
nine orders to sell a total of 16.7 million MAE shares through
his own account and other accounts under his control while
knowing that he and other account holders did not have enough
shares to fulfil each of the sale orders.

Wong was fined a total of HK$54,000 and ordered to pay
investigation costs of HK$10,560 to the SFC.


SAN MIGUEL: 1H Net Loss Narrows to HK$3.5M
------------------------------------------
San Miguel Brewery Hong Kong posted a net loss of $3.519 million
for the six months ended June 30, compared with a net loss of
$35.58 million a year ago, according to Infocast News. Loss per
share was HK$0.01 and no second interim dividend was declared.

To view the company's financial results, click on:
http://bankrupt.com/misc/TCRAP_SANMIGUEL082604.pdf


SIMSEN INTERNATIONAL: Net Loss Shrinks to HK$185K
-------------------------------------------------
According to Infocast News, Simsen International Corporation
posted a net loss of HK$185,000 for the fiscal year ended April
30, compared with a net loss of HK$97.364 million a year ago.
LPS was HK$0.0004. No final dividend was declared.

To view the financial results, click on:
http://bankrupt.com/misc/TCRAP_SIMSENINTERNATIONAL082604.pdf


SOFTBANK INVESTMENT: Swings to Black with HK$20M H1 Net Profit
--------------------------------------------------------------
Infocast News reported that Softbank Investment International
(Strategic) Ltd posted a net profit of HKD$20.383 million for
the first half of 2004, compared with a net loss of HKD$69.299
million a year ago. EPS were 0.52 cent. No interim dividend was
declared.

To view the financial results, click on:
http://bankrupt.com/misc/TCRAP_SOFTBANKINVESTMENT082604.pdf


WAI YUEN: Notes Exceptional Turnover Movement
---------------------------------------------
This August 25 announcement is made by Wai Yuen Tong Medicine
Holdings Limited at the request of The Stock Exchange of Hong
Kong.

"We have noted the recent increase in the trading volume of the
shares of the Company and wish to state that, save as mentioned
below, we are not aware of any reasons for such increase.

The Company is in preliminary discussion with an independent
third party not connected with the directors, chief executive or
substantial shareholder of the Company or any of its
subsidiaries or their respective associates (as defined under
the Rules Governing the Listing of Securities on the Stock
Exchange for a possible acquisition of certain interest in a PRC
Company which principally engaged in manufacturing and selling
of medical product.

Preliminary discussions have taken place, which may or may not
result in the acquisition being completed. At this stage, no
agreement has been reached in respect of any terms for the
acquisition and, as such, it is uncertain whether the
acquisition would constitute a notifiable transaction for the
Company under the Listing Rules. The Company will make further
announcement in accordance with the requirements of the Listing
Rules if and when an agreement is reached between the parties in
respect of the acquisition.

We confirm that, save as disclosed above, there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under rule 13.23, neither is
the Board aware of any matter discloseable under the general
obligation imposed by rule 13.09, which is or may be of a price-
sensitive nature."

By the Order of the Board of
Wai Yuen Tong Medicine Holdings Limited
Chan Chun Hong, Thomas
Managing Director
Hong Kong


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


BANK PERMATA: Jamsostek Forms Consortium With Maybank For Bid
-------------------------------------------------------------
Indonesia's largest pension fund, PT Jamostek, has decided to
form a consortium with Malayan Banking Bhd (1155.KU) to bid for
a controlling stake in PT Bank Permata, Dow Jones reveals,
citing Jamsostek Finance Director Samuel Tobing.

According to Mr. Tobing, Jamsostek will only have a minority
stake of 10 to 15 percent in the consortium, with Maybank,
Malaysia's largest banking group, accounting for the remainder.

Mr. Tobing also said that the consortium is still willing to
accept one more partner in bidding for a 51-percent stake in
Permata, which is the last of the nationalized banks to be
divested by the Indonesian government.

Mr. Tobing said Jamsostek plans to spend between IDR600 billion
and IDR800 billion for the acquisition.

CONTACT:

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


BANK PERMATA: Jamsostek To Hold Bank's Shares For Only 3-5 Years
----------------------------------------------------------------
Should it win the upcoming tender for a controlling stake in
state-owned PT Bank Permata, state pension fund PT Jamsostek
said it will only hold the stake for three to five years,
according to The Jakarta Post.

According to Jamsostek investment director Samuel Tobing on
Wednesday, the fund needs a quick return on its investment, and
that its plan is deemed more feasible than holding the shares
over the long term. He said Jamsostek was only seeking a medium-
term investment horizon in the country's seventh largest lender.

"We'll probably sell the stake after between three and five
years. But we haven't decided to whom the shares would be sold,"
he said.

The government, which has a 97.17 percent stake in publicly
listed Permata, plans to sell 51 percent of its stake later this
year to strategic investors and another 19 percent to the
investing public in a bid to raise cash to help plug the state
budget deficit.


BANK PERMATA: Mandiri Submits Letter For Qualification To Bid
-------------------------------------------------------------
State-controlled PT Bank Mandiri, Indonesia's largest bank, has
formalized on Thursday its intention to acquire a majority stake
in Bank Permata with its submission of a letter for
qualification to bid, Reuters relates.

In a statement, Mandiri said it would be at the forefront of a
consortium made up of PT Mandiri Securities, PT Bank Buana and
PT Sari Dasa Karsa.


INDOFOOD SUKSES: VP Says Unit's Sale Most Likely a Flotation
------------------------------------------------------------
Rather than an outright sell-off, a sale of Bogasari Flour
Mills, a unit of PT Indofood Sukses Makmur Tbk, will most likely
involve a stock exchange flotation, Reuters reports, citing
Bogasari vice president for international trade and industrial
sales Budianto Wijaya.

However, Mr. Wijaya cast doubt on an imminent sale of Bogasari,
which has been valued at between US$650 million and US$1 billion
by its directors. "It's an issue that's been on and off, on and
off", he said, in direct contrast to a statement made on August
11 by newly-appointed Indoffod Vice President Director Frankie
Welirang saying that a spin-off could take place this year.

Any sale of Bogasari, which own the world's biggest flour
factory, would be mainly a financial arrangement that would not
affect daily operations, Wijaya told Reuters. Bogasari might
even effectively stay in the Indofood group through informal
relations after a sell-off, he said.

CONTACT:

INDOFOOD SUKSES MAKMUR TBK
Gedung Ariobimo Sentral,
12th Fl., Jl. H.R. Rasuna Said X-2 Kav
Jakarta 12950,
Indonesia
Phone: +62-21-522-8822
Fax: +62-021-522-6014


PERTAMINA: Not Extending ExxonMobil Contract
--------------------------------------------
PT Pertamina said on Wednesday that it has no plans of granting
U.S.-based ExxonMobil Oil Indonesia Inc. an extension on its
contract to operate the Cepu oil and gas block, relates The
Jakarta Post.

According to Pertamina president Widya Purnama, it would be more
profitable for the state-owned oil and gas company to operate
the block, which is believed to contain huge oil and gas
reserves, by itself rather than with a partner. He said they
will be sending ExxonMobil a letter on the plan later this week.

Pertamina owns the Cepu block, which is located between Central
and East Java. Under the terms of a technical assistance
contract (TAC) in the early 1990s, the company handed the block
over to PT Humpuss Patragas, which was controlled by Hutomo
"Tommy" Mandala Putra, former president Soeharto's youngest son.

Humpus was obliged under the TAC to give Pertamina a portion of
the block's output equal in volume to Pertamina's last
production at the block. At the time of the handover to Humpuss,
the block only produced a few thousands of barrels of oil per
day.

In 1999, Humpuss sold its entire stake in the block to
ExxonMobil Cepu, which, upon finding oil reserves of some 600
million barrels and trillions of cubic feet of natural gas,
asked for an extension of the TAC due in 2010 until 2030.

Pertamina's previous management under Ariffi Nawawi worked hard
to clinch a deal with ExxonMobil, which culminated in the
signing of an initial agreement in March. Under the agreement,
the government will receive 60 percent of the block's oil and
gas production and the remainder will go to Pertamina and
ExxonMobil.

CONTACT:

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


* Indonesian Govt Asks Banks To Help Restructure Textile Sector
---------------------------------------------------------------
Indonesia has sought the assistance of its banks in
restructuring the country's textile industry by giving priority
to the spinning, weaving and finishing sectors of the said
trade, Indoexchange reports, citing Textile Industry Director at
the Industry and Trade Ministry, Luki Hartini. The director said
that Indonesia could compete well in the three sectors, whose
prospects are encouraging.

A total of 774 companies have requested for inclusion in the
government's restructuring program. The financial condition of
these firms, which are part of 4,109 textile and garment
companies surveyed by state-owned survey company PT Sucofindo,
will be verified by Bank Indonesia and the industry and trade
ministry.

These companies, which include those engaged in integrated
textile, weaving, knitting, garment, spinning, printing and
dyeing, are estimated to need US$505.7 million to restructure
their factories.


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


DAIEI INCORPORATED: IRCJ Lays Out Revival Plan
----------------------------------------------
Despite Daiei Incorporated's resistance, the Industrial
Revitalization Corporation of Japan (IRCJ) laid out its revival
plan for the ailing retailer.

According to Kyodo News, the program involves splitting the
company into a foodstuff supermarket chain, and a store and land
holdings management firm.

IRCJ aims to boost Daiei's earnings by injecting JPY100-200
billion in fresh capital into existing outlets.

The state-backed turnaround body believes its scheme could fully
benefit Daiei as the retailer can "secure more employment per
sales floor area" if it shifts into a food-based supermarket
chain from a full-line merchandise chain.

In order to improve competitiveness, IRCJ suggests inviting
specialty stores to occupy floor spaces vacated by clothing and
apparel, household equipment and other non-food items while
tasking outside personnel and young Daiei employees to
facilitate the firm's rehabilitation.

The plan also includes capital reduction and a JPY300-400
billion monetary aid from Daiei's main lenders UFJ Bank, Mizuho
Corporate Bank and Sumitomo Mitsui Banking Corporation.

IRCJ's proposed restructuring program will provide a base on
which Daiei's main creditors will step up calls for the company
to accept IRCJ's aid.

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


DAIKYO INCORPORATED: Sells Internet Service Unit to PoweredCom
--------------------------------------------------------------
Daikyo Incorporated has sold its wholly owned Internet service
unit to an affiliate of Tokyo Electric Power Company for JPY5.7
billion, reports Kyodo News.

The ailing condominium builder decided to divest its entire
stake in Family-Net Japan Corporation to telecom firm PoweredCom
Incorporated as part of a business expansion plan with Tokyo
Electric to provide electricity-powered condos.

It was reported earlier that Daikyo's main creditor UFJ Bank is
considering sending the embattled firm to the Industrial
Revitalization Corporation of Japan for its rehabilitation.

CONTACT:

Daikyo Incorporated
24-13 Sendagaya 4-Chome
Sendagaya No. 21 Daikyo Building
Shibuya-Ku 151-8506, Tokyo 151-8506
Japan
Phone: +81 3 3475 1111
Fax: +81 3 3475
Website: http://www.daikyo.co.jp/


KANEBO LIMITED: Creditors Grant JPY99.5bln Loan Waiver
------------------------------------------------------
As part of its revival plan, Kanebo Limited has received a loan
waiver of JPY99.5 billion from its creditors, relates Kyodo
News.

The textile maker's creditors, including Sumitomo Mitsui Banking
Corporation, Mizuho Global Limited and UFJ Bank, agreed to waive
the amount, which represents 18.52 percent of Kanebo's
outstanding debts reaching JPY537.24 billion as of the end of
March.

Kanebo, which is undergoing rehabilitation by the Industrial
Revitalization Corporation of Japan, will slash its capital by
99.7 percent from JPY31.34 billion to JPY100 million and conduct
a ten-to-one share consolidation, cutting the trading minimum
unit to 100 shares from 1,000.

CONTACT:

Kanebo Limited
20-20 Kaigan 3-chome, Minato-ku
Tokyo, 108-8080, Japan
Phone: +81-3-5446-3002
Fax: +81-3-5446-3027
Website: http://www.kanebo.co.jp


MITSUBISHI MOTORS: Loosens Ties With DaimlerChrysler
----------------------------------------------------
Mitsubishi Motors Corporation (MMC) decided to scale back on
business dealings with German automaker DaimlerChrysler AG,
Reuters says.

Scandal-hit MMC will cancel plans to use common platforms for
the two companies' mid-size sedans and would continue to work
with DaimlerChrysler in areas that benefit both.

Ties between both companies weakened when DaimlerChrysler, whose
stake in MMC has shrunk to 20 percent from 37 percent, refused
to extend financial aid for MMC's rehabilitation.

However, MMC will pursue cooperation with DaimlerChrysler in
other areas, including the joint development and production of a
midsize-car engine and maintaining an OEM (original equipment
manufacturer) deal to buy pick-ups from DaimlerChrysler's North
American division.

The Japanese automaker, likewise, confirmed ongoing fifty-fifty
joint venture negotiations to manufacture "NedCar" in the
Netherlands.

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


SOJITZ HOLDINGS: Plans to Book JPY350bln Loss This Year
-------------------------------------------------------
To clear investor concern over its financial status, Sojitz
Holdings Corporation is considering raising the amount of losses
it will write off for the current fiscal year by JPY100 billion,
Asia Intelligence Wire reports, citing Jiji Press.

The Japanese firm plans to report JPY350 billion losses this
year, up JPY100 billion from the originally proposed JPY250
billion.

In July, Sojitz released an outline of its new three-year
revival scheme to be formalized in September which featured the
booking of JPY250 billion losses resulting from the divestment
of real estate holdings, dissolution of loss-making ventures and
accounting for the impairment of fixed assets.

Sojitz, which controls struggling trading firm Sojitz
Corporation, admitted the amount of investment it will seek from
its main creditor UFJ Bank and others in order to sustain its
capital base may be proportional to its expected losses which
could balloon to as much as JPY400 billion.

CONTACT:

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


*Fitch Maintains Rating Watch on Japanese Bank Merger Players
-------------------------------------------------------------
Fitch Ratings, the international rating agency, announced on
August 24 that it has maintained the Rating Watch Evolving on
the six major Japanese banks listed below. The banks were first
placed on Rating Watch on 30 July 2004.

UFJ Bank (UFJ): L-T 'BBB+', S-T 'F2', Ind. 'E', Support '2';

UFJ Trust Bank (UFJ Trust): L-T 'BBB+', S-T 'F2', Ind. 'E',
Support '2';

Bank of Tokyo-Mitsubishi (BTM): L-T 'A-', Ind. 'C/D';

Mitsubishi Trust and Banking (MTBC): L-T 'A-', Ind. 'D';

Sumitomo Mitsui Banking Corp (SMBC): L-T 'BBB+', S-T 'F2' , Ind.
'E', Support '2';

Sumitomo Trust & Banking (Sumitomo Trust): L-T 'BBB+', S-T 'F2',
Ind. 'D', Support '2';

(Note: "L-T" = Long-term Rating; "S-T" = Short-term Rating;
"Ind."= Individual Rating)

The decision to maintain the Rating Watch followed an
announcement by Sumitomo Mitsui Financial Group (SMFG) of
details of its merger offer to UFJ Holdings (UFJH). SMFG is the
parent holding company of SMBC, while UFJH is the parent holding
company of UFJ and UFJ Trust.

While Fitch views SMBC to be somewhat stronger than UFJ on a
stand-alone basis, both banks have Individual ratings of 'E',
the lowest possible rating on Fitch's Individual scale. Given
the extent of UFJ's asset quality problems, any merged bank
created under these proposals would potentially be very weak on
a stand-alone basis.

Nevertheless, a merged entity could benefit from a higher
Support rating, and therefore higher Long-term rating, as it
would be by far the largest bank in the world and therefore
increase in terms of systemic importance. Given their low
Individual ratings, the 'BBB+' Long-term ratings currently
assigned to both SMBC and UFJ are wholly reliant on potential
State support.

Under the terms of its bid, SMFG will inject up to JPY700
billion of capital into UFJH, and offer UFJH shareholders a 1:1
merger ratio. SMFG has stated that it will fund the proposed
capital injection from current resources, and that it is not
considering raising additional capital from third-parties.
According to SMFG, the 1:1 merger ratio represents a premium of
30% on UFJH's recent market price. As this bid is based on
publicly available information, SMFG states that any materially
adverse information yielded by due diligence could result in an
adjustment to the offer.

The terms of the bid will lapse on 24 September 2004. Any
capital injection would take place before 30 September 2004,
with the holding companies merging in March/April 2005 followed
by the operating banks in October 2005.

SMFG's offer comes after the signing of a basic agreement on 12
August 2004 between UFJH and Mitsubishi Tokyo Financial Group
(MTFG), the parent holding company of BTM and MTBC, under which
MTFG, UFJH and their operating banks would merge by 1 October
2005. MTFG has also agreed to cooperate with UFJH in raising up
to JPY700 billion in additional capital by 30 September 2004 to
assist UFJH in accelerating its clean-up of asset quality
problems.

In a separate action, Sumitomo Trust is appealing to Japan's
Supreme Court to uphold its exclusive negotiating rights for
portions of UFJ Trust's operations, with a ruling expected
within the next few weeks. Although not directly related to the
SMFG and MTFG offers for UFJH, the outcome of the Sumitomo Trust
appeal could affect the ultimate structure of these bids.


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


KOOKMIN BANK: CEO's Future Uncertain
------------------------------------
The future of Kookmin Bank President and Chief Executive Kim
Jung-tae hangs in the balance following the Financial
Supervisory Service (FSS) decision on Wednesday to fine the bank
KRW2 billion for violating accounting standards, reports The
Korea Times.

According to financial regulators, the offenses committed by
Kookmin are serious, and they could ask for the dismissal of Mr.
Kim and other executives.

If the Financial Supervisory Commission (FSC), the regulatory
body tasked to make the final decision on the matter, decides to
impose harsher penalties on Mr. Kim and other executives, he
could be forced to resign as CEO before his tenure expires and
will be unable to become an executive for three years.

Kookmin Bank was found to have misstated or underreported loss-
reserves worth KRW550 billion in its books in the process of
merging with Kookmin Card Co., its credit card subsidiary, last
year.

CONTACT:

Kookmin Bank
9-1 Namdaemoonro 2-ga
Chung-gu, Seoul 100-092
Korea (South)
Telephone: +82 2 317 2114
Telephone: +82 2 776 5637


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


BERJAYA SPORTS: Issues Shares Buy Back Notice
---------------------------------------------
Berjaya Sports Toto Berhad announced the details of its shares
buy back on August 25, 2004.

Date of buy back from: 16/08/2004

Date of buy back to: 20/08/2004

Total number of shares purchased (units): 5,020,200

Minimum price paid for each share purchased (RM): 3.320

Maximum price paid for each share purchased (RM): 3.480

Total amount paid for shares purchased (RM): 17,159,149.49

The name of the stock exchange through which the shares were
purchased: BURSA MALAYSIA SECURITIES BERHAD

Number of shares purchased retained in treasury (units):
5,020,200

Total number of shares retained in treasury (units): 55,963,600

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: 25/08/2004

Lodged by: MS SU SWEE HONG

CONTACT:

Berjaya Sports Toto Berhad
179 Jalan Bukit Bintang
Kuala Lumpur, Kuala Lumpur 55100
Malaysia
+60 3 2935 8888
+60 3 2935 8043

This Bursa Malaysia announcement is dated 25 August 2004.


CEPATWAWASAN GROUP: Clarifies Litigation Report
-----------------------------------------------
Cepatwawasan Group Berhad clarified its previous announcement
dated 25 August 2004 pertaining to the Kuala Lumpur Originating
Summons No. D3-24-82-2004.

The full text of the amended announcement of 25 August 2004
should read as follows:

"Further to the announcement dated 23 August 2004, the Board of
Directors of Cepatwawasan Group Berhad wishes to announce that
the Company has been informed by Datuk Lo Fui Ming that the High
Court has granted leave to commence 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.

Hearing of the committal proceeding proper will be fixed in due
course by the High Court.

This Bursa Malaysia announcement is dated 25 August 2004.


FCW HOLDINGS: Widens 4Q04 Loss to MYR34.6M
------------------------------------------
FCW Holdings Berhad posted a net loss of MYR34.6 million in the
fourth quarter ended June 30, versus a net loss of 4.8 million a
year earlier, Dow Jones reports.

   4th quarter ended June 30:    Figures are in Ringgit (MYR).

                                 2004               2003

Revenue                  MYR3,455,000      MYR11,085,000
Pretax Profit             (34,451,000)        (4,797,000)
Net Profit                (34,579,000)        (4,892,000)
Earnings Per Share         (13.91 Sen)         (2.42 Sen)
Dividend                      Omitted            Omitted

   12 months ended June 30:

Revenue                    18,568,000         39,563,000
Pretax Profit             (48,944,000)       (18,893,000)
Net Profit                (49,223,000)       (19,526,000)
Earnings Per Share         (19.80 Sen)         (9.64 Sen)
Dividend                      Omitted            Omitted

(Figures in parentheses are losses.)

Results are based on Malaysian accounting standards and are
unaudited.

CONTACT:

Fcw Holdings Berhad
Jalan Segambut
Kuala Lumpur, SELANGOR DARUL EHSAN 51200
Malaysia
+60 3 4043 9266
+60 3 4043 6750


FSBM HOLDINGS: Releases Unaudited Quarterly Report
--------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, FSBM
Holdings 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
        12,931      13,586         30,960        19,281

2  Profit/(loss) before tax
        506         -4,870         716           -12,488

3  Profit/(loss) after tax and minority interest
        211         -4,534        -975           -11,482

4  Net profit/(loss) for the period
        211         -4,534        -975           -11,482

5  Basic earnings/(loss) per shares (sen)
        0.41         -8.86        -1.91          -22.45

6 Dividend per share (sen)
        0.00          0.00         0.00            0.00

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

7  Net tangible assets per share (RM)

            1.0700                    0.8300


FSBM HOLDINGS: Director Wong Chee Kong Resigns
---------------------------------------------
FSBM Holdings Berhad announced the resignation of its Director
Wong Chee Kong on August 25, 2004.

Type of change: Resignation

Designation: Executive Director

Directorate: Executive

Name: WONG CHEE KONG

Age: 55

Nationality: Malaysian

Qualifications: Banking Diploma from the Institute of Bankers
(London)

Working experience and occupation: He started his career in the
Bank of Tokyo where he obtained his Banking Diploma from the
Institute of Bankers (London). He subsequently joined NCR
Corporation. He then left NCR and joined the United Overseas
Bank ("UOB") to head the IT Division and progressed to become
UOB's First Vice President and Chief Information Officer (CIO).

On leaving UOB, he joined Development & Commercial Bank ("DCB")
as its CIO and was later promoted to Group IT Director. He
subsequently left DCB to join FSBM in 1999.

Directorship of public companies (if any): NIL

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

Details of any interest in the securities of the listed issuer
or its subsidiaries: Mr. Kong holds 121,300 shares of RM1.00
each in FSBM Holdings Berhad under spouse name, Mdm Chan Sook
Kuen.


GULA PERAK: Releases Unaudited Quarterly Report
-----------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Gula Perak
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
        7,620        6,623          7,620        6,623

2 Profit/(loss) before tax
       -1,610      -58,849          -1,610       -58,849

3  Profit/(loss) after tax and minority interest
       -1,611      -58,849          -1,611      -58,849

4  Net profit/(loss) for the period
       -1,611      -58,849          -1,611      -58,849

5  Basic earnings/(loss) per shares (sen)
       -0.62       -23.00           -0.62       -23.00

6  Dividend per share (sen)
        0.00       0.00              0.00        0.00

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

7  Net tangible assets per share (RM)
                  1.9200                 1.9300

For a copy of Gula Perak's condensed consolidated income
statements for the quarter ended 30 June 2004, go to
http://bankrupt.com/misc/tcrap_gulaperak082604.xls

CONTACT:

Gula Perak Berhad
218 Jalan Ipoh
Kuala Lumpur, 51200
MALAYSIA
+60 3 4044 2828
+60 3 4044 6688


MALAYAN FLOUR: Unveils Unaudited Quarterly Results
--------------------------------------------------
Malayan Flour Mills 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
        163,528      147,126        313,280      288,250

2 Profit/(loss) before tax
        -1,904       -1,555         -2,571       3,257

3  Profit/(loss) after tax and minority interest
        -556         -1,913         -1,042       305

4  Net profit/(loss) for the period
        -556         -1,913         -1,042       305

5  Basic earnings/(loss) per shares (sen)
       -0.66         -2.28          -1.24       0.36

6  Dividend per share (sen)
        0.00          0.00           0.00       0.00

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

7  Net tangible assets per share (RM)

                3.2800               3.3900

For more information, go to
http://bankrupt.com/misc/tcrap_malayanflour082604.XLS
http://bankrupt.com/misc/tcrap_malayanflourB082604.xls

CONTACT:

Malayan Flour Mills Berhad
Jalan Ampang
Kuala Lumpur, 50450
MALAYSIA
+60 3 2161 9055
+60 3 2161 0502


MOL.COM BERHAD: Unveils 1H04 Financial Results
----------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Mol.com
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
        11,499       36,999         50,474       79,411

2  Profit/(loss) before tax
        -673         -18,643         880         -25,067

3  Profit/(loss) after tax and minority interest
        -683         -18,376         777         -24,943

4  Net profit/(loss) for the period
        -683         -18,673         777         -24,943

5  Basic earnings/(loss) per shares (sen)
        -0.30        -17.37          0.34        -23.58

6  Dividend per share (sen)
         0.00         0.00           0.00        0.00

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

7  Net tangible assets per share (RM)

               0.1200             0.1100

For a copy of its unaudited interim financial report for the
period ended 30 June 2004, go to
http://bankrupt.com/misc/tcrap_mol.com082604.pdf

CONTACT:

MOL.COM BERHAD
179 Jalan Bukit Bintang
Kuala Lumpur, 55100
MALAYSIA
+60 3 2935 8888
+60 3 2935 8043


MTD CAPITAL: Releases Final Dividend Notice
-------------------------------------------
MTD Capital Berhad announced the details of its final dividend
on August 25, 2004.

EX-date: 04/10/2004

Entitlement date: 06/10/2004

Entitlement time: 05:00:00 PM

Entitlement subject: Final Dividend

Entitlement description:

Final Dividend of 4% less 28% income tax

Period of interest payment: to

For year ending/Period ending/ended: 31/03/2004

Share transfer book & register of members will be closed from
(both dates inclusive) for the purpose of determining the
entitlements: 06/10/2004 to 06/10/2004

Registrar's name, address, telephone no:

Symphony Share Registrars Sdn Bhd (Formerly known as Malaysian
Share Registration Services Sdn Bhd)

Level 26, Menara Multi Purpose
Capital Square
No. 8, Jalan Munshi Abdullah
50100 Kuala Lumpur
Tel: 03-2721 2222

Payment date: 20/10/2004

a) Securities transferred into the Depositor's Securities
Account before 4 p.m. in respect of transfers: 06/10/2004

b) Securities deposited into the Depositor's Securities Account
before 12:30 p.m. in respect of securities exempted from
mandatory deposit:

c) Securities bought on the Exchange on a cum entitlement basis
according to the Rules of the Exchange.

Number of new shares/securities issued (units) (If applicable):

Entitlement indicator: Percentage

Entitlement in percentage (%): 4

The aforementioned final dividend is subject to the approval of
the shareholders at the forthcoming Annual General Meeting of
MTD Capital Bhd.

CONTACT:

MTD CAPITAL BERHAD
Batu 8 Jalan Batu Caves
Batu Caves, Selangor Darul Ehsan 68100
MALAYSIA
+60 3 6189 9022
+60 3 6187 7898


MULTI VEST: Cuts 4Q04 Net Loss to MYR1.42M
------------------------------------------
Multi Vest Resources Berhad posted a net loss of MYR1.423
million in the fourth quarter ended June 30, 2004, versus a net
loss of MYR1.33 million a year earlier, according to Dow Jones.

   4th quarter ended June 30:  Figures are in Ringgit (MYR).

                                 2004               2003

Revenue                  MYR3,455,000      MYR11,085,000
Pretax Profit             (34,451,000)        (4,797,000)
Net Profit                (34,579,000)        (4,892,000)
Earnings Per Share         (13.91 Sen)         (2.42 Sen)
Dividend                      Omitted            Omitted

   12 months ended June 30:

Revenue                    18,568,000         39,563,000
Pretax Profit             (48,944,000)       (18,893,000)
Net Profit                (49,223,000)       (19,526,000)
Earnings Per Share         (19.80 Sen)         (9.64 Sen)
Dividend                      Omitted            Omitted

(Figures in parentheses are losses.)

Results are based on Malaysian accounting standards and are
unaudited.

CONTACT:

Multi Vest Resources Berhad
Persiaran Kewajipan USJ 1 UEP
Subang Jaya, Selangor Darul Ehsan 47600
MALAYSIA
+60 3 7650 8099
+60 3 7650 8088


NAUTICALINK BERHAD: Releases Unaudited Quarterly Report
-------------------------------------------------------
Nauticalink 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
        237           789           414          1,472

2  Profit/(loss) before tax
       -384          -706          -950         -1,914

3  Profit/(loss) after tax and minority interest
       -384          -706          -950         -1,914

4  Net profit/(loss) for the period
       -384          -706          -950         -1,914

5  Basic earnings/(loss) per shares (sen)
       -1.92         -3.53         -4.75        -9.57

6  Dividend per share (sen)
        0.00          0.00          0.00          0.00

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

7 Net tangible assets per share (RM)

               -2.1630                    -2.1150

For more information, go to
http://bankrupt.com/misc/tcrap_nauticalink082604.xls


OSK HOLDINGS: Purchases 82,200 Ordinary Shares on Buy Back
----------------------------------------------------------
OSK Holdings Berhad announced the details of its shares buy back
on Wednesday.

Date of buy back: 25/08/2004

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

Total number of shares purchased (units): 82,200

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

Maximum price paid for each share purchased (RM): 1.560

Total consideration paid (RM): 127,954.70

Number of shares purchased retained in treasury (units): 82,200

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

Cumulative net outstanding treasury shares as at to-date
(units): 12,006,900

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


PARK MAY: Seeks Extension of Regularization Plan
------------------------------------------------
Park May Berhad refers to its announcement dated 9 July 2004
where the Company had on even date submitted an application to
Bursa Securities for an extension of time of two (2) months i.e.
until 11 September 2004 to obtain all outstanding authorities'
approval necessary for the implementation of the plan to
regularize its financial condition (Proposed Restructuring
Scheme).

The Company announced that, given the fact that Park May had
submitted the Proposed Restructuring Scheme to the relevant
authorities for approval, the Bursa Securities, via its letter
dated 16 July 2004, advised the Company that it will await the
outcome of the Company's application to the relevant
authorities.

The Bursa Securities has further advised the Company that in the
event the approvals are obtained, the Company must proceed to
implement the Proposed Restructuring Scheme expeditiously within
the timeframe stipulated by the relevant authorities.

In connection therewith, the Company obtained the approval of
Securities Commission (SC) via its letter dated 27 July 2004 (SC
Approval Letter) (which was received on 28 July 2004) for the
Proposed Restructuring Scheme, as announced by AmMerchant Bank
Berhad, on behalf of the Company, on 28 July 2004. The Company
is currently addressing the conditions imposed by the SC as set
out in the SC Approval Letter.

CONTACT:

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

This announcement is dated 25 August 2004.


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


COLLEGE ASSURANCE: Foreign Partner's Approach Raises Questions
--------------------------------------------------------------
The foreign investor that reportedly seeks to partner with
College Assurance Plans Philippines Inc. (CAP) was not actually
investing in the pre-need firm but was just lending it some
US$227 million, which could erode its trust fund, Business World
reports.

CAP earlier claimed it was in talks with a "foreign investor"
for US$227 million in new capital. About US$100 million will go
to its purchase of common or preferred shares in CAP, which will
be redeemable after 10 years.

An unnamed source said, "The issuance of the shares cannot be
considered an investment, because preferred shares that are
redeemable are liabilities. For accounting purposes, [that's
debt]."

The source added that since CAP was expected to put up
collateral for the fresh capital, there was a risk that CAP
assets (now PhP8.4 billion) would diminish. "It might even
deteriorate. If CAP can't pay the loan, the assets will be
foreclosed. [They might just lose the assets]," the source said.

The source also said it would be unlikely for the Securities and
Exchange Commission (SEC) not to renew CAP's license to sell
pre-need plans, even if it gets a creditor instead of an
investor. It was earlier reported that SEC might not renew CAP's
dealer's license if it would not close a deal with an investor
by September 30.

CAP earlier reported a PhP17 billion deficiency in its trust
assets as of end 2003. The company has PhP8.4 billion in trust
assets, compared with an actuarial reserve liability, or
projected future obligations, of PhP25.5 billion.

CONTACT:

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


IONICS INC.: Narrows 2Q04 Loss to Php48.1M
------------------------------------------
Ionics Inc. posted a second quarter net loss of Php48.1 million
versus a net loss of 121.5 million a year earlier, Dow Jones
reports.

   2Q ended June 30: Figures are in pesos

                           2004          2003

Sales              PHP885.7 Mln   PHP1.85 Bln
Cost of goods sold    914.7 Mln      1.94 Bln
Operating expenses    55.21 Mln     109.9 Mln
Operating income     (84.17 Mln)   (198.2 Mln)
Other income           2.98 Mln     13.27 Mln
Net profit           (48.10 Mln)   (121.5 Mln)
EPS                       (0.11)        (0.28)

   1H ended June 30:

                           2004          2003

Sales                  1.20 Bln      2.81 Bln
Cost of goods sold     1.36 Bln      2.99 Bln
Operating expenses    53.64 Mln     108.6 Mln
Operating income     (217.9 Mln)   (293.1 Mln)
Other income          12.32 Mln     22.74 Mln
Net profit           (797.9 Mln)   (894.5 Mln)
EPS                       (1.86)        (2.09)

(Figures in parentheses are losses.)

Results are based on Philippine accounting standards and are
unaudited.

CONTACT:

Ionics, Inc.
11/F, DTC Place Building
2322 Pasong Tamo Extension, Makati City
Tel. No:  889-8578 to 80
Fax No:  889-8582/84
E-mail Address: judyqua@attglobal.net
URL: http://www.IONICS-EMS.com
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Rizal Commercial Banking Corporation


MANILA ELECTRIC: Clarifies Rate Adjustment Report
-------------------------------------------------
The Manila Electric Company on Wednesday clarified that the
Third Generation Rate Adjustment Mechanism (GRAM), which the ERC
approved, is not a Meralco rate increase.

"We would like to clarify that the GRAM is not a Meralco rate
increase but a rate adjustment mechanism in which distribution
utilities are allowed to file with the Energy Regulatory
Commission rate adjustments to cover fluctuations in the price
of electricity it buys from the National Power Corporation and
Independent Power Producers", said Meralco Vice- President for
Corporate Communication Elpi Cuna, Jr.

"I would like to reiterate that this is not a Meralco rate hike
and that the 17 centavos adjustment approved by the ERC through
the GRAM is to recover the average generation cost for the
February to May 2004 supply months which we already paid in
advance to our suppliers ", Cuna reiterated. Cuna also said that
since Meralco has to pay its suppliers on a monthly basis, the
power company already advanced the difference.

This recent GRAM filing reflects the cost of generation for the
February to May 2004 supply months. Despite the monthly
volatility in generation costs, changes in the generation charge
via the GRAM are effected only every three months at the least.

" I also would like to inform the public that this is really
just a cost-recovery mechanism and revenue neutral in so far as
Meralco is concerned. We don't gain a single centavo from it and
absolutely nothing goes to Meralco's pocket". "In fact, we have
to advance the payment to the genco's before we can recover the
cost", Cuna said.

Cuna added that the cost of generation changes depending on many
factors such as cost of fuel, peso-dollar exchange rate, changes
in NPC's rate, all of which are beyond the control of Meralco.

"We have seen the rise in the cost of fuel in the world market
and this may be a major factor in the increase in the cost of
generation", Cuna averred.

But not all adjustments under the GRAM represent an upward
spike. It will be recalled that in January (2004) this year,
Meralco filed a petition before the ERC to lower its generation
charge citing lower generation costs. The lower rates were
enjoyed by its consumers from February to May this year.

For a copy of the disclosure, go to
http://bankrupt.com/misc/tcrap_meralco082604.pdf


NATIONAL POWER: PIPPA Seeks Speedy Resolution of Rate Hike Bid
--------------------------------------------------------------
The Philippine Independent Power Producers Association (PIPPA)
has called on the Energy Regulatory Commission (ERC) to speed up
the resolution of the National Power Corporation's petition for
a Php1.87 per kilowatthour (kwh) rate hike, the Philippine Star
reported on Thursday.

"PIPPA is concerned that any further delay in the just and fair
resolution of the Napocor petition will put the future of the
power industry, particularly the continued operation of several
IPPs and the on-going privatization of Napocor assets, in
jeopardy," PIPPA President Ernesto Pantangco said.

PIPPA also urged the ERC to give due process to the petitioners
by allowing equal time for Napocor and the Power Sector Assets
and Liabilities Management Corp. (PSALM) to present their
position and justifications.

"Only with a speedy resolution of the hearings can Napocor begin
to recover from its financial hemorrhage which has cost the
government approximately Php150 billion to Php160 billion in
2003," the group said.

CONTACT:

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


PHILIPPINE AIRLINES: Appoints Jaime J. Bautista as New President
----------------------------------------------------------------
The Board of Directors of Philippine Airlines (PAL), chaired by
Dr. Lucio C. Tan, announced Thursday the appointment of Jaime J.
Bautista as company president and Chief Operating Officer, and
the retirement of Avelino L. Zapanta, who held the post for the
past five years.

In a press release, Mr. Bautista assumed office immediately
after the board convened and elected the officers of PAL.  Prior
to that, he was named a board member at Thursday's annual PAL
stockholders' meeting.

Mr. Bautista, 47, brings both youth and experience into the
airline.  He is an old hand in the aviation sector, with a
strong background in finance.  Immediately prior to his new
posting, Bautista was president and chief executive officer of
Air Philippines, the country's third-largest carrier.

He is also currently treasurer and member of the board of
directors of Macroasia Corp., a leading aviation-services
provider.

Bautista is a PAL veteran himself.  He was, successively, Senior
Vice President and Chief Financial Officer, and then executive
Vice President and Chief Operating Officer of the flag carrier
in the mid-1990s. He has served on the airline's Board of
Advisors since 2002.

Outside the aviation industry, Bautista has held senior
management posts at Basic Capital Investments Corp. (Chairman
and President); PNB Forex, Inc. (President); Baguio Gold
Holdings Corp. (President); Cube Factor Holdings, Inc.
(President); University of the East (Vice Chairman, Board of
Trustees); and Balabac Resources & Holdings Company (member,
Board of Directors).

A Certified Public Accountant, the new PAL Chief holds a
Bachelor of Science in Commerce degree, Magna Cum Laude, from
the Colegio de San Juan de Letran in Manila.

CONTACT:

Philippine Airlines Center
Legazpi Street, Legaspi Village
Makati City Philippines 0750
Tel: (632) 818-0111
E-mail: webmgr@pal.com.ph


SOLID CEMENT: May Shut Down Plant on Monday
-------------------------------------------
Solid Cement Corporation will be closed by Monday if the
Department of Trade and Industry (DTI) refuses to lift the
temporary ban on the sale of Island Portland Cement, Business
World reports.

The DTI recently ordered the cement firm to stop its cement
sales after its products failed government quality standard
testing.

The cement firm estimated a loss of PhP68.25 million in the past
week because of the ban, on an average sale of 3,000 tons or
75,000 40-kilogram bags daily at PhP130 per bag. It placed its
market share in Metro Manila at 40 percent.

Solid Cement spokesman Paul Victor Aquino said the company has
offered to conduct product and plant tests to prove that its
cement is up to standard. He said the tests must be completed by
Monday to keep its plant from shutting down.

About 300 plant workers and another 2,000 in estimated indirect
labor dependent on Solid Cement's operations would be affected
by a shutdown, company officials said.

Solid Cement Corporation (SCC) traces its beginnings to 1964 and
produces Portland cement under the Island Cement brand. It is
located in Sitio Tagbak, Antipolo City and employs the latest
and most modern cement manufacturing technology.


VICTORIAS MILLING: President Arthur Aguilar Resigns
---------------------------------------------------
Mr. Arthur N. Aguilar resigned as President and Chief Executive
Officer and Member of the Board of Victorias Milling Company,
Inc. (VMC), effective August 31, 2004. In his stead, the VMC
Board of Directors, appointed Mr. Abelardo E. Bugay as the
Officer-in-Charge of VMC until a successor to Mr. Aguilar is
duly elected and qualified.

Dr. Jaime C. Laya Likewise resigned as Member of the Board of
VMC, effective the Board Meeting of August 23, 2004.

For more information, go to
http://bankrupt.com/misc/tcrap_vmc082604.pdf


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


AIKMA KOI: Creditors to Prove Claims By September 21
----------------------------------------------------
Notice is hereby given that the creditors of Aikma Koi Centre
Pte Ltd, a company in creditors' voluntary liquidation, are
required on or before 21st September 2004 to send in their names
and addresses, with particulars of their debts or claims,
together with the names and addresses of their solicitors, to
the undersigned.

If so required by notice in writing from the Liquidator,
they are to come in personally or by their solicitors or
representatives and prove their said debts or claims at such
time and place as shall be specified in such notice.

The failure to give notice in writing or in person will result
to a default thereof, and they will be excluded from the benefit
of any distribution made before such debts are proved, and their
claim, if any, will be expunged and the liquidator shall proceed
to make the return of capital to contributories without regard
to such claim, if any.

Goh Ngiap Suan
Liquidator
336 Smith Street,
#06-308 New Bridge Centre,
Singapore 050336.

This notice was posted on the Singapore Government Gazette on
August 20, 2004.


BEE WAH: Creditors Given Until Sept 21 To Prove Claims
------------------------------------------------------
Notice is hereby given that the creditors of Bee Wah
Construction Pte Ltd, a company in creditors' voluntary
liquidation, are required on or before 21st September 2004 to
send in their names and addresses, with particulars of their
debts or claims, together with the names and addresses of their
solicitors, to the undersigned.

If so required by notice in writing from the Liquidator,
they are to come in personally or by their solicitors or
representatives and prove their said debts or claims at such
time and place as shall be specified in such notice.

The failure to give notice in writing or in person will result
to a default thereof, an they will be excluded from the benefit
of any distribution made before such debts are proved, and their
claim, if any, will be expunged and the liquidator shall proceed
to make the return of capital to contributories without regard
to such claim, if any.

Goh Ngiap Suan
Liquidator
336 Smith Street,
#06-308 New Bridge Centre,
Singapore 050336.

This notice was posted on the Singapore Government Gazette on
August 20, 2004.


HUA KOK: Posts Subsidiary Scheme of Arrangement
-----------------------------------------------
Hua Kok International Limited had on 9 August 2004 announced
that its principal subsidiary, Hua Kok Realty (Private) Limited,
had filed an application with the High Court on 6 August 2004
for, inter alia, an order that:

(1) no further steps be taken by the Subsidiary to convene a
creditors' meeting, that is, the Subsidiary will not be
proceeding with the Subsidiary Scheme; and

(2) the stay of legal proceedings under Section 210(10) of the
Companies Act (Cap. 50), ceases with immediate effect.

At the High Court hearing of 20 August 2004, the High Court
granted the Subsidiary the order as applied, and the order of
Court was extracted by the Subsidiary on 24 August 2004.

By order of the Board
Phua Phuay Heng, David
Group Financial Controller

This Singapore Stock Exchange announcement is dated August 25,
2004.


LAM BEE: Creditors Must Prove Debts By September 21
---------------------------------------------------
Notice is hereby given that the creditors of Lam Bee
Construction & Engineering Pte. Ltd, a company in creditors'
voluntary liquidation, are required on or before 21st September
2004 to send in their names and addresses, with particulars of
their debts or claims, together with the names and addresses of
their solicitors, to the undersigned.

If so required by notice in writing from the said Liquidator,
they are to come in personally or by their solicitors or
representatives and prove their said debts or claims at such
time and place as shall be specified in such notice.

The failure to give notice in writing or in person will result
to a default thereof, and they will be excluded from the benefit
of any distribution made before such debts are proved, and their
claim, if any, will be expunged and the liquidator shall proceed
to make the return of capital to contributories without regard
to such claim, if any.

Goh Ngiap Suan
Liquidator
336 Smith Street,
#06-308 New Bridge Centre,
Singapore 050336.

This notice was posted on the Singapore Government Gazette on
August 20, 2004.


LIM BOON: Creditors To Prove Claims By September 21
---------------------------------------------------
Notice is hereby given that the creditors of Lim Boon Hwee Sofa
Pte Ltd, a company in creditors' voluntary liquidation, are
required on or before 21st September 2004 to send in their names
and addresses, with particulars of their debts or claims,
together with the names and addresses of their solicitors, to
the undersigned.

If so required by notice in writing from the Liquidator,
they are to come in personally or by their solicitors or
representatives and prove their said debts or claims at such
time and place as shall be specified in such notice.

The failure to give notice in writing or in person will result
to a default thereof, and they will be excluded from the benefit
of any distribution made before such debts are proved, and their
claim, if any, will be expunged and the liquidator shall proceed
to make the return of capital to contributories without regard
to such claim, if any.

Goh Ngiap Suan
Liquidator
336 Smith Street,
#06-308 New Bridge Centre,
Singapore 050336.

This notice was posted on the Singapore Government Gazette on
August 20, 2004.


TENAZ PTE: Creditors to Prove Debts On or Before September 21
-------------------------------------------------------------
Notice is hereby given that the creditors of Tenaz Pte Ltd, a
company in creditors' voluntary liquidation, are required on or
before 21st September 2004 to send in their names and addresses,
with particulars of their debts or claims, together with the
names and addresses of their solicitors, to the undersigned.

If so required by notice in writing from the Liquidator,
they are to come in personally or by their solicitors or
representatives and prove their said debts or claims at such
time and place as shall be specified in such notice.

The failure to give notice in writing or in person will result
to a default thereof, and they will be excluded from the benefit
of any distribution made before such debts are proved, and their
claim, if any, will be expunged and the liquidator shall proceed
to make the return of capital to contributories without regard
to such claim, if any.

Goh Ngiap Suan
Liquidator
336 Smith Street,
#06-308 New Bridge Centre,
Singapore 050336.

This notice was posted on the Singapore Government Gazette on
August 20, 2004.


THONG INVESTMENTS: Creditors Given Until Sept 21 To Prove Claims
----------------------------------------------------------------
Notice is hereby given that the creditors of Thong Investments
Pte Ltd, a company in creditors' voluntary liquidation, are
required on or before 21st September 2004 to send in their names
and addresses, with particulars of their debts or claims.
together with the names and addresses of their solicitors, to
the undersigned.

If so required by notice in writing from the Liquidator,
they are to come in personally or by their solicitors or
representatives and prove their said debts or claims at such
time and place as shall be specified in such notice.

The failure to give notice in writing or in person will result
to a default thereof, and they will be excluded from the benefit
of any distribution made before such debts are proved, and their
claim, if any, will be expunged and the liquidator shall proceed
to make the return of capital to contributories without regard
to such claim, if any.

Goh Ngiap Suan
Liquidator
336 Smith Street,
#06-308 New Bridge Centre,
Singapore 050336.

This notice was posted on the Singapore Government Gazette on
August 20, 2004.


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


BANGKOK RANCH: Reports Business Reorganization Progress
-------------------------------------------------------
Pursuant to the Bankruptcy Court's approval of the business
reorganization plan of Bangkok Ranch PCL on August 17, 2000, the
plan administrator, Bangkok Ranch Planner Co. Ltd. would like to
make a progress report on the implementation of the plan. The
last progress report was dated February 24, 2003.

- The 14th and 15th interest payment pursuant to Restructured
Facilities Agreement to Rescheduling Creditors.

The Company processed the 14th and 15th interest payment
according to the conditions stipulated in the Restructured
Facilities Agreement to all Rescheduling Creditors on March 31,
2004 and June 30, 2004, respectively.

- The 7th and 8th principal repayment of Secured Debt

The Company processed the 7th and 8th principal repayment to
Secured Creditor according to the conditions stipulated in the
Restructured Facilities Agreement to all Rescheduling Creditors
on March 31, 2004 and June 30, 2004 respectively.

- Third and fourth principal repayment of Unsecured Debt

The Company processed the third and fourth principal repayment
to unsecured Creditor according to the conditions stipulated in
the Restructured Facilities Agreement to all Rescheduling
Creditors on March 31, 2004 and June 30, 2004 respectively.

Sincerely yours,
(Mr. Joseph Suchaovanich)    (Ms. Jaithip Kanjanapoo)
Bangkok Ranch Planner Limited
As Plan Administrator of Bangkok Ranch Public Company Limited

CONTACT:

BANGKOK RANCH PUBLIC COMPANY LIMITED
18/1 MOO 12, LANGWATBANGPLEEYAINAI ROAD,
BANG PLEE Samut Prakarn
Telephone: 0-2337-3280-3, 0-2752-0401-3
Fax: 0-2337-3293, 0-2337-3295


CAPETRONIC INTERNATIONAL: SET Suspends Trading Of Securities
------------------------------------------------------------
The Stock Exchange of Thailand (SET) posted an NP (notice
pending) sign effective August 17, 2004 on the securities of
Capetronic International (Thailand) Plc. (CAPE) because it
failed to submit on the specified deadline its financial
statements for the period ended June 30, 2004.

The SET has posted an SP (Suspension) sign to temporarily
suspend the trading of CAPE's securities because of its failure
to submit its financial statements for more than five working
days.

Therefore, this suspension will remain in effect from 24 August
2004 until the company submits the required financial
statements.

CONTACT:

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


EASTERN WIRE: SET Removes Securities From Rehabco Sector
--------------------------------------------------------
The Stock Exchange of Thailand (SET) will transfer Eastern Wire
Pcl. (EWC)'s securities from the REHABCO sector to the Building
and Furnishing Materials Sector on 1 September 2004, and allow
trading to resume on that date.

EWC's performance now complies with the SET's guidelines as
follows:

(1) For one year prior to the request for approval to resume
trading, the firm has been disclosing its net operating profits
from its core business, (starting from period of 6 months ended
31 December 2003 to period of 6 months ended 30 June 2004).

EWC 's financial statements as of 30 June 2004 showed a positive
shareholder's equity of THB200.90 million. The company has also
successfully completed its debt restructuring. The Central
Bankruptcy Court has issued an order to terminate the Business
Rehabilitation of the company on 10 March 2004.

(2) The firm's auditor has now been able to express his opinion.

In addition, EWC 's strategic shareholders, holding 30,590,085
shares (89.97 percent of EWC paid-up capital as of 19 August
2004), have certified to the SET that they will not sell their
securities until one year after the day that EWC resumes
trading.

(The SET prohibits them from selling more than 25 percent of
their shares during the first six months after trading resumes,
while over the next six months, they may only sell up to another
25 percent.)

The SET is aware that the resumption of trading might affect the
stock price, so it will temporary lift the ceiling and floor
limits on EWC on 1 September 2004 to allow the market mechanism
to work freely.

EWC, like other companies leaving the REHABCO sector, has been
required to:

(1) Show positive shareholder's equity (after adjustments in
accordance with the auditor's opinion) when leaving the REHABCO
sector.

(2) Maintain a net operating profit from its core business for
three consecutive quarters or one year before submitting the
application.

(3) Successfully restructure over 75 percent of its total debt
and be able to settle the debt on time.

(4) Continually demonstrate its strong financial position and
performance with a supporting consideration of the company's
cash flows

In order to rectify the financial statements with an auditor's
disclaimer in line with the above requirement, the listed
company is obliged to make its financial statements reliable and
include an auditor's opinion.

CONTACT:

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


PREECHA GROUP: Securities Transferred to Rehabco Group
------------------------------------------------------
In a disclosure to the Stock Exchange of Thailand (SET) Preecha
Group Public Company Limited announced that it has been
transferred from the Real Estate Sector to the REHABCO Group.

In order for the company to be again traded normally in the real
estate sector, it needs to undergo debt restructuring.  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 as its
financial advisor who would be tasked to prepare the Company's
Rehabilitation Plan.

(2) Coordinating with the Financial Advisor to report the
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 as
detailed below in order to avoid delisting:

(A) The Company's Income Earning Projects

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

In 2004, the Company has 7 projects worth THB3,078 million under
development to sell to clients. The following are the detailed
information on the projects:

(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 of 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 has been able to reduce its debt by
65 percent. The details are shown in the 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 of 31 December 2003, the Company owed THB1,312 million to
financial institutions, and has completed restructuring 98
percent of its debt. The company expects to complete the
restructuring process of the remaining debt within 2004.

As for an adjustment in shareholders' equity in order to reduce
a negative value of shareholders' equity, the company has sold
its investments 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/Increase Capital

The Company currently has an unpaid registered capital of 231.67
MB divided 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 through private placement for a price to be announced
later. This sale is expected 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, the Company expects to be able to write off within 2004
its accumulated loss by decreasing registered capital, after
which the Company will increase its registered capital again by
selling the said capital increased shares to original
shareholders and/or through private placement and/or to general
public so that the Company can expand the 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


SYNTEC CONSTRUCTION: SET Lifts Trading Halt of Securities
---------------------------------------------------------
The Stock Exchange of Thailand (SET) has ordered the trading
halt of Syntec Construction PCL following a report stating the
Securities and Exchange Commission (SEC) has filed charges
against the company's former directors.

The trading halt was imposed on Syntec for the reason that the
news might affect the trading of its securities.

Syntec has now completely clarified or disclosed the relevant
material information, which has been broadly disseminated
through the SET's disclosure systems. Thus, the SET permitted
resumption of trading of Syntec from the morning trading session
of August 24,2004 onwards.

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


THAI WIRE: NR Sign Posted on Securities
---------------------------------------
On August 23, 2004, the Stock Exchange of Thailand (SET) posted
an NP sign against Thai Wire Products PCL due to the auditor's
report on his inability to conclude on the company's quarterly
reviewed financial statement as of June 30, 2004.  The
conclusion in relation to the amendment is still pending.

Presently, the Securities and Exchange Commission (SEC) has
already informed the SET that it is not necessary to amend TWP's
financial statements on the issue that the auditor has stated.

Therefore, an NR (Notice Received) sign is posted on TWP's
securities from August 24, 2004 to announce that the SET has
received the conclusion from the SEC.

However, the SET has still suspended the trading on all
securities of TWP until the causes of de-listing are eliminated.

CONTACT:

THAI WIRE PRODUCTS PUBLIC COMPANY LIMITED
ZEER STREET BLDG, FL7, 99/2 MOO 8,
PHAHOLYOTHIN ROAD Pathum Thani
Telephone: 0-2992-6867
Fax: 0-2992-6870-1


TONGKAH HARBOUR: Reports Tin Mining Operating Result for July 04
----------------------------------------------------------------
Tongkah Harbour PCL is hereby pleased to inform the Stock
Exchange of Thailand (SET), its shareholders and investors on
its production output for July 2004:

Tin Ore Production Output
Unit: Kilograms

             July       July     Accumulated    Accumulated
             2004       2003    (Jan. to July)  (Jan. to July)

Tin Ore Stock   3,960     21,960       11,220        25,200

Dredged during
the period     16,140     11,160       78,840        47,880

Sold during
the period     15,840    -20,040      -85,800       -60,000

Balance-end
of period       4,260     13,080        4,260        13,080

Please be informed
Yours sincerely,
(Mr.Ronold Ng Wai Choi)
Managing Director

CONTACT:

TONGKAH HARBOUR PUBLIC COMPANY LIMITED
MUANG THAI PHATRA OFFICE TOWER 1,
FLOOR 7, 252/11 RACHADAPISEK ROAD, HUAI KHWANG Bangkok
Telephone: 0-2695-4912-28
Fax: 0-2695-4901




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

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

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


INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT      (-50.67)     393.92
PT Smart Tbk                    SMAR      (-30.07)     430.99


  JAPAN
  -----

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

  MALAYSIA
  --------

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

  PHILIPPINES
  -----------

Pilipino Telephone Co.          PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46


  THAILAND
  --------

PT Lippo Securities             LPPS       (-2.23)      17.6
National Fertilizer PCL         NFC        (-91.34)    293.84
National Fertilizer PCL         NFC/F      (-91.34)    293.84
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.84)      13.32
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.84)      13.32
Tuntex (Thailand) PCL           TUNTEX     (-50.94)     398.25
Tuntex (Thailand) PCL           TUNTEX/F   (-50.94)     398.25









                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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