TCRAP_Public/040903.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, September 3, 2004, Vol. 7, No. 175

                            Headlines

A U S T R A L I A

ADVANCED ENERGY: Posts $2.713Mln Group Loss
ADVANCED ENERGY: Creditors Meeting Slated for September 6
BONLAC FOODS: Posts $83Mln Loss for Full Year 2003 to 2004
JAMES HARDIE: Government Seeks Victim Provisions The Netherlands
NATIONAL AUSTRALIA: Risk Management Division to Report to CFO

SONS OF GWALIA: BeMaX Issues Statement Re 15.36% Shareholding
TOOTH & COMPANY: Indemnifies IEL $234Mln for Losses
WORLDPLAY SERVICES: Breaches Trade Practices Act


C H I N A  &  H O N G  K O N G

GRANDY CORPORATION: Notes Unusual Price & Volume Movements
HANG TOH: Court Hears Winding Up Petition
I-CHINA HOLDINGS: New Stock Short Name Takes Effect September 6
NEW CITY: 1H Net Loss Narrows to HK$18.36M
TCL CORPORATION: Clarifies Debt Crisis Report


I N D O N E S I A

BANK PERMATA: H1 Net Profit Reaches IDR281B
BANK PERMATA: Standard Chartered Submits Highest Bid
BANK PERMATA: Divestment Gets VP Support
GARUDA INDONESIA: Plans Daily Singapore-Semarang Flights
PERTAMINA: Government Not Involved in Cepu Decision


J A P A N

BIBA SUPOHTSU: Declares Bankruptcy
KAWASAKI HEAVY: To Spin Off Unprofitable Unit
MITSUBISHI FUSO: Recalls Another 140,000 Trucks
MITSUBISHI MOTORS: Issues Statement on First Hub Case Trial
MITSUBISHI MOTORS: 2005 Vehicles Will Meet Safety Standards

MITSUBISHI MOTORS: Releases August U.S. Sales Report
RESONA HOLDINGS: Unit Issues Subordinated Bond
RESONA HOLDINGS: Worries Saieijisho Claims May Be Unattainable
SAIEI JISHO: Enters Bankruptcy
TOBU RAILWAY: JCR Affirms BBB- Bond Ratings

TOCHIGI MATSUDA: Faces Insolvency
UFJ HOLDINGS: To Explain Data Oddities to British FSA
URASHIMA NORI: Insolvency Looming


K O R E A

HYNIX SEMICONDUCTOR: EU Clears Way for Unit Sale to Citigroup
KOOKMIN BANK: CEO Sees Better 2H Earnings
SSANGYONG MOTOR: August Sales Rise 8.5%


M A L A Y S I A

ACTACORP HOLDINGS: Awaits SC Decision on Restructuring Plan
BESCORP INDUSTRIES: Releases Practice Note 4/2001 Update
BESCORP INDUSTRIES: Issues Litigation Update
CHG INDUSTRIES: Units Enter Restructuring Agreement
INNOVEST BERHAD: Issues Restructuring Scheme Update

JIN LIN: Securities Classified To PN4 Condition Sector
KEMAYAN CORPORATION: Court Extends Creditor's Meeting
KILANG PAPAN: Updates Regularization Plan
MCM TECHNOLOGIES: AGM Set for September 24
NALURI BERHAD: Audit Committee Member Resigns

NALURI BERHAD: Pengurusan Danaharta Oks Workout Proposal
NORTH BORNEO: Submits Revised Restructuring Scheme
OLYMPIA INDUSTRIES: Details Restructuring Scheme Update
PAN MALAYSIA: Director Cheong Siew Mooi Resigns
PANTAI HOLDINGS: Purchases 13,000 Ordinary Shares on Buy Back

PARK MAY: To Implement Restructuring Scheme
RNC CORPORATION: Schedules September 22 AGM
SRIWANI HOLDINGS: EGM Set for September 21
TANJONG PUBLIC: Lee Siew Lan Intends to Deal With Securities
TRU-TECH HOLDINGS: Bursa Securities OKs Regularization Plan


P H I L I P P I N E S

COLLEGE ASSURANCE: Two Investors to Infuse Php13B
NATIONAL POWER: Mirant Eyes Zambales Plant
NEGROS NAVIGATION: Clarifies "Nenaco Incurs Php902M Loss" Report
PHILIPPINE BANK: Clarifies "Finalizes Bad Asset Auction" Report
PHILIPPINE LONG: Posts Changes in Shareholder's Interests


S I N G A P O R E

CAPITALAND LIMITED: Starts Preview for Varsity Park
HO WAH: Posts 18-month Loss of $2.5Mln
MEDIASTREAM LIMITED: Reveals Change in Bangkok Bank's Holdings
YONGNAM HOLDINGS: Posts Change in Shareholder's Interest
YONGNAM HOLDINGS: United Engineer's Interest Changes


T H A I L A N D

POWER-P: Completes Share Repurchase
POWER-P: SEC Concludes FS Needs No Amendment
SIAM AGRO: SET Posts H Sign on Securities
SIAM AGRO: Informs SET on Letter From Del Monte Produce
T.C.J. ASIA: Discloses Report of Tender Offer Result

THAI GERMAN: Reports Share Offering Results
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ADVANCED ENERGY: Posts $2.713Mln Group Loss
-------------------------------------------
Advanced Energy Systems Ltd. announced in a disclosure to the
Australian Stock Exchange that the Financial Year Ended June
2004 result (subject to audit) yielded a Group loss of $2.713
million and varies from the previous estimate of a loss of $2.0
million.

The reason for the variance can be explained by two issues that
became apparent from an Audit of the PPS Enviro Accounts in
India and only became known when finalizing the year end
accounts.

The first issue related to the reversal of approximately
$500,000 of sales accrued incorrectly relates to an
overstatement of Reserves in June 2003 of $121,000.  These two
issues represent the majority of the discrepancy between
estimated and actual results.

The significant decline in Revenue (down by $7.25 million) from
2003 can be largely attributed to:

- A decline in opportunities in the Australian market.
- A strategic decision to concentrate on core manufactured
product rather than turnkey projects has substantially lowered
the available revenue on projects.
- Slowness in some or our key Asian Markets due to restricted
supply of Solar panels to the Region.  A significant surge in
demand has occurred in Europe and has consumed a large
proportion of the available solar panel capacity.
- General Elections have occurred in Asia in several of our
major target market countries and have disrupted the remote
location power generation programs.

To view a full copy of the Preliminary Final Report, click
http://bankrupt.com/misc/ADVANCEDENERGY083104.pdf

CONTACT:

Advanced Energy Systems Ltd.
121 Ewing Street, WELSHPOOL,
AUSTRALIA, 6106
Head Office Telephone: 9258 1300
Head Office Fax: 9358 3644
Website: http://www.aesltd.com.au


ADVANCED ENERGY: Creditors Meeting Slated for September 6
---------------------------------------------------------
Advanced Energy Systems Ltd. in a notice submitted to the
Australian Stock Exchanged announced that the company's
creditors meeting will be held at QV.1 Tower Theatrerette, Level
2, 250 St. Georges Terrace, Perth WA on Monday, September 6,
2004 at 2:00 p.m.

The convening of this initial meeting of creditors is a
statutory requirement under the Corporations Act 2001.  The
scope of the meeting is limited to consideration of the
necessity to appoint a committee of creditors, and consideration
of the person who has been appointed administrator.

Despite the limited scope of the meeting's agenda, it will
provide an opportunity to discuss generally the affairs of the
company and the likely effects of my appointment.  Creditors
will not decide the company's future at this meeting as this
decision will be made at a further meeting of the company's
further meeting of creditors which will be held on of before
September 24, 2004.

To view a full copy of the notice, click
http://bankrupt.com/misc/ADVANCEDSYSTEMS090204.pdf


BONLAC FOODS: Posts $83Mln Loss for Full Year 2003 to 2004
----------------------------------------------------------
In a press release, Bonlac Foods Limited (BFL) Chairman Mr. Noel
Campbell said the company's full year 2003/04 financial result
released Monday was in line with the restructuring business plan
approved by BFL shareholders Bonlac Supply Company and Fonterra.

The company reported on Monday a net loss of $83 million for the
year to June 30 2004. The result reflects the significant
business-restructuring programme agreed to by both shareholders
and includes one-off costs associated with the restructure.

"Previous years' results were boosted by asset sales. 2003/04
took the brunt of the one-off restructuring costs to strengthen
the business for the future. Costs were removed in second half
of 2003/04 and significant annualized savings will be reflected
in 2004/05," Mr. Campbell said.

The financial results for the year to June 30 2004 were impacted
by net one-off costs of $32 million, including $41 million of
costs associated with restructuring, and asset value write down
offset in part by the profit from asset sales.

Revenue from operating activities was down from the previous
year due to lower milk volumes and the impact of the rising
Australian dollar against major trading currencies like the US
dollar, which was partially offset by improved commodity prices,
especially in the second half of the financial year.

"Under the leadership of General Manager Bruce Donnison and with
the support of Fonterra, the company has significantly improved
its operational performance and it is now on a stronger footing
to move forward," he added.

Commenting on the outlook for full year 2004/05, Mr. Campbell
said the company expects to report significantly better results.

"The outlook includes strong international demand and firm
commodity prices for the next six months.

We have reduced costs and will continue to maximize synergies
with Fonterra, including optimizing product mix which is
improving our revenue. We will continue to work with other
industry stakeholders to identify and reduce industry costs. We
are focused on growing milk supply and assisting our suppliers
in finding ways to reduce on farm costs.

"We remain committed to paying competitive returns from
operational performance without stressing the
balance sheet," he added.

Commenting on the result, Jay Waldvogel, a BFL Board Director
and Chief Operating Officer of Fonterra Co-operative Group
Limited, said the result was in line with the agreed business
plan and that the outcome provided the necessary platform for
the company to grow.

"The company is on the right track with reduced costs and an
improving product mix," he said.

For further information contact:

Sarah Hudson
Corporate Communications
Phone: +61 3 9270 0901
Mobile: +61 424 034 059


JAMES HARDIE: Government Seeks Victim Provisions The Netherlands
----------------------------------------------------------------
The federal government has sought the assistance of The
Netherlands in setting up a treaty that would allow Australian
court rulings to apply in The Netherlands in the interest of the
victims of asbestos-related diseases caused by James Hardie
Industries products, reports the Australian Associated Press,
citing Attorney-General Philip Ruddock.

If an agreement is reached, asbestos victims will be allowed to
collect asbestos compensation in The Netherlands where the
company is now based. Mr. Ruddock said the government had been
in contact with The Netherlands about a possible bilateral
treaty.

"We have been making continuous representations, since the issue
of James Hardie has arisen, to the Dutch government to confirm
that there are in place arrangements whereby people can enforce
a judgment and we've been given firm advice as to how that can
occur," Mr Ruddock told reporters in Sydney. "We have flagged
that we would like to ... initiate requests for bilateral
arrangements for enforcement (of Australian legal judgments)",
he said.

The Dutch government, however, has said it would need to consult
other countries in the European Union before it could enter into
any such arrangement, Mr. Ruddock said.

"So, as far as we're concerned, we have been anxious to ensure
that if situations arise where there are judgments that need to
be enforced that it can be done simply and easily, rather than
having to initiate fresh legal action," Mr Ruddock said. "But at
the moment ... an individual would have to seek to have a Dutch
court recognize and enforce a judgment that was attained in an
Australian court."

The $293 million fund set up in February 2001 to take over the
company's future asbestos liabilities is expected to run out in
just three years' time, with a shortfall of more than $1
billion.  Later that year, James Hardie shifted its headquarters
from Australia to The Netherlands, which does not have a treaty
allowing victims to seek compensation in that nation's courts.

A proposal to fund compensation for the victims came on the last
day of hearings at the Jackson inquiry set up by the NSW
government to examine how James Hardie handles its asbestos
liabilities.

CONTACT:

For corporate and media enquiries only, please contact:

James Hardie Industries
Website: http://www.jameshardie.com.au/

Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368

Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011

Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643

All other enquires to CustomerLink Service Centre on 13 1103.


NATIONAL AUSTRALIA: Risk Management Division to Report to CFO
-------------------------------------------------------------
National Australia Bank Chief Executive Officer, John Stewart
announced on Thursday that the Group's Risk Management division
will report to the Chief Financial Officer, Michael Ullmer.

'This move brings the two pillars of finance and risk together
under common leadership and will ensure a strong control
framework across the Group,' Mr. Stewart said.

The new reporting arrangements for Mr. Ullmer will be finalized
over the coming weeks.

For further information:

Samantha Evans                   Callum Davidson
Corporate Relations Manager      Head of Group Investor
Relations
Work: 03 8641 4982               Work: 03 8641 4964
Mobile: 0404 883 509             Mobile: 0411 117 984
Website: www.nabgroup.com


SONS OF GWALIA: BeMaX Issues Statement Re 15.36% Shareholding
-------------------------------------------------------------
In a disclosure to the Australian Stock Exchange, the Board of
BeMaX Resources NL (BeMaX) wish to advise shareholders that
following Monday's announcement by Sons of Gwalia Limited of the
appointment of voluntary administrator, BeMaX has been in
contact with the administrator appointed to Sons of Gwalia to
discuss Sons of Gwalia's 15.36 percent shareholding in BeMaX.
The administrator has advised that they do not have any present
intention to sell any part of the holding on market and that
they will work with BeMaX in respect of a transfer of the
holding on market and that they will work with BeMaX in respect
of a transfer of the holding.  49.5 percent of Sons of Gwalia's
holding is in compulsory ASX restriction until May 2005.

BeMaX has been approached by a number of parties interested in
purchasing Sons of Gwalia's stake in BeMaX and supporting the
Company through the coming months as we continue with the
development of the Pooncarie Project.

There are no financial ties between BeMaX and Sons of Gwalia.
BeMaX is not owed by Sons of Gwalia.

To view a full copy of the announcement click
http://bankrupt.com/misc/SONSOFGWALIA090104.pdf

CONTACT:

Inquiries relating to Sons of Gwalia's operations and share
performance

Carmen Kiggins
Manager - Investor Relations
16 Parliament Place
West Perth, Western Australia, 6005
Telephone: 08 9263 5648
Facsimile: 08 9481 1271
Email: carmen.kiggins@sog.com.au


TOOTH & COMPANY: Indemnifies IEL $234Mln for Losses
---------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
noted on Thursday the decision by Tooth & Co Limited (Tooth &
Co) to report, as a provision, an additional $234 million to
indemnify Industrial Equity Limited (IEL) for losses from
appealed tax assessments.

IEL has also made an additional provision of $719 million
against losses from the appealed tax assessments.

Tooth & Co has $234 million cash on deposit, which can be called
upon to meet the costs of adverse court decisions on a number of
disputed tax assessments against IEL. IEL has already lost one
of these cases in the Federal Court and on appeal to the Full
Court of the Federal Court.

Tooth & Co had previously only made note disclosure in its
financial reports of the circumstances relating to the disputed
assessments and the possibility of calls against the $234
million deposit. A contingent liability was noted rather than
recognizing a provision as a liability in the Statement of
Financial Position and a corresponding expense.

While the directors of IEL have sought leave to appeal to the
High Court, ASIC was concerned that Tooth & Co should make
adequate provision to cover likely calls against the deposit of
$234 million.

Accounting standard AASB 1044 'Provisions, Contingent
Liabilities and Contingent Assets' requires an actual liability
to be recognized if it is probable, that is more likely rather
than less likely, that a future sacrifice of economic benefits
will be required.

Given the number of cases outstanding and the amounts involved,
it is reasonable to assert at this point in time that it is more
likely than less likely that Tooth & Co will need to meet claims
up to the amount of cash held for this purpose.

'Compliance with financial reporting requirements should not be
influenced by appeal strategies, and directors need to make
appropriate provisions in relation to adverse court decisions',
ASIC's Chief Accountant, Mr. Greg Pound said.

'Note disclosure is not a substitute for recognizing provisions
and corresponding expenses in the financial statements
themselves.'

'Compliance with accounting standards is important to ensure
consistent and comparable financial reporting, and to ensure
that users of financial reports receive the most meaningful
information', Mr. Pound said.

This ASIC announcement is dated September 2, 2004.

CONTACT:

Tooth And Company Ltd.
Level 10 , 10 Shelley Street,
SYDNEY, NSW, AUSTRALIA, 2000
Head Office Telephone: 02 9335 7137
Head Office Fax: 02 9335 8852


WORLDPLAY SERVICES: Breaches Trade Practices Act
------------------------------------------------
Gold Coast company, Worldplay Services Pty Ltd breached the
Trade Practices Act 1974 by participating in an international
online pyramid selling scheme, the Federal Court found Thursday.

Its director, Mr. Greg Kennedy, was found to be knowingly
concerned in the contravention.

The Australian Competition and Consumer Commission alleged, and
the court found, that World Games Inc, which operated
internationally using a website, was an illegal pyramid scheme.
The ACCC alleged that people became members in the hope that
they would receive rewards when they signed up others to the
scheme.

Worldplay Services provided administrative, IT support and
member support services, among other services, to the scheme.

The scheme is fragmented, with a company in the British Virgin
Islands having overall control, and service companies
contributing to the scheme operating from Britain, Gibraltar,
the Netherlands Antilles and Australia. Consumers recruited into
the scheme came from a number of countries, including Canada,
the United Kingdom and Norway.

"This finding by the court clearly shows that the new pyramid
selling provisions of the Act will have effect no matter how
fragmented the scheme to avoid jurisdiction", ACCC Chairman, Mr.
Graeme Samuel, said today. "If you are an Australian company
taking part in a pyramid scheme you will be caught by the Act.

"The ACCC was concerned that in the WGI scheme an Australian
company was being used to affect foreign consumers. The clear
message from this is that you are caught by the Act, and the
ACCC will pursue you, if you try to operate an illegal pyramid
scheme from Australia that affects foreign consumers. Australia
will not be a haven for the operation of these schemes".

Commenting on the conduct in his judgment, Justice Paul Finn of
the Federal Court said: "Though this proceeding has raised a
number of issues of statutory construction, it has raised only
one matter of real substance. This is whether Australia can be
used wholly or partially as a haven for operators of internet-
based pyramid selling schemes in circumstances in which members
of the Australian public are unable to gain internet access to
such schemes through Australian internet service providers. My
conclusion is that it cannot".

Mr. Samuel said the matter also involved the cooperation of a
number of overseas regulatory bodies, and proceedings continue
in other jurisdictions regarding this scheme. The Royal Canadian
Mounted Police has taken criminal proceedings against Canadian
participants.

Justice Finn declared that Worldplay Services Pty Ltd has
contravened the pyramid selling provisions and that Mr. Kennedy
was knowingly concerned, and a party to, the contravention.

Justice Finn also made orders restraining Worldplay Services Pty
Ltd from taking part in the World Games scheme or other similar
schemes and restraining Greg Kennedy from being knowingly
concerned in the participation of Worldplay Services Pty Ltd in
the World Games scheme or other similar schemes. The respondents
were ordered to pay the ACCC's costs.

Further information please contact

Mr. Graeme Samuel
Canberra
Chairman
Telephone: (02) 6243 1129

Media inquiries,
Ms. Lin Enright
Director
Public Relations
Telephone: (02) 6243 1108
          (0414) 613 520

General inquiries:
Infocentre: 1300 302 502

This ACCC news release is dated September 2, 2004.


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C H I N A  &  H O N G  K O N G
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GRANDY CORPORATION: Notes Unusual Price & Volume Movements
----------------------------------------------------------
The directors of Grandy Corporation have noted yesterday's
decrease in share price and increase in trading volume of the
Company's securities and wish to state that the Directors are
not aware of any reasons for such changes.

The Directors also confirm that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under Chapters 19 to 20 of the Rules
Governing the Listing of Securities on the Growth Enterprise
Market of The Stock Exchange of Hong Kong Limited (GEM Listing
Rule), neither is the board of Directors aware of any matter
discloseable under the general obligation imposed by rule 17.10
of the GEM Listing Rules, which is or may be of a price-
sensitive nature.

Made by the order of the Board, the Directors of which
collectively and individually accept full responsibility for the
accuracy of this announcement.

By order of the Board
Grandy Corporation
Chan Hon Chiu
Director


HANG TOH: Court Hears Winding Up Petition
-----------------------------------------
Notice is given that a Petition for the Winding up of Hang Toh
Contracting Company Limited by the High Court of Hong Kong was,
on the 18th day of August, 2004, presented to the said Court by
Lo Chi Shing of Flat 14, 14/F., Block C, Kam Wai House, Kam Fung
Court, Ma On Shan, New Territories, Hong Kong.

The said petition will be heard before the Court at 9:30 am on
the 6th of October 2004.

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

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 5th day of
October 2004.


I-CHINA HOLDINGS: New Stock Short Name Takes Effect September 6
---------------------------------------------------------------
Market participants are requested to note that the name of I-
China Holdings Limited has been changed to "Build King Holdings
Limited". Accordingly, the stock short name of its ordinary
shares will also be changed to "BUILD KING HOLD" effective
Monday, September 6, 2004.

This Hong Kong Stock Exchange announcement is dated September 1,
2004.

CONTACT:

I-China Holdings Limited
73 Lei Muk Road
1st Floor
Kwai Chung, New Territories
HONG KONG
Phone: +852 2521 1238
Fax: +852 2523 9176
Website: http://www.ipowerb2b.com/


NEW CITY: 1H Net Loss Narrows to HK$18.36M
------------------------------------------
According to New City (Beijing) Development's circular regarding
the disposal of a property in Beijing, the company had its net
loss narrowed by 58.4% to $18.355 million for the first half
this year. LPS was $0.0675.

During the period, turnover jumped by 1.25 times to HK$1.966
million, while operating loss was reduced from HK$32.532 million
a year ago to HK$14.487 million. Net current liabilities also
decreased from HK$304 million to HK$48.576 million, while total
assets less current liabilities amounted to HK$193.5 million.

The company intends to dispose of the entire equity interest in
New Rank BVI 1 to the independent third party Sinoway Properties
Limited (the purchaser) at a token purchase price of HK$1. The
purchaser agreed to assume HK$37 million in outstanding debt.
Upon completion of the disposal, the company still owed a
remaining debt in the sum of HK$15 million to New Rank BVI 1,
which will be repaid in 36 monthly installments. New Rank BVI 1
is an investment holding company, which indirectly owns a 99%
interest in certain premises in Beijing by way of a wholly owned
subsidiary. The gross floor area of the property is 21,300
square meters.


TCL CORPORATION: Clarifies Debt Crisis Report
---------------------------------------------
TCL Corporation said, in a release published by Infocast News,
that a certain media has tarnished the group's image by
publishing a story under the headline "TCL RMB2 billion debt
crisis; fund chain faces break."

The group reserves its rights to take legal actions against the
media, and advised investors who were misled by such rumors and
suffered losses to take legal action to protect their own legal
rights.

The group declared it has abundant funds and its operations are
going well. It stressed that any information regarding the
group's operation, investment, cooperation, and other matters
should be based on the listed group's own announcements.


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BANK PERMATA: H1 Net Profit Reaches IDR281B
-------------------------------------------
For the first half of 2004, state-owned PT Bank Permata
announced that it has recorded a net profit of IDR281 billion
(US$31.4 million), reports Asia Pulse. The figure represents 90
percent of its IDR300-billion yearly target.

According to corporate secretary Ekoputro Adijayanto, Permata's
net interest income in the January to June period increased 45
percent year-on-year to Rp752.6 billion. He attributed 60
percent of the bank's income to credit interest, and 40 percent
to fee-based income.

Its net interest margin rose to 5.7 percentage points in the
first six months of this year from 3.9 percentage points from
the year-ago period. Meanwhile, its net non-performing loans
declined to 2.4 percent from 3.5 percent, while its loan to
deposit ratio jumped from 36.2 percent to 48.7 percent. The
bank's capital adequacy ratio rose to 12.3 per cent, up from
10.5 per cent.

The Indonesian government has recently short-listed five bidders
interested in acquiring a 51-percent stake in Permata, which is
being sold to raise funds to help plug the state budget deficit.

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: Standard Chartered Submits Highest Bid
----------------------------------------------------
Standard Chartered's consortium with Astra International has
outbid four other shortlisted contenders for a 51-percent stake
in PT Bank Permata, reveals Channel News Asia, citing local
daily Bisnis Indonesia.

According to the Bisnis report, the StanChart consortium made an
initial offer equivalent to more than twice the state-owned
bank's book value, besting the initial bids submitted by
Singapore's United Overseas Bank, Commerce Asset Holding and
Maybank of Malaysia, and a consortium of Bank Panin and ANZ
Bank.

Bank Permata's sale price has been set at a minimum 1.8 times
book value -- the value of its total assets listed on the
balance sheet.

The preferred bidder will be announced in October, Indonesian
officials said.

Proceeds from the bank's sale will be used to help plug the
state budget deficit this year.


BANK PERMATA: Divestment Gets VP Support
----------------------------------------
Amid congressional calls for the cancellation of the
government's plan to sell its 51-percent stake in PT Bank
Permata, Indonesian Vice President Hamzah Haz has thrown his
support behind the divestment, the Antara news agency reports.

The Vice President aired hopes that the stake sale to foreign
banks that had strong capital and banking experience would
improve the bank's performance, as well as help the country's
economy recover that "in the next five years our condition will
be like before the crisis."

This, however, is the very reason why some 30 members of the
House Commission for Finance and Banking are demanding that the
divestment be cancelled. They said that the five short-listed
were all foreign banks, which violated the earlier agreement
made by the finance minister and the commission to prioritize
local investors for the bid.


GARUDA INDONESIA: Plans Daily Singapore-Semarang Flights
--------------------------------------------------------
The director of Garuda Indonesia said on Tuesday that the
Indonesian flagship carrier is planning to offer daily flights
between Singapore and the Indonesian city of Semarang, reports
the Antara news agency.

Garuda director Indra Setiawan expressed optimism that, with the
market showing good prospects, the plan to offer daily
Singapore-Semarang flights could be realized by the end of the
year. He added that Garuda would open another international
route from Semarang if the route would show progress.

The airline, which launched Singapore-Semarang flights at four
times a week last March 28, has 66 aircraft servicing 30
domestic and 24 international routes covering Asia, Australia
and Europe.

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg., Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62-21-231-0082
Fax: +62-21-231-1679
http://www.garuda-indonesia.com


PERTAMINA: Government Not Involved in Cepu Decision
---------------------------------------------------
The decision of state-owned oil and gas firm PT Pertamina not to
extend its contract with US-based ExxonMobil Oil Indonesia
(EMOI) for the development of the Cepu block in Central Java
will not be facing any form of intervention from the Indonesian
government, reveals the Antara news agency, citing Energy and
Mineral Resources Minister Purnomo Yusgiantoro.

"Pertamina is fully authorized to take the decision not to renew
the contract when it expires. We do not have the right and are
not in position to intervene in Pertamina's decision," Minister
Purnomo said.

The official pointed out that the Pertamina-ExxonMobil contract
on the Cepu block, which was set to expire in 2010, was a pure
business-to-business deal, which therefore gives the government
no right to meddle.

Last week, Pertamina President Director Widya Purnama said the
company would not renew its contract with EMOI on the Cepu block
because Pertamina was planning to operate the block by itself.

CONTACT:

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


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


BIBA SUPOHTSU: Declares Bankruptcy
----------------------------------
According to Teikoku Databank America, K.K. Biba Supohtsu has
entered bankruptcy. The sports goods retailer, which is based in
Bunkyo-Ku, Tokyo 113-0034, has total liabilities of US$25.83
million.

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


KAWASAKI HEAVY: To Spin Off Unprofitable Unit
---------------------------------------------
In line with its reorganization efforts, Kawasaki Heavy
Industries Limited is planning to spin off its loss-making plant
construction and machine installation unit, Bloomberg says.

The proposed spin-off, the third of a series since 2002, will
pave the way for the creation of a separate 800-manned firm that
builds cement plants, makes rolling equipment and produces
hydraulic presses.

The move is part of measures to streamline the struggling firm's
operations that include payroll cuts, cost reductions and
focusing more on profitable ventures.

Kawasaki Heavy, along with rivals Mitsubishi Industries Limited
and Ishikawajima-Harima Heavy Industries Limited, has been
struggling in Japan, competing against foreign companies such as
General Electric Company to win contracts.

CONTACT:

Kawasaki Heavy Industries, Ltd.
Kobe Crystal Tower, 1-3,
Higashikawasaki-cho 1-chome, Chuo-ku
Kobe, 650-8680, Japan
Phone: +81-78-371-9530
Fax: +81-78-371-9568
Website: http://www.khi.co.jp


MITSUBISHI FUSO: Recalls Another 140,000 Trucks
-----------------------------------------------
Mitsubishi Fuso Truck and Bus Corporation has notified the
transport ministry that it is recalling more than 140,000 trucks
for free repairs of two types of vehicle defects, Asia
Intelligence Wire reports.

Subject to the recall are 92,000 midsize trucks produced between
June 1992 and September 1998, which are suspected to have faulty
hooks supporting the retractable driver's seat.

The truck maker is also recalling 54,000 large trucks
manufactured between April 1996 and July 2004 due to electric
wiring problems that could lead to engine failure.

Mitsubishi Fuso, which was spun off from Mitsubishi Motors
Corporation in January 2003, has recalled 168,000 large vehicles
manufactured between June 1983 and April 1999 following a
revelation that it has disregarded clutch housing defects since
1996.

CONTACT:

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


MITSUBISHI MOTORS: Issues Statement on First Hub Case Trial
-----------------------------------------------------------
Mitsubishi Motors Corporation, through its President Hideyasu
Tagaya, issued a press release dated September 1 concerning the
first public hearings over the hub problem, which is reproduced
as follows:

"I wish to apologize for the great troubles caused by the
accident in which a wheel detached from a heavy truck due to hub
failure in January 2002.

Three of our former executives have been indicted for making
false reports in violation of the Road Trucking Safety Law, with
penalties imposable against both employees and employer, and as
such, our company is liable to be prosecuted.

As for the punishments for both employee and employer, since we
cannot deny the wrongdoing of these three accused men and our
company has also been charged with blame, there is no
independent statement that our company can make. Consequently,
at today's first public hearings, in line with the facts
surrounding the case, we made statements similar to the three
other persons apart from those accused.

With the view that our company is also a defendant, at this
point in time with the above comment in mind, we will keep watch
for the final verdict.

Although the above comments pertain to our legal viewpoint, this
does not change the feelings of remorse that we extend to the
deceased, who perished due to this incident, or to their
survivors. Once again, I solemnly reflect on this matter, and
dedicate myself completely to the continuous pursuit of
compliance enforcement and quality improvement."

Hideyasu Tagaya
President
Mitsubishi Motors Corporation

CONTACT:

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


MITSUBISHI MOTORS: 2005 Vehicles Will Meet Safety Standards
-----------------------------------------------------------
As part of its ongoing participation in industry-led voluntary
efforts to improve vehicle safety, Mitsubishi Motors North
America (MMNA) on September 1 announced that several of its 2005
model year vehicles will comply with the voluntary design and
performance criteria set out in 2003 by member companies of the
Alliance of Automobile Manufacturers, the Association of
International Automobile Manufacturers and the Insurance
Institute for Highway Safety.

These voluntary design and performance safety criteria pertain
to vehicle compatibility in front-to-front and front-to-side
impact collisions, and are helping to drive the adoption of
numerous vehicle safety enhancements ahead of federal
requirements. Mitsubishi is among the sixteen automakers
participating in this voluntary effort.

In front-to-front collisions, MMNA's family of model year 2005
SUVs - specifically the Montero, Outlander and Endeavor - all
meet the new voluntary design criteria. The purpose of these
criteria is to enhance the front-to-front crash compatibility
between SUVs and passenger vehicles by promoting better
alignment of the front-end energy absorbing structures.
Manufacturers have been working to improve this architectural
feature by modifying truck frames. The voluntary standard
governs structural alignment for the entire light-duty vehicle
fleet. While the compatibility initiative has set 2009 as the
deadline requiring 100 percent of each manufacturer's vehicle
line to comply, Mitsubishi is proud to announce that 100 percent
of its applicable vehicle line is now in compliance.

In front-to-side collisions, the model year 2005 Galant,
Endeavor and Montero - all equipped with side air bags - meet
the new voluntary performance criteria. Front-to-side
collisions, where the striking vehicle is a light truck or SUV,
represent significant compatibility challenges. The new
voluntary performance criteria places a high priority on
enhancing the protection of occupants inside vehicles struck in
the side. One of the ways to accomplish this is by enhancing
head protection of occupants in struck vehicles. These front-to-
side safety requirements are not mandated until model year 2007.
The model year 2006 Eclipse, which will be equipped with side
and curtain air bags and will begin production in April 2005,
will meet these same voluntary front-to-side collision criteria.

To evaluate the performance of its vehicles against these
industry-led voluntary design and performance safety criteria,
Mitsubishi Motors conducted extensive studies and performed
actual crash testing. Mitsubishi Motors fully embraces the
safety performance criteria embodied in the industry-led effort
and remains committed to improving the performance of Mitsubishi
vehicles and their safety systems.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States, Canada, Mexico and Puerto Rico. Mitsubishi
Motors sells coupes, convertibles, sedans and sport utility
vehicles through a network of nearly 700 dealers throughout
North America.

CONTACT:

Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064 (Map)
Phone: 714-372-6000
Fax: 714-373-1020
Website: http://www.mitsucars.com


MITSUBISHI MOTORS: Releases August U.S. Sales Report
----------------------------------------------------
Mitsubishi Motors North America, Inc. (MMNA), on September 1,
reported August 2004 U.S. sales of 10,721 units, a three percent
gain compared to July 2004 based on daily selling rate.
Mitsubishi Motors has sold 123,715 units year to date in the
United States.

"Dealer traffic has improved steadily over the past two months
and retail sales trends are improving as we remain focused on
building natural demand for our products," said Michael M.
Tocci, MMNA senior vice president, sales, distribution and
fleet. "Total sales have declined as we've eliminated risky
financing deals and reduced our reliance on fleet sales, which
will help us achieve healthy, long-term sustainable growth.
Mitsubishi now offers the industry's best warranties and
scheduled maintenance program, which are attracting consumers
that want the confidence of owning the Best-Backed Cars in
World."

To view the full release, click on:
http://bankrupt.com/misc/TCRAP_MITSUBISHIMOTORS090204.pdf


RESONA HOLDINGS: Unit Issues Subordinated Bond
----------------------------------------------
Resona Holdings, Inc. gave notice on August 31 that its banking
subsidiary, Resona Bank, Ltd. decided to issue the subordinated
bond through a public offering in Japan with a view to
maintaining and raising its capital adequacy ratio. Details were
announced as follows:

Outline of the Subordinated Bond

(1) Issuer Resona Bank, Ltd.

(2) Total issue amount JPY 20.0 billion (Planned)

(3) Period to maturity 10 years

(4) Date of issuance Late September, 2004

(5) Maturity date Late September, 2014

(6) Coupon rate Not determined

(7) Rating BBB- (Rating and Investment Information, Inc.)
(Planned)

(8) Utilization of funds Utilized as long-term investment fund
and operating fund

(9) Underwriters Nomura Securities Co., Ltd., Nikko Citugroup
Limited, and others

CONTACT:

Resona Holdings Incorporated
2-1, Bingomachi 2-chome, Chuo-ku
Osaka 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337
Website: http://www.resona-hd.co.jp/


RESONA HOLDINGS: Worries Saieijisho Claims May Be Unattainable
--------------------------------------------------------------
In a press release dated August 31, Resona Holdings Incorporated
disclosed that Saieijisho Co., Ltd., which is a customer of its
banking subsidiary, Resona Bank, Ltd. and Saitama Resona Bank,
Ltd., filed an application for commencement of special
liquidation proceedings with the Tokyo District Court. As a
result of this development, there arose a concern that the
claims to the Company may become irrecoverable or their
collection may be delayed. Details were announced as follows:

(1) Outline of the Company
   (a) Corporate name Saieijisho Co., Ltd.
   (b) Address 4-14, Akabane 2-chome, Kita-ku, Tokyo
   (c) Representative (Liquidator) Goro Imai
   (d) Amount of capital 30 million yen
   (e) Line of business Real estate business and golf range
management

(2) Fact Arisen to the Company and Its Date

The Company filed an application for commencement of special
liquidation proceedings with the Tokyo District Court on August
31, 2004.

(3) Amount of Claims to the Company

Exposure of Resona Bank

Exposure of Saitama Resona Bank

Loans: 4.9 billion yen

Other Claims: 0.1 billion yen

Other banking subsidiaries of Resona HD, Kinki Osaka Bank and
Nara Bank have no claims to the Company.

(4) Impact of This Development on the Forecasted Earnings of
Resona HD

The aforementioned claims of Resona Bank and Saitama Resona Bank
are covered by loan loss reserves. Therefore, the previous
earnings forecasts of Resona HD for the fiscal year ending March
31, 2005, which were announced on May 24, 2004, remain
unchanged.


SAIEI JISHO: Enters Bankruptcy
------------------------------
K.K. Saiei Jisho has entered bankruptcy, according to
Teikoku Databank America. The firm, which managed golf courses
and building lease, has total liabilities of US$41.67 million.
The company is based in Kita-Ku, Tokyo 115-0045.

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


TOBU RAILWAY: JCR Affirms BBB- Bond Ratings
-------------------------------------------
Japan Credit Rating Agency Limited (JCR) has affirmed the BBB-
ratings on the bonds of Tobu Railway Company Limited.

Issues       Amount(bln) Issue Date       Due Date      Coupon
bonds no.39     Y10     May 13, 1998    May 13, 2005     2.350%
bonds no.43     Y10     Oct. 20, 1998   Oct. 20, 2005    2.000%
bonds no.50     Y10     Dec. 20, 2000   Dec. 20, 2005    1.650%
bonds no.45     Y10     May 17, 1999    May 17, 2006     2.000%
bonds no.51     Y10     Apr. 23, 2001   Apr. 23, 2007    1.700%
bonds no.49     Y10     Sept. 6, 2000   Sept. 6, 2007    2.240%
bonds no.40     Y10     May 13, 1998    May 13, 2008     2.800%
bonds no.42     Y10     Sept. 30, 1998  Sept. 30, 2008   2.700%
bonds no.52     Y10     Apr. 23, 2001   Apr. 23, 2009    2.130%
bonds no.46     Y10     June 3, 1999    June 3, 2009     2.440%

Rationale:

Tobu Railway improved the bus and leisure businesses in
particular, pushing for allocating the resources to the areas of
the railway lines and outsourcing the business. It has been also
pushing for alliances with specialized companies in distribution
sector to utilize their know-how.

There are concerns such as drop in unrealized gains on the real
estate and impact of opening of new express line scheduled for
fiscal 2005 by joint public-private venture on Tobu Railway's
bus business. It is unlikely that the earnings will grow sharply
over the intermediate term, given these concerns.

The write-offs and restructuring charges in the past
deteriorated the financial structure. It wrote off the large
amount of real estate in the process of revaluation of land for
business use in fiscal 2001. However, there remain businesses,
of which profitability needs to be examined.

JCR considers it necessary to watch carefully impact of
accounting for impairment of fixed assets eventually. Tobu
Railway also will have to take necessary steps financially for
the securitized assets with the term terminating.

CONTACT:

Tobu Railway Company Limited
1-2 Oshiage 1-Chome
Sumida-Ku 131-8522, Tokyo 131-8522
Japan
Phone: +81 3 3621 5055
Fax: +81 3 3621 5161
Website: http://www.tobu.co.jp/english/index.html


TOCHIGI MATSUDA: Faces Insolvency
---------------------------------
New motor vehicle dealer Tochigi Matsuda Hambai K.K. has entered
bankruptcy, says Teikoku Databank America. The company based in
Utsunomiya-Shi, Tochigi 320-0834, reported US$83.33 million
total worth of liabilities.

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


UFJ HOLDINGS: To Explain Data Oddities to British FSA
-----------------------------------------------------
Britain's Financial Services Authority (FSA) has called on UFJ
Holdings Incorporated to justify discrepancies between its
earnings forecast and the actual financial results for fiscal
2003, relates The Japan Times.

The British regulator requires the ailing lender to submit by
mid-September a detailed report explaining the huge disparities,
which is believed to have affected stock trading.

London-listed UFJ announced on April 28 that it projected to
book a net profit of JPY78 billion for fiscal 2003. However, its
income statement released a month later revealed a net loss of
JPY400 billion.

The British watchdog has already informed UFJ that they may
impose fines if they determine the group breached market rules.

Meanwhile, Japan's Financial Services Agency issued four
business improvement orders to UFJ in June, including one over
the earnings projection and the actual results.

CONTACT:

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


URASHIMA NORI: Insolvency Looming
---------------------------------
According to Teikoku Databank America, Urashima Nori K.K. is
facing insolvency with US$110.83 million worth of liabilities.
The firm, which engaged in seaweed processing, is located in
Tamana-Shi, Kumamoto 865-0022.

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


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


HYNIX SEMICONDUCTOR: EU Clears Way for Unit Sale to Citigroup
-------------------------------------------------------------
The sale of South Korea's Hynix Semiconductor Inc.'s (000660.SE)
non-memory operations to a venture capital arm of Citigroup Inc.
(C) was approved by the European Union Commission on Wednesday,
reports Dow Jones.

Although both Citigroup and Hynix are not European firms, the
E.U officials are reviewing the KRW954.3-billion deal due to the
amount of business that they do in the continent.

In reviewing the deal, the E.U. applied its simplified antitrust
procedure, which clears mergers or acquisitions after one month
if no objections are raised by third parties.

The chip maker said that the sale, which was earlier approved by
both Hynix creditor banks and shareholders, will allow the
company to improve its financial position and normalize its
operations to focus on its core dynamic random access memory, or
DRAM business.

CONTACT:

HSI(Hynix Semiconductor Inc.)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Tel: 82-2-3459-3470
Fax: 82-2-3459-5987/8
http://www.hynix.com


KOOKMIN BANK: CEO Sees Better 2H Earnings
----------------------------------------
In a speech to employees last Wednesday, Kookmin Bank President
Kim Jung-tae predicted better earnings for South Korea's largest
bank in the second half of the year, reported The Korea Times.

Mr. Kim expressed confidence that by next year, Kookmin Bank can
expect its operations to go back to normal, with apparent signs
of improvement in its business for the second half.

He added that the bank's thrust would be on enhancing non-
interest income, such as commission fees, in order to offset
interest earnings.

Kookmin Bank posted a net profit of KRW308 billion in the first
half, a major turnaround from KRW161 billion in losses it
registered in the same period last year.

The bank's woes, however, are far from over. Last week, Kookmin
Bank was slapped a KRW2-billion fine by the Financial
Supervisory Service (FSS) for violating accounting standards on
its provisioning strategy related to its credit card and other
loans. The regulator has said that it plans to decide any
punitive measures against Mr. Kim and other bank executives at a
meeting on Sept. 10.

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


SSANGYONG MOTOR: August Sales Rise 8.5%
---------------------------------------
Despite a weak performance in the local market, Ssangyong Motor
Co. (KSE:003620) on Wednesday said that its sales for the month
of August increased 8.5 percent from a year ago to 11,014 units,
reports the Yonhap news agency.

In a filing to the Korea Stock Exchange, South Korea's fourth-
largest automaker said its August sales figures represent a
23.6-percent increase from July, a gain which it attributed to
the launch of Rodius mini vans and growing exports.

However, domestic sales of its Rexton, Korando and other sport-
utility vehicles fell 12.2 percent on year to 7,302 units.

Exports, meanwhile, more than doubled to 3,712 units, the auto
maker said.

Ssangyong Motor has already sold a total of 89,034 vehicles from
January to August 2004, down 15.2 percent from the same period
last year.

CONTACT:

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


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


ACTACORP HOLDINGS: Awaits SC Decision on Restructuring Plan
-----------------------------------------------------------
Further to Actacorp Holdings Berhad's announcements dated 2
August 2004 and 5 August 2004, the Company submitted an appeal
letter to the Securities Commission (SC) on 11 August 2004.

Presently, the Company is awaiting the SC's decision. Any
further AHB Proposed Restructuring Scheme development will be
announced in due course.

This announcement is dated 1 September 2004.

C.c.: Securities Commission
Attn.: Encik Kris Azman Abdullah


BESCORP INDUSTRIES: Releases Practice Note 4/2001 Update
--------------------------------------------------------
Reference is made to paragraph 4.1(b) of the Practice Note
4/2001 of the Listing Requirements of Bursa Malaysia Securities
Berhad (Bursa Securities) whereby Bescorp Industries Berhad
(BIB) is required to announce the status of its plan to
regularize its financial condition on a monthly basis until
further notice from Bursa Malaysia.

On 9 August 2004, BIB and WCT Engineering Berhad (WCT) had
mutually agreed via a letter on even date (Third Supplemental
Letter), to implement the Proposed Liquidation pursuant to the
Corporate Proposals by way of WCT Land Berhad (WCTL) disposing
of the entire issued and paid-up share capital held in BIB
comprising 19,000,000 ordinary shares of RM1.00 each to a
special purpose vehicle to be nominated and controlled by the
Special Administrators of BIB, for a total consideration of
Ringgit Malaysia One (RM1.00) (Proposed Liquidation Via
Disposal) as soon as practicable after the completion of the
Proposed Transfer of Listing. Thereafter, BIB will be put into
liquidation. The aforesaid proposed disposal and liquidation of
BIB is pending the approval of the SC.

On 11 August 2004, a Writ of Summon dated 10 August 2004 has
been served on Pengurusan Danaharta Nasional Berhad, BIB, WCTL
and Bursa Malaysia Berhad (BMB) by the solicitors of Liew Yoon
Thiam and Hi Geok Kim Hi Peh Lang (the Plaintiffs), seeking,
inter alia, the following reliefs:

i) An order restraining WCTL from expropriating the listed
shares of the Plaintiffs and issuing in its place one (1) new
share in WCT for every ten (10) shares held in BIB;

ii) An order restraining the BMB from delisting the Plaintiffs
shares from the Bursa Saham Malaysia;

iii) In the event WCT and BMB had effectuated the restructuring
scheme of the Special Administrators of BIB, an order to BIB and
WCT to restore the original shares into the register of BIB and
for an order to BMB to relist the shares of the Plaintiffs on
Bursa Malaysia;

iv) An order that all further proceedings in the restructuring
exercise be stayed pending the Investigative Audit Report
directed by the SC over BIB is completed; and

v) An order that the costs of this action be paid by the
Defendants.

In the light of the above, on 30 August 2004, BIB, represented
by their solicitor, had filed a Defence and Counterclaim against
the Plaintiffs in the Kuala Lumpur High Court.

Save for the above, there were no further developments since our
previous announcement with regards to this Practice Note.

CONTACT:

Bescorp Industries Berhad
7th Floor, Centrel Tower
Wisma Consplant, 2 Jalan SS16/4
Subang Jaya
47500 Petaling Jaya, Selangor
Malaysia
Telephone: 603-7327988
Fax: 603-7349967


BESCORP INDUSTRIES: Issues Litigation Update
--------------------------------------------
Further to Bescorp Industries Berhad's (Special Administrators
Appointed) announcement made on 11 August 2004, the Company
wishes to inform that Messrs Shook Lin & Bok, the solicitors
representing the Company, had on 30 August 2004 filed its
defense and Counter Claim with the High Court of Malaya with
regards to the Writ of Summons dated 10 August 2004.


CHG INDUSTRIES: Units Enter Restructuring Agreement
---------------------------------------------------
Further to the announcement made on the 11 August 2004, the
Board of Directors of CHG Industries Berhad announced that the
Company and its two subsidiary companies comprising CHG Plywood
Sdn Bhd and Cheng Hin Timber Industries Sdn Bhd (hereinafter
collectively referred to as the CHG Group) on 30 August 2004
entered into a Restructuring Agreement with Tiong Toh Siong
Holdings Sdn Bhd in relation to the proposed debt and corporate
restructuring (the Proposals) of the CHG Group.

A requisite and detailed announcement in relation to the
Proposals will be made in due course.

CONTACT:

CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor Darul Ehsan 43200
MALAYSIA
Telephone: +60 3 907 58811
Telephone: +60 3 907 66215

This announcement is dated 1 September 2004.


INNOVEST BERHAD: Issues Restructuring Scheme Update
---------------------------------------------------
Southern Investment Bank Berhad refers to the series of
announcements made in relation to the Proposed Rescue Scheme of
Innovest Berhad.

The Board of Directors of Innovest announced that Bursa Malaysia
Securities Berhad (Bursa Securities), via its letter dated 1
September 2004, informed its decision to await the outcome of
Innovest's appeal to the Securities Commission (SC) (Bursa
Securities Decision) against the SC's decision on 27 April 2004
to reject the Company's application for an exemption from the
requirements of Paragraphs 6.13(a)(iv) and 6.14(a) of the SC's
Policies and Guidelines on Issue/Offer of Securities in respect
of its Proposed Rescue Scheme (Appeal).

Bursa Securities Decision is without prejudice to Bursa
Securities' right to proceed to de-list the securities of
Innovest from the Official List of Bursa Securities in the event
that:

(a) The Appeal is not allowed by the SC;

(b) The Company fails to obtain the approval from any of the
regulatory authorities necessary for the implementation of the
Proposed Rescue Scheme;

(c) Innovest fails to implement the Proposed Rescue Scheme
within the prescribed time frames stipulated by the relevant
authorities.

Bursa Securities also decided that in the event any one of the
circumstances set out below occurs, the de-listing of the
securities of Innovest from the Official List of Bursa
Securities will be effected without any further representations
from Innovest and without further consideration of the matter by
Bursa Securities:

(a) The Appeal is not allowed by the SC;

(b) Innovest fails to obtain the approval from any of the
regulatory authorities necessary for the implementation of the
Proposed Rescue Scheme, and the securities of Innovest shall be
removed from the Official List of Bursa Securities upon the
expiry of fourteen (14) days from the date Innovest is notified
by Bursa Securities or such other date as may be specified by
Bursa Securities.

If Innovest has obtained the relevant authorities' approval but
fails to implement the Proposed Rescue Scheme within the
prescribed time frames, Bursa Securities will consider any
written representations that are filed by the Company (if any)
provided that the same is made within seven (7) days from the
expiry of the prescribed time frames and then proceed to decide
on whether the securities of Innovest should be de-listed from
the Official List of Bursa Securities.

The Board of Innovest has vide its letter dated 1 September
2004, informed Le Premiere Sdn Bhd (Le Premiere) (i.e. the
existing white knight for the Proposed Rescue Scheme) on the
Board of Innovest's decision to terminate the scheme of
agreements which were entered into between Innovest and Le
Premiere pursuant to the Proposed Rescue Scheme.

Following the termination of the above scheme of agreements with
Le Premiere, the Company is currently finalizing a new scheme
with a new white knight and will make an announcement on the new
scheme no later than 3 September 2004.

CONTACT:

Innovest Holdings Berhad
Suite 9B.2, Level 9B
Wisma E & C
No. 2 Lorong Dungun Kiri
Damansara Heights
50490 Kuala Lumpur
Telephone: 03-2533373
Fax: 03-2543733

This announcement is dated 1 September 2004.


JIN LIN: Securities Classified To PN4 Condition Sector
------------------------------------------------------
Further to Jin Lin Wood Industries Berhad's announcement on 27
August 2004, the Company is an affected listed issuer pursuant
to Practice Note No. 4/2001 (PN4). The Bursa Malaysia Securities
Berhad announced that the securities of Jin Lin will be
reclassified from the current sector to the PN4 Condition sector
with effect from 9 a.m., Thursday, 2 September 2004.

CONTACT:

Jin Lin Wood Industries Berhad
177, 2nd Floorn
Taman Sri Dagang
P O Box 3181
97013 Bintulu, Sarawak
Tel: 086-334661/335570
Fax: 086-330866/334808


KEMAYAN CORPORATION: Court Extends Creditor's Meeting
-----------------------------------------------------
Further to the announcements dated 19 November 2003, 6 January
2004 and 17 March 2004, the Board of Directors of Kemayan
Corporation Berhad (KCB) hereby informs Bursa Malaysia
Securities Berhad that the High Court of Malaya, Kuala Lumpur
(the Court) has granted an extension of 180 days to the Scheme
Companies and KCB to hold the Court Convened Meetings for
Creditors and shareholders from the expiry of the respective
Orders. The Court also granted an extension of 180 days for the
Restraining Order from the expiry of the said Order.

CONTACT:

Kemayan Corporation Berhad
Taman Tasek
Johor Bahru, Johor Bahru 80200
Malaysia
Tel: +60 7 236 2390
Tel: +60 7 236 5307


KILANG PAPAN: Updates Regularization Plan
-----------------------------------------
Further to our announcement dated 2 August 2004, AmMerchant Bank
Berhad, on behalf of Kilang Papan Seribu Daya Berhad (DPSD),
announced that the Company is currently waiting for approvals
from the Securities Commission and Foreign Investment Committee
on its revised Proposed Restructuring Scheme.

Save as disclosed above, there is no material change to the
Company's plan to regularize its financial condition.

CONTACT:

Kilang Papan Seribu Daya Berhad
Lot 1 Harmoni Industrial Estate
Kolombong, Inanam 88100
Malaysia
Tel: +60 88 423 385
Tel: +60 88 423 287

This announcement is dated 1 September 2004.


MCM TECHNOLOGIES: AGM Set for September 24
------------------------------------------
Notice is hereby given that the 10th Annual General Meeting of
MCM Technologies Berhad will be held at Dewan AmBank Group, 7th
Floor, Bangunan AmBank Group, 55, Jalan Raja Chulan, 50200 Kuala
Lumpur on Friday, 24 September 2004 at 10:30 a.m. to transact
the following businesses:

AGENDA

1. To receive the Audited Financial Statements for the
Resolution No. 1 financial year ended 31 March 2004 together
with the Reports of Directors and Auditors thereon.

2. To approve the payment of Directors' fees of Resolution No. 2
RM137,000 for the financial year ended 31 March 2004.

3. To re-elect the following Directors retiring in accordance
with Article 103 of the Company's Articles of Association:

(i) Mr. Soo Kim Wai Resolution No. 3

(ii) Mr. Ben Lee Keen Pong Resolution No. 4

4. To re-appoint Messrs. Salleh, Leong, Azlan Resolution No. 5
and Co. as Auditors of the Company and authorize the Directors
to determine their remuneration.

5. As Special Business to consider and if thought fit, to pass
the following resolution with or without modifications as an
Ordinary Resolution of the Company:

AUTHORITY TO ISSUE SHARES Resolution No. 6

"THAT pursuant to Section 132D of the Companies Act, 1965, the
Directors be and are hereby authorized to issue shares in the
Company at any time until the conclusion of the next Annual
General Meeting and upon such terms and conditions and for such
purposes as the Directors may, in their absolute discretion,
deem fit provided that the aggregate number of shares to be
issued does not exceed 10 per centum of the total issued share
capital of the Company for the time being, subject always to the
approval of all relevant regulatory bodies being obtained for
such allotment and issue."

6. As Special Business to consider and if thought fit, to pass
the following resolution with or without modifications as an
Ordinary Resolution of the Company:

PROPOSED RENEWAL OF SHAREHOLDERS' Resolution No. 7 MANDATE FOR
RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING
NATURE

"THAT, pursuant to Chapter 6, Paragraph 6.8 of the Listing
Requirements of Bursa Malaysia Securities Berhad for Mesdaq
Market (Listing Requirements), the Company and its subsidiaries
(MCMTech Group) be and are hereby authorized to enter into and
give effect to the recurrent Related Party Transactions of a
revenue or trading nature (Recurrent Transactions) with
specified classes of Related Party as detailed in Section 2.3 of
the Circular to Shareholders dated 2 September 2004, which are
necessary for the MCMTech Group's day to day operations in the
ordinary course of business on terms not more favorable to the
Related Parties than those generally available to the public and
not detrimental to minority shareholders of the Company.

AND THAT such approval shall continue to be in force until:

(a) The conclusion of the next Annual General Meeting (AGM) of
the Company, at which time it will lapse, unless by a resolution
passed at the AGM whereby the authority is renewed;

(b) The expiration of the period within which the next AGM of
the Company is required to be held pursuant to Section 143(1) of
the Companies Act, 1965 (Act) (but shall not extend to such
extension as may be allowed pursuant to Section 143(2) of the
Act); or

(c) Revoked or varied by a resolution passed by the shareholders
in a general meeting; whichever is earlier; and the aggregate
value of the Recurrent Transactions be disclosed in the annual
report of the Company.

And that the Directors be and hereby authorized to complete and
do all such acts and things as they may consider expedient or
necessary to give effect to the Proposed Shareholders' Mandate."

7. To transact any other business of which due notice shall have
been given in accordance with the Companies Act, 1965.

BY ORDER OF THE BOARD,

BERNIE OOI CHIN KHOON
SELENA LEONG SIEW TEE
Secretaries

Kuala Lumpur
2 September 2004

NOTES

1. A member entitled to attend and vote at the meeting is
entitled to appoint one or more proxies to attend and vote in
his stead. A proxy may but need not be a member of the Company
and a member may appoint any person to be his proxy without
limitation. The provisions of Section 149(1)(a) and (b) of the
Companies Act, 1965 shall not apply to the Company.

2. Where a member appoints two (2) or more proxies to attend and
vote at the meeting, the appointment shall be invalid unless he
specifies the proportions of his holdings to be represented by
each proxy.

3. The instrument appointing a proxy shall be in writing under
the hand of the appointer or his attorney duly authorized in
writing or if the appointer is a corporation, either under its
common seal or under the hand of an attorney duly authorized.

4. The instrument appointing a proxy and the power of attorney
or other authority (if any), under which it is signed or a
notary certified copy thereof, shall be deposited at the
registered office of the Company at 1st Floor, Lot 271, Jalan
Dua, Off Jalan Chan Sow Lin, 55200 Kuala Lumpur not less than
forty eight (48) hours before the time for holding the 10th
Annual General Meeting or any adjournment thereof.
5. Explanatory note on Special Business:

5.1 Ordinary Resolution No. 6

The proposed Ordinary Resolution 6 if passed is to give the
Directors of the Company flexibility to issue and allot shares
for such purposes as the Directors in their absolute discretion
consider to be in the interest of the Company, without having to
convene a general meeting. This authority will expire at the
next Annual General Meeting of the Company.

5.2 Ordinary Resolution No. 7

The Ordinary Resolution proposed under item 6, if passed, will
allow MCMTech Group to enter into Recurrent Related Party
Transactions of a revenue or trading nature pursuant to
paragraph 6.8 of the Listing Requirements of Bursa Malaysia
Securities Berhad for Mesdaq Market. Further information on the
Proposed Renewal of Shareholders' Mandate for Recurrent Related
Party Transactions of a revenue or trading nature is set out in
the Circular to Shareholders dated 2 September 2004 which is
dispatched together with the Company's Annual Report for the
financial year ended 31 March 2004.

The above Notice of Annual General Meeting will be advertised in
The Star on 2 September 2004.

CONTACT:

MCM Technologies Berhad
Level 3, AMCORP House,
Lot 271, Jalan Dua
Off Jalan Chan Sow Lin
55200 Kuala Lumpur Malaysia
Tel: 603-92221199
Tel: 603-92221155
E-mail: info@mcm-tech.com


NALURI BERHAD: Audit Committee Member Resigns
---------------------------------------------
Naluri Berhad announced the resignation of its Non Executive
Director Datuk Lau Ngan Siew on September 1, 2004.

Date of change: 16/08/2004

Type of change: Resignation

Designation: Member of Audit Committee

Directorate: Independent & Non Executive

Name: Datuk Lau Ngan Siew

Age: 61

Nationality: Malaysian

Qualifications: Barrister-at-Law, Lincoln's Inn, England

Working experience and occupation: Senior Partner of Messrs. Lau
Ngan Siew & Co., Advocates and Solicitors since 1975

Directorship of public companies (if any): Nil

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

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

Composition of Audit Committee (Name and Directorate of members
after change):

Haji Mohd Radzuan Bin Abdullah: Chairman of Audit Committee
Independent Non-Executive Director

Dato' Lim Kheng Yew: Non-Independent Non-Executive Director

Remarks: The Company was notified of the resignation of Datuk
Lau Ngan Siew as a Director of Naluri with effect from 16 August
2004 by a shareholder of the Company, Penerbangan Sabah Sdn Bhd
(PSSB) which holds 0.23% equity interest in Naluri as at 30 July
2004, vide a letter dated 25 August 2004. Naluri received the
said letter from PSSB on 30 August 2004.

CONTACT:

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


NALURI BERHAD: Pengurusan Danaharta Oks Workout Proposal
--------------------------------------------------------
On behalf of Naluri Berhad, Aseambankers Malaysia Berhad
announced that Pengurusan Danaharta Nasional Berhad has vide its
letter dated 1 September 2004 approved the Workout Proposal of
Naluri for implementation pursuant to Section 45(2) of the
Pengurusan Danaharta Nasional Berhad Act 1998.

Hereinafter, the abovementioned proposals shall be collectively
referred to as "Proposals".

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

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

(III) Proposed acquisition of certain ordinary shares of rm1.00
each in shb (shb shares) and certain irredeemable convertible
preference shares of rm0.10 each in SHB from certain financial
institutions, certain trade creditors OF Shb And Malaysia
Airports (Sepang) Sdn Bhd (Proposed Shb Securities Acquisition)

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

(V) Proposed acquisition by Naluri of 100% equity interest in
United Industries Sdn Bhd (UISB), 100% effective equity interest
IN United Vehicle Industries Sdn Bhd (UVISB), 92.772% effective
equity interest in United Filter Sdn Bhd (UFSB) AND 70% equity
interest in United Sanoh Industries Sdn Bhd (USISB) (proposed ui
group acquisition)

This announcement is dated 1 September 2004.

CONTACT:

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


NORTH BORNEO: Submits Revised Restructuring Scheme
--------------------------------------------------
On behalf of the Board of Directors of the North Borneo
Corporation Berhad (NBC), Southern Investment Bank Berhad
announced that the application in relation to the Revised
Restructuring Scheme of NBC has been made to the Securities
Commission and Foreign Investment Committee on 30 August 2004.

CONTACT:

North Borneo Corporation Berhad (the)
6 Lorong Api-Api Centre
Kota Kinabalu, Sabah 88000
MALAYSIA
+60 87 263232
+60 87 234363

This announcement is dated 1 September 2004.


OLYMPIA INDUSTRIES: Details Restructuring Scheme Update
-------------------------------------------------------
Pursuant to the Practice Note No. 4/2001 of Paragraph 8.14 of
the Listing Requirements of Bursa Malaysia Securities Berhad,
the Board of Olympia Industries Berhad (OIB) announced that the
High Court hearing in respect of the proposed capital reduction
and proposed capital consolidation and the proposed share
premium account reduction has now been fixed on 18 October 2004.
There is no other major development to the Proposed
Restructuring Scheme of the Company as at the date of this
announcement.

This Bursa Malaysia announcement is dated 1 September 2004.

c.c. Securities Commission


PAN MALAYSIA: Director Cheong Siew Mooi Resigns
-----------------------------------------------
Pan Malaysia Corporation Berhad announced the resignation of its
Executive Director Cheong Siew Mooi on September 1, 2004.

Date of change: 01/09/2004

Type of change: Resignation

Designation: Director

Directorate: Executive

Name: Cheong Siew Mooi

Age: 51

Nationality: Malaysian

Qualifications: LLB (Hons) degree from University of Malaya

Working experience and occupation: Appointed as Director on 1
November 2002

Directorship of public companies (if any): None

Family relationship with any director and/or major shareholder
of the listed issuer: None

Details of any interest in the securities of the listed issuer
or its subsidiaries: 78,000 shares of RM0.50 each held by
spouse, representing 0.01% equity interest in Pan Malaysia
Corporation Berhad.

CONTACT:

Pan Malaysia Industries Berhad
14/F MUI Plaza, Jalan P. Ramlee,
50250 Kuala Lumpur
Malaysia
Telephone (60) 3244-1470
Fax  (60) 3244-7789


PANTAI HOLDINGS: Purchases 13,000 Ordinary Shares on Buy Back
-------------------------------------------------------------
Pantai Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad the details of its shares buy back on September 1, 2004.

Date of buy back: 01/09/2004

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

Total number of shares purchased (units): 13,000

Minimum price paid for each share purchased (RM): 0.830

Maximum price paid for each share purchased (RM): 0.850

Total consideration paid (RM): 10,940.71

Number of shares purchased retained in treasury (units): 13,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 23,074,400

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

CONTACT:

Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Centre
No. 8 Jalan Bukit Pantai
59100 Kuala Lumpur
Tel: 03-22879822
Fax: 03-22873822
Web site: http://www.pantai.com.my/


PARK MAY: To Implement Restructuring Scheme
-------------------------------------------
In line with Practice Note No. 4/2001 (PN4) of the Bursa
Securities Listing Requirements, Park May Berhad announced that
it is still addressing the conditions imposed by the Securities
Commission before the Company proceeds with the implementation
of the Proposed Restructuring Scheme.

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 1 September 2004


RNC CORPORATION: Schedules September 22 AGM
-------------------------------------------
Notice is hereby given that the Thirty-Fourth (34th) Annual
General Meeting of RNC Corporation Berhad will be held at The
View, Level 18, Melia Hotel Kuala Lumpur, 16, Jalan Imbi, 55100
Kuala Lumpur on Wednesday, 22nd September 2004 at 10:30 a.m. for
the following purposes:

AGENDA

1. To receive and adopt the Financial Statements for the year
ended 31st March 2004 together with the Reports of the Directors
and Auditors thereon. (RESOLUTION 1)

2. To approve the payment of Directors' fees for the year ended
31st March 2004. (RESOLUTION 2)

3. To re-elect the following Directors retiring pursuant to
Article 98 of the Articles of Association of the Company:

Lee Kien Fatt   (RESOLUTION 3)
Kang Ching Hong (RESOLUTION 4)

4. To re-appoint Messrs KPMG as Auditors and to authorize the
Directors to fix their remuneration. (RESOLUTION 5)

5. To transact any other business of which due notice shall have
been given.

By order of the Board

YEAP KOK LEONG
(Maicsa No: 0862549)
Company Secretary
1st September 2004

Note:

(i) A member entitled to attend and vote at a meeting is
entitled to appoint a proxy/proxies of which proxies should not
be more than two, to attend and vote on his/her behalf. A proxy
need not be a member of the Company.

(ii) Where a member appoints two proxies, the appointment shall
specify the proportion of his/her holdings to be represented by
each proxy.

(iii) The Proxy Form must be deposited at the Registered Office
of the Company at 20th Floor, East Wing, Plaza Permata, Jalan
Kampar Off Jalan Tun Razak, 50400 Kuala Lumpur not less than
forty-eight (48) hours before the time fixed for convening the
meeting.

(iv) Where the Proxy Form is executed by a corporation, it must
be either under its Common Seal or under the hand of an officer
or attorney duly authorized.

CONTACT:

RNC Corporation Berhad
20/F East Wing Plaza Permata
Jalan Kampar Off Jalan Tun Razak, 50400 Kuala Lumpur Wilayah
Persekutuan
MALAYSIA
Tel: +60 3 4043 9411
Tel: +60 3 4043 1233


SRIWANI HOLDINGS: EGM Set for September 21
------------------------------------------
In compliance with the requirements of Paragraph 4.1 (b) of the
Practice Note No. 4/2001 (PN 4/2001), Commerce International
Merchant Bankers Berhad on behalf of Sriwani Holdings Behad
(SHB), hereby announces the following development since the last
announcement on 2 August 2004 pertaining to SHB's plan to
regularize its financial condition.

SHB has scheduled its extraordinary general meeting (EGM) on 21
September 2004 for the purpose of considering amongst others,
SHB's proposed alternative restructuring plan to regularize its
financial condition. The details of the notice of EGM have been
announced through Bursa Securities on 26 August 2004.

CONTACT:

Sriwani Holdings Berhad
Wisma Sriwani, 418 Chulia Street
10200 Penang
Telephone: 04-2628535
Fax: 04-2614076
Website: http://www.sriwani.com.my

This Bursa Malaysia announcement is dated 1 September 2004.


TANJONG PUBLIC: Lee Siew Lan Intends to Deal With Securities
------------------------------------------------------------
Tanjong Public Limited Company announced that it has been
notified pursuant to Paragraph 14.08(a) of the Listing
Requirements of Bursa Securities, by Lee Siew Lan, a Principal
Officer of the Company, of her intention to deal in the shares
of the Company during the Closed Period:

1. Date of notification: 30 August 2004.

2. Intention to dispose of 90,000 shares of 7.5 pence each on
the Bursa Securities.

3. Current holdings of Tanjong shares: 91,000 shares of 7.5
pence each representing 0.0226% of the issued share capital of
Tanjong.

CONTACT:

Tanjong Plc
Kuala Lumpur City Centre
Kuala Lumpur, 50088
Malaysia
Tel: +60 3 381 3388
Tel: +60 3 381 3399


TRU-TECH HOLDINGS: Bursa Securities OKs Regularization Plan
-----------------------------------------------------------
Tru-Tech Holdings Berhad announced that it is in the process of
finalizing a comprehensive restructuring plan to regularize its
financial condition.

Pursuant to Tru-Tech's announcement dated 27 February 2004
(First Announcement), it is required to announce its detailed
plan to regularize its financial condition within six (6) months
from the date of the First Announcement, i.e. 27 August 2004.
However, Avenue Securities Sdn Bhd (Avenue) on behalf of the
Board, announced on 26 August 2004 that the application for an
extension of time for a period of three (3) months from 28
August 2004 to 27 November 2004 for Tru-Tech to announce the
detailed plan to regularize its financial condition has been
approved by Bursa Malaysia Securities Berhad (Bursa Securities)
vide its letter dated 25 August 2004. The details of the
restructuring plan will be announced once it is finalized.

On 27 August 2004, Avenue on behalf of the Board announced that
Tru-Tech and its subsidiaries, namely Tru-Tech Electronics (M)
Sdn Bhd and Tru-Tech Technology Sdn Bhd have been granted a
restraining and stay order for a period of 90 days effective
from 28 August 2004 up to 25 November 2004 by the Kuala Lumpur
High Court pursuant to Section 176(10) of the Companies Act,
1965.

CONTACT:

Tru-Tech Holdings Berhad
Lot 45, Batu 12, Jalan Johor Bahru
Kota Tinggi, Mukim Plentong,
81800 Ulu Tiram, Johor
Malaysia
Telephone  (60) 3 7861 5220
Fax  (60) 3 7861 7972

This Bursa Malaysia announcement is dated 1 September 2004.


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


COLLEGE ASSURANCE: Two Investors to Infuse Php13B
-------------------------------------------------
Two groups of investors are set to inject Php13 billion worth of
equity, properties and loans to cash-strapped College Assurance
Plan (CAP) before the end of this year, ABS-CBN News reports,
citing CAP Director Robert John Sobrepena.

The pre-need firm has secured commitments from a local property
firm and a New York-based fund to provide much-needed funds by
the end of this month.

The local property firm will bring in Php6 billion worth of
properties to the trust fund in exchange for preferred shares in
CAP, while the foreign investor will extend the pre-need company
a US$127-million (approximately Php7.1 billion) long-term loan
facility.

However, Mr. Sobrepena declined to name the investors since
their agreements contain confidentiality clauses.

The infusion of funds would allow CAP to renew its dealer's
license to allow it to sell pre-need plans to the public.

CONTACT:

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


NATIONAL POWER: Mirant Eyes Zambales Plant
------------------------------------------
Mirant Philippines Inc., the largest private power producer in
the country, has submitted a letter of intent to bid for the
600-megawatt coal-fired power plant in Zambales province, the
Philippine Star reported on Tuesday.

Masinloc is one of 28 plants of state-owned National Power
Corporation (Napocor) to be sold from October to April 2006 as
the Philippine government tries to cut a crippling budget
deficit and prevent looming power shortages.

Other power generating firms that have earlier signified
interest in the privatization of Masinloc are Trans-Asia Power
Corp., First Gas Power Corp., Aboitiz Power Corp. and Kepco
Philippines Inc.

Earlier this year, the Power Sector Assets and Liabilities
Management Corp. (PSALM) have sold Napocor's three small
hydroelectric power plants.

The actual bidding process is set for October 27, 2004.

CONTACT:

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


NEGROS NAVIGATION: Clarifies "Nenaco Incurs Php902M Loss" Report
----------------------------------------------------------------
Negros Navigation Co. Inc. responded to the news article
entitled "Nenaco incurs Php902M loss" published in the September
1, 2004 issue of Malaya (Internet Edition).

The article reported, "Negros Navigation (Nenaco) yesterday
reported a net loss of Php902 million for the first six months
of the year compared with last year's profits of Php63 million.
Nenaco's parent company, Metro Pacific Corp., attributed the
losses to lower passage and freight revenues of Php965 million
compared with Php1.3 billion last year.

Negros Navigation Co., Inc. (NN), in its letter to the
Philippine Stock Exchange dated September 1, 2004, disclosed
that:

" The Company submitted to the Philippine Stock Exchange its SEC
Form 17-Q for the first half of 2004, which shows a net loss of
P220M for the said period."

For your information.
(Original Signed)
MA. PAMELA D. QUIZON-LABAYEN
OIC, Disclosure Department

To view the its quarterly report for the period ended June 30,
2004, go to, http://bankrupt.com/misc/tcrap_nenaco090204.pdf

CONTACT:

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


PHILIPPINE BANK: Clarifies "Finalizes Bad Asset Auction" Report
---------------------------------------------------------------
The Philippine Bank of Communications (PBC) clarified the news
article entitled "PBCom to finalize auction of bad assets worth
Php10B" published in the September 1, 2004 issue of the Manila
Times.

The article reported, "The Philippine Bank of Communications
(PBCom) is finalizing its decision to either accept or negotiate
with the submitted bids in the auction of its Php10 billion in
bad assets. Of the 14 registered bidders, only eight have
conducted due diligence on bad assets and three have
nonconforming bids, the PBCom said.

Of the total non-performing assets, the PBCom has Php5 billion
in NPLs and another Php5 billion in Ropoas. It conducted its
auctions on August 24 this year. Only three bids were submitted
in the auction from the eight entities that conducted the due
diligence. `We still have until Friday to decide whether we will
accept or negotiate with the bidders,' an official from the
PBCom said. `We're deliberating on the next steps. There would
also be a possibility for an (sic) another auction, or it will
be subject for negotiation or we will accept one from the
bidders,' the official added.

The PBCom expects to post net profit each year between Php200
million and Php1 billion starting this year, after clinching a
Php7.6-billion financial assistance deal with the state-run
Philippine Deposit Insurance Corporation (PDIC)."

Philippine Bank of Communications (PBC), in its letter to the
Exchange dated September 1, 2004, stated that:

"We are confirming the veracity of the news article that
appeared in The Manila Times except for the total amount of bad
assets auctioned which should have totaled Php12.5 billion as
previously disclosed. The Bank is currently in the process of
reviewing the bids submitted and evaluating its options."

For your information.
(Original Signed)
JURISITA M. QUINTOS
Senior Vice President - Operations Group


PHILIPPINE LONG: Posts Changes in Shareholder's Interests
--------------------------------------------------------
In compliance with Section 13 of the Revised Disclosure Rules of
the Philippine Stock Exchange, Philippine Long Distance and
Telephone Co. (PLDT) announced the changes that have taken place
in the shareholdings of Mr. Alfredo B. Carrera.

Date of         No. of     No. of shares    Price No. of
Transaction     shares     shares disposed        shares
                acquired                          beneficially
                                                  owned

August 28, 2004            450 (shares)   P1,250.00 50 (shares)

For a copy of the disclosure, go to
http://bankrupt.com/misc/tcrap_pldt090204.pdf


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


CAPITALAND LIMITED: Starts Preview for Varsity Park
---------------------------------------------------
CapitaLand Limited announced in a press release dated September
2, 2004 that it will start preview sales for its Varsity Park
Condominium, a 99-year leasehold development this Saturday, 4
September 2004. The 530-unit condominium is conveniently located
along West Coast Road, near the National University of Singapore
campus. The 190 units released under the phase one launch are
attractively priced at S$440 per square foot.

To view the full release, click on:
http://bankrupt.com/misc/TCRAP_CAPITALANDLIMITED090204.pdf


HO WAH: Posts 18-month Loss of $2.5Mln
--------------------------------------
Ho Wah Genting International announced on Wednesday that it has
booked a net loss of $2.5 million for the 18 months ended June
30, reports the Singapore Business Times. The company said the
18-month period was because of a change in financial yearend
arising from a rescue plan.

The debt-saddled precision engineering services firm reported
that for the 12 months ended Dec 31, it has posted a net loss of
$1.5 million. No revenues were recorded for both the periods.

For the past many years, Ho Wah Genting has been in the red and
has no realizable assets. As at June 30 this year, the firm's
share capital and reserves are in negative territory, with net
liabilities reaching some $13.6 million.

The loss this year came from administrative expenses, other
operating expenses and finance costs, the company said.

Ho Wah, whose shares have been suspended from trading on Sesdaq
for almost three years, has found in May a 'white knight'
investor in Ariel Singapore, which said it would pump $1 million
cash into the troubled firm by subscribing to new shares, on
condition that the company's debts be settled or restructured.

Ariel came to the rescue following the filing by secured
creditor United Overseas Bank of a winding-up petition against
Ho Wah in March in relation to a $2.5 million balance due on a
final judgment that the bank obtained against the company.


MEDIASTREAM LIMITED: Reveals Change in Bangkok Bank's Holdings
--------------------------------------------------------------
Mediastream Limited posted a notice dated September 2, 2004 on
the Singapore Stock Exchange concerning the change in interest
of Bangkok Bank Public Company Limited, Singapore Branch.

PART I

(1) Date of notice to issuer: September 2, 2004

(2) Name of Substantial Shareholder: Bangkok Bank Public Company
Limited, Singapore Branch

(3) Please tick one or more appropriate box(es):
x a Change in the Percentage Level of a Substantial
Shareholder's Interest or Cessation of Interest. [Please
complete Parts III and IV]

PART II

(1) Date of change of interest:

(2) Name of Registered Holder:

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

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

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

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

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

PART III

(1) Date of change of interest: September 1, 2004

(2) The change in the percentage level: From 5.93% to 5.90%

(3) Circumstance(s) giving rise to the interest or change in
interest: Others
Please specify details: Exercise of right of mortgagee over
collateral

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

Sale of 185,000 shares in MediaStream Limited in one
transaction.

PART IV

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

- Direct Deemed
No. of shares held before change: 42,775,000
% of issued share capital: 5.93
-
No. of shares held after change: 42,590,000
% of issued share capital: 5.9

Lee Seng Suan
Company Secretary


YONGNAM HOLDINGS: Posts Change in Shareholder's Interest
--------------------------------------------------------
Yongnam Holdings Limited has issued, on September 1, 2004, a
notice of change in the interest of substantial shareholder
Elesie Toh.

PART I

(1) Date of notice to issuer: August 31, 2004

(2) Name of Substantial Shareholder: Elsie Toh

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

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

PART II

(1) Date of change of interest:

(2) Name of Registered Holder:

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

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

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

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

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

PART III

(1) Date of change of interest: August 30, 2004

(2) The change in the percentage level: From 5.20% to 6.27%

(3) Circumstance(s) giving rise to the interest or change in
interest: Others
Please specify details: Subscription of 16,415,805 Rights Shares
by husband, Mr Tan Tin Nam

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

A statement of the change in the percentage level is the result
of the above transaction.

PART IV

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

- Direct Deemed
No. of shares held before change: 0 22,831,610
% of issued share capital: 0 5.2
-
No. of shares held after change: 0 39,247,415
% of issued share capital: 0 6.27

Based on Yongnam's paid up capital of 626,253,169 shares as at
30 August 2004.

Note: Since the last announcement on 14 January 2004, the direct
interest of Mdm Elsie Toh was 560 shares. Since then, there has
been a disposal of 560 shares resulting in nil direct interest.

Seow Soon Yong
Chief Executive Officer


YONGNAM HOLDINGS: United Engineer's Interest Changes
----------------------------------------------------
Yongnam Holdings Limited, on September 1, issued a notice of
change in interest of United Engineer (Singapore) Private
Limited.

PART I

(1) Date of notice to issuer: August 31, 2004

(2) Name of Substantial Shareholder: United Engineer (Singapore)
Private Limited

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

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

PART II

(1) Date of change of interest:

(2) Name of Registered Holder:

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

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

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

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

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

PART III

(1) Date of change of interest: August 30, 2004

(2) The change in the percentage level: From 13.42% to 9.41%

(3) Circumstance(s) giving rise to the interest or change in
interest: Others
Please specify details: Non-Subscription of Rights Shares

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

A statement of the change in the percentage level is the result
of the above transaction.

PART IV

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

- Direct Deemed
No. of shares held before change: 58,939,514
% of issued share capital: 13.42
-
No. of shares held after change: 58,939,514
% of issued share capital: 9.41

Based on Yongnam's paid up capital of 626,253,169 shares as at
30 August 2004.

Seow Soon Yong
Chief Executive Officer


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


POWER-P: Completes Share Repurchase
-----------------------------------
With reference to the letter notifying the Stock Exchange of
Thailand (SET) of the Board's resolutions from meeting # 3/2004;
item # 4, in relation to the repurchase of shares in various
Companies from Phyathai 1 Hospital Company Limited at book value
so that Phyathai 1 Hospital Company Limited, being a subsidiary
of Power-P Public Company Limited, can carry on hospital
business only; the said repurchase being acquisition or disposal
of investment in other companies which results in the other
companies acquiring or losing the state of subsidiary of a
listed company (Prasit Panata Public Company Limited) or a
subsidiary ( Phyathai 1 Hospital Company Limited).

The Company filed a report that the said transaction would occur
in July 2004, but the time frame had changed and the company has
already completed the transaction on 31st August 2004.

For your kind acknowlegement,
Yours faithfully,
(Mrs. Sakara Punyashthi)
Vice President, Finance and Accounting

CONTACT:

POWER-P PUBLIC COMPANY LIMITED
LAOPENGNGUAN BLDG 1,
333 VIBHAVADI RANGSIT ROAD,
CHATU CHAK, Bangkok
Telephone: 0-2618-8555-7, 0-2618-8888
Fax: 6188078, 6188140-2


POWER-P: SEC Concludes FS Needs No Amendment
--------------------------------------------
This has reference to the NP (Notice Pending) sign posted
against the securities of Power-P Public Company Limited (PP) on
March 19, 2003 and on August 31,2004 due to the auditor's report
on a disclaimer of opinion on the company's audited financial
statements as of December 31, 2002 and as of December 31,2003
and the conclusion regarding the amendment is pending.

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

Therefore, an NR (Notice Received) sign is posted on the
securities of PP from September 2, 2004 to announce that the SET
has received the conclusion from the SEC.

Nevertheless, the SET has still suspended trading their
securities until the causes of delisting are eliminated.


SIAM AGRO: SET Posts H Sign on Securities
-----------------------------------------
Siam Agro Industry Pineapple and Others Public Company Limited
(SAICO) has been informed by Fresh Del Monte Produce N.V. that
it has entered into a preliminary purchase agreement with Cirio
Del Monte Group, major shareholders of SAICO, to offer a price
of one Euro for buying SAICO's securities totally held by Cirio
Del Monte Group, and that the Office of the Securities and
Exchange Commission is in the process of considering a request
for an exemption from the mandatory tender offer.

The SET has required SAICO to disclose the information on the
new major shareholder. The aforementioned information may affect
the price and investment decision in SAICO's securitites.

The SET has posted the "H" sign on the company's securities
as from 2 September 2004 until SAICO will submit such
information to the SET.

CONTACT:

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


SIAM AGRO: Informs SET on Letter From Del Monte Produce
-------------------------------------------------------
The Siam Agro Industry Pineapple and Others Public Company
Limited has received a letter dated 29 July 2004 from Fresh Del
Monte Produce N.V. and a letter dated 27 August 2004 from the
Office of the Securities and Exchange Commission in relation to
the proposed acquisition of:

(i) 13,322,852 shares representing 44.41% of the share capital
of the Company,

(ii) warrants to subscribe for 26,645,704 shares of the Company
and

(iii) an option to purchase a further portion of 5.6 percent of
the share capital of the Company (collectively referred to as
SAICO Interest).

As advised by The Office of the Securities and Exchange
Commission, the company would like to inform the Stock Exchange
of Thailand (SET) of the information set out in the letter from
Fresh Del Monte Produce N.V. (which is all the information the
Company has received from Fresh Del Monte Produce N.V.).

The Company understands that such information arose from the
independent investigation and assessment of the financial
condition and affairs of the Company by Fresh Del Monte N.V.
(FDM), and the Company has not verified nor confirmed, and will
not verify nor confirm, all or any part of such information.

By the letter dated 29 July 2004 from Fresh Del Monte Produce
N.V., the Company was informed that on 15 July 2004, FDM entered
into a preliminary purchase agreement with Cirio Del Monte
Italia S.p.A and Cirio Del Monte N.V. (CDM NV) in extraordinary
administration for acquisition of, among others, the SAICO
Interest.

Although Fresh Del Monte Produce N.V. has stated that the
closing of the preliminary purchase agreement is expected to be
held as soon as the transaction is authorized by several
national antitrust authorities around the world, it does not
indicate the specific closing date.

The Company was also informed that such preliminary purchase
agreement was executed within the framework of the extraordinary
administration involving CDM NV, Cirio Del Monte Italia S.p.A.,
Cirio Holding S.p.A and Cirio Finanziaria S.p.A whereby the
three special commissioners appointed to carry out the
extraordinary administration decided to begin proceedings to
dispose of certain assets of the Del Monte European, African and
Middle Eastern businesses under the Del Monte brand (the Del
Monte Concern).

On the basis of the binding offers received within the context
of a public bid, with the approval of the Italian Ministry of
Production Activities, the special commissioners selected the
binding offer submitted by FDM for the purchase of the Del Monte
Concern.

The sale of this Del Monte Concern included, in addition to the
SAICO Interest, the divestiture of shareholdings in Del Monte
Foods International Limited and Del Monte Foods South Africa
(Proprietary) Limited, certain trademarks owned by CDM NV and
the Italian Del Monte business concern.  The SAICO Interest was
available for acquisition by FDM only as part of the wider
acquisition of the entire Del Monte Concern.

Fresh Del Monte Produce N.V. advised us that pursuant to the
rules established by the special commissioners, the binding
offer submitted by FDM contained a separate price for each of
the four tranches in which the Del Monte Concern was split,
i.e., the shareholdings in Del Monte Foods International Limited
and Del Monte Foods South Africa (Proprietary) Limited, the
trademarks owned by CDM NV, the Italian Del Monte business
concern and the SAICO Interest.

FDM, also relying on its financial advisor's evaluation of the
Del Monte Concern, offered a symbolic price of one euro for the
SAICO Interest and a positive price for the shares of Del Monte
Foods International Limited and Del Monte Foods South Africa
(Proprietary) Limited, which hold the European and South African
businesses, respectively, and the trademarks owned by CDM NV.
In addition, FDM valued the Del Monte Italian assets at a
discount to book value.

Fresh Del Monte Produce N.V. further advised that consistent
with the advice of its financial advisors, the evaluation of the
SAICO Interest for one euro was not be based on trading prices
because of the Company shares' very limited trading liquidity
and because of the nature and number of the Company's
shareholders.

Indeed, the Company's market capitalization, according to
current quotations on the Thai Stock Exchange, is about THB 180
million.

Moreover, the average daily volume of the Company shares traded
on the Thai Stock Exchange is extremely low (6,500 shares per
day for the last three months, corresponding to less than THB
75,000 turnover).  Fresh Del Monte Produce N.V. understood that
dispersed shareholding (not associated with prior or current
majority shareholders) is also negligible, if any.

Therefore, an implied equity valuation based on trading prices
would have been totally unreliable.  Fresh Del Monte Produce
N.V. explained that with the assistance of its financial advisor
in the evaluation of the SAICO Interest, FDM offered a price of
one euro for the SAICO Interest, based on the following factors:

(i) Company's indebtedness:  As of 31 March 2004, the Company's
total liabilities exceeded total assets by THB 600 million.

(ii) Deteriorating performance:  The Company's net profit has
been steadily decreasing for the last three years, falling from
THB 57 million in 2001 to THB10.6 million in 2003.  Moreover,
for the first quarter of 2004, the Company reported a net loss
of THB12.8 million.

(iii) Debt repayment schedule:  As of March 31, 2004, the
Company's long term debt was equal to THB534 million which is
subject to the long-term debt amortization schedule on the debt
restructuring programme (i.e. repayment of approximately THB 67
million per year from 2005 until 2009 and approximately THB 40
million per year from 2010 until 2014).

(iv) Land ownership:  The Company may lose all ownership rights
to its vital assets (i.e., a factory and farmland) should the
Company not exercise its buy-back option in relation to Kasikorn
Bank Public Company Limited for these assets by 31 October 2004.
The strike price of the buy-back option is equal to the value of
the principal debt reduction achieved in 1999 (THB 484 million),
increased by a six per cent simple rate per year.

The Company was further informed that the mandatory tender offer
requirements would be triggered by the acquisition of the 44.41%
of the share capital of the Company, and FDM would be required
to launch a tender offer for the acquisition of all the
outstanding shares of the Company.

However, FDM, by letter dated 15 June 2004, filed with the
Office of the Securities and Exchange Commission a request for
an exemption from the mandatory tender offer on the ground that

(i) FDM would offer a maximum price in the tender offer not
higher than the price paid in the aggregate for the SAICO
Interest and it could not be required to offer a higher price
and

(ii) due to such very low price, the existing shareholders would
not sell their shares in the tender offer.

Therefore, there is no apparent benefit to the other
shareholders or to the Company.  The application is still
pending.

Please be informed accordingly
Yours sincerely,
The Siam Agro Industry Pineapple and Others Public Company
Limited
Mr. Praful Shah
Managing Director


T.C.J. ASIA: Discloses Report of Tender Offer Result
----------------------------------------------------
Reference is made to the Tender Offer document (Form 247-4) of
Mrs. Anongrat Chatjuthamard for the securities of T.C.J. Asia
Public Company Limited, which was submitted to The Office of the
Securities and Exchange Commission (SEC) with a copy sent to the
(Stock Exchange of Thailand) SET on July 21, 2004 and the tender
offer period from July 22, 2004 to August 27, 2004.

The last day of the tender offer period was due and the Offeror
has submitted the copy of Form of Report of Tender Offer Result
for the securities of the Company (Form 256-2) to the SET and
the Company, with the original document sent to the SEC.

The Company would like to disclose to the SET and the investors
such information with the enclosed copy of the Form of Report of
Tender Offer Result.

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

Form of Report of Tender Offer Result
September 2, 2004

To: Secretary General of the Office of the Securities and
Exchange Commission

I, Mrs. Anongrat Chatjuthamard, hereby reports the result of the
tender offer for the securities of T.C.J. Asia Public Company
Limited as follows:

(1) Shares
                  Type    Amount     % of total      %of total
                       of shares   issued shares  voting rights
                               of the Company    of the Company

Shares held
before       Ordinary shares  20,360,000     91.30      91.30
making the
tender offer

Share tendered  Ordinary shares   1,264,500  5.67        5.67

Share offered
for sale        Ordinary shares    6,900     0.03        0.03

Share
purchased      Ordinary shares     6,900     0.03        0.03

Remark: Before making the tender offer, the Offeror, the persons
in the same group as the Offeror and the persons under Section
258 of the Offeror held, in aggregate, 21,035,500 shares of the
Company, representing 94.33% of total issued shares of the
Company and total voting rights of the Company.

(2) Convertible Securities
     - None -

(3) The amount of shares held by each offeror after the tender
offer period, including the amount of the shares held by the
persons in the same group as the offeror, and the persons under
Section 258 of the offeror and the persons in the same group as
each offeror

(3.1) Shares

Name         Amount     % of total      % of total
           Of shares   issued shares   voting rights
                      of the Company  of the Company
(I) The Offeror
           20,366,900      91.33           91.33

(II) The persons in the same group as the Offeror

(1) Ms. Srivilai Chatjuthamard
            423,500       1.90            1.90

(2) Ms. Srivimol Chatjuthamard
             70,000       0.31            0.31

(3) Ms. Ananya Chatjuthamard
             42,000       0.19            0.19

(III) The persons under Section 258 of the persons in I and II

(1) Mr. Ballang Chatjuthamard (Spouse)
           140,000       0.63            0.63

Total   21,042,400      94.36           94.36

(3.2) Convertible Securities

- None -

(Mrs. Anongrat Chatjuthamard)
The Offeror

CONTACT:

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


THAI GERMAN: Report Share Offering Results
------------------------------------------
Thai-German Products Public Company Limited reported to the
Stock Exchange of Thailand (SET) the results of its share
offering.

(1) Information relating to the share offering

Class of shares: Common share
Number of shares: 157,500,000 shares
Offered to: Creditors who hold class B debt pursuant to the
Business Reorganization plan of the Company.

Convertion ratio into Equity: Amounting to THB10 will be
converted to 1 ordinary share

Period of Convert into Equity: August 19-24, 2004

(2) Results of the share sale
(/) Totally sold
( ) Partly sold, with __ shares remaining.  The Company has
further process for those remaining shares as follows;

(3) Details of the share offering

             Thai Investors    Foreign Investors      Total
           Juristic   Natural Juristic    Natural
Persons    Persons Persons     Persons

No.of
persons    88            2         1         -          91

No. of
shares   155,986,144   151,498  1,362,358    -       157,500,000
subscribed

Percentage
of total
shares
offered
For         99.04         0.10      0.86      -        100.00
sale

(4) Amount of money received from the share sale:

As the offering was made to the creditors holding class B debt
of the Company, and as those creditors agreed to set-off the
shares price with their debt owed to the Company; there was
therefore no proceeds received from this offering.

The Company hereby certifies that the information contained in
this report form is true and complete in all respects.

CONTACT:

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




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

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

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


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

Asia Hotel PCL                  ASIA       (-26.62)     96.21
Asia Hotel PCL                  ASIA/F     (-26.62)     96.21
Bangkok Rubber PCL              BRC        (-41.29)     80.14
Bangkok Rubber PCL              BRC/F      (-41.29)     80.14
Central Paper Industry PCL      CPICO      (-37.02)     40.41
Central Paper Industry PCL      CPICO/F    (-37.02)     40.41
Datamat PCL                     DTM           2.27      17.21
Datamat PCL                     DTM           2.27      17.21
Jutha Maritime                  JUTHA      (-0.78)      29.03
Jutha Maritime                  JUTHA/F    (-0.78)      29.03
National Fertilizer PCL         NFC        (-91.34)    293.84
National Fertilizer PCL         NFC/F      (-91.34)    293.84
PT Lippo Securities             LPPS       (-2.23)      17.6
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.84)      13.32
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.84)      13.32
Thai Wah Public
Company Limited-F               TWC        (-43.88)     168.15
Thai Wah Public
Company Limited-F               TWC/F      (-43.88)     168.15
Tuntex (Thailand) PCL           TUNTEX     (-50.94)     398.25
Tuntex (Thailand) PCL           TUNTEX/F   (-50.94)     398.25









                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

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                 *** End of Transmission ***