TCRAP_Public/040908.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Wednesday, September 8, 2004, Vol. 7, No. 178

                          Headlines

A U S T R A L I A

B & C HEATHER: Creditors Given Until September to Prove Claims
BARDAN PTY: Members' Final Meeting Slated for September 27
BARNEY'S TIMBER: To Declare First and Final Dividend
BELGRAE PTY: Issues Notice of Creditors and Members Meeting
DML RESOURCES: Creditors to Prove Claims by September 22

DODIN MANAGEMENT: Creditors to Submit Claims on September 21
GGP ENTERPRISE: Creditors Given Until Sept. 17 to Prove Claims
HYUP ROOFING: To Hold Joint Meeting September 30
LEICH PTY: Sets Members' Meeting on September 20
LYN MANUFACTURING: Joint Meeting Slated September 30

MACKINTOSH INTERNATIONAL: Issues Notice Of Meeting
MACRORRHYNCHA PROPRIETARY: Sets September 17 Members' Meeting
NEPEAN SHEDS: Final Meeting Slated for Oct. 1
NIMBI PAINTING: Sets Creditors and Members Meeting on Oct. 1
ONE.TEL LIMITED: Court Orders Chair to Pay AU$20Mln

QANTAS AIRWAYS: Extends Jobs Deadline for UK base
SONS OF GWALIA: Knew of Gold Shortfall
VEITSCH-RADEX-DIDIER: Sets Members Meeting on October 1
VRD HOLDINGS: Final Members Meeting Slated for October 1


C H I N A  &  H O N G  K O N G

EASY LOGISTICS: Undergoes Winding Up Proceedings
E-KONG Group: Posts 1H Net Loss of HK$17.7
MORNING STAR: Posts 1H Net Loss
SINO TRADE: Appoints Provisional Liquidators
SURPLUS TRADER: Names Provisional Liquidators


I N D O N E S I A

ASIA PULP: Delays Vote on US$6.7Bln Debt Deal Again
BANK PERMATA: PPA Head Content with Sale Process
UNITED TRACTORS: Sells 13% Stake in Komatsu
* Government To Privatize Merpati, Bank Negara This Year


J A P A N

JAPAN TOBACCO: Sells Stake in China's Xiamen
UFJ HOLDINGS: Confirms UKFSA Request
UFJ HOLDINGS: Discloses Important Information to Shareholders
* Toshiba, NEC, Fujitsu Agree on Specifications for PSRAM


K O R E A

DAEWOO HEAVY: Workforce To Bid For Own Firm To Save Jobs
KOREA LINE: To Float Convertible Bonds
THRUNET: KT Corp. Pulls Out of Bidding Race
* Credit Card Firms Narrow H1 Losses


M A L A Y S I A

ACTACORP HOLDINGS: Bursa Malaysia Seeks Written Representations
BERJAYA SPORTS: Purchases 286,400 Shares on Buy Back
CSM CORPORATION: Issues Monthly Status of Default in Payment
FACB RESORTS: AGM and EGM Slated for September 28
QUALITY CONCRETE: Chairman Intends to Deal on Closed Period

SATERAS RESOURCES: Updates Proposed Issuance of Debt Securities
TANJONG PUBLIC: Officer Intends to Deal During Closed Period
TEXCHEM-PACK: Completes Proposed Acquisition and Reorganization
UNITED CHEMICAL: Issues Update on Practice Note No. 1/2001
WOO HING: Clarifies Announcement Dated September 3


P H I L I P P I N E S

DIGITAL TELECOMMUNICATIONS: Details Share Issuance
MANILA ELECTRIC: Files Phase IV Refund Proposal to ERC
MANILA ELECTRIC: Confirms Veracity of News Report
MAYNILAD WATER: Must Submit Revised Rehab Proposal by Oct. 4
NATIONAL POWER: Rate Hike to Help Cut Public Sector Debt

NATIONAL POWER: Seeks Payment of Government Agencies' PhP3B Debt
NEGROS NAVIGATION: Parent to Release PhP253M For Rehab
PHILIPPINE LONG: Issues 1,150 Additional Shares for Listing
VICTORIAS MILLING: Pays Non-Bank Creditors PhP8,328,078.06


S I N G A P O R E

BESTBUILD DEVELOPMENT: Winding Up Order Made
ECON CORPORATION: Creditors to Prove Claims by September 28
JURONG REPTILE: Court Issues Winding Up Order
LKN-PRIMEFIELD: Adopts Debt Restructuring Implementation
MORTON HALL: Receives Winding Up Order

THINKING BUSINESS: Winding Up Order Made
WAN SOON: Placed Under Judicial Management


T H A I L A N D

NAKORNTHAI STRIP: Details Use of Proceeds
NATURAL PARK: Details Convertible Debentures Preliminary Issue
NATURAL PARK: Adds Details on Management Restructuring
SUNTECH GROUP: SET Suspends Trading of Securities
SUNTECH GROUP: Releases Audited Yearly FS

     -  -  -  -  -  -  -  -

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


B & C HEATHER: Creditors Given Until September to Prove Claims
--------------------------------------------------------------
A priority employee dividend is to be declared on September 24,
2004 for B & C Heather Investments Pty Limited (In Liquidation).

Creditors of the above class whose debts or claims have not
already been admitted are required on or before 21 September
2004 to formally prove their debts or claims. If they do not,
they will be excluded from the benefit of the dividend.

Dated this 20th day of August 2004

SCHON G. CONDON RFD
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9893 9499


BARDAN PTY: Members' Final Meeting Slated for September 27
----------------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001 the final meeting of the members of Bardan
Pty Limited (In Liquidation) will be held at 29-31 Croydon
Street Cronulla NSW, on Monday 27 September 2004 at 10:00 a.m.

BUSINESS

(1) To receive the liquidator's accounts, and the liquidator's
final report on the conduct of the liquidation and his acts and
dealings in connection therewith.

(2) To determine the manner in which the books, accounts and
documents of the company and of the liquidator shall be disposed
of.

Dated this 16th day of August 2004

John Charles Hayward
Liquidator
29-31 Croydon Street,
Cronulla NSW 2230


BARNEY'S TIMBER: To Declare First and Final Dividend
----------------------------------------------------
A first and final dividend is to be declared on September 9,
2004 for priority employee creditors of Barney's Timber Pty
Limited (Receiver and Manager appointed).

Employees whose debts or claims have not already been admitted
are required on or before September 9, 2004 to formally prove
their debts or claims. If they do not they will be excluded from
the benefit of the dividend.

Dated this 18th day of August 2004

A. H. J. Wily
Receiver & Manager
Armstrong Wily & Co
Chartered Accountants
Level 6, 50 Margaret Street,
Sydney NSW 2000


BELGRAE PTY: Issues Notice of Creditors and Members Meeting
-----------------------------------------------------------
Notice is hereby given that a final meeting of creditors and
members of Belgrae Pty Ltd (In Liquidation) will be held at the
offices of Nicols & Brien, Level 2, 350 Kent Street, Sydney,
NSW, on Wednesday the 29th day of September 2004 at 10:30 a.m.
for the purposes of laying before the meeting an account of the
Liquidator's acts and dealings and of the conduct of the winding
up.

Dated this 19th day of August 2004

Steven Nicols
Liquidator
Nicols & Brien
Level 2, 350 Kent Street,
Sydney NSW 2000.
Telephone: (02) 9299 2289,
Website: www.bankrupt.com.au


DML RESOURCES: Creditors to Prove Claims by September 22
--------------------------------------------------------
A first and final dividend is to be declared on October 17, 2004
for DML Resources (WA) Pty Limited (In Liquidation).

Creditors whose debts or claims have not already been admitted
are required on or before 22 September 2004 formally to prove
their debts or claims. If they do not, they will be excluded
from the benefit of the dividend.

Please contact the liquidator's office for the relevant Formal
Proof of Debt or Claim.

Dated this 17th day of August 2004

T. J. Cuming
Liquidator
PricewaterhouseCoopers
Darling Park Tower 2,
201 Sussex Street, Sydney


DODIN MANAGEMENT: Creditors to Submit Claims on September 21
------------------------------------------------------------
A first and final priority dividend is to be declared on October
29, 2004 for Dodin Management Pty Limited (In Liquidation).

Creditors whose debts or claims have not already been admitted
are required on or before September 21, 2004 to formally prove
their debts or claims. If they do not they may be excluded from
the benefit of the dividend.

Dated this 23rd day of August 2004

R. G. Tolcer
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


GGP ENTERPRISE: Creditors Given Until Sept. 17 to Prove Claims
--------------------------------------------------------------
A First & Final Dividend is to be declared on the 17th day of
September 2004, in respect of GGP Enterprise Group Pty Limited
(In Liquidation).

Creditors whose debts or claims have not already been admitted
are required on or before the 17th day of September 2004, to
formally prove their debts or claims. In default, they will be
excluded from the benefit of the Dividend.

Dated this 17th day of August 2004

C. M. Chamberlain
Liquidator
c/- Nicholls & Co
Chartered Accountants
Suite 103, 1st Floor, Wollundry Chambers,
Johnston Street, Wagga Wagga NSW 2650


HYUP ROOFING: To Hold Joint Meeting September 30
------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of Hyup
Roofing Pty Limited (In Liquidation) will be held at the offices
of Armstrong Wily & Co, Level 5, 75 Castlereagh Street, Sydney
on Thursday, 30 September 2004, at 10.00 a.m., for the purpose
of having an account laid before them showing the manner in
which the winding up has been conducted and the property of the
company has been disposed of and of hearing any explanations
that may be given by the Liquidator.

Dated this 23rd day of August 2004

Andrew H. J. Wily
Liquidator
Armstrong Wily & Co
Chartered Accountants
50 Margaret Street,
Sydney NSW 2000


LEICH PTY: Sets Members' Meeting on September 20
------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, the final meeting of members of Leich Pty Ltd
(In Liquidation) will be held at the offices of Harley Russell &
Day Chartered Accountants at 2/172 Liverpool Road Enfield on
20th of September, 2004, at 10:00 a.m. for the purpose of laying
before the meeting the liquidators final account and report and
giving any explanation thereof.

Dated this 19th day of August 2004

Garry William Day
Liquidator
Leich Pty Limited (In Liquidation)
Harlery Russell & Day
Chartered Accountants
Suite 2, 172 Liverpool Road,
Enfield NSW 2131
Telephone: (02) 9744 6922


LYN MANUFACTURING: Joint Meeting Slated September 30
----------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of Lyn
Manufacturing Pty Limited (In Liquidation) will be held at the
offices of Armstrong Wily & Co, Level 5, 75 Castlereagh Street,
Sydney on Thursday, 30 September 2004, at 11:00 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the company has been disposed of and of hearing any explanations
that may be given by the Liquidator.

Dated this 23rd day of August 2004

Andrew H. Wily
Liquidator
Armstrong Wily & Co
Chartered Accountants
50 Margaret Street,
Sydney NSW 2000


MACKINTOSH INTERNATIONAL: Issues Notice Of Meeting
--------------------------------------------------
Take note that a final meeting of the creditors and members of
Mackintosh International College Pty Ltd. (In Liquidation) for
the purposes of Section 509 of the Corporations Act is to be
held on Tuesday, 21st September 2004 at the hour of 10:00 a.m.
in the forenoon at the offices of Hamiltons Chartered
Accountants, Level 17, 25 Bligh Street, Sydney, New South Wales.

The purpose of the meeting is to lay before the meeting an
account showing how the winding up has been conducted and the
property of the company has been disposed of and for giving any
explanation thereon.

Dated this 20th day of August 2004

P. Fiorentino
Liquidator
c/- Hamiltons
Chartered Accountants
Level 17, 25 Bligh Street,
Sydney NSW 2000.
Telephone: (02) 9232 6611,
Facsimile: (02) 9232 6166,


MACRORRHYNCHA PROPRIETARY: Sets September 17 Members' Meeting
-------------------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of
Macrorrhyncha Proprietary Limited (In Liquidation) will be held
at the offices of McPherson, Burgess & Associates on the 17th
day of September, 2004 at 9:00 a.m. for the purpose of laying
before the meeting the liquidators' final account and report and
giving any explanation thereof.

Dated this 13th day of August 2004

Peter John Burgess
Liquidator
McPherson, Burgess & Associates
Chartered Accountants
7 Macquarie Street, Taree NSW 2430


NEPEAN SHEDS: Final Meeting Slated for Oct. 1
---------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Nepean Sheds and Garages Pty Ltd. (In Liquidation)
will be held at Hall Chadwick Level 29, 31 Market Street,
Sydney, NSW on October 1, 2004 at 10:30 a.m.  The meeting will
be a Final Meeting in accordance with Section 509 of the
Corporations Act 2001.

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on 1st October 2004.

(2) That subject to any provisions under the Corporations Act
2001 to the contrary, the Liquidator be empowered to destroy all
books and records of the company on completion of all duties.

(3) Any other business.

Dated this 20th day of August 2004

Richard Albarran
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


NIMBI PAINTING: Sets Creditors and Members Meeting on Oct. 1
------------------------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Nimbi Painting Pty Ltd. (In Liquidation) will be
held at Hall Chadwick Level 29, 31 Market Street, Sydney, NSW on
October 1, 2004 at 10:00 a.m.  The meeting will be a Final
Meeting in accordance with Section 509 of the Corporations Act
2001.

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on 1st October 2004.

(2) That subject to any provisions under the Corporations Act
2001 to the contrary, the Liquidator be empowered to destroy all
books and records of the company on completion of all duties.

(3) Any other business.

Dated this 20th day of August 2004

Geoffrey Mcdonald
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


ONE.TEL LIMITED: Court Orders Chair to Pay AU$20Mln
---------------------------------------------------
Mr. Jeffrey Lucy, Chairman of the Australian Securities and
Investments Commission (ASIC), announced on September 6 that
ASIC has reached an agreement with Mr. John Greaves, a former
non-executive director and chairman of One.Tel Limited
(One.Tel), in the Supreme Court proceedings against him.

Mr. Greaves is one of four defendants in the proceedings brought
by ASIC following the collapse of One.Tel in May 2001. The other
defendants are Mr. Jodee Rich, Mr. Mark Silbermann and Mr.
Bradley Keeling. Mr. Keeling settled ASIC's civil claim against
him in March 2003.

Previously, Mr. Greaves had sought to strike out the claim
brought against him by ASIC on the basis that the duties of a
chairman were not, at law, as extensive as ASIC wished to
establish. In February 2003, Justice Austin ruled against Mr.
Greaves on this point.

Under the agreement with ASIC, Mr. Greaves has admitted to
contraventions of the Corporations Law between January 2001 and
30 March 2001 in relation to the discharge of his duties as a
non-executive director and the chairman of One.Tel.

Pursuant to the agreement, ASIC and Mr. Greaves made joint
submissions to Mr. Justice White at hearings on Tuesday, August
31 and Thursday, September 2. As a result of the hearings and
submissions, Mr. Justice White made orders that Mr. Greaves:

- be prohibited from managing a corporation for a period 4
years;
- be found liable for the compensation of $20 million to
One.Tel; and
- be ordered to pay ASIC's costs of $350,000.

As part of the terms of agreement, Mr Greaves admits that during
the period January 2001 to 30 March 2001, he failed to take the
steps that he should have in order to ensure that he and the
board of One.Tel properly monitored management and were aware of
the true financial position of the company.

It has never been part of ASIC's case that Mr. Greaves acted in
any way dishonestly in relation to the performance of his roles
at One.Tel.

ASIC will not be commenting further on this matter.

ASIC's proceedings against Mr. Rich and Mr. Silbermann are
continuing.

This ASIC announcement is dated September 6, 2004.

CONTACT:

One.tel Limited
9 Castlereagh Street
Sydney, Nsw 2000
Australia
Phone: +61 2 97778111
       +61 2 97778199


QANTAS AIRWAYS: Extends Jobs Deadline for UK base
-------------------------------------------------
Qantas Airways extended its deadline for flight attendant
applications at its London Crew base, raising speculations that
the airline is struggling to find Australians to fill the 400
vacancies, relates The Age.

Qantas declared it is giving its Australia-based crews a "little
bit of extra time" to consider the offer.

Just two weeks after Qantas said 90 to 100 crew had applied for
the London-based jobs, head of customer services, Lesley Grant,
said: "There are still a few steps to go. The base doesn't start
operating until mid-2005, but we are pleased with the progress."

Qantas declared it will hire British residents to fill any
shortfall.

The troubled airline company has faced union opposition on its
proposal to move jobs offshore. The union has, likewise, accused
Qantas of provoking an industrial situation by launching a
training program for its non-flying employees.

Members of the union convened in July and unanimously endorsed a
strike over Christmas and New Year if Qantas will not give them
job guarantees.

The union, however, said it is willing to conduct negotiations
with the airline in the hope of preventing a strike.

CONTACT:

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


SONS OF GWALIA: Knew of Gold Shortfall
--------------------------------------
Sons of Gwalia conceded that it has received an initial internal
review more than a month before it moved into voluntary
administration, reports The Age.

The admission came as investors were considering a possible
multimillion-dollar claim for share market losses, which
resulted to the failed miner's AU$800 million downfall and
suspension from trade.

As a response to a query by the Australian Stock Exchange,
Gwalia announced a preliminary resources review was submitted to
the board on July 22, five weeks before it went into
administration on August 29.

Gwalia confessed it was aware of the possibility of "a material
deterioration" of reserves and resources, but that it needed to
undertake further work in order to modify its resource base.

Moreover, the collapsed miner admitted it had conducted talks
with creditors and hedging banks to request for an "enforcement
standstill" of its financial commitments for six months.

The Company, however, said it was not aware that its lenders
would deem the reserves shortfall as a "material adverse change"
in its financial status until August 28, a day before the
appointment of administrators.

A spokesman for the stock exchange commented that Gwalia's
statement could necessitate a possible legal action by investors
who bought shares before the company's downfall, dating back to
October 2003.

CONTACT:

Sons of Gwalia
Carmen Kiggins
Manager - Investor Relations
16 Parliament Place
West Perth, Western Australia, 6005
Telephone: 08 9263 5648
Facsimile: 08 9481 1271
Email: carmen.kiggins
Website: http://www1.sog.com.au/


VEITSCH-RADEX-DIDIER: Sets Members Meeting on October 1
-------------------------------------------------------
Notice is hereby given that the final meeting of the members of
Veitsch-Radex-Didier Australia Pty Limited (in voluntary
liquidation) will be held at Level 6, 8 West Street, North
Sydney, New South Wales on the 1st day of October 2004 at 5:00
p.m. for the purpose of laying before the members the
Liquidator's Statement of Account and the giving by the
Liquidator of any explanation of the Account to the members.

Dated this 20th day of August 2004

George Raffan
Liquidator
Foster Raffan
Level 6, 8 West Street,
North Sydney NSW 2060


VRD HOLDINGS: Final Members Meeting Slated for October 1
--------------------------------------------------------
Notice is hereby given that the final meeting of the members of
VRD Holdings (Australia) Pty Limited (In voluntary liquidation)
will be held at Level 6, 8 West Street, North Sydney, New South
Wales on the 1st day of October 2004 at 5:30 p.m. for the
purpose of laying before the members the Liquidator's Statement
of Account and the giving by the Liquidator of any explanation
of the Account to the members.

Dated this 20th day of August 2004

George Raffan
Liquidator
Foster Raffan
Level 6, 8 West Street,
North Sydney NSW 2060


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C H I N A  &  H O N G  K O N G
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EASY LOGISTICS: Undergoes Winding Up Proceedings
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Easy Logistics Limited by the High Court of Hong Kong Special
Administrative Region was, on the 20th day of August 2004,
presented to the said Court by Tsoi Wan Li of Room 1805, Chak
Yam House, On Yam Estate, Kwai Chung, New Territories, Hong
Kong.

The said Petition is directed to be heard before the Court at
9:30 am on the 22nd day of September, 2004.

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

Or, Ng & Chan
Solicitors for the Petitioner
15th Floor, The Bank of East Asia Building
10 Des Voeux Road Central Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 21st day of
September, 2004.


E-KONG Group: Posts 1H Net Loss of HK$17.7
------------------------------------------
E-Kong Group Limited posted a net loss of HK$17.7 million for
the first half of 2004, compared with a net loss of HK$8.33
million a year ago. Loss per share was HK$0.04. No interim
dividend was declared.

To view the entire financial statement click on the link below:
http://bankrupt.com/misc/TCRAPe-Kong090704.pdf

CONTACT:

Investor Relations Contact:
Email: ir@e-kong.net
Telephone: +852 2296 9770
Fax: +852 3101 0194
Address: 3805 Tower II, Lippo Centre
89 Queensway, Hong Kong

Media Contact:
Email: media@e-kong.net
Telephone: +852 2296 9700
Fax: +852 3101 0194
Address: 3805 Tower II, Lippo Centre
89 Queensway, Hong Kong


MORNING STAR: Posts 1H Net Loss
-------------------------------
A widened net loss of HK$9.127 million, from the travel and
travel-related resources, was recorded by Morning Star
Resources, according to Infocast.

Turnover rose by 29.8 percent to HK$185 million during the first
half. It is said the number of customers who participated in
outbound tours increased by 43 percent as most of the clients
chose affordable destinations.

A net loss of HK$4.231 million was incurred during the first
half of the year, an improvement from last year's HK$11.344
million loss.

Morning Star cut its property division loss to HK$6000,000
through the first half, but its hotel operations sank into red
with a loss of HK$517,000. On the contrary, the financial
services division turned around, with a recorded profit of
HK$5.6 million.


SINO TRADE: Appoints Provisional Liquidators
--------------------------------------------
Sino Trade Asia Limited, which holds business at Unit 1401,
14/F., Ashley Centre, 23-35 Ashley Road, Tsimshatsui, Kowloon,
has appointed Edward Simon Middleton and Grant Andrew Jamieson
as Joint & Several Provisional Liquidators of the company.

Provisional Liquidators' Address:
27th Floor, Alexandra House, Chater Road, Central, Hong Kong.

Date of Appointment: 29th July 2004

Dated this 3rd day of September 2004

E T O'Connell
Official Receiver


SURPLUS TRADER: Names Provisional Liquidators
---------------------------------------------
Surplus Trader Limited, which holds business at Unit 1401,
14/F., Ashley Centre, 23-35 Ashley Road, Tsimshatsui, Kowloon,
has appointed Edward Simon Middleton and Grant Andrew Jamieson
as Joint & Several Provisional Liquidators of the Company.

Provisional Liquidators' Address:
27th Floor, Alexandra House, Chater Road, Central, Hong Kong.

Date of Appointment: 29th July 2004

Dated this 3rd day of September 2004

E T O'Connell
Official Receiver


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


ASIA PULP: Delays Vote on US$6.7Bln Debt Deal Again
---------------------------------------------------
Asia Pulp and Paper has again postponed a vote by overseas
bondholders on a US$6.7 billion debt restructuring of its
Indonesian subsidiaries, relates Financial Times.

APP, owned by Indonesia's Widjaja family, opted to delay the
vote as major bondholders criticize the terms of an interest
payment.

On June 30, APP presented its bondholders a proposal to allow
the paper producer to issue three new batches of bonds that
would not be repayable for up to 22 years. However, APP pushed
back an initial July 29 deadline after bondholders questioned
the formula on bond allocations, claiming that it was
detrimental to their interests.

A letter sent to the bondholders last week confirmed that the
formula issue has been resolved and that a new September 17
deadline for the vote has been set.

Under the proposed agreement, bondholders who signed on to the
restructuring before the initial July 29 deadline are to be paid
interest on the new bonds in cash, while those who signed up
later will receive payment in newly issued bonds.

Some bondholders vowed to vote against the proposed agreement
unless they are paid interest in cash, costing the company
around US$60 million dollars.

APP, the largest corporate defaulter in emerging markets
history, has yet to decide on the matter.

CONTACT:

Asia Pulp & Paper Company Ltd.
69 Loyang Dr.
508958 Singapore
Phone: +65-6477-6118
Fax: +65-6477-6116
Web site: http://www.asiapulppaper.com


BANK PERMATA: PPA Head Content with Sale Process
------------------------------------------------
PT Asset Sales Agency (PPA) President Director Mohammad Syahrial
brushed off concerns regarding the participation of Bank
Permata's former owner in the bank's divestment through PT Astra
International, Asia Pulse says.

According to Mr. Syahrial, businessmen Usman Atmajaya, Bob Hasan
and Prajoga used to control Astra before they handed over their
shares to the now-defunct Indonesian Banking Restructuring
Agency (IBRA). IBRA later disposed of Astra's shares.

Speculations that Astra's return might adversely affect
Permata's divestment price were raised by one of the bank's
founders, Bank Universal, which was part of Astra International
Group in the past.

Mr. Syahrial, however, gave assurance that there is nothing to
worry about.

Just recently, PPA named Singapore's United Overseas Bank (UOB),
Malaysia's Malayan Banking Bhd and Commerce Asset Holding Bhd,
the consortium of Standard Chartered Bank and PT Astra
International, and a consortium led by PT Bank Panin as the five
short listed bidders for the Permata stake sale.

CONTACT:

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


UNITED TRACTORS: Sells 13% Stake in Komatsu
-------------------------------------------
In order to raise money to refinance debt, PT United Tractors
decided to sell its 13 percent stake in PT Komatsu Indonesia
(KOMI) to Japan's Komatsu Limited, The Jakarta Post reports.

At the end of July 2004, the debt-laden heavy equipment
distributor sold 51,216,375 KOMI shares to Komatsu Ltd for
IDR1.900/share.

Komatsu, which now controls 68.42 percent of KOMI, paid a total
of IDR97.31 billion (US$10.7 million) for the stake.

United Tractors will use the proceeds of the divestment to repay
its current debt of US$175 million.

After selling its stake, the company will focus on heavy
equipment sale produced by KOMI Indonesia and will continue as
mining contractor.

Komatsu Indonesia assembles and makes heavy equipment under
license from its parent, with United Tractors acting as the sole
distributor for Komatsu heavy equipment in Indonesia. United
Tractors is 52 percent controlled by the country's largest
automotive firm, PT Astra International.

CONTACT:

P.T. United Tractors
Jalan Raya Bekasi No 22 Cajung
Jakarta 13910
Indonesia
Phone: +62 21 460 5949
Fax: +62 21 460 0544
Web site: http://www.unitedtractors.com/


* Government To Privatize Merpati, Bank Negara This Year
--------------------------------------------------------
Merpati Nusantara and Bank Negara Indonesia are on top of the
government's privatization list this year, reports Asia Pulse.

Bacelius Ruru, a secretary of the Office for the Minister of
State Enterprises, affirmed that the government is set to
discuss the plan with the House Commission after it determined
the two companies are prepared for privatization.

The government expects to reap IDR5 trillion (US$538.6 million)
from privatization, the amount of which will be used to plug the
state budget deficit.

To date, the state has collected IDR3.4 trillion from divestment
of shares in Bank Mandiri, PT Adhi Karya, PT Perusahaan Gas
Negara and Pembangunan Perumahan.

PT Aneka Tambang, PT Timah, PT Danareksa, PT Perkebunan
Nusantara III are among the list of state-owned firms to be
privatized this year.


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


JAPAN TOBACCO: Sells Stake in China's Xiamen
--------------------------------------------
Due to differences in market strategy, Japan Tobacco
Incorporated has withdrawn its investment from China's Xiamen
Huamei Cigarette Company (Huamei), ending 18 years of joint
investment partnership.

Asia Intelligence Wire reported that Japan Tobacco, Xiamen
Cigarette Factory and Huamei's other shareholder Xiamen United
Development (Group) Company Limited signed an agreement on
September 3 at Huamei's establishment, terminating their
business cooperation.

"As the three shareholders have set different strategies for
their respective development, we agreed to stop the co-
operation," said Zhang Yuedong, chairman of Huamei and party
secretary of Xiamen Cigarette Factory.

Xiamen Cigarette Factory paid CNY150 million (about US$18.12
million) to acquire the shares held by JT and Xiamen United
Development (Group) Company.

CONTACT:

Japan Tobacco Inc.
2-1, Toranomon 2-chome, Minato-ku
Tokyo, 105-8422, Japan
Phone: +81-3-3582-3111
Fax: +81-3-5572-1441
Web site: http://www.jti.co.jp


UFJ HOLDINGS: Confirms UKFSA Request
------------------------------------
Regarding media reports related to the captioned topic since
September 1, 2004, UFJ Holdings, Inc. (UFJ) confirmed it has
received a letter from the Financial Services Authority of the
U.K. (UKFSA) requesting information regarding the matters set
forth below.

A report has been requested by the UKFSA, which is responsible
for monitoring the compliance of companies with a UK listing
with the requirements of the Listing Rules. UFJ has a UK
listing.

UFJ shall respond to this request sincerely.

Details of communications between the UKFSA and UFJ may not be
disclosed, in accordance with guidance from the UKFSA.

Outline of the request from the UKFSA

The UKFSA has requested a report on the reasons for, and the
background of, the difference between the revised forecasts of
UFJ's financial results for the fiscal year ended March 2004,
which were announced on April 28, 2004, and the final financial
results of UFJ for the same financial period, which were
announced on May 24, 2004.


UFJ HOLDINGS: Discloses Important Information to Shareholders
-------------------------------------------------------------
UFJ Holdings, Inc. (UFJ) on September 6 disclosed in a press
release the content of an open letter to shareholders. Please
refer to the enclosed letter.

As part of its commitment to shareholder value over the mid- to
long-term, the Board of UFJ has been scrutinizing a number of
important issues including the need for capital injection and
management integration from a shareholder perspective. The Board
wishes to inform shareholders of its intentions in respect of
these issues.

The Board of UFJ will continue to inform shareholders in a
timely manner of any information of important consideration for
shareholder value.

Open Letter to Shareholders of UFJ Holdings, Inc., Common Stock

Dear shareholder,

As part of its commitment to shareholder value over the long
term, the Board of UFJ Holdings, Inc., (UFJ) wishes to inform
shareholders of its intentions in respect of a number of
important issues.

(1) Proposed management integration with Mitsubishi Tokyo
Financial Group, Inc.

On 12 August 2004, the Board of Mitsubishi Tokyo Financial
Group, Inc., (MTFG) and the Board of UFJ formally announced that
they had concluded a basic agreement with regard to the
management integration of the holding companies, commercial
banks, trust banks, securities companies, etc., of the two
groups.

The Board wishes to advise shareholders that it continues to
believe that management integration with MTFG will create mid-
and long-term shareholder value. UFJ and MTFG have established
an integration committee and are discussing the integration
details.

(2) Proposed strengthening of capital

As part of the basic agreement for management integration, on 11
August 2004, MTFG agreed to provide monies to strengthen UFJ's
capital structure by the end of September 2004. Terms and
conditions are now being discussed.

The Board of UFJ wishes to emphasize that it regards the
certainty of a successful and timely completion of the
strengthening of capital as being of utmost importance to the
preservation of shareholder value.

(3) Appointment of financial advisers

UFJ has appointed Merrill Lynch Japan Securities Co., Ltd. and
J.P. Morgan Securities Asia Pte. Limited as its financial
advisers, to provide independent advice on any proposals
relating to management integration and the injection of capital.

(4) Expression of interest by Sumitomo Mitsui Financial Group,
Inc.

The Board is examining proposals made by any suitable third
party, which might create shareholder value.

The Board of UFJ notes the proposals made by Sumitomo Mitsui
Financial Group, Inc., (SMFG) regarding its expression of
interest in pursuing management integration with UFJ, including
an agreement to strengthen UFJ's capital base.

The Board confirms that it is carefully examining SMFG's
proposal with its external advisers, including its financial
advisers who are reviewing the proposal from a shareholders'
perspective. The Board undertakes to inform shareholders of its
conclusions in due course.

(5) Submission of the business improvement plan to the Japanese
FSA

The Board of UFJ wishes to advise shareholders that it intends
to submit its finalized business improvement plan, as stated in
a press announcement on 28 July 2004, to the Japanese FSA in
early September 2004. UFJ will inform shareholders of the plan
details, in accordance with applicable laws and regulations.

(6) Financial forecasts 2004

As reported on 6 August 2004, at the announcement of fiscal 2004
first quarter earnings, UFJ is reviewing its forecasts for the
current fiscal year. If a revision is necessary, UFJ will inform
shareholders immediately, in accordance with applicable laws and
regulations.

The Board of UFJ will continue to inform shareholders in a
timely manner of any information of important consideration for
shareholder value, in accordance with applicable laws and
regulations. The Board thanks shareholders for their support,
understanding and interest in the company.

Ryosuke Tamakoshi
President and CEO
UFJ Holdings, Inc.


* Toshiba, NEC, Fujitsu Agree on Specifications for PSRAM
---------------------------------------------------------
Toshiba Corporation, NEC Electronics Corporation, and Fujitsu
Limited today announced in a press release dated September 6
that they have agreed on standard interface specifications for
Pseudo Static Random Access Memory (PSRAM) (*1) with burst mode.

Based on the specifications, known as COSMORAM (Common
Specifications for Mobile RAM) Rev. 3, each of the three
companies will independently begin production and sales of PSRAM
devices, with products scheduled to be available from each
company starting March 2005.

The three companies promulgated common specifications in
September 1998 for stacked multi-chip packages (MCPs), which
include both Flash memory and SRAM. The companies jointly
announced common interface specifications for page mode PSRAM
and stacked MCPs in March 2002, and for burst mode PSRAM and
stacked MCPs in February 2003. As a result of these agreements
the three companies share interface specification compatibility
for PSRAM featuring high-speeds and for which higher densities
can be easily achieved, thereby enabling customers to
efficiently use the companies' PSRAMs.

Building on these past agreements, the companies have now
standardized additional specifications for burst mode PSRAM that
ensure continued compatibility with existing products while
enabling higher performance and convenience, making COSMORAM
Rev.3 ideal for future mobiles phones and PDAs which require
greater high-speed processing of information.

Customers can continue to standardize design formats hereafter
as with past COSMORAM specifications for PSRAM, eliminating the
need to customize product designs. The advantage will help
shorten the design cycle and dramatically improve design
efficiency for customers. In addition, since the three companies
are using common specifications, they can also act as
alternative sources for each other, helping to ensure a stable
market supply of PSRAMs.

Key additional COSMORAM specifications that were standardized
are as follows:

(1) Expansion of data bus width

(2) Multiplexing of address data

(3) Truth Table (*2)

(4) Mode Register (*3) option added

(5) Choice of output driver size

(6) Mode Register read-out function

Glossary

(1) Pseudo SRAM (PSRAM):
A RAM device that achieves high density and inexpensive cost
structure, by using a DRAM cell array. The interface of PSRAMs
is basically compatible to Low Power asynchronous SRAMs,
enabling customers to design systems with ease. PSRAM is an
ideal memory solution as an alternative to SRAM for mobile
handsets, which are becoming increasingly feature-rich at a
rapid pace, thereby requiring higher memory density and higher
performance.

(2) Truth Table:
A table defining how a device's operations mode correlates to
the external signals used to set that mode.

(3) Mode Register:
An internal register that stores the control code used to govern
the device's operating mode, set externally.

About Fujitsu Limited

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, highly reliable computing and
communications platforms, and a worldwide corps of systems and
services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 4.7 trillion yen
(US$45 billion) for the fiscal year ended March 31, 2004.

About Toshiba Corporation

Toshiba Corporation channels wide-ranging capabilities in
information and communications systems, electronic components,
consumer products and power systems into development and
innovation in advanced components, products and systems,
including LCDs and LCD TVs. Toshiba has 161,000 employees
worldwide and annual sales of over US$50 billion.

About NEC Electronics

NEC Electronics Corporation (TSE: 6723) specializes in
semiconductor products encompassing advanced technology
solutions for the high-end computing and broadband networking
markets, system solutions for the mobile handsets, PC
peripherals, automotive and digital consumer markets, and
platform solutions for a wide range of customer applications.
NEC Electronics Corporation has 26 subsidiaries worldwide
including NEC Electronics America, Inc. (www.necelam.com) and
NEC Electronics (Europe) GmbH (www.ee.nec.de).

CONTACT:

Toshiba Press Contact:
Junichi Nagaki
Corporate Communications Office
Toshiba Corporation
Phone: +81-3-3457-2105
E-mail: press@toshiba.co.jp

Toshiba Customer Contact:
Mobile Memory Sales & Marketing Group
Semiconductor Company
Toshiba Corporation
Phone: +81-3-3457-3401
E-mail: semicon@toshiba.co.jp

NEC Electronics Press Contact:
Sophie Yamamoto
Corporate Communications Division
NEC Electronics Corporation
Phone: +81-44-435-1664
E-mail:  press@necel.com

NEC Electronics Customer Contact:
NEC Electronics Corporation
Phone: +81-44-435-5337
E-mail: hiroshi.hara@necel.com

Fujitsu Press Contact:
Public and Investor Relations
Fujitsu Limited
Inquiries:
http://pr.fujitsu.com/en/news/pressinquiries.html

Fujitsu Customer Contact:
Advanced Memory Development Dept.
ASIC, Network and Communication Products Div.
LSI Group, Electronic Devices Group
Fujitsu Limited
Phone: +81-42-532-1416
E-mail:  edevice@fujitsu.com


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


DAEWOO HEAVY: Workforce To Bid For Own Firm To Save Jobs
--------------------------------------------------------
In line with their job-preservation efforts, the workers of
Daewoo Heavy Industries & Machinery Ltd. are set to sign this
week a memorandum of understanding with a consortium formed by
Park Byeong-yeop, vice chairman and the largest shareholder of
Pantech & Curitel Communication Co., to bid for a stake in the
construction equipment manufacturer, reports The Korea Herald.

"Although we cannot say the exact date, the signing will be
within this week. With the partners, we will submit a letter of
the intent by Sept. 14 to buy (a stake in) our company," said
Kim Youn-hwan, leader of one of the two worker groups signing
the MOU.

According to the employees, Mr. Park's show of respect for job
security in Pantech has prompted them to take on the executive's
group as partners for the bid.

The worker groups, which consist of a labor union and an office
workers' organization, are planning to raise about KRW160
billion among the workers and other investors to fund their bid,
the representatives said. They added that the workers are hoping
to buy a 10 to 15-percent stake in the company and establish a
committee with management to discuss job-related issues, and
that about 81 percent of the Daewoo workers have approved the
plan.

The South Korean government acquired about 50 percent of Daewoo
Heavy, the nation's largest maker of construction equipment,
following the collapse of parent firm Daewoo Group under heavy
debts in 1999.

CONTACT:

Daewoo Heavy Industries Ltd.
#7-11, Hwasu-dong, Dong-gu
Inchon, South Korea
Phone: +82-2-726-1114
http://www.dhiltd.co.kr


KOREA LINE: To Float Convertible Bonds
--------------------------------------
In a move seen as an effort to ward off a hostile takeover,
South Korean shipping firm Korea Line Corp. has decided on
Monday to issue convertible bonds worth KRW20 billion (US$17.3
million), reports Yonhap News.

The shipping firm stated in a public disclosure that proceeds of
the bond issue, which will be underwritten by main creditor Hana
Bank, will be used to pay back maturing debts and tapped as
working capital.

"About 17 billion won worth of bonds will mature by the end of
this year, with an additional 7 billion won coming due in
January next year," a company official said.

Korea Line said Hana Bank will be allowed to convert the
bonds into equity starting September 6 next year. Based on
Monday's closing price, the convertible bonds amounted to a
4.99-percent stake.

The bond issue comes after Norwegian shipping company Golar LNG
Ltd. hinted early this month at offering an unsolicited bid for
Korea Line.

Golar LNG owns 21.1 per cent of Korea Line, while Fearnley Fonds
ASA Securities and Fidelity Fund own 6.3 per cent and 5.7
percent, respectively, bringing its total friendly stake to 33.1
percent.

CONTACT:

Korea Line Corporation
43 Insa-dong Jongro-gu
Seoul, 110-741
KOREA (SOUTH)
+82 2 3701 0114
+82 2 733 1610


THRUNET: KT Corp. Pulls Out of Bidding Race
-------------------------------------------
KT Corp. said on Tuesday that it has decided not to join the bid
for broadband Internet service operator Thrunet Co., reveals
Reuters, citing KT's executive vice president Yoon Jong-lok.

According to the executive, KT is now instead planning to
upgrade its entire Internet network to be based on optical fiber
from cable to offer faster and better quality services.

"We believe more investment in the network upgrade will better
position KT to fend off competition and secure our leading
market position," he said.

KT, South Korea's top fixed-line and broadband service operator,
carries 95 percent of South Korea's local voice calls and
supplies half of its broadband connections.

Thrunet, which sought court protection from creditors last
March, is set to be sold by its creditors later this year. Since
the court protection was approved, Thrunet has been a possible
buyout target for other telecommunications firms such as Hanaro
Telecom Inc. and Dacom Corp.

CONTACT:

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


* Credit Card Firms Narrow H1 Losses
------------------------------------
The Financial Supervisory Service (FSS) said on Monday that
South Korea's six credit card companies have reported a combined
net loss of KRW1.5 trillion in the first half, a 26.9-percent
drop from the KRW2.1-trillion loss the companies sustained in
the same period last year, reports The Korea Times.

The regulator said the credit card issuers also reported a
decline in default rates. The average default ratio of the six
card firms for payments overdue by more than one month declined
from 13.6 percent at the end of last year to 10.84 percent as of
the end of June.

Of the six companies, only Lotte Card and BC Card reported a
profit for the period. BC Card posted a net income of KRW6.9
billion, while Lotte Card's first-half net profit stood at KRW15
billion.

In contrast, LG Card suffered a net loss of KRW360 billion,
Hyundai Card booked a KRW176.7-billion net loss and Samsung Card
reported the largest loss of KRW994.6 billion.

"Samsung Card and Hyundai Card set aside large loan loss
provisions from the capital increase to cover for their bad
assets. LG Card also suffered losses due to provisioning costs,"
the FSS said.

LG Card had the highest default ratio of 15.05 percent, followed
by Hyundai Card with 8.79 percent and Samsung Card with 8.58
percent. The delinquency rate, including debts converted into
loans, fell from 28.3 percent in December last year to 25.12
percent in June.

There was also a 7.2-percent decline in the number of cards
issued in the first half to 88.3 million, down from 95.2 million
at the end of 2003.

The firms also reported a 36.1-percent decline in revenue from
card transactions, dropping from KRW290.1 trillion to KRW185.4
trillion.


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


ACTACORP HOLDINGS: Bursa Malaysia Seeks Written Representations
---------------------------------------------------------------
Actacorp Holdings Berhad (AHB) refers to the media release by
Bursa Malaysia Securities Berhad (Bursa Securities) on 3
September 2004 relating to the commencement of de-listing
procedure against AHB.

On behalf of AHB, PM Securities Sdn Bhd (PM Securities) wishes
to announce that Bursa Securities had via its letter dated 3
September 2004 to AHB notified AHB that it has taken note that
the Securities Commission (SC) had via its letter dated 3 August
2004 informed the Company that the SC had not approved the
Company's Proposed Restructuring Scheme.

Hence, the Company has failed to obtain all the approvals
necessary for the implementation of the Proposed Restructuring
Scheme. Bursa Securities has stated that AHB has failed to
regularize its financial condition within the prescribed time
frame as stipulated by Bursa Securities pursuant to paragraph
8.14 of the Bursa Securities Listing Requirements and paragraph
5.0 of Practice Note No. 4/2001 and no further extension of time
has been granted to the Company.

In relation to the above, Bursa Securities had via its letter
dated 3 September 2004 notified AHB of the followings:

(i) The Company has been accorded 14 days commencing from the
receipt of the notice dated 3 September 2004 from Bursa
Securities to make written representations to Bursa Securities
on why its securities should not be removed from the Official
List of Bursa Securities;

(ii) in the event that Bursa Securities decides to de-list the
Company, the securities of the Company shall be removed from the
Official List of Bursa Securities upon expiry of 14 days from
the date of notification of the decision to de-list the Company
or upon such other date as may be specified by Bursa Securities;
and

(iii) in the event that Bursa Securities decides not to de-list
the Company, other appropriate action/penalty(ies) may be
imposed pursuant to paragraph 16.17 of the Bursa Securities
Listing requirements.

Following the abovementioned notification, the Board of AHB
shall revert to Bursa Securities with the written
representations within the 14 days from the date of the notice
dated 3 September 2004.

This announcement is dated 6 September 2004.

CONTACT:

Actacorp Holdings Berhad
Jalan 3/76D Desa Pandan
Kuala Lumpur, Selangor 55100
Malaysia
Telephone: +60 3 9282 1388
           +60 3 9284 7133


BERJAYA SPORTS: Purchases 286,400 Shares on Buy Back
----------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Berjaya
Sports Toto Berhad announced the details of its shares buy back
dated August 24, 2004.

Date of buy back from: 24/08/2004

Date of buy back to: 25/08/2004

Total number of shares purchased (units): 286,400

Minimum price paid for each share purchased (RM): 3.440

Maximum price paid for each share purchased (RM): 3.440

Total amount paid for shares purchased (RM): 988,887.79

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

Number of shares purchased retained in treasury (units): 286,400

Total number of shares retained in treasury (units): 56,250,000

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: 02/09/2004

Lodged by: MS SU SWEE HONG

CONTACT:

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


CSM CORPORATION: Issues Monthly Status of Default in Payment
------------------------------------------------------------
CSM Corp. Berhad (CSM) issued a monthly status report pursuant
to the Practice Note No. 1/2001 issued by Bursa Malaysia
Securities Berhad.

Pursuant to the Practice Note No. 1/2001 issued by Bursa
Malaysia Securities Berhad, following is an update on the status
of default in interest payments and principal loan repayments of
the CSM Group's bank borrowings as at 31 August 2004:

To view a copy of the Monthly Status report, click
http://bankrupt.com/misc/CSMCORPORATION090604.doc

This announcement is dated 6th day of September 2004.

CONTACT:

CSM Corporation
Suite 8.2, 8th Floor
Menara CSM, Jalan Semangat
46100 Petaling Jaya
Telephone: 03-7958888
Fax: 03-7953707
Website: www.csm.com.my


FACB RESORTS: AGM and EGM Slated for September 28
-------------------------------------------------
Further to the announcement made by FACB Resorts Berhad to Bursa
Malaysia Securities Berhad on 2 September 2004 pertaining to the
issuance of notices for the AGM & EGM on 3 September 2004,
please find herewith the attachment of the said notices.

To view a full copy of the notice of AGM, click:
http://bankrupt.com/misc/AGMNOTICEFACBRESORTS090604.doc

To view a full copy of notice of EGM, click:
http://bankrupt.com/misc/EGMNOTICEFACBRESORT090604.doc


QUALITY CONCRETE: Chairman Intends to Deal on Closed Period
-----------------------------------------------------------
Pursuant to Paragraph 14.08 of the Bursa Malaysia Listing
Requirements, Quality Concrete Holdings Berhad wishes to
announce that Mr. Tiang Ming Sing, Chairman of Quality intends
to deal in the Securities of Quality during the closed period.
Mr. Tiang currently holds 8,915,000 ordinary shares of RM1.00
each in Quality.


SATERAS RESOURCES: Updates Proposed Issuance of Debt Securities
---------------------------------------------------------------
Sateras Resources (Malaysia) Berhad issued to Bursa Malaysia
Securities Berhad an update on the proposed issuance of RM70.0
million Al-Bai' Bithaman Ajil Islamic Debt Securities (BaIDS) by
Ace Polymers (M) Sdn Bhd (Ace or Issuer).

(1) INTRODUCTION

KAF Discount Berhad (KAF), on behalf of Ace, had on 20 July
2004, made an application to the Securities Commission (SC) for
the proposed issuance of 7-year RM70.0 million BaIDS by Ace
(Application). Ace is the proposed subsidiary of Salwan
Corporation Berhad, the company which will assume the listing
status of Sateras pursuant to the Proposed Restructuring Scheme.

(2) DETAILS OF THE PROPOSED ISSUANCE OF THE RM70 MILLION OF
BaIDS

(i) To facilitate the issuance by Ace of the BaIDS under the
Islamic principle of Al-Bai` Bithaman Ajil, the Investor(s)
(being primary subscriber(s) and/or person falling within any of
the categories of persons specified under Section 4(6) of the
Companies Act, 1965 (as amended), Malaysia) shall enter into an
Asset Purchase Agreement with the Issuer to purchase the Asset
at the Al-Bai' Bithaman Ajil Purchase Price.

(ii) The Investor(s) shall subsequently thereafter enter into an
Asset Sale Agreement with the Issuer to sell the Asset to the
Issuer at the Al-Bai Bithaman Ajil Sale Price (the Selling
Price) which is made up of the Purchase Price plus a profit
payable on a deferred payment basis.

(iii) Ace's obligation to pay the Selling Price shall be
securitized and evidenced by the issuance of the BaIDS
certificates in the form of Primary BaIDS and Secondary BaIDS,
which total face value will be equivalent to the Selling Price.

(iv) Ace is to settle the Selling Price in installments in
accordance with the maturities of the Primary BaIDS and
Secondary BaIDS over a deferred period and shall be redeemed in
full on the relevant maturity dates.

(v) The permissibility of the entire transaction will be subject
to the approval of the BaIDS Syariah Advisor.

(vi) The principal source of repayment for the BaIDS is expected
to be derived from the revenue to be generated by Ace from its
principal business activities.

(vii) Malaysian Rating Corporation Berhad had assigned an
indicative rating of AID (A flat, Islamic Debt) for the BaIDS.

The other salient terms of the proposed issuance of RM70 million
BaIDS are set out in Table 1 as attached below.

(3) PURPOSE OF ISSUANCE THE RM70 MILLION BaIDS

Ace shall use the proceeds of the BaIDS to refinance part of the
Existing Financing Facilities, to purchase land and building
located at all that piece of land known as GM 203, Lot No 1570,
Mukim of Batu, District of Gombak, State of Selangor, to defray
fees and expenses incurred in relation to the issuance of the
BaIDS, to provide upfront finance service reserve for the next
profit payment of the BaIDS and the remaining balance will meet
working capital requirements.

The proceeds from the proposed issuance of the RM70 million of
BaIDS will be utilized as:

Utilization                                Amount
                                        (RM Million)

(i) Repayment of part of the
existing financing
facilities of up to                          40.00

(Ii)Purchase of land
and building of up to                        14.50

(iii) Defraying fees and
expenses incurred in connection
with the issuance of the BaIDS
of up to                                       1.00

(iv) Pre-fund the finance service
reserve account of up to                       3.00

(v) Working capital requirements              11.50*
                                       Total  70.00

* Any amount unutilized under item (i), (ii), (iii) and (iv)
will be channeled to item (v).

(4) APPROVAL REQUIRED

The proposed issuance of RM70 million nominal value of BaIDS is
subject to the approval from the SC.

Pursuant thereto, Sateras and the Boards of Salwan and Ace, are
pleased to announce that the SC had on 30 July 2004, approved
the Application subject to the conditions as set out below:

(i) KAF and Ace to obtain our approval should there be any
changes to the terms and conditions of the BaIDS;

(ii) Prior to the issue date of the BaIDS, KAF to submit the
following information or documents to the SC:

(a) A copy of the Facility Maintenance File (FMF/JPB) form;

(b) A certified true copy of the executed trust deed for the
BaIDS;

(c) The final rating and a copy of the rating report for the
BaIDS;

(d) The list of names of the subscribers (other than the Primary
subscriber in a bought deal) or placees of the BaIDS, amount
subscribed and the yield-to-maturity when the BaIDS are first
placed out; and

(e) a hard copy and soft copy of the complete principal terms
and conditions for the BaIDS in the following format:

Font: Arial
Font Size: 11
Margins (Top, Down, Right, Left): 1.25"; and
Spacing: Single;

(iii) Ace to notify the SC the following information within
seven (7) days from the date of issue of the BaIDS:

(a) Utilization of proceeds raised from the issue;

(b) Issue price, yield to maturity and profit rate for the
issue; and

(c) Purchase and Selling Price;

(iv) Ace to disclose to all potential investors:

(a) The multiple roles undertaken by KAF in relation to the
BaIDS; and

(b) Any other potential conflict of interest situation together
with relevant mitigating measures;

(v) KAF to inform the SC of any changes to the rates for bought
deals after the expiry date of the holding period; and

(vi) KAF is required to remind all relevant parties including
ACE and the trustee to the proposed BaIDS of the need to observe
and fully comply with all statutory requirements. In particular,
those set out in Division 4 of Part IV of the Securities
Commission Act 1993.

(5) DIRECTORS AND SHAREHOLDERS' INTERESTS

None of the Directors of Sateras, Salwan and or Ace and/or major
shareholders or person connected to them have an interest,
direct or indirect in the proposed issuance of RM70 million
nominal value of BaIDS.

For more information, click:
http://bankrupt.com/misc/SATERASBERHAD090604.doc

CONTACT:

Sateras Resources (Malaysia) Berhad
19 Jalan Pinang
Kuala Lumpur, Kuala Lumpur 50450
Malaysia
Telephone: +60 2162 5288
Telephone: +60 2161 8529


TANJONG PUBLIC: Officer Intends to Deal During Closed Period
------------------------------------------------------------
Tanjong Public Limited Co. announced to Bursa Malaysia
Securities Berhad that further to the notification of intention
to deal during a Closed Period, in the shares of the Company by
Yap Swee Hang, a Principal Officer, announced on 30 August 2004,
the Company has been notified Monday of the following dealing by
Mr. Yap during a Closed Period pursuant to Paragraph 14.08 (c)
of the Listing Requirements of Bursa Securities:

(i) That Mr. Yap has disposed in the market of the Bursa
Securities, 15,000 shares of 7.5 pence each in Tanjong
representing 0.0037 percent of the issued share capital of
Tanjong as at the date of the transaction;

(ii) Date of transaction - 3 September 2004; and

(iii) Transaction price - RM12.60 per share of 7.5 pence each.

CONTACT:

Tanjong Public Limited Co.
Principal Office in Malaysia
Level 30, Menara Maxis
Kuala Lumpur City Centre
50088 Kuala Lumpur
Telephone: 03-23813388
Fax: 03-23813399


TEXCHEM-PACK: Completes Proposed Acquisition and Reorganization
---------------------------------------------------------------
Reference is made to Texchem Resources Berhad's announcements to
Bursa Malaysia Securities Berhad on July 21, 2003, August 27,
2003, September 8, 2003, September 25, 2003, October 20, 2003
and August 18, 2004 respectively, on the Proposed Restructuring
(Proposed Restructuring) and the subsequent Listing of Texchem-
Pack Holdings (S) Pte Ltd upon conversion to a Public Limited
Company on the Singapore Exchange Securities Trading Limited
(Proposed Listing).

The company wishes to inform that the Proposed Acquisition and
Proposed Reorganization as announced earlier have been completed
on September 6, 2004.


UNITED CHEMICAL: Issues Update on Practice Note No. 1/2001
----------------------------------------------------------
United Chemical Industries Berhad issued to Bursa Malaysia
Securities Berhad an update on the default in payment under
Practice No. 1/2001 of the listing requirements.

The Board of Directors of United Chemical Industries Berhad
(UCI) wishes to inform that further to the announcement made on
6 August 2004, there are no new significant developments in
relation to the various defaults in payment.

The Board of Directors of UCI would like to further provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note No. 1/2001.

Click for details as per Table A
http://bankrupt.com/misc/UNITEDMALAYAN090604.xls

This announcement is dated 6 September 2004.

CONTACT:

United Chemical Industries Berhad
10th Floor, Wisma MCA
Jalan Ampang
50450 Kuala Lumpur, WP
Malasia
Telephone: 603-2619055
Fax: 603-2610502


WOO HING: Clarifies Announcement Dated September 3
--------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Woo Hing
Brothers (Malaya) Berhad issued an update on the:

- PROPOSED ACQUISITIONS;
- PROPOSED SHARE SWAP;
- PROPOSED RESTRICTED OFFER FOR SALE;
- PROPOSED PLACEMENT;
- PROPOSED LISTING TRANSFER;
- PROPOSED MAIN BOARD TRANSFER; AND
- PROPOSED DISPOSAL OF WHB

(HEREINAFTER REFERRED TO AS THE KAMDAR PROPOSALS)

IN CONJUNCTION WITH THE PROPOSED CORPORATE AND DEBT
RESTRUCTURING EXERCISE OF WHB WITHIN THE FRAMEWORK OF PENGURUSAN
DANAHARTA NASIONAL BERHAD ACT, 1998, AS AMENDED BY PENGURUSAN
DANAHARTA NASIONAL BERHAD (AMENDMENT) ACT, 2000

The company refers to the announcement dated 3 September 2004 in
regards to the Kamdar Proposals.

On behalf of the Special Administrators of WHB, we wish to
announce that condition (iii) as stated in the above
announcement should instead read as follows:

(iii) WHB/KGMB has to ensure the purchaser/beneficial owner of
the SS2 Property obtains all necessary approvals within the time
period up to 6 August 2005. In the event the
purchaser/beneficial owner fails to obtain all the relevant
approvals within the stipulated timeframe, KGMB/KSB is required
to move its operations from the said property to another
property which has obtain all the relevant approvals.

This announcement is dated 6 September 2004.

CONTACT:

Woo Hing Brothers (Malaya) Berhad
179 Jalan Bukit Bintang
Kuala Lumpur, 55100
Malaysia
Phone: +60 3 2144 1233
       +60 3 2142 2228


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


DIGITAL TELECOMMUNICATIONS: Details Share Issuance
--------------------------------------------------
This is in reference to Circular for Brokers No. 2367-2004 dated
June 1, 2004, in connection with the approval by the
stockholders of Digital Telecommunications Phils., Inc. (DGTL)
of the creation and issuance of preferred shares equivalent to
US$200 Million.

In relation thereto, the Company, in its letter to the
Philippine Stock Exchange dated September 7, 2004, disclosed
that:

"The proceeds from the issuance of Preferred Shares would be
used by DIGITEL to finance the purchase of GSM equipment from
various suppliers for the installation and commissioning of cell
sites, covering key urban cities nationwide pursuant to a
Provisional Authority issued by the National Telecommunications
Commission to construct, install, operate and maintain a
Nationwide Cellular Mobile Telephone System (CMTS)."

The company is still in the process of fleshing out the details
of the transaction structure and definitive terms and
conditions. We shall apprise the Exchange as soon as these
details are approved."

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

CONTACT:

Digital Telecommunications Inc.
Digitel Building
110 E. Rodriguez Jr. Avenue
110 Bagumbayan, Quezon City
Telephone Number:  397-8888
Fax Number:  635-6142
Email Address: pamintuan_b@ditsi.com.ph
Website: http://www.digitelone.com


MANILA ELECTRIC: Files Phase IV Refund Proposal to ERC
------------------------------------------------------
In a press release dated September 6, the Manila Electric
Company announced that it filed Friday, September 3, before the
Energy Regulatory Commission (ERC) its proposed guidelines and
procedure of its refund for Phase IV. Phase IV refund is for
commercial and industrial customers, including other non-
residential and general service customers. It is divided into
two phases.

"Phase IV-A covers small commercial and industrial customers,
flat streetlights and government hospitals and metered
streetlights with contracted demand of less the 40 kW. The
refund mode is fixed monthly credit to bill starting January
2005 up to December 2007.  The fixed amount, equivalent to the
customer's gross refund amount (GRA) divided by 36, will be
deducted from the customer's monthly bill for 36 months. This
translates to an average of 42 cents per kWh deduction in the
customers' monthly bill for the duration of the refund.  The
refund coverage, gross refund kWh and GRA will be reflected in
the customer's January 2005 bill," said Meralco Sr. Assistant
Vice President and Refund Management Task Force Head Leonardo
Mabale.

Mabale also said that for those with terminated contracts under
Phase IV-A, the proposal for the refund is to start in November
2007.  The refund mode is cash or check.

On the other hand, Mabale said that the refund for Phase IV-B,
or medium and up commercial and industrial customers and
government hospitals and metered streetlights with contracted
demand greater than or equal to 40 kW will commence in July
2005.  This was originally targeted to start in May 2005, but
because of the need to have more time to process the refund
notes, once it is approved by ERC, Meralco moved it back July
2005. Mabale appealed, "We hope the business groups understand
the situation".

The refund mode is fixed credit to bills, similar to customers
under Phase IV-A, except that the duration is 63 months starting
in July 2005 and ending in September 2010. This translates to an
average of 21 cents per kWh deduction in the customer's monthly
bill for 63 months.

Customers covered by Phase IV-B and not in arrears for 90 days
or more will be given the option to receive non-interest bearing
Refund Notes. The refund notes will mature every quarter for 21
quarters (equivalent to 63 months).  The customer may encash the
maturing portion (GRA divided by 21 quarters) of the Refund Note
at the end of every quarter from Meralco's paying agent.

The Refund Note has a liquidity feature that allows the customer
to generate additional funds to meet the current obligations or
expand business.  A customer can have his Refund Notes traded at
the Philippine Fixed Income Exchange or rediscounted at
commercial banks.

Those with terminated contracts under this group will have the
option to receive Refund Notes with the same features as those
offered to active services or to receive a refund check in
January 2008.

In a related development, Meralco Vice President for Corporate
Communication Elpi Cuna Jr. said, "As of the end of August,
Meralco has already processed the refunds to a total of 4.72
million customers or 91 percent of those entitled to the refund.
Phase III refund is still ongoing and is scheduled to be
completed by the end of this year".

CONTACT:

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


MANILA ELECTRIC: Confirms Veracity of News Report
-------------------------------------------------
Manila Electric Co. (Meralco) disclosed to the Philippine Stock
Exchange a clarification to the news article entitled "Meralco
inks power supply deal with SunPower Phils" published in the
September 6, 2004 issue of The Philippine Star.

The article reported that "(t)he Manila Electric Co. (Meralco)
has signed a memorandum of understanding (MOU) for the sale of
electricity to the $300-million SunPower Philippines Inc., the
first solar wafer manufacturing plant in Laguna. The two firms
have sought the approval of the Energy Regulatory Commission
(ERC) for the supply agreement. Meralco and SunPower also asked
the regulatory body to issue provisional authority (PA) to
implement the MOU.

Manila Electric Company, in its letter to the exchange dated
September 6, 2004, stated:

"Meralco confirms the veracity of the news report, except the
amount '$300-million' pertaining to SunPower Phils., and with
the clarification that the application for approval of the
memorandum of understanding (MOU) referred to was filed by
Meralco".


MAYNILAD WATER: Must Submit Revised Rehab Proposal by Oct. 4
------------------------------------------------------------
The judge handling the rehabilitation case of Maynilad Water
Services Inc. has warned that if the Lopez-owned utility fails
to submit a fresh corporate recovery plan by October 4, the case
will be dismissed, reports Business World.

According to Quezon City Regional Trial Court Judge Reynaldo B.
Daway, court rules on rehabilitation provide that an acceptable
recovery blueprint must be submitted within 180 days from the
first hearing "otherwise the case will be automatically
dismissed".

Maynilad sought debt reprieve and rehabilitation in November,
while its creditors appeared in court for the first time on
January 7 this year.

Last month, Maynilad was given until Sept. 5 to present a new
strategy to return the company to financial profitability after
the state-run Metropolitan Waterworks and Sewerage System (MWSS)
decided to draw its entire US$120-million performance bond and
abandon the debt-to-equity swap agreement it earlier signed with
the water concessionaire.

Maynilad was supposed to file a new plan yesterday, but its
lawyers have sought a 90-day extension, citing, among others,
that there were still other Maynilad creditors who want to be
included as parties to the case.

The new recovery plan, which supplants the original strategy of
allowing the government to take over Maynilad, pave the way for
the exit of the Lopez Group from the corporation and converting
into long-term loans the firm's debts to several banks, must be
acceptable to at least majority of the creditors.

MWSS accounts for approximately 40% of Maynilad's PhP18-billion
unpaid debts, mostly in unpaid concession fees.


NATIONAL POWER: Rate Hike to Help Cut Public Sector Debt
--------------------------------------------------------
Despite the approval of only half of the rate increase it had
sought, National Power Corp.'s (Napocor) recently- approved
adjustments to its generation rates will still help reduce
public sector debt, currently at a deficit of more than P50
billion, The Manila Bulletin reveals

"Any increase in Napocor power rates would help its financial
position and therefore ease CPSD (consolidated public sector
deficit)," said a high-ranking Cabinet official on Monday.

The Energy Regulatory Commission (ERC) only approved a 98-
centavo per kilowatt-hour (PhP.9798/kWh) rate hike, half of the
PhP1.87/kWh Napocor originally asked for. According to the
Cabinet official, it would have been more profitable for Napocor
had the ERC adjusted its rates by PhP1.50/kWh, which would at
least raise its RORB (return on rate base) by two percent, which
would eliminate US$1 billion or more than PhP50 billion off
public debt. This amount is equivalent to one percent of CPSD.

"The break-even number is P1.45/kWh to P1.50/kWh but at least,
any increase will help Napocor and the government," the Cabinet
member added.

Napocor is the government's biggest debt/guarantee burden since
it is incapable of borrowing by itself. The National Government
has to step in to borrow from the international market. These
debts are not carried directly on the government's books but
immediately become due once the primary borrowing agency fails
to meet its obligations to creditors.

CONTACT:

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


NATIONAL POWER: Seeks Payment of Government Agencies' PhP3B Debt
----------------------------------------------------------------
Three agencies of the Philippine government still owe National
Power Corp. (Napocor) some PhP3 billion in debt payments for
debt service advances it made for an infrastructure project,
Businessworld reports.

According to government documents, Napocor raised PhP3.05
billion for the construction of the San Roque multipurpose
project in behalf of the Departments of Agriculture (PhP2.073
billion), Environment and Natural Resources (PhP937.28 million)
and Public Works and Highways (PhP39.27 million).

Napocor agreed to raising the amount since it would be easier
for a government-owned and controlled corporation to disburse
funds compared to a government agency. The three agencies signed
a memorandum of agreement with Napocor, committing to
appropriate funds to pay the state utility firm gradually.

However, Napocor said it has yet to collect from the three
agencies even as they earlier committed to pay their
obligations.

The state power firm entered into a deal with the San Roque
Power Corp. in 1997 to build, operate and maintain the San Roque
dam, one of the flagship projects of the Ramos administration,
for 25 years, within which time it would sell its generated
power to Napocor.


NEGROS NAVIGATION: Parent to Release PhP253M For Rehab
------------------------------------------------------
The rehabilitation program of debt-saddled Negros Navigation Co.
(Nenaco) has found a new lease on life with the decision of
Metro Pacific Corp. (MPC), the shipping firm's parent, to commit
to release this year a total of PhP235 million to finance the
said program, reports The Manila Times.

The PhP253-million loan under the rehabilitation program is
payable in 36 months with a 16-percent interest, according to
Nenaco president and chief executive officer Sulpicio O. Tagud
Jr.

Mr. Tagud said Metro Pacific has already lent Nenaco some PhP123
million for the partial payment to the Bureau of Internal
Revenue of its back taxes amounting to P425 million. Still, he
said, Nenaco needs PhP130 million to finance the dry-docking and
repair of three of its vessels.

The PhP130 million will come from Metro Pacific's equity
issuance before yearend.

Metro Pacific, which sold last month its 10-percent stake in its
subsidiary, Landco Pacific Corp., for PhP60.5 million to finance
the rehabilitation program of Nenaco, said it still believes in
the growth prospects of the shipping firm, which reported a net
loss of PhP335 million in the first half.

CONTACT:

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 LONG: Issues 1,150 Additional Shares for Listing
-----------------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by Philippine Long Distance Telephone Co.
to list additional 1,289,745 common shares, with a par value of
PhP5.00 per share, to cover the Executive Stock Option Plan
(ESOP) of the Company, at an exercise price of PhP814.00 per
share.

Please be advised that a total of 1,150 common shares have been
availed of and fully paid by the optionee under the Company's
ESOP.

In view thereof, the listing of the 1,150 common shares is set
for Wednesday, September 8, 2004. This brings the number of
common shares listed under the ESOP to a total of 209,164 common
shares.

The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.

For your information and guidance
MARIA ISABEL T. GARCIA
Head, Listings Department

Noted by:
JURISITA M. QUINTOS
Senior Vice President- Operations Group

CONTACT:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers:  814-3552; 888-0188
Fax Number:  813-2292
Website: http://www.pldt.com.ph


VICTORIAS MILLING: Pays Non-Bank Creditors PhP8,328,078.06
----------------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Victorias
Milling Corp. (VMC) announced that as of August 31, 2004 VMC has
paid a total of Eight Million Three Hundred Twenty Eight
Thousand Seventy Eight Pesos and Six Centavos (PhP8,328,078.06)
to Non-Bank Creditors (Trade Suppliers).  This is with reference
to all properly documented claims of said creditors that had
been submitted to the company and validated by it.

CONTACT:

Victorias Milling Co. Inc.
9126 Sultana corner Honradez Sts.
Barangay Olympia, Makati City
Telephone Numbers:  896-0381; 899-0485
Fax Numbers:  895-4150
Email Address: fal@philonline.com
Website: http://www.victoriasmilling.com


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


BESTBUILD DEVELOPMENT: Winding Up Order Made
--------------------------------------------
In the matter of Bestbuild Development Private Limited, a
Winding Up Order was made on August 27, 2004.

Name and address of Liquidators: Mr. Michael Ng Wei Teck and
Mr. Peter Chay Fook Yuen
c/o Messrs KPMG
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.

Rajah & Tann
Solicitors for the Petitioners

Note:

(a) All creditors of the above named company should file their
proof of debt with the Liquidators who will be administering all
affairs of the company.

(b) All debts due to the above named company should be forwarded
to the liquidators.

This Singapore Government Gazette Notice is dated September 3,
2004.


ECON CORPORATION: Creditors to Prove Claims by September 28
----------------------------------------------------------
Econ Corporation Limited, a company under Judicial Management,
has issued a notice to creditors to prove their debts or claims.

Address of registered office of above named company:
50 Raffles Place
#44-05 Singapore Land Tower
Singapore 048623.

Number of Matter: Originating Petition No. 23 of 2003/Z.

Last day for receiving proofs: 28th September 2004.

Name of Judicial Manager: Timothy James Reid.

Address: c/o Ferrier Hodgson
50 Raffles Place
#44-05 Singapore Land Tower
Singapore 048623.

Dated this 3rd day of September 2004

Timothy James Reid
Judicial Manager

This Singapore Government Gazette Notice is dated September 3,
2004.


JURONG REPTILE: Court Issues Winding Up Order
---------------------------------------------
In the matter of Jurong Reptile Park Private Limited, a Winding
Up Order was made on the 27th day of August 2004.

Name and address of Liquidator: Chee Yoh Chuang and
Lim Lee Meng
c/o Messrs Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

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

This Singapore Government Gazette Notice is dated September 3,
2004.


LKN-PRIMEFIELD: Adopts Debt Restructuring Implementation
--------------------------------------------------------
LKN-Primefield Limited announced plans to adopt the
implementation of its debt-restructuring plan.

Further to the Company's announcement on 9 September 2003, the
terms of the debt-restructuring plan have been further refined
and revised with the involvement of KPMG Corporate Restructuring
Services. The holders of the S$366,000,000 redeemable fixed rate
bonds due 2006 which are constituted by the trust deed dated 13
March 2001 made between the Company and HSBC Trustee (Singapore)
Limited as trustee for the Bondholders, as supplemented by a
supplemental trust deed dated 31 July 2001 made between the
parties, have at a meeting held on 6 September 2004 approved the
revised debt restructuring plan by an extraordinary resolution,
subject to legal documentation containing definitive terms of
the revised debt restructuring plan being executed by all the
Bondholders.

Prior to the revised debt-restructuring plan, the principal
amount of Bonds outstanding and accrued interest is
approximately S$288.4 million.

Under the revised debt-restructuring plan, an aggregate of
approximately S$172 million will remain as outstanding Bonds.
The Company's and certain of its subsidiaries' (Group) assets
will be subject to security in favor of the Bondholders. A
performance-pegged interest servicing structure would also be
adopted to alleviate future cash flow pressures wherein the
Company's liability to interest will comprise the following key
components:

In respect of cash flows generated by the Group's core assets, a
minimum of 1.5% per annum of the value of the remaining core
assets, subject to a cap of 5% per annum;

In respect of cash flows generated by the Group's non-core and
other non-core assets, the net operational cash surplus after
meeting all operational expenses.

In addition to the above, KPMG Corporate Restructuring Services
would also be appointed Independent Special Consultants to the
Company to safeguard the collective interest of the Bondholders
until the Group's obligations have been fulfilled.

The balance of approximately S$117 million of outstanding Bonds
will be converted into (i) 427,139,251 ordinary shares of par
value S$0.05 each in the capital of the Company; (ii) two series
of redeemable convertible preference shares, namely, 15,646,126
Series A preference shares at an issue price of S$0.69 per
Series A preference share and 109,522,885 Series B preference
shares at an issue price of S$0.16 per Series B preference
share; and (iii) 3,000,000 ordinary shares of par value S$1.00
each in the capital of AXS InfoComm Pte Ltd.

The Company will be convening an extraordinary general meeting
shortly to obtain the necessary shareholders' approval for the
revised debt-restructuring plan. A circular to shareholders will
be dispatched in due course.


MORTON HALL: Receives Winding Up Order
--------------------------------------
In the matter of Morton Hall Electronics Private Limited, a
Winding Up Order was made on the 27th day of August 2004.

Name and Address of Liquidator: Mr. Vincent Kuek Buck Hee
c/o Messrs Vincent Kuek & Co
of 133 New Bridge Road
#09-10 Chinatown Point
Singapore 059413.

Messrs Sobhraj Tay Low Subra & Teo
Solicitors for the Petitioner

This Singapore Government Gazette Notice is dated September 3,
2004.


THINKING BUSINESS: Winding Up Order Made
----------------------------------------
In the matter of The Thinking Business Private Limited, a
Winding Up Order was made on 20th August 2004.

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

Dated this 20th day of August 2004.

Yeo-Leong & Peh Llc
Solicitors for the Petitioner

This Singapore Government Gazette Notice is dated September 3,
2004.


WAN SOON: Placed Under Judicial Management
------------------------------------------
Notice is hereby given that a Petition for placing Wan Soon
Construction Pte Ltd, under management of a judicial manager by
the High Court was, on the 22nd day of July 2004, presented by
its directors.

The said Petition will be heard before the Court at 10.00 a.m.
on the 10th day of August 2004.

Mr. Michael Ng Wei Teck and Mr. Peter Chay Fook Yuen of Messrs
KPMG care of 16 Raffles Quay, #22-00 Hong Leong Building,
Singapore 048581 have been nominated as the judicial managers.

Any person who intends to oppose the making of an order under
section 227B or the nomination of a judicial manager under
section 277B (3) (c) 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 creditors or member of the company on
payment of the regulated charge.

The Petitioner's address is at 12 Loyang Lane, Singapore 508926.

The Petitioner's Solicitors are Messrs Edwin Tay & Co of No. 80
Marine Parade Road, #15-05/06 Parkway Parade, Singapore 449269.

Edwin Tay & Co
Petitioners' Solicitors

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the abovementioned
Messrs Edwin Tay & Co., the Petitioners' Solicitors, notice in
writing of his intention to do so. The notice must state the
name and address of the person, or, if a firm, or his or their
solicitors (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 twelve o'clock noon of the 9th day of September 2004.

This Singapore Government Gazette Notice is dated September 3,
2004.


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


NAKORNTHAI STRIP: Details Use of Proceeds
-----------------------------------------
Maharaj Planner Company Limited, in its capacity as the Plan
Administrator of Nakornthai Strip Mill Public Company Limited,
would like to explain to the Stock Exchange of Thailand the
progress and the use of proceeds of THB4,121.69 million raised
from the rights offering of 3.23 billion warrants at the
offering price of THB0.05 per unit and from the public offering
of 1.8 billion new shares at the offering price of THB2.20 per
share in October 2003, as follows:

(1) Current status

(1.1) Flat-Rolled Steel Facility

* The Company commissioned a Flat-Rolled Steel facility in
December 2003 and commenced production in January 2004.  In the
first stage, the facility operated only during off-peak hours.

* Beginning in August 2004, the Flat-Rolled Steel facility
commenced 24-hour operations.

A summary of the facility's production from January to September
2004 is as follows:

         Month                 Production (Million Tonnes)
         January                 3,190
         February                6,073
         March                  19,495
         April                  24,282
         May                    34,907
         June                   29,319
         July                   35,413
         August                 55,266
         September1             60,000

(Note: 1 Based on actual orders received until 31st August
2004.)

* As at 31st August 2004, the Company had utilized US$ 25.28
million of the funds raised for its Flat-Rolled Steel Facility.
The facility had a budget of US$29.78 million.

(1.2) Finishing Mill Facility

* As disclosed in the Filing, the Company planned to complete
its Finishing Mill Facility within 18 months after the public
offering.  We have now concluded the contracts for PPPL (Push-
Pull Pickling Line), including ARP (Acid Regeneration Plant) and
CGL (Continuous Galvanizing Line) under the Finishing Mill
Facility and commenced test runs of the Temper Mill.

However, we are currently in the process of amending the CGL
contract to ensure its applicability to current customer
requirements.

Current assessments estimate that there may be a three- to five-
month delay in the start-up of certain sections of the Finishing
Mill Facility. The effect of such delays are expected to be
negligible as only additional salary and utility costs will be
incurred during the period of delay.

Based on the agreed payment terms under the contracts, the
Company's payment for the Finishing facility will also be
extended.

As a result, the Company is expected to have available funds
during the next 6 to 12-month period.

(2) Conclusion

The following table shows the Company's use of proceeds as at
31st August 2004:

Unit: US$ millions
Description    Forecast    Actual use as at     Remaining
               disclosed   31st August 2004*     Balance
             in the Filing

Flat-Rolled
Steel Facility  29.78             25.28**            4.50

Finishing
Mill Facility   40.04             13.11**           26.93

Working Capital 20.00             18.36**            1.64
Total           89.82             56.75             33.07

(Note: * Not yet reviewed or audited by the Auditor.
**Includes Letters of Credit issued in the amount of US$ 3
million, US$ 9.59 million and US$ 7.05 million, for respective
facilities.)

In order to take advantage of the up-trend of the steel cycle
and also to respond to the current strong market demand and
pricing which led to the Company's positive EBITDA as shown in
its last financial statements, the management is of the opinion
that up to US$20 million of the available excess funds reserved
from the Finishing Facility be used for working capital to
purchase raw materials (showing a strong price trend) for the
Flat-Rolled facility, which is expected to generate considerable
positive cash flow to the Company in the next 6 to 12 months.

The Company is in the process of obtaining a permanent line of
working capital from financial institutions to strengthen its
position in this regard.

Based on the Company's cash flow projections, all the funds
necessary to meet its commitments on the Finishing Mill Facility
will be available as required.

Please be informed and disseminate the above accordingly.
Yours Sincerely,
(Mr. Sawasdi Horrungruang)
Director
Maharaj Planner Company Limited
as the plan Administrator of
Nakornthai Strip Mill Public Company Limited

CONTACT:

Nakornthai Strip Mill Public Company Limited
U.M. Tower, Floor 19,
9 Ramkhamhaeng Road,
Suan Luang, Bangkok
Telephone: 0-2719-9800-9, 0-2719-9830-2
Fax: 0-2719-9828


NATURAL PARK: Details Convertible Debentures Preliminary Issue
--------------------------------------------------------------
In a disclosure to the Stock Exchange of Thailand, Natural Park
Public Company Limited announced that it would like to correct
the preliminary details of the convertible debentures,
specifically on the figures regarding Impact on Shareholders,
paragraph 2.  The revised information:

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

Objective:

- Use as a working capital for business operation
- Use as a capital for business expansion
- Use as a capital for debt refinancing payment

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

Face value: US$100,000

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

Tenor: Not exceeding five years from the issuing date

Conversion period: Daily from the issuing date

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

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

The number of days used for calculation of the average closing
price shall be specified by the Board of Directors of the
Company or any person designed by the Board of Directors.  Such
number of days must be ranged between 15 days and 30 days.
Nevertheless, one unit of the convertible debenture will be
converted into the new ordinary shares in a number equal to
100,000 x E / P shares where

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

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

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

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

Allocation method: Internationally offered to the investors
pursuant to the Securities and Exchange Commission Notification
No. GorJor. 47/2541,

Re. Rules, Conditions, and Procedures for Requesting and
Granting of Approval for the International Offering of Newly
Issued Debentures to the Investors, dated December 25, 1998 (as
amended).

The offering may be made on one or several separate occasions.

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

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

However, if the conversion right pursuant to all convertible
debentures is exercised and shareholders of Pacific Assets
Public Company Limited offer all shares to the Company as per
the tender offer causing the Company to issue additional
489,041,812 shares, the total number of (i) the existing shares,
(ii) the shares from the conversion of convertible debentures,
and (iii) offered shares for tender offer will be 9,546,201,812
shares.

Therefore, the voting right of the existing shareholders will be
reduced by 1,489,041,812/9,546,201,812 or 15.60 percent of the
paid-up capital after the capital increase.

It is expected that the earnings per share will be affected in
an early period from the date of exercise of conversion right
pursuant to the convertible debentures only.

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

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

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

Early redemption:

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

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

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

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

If the holder of the convertible debentures is entitled to
request the Company for the early redemption of all convertible
debentures (put option), the price of such early redemption
shall be approximately between 100 percent and 120 percent of
the face value plus accrued interest (if any).  The date for the
early redemption will be after 3 years of the issuance date.

Nevertheless, if the holders of the convertible debentures
requests for the early redemption of the entire amount, the
Company must obtain the source of fund for the early redemption
in the amount of not exceeding 120 percent of the face value or
in the total amount of not exceeding US$60 million.

Events requiring the Company to issue new shares to accommodate
a change of the exercise of conversion right upon an occurrence
of events under Clause 35/5 of the Securities and Exchange
Commission Notification No. GorJor. 32/2544, Re: Application and
Grant of Approval for Offering Newly Issued Shares dated 19
October 2001 (as amended).

Issuance of Convertible Debenture.

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

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

CONTACT:

Natural Park Public Company Limited
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11
Fax: 0-2259-4819, 0-2259-4815


NATURAL PARK: Adds Details on Management Restructuring
------------------------------------------------------
Natural Park Public Company Limited held the Board of Directors
No. 17/2004 on 3 September 2004 at 2:00 p.m.  The Meeting
unanimously resolved to add details to the shareholding and
management-restructuring plan of the Company.

In this regard, the Company shall make additions to the
attachments of which the Stock Exchange of Thailand was informed
on 9 August 2004, together with the Minutes of the Board of
Directors Meeting No. 15/2004 held on 9 August 2004 to ensure
consistency with the addition of details to the shareholding and
management-restructuring plan of the Company.

The following are attachments to which additions are made as
well as additional details:

(1) Capital Increase Report Form dated 9 August 2004:

Clause 2.1: Details of Allocation

"Allocation to - the shareholders of Pacific Assets Public
Company Limited (PA)

Number of shares - 489,041,812 shares

Exchange ratio - one share of PA for four shares of the Company

Selling price (Baht) - four newly issued shares of the Company
for one share of PA without any option of cash payment

Date and time of subscription and payment - to be subsequently
informed.

Note - details of PA appears in Attachment (1) Shareholding and
Management Restructuring Plan of the Company"

To be added to as follows:

"Allocation to - the shareholders of Pacific Assets Public
Company Limited (PA)

Number of shares - 489,041,812 shares

Exchange ratio - one share of PA for four shares of the Company

Selling price (Baht)- four newly issued shares of the Company
for one share of PA. There is the one option of the Company for
a tender offer of all PA's shares.

Date and time of subscription and payment - to be subsequently
informed

Note - details of PA appear in Attachment 1: Shareholding and
Management Restructuring Plan of the Company"

(2) Report of Acquisition and Disposal of Assets dated 9 August
2004:

Clause 5, 7, 9 and 10 Details of Allocation

"(5) Total value of consideration and payment condition

Total value of consideration: THB709,110,627.40 as calculated
from the last trading price of the Company shares as of August
5, 2004 equivalent to THB1.45 per share.

(7) Method used to determine the value of consideration:

Based on the negotiation between the management of the Company
and PA.

(9) The sources of funds being used for the acquisition of the
assets:

The Company shall issue new ordinary shares and allocate them to
the PA's shareholders to compensate for the acquisition of the
PA shares. Therefore, the acquisition of the assets is not in
cash. It is not necessary to indicate the sources of funds for
this transaction.

(10) The details of shares for the shares payment:

The PA's shareholder holding 1 share shall receive 4 shares of
the Company. The Company shall issue 489,041,812 new ordinary
shares and the new shareholders are entitled to receive the
shareholders' right equal that to the existing shareholders."
An addition is made as follows:

"(5) Total value of consideration and payment condition

Total value of consideration:

For the payment by the Company's shares, THB709,110,627.40 as
calculated from the last trading price of the Company's shares
as of August 5, 2004 equivalent to THB1.45 per share.

- For the cash payment, THB716,446,254.58 as calculated from the
offering price equals THB5.86 per share which is the weighted
average price of PA of five business days prior to the date of
the Board of Directors meeting (August 6, 2004).

Any shareholder wishing to receive a cash payment shall be
responsible for a brokerage fee of 0.25 percent and the value
added tax of 7 percent of such fee.

(7) Method used to determine the value of consideration:

- For the payment by the Company's shares, the value was based
on the negotiation between the Management of the Company and PA.

- For the cash payment, the value was based on the weighted
average price of PA share of five business days prior to the
date of the Board of Directors' Meeting (6 August 2004).

(9) The sources of funds being used for the acquisition of the
assets:

- For the payment by the Company's shares, the Company shall
issue new shares for the PA's shareholders to compensate for the
acquisition of the PA shares. Therefore, the acquisition of the
assets is not in cash. It is not necessary to indicate the
sources of funds for this transaction.

- For the cash payment, the Company's working capital may be
used, or the funding from outside sources.

(10) The details of shares for the shares payment:

For the payment by the Company's shares, any person additional
conditions holding one share of PA shall receive four shares of
the Company.

The Company shall issue 489,041,812 new ordinary shares and the
new shareholders are entitled to receive the shareholders' right
equal to the existing shareholders.

The additional conditions:

For The shareholders of PA who do not intend to participate in
this program (Remaining Shareholders of PA) shall receive
compensation in the form of cash from the Company upon transfer
of assets and dissolution of PA under the following conditions:

(1) Calculation of the difference between (a) the average of the
up-to-date (that is not determined over three months before the
date of transfer) appraisal price which will be prepared by two
appraisers (named in the list certified by the Office of the
Securities and Exchange Commission) for the purpose of
acquisition of the assets to be transferred and (b) the book
value of the said assets shall be made (Excess Price) pursuant
to the most recent financial statement audited or reviewed by
the Auditors.

(2) The Company shall make cash payment to the Remaining
Shareholders of PA based on the number of shares held by each
person at the price per share equaling the Excess Price divided
by the total number of shares of PA at that time (including the
shares of PA held by the Company).

In this regard, the Remaining Shareholders of PA shall be
responsible for their own personal income tax (if any).  With
respect to payment to the Remaining Shareholders of PA, it will
take some time for preparing and delivering a check.  However,
the Company shall do so within 30 days after the Company
receives a transfer of each item of the assets.

(3) The Company shall receive a transfer of all assets from PA
within a period of not more than one year from the completion
date of the tender offer under the shareholding and management-
restructuring plan.

(4) The Remaining Shareholders of PA shall receive cash for
their own proportion of the book value of PA after PA completes
the dissolution of its business.  It is expected that this will
take not more than six months after the Company receives a
transfer of all assets from PA.

In this regard, the Remaining Shareholders of PA shall be
responsible for their own personal income tax (if any).  With
respect to payment to the Remaining Shareholders of PA, it will
take some time for preparing and delivering a check.  However,
the Company shall do so within 30 days after PA completes the
dissolution of its business."


SUNTECH GROUP: SET Suspends Trading of Securities
-------------------------------------------------
Previously, the Stock Exchange of Thailand (SET) posted an SP
(Suspension) sign on the securities of Suntech Group Public
Company Limited (SUNTEC) from 31 August 2004 because SUNTEC has
failed to submit its financial statements as of 30 June 2004 to
the SET via the Electronic Listed Company Information
Dissemination system (ELCID) and there has been at least three
consecutive delays in filing its financial statements.

Now, SUNTEC has publicly submitted to the SET its audited
financial statements for the year ending 30 June 2004.

Since its auditor issued a Disclaimer of Opinion on SUNTEC's
financial statements, it can be considered that the numbers
(indicating the financial status and operating results of the
company presented in its financial statements) did not reflect
the actual position of the company and the Securities and
Exchange Commission (SEC) probably issued an instruction that
SUNTEC is obliged to amend its financial statements. SUNTEC's
shareholders and general investors should scrutinize the
auditor's opinion relating to the results in financial
statements.

Presently, SUNTEC has been under the rehabilitation process so
the SET has still suspended trading all securities of SUNTEC
until the causes of delisting are eliminated.

CONTACT:

Sun Tech Group Public Company Limited
U.M. Tower, Floor 17, 9 Ramkhamhaeng Road,
Suan Luang, Bangkok
Telephone: 0-2719-9743
Fax: 0-2719-9744


SUNTECH GROUP: Releases Audited Yearly FS
-----------------------------------------
In a disclosure to the Stock Exchange of Thailand, Suntech Group
Public Limited Company reported its audited annual financial
statements as follows:

SUN TECH GROUP PUBLIC COMPANY LIMITED
Audited Ending June 30 (In thousands)

                         For year          Year
                         2004              2003

Net profit (loss)       (399,338)          (878,058)

EPS (baht)              (2.42)             (5.32)

Auditor's Opinion: Disclaimer of Opinion with an emphasis of
matters

Comment:

(1) Please see details in financial statements, auditor's report
and remarks from SET Information Management System

"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."

(Dr.Chaiyaphon Horrungruang)
President
Authorized to sign on behalf of the company


                            *********


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

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