TCRAP_Public/040909.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

             Thursday, September 9, 2004, Vol. 7, No. 179

                            Headlines

A U S T R A L I A

B4BCO LIMITED: Sets September 23 as Date to Declare Dividend
BRAVO ON COLLINS: Final Members Meeting Slated for Oct. 4
BVO INVESTMENTS: Sets October 15 as Date of Members Meeting
CENTRAL PACIFIC: Creditors Must Prove Claims by Sept. 21
DALLAS MANAGEMENT: To Hold Final Meeting October 7

JAMES HARDIE: AGM Slated for September 17
JUST FOR LADIES: Sets Joint Meeting of Members and Creditors
KASSON PTY: To Declare First and Final Dividend
LAND AND FOOD: Final Meeting Slated for October 18
LEMON FREEZ: To Hold Joint Meeting on October 5

LIGHTHOUSE VENTURES: Members Meeting Slated for September 30
MERITON PTY: Issues Notice to Declare First and Final Dividend
MOSHOLE PTY: Joint Meeting Slated for September 29
MURLOONA PASTORAL: Sets Members Meeting on October 6
MW BARTLEY: Joint Meeting Scheduled on October 5

ONE.TEL LIMITED: Insolvent Four Months Before Administration
PAUL ANDREWS: Members and Creditors Meeting Slated for Sept. 30
QANTAS AIRWAYS: To Lower Agent Commissions
QANTAS AIRWAYS: Requests Trading Halt
R&D ATKINSON: Joint Meeting Set October 5

RMB CONSTRUCTIONS: Final Meeting Slated for October 6
ROHOLD PTY: Sets October 4 as Date of Members Meeting
SONS OF GWALIA: Details Response to ASX Query
SOUTH PACIFIC: Back on Track After AU$150 Mln Retread
TETANA PTY: To Declare First and Final Dividend

TSE CORPORATE: To Declare First and Final Dividend


C H I N A  &  H O N G  K O N G

BEIJING DEVELOPMENT: Posts 1H Net Loss
GREATER BEIJING: Posts Final Dividend Notice
KIN TAT: Enters Winding Up Proceedings
SOL MELIA: Creditors Meeting Set on September 10
NEW CITY: Posts 1H Net Loss of HK$18.355


I N D O N E S I A

BANK PERMATA: Stake Valuation Reaches US$260 Mln
PERTAMINA: Suspends Unit Director Over Graft Allegation
TELEKOMUNIKASI INDONESIA: To Issue IDR1 Tln Notes This Year
TEXMACO GROUP: Unit Seeks Loans from Foreign Banks


J A P A N

DAIEI INCORPORATED: Must Decide on IRCJ Aid Fast
GREEN REIKU: Enters Bankruptcy
MATSUSHITA ELECTRIC: June-July Japan TV Sales Up 20%
MATSUSHITA ELECTRIC: Develops Platform Chip For Product Launch
SOJITSU HOLDINGS: Seeks JPY370 Bln From Banks

UFJ HOLDINGS: Appeals To Shareholders To Approve MTFG Merger
UFJ HOLDINGS: Units Expect JPY700 Bln Net Loss


K O R E A

DAEWOO ENGINEERING: Government to Sell Stake in H1 of 2005
HANARO TELECOM: Acquires a 57.02% Stake In HanaroDream
KOOKMIN BANK: Releases Conclusion of Commissions' Audit Review
SSANGYONG MOTOR: Marks Completion of Second Engine Plant
SK GROUP: Ends Negotiation on Sale of SK Securities


M A L A Y S I A

ANCOM BERHAD: Unit Receives Financial Assistance
GOLDEN FRONTIER: Issues Notice of Shares Buy Back
INNOVEST BERHAD: Issues Update on Delisting of Shares
KSU HOLDINGS: Unable to Meet Profit Forecast for FY03
KSU HOLDINGS: AGM Set for September 30

MANGIUM INDUSTRIES: Issues Change in Share Registrar
MTD CAPITAL: Issues Shares Buy Back Notice
MWE HOLDINGS: ICULS 1999/2004 Matures on October 7
PAN PACIFIC: Bursa Malaysia To Decide on Delisting
POS MALAYSIA: Issues Additional 468,000 Ordinary Shares

SELOGA HOLDINGS: SC OKs Proposed Private Placement
TANCO HOLDINGS: Notes Unusual Price, Volume Movements
TANJONG PUBLIC: Grants Listing of 8,000 Ordinary Shares
UNISEM (M) BERHAD: Clarifies "Setting Up Plant in China" Report


P H I L I P P I N E S

BASIC CONSOLIDATED: Answers SEC Query
NATIONAL POWER: Government Approves Banks for Bond Offer
NATIONAL POWER: Needs to Hike Rates by P1.50/kWh
NEGROS NAVIGATION: Clarifies "MetroPac Commits P253M" Report
NEGROS NAVIGATION: Updates Rehabilitation Plan

PHILIPPINE LONG: Unit Invests in Meridien Telekoms


S I N G A P O R E

ESIM ASIA: Creditors to Submit Claims by October 4
HOME DESIGN: Issues First and Final Dividend Notice
INFORMATICS HOLDINGS: Expects to Raise SG$19M from Rights Issue
JYOTO WORKS: Issues Notice to Unsecured Creditors
MELRIDGE TRADING: Creditors to Submit Particulars of Claims

RITECAST PRIVATE: Releases its First and Final Dividend Notice
TREASURE RESTAURANT: Posts First and Final Dividend Notice


T H A I L A N D

SUNTECH GROUP: Trading of Securities Still Suspended
THAI GERMAN: SET Grants Listing of Securities
* Some 600 Firms Shut Down Due to High Cost of Raw Materials

     -  -  -  -  -  -  -  -

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


B4BCO LIMITED: Sets September 23 as Date to Declare Dividend
------------------------------------------------------------
A first & final priority dividend is to be declared on the 23rd
of September 2004 for B4BCO Limited (In Liquidation).

Employees 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 will be excluded from
the benefit of the dividend.

Dated this 31st day of August 2004

Barry Taylor
Joint Liquidator
Ferrier Hodgson
Level 17, 2 Market Street,
Sydney NSW 2000


BRAVO ON COLLINS: Final Members Meeting Slated for Oct. 4
---------------------------------------------------------
Notice is given that a final meeting of members of Bravo On
Collins Pty Limited (In Liquidation) will be held at the offices
of CJL Partners, Level 3, 180 Flinders Lane, Melbourne, 3000 at
11:00 a.m. on Monday, October 4, 2004.

AGENDA

To lay before the meetings a final account of the Liquidator's
acts and dealings and of the conduct of the winding up.

Dated this 20th day of August 2004

Richard J. Cauchi
Liquidator
CJL Partners
Level 3, 180 Flinders Lane,
Melbourne Vic 3000
Telephone: (03) 9639 4779,
Facsimile (03) 9639 4773


BVO INVESTMENTS: Sets October 15 as Date of Members Meeting
-----------------------------------------------------------
Notice is given that a final meeting of members of BVO
Investments Pty Limited (In Voluntary Liquidation) will be held
at Level 1, 161 Collins Street, Melbourne, Victoria 3000, on 15
October 2004 at 10:00 a.m.

The purpose of the meeting is to receive the Liquidator's
accounts showing how the winding up has been conducted and to
receive any explanation of the accounts.

Dated this 16th day of August 2004

R. B. Mckern
Liquidator
McGrathNicol & Partners
Level 1, 161 Collins Street,
Melbourne Vic 3000
Telephone: (03) 9038 3164


CENTRAL PACIFIC: Creditors Must Prove Claims by Sept. 21
--------------------------------------------------------
A final dividend is to be declared on October 5, 2004 for
Central Pacific (Group) Pty Limited (In Liquidation).

Creditors or persons claiming to be creditors are required
formally to prove your debt or claim on or before September 21,
2004.  If you do not, the liquidator will exclude your claim
from participation, and will proceed to make a final dividend
without having regard to it.

Dated this 23rd day of August 2004

Ian Carson
Liquidator
Central Pacific (Group) Pty Ltd
c/- PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000


DALLAS MANAGEMENT: To Hold Final Meeting October 7
--------------------------------------------------
Notice is given that a final meeting of the creditors and
members of Dallas Management Pty Limited (In Liquidation) will
be held at Level 6, 161 Collins Street, Melbourne on 7 October
2004 at 10:00 a.m.

The purpose of the meeting is to receive the Liquidators'
account showing how the winding up has been conducted and the
property of the company has been disposed of, and to receive any
explanation of the account.  Accounts have been compiled in
accordance with Section 539(1) and are available for inspection
at Level 6, 161 Collins Street, Melbourne during normal business
hours.

Dated this 24th day of August 2004
A. R. Yeo
Joint & Several Liquidator
Pitcher Partners
Level 6, 161 Collins Street,
Melbourne Vic 3000


JAMES HARDIE: AGM Slated for September 17
-----------------------------------------
The Annual General Meeting for James Hardie Industries NV will
be held at 9:00 a.m. on Friday, 17 September 2004, in Conference
Room Four and Five, Courtyard by Marriott, Amsterdam Airport,
Kruisweg 1401, 2131 MD Hoofddorp, The Netherlands.

Prior to the AGM, an Annual Information Meeting (AIM) will be
held in Sydney, Australia, on 15 September 2004 at 10:00 a.m. on
Wednesday, September 15 in Harbourside Auditorium 2, Level 2,
Convention Centre North, Sydney Convention Centre, Darling
Drive, Darling Harbour, Sydney.

Registration at the meeting

Security holders who attend the AIM will be required to
register, so they can ask questions and be admitted to
CUFs/shareholder-only areas.

Questions

Also included with this year's Notice of Meeting is a Question
Form. CUFS holders are encouraged to use the form to submit
questions, especially if they cannot attend the meeting.

Because this is an Information Meeting, no votes will be taken.

For more information about the meeting, click
http://bankrupt.com/misc/jameshardiedirectionform.pdf
http://bankrupt.com/misc/JAMESHARDIEINVITATIONLETTER.pdf
http://bankrupt.com/misc/jameshardienoticeofmeeting.pdf
http://bankrupt.com/misc/jameshardiequestionform.pdf

CONTACT:

For corporate and media enquiries only, please contact:

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

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

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

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

All other enquires to CustomerLink Service Centre on 13 1103.


JUST FOR LADIES: Sets Joint Meeting of Members and Creditors
------------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of Just
For Ladies Maroubra Pty Limited (In Liquidation) will be held at
the offices of Business Improvement & Restructuring Services Pty
Ltd, Suite 1, Level 11, 139 Macquarie Street, Sydney, NSW, on 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 disposed
of and of hearing any explanations that may be given by the
Liquidator.

Dated this 17th day of August 2004

Michael Royal
Liquidator
Business Improvement & Restructuring Services Pty Ltd
Suite 1, Level 11, 239 Macquarie Street,
Sydney NSW 2000


KASSON PTY: To Declare First and Final Dividend
-----------------------------------------------
A first and final dividend is to be declared on 20 October 2004
for Kasson Pty Limited (In Liquidation).

Creditors whose debts or claims have not already been admitted
are required on or before 30 September 2004 to formally prove
their debts or claims. If they do not, they will be excluded
from the benefits of the dividend.

Dated this 18th day of August 2004

Adrian Blackburn
Blackburn Business Advisers
201 Corlette Street, The Junction NSW 2291.
Telephone: 02 4924 0000, Facsimile 02 4969 8777,
Email: office@blackburns.com.au


LAND AND FOOD: Final Meeting Slated for October 18
--------------------------------------------------
Notice is given that a final meeting of member of Land and Food
Services Limited (In Voluntary Liquidation) will be held at
Level 1, 161 Collins Street, Melbourne, Victoria 3000, on 18
October 2004 at 10:00 a.m.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and to
receive any explanation of the account.

Dated this 17th day of August 2004

G. C. Ridgeway
Liquidator
c/- Level 1, 161 Collins Street,
Melbourne Vic 3000
Telephone: (03) 9038 3164


LEMON FREEZ: To Hold Joint Meeting on October 5
-----------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of Lemon
Freez Pty Limited (In Liquidation) will be held at the offices
of Lawler Partners, Level 7, 1 Margaret Street, Sydney NSW 2000
on 5 October 2004, at 10:30 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 disposed
of and of hearing any explanations that may be given by the
Liquidator.

Dated this 18th day of August 2004

C. Wykes
Liquidator
c/- Lawler Partners
Chartered Accountants
Level 7, 1 Margaret Street,
Sydney NSW 2000.
Telephone: (02) 8346 6000


LIGHTHOUSE VENTURES: Members Meeting Slated for September 30
------------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members of Lighthouse Ventures Pty
Limited (In Voluntary Liquidation) will be held at the offices
of Business Improvement & Restructuring Services Pty Ltd, Suite
1, Level 11, 139 Macquarie Street Sydney NSW 2000 on 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 disposed
of and of hearing any explanations that may be given by the
Liquidator.

Dated this 16th day of August 2004

Michael Royal
Liquidator
Business Improvement & Restructuring Services Pty Ltd
Suite 1, Level 11, 139 Macquarie Street,
Sydney NSW 2000


MERITON PTY: Issues Notice to Declare First and Final Dividend
--------------------------------------------------------------
A first and final dividend is to be declared on 28th September
2004 for Meriton Pty.

Creditors whose debts or claims have not already been admitted
are required on or before 7th September 2004 formally to 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

G. A. CRISP
Liquidator
RSM Bird Cameron Partners
Rialto South Tower, 8th Floor,
525 Collins Street,
Melbourne Vic 3000


MOSHOLE PTY: Joint Meeting Slated for September 29
--------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of Moshole Pty
Ltd. (In Liquidation) will be held at the offices of Lawler
Financial Services Level 1 National Park Street, Newcastle West
NSW 2302 on Wednesday 29 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 disposed of and hearing any explanations that may be
given by the Liquidator.

THIS MEETING IS NOT COMPULSORY.

Dated this 23rd day of August 2004

P. W. Gidley
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


MURLOONA PASTORAL: Sets Members Meeting on October 6
----------------------------------------------------
Notice is hereby given that a meeting of the Members of Murloona
Pastoral Co. Pty Limited (In Liquidation) will be held at the
Offices of T. L. Parker & Co., Certified Practicing Accountant,
64-66 Comur Street, Yass on Wednesday, 6th October, 2004 at
10:30 a.m.

The meeting will be a Final Meeting in accordance with Section
509 of the Corporations Law.

BUSINESS

For the purpose of laying before the meeting the Liquidators'
final account and report and giving any explanation thereof.

Dated this 23rd day of August 2004

Robin Bruce Gruber
Marion Jill Gruber
Joint Liquidators
64 Tallawang Avenue,
Malua Bay NSW 2536


MW BARTLEY: Joint Meeting Scheduled on October 5
------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of MW Bartley
Pty Limited (In Liquidation) will be held at the offices of
Smith Hancock Chartered Accountants, Level 4, 88 Phillip Street,
Parramatta NSW 2150 on 5 October 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 disposed of and of hearing any explanations that may
be given by the Liquidator.

Dated this 20th day of August 2004

M. J. M. SMITH
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street,
Parramatta NSW 2150


ONE.TEL LIMITED: Insolvent Four Months Before Administration
------------------------------------------------------------
Reports by PricewaterhouseCoopers partner Paul Carter revealed
that One.Tel Limited possibly ran into insolvency four months
before the administrators were called in, says the Australian
Financial Review.

On the first NSW Supreme Court hearing of a crucial case
involving One.Tel's AU$2 billion corporate collapse, Australian
Securities and Investments Commission (ASIC) representative Rob
McFarlan read a report that highlighted discrepancies between
what the company's financial managers found, what its directors
were told, and what Mr. Carter has discovered.

ASIC is filing a lawsuit against One.Tel founder Jodee Rich and
his finance director Mark Silbermann, claiming among other
things that they withheld information from the board and failed
to monitor the management and the company's financial status.

Both men face a maximum penalty of disqualification from
directorship up to 20 years and a compensation order that could
reach AU$40 million.

One.Tel collapsed in May 2001 and lost AU$92 million while
trading insolvently in the last five months of its existence.

Mr. Carter calculated that after the downfall, the firm would
have needed a fund injection of AU$270 million to continue
operating until the end of 2001, exceeding a AU$132 rights issue
the board was relying on to save the company.

As of January 31, 2001, the firm's cash reserves were about
AU$86 million but Mr. Carter discovered the amount was only
AU$71 million, with AU$74 million overdue to creditors.

Mr. Carter said that Asic would allege that information was
withheld from the board at a time when there were "circumstances
that required the utmost vigilance, in particular to its cash
and earnings".

The case continues.

CONTACT:

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


PAUL ANDREWS: Members and Creditors Meeting Slated for Sept. 30
---------------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of Paul
Andrews Investments Pty Limited (In Liquidation) will be held at
the offices of Horwath Melbourne, Level 5, 114 William Street on
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 disposed
of and of hearing any explanations that may be given by the
Liquidator.

Dated this 20th day of August 2004

Laurence A. Fitzgerald
Liquidator
Horwath Melbourne Partnership
Chartered Accountants
Level 5, 114 William Street,
Melbourne Vic 3000


QANTAS AIRWAYS: To Lower Agent Commissions
------------------------------------------
Qantas on September 8 announced on its website that it would
change its travel agent base commission structure for
international, domestic Australian and domestic New Zealand
travel sold in Australia.

Qantas Head of Sales and Distribution Rob Gurney said that under
the new structure:

(1) Australian domestic base commissions would be reduced from
five per cent to one per cent from July 2005;

(2) trans-Tasman and New Zealand domestic base commissions would
be reduced from five per cent to one per cent from January 2005;
and

(3) international base commissions would be reduced from nine
per cent to seven per cent from January 2005.

"Airfares have never been more competitive, with travelers
enjoying very low pricing for both domestic and international
destinations. However, distribution costs remain high and the
current base commission structure is simply not sustainable in
such a low fare environment," Mr. Gurney said.

"Base commissions are only part of the remuneration that many
travel agents receive from airlines.

"Other airlines have made similar changes in overseas markets,
with travel agents adjusting to new remuneration models,
including the collection of service fees."

Mr Gurney said Qantas would be consulting closely with the
industry and would provide every possible support for agents in
the coming months.

"We are also in close consultation with the Australian
Federation of Travel Agents (AFTA) concerning issues relating to
new remuneration models for agents and are confident that we
will be able to work with the industry to develop a suitable
model going forward," Mr. Gurney said.

CONTACT:

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


QANTAS AIRWAYS: Requests Trading Halt
-------------------------------------
On September 8, Qantas Airways Limited disclosed in its web site
that it had asked the Australian Stock Exchange for a 48 hour
trading halt after being informed by British Airways of its
intention to sell its 18.25 per cent shareholding in Qantas.

The Chief Executive Officer of Qantas, Geoff Dixon, said Qantas
fully understood British Airways' decision to sell its stake in
the airline.

Mr. Dixon said the sale would have no effect on the commercial
operation of Qantas.

"British Airways has been a supportive shareholder over a period
of some ten years and both airlines have formed a strong and
constructive commercial relationship," Mr. Dixon said.

"Neither airline now believes the shareholding is necessary for
the ongoing conduct of that relationship.

"To this extent the Joint Services Agreement that provides for
joint schedules, sales and operations between Australia, South
East Asia, the United Kingdom and Europe will continue, as will
other forms of cooperation."

Mr. Dixon said British Airways had stated the sale would
strengthen its balance sheet and place British Airways in a
robust position for any future European consolidation.

He said Qantas had also stated publicly for some time that the
airline industry was headed towards consolidation.

"The 'tyranny of distance' between Australia and the United
Kingdom rules out such consolidation, but not cooperation,
between Qantas and British Airways.

"We will, however, seek to further strengthen our commercial
position to enable us to take a leading role in any suitable
consolidation opportunities that may arise in the Asia Pacific
region."


R&D ATKINSON: Joint Meeting Set October 5
-----------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of R & D
Atkinson Security Pty Limited (In Liquidation) will be held at
the offices of Lawler Partners, Level 7, 1 Margaret Street,
Sydney NSW 2000 on 5 October 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 disposed of and of hearing any explanations that may
be given by the Liquidator.

Dated this 18th day of August 2004

C. Wykes
Liquidator
c/- Lawler Partners
Chartered Accountants
Level 7, 1 Margaret Street,
Sydney NSW 2000.
Telephone: (02) 8346 6000


RMB CONSTRUCTIONS: Final Meeting Slated for October 6
-----------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a Final Meeting of Members and
Creditors of RMB Constructions Pty Ltd (In Liquidation) is to be
held at the office of the Liquidators, 1st Floor, Lexen
Building, 200 Malop Street, Geelong, Victoria, 3220, on
Wednesday, 6 October 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 disposed of and hearing any explanations that may be
given by the Liquidators.

Dated this 24th day of August 2004

Philip Mcgibbon
Joint & Several Liquidator
Jenkins Peake & Co
Chartered Accountants
PO Box 1570, Geelong 3220
Telephone: (03) 5223 1000,
Facsimile: (03) 5221 4938


ROHOLD PTY: Sets October 4 as Date of Members Meeting
-----------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, the final meeting of members of Rohold Pty
Limited (In Liquidation) will be held at the 4th Floor, 568 St
Kilda Road, Melbourne on Monday, 4th October, 2004 at 10:00
o'clock in the forenoon for the purpose of laying before the
meeting the liquidator's final account and report and giving any
explanation thereof.

Dated this 18th day of August 2004

B. T. BLAIR
Liquidator
Level 4, 568 St Kilda Road,
Melbourne Vic 3004


SONS OF GWALIA: Details Response to ASX Query
---------------------------------------------
With reference to the announcement made by Sons of Gwalia
Limited regarding the appointment of voluntary administrators
released to the Australian Stock Exchange Limited (ASX) on
August 30, 2004.

In light of the information in the Announcement, ASX requests a
response to:

(1) When did the Company become aware that the company's gold
reserves and resources have deteriorated to a material extent?

(2) What factors were considered in the company's review of
operations that caused the company's gold reserves and resources
to materially change?

(3) When did the Company become aware that the gold reserves and
resources would constitute an event of material adverse change
under the counterparty agreements?

To view a full copy of the response to ASX query, click
http://bankrupt.com/misc/SONSOFGWALIA090804.pdf

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/


SOUTH PACIFIC: Back on Track After AU$150 Mln Retread
-----------------------------------------------------
South Pacific Tyres (SPT) is back in the black after an 18-month
restructuring, relates The Age.

Australia's largest tire producer is finally coming out from its
AU$150 million rehabilitation cobbled together by U.S.-based
Goodyear and Pacific Dunlop (now Ansell), with two-thirds of
1400 production workers retrenched.

"We have made a major surgery and what we have now is the last
stage," new chief executive Luis Ceneviz said. "What we are
going to keep doing is constant improvement every year, every
month."

The Brazilian-born chief believes that the key to South Pacific
Tyre's future lay in moving away from budget-priced commodity
tires, which will be imported, and focusing on more expensive
tires incorporating the latest technology in its Australian and
New Zealand facilities.

"We are really focused on high-value-added products and that is
where the investment has been made, " Mr. Ceneviz quipped.

The restructuring has slashed production by 20 percent, but had
left the company two more efficient plants.

Now, SPT is winning back contracts to supply Ford's Falcon and
Territory ranges and Toyota's Camry.


TETANA PTY: To Declare First and Final Dividend
-----------------------------------------------
A first and final dividend is to be declared on 28th September
2004 for Tetana Pty Limited (In Liquidation).

Creditors whose debts or claims have not already been admitted
are required on or before 7th September 2004 formally to 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

G. A. Crisp
Liquidator
RSM Bird Cameron Partners
Rialto South Tower, 8th Floor,
525 Collins Street,
Melbourne Vic 3000


TSE CORPORATE: To Declare First and Final Dividend
--------------------------------------------------
A first & final priority dividend is to be declared on 23
September 2004 for TSE Corporate Entertainment Pty Limited (In
Liquidation).

Employees 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 31st day of August 2004

Barry Taylor
Joint Liquidator
Ferrier Hodgson
Level 17, 2 Market Street,
Sydney NSW 2000


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


BEIJING DEVELOPMENT: Posts 1H Net Loss
--------------------------------------
Beijing Development (Hong Kong) Limited posted a net loss of
HK$16.741 million for the first half of 2004, as opposed to a
net profit of HK$8.125 million a year earlier. Loss per share
was pegged at HK$0.0339. No interim dividend was declared.

To view the entire financial statement click on the link below:
http://bankrupt.com/misc/tcrapbeijingdevelopment090704.pdf


GREATER BEIJING: Posts Final Dividend Notice
-------------------------------------------
Greater Beijing First Expressways Limited (In Liquidation)
issued its Final Dividend Notice.

First and final or otherwise: Final

Where payable: 20/F., Prince's Building, 10 Chater Road,
Central, Hong Kong

Address of Registered Office: Trustnet Chambers, P. O. Box 3444,
Road Town, Tortola, British Virgin Islands

Amount percent: 1.22 per cent (rounded to the nearest hundredth
cent) in the Hong Kong Liquidation; and 2.09 per cent (rounded
to the nearest hundredth cent) in the British Virgin Islands
Liquidation

When payable: 6 September 2004

Dated this 3rd day of September 2004

Joanne Oswin
Joint and Several Liquidators


KIN TAT: Enters Winding Up Proceedings
---------------------------------------
Notice is hereby given that a Petition for the Winding up of Kin
Tat Engineering Limited, by the High Court of Hong Kong was, on
the 16th day of August 2004, presented to the said Court, by
Kwan Kwok Ho Herculus of Room F, 24/Fl., Block 9, Lung Mun
Oasis, 43 Lung Mun Road, Tuen Mun, New Territories, Hong Kong.

The said petition will be heard before the Court at 9:30 a.m. on
the 22nd of September 2004.

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

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

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


SOL MELIA: Creditors Meeting Set on September 10
------------------------------------------------
Notice is given that a meeting of the creditors of Sol Melia
China Limited will be held at 10:30 a.m. on September 10, 2004
at 8th Floor, Prince's Building, 10 Chater Road, Central, Hong
Kong to appoint a Liquidator and to consider further matters
relevant to the creditors' voluntary winding-up of the above
named Company pursuant to Sections 241, 242, 243, 244 and 255A
of the Companies Ordinance.

Creditors may vote either in person or by proxy. Proxies used at
the meeting must be lodged at 27th Floor, Alexandra House, 16-20
Chater Road, Central, Hong Kong and marked for the attention of
Ms Galaxy Chan quoting Ref:ESM/30/132835037 not later than 4:00
p.m. on the day before the meeting or adjourned meeting at which
they are to be used.

Dated this 3rd day of September 2004

By Order of the Board of Directors
Daniel Lozano
Director


NEW CITY: Posts 1H Net Loss of HK$18.355
----------------------------------------
New City (Beijing) Development, listed under stock index 0456,
posted a net loss of HK$18.355 million for the first half of
2004, as compared to a net loss of HK $44.077 million the
previous year. Loss per share was HK$0.07. On the other hand no
interim dividend was declared.

To view the whole financial document click on the link below:
http://bankrupt.com/misc/tcrapnewcitydevelopmeny090704.pdf


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

BANK PERMATA: Stake Valuation Reaches US$260 Mln
------------------------------------------------
The Indonesian government placed a US$260 million valuation on
the 51-percent stake for sale in PT Bank Permata Tbk, exceeding
previous estimates by more than 50 percent, reports Reuters.

According to state asset sales agency (PPA) President Mohammad
Syahrial, the stake price will be based on 1.8 to 2.39 times
Permata's June 2004 book value of the 51-percent stake.


As of June 2004, the bank's book value was IDR258 per share,
making the market value of the stake stand between IDR1.8
trillion and IDR2.4 trillion.

Earlier, the media had estimated the stake would be worth US$170
million, provided that PPA would use a similar valuation range.

PPA has released the names of five short listed bidders for the
Permata stake, which include Malaysia's Bumiputera Commerce
Bank, Singapore's United Overseas Bank, Indonesia's Bank Panin
Tbk, Standard Chartered Bank and Malayan Banking Bhd.

CONTACT:

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


PERTAMINA: Suspends Unit Director Over Graft Allegation
-------------------------------------------------------
State oil and gas firm PT Pertamina suspended one of its unit
directors over an alleged corruption case involving more than
IDR200 billion (US$21.5 million), The Jakarta Post relates.

Without divulging the name of the PT Pertamina Saving and
Investment director, Pertamina President Widya Purnama confirmed
the executive will serve his suspension without pay until the
completion of a police probe on the case. If the director is
proven innocent, the oil firm will reimburse his outstanding
salary plus interest. However, he will be forced to vacate his
post if the investigation shows he has been involved in
corruption.

According to Pertamina Finance Director Alfred Rohimon, the
graft case started in 2002 when the oil company was managed by
Baihaki Hakim.

The PSI director purchased negotiable certificate deposit (NCD)
worth IDR60 billion from Bank Swansarindo, now called Bank
Persyarikatan Indonesia (BPI).

The NCD was then converted into a stake in BPI before being
changed into a deposit, on which PSI received interest. An
investigation revealed that the said deposit was not recorded in
BPI's books.

This is the first corruption case unveiled by newly appointed
Mr. Widja as part of his program to clean up Pertamina, which
has a history of corruption.

CONTACT:

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


TELEKOMUNIKASI INDONESIA: To Issue IDR1 Tln Notes This Year
-----------------------------------------------------------
In order to refinance its foreign debt, PT Telekomunikasi
Indonesia (Telekom) plans to issue medium-term bonds worth IDR1
trillion late this year, Dow Jones reports, citing Bisnis
Indonesia newspaper.

Telkom's finance director Rinaldi Firmansyah confirmed that the
company has talked with several banks and securities agencies to
arrange and lead the issue. Bank Mandiri and Standard Chartered
Bank are on the list of possible arrangers.

According to Telkom President Commissioner Tanri Abeng, the firm
needs to issue the notes to repay its US$800 million foreign
debt to cover for foreign exchange losses brought about by
fluctuations of the rupiah against the dollar.

Telkom saw its net profit plummet 19 percent due mostly to
IDR869.81 billion in foreign exchange losses.

CONTACT:

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


TEXMACO GROUP: Unit Seeks Loans from Foreign Banks
--------------------------------------------------
In line with efforts to turn its business around, Texmaco
Group's unit PT Polysindo Eka Perkasa is seeking to secure loans
from international banks, reports The Jakarta Post.

Polysindo President Ravi Shangkar said the banks would possibly
provide the ailing firm a capital infusion of US$10-12 million
in October or November, pending the completion of a revival plan
created by state asset management firm PT Perusahaan Pengelola
Aset (PPA).

"We expect the capital injection will be able to help boost our
utilization capacity," Mr. Shangkar told reporters.

In order for the embattled textile firm to run at full
production capacity, it needs a working capital of US$50-60
million.

Presently, the company can only use 60 percent of the installed
capacity at its polyester chip and yarn plants and around 80-90
percent at its purified terephthalic acid, polymer and polyester
yarn facilities.

Due to fund unavailability, Polysindo had booked losses of
IDR1.14 trillion (US$127 million) last year and IDR2.31 trillion
in the first half of the current fiscal year.


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


DAIEI INCORPORATED: Must Decide on IRCJ Aid Fast
------------------------------------------------
Daiei Incorporated must make a final decision regarding the
involvement of state-backed Industrial Revitalization
Corporation of Japan (IRCJ) in its restructuring, Kyodo News
relates, citing minister-in-charge Kazuyoshi Kaneko.

Mr. Kaneko believes it will be impossible for the ailing
retailer to seek IRCJ's support unless the assessment of Daiei's
assets by four foreign financial agencies are conducted at an
early date. Therefore, Daiei and its three main creditors must
decide quickly whether they will turn to IRCJ for assistance.

Mr. Kaneko issued the warning since the IRCJ is authorized to
buy loans from non-main banks of debt-laden firms by March next
year.

Daiei and lenders UFJ Bank, Mizuho Corporate Bank and Sumitomo
Mitsui Banking Corporation reached an accord last week to let
four financial institutions assess the quality of Daiei's
assets.

CONTACT:

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


GREEN REIKU: Enters Bankruptcy
------------------------------
According to Teikoku Databank America, Green Reiku K.K. has
entered bankruptcy with US$133.17 million worth of liabilities.
The firm, which managed golf courses, is located in Kashima-Gun,
Ibaraki 314-0114.

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


MATSUSHITA ELECTRIC: June-July Japan TV Sales Up 20%
----------------------------------------------------
Matsushita Electric Industrial Company saw its June-July
domestic television sales surge 20 percent on year, as more
Japanese rushed to buy TV sets to watch the Athens Olympic Games
in August, Dow Jones says.

The sudden growth in sales outpaced the 3-percent industry-wide
expansion in the period.

The company is optimistic that the upward trend will remain,
saying that demand for such products increased at the end of
each Olympic year.

Prior to this year's Olympics, Matsushita launched 13 new
"Viera" flat TV models in Japan on June 1.

CONTACT:

Matsushita Electric Industrial Co., Ltd.
1006 Oaza Kadoma
Kadoma, Osaka 571-8501, Japan
Phone: +81-6-6908-1121
Fax: +81-6-6908-2351
Web site: http://matsushita.co.jp


MATSUSHITA ELECTRIC: Develops Platform Chip For Product Launch
--------------------------------------------------------------
Matsushita Electric Industrial Co. announced in a press release
that it has developed a new software and hardware platform on a
chip that can help speed up the market launch of a wide range of
digital consumer electronics goods.

The Japanese maker of Panasonic-brand audiovisual products has
incorporated the platform into a system large-scale integrated
circuit chip that can be configured flexibly. It has called the
platform "UniPhier," or "universal platform for high-quality
image-enhancing revolution."

The new platform may mean such products can be brought to market
more than five times as fast as they can at present.

Matsushita plans to launch its first product using the UniPhier
system chip this autumn, Matsushita Senior Managing Director
Susumu Koike said at a press briefing.

"And we will introduce such products in full swing from next
spring," he said, though he declined to give more details on
these products.

Unlike the conventional approach of developing software for each
product category, this new platform can be used for a broad
range of products such as mobile phones, digital cameras, car
navigation systems, digital high-definition televisions and
home-use servers.

Manufacturers face the onerous task of developing more and more
costly software to enable them to turn out new products that
offer increasingly complex features and functions.

For instance, Matsushita said it would entail huge software
development costs for a next-generation phone handset allowing a
user to watch digital TV programs while talking.

Matsushita will sell the UniPhier system chips to other firms as
well, Koike said. The company hopes to eventually sell 55% of
the system chips it makes - the same ratio for its other core
system chips used in digital electronics goods.

Matsushita will first manufacture the UniPhier system chips at
its plant in Niigata Prefecture, northern Japan. It will also
make the system chips at the Y130 billion advanced factory it is
building in Toyama Prefecture, central Japan, Koike said. The
company plans to have its new Toyama line start production at
the end of 2005, using 300-millimeter wafers.


SOJITSU HOLDINGS: Seeks JPY370 Bln From Banks
---------------------------------------------
In move to boost its capital base, Sojitsu Holdings Corporation
plans to ask monetary aid totaling JPY370 billion from the Swiss
financial group UBS and major creditors like UFJ Bank, Kyodo
News reveals, citing the Nihon Keizai Shimbun.

The beleaguered trading house will offer JPY350 billion worth of
preferred shares to UFJ Bank, Mitsubishi Tokyo Financial Group
Incorporated, Mizuho Financial Group Incorporated and other
creditor banks.


UFJ HOLDINGS: Appeals To Shareholders To Approve MTFG Merger
------------------------------------------------------------
UFJ Holdings Incorporated is making a direct appeal to its
shareholders in order to win their approval for a planned merger
with Mitsubishi Tokyo Financial Group (MTFG) that would form the
world's top-rank banking group, reports Agence France Presse.

UFJ has released an open letter to shareholders published in
major international and local newspapers, stressing its
commitment to the UFJ-MTFG merger.

UFJ, which inked a basic deal with MTFG last month, said in the
letter that it "continues to believe that management integration
with the Mitsubishi Tokyo Financial Group will create medium-
and long-term shareholder value."

It said MTFG will help bolster UFJ's capital structure by late
September, with specific terms and conditions now under
discussion.

UFJ, which also being wooed by Sumitomo Mitsui Financial Group,
has appointed US investment houses Merrill Lynch Japan and JP
Morgan Chase as financial advisers.

CONTACT:

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


UFJ HOLDINGS: Units Expect JPY700 Bln Net Loss
----------------------------------------------
UFJ Bank and UFJ Trust of the UFJ Holdings Incorporated group
forecasted a combined net loss of JPY700 billion (US$6.36
billion) for the half-year to September 30, Reuters reports.

UFJ Holdings, on the other hand, expects a group net profit of
JPY120 billion for the first semester and a profit of JPY330
billion for the full year to ending March 31.

The Nihon Keizai Shimbun reported that the troubled banking
group is set to present a new restructuring proposal to the
Financial Services Agency on Friday, and would also announce the
amount that MTFG plans to inject into its operations.

UFJ projects to book huge losses as it plans to eliminate more
than JPY700 billion (US$6.33 billion) in bad loans in the first
half of the current fiscal year, compared with its earlier
target of JPY210 billion.

By the end of September, the firm expects to receive a JPY700
billion capital infusion from MTFG, which will enable it to
maintain a capital ratio above the 8 percent required for banks
to operate internationally.


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


DAEWOO ENGINEERING: Government to Sell Stake in H1 of 2005
----------------------------------------------------------
A state asset manager told Yonhap News on Wednesday that the
South Korean government will sell its stake in Daewoo
Engineering and Construction Co. (KSE:0470400) during the first
half of 2005.

According to the Korea Asset Management Corp. (KAMCO), a lead
manager for the sale of the stake will be picked by the end of
October.  "It will accept bids from prospective domestic and
foreign buyers to choose a prime bidder."

KAMCO, which holds a 46.4-percent stake in Daewoo Engineering
and Construction, will then seal a final deal with the primary
negotiation partner.

The government plans to sell KAMCO's stake and other interests
held by creditor banks to the preferred bidder so that it may
take control of the construction company, Yonhap News stated.

The government also plans to sell off Daewoo Industries and
Machinery Ltd. before seeking new owners for Daewoo
Shipbuilding, Marine Engineering and Daewoo International Corp.

Daewoo Capital Corp., Woori Bank and Korea Exchange Bank
(KSE:004940) own 8.4 per cent, 5.5 per cent and 4.3 per cent of
Daewoo, respectively. Hyundai Card Co. owns 3.8 per cent, with
Seoul Guarantee Insurance Co. and Chohung Bank each holding 2.6
per cent. Korea Development Bank also has a 1.2 per cent stake.


HANARO TELECOM:  Acquires a 57.02% Stake In HanaroDream
-------------------------------------------------------
Hanaro Telecom Inc. disclosed its acquisition of stakes in
HanaroDream, Inc., filed with the Korea Securities Dealers
Association Automated Quotation Market (KOSDAQ) on August 27,
2004.

- Hanaro Telecom, Inc. (Hanaro) entered into agreements to
purchase HanaroDream shares on August 27

- The Company plans to nurture hanafos.com (www.hanafos.com) as
an Internet portal that is dedicated to the retention of HanaFos
subscribers.

On August 27, the Company signed agreements to purchase a 57.02%
share in HanaroDream, Inc., an operator of Hanaro Telecom's
portal, hanafos.com.

The Company entered into agreements with Dreamline Co., Ltd.,
Capital V Co., Ltd. and Wizard Soft Co., Ltd. to acquire their
stakes in HanaroDream, which stood at 37.19%, 14.87% and 4.96%
respectively. The move made Hanaro Telecom the largest
shareholder of HanaroDream with a total of 57.02% stake.

An official at Hanaro Telecom said, "Through the purchase of
HanaroDream shares, the Company will utilize the Internet portal
in order to strengthen retention services for HanaFos customers
and proactively develop new contents."

CONTACT:

Hanaro Telecom, Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Website: http://www.hanaro.com


KOOKMIN BANK: Releases Conclusion of Commissions' Audit Review
--------------------------------------------------------------
On September 1, 2004, the Kookmin Bank announced that the
Securities and Futures Commission officially notified it of the
Commission's conclusions as a result of its audit review of the
Bank as follows.

These conclusions were also disclosed in the prior release by
the Korea Stock Exchange on August 25, 2004.

(1) Findings

(A)  Violations of Korean accounting principles in connection
with the merger with Kookmin Credit Card

- In connection with Kookmin Bank's merger with Kookmin Credit
Card (KCC), the provisioning of KRW1,656.4 billion in connection
with such merger was made after instead of prior to the merger.
This constituted a violation of Korean accounting principles.

Accordingly, instead of treating it as 'equity method evaluation
gain/loss', it was incorrectly stated as 'loan loss provisions
related with the merger' (KRW1,230.2 billion), and therefore the
'capital surplus' was over-stated by KRW309.6 billion

- Mistakes with respect to financial footnotes

(B) Under-statement of provisions (KRW213.2 billion) relating to
guarantees (contingent liabilities)

In connection with issuance of ABSs, Kookmin Bank under-
estimated the future contingent losses from its credit facility
of Won 750.0 billion provided to its special purpose vehicles.
As a result, Kookmin Bank under-accrued KRW213.2 billion in its
'other provisions (provisions for contingent liabilities)'.

(C) Accounting errors relating to swap-termination losses
(KRW27.2 billion)

Prior to the merger with Kookmin Bank, KCC misstated its swap-
termination losses as 'ABS prepaid asset' following the
prepayment of the related ABS issued by its special purpose
vehicle. Kookmin Bank, at the time of the merger, did not adjust
the entries correctly and instead recorded it as 'a decrease in
its liabilities'. This resulted in the under-statement of its
net loss and certain other accounts by KRW27.2 billion.

(2) Measures

(A) Fines of KRW2 billion
(B) Restriction with respect to auditor appointment for two
years
(C) Corrections pursuant to the above findings of B and C

Effects on financial statements

If above findings of B and C are reflected in our Korean GAAP
financial statements, this will result in a KRW240.4 billion
increase in net loss before income taxes for 2003 to KRW1,386.8
billion, and a KRW240.4 billion increase in net income before
income taxes for 2004 due to the reversal of these amounts
during the first half of 2004.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

Kookmin Bank
(Registrant)

CONTACT:

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


SSANGYONG MOTOR: Marks Completion of Second Engine Plant
--------------------------------------------------------
A ceremony was held Wednesday in South Korea to mark the
completion of Ssangyong Motor Co.'s second engine plant in the
industrial city of Changwon, Yonhap News reports.

The new facility in Changwon, 398 kilometers from Seoul, can
produce up to 200,000 engines a year, expanding the automaker's
annual engine production capacity to 360,000 units, Ssangyong
Motor said in a statement.

Ssangyong Motor's first Changwon plant has produced over a
million engines since it started operations in 1994. It
manufactures gasoline and diesel engines, transmissions,
transaxles, and rear ends for Ssangyong's 4WD SUVs and passenger
cars. It boasts state-of-the art production facilities operated
under a strict quality control system, resulting in the plant's
being listed as one of the country's best 100 manufacturers for
quality control.

CONTACT:

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


SK GROUP: Ends Negotiation on Sale of SK Securities
---------------------------------------------------
Seoul Securities Co. (001510.SE) unveiled in a Financial
Supervisory Service filing that it has terminated negotiations
with SK Group regarding its acquisition of SK Securities Co.
(001510.SE), reports Dow Jones International news.

"There won't be further negotiations with Seoul Securities,"
said an official at SK Networks Co. (001740.SE), which is
handling the sale for SK Securities and one of the major
shareholders of the brokerage firm.

Negotiations between the companies ended after they were unable
to agree on the terms of the sale. SK Group, a 51% percent
stakeholder of the brokerage firm, and its creditors have put up
SK Securities for sale.

SK Group signed a memorandum of understanding with Seoul
Securities to buy a stake in SK Securities, a small-sized Korean
brokerage firm.  The sale is part of the group's restructuring
plan announced last year.

CONTACT:

SK Group
99 Seorin-dong, Jongro-gu
Seoul, 110-110, South Korea
Phone: +82-2-2121-5421
Fax: +82-2-2121-7009
Website: http://www.sk.com


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


ANCOM BERHAD: Unit Receives Financial Assistance
------------------------------------------------
Ancom Berhad (Ancom) announced the financial assistance provided
by its wholly owned subsidiary, Ancom Crop Care Sdn Bhd (ACC),
to its 77.4 percent-owned subsidiary, OrganiGro Sdn Bhd
(OrganiGro).

2. INFORMATION ON ACC AND ORGANIGRO

2.1 ACC

ACC was incorporated on 6 December 1985 under the Companies Act,
1965. It has an authorised share capital of RM25,000,000 made up
of 25,000,000 ordinary shares of RM1.00 each. Its issued and
paid up share capital is RM16,500,000 made up of 16,500,000
ordinary shares of RM1.00 each

ACC is principally involved in the manufacture and marketing of
agricultural chemicals products.

2.2 OrganiGro

OrganiGro was incorporated on 21 April 1997 under the Companies
Act, 1965. Its present authorized share capital is RM10,000,000
made up of 10,000,000 ordinary shares of RM1.00 each, of which
5,675,000 ordinary shares of RM1.00 each are issued and fully
paid-up.

The principal activities of OrganiGro are manufacture and
marketing of organic fertilizers. The other shareholders of
OragniGro are Bernas Dominals Sdn Bhd (5.3%), MWL Holdings Sdn
Bhd (9.1%), Shamazdaso Holdings Sdn Bhd (Shamazdaso) (7.3%) and
Bio-Organic Systems & Services Sdn Bhd (0.9%).

3. RATIONALES FOR THE FINANCIAL ASSISTANCE

The financial assistance amounting to RM207,000 is to enable
OrganiGro to temporary funds it repayment obligation to banks.

4. EFFECTS OF THE FINANCIAL ASSISTANCE

The financial assistance will not have any material effects on
the share capital, shareholding structure, earnings and net
tangible assets of the Ancom Group.

5. TERMS OF THE FINANCIAL ASSISTANCE

The financial assistance is in the form of inter-company loan
bearing an interest rate of 8% per annum. The tenure of the loan
is 12 months from the date of disbursement.

6. RELATED PARTY

The financial assistance is a related party transaction due to
the fact that Raja Nor Mazli binti Raja Tun Mohar, the managing
director of OrganiGro, has 100% equity interest in Shamazdaso,
which in turn holds 7.3% equity in OrganiGro.

7. DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

In so far as the directors of Ancom are aware, none of the
directors and substantial shareholders of Ancom has any
interest, directly or indirectly, in the financial assistance.

8. APPROVALS REQUIRED

The financial assistance does not require the approval of the
shareholders of Ancom.

CONTACT:

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

This announcement is dated 7 September 2004.


GOLDEN FRONTIER: Issues Notice of Shares Buy Back
-------------------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on
September 6, 2004.

Date of buy back: 06/09/2004

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

Total number of shares purchased (units): 6,000

Minimum price paid for each share purchased (RM): 0.690

Maximum price paid for each share purchased (RM): 0.700

Total consideration paid (RM): 4,186.60

Number of shares purchased retained in treasury (units): 6,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,042,500

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

CONTACT:

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


INNOVEST BERHAD: Issues Update on Delisting of Shares
-----------------------------------------------------
Innovest Berhad refers to its announcement dated 3 September
2004, in relation to the application to the Bursa Malaysia
Securities Berhad (Bursa Securities) for an extension of time of
up to two (2) months from 3 September 2004 for the Company to
make applications to the relevant authorities and thereafter
another four (4) months to obtain the approvals from the
authorities (the Appeal).

AmMerchant Bank Berhad, on behalf of the Board of Directors of
Innovest, is pleased to announce that Bursa Securities via its
letter dated 7 September 2004, had informed the Company that the
removal of the securities of Innovest from the Official List of
Bursa Securities shall be deferred pending the decision on the
Appeal by the Appeals Committee.

CONTACT:

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

This announcement is dated 8 September 2004.


KSU HOLDINGS: Unable to Meet Profit Forecast for FY03
-----------------------------------------------------
KSU Holdings Berhad announced that the Company has not been able
to meet its profit forecast for the financial period ended 31
March 2003 due to the failure of the Taman Kenanga development
in its main operating subsidiary, Kumpulan Sepang Utama Sdn Bhd
(KSUSB).

The material differences between the audited financial
statements and the unaudited results previously announced for
the period to 31 March 2003 are listed below:

                                 Note   RM'000   RM'000

Unaudited loss after taxation                    22,119
and minority interests as
previously announced

(Less)/Add

Liquidated and Ascertained        1     (14,175)
Damages Provision

Allowance for Doubtful Debts      2     (15,901)

Overstatement of Value of Work    3     (9,013)

Other Non material adjustments           1,369

                                                    (37,720)

Adjusted Profit After Tax                           (59,839)
and Minority Interests
Done

Notes

1. This relates to the provision for liquidated and ascertained
damages (LAD) for late completion and / or delivery of certain
sales within the Taman Kenanga project developed by KSUSB. The
LAD was previously disclosed as a contingent liability in the
Notes to the Accounts in the Quarterly Reports.

2. Arising from the Folks DFK Report, allowance for debts was
made for amounts due from three substantial debtors which are
considered doubtful.

3. Arising from the Folks DFK and QS Permas Reports, the value
of certain construction work purported to have been done had
been written down by RM9.013 million.

CONTACT:

KSU Holdings Berhad
No. 1116B & C, 2nd & 3rd Floor
Persiaran Raja Muda Musa
41100 Klang
Selangor Darul Ehsan
Tel: 03-33739191
Fax: 03-33747763


KSU HOLDINGS: AGM Set for September 30
--------------------------------------
Notice is hereby given that the 2004 Annual General Meeting
(AGM) of KSU Holdings Berhad will be held at Roof Garden, Royal
Selangor Club, Kiara Sports Annexe, Jalan Bukit Kiara, 60000
Kuala Lumpur on Thursday, 30 September, 2004 at 9:30 a.m. to
transact the following business agenda:

1. To table the Audited Accounts of the Company for the period
ended 31 March 2003 and the Reports of Directors and Auditors
thereon.

2. To table the Audited Accounts of the Company for the year
ended 31 March 2004 and the Reports of Directors and Auditors
thereon.

3. To re-elect Mr. Liew Tip Chan @ Liew Choong Chau who is
retiring pursuant to Article 78 of the Company's Articles of
Association and who, being eligible, offers himself for re-
election.  (Resolution 1)

4. To re-elect Dato' Yap Ping Kon who is retiring pursuant to
Article 85 of the Company's Articles of Association and who,
being eligible, offers himself for re-election.  (Resolution 2)

5. To re-elect Mr. Ng Seng Geng who is retiring pursuant to
Article 85 of the Company's Articles of Association and who,
being eligible, offers himself for re-election.  (Resolution 3)

6. To re-elect Mr Kumaraveloo A/L Venayagam who is retiring
pursuant to Article 85 of the Company's Articles of Association
and who, being eligible, offers himself for re-election.
(Resolution 4)

7. To re-elect Mr. Ng Chor Hor who is retiring pursuant to
Article 85 of the Company's Articles of Association and, who
being eligible, offers himself for re-election.  (Resolution 5)

8. To re-elect Mr. Ramachandran A/L Kenaparasi Pillai who is
retiring pursuant to Article 85 of the Company's Articles of
Association and, who being eligible, offers himself for re-
election.  (Resolution 6)

9. To approve the payment of non-executive director fees for the
period ended 31 March 2003 as follows; Dato' Abdullah Bin Mohd
Zain (Ceased being a Director on 7.3.2003) RM120,000 En. Ismail
Bin Rautin Ibrahim (Ceased being a Director on 7.3.2003) RM
15,000 (Resolution 7)

10. THAT Messrs BDO Binder be and are hereby re-appointed as
auditors of the Company, and to hold office until the conclusion
of the next annual general meeting and that the directors be
authorised to determine their remuneration. (Resolution 8)

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

By Order of the Board
RAMACHANDRAN A/L KENAPARASI PILLAI
Director
Klang
Date: 8 September 2004

NOTES:

i) A member of the Company entitled to attend and vote at this
Meeting is entitled to appoint a proxy to attend and vote in his
stead. A proxy need not be a member of the Company. The
instrument appointing a proxy shall be in writing under the hand
of the appointer or his attorney duly authorized in writing or
if such appointer is a corporation, under its common seal or the
hand of its attorney.

ii) All forms of proxy must be deposited at the Company's
Registered Office at C15-1 Level 15 Tower C, Megan Avenue II, 12
Jalan Yap Kwan Seng, 50450 Kuala Lumpur not less than forty-
eight (48 hours) before the time appointed for holding the
meeting or any adjournment thereof.

iii) The Royal Selangor Club requires the following dress code:
Smart Casual, no jeans, slippers, and sneakers or round collared
T-shirts.


MANGIUM INDUSTRIES: Issues Change in Share Registrar
----------------------------------------------------
Mangium Industries Berhad disclosed to Bursa Malaysia Securities
Berhad the details of the changes of its shares registrar.

Old registrar: Signet Share Registration Services Sdn Bhd

New registrar: Symphony Share Registrars Sdn Bhd (formerly known
as Malaysian Share Registration Services Sdn Bhd)

Address: Level 26, Menara Multi Purpose, Capital Square No. 8,
Jalan Munshi Abdullah, 50100 Kuala Lumpur

Telephone No: 03- 2721 2222

Facsimile No: 03- 2721 2530/ 03- 2721 2531

Effective date: 03/09/2004

Remarks: Merger of Signet Share Registration Services Sdn Bhd
and Symphony Share Registrars Sdn Bhd (formerly known as
Malaysian Share Registration Services Sdn Bhd).

CONTACT:

Mangium Industries Berhad
2nd Floor Menara MAA
6 Lorong Api-Api 1
88000 Kota Kinabalu
Sabah
Tel: 6088-315000
Fax: 6088-312213


MTD CAPITAL: Issues Shares Buy Back Notice
------------------------------------------
MTD Capital announced the details of its shares buy back on
September 7, 2004.

Date of buy back from: 01/09/2004

Date of buy back to: 01/09/2004

Total number of shares purchased (units): 60,000

Minimum price paid for each share purchased (RM): 2.550

Maximum price paid for each share purchased (RM): 2.560

Total amount paid for shares purchased (RM): 153,198.00

The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury (units): 60,000

Total number of shares retained in treasury (units): 2,055,900

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: 06/09/2004

CONTACT:

MTD Capital Berhad
Lot 8359, Mukim of Batu
Batu 8, Jalan Caves,
68100 Batu Caves,
Selangor Darul Ehsan,
Malaysia
Telephone: (603) 689-9022


MWE HOLDINGS: ICULS 1999/2004 Matures on October 7
--------------------------------------------------
The maturity of 5.5 percent irredeemable convertible unsecured
loan stock 199/2004 (ICULS 1999/2004) of MWE Holdings Berhad
will mature on October 7, 2004 (Maturity Date). The remaining
outstanding ICULS 1999/2004 shall be automatically converted
into fully paid ordinary shares of RM1.00 each of the Company on
the basis of RM1.00 nominal value of ICULS 1999/2004 for every
one (1) new ordinary share in the Company.

To facilitate an orderly conversion of the conversion rights
represented by the ICULS 1999/2004, trading of the ICULS
1999/2004 will be suspended with effect from 9.00 a.m.,
Wednesday, 22 September 2004.

The ICULS 1999/2004 will be removed from the Official List of
Bursa Securities with effect from 9.00 a.m., Friday, 8 October
2004.

Your attention is drawn to the Notice to the Holders of ICULS
1999/2004 dated 6 September 2004.

All enquiries concerning this Notice should be addressed to the
Company's Registrar at the following address:

Metra Management Sdn Bhd
30.02, 30th Floor, Menara Multi-Purpose
Capital Square
No. 8 Jalan Munshi Abdullah
50100 Kuala Lumpur
Tel No: 03-2698 3232
Fax No: 03-2698 0313


PAN PACIFIC: Bursa Malaysia To Decide on Delisting
--------------------------------------------------
Pan Pacific Asia Berhad announced that Bursa Malaysia Securities
Berhad (Bursa Securities) via its letter dated 3 September 2004
to the Company has issued a notice to show cause as to why the
securities of the Company should not be de-listed. This was due
to the fact that the Company has failed to regularize its
financial condition within the prescribed time stipulated by
Bursa Securities pursuant to paragraph 8.14 of the Bursa
Securities Listing Requirements (LR) and paragraph 5.0 of
Practice Note No. 4/2001 and no further extension of time has
been granted to the Company by Bursa Securities.

In this respect, Bursa Securities notes that Avenue Securities
Sdn Bhd, on behalf of the Company, had on 27 July 2004 announced
that the Company had resolved to abort its first regularization
plan, which was approved by the Securities Commission on 21 May
2003. Hence, the Company has failed to implement its
regularization plan.

In this respect, the Company wishes to inform on the following:

(a) The Company has been given fourteen (14) days by Bursa
Securities to make written representations to Bursa Securities
as to why its securities should not be removed from the Official
List of Bursa Securities.

(b) In the event Bursa Securities decides to de-list the
Company, the securities of the Company shall be removed from the
Official List of Bursa Securities upon the expiry of fourteen
(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
the Bursa Securities.

(c) In the event Bursa Securities decides not to de-list the
Company, other appropriate action/penalty(ies) may be imposed
pursuant to paragraph 16.17 of the LR.

CONTACT:

Pan Pacific Asia Berhad
Unit No. 602B,
Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39,
Damansara Uptown,
47400 Petaling Jaya,
Selangor
Tel: 03-77278168
Fax: 03-77271622

This Bursa Malaysia announcement is dated 6 September 2004.


POS MALAYSIA: Issues Additional 468,000 Ordinary Shares
-------------------------------------------------------
POS Malaysia & Services Holdings Berhad 's additional 468,000
new ordinary shares of RM1.00 each issued pursuant the employee
share option scheme will be granted listing and quotation with
effect from 9.00 a.m., Thursday, 9 September 2004.

CONTACT:

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


SELOGA HOLDINGS: SC OKs Proposed Private Placement
--------------------------------------------------
On behalf of Seloga Holdings Berhad (SHB), Public Merchant Bank
Berhad (PMBB) announced that the Securities Commission (SC) has
approved the Proposed Private Placement of up to 10,044,641 new
ordinary shares of RM1.00 each in SHB, which is subject to the
following terms and conditions:

i.) Private placement of up to 10,044,641 new ordinary shares of
RM1.00 each, representing approximately 10% of the existing
issued and paid-up share capital of SHB;

ii.) Listing of and quotation for the new SHB ordinary shares of
RM1.00 each to be issued pursuant to the Proposed Private
Placement on the Second Board of Bursa Malaysia Securities
Berhad;

iii.) SHB should allocate at least 30% of the Placement Shares
to Bumiputera investors;

iv.) PMBB/SHB should submit the list of placees upon completion
of the placement exercise;

v.) PMBB/SHB should inform SC of the completion of the Proposed
Private Placement; and

vi.) SHB should fully comply with the Policies and Guidelines on
Issue/Offer of Securities in implementing the Proposed Private
Placement.

SC has also approved the Proposed Private Placement under the
Foreign Investment Committee Guideline On The Acquisition of
Interests, Mergers And Take-Overs By Local And Foreign
Interests, vide the same letter dated 1 September 2004.

CONTACT:

Seloga Holdings Berhad
No 1 Jalan USJ 10/1A UEP Subang Jaya
47620 Petaling Jaya  Selangor Darul Ehsan
MALAYSIA
Phone: +60 3 2274 7788

This announcement is dated 6 September 2004.


TANCO HOLDINGS: Notes Unusual Price, Volume Movements
-----------------------------------------------------
Tanco Holdings Berhad responded to the letter dated 6 September
2004 and informed the Bursa Malaysia Securities Berhad that it
is unaware of any circumstances of an unusual nature that led to
the sharp increase in price and volume of the Company's shares
recently.

Bursa Malaysia's Query Letter content:

The Bursa Malaysia Securities Berhad draws your attention to the
sharp increase in price and volume in your Company's shares
recently.

In accordance with the Corporate Disclosure Policy on Response
To Unusual Market Activity pursuant to paragraph 9.11 of the
Listing Requirements of Bursa Malaysia Securities Berhad (Bursa
Securities LR), you are requested to furnish Bursa Securities
with an announcement for public release after a due enquiry
seeking the cause of the unusual market activity in the
Company's securities. When considering your response and when
making the required announcement, your attention is particularly
drawn to the continuing disclosure requirements set out in
Chapter 9 of the Bursa Securities LR.

The announcement is to reach Bursa Securities within one market
day via Bursa Link.

Yours faithfully
CH'NG BOON HUAT
Development & Sector Head, Listing Compliance
Group Regulations

CONTACT:

Tanco Holdings Berhad
Jalan Desa, Bandar Country Homes,
48000 Rawang, Selangor
Malaysia
Telephone  (60) 3 691 3388
Fax  (60) 3 691 3108


TANJONG PUBLIC: Grants Listing of 8,000 Ordinary Shares
-------------------------------------------------------
Tanjong Public Limited Company's additional 8,000 new ordinary
shares of 7.5 pence each issued pursuant the employees' share
option scheme will be granted listing and quotation with effect
from 9 a.m., Thursday, 9 September 2004.

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


UNISEM (M) BERHAD: Clarifies "Setting Up Plant in China" Report
---------------------------------------------------------------
Unisem (M) Berhad responded to the Bursa Malaysia Securities
Berhad's letter of 2 September 2004 regarding the news article
entitled "Unisem to build China Plant Next Year"

"Sales at Unisem may expand as much as 85% in the year ending
December..."

As shown in the announced financial results for the second
quarter ended 30 June 2004, the Group recorded a revenue of
RM222.032 million, representing a growth of 93.7% as compared to
that of the corresponding period ended 30 June 2003.

In paragraph 15 of the same announcement, where the Board
commented on the Group's prospects for the remaining period to
the end of the financial year, the expectation was that the
industry would continue to recover till the end of the financial
year.

The sentence under query is inferential of the annual sales
based on the growth achieved in the half-yearly revenue. This is
consistent with the Board's stated outlook for the Group's
prospects for the remainder of the year.

The Company was unable to respond to the query within the
stipulated time as the Managing Director was traveling overseas.

Query Letter content:

We refer to the above article appearing in The Edge, Financial
Daily, Page 4, Thursday, 2 September 2004, a copy of which is
enclosed for your reference.

In particular, we would like to draw your attention to the
underlined sentence, which is reproduced as follows:

"Sales at Unisem... may expand as much as 85% in the year ending
December..."

In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentence after due and
diligent enquiry with all the directors, major shareholders and
all such persons reasonably familiar with the matter about which
the disclosure is to be made in this respect. In the event you
deny the above sentence or any other part of the above reported
article, you are required to set forth facts sufficient to
clarify any misleading aspects of the same. In the event you
confirm the above sentence or any other part of the above
reported article, you are required to set forth facts sufficient
to support the same, including the relevant basis and
assumptions in arriving at the above forecast/projections. In
this respect, you are also required to confirm whether the
accounting bases, calculations and assumptions have been
reviewed by the external auditors.

Please furnish the Exchange with your reply within one (1)
market day from the date hereof.

Yours faithfully
TAN YEW ENG
Sector Head
Issues & Listing
Group Regulations
TYE/NZ
Copy to: Securities Commission (via fax)

CONTACT:

Unisem (M) Berhad
No.1 Persiaran Pulai Jaya 9,
Kawasan Perindustrian Pulai Jaya,
31300 Ipoh, Perak
Malaysia
Tel no: 605-3572800
Fax no: 605-3572600

This announcement is dated 6 September 2004.


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


BASIC CONSOLIDATED: Answers SEC Query
-------------------------------------
Basic Consolidated, Inc. (BSC) furnished the Exchange a copy of
its letter to the Securities and Exchange Commission (SEC) dated
September 7, 2004, in reply to the SEC's query regarding the
Company's Second Quarter Report using SEC Form 17-Q for quarter
ended June 30, 2004.

For a copy of the said letter, go to
http://bankrupt.com/misc/tcrap_basic090804.pdf

JURISITA M. QUINTOS
Senior Vice President - Operations Group

CONTACT:

Basic Consolidated Inc.
7th Flor. Basic Petroleum Building,
104 Carlos Palanca Jr. Street, Legaspi Village
Makati City 1229, Philippines
Tel: (632) 817-8596 to 98
Fax: (632) 817-0191
E-mail: basiccon@planet.net.ph


NATIONAL POWER: Government Approves Banks for Bond Offer
--------------------------------------------------------
The Philippine government plans to raise US$750 million through
a global bond offering to fund National Power Corporation
(Napocor)'s financial requirements for this year, Dow Jones
reports, citing Finance Undersecretary Eric Recto.

Mr. Recto also confirmed that Credit Suisse First Boston Corp.
(CSF.YY), Deutsche Bank AG (DB) and JPMorgan Chase & Co. (JPM)
have been chosen to undertake the transaction.

Among the options being considered by the government is
reopening its 2025 global bond. The 2025 bond carries a coupon
of 10.63 percent and was first issued in 1995. There are
currently US$1.3 billion of the bonds outstanding. Mr. Recto
declined to confirm if the planned bond offer would be priced
later this week.

Napocor has a total foreign commercial borrowing need of US$1.5
billion-$1.8 billion for this year. Out of that total, the
government raised US$750 million on behalf of the state utility
earlier this year.

CONTACT:

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


NATIONAL POWER: Needs to Hike Rates by P1.50/kWh
------------------------------------------------
The National Power Corporation (Napocor) needs to raise its
power rates further by at least Php1.50 per kilowatthour (kWh)
in order to save the government at least Php100 billion in fresh
loans, the Philippine Star reports.

The Energy Regulatory Commission initially approved a 98-
centavo/kWh increase to Napocor as compared to the requested
average increase of PhP1.87 per kWh. The new generation rates
will become effective on September 26, 2004.

If the ERC had approved the original P1.87/kWh rate hike, it
would have generated additional revenues of at least Php114
billion, wiping out Napocor's PhP113-billion loss last year.

Since the Philippines has decided to assume some Php560 billion
of Napocor's debts, it would be up to the national government to
pare down its annual funding requirement.


NEGROS NAVIGATION: Clarifies "MetroPac Commits P253M" Report
------------------------------------------------------------
This is in reference to the news article entitled "Metro Pacific
commits Php253M for Nenaco rehab" published in the September 7,
2004 issue of The Manila Times.

The article reported "Metro Pacific Corp. (MPC) has committed to
release this year a total of Php253 million to finance the
rehabilitation program of its ailing shipping subsidiary Negros
Navigation Co. (Nenaco). Sulpicio O. Tagud Jr., Nenaco President
and Chief Executive Officer, said Metro Pacific has lent the
company some Php123 million.

This amount has been given to the Bureau of Internal Revenue to
partially pay for the company's back taxes amounting to P425
million. `Nenaco still needs P130 million. Metro Pacific is
helping us because creditors would not lend to Nenaco at this
point,' he said. Tagud said the Php253 million loan under the
rehabilitation program is payable in 36 months with a 16-percent
interest.

Metro Pacific Corporation (MPC), in its letter to the Exchange
dated September 8, 2004, stated:

Metro Pacific Corporation (Metro Pacific) is committed to the
successful rehabilitation and restructuring of Negros Navigation
Company (Nenaco). In that light, a limited degree of financial
assistance has been required to assist Nenaco in the early stage
of its program, and Metro Pacific has facilitated a loan to
Nenaco in the amount of Pesos 123 million, granted on standard
commercial terms. The proceeds of the loan have been used to
make necessary and overdue payments to certain government
agencies.

Metro Pacific has indicated to Nenaco that while it may assist
in facilitating further financing needed to advance the
rehabilitation program, at this time it has not committed any
further monies other than what has already been lent.

Metro Pacific's primary focus is to ensure the success of its
property and burgeoning infrastructure investments and as such,
is committed to ensuring first and foremost, that resources are
properly devoted to ensuring the success of those endeavors."

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

CONTACTS:

Metro Pacific Corporation
10/F, MGO Building
Legaspi cor. Dela Rosa Sts., 0721 Makati City
Tel. No:  888-0888 to 92
Fax No:  888-0813/0830
E-mail Address:  metro@metropacific.com
URL:  http://www.metropacific.com
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Stock Transfer Service, Inc.

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


NEGROS NAVIGATION: Updates Rehabilitation Plan
----------------------------------------------
Negros Navigation Co. Inc., in connection with the functions and
duties of its Rehabilitation Receiver to evaluate its proposed
rehabilitation plan and submit his recommendations to the
Rehabilitation Court (Section 9, Rule 4 of the Interim Rules of
Procedures on Corporate Rehabilitation), to investigate its
acts, conducts, properties, liabilities, financial condition,
operation of business, desirability of continuance of operation,
and other matters relevant to the rehabilitation proceeding or
to the formulation of a rehabilitation plan (Section 14 (3),
Rule 4 of the Interim Rules of Procedure on Corporate
Rehabilitation), and to employ such person or persons, such as
accountants, as are necessary in performing his functions and
duties (section 14 (i), Rule 4 of the Interim Rules of Procedure
on Corporate Rehabilitation), our Rehabilitation Receiver
commissioned SyCip, Gorres, Velayo & CO. (SGV) to audit our
financial statements as of and for the three months ended 31
March 2004.

The Company's financial statements as of and for the three
months ended 31 March 2004 included adjustments to the balance
as of 31 December 2003, consisting of a) reversal of repairs and
maintenance costs previously capitalized - P225 million b)
write-down of certain receivables, inventories and investments -
P192 million; c) correction of depreciation and amortization of
property and equipment - Php135 million; d) write-off of
uncollectible receivable from retirement plan - Php17 million;
and e) accrual of financing cost and penalties and other
adjustments - Php18 million. These adjustments were the results
of its reconciliation with its customers, continuing adoption of
the provisions of the Statements of Financial Accounting
Standards/International Accounting Standards, recognition of
certain provisions of loan agreements and more generally, the
adoption of a more appropriate and conservative approach with
respect to capitalized costs.

The Company's rehabilitation receiver recommended the issuance
of its financial statements as of and for the three-months ended
31 March 2004, which he attached to his evaluation and
recommendation report filed with the Rehabilitation Court.

The Board of Directors agreed with the principle of conservatism
and accepted the above-mentioned adjustments, which had the
effect in its interim financial statements of reducing its
stockholders' equity as of and for the year ended 31 December
2003 by the amount of Php587 million.

The Company is committed to pursuing the collection of certain
receivables, the recovery of certain assets and the clean up of
the certain outstanding accounts. As these are realized, it
shall make the corresponding additional adjustments to its
financial statements.

Very truly yours,
Negros Navigation Co. Inc.
Willard G. Mosquito
Corporate Information Officer

For a copy of the disclosure, go to
http://bankrupt.com/misc/tcrap_nenaco090804.pdf


PHILIPPINE LONG: Unit Invests in Meridien Telekoms
--------------------------------------------------
In a press release, Smart Communications, Inc. (Smart), a
wholly-owned subsidiary of Philippine Long Distance Telephone
Company (PLDT) (PSE:TEL) (NYSE:PHI), announced that it has
entered into an agreement to acquire 40 percent of the issued
common shares of Meridian Telekoms, Inc. (MTI). Subject to
various regulatory and other approvals, Smart intends to
increase its stake in MTI to 100 percent by the end of 2005, at
the latest. Established in 1996, MTI is primarily engaged in
providing wireless broadband and data services to small and
medium-scale businesses nationwide. MTI operates under a
legislative franchise (Republic Act 8337) and has provisional
authorities to operate issued by the Philippines' National
Telecommunications Commission.

The acquisition will strengthen Smart's position in the wireless
data segment and is in line with Smart's overall strategy of
providing the widest range of wireless services in the most
innovative manner possible.

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY
By: MA. LOURDES C. RAUSA-CHAN
Corporate Secretary
Date: September 2, 2004

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


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


ESIM ASIA: Creditors to Submit Claims by October 4
--------------------------------------------------
Notice is hereby given that the creditors of Esim Asia Private
Limited (in voluntary liquidation) whose debts or claims have
not already been admitted, are required on or before the
4th of October 2004 to submit the particulars of their debts or
claims and any security held by them to the undersigned.

This should be done by delivering or sending through the post to
the liquidator's address a formal Proof of Debt in accordance
with Form 77 containing their respective debts or claims.

In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

Lim Say Wan
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

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


HOME DESIGN: Issues First and Final Dividend Notice
---------------------------------------------------
Home Design Private Limited issued a First and Final
Preferential Dividend Notice last September 3, 2004.

Address of Registered Office: Formerly of 808 French Road
#07-163 Kitchener Complex
Singapore 200808

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 240 of 1996

Amount Per Centum: 97.330%

First and Final or otherwise: First & Final Dividend

When Payable: 7th July 2004

Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Toh Hwee Lian
Senior Assistant Official Receiver

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


INFORMATICS HOLDINGS: Expects to Raise SG$19M from Rights Issue
---------------------------------------------------------------
Beleaguered educational institution Informatics Holdings is
targeting to raise SG$19.4 million through a one-for-four rights
issue to help repay bank loans, reports The Straits Times.

The ailing education service provider hopes to reap between
SG$18.8 million to SG$19.4 million from the proposed rights
issue, which was recently approved by its shareholders.

Each rights share will come with a free warrant that will allow
the holder to get one Informatics share at an exercise price of
25 cent.

The money earned from the 80.8 million shares issuance, will be
used to repay DBS Bank for credit facilities, ABN Amro Bank, for
issuing letters of credit and for working capital.

Berjaya Group, Informatics largest shareholder, will take up its
share of rights while tycoon Oei Hong Leong vowed to shoulder
any excess rights shares not taken up by other shareholders,
including Informatics founder Wong Tai and former chief
executive Ong Boon Kheng.

While the proceeds will come in useful, Informatics is unlikely
to recover yet. In its circular, Informatics said it 'expects to
record significant operating losses for the year ending March
31, 2005'.

Informatics is considering consolidating all of its Singapore
operations, now spread over four locations, under one roof. It
said it is 'currently finalizing proposals to secure a suitable
site'.

CONTACT:

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


JYOTO WORKS: Issues Notice to Unsecured Creditors
-------------------------------------------------
Jyoto Works (Singapore) Private Limited (in creditors' voluntary
liquidation) issued a notice to unsecured creditors to present
their claims.

Address of Registered Office: Formerly of 11A Joo Yee Road
Jurong Town
Singapore 619199

Last Day for Receiving Proof of Debt: 17th September 2004.

Name and Address of Liquidators: Michael Ng Wei Teck

Peter Chay Fook Yuen
Yeap Lam Kheng
Joint and Several Liquidators
c/o KPMG
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.

Yeap Lam Kheng
Liquidator

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


MELRIDGE TRADING: Creditors to Submit Particulars of Claims
-----------------------------------------------------------
Notice is hereby given that the creditors of Melridge Trading
Pte Ltd, whose debts or claims have not already been admitted,
are required on or before the 4th of October 2004 to submit
particulars of their debts or claims and any security held by
them to the undersigned.

This should be done by delivering or sending through the post to
the liquidator's address a formal Proof of Debt in accordance
with Form 77 containing their respective debts or claims.

In default of complying with this notice, they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

Lim Say Wan
Liquidator.
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

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


RITECAST PRIVATE: Releases its First and Final Dividend Notice
--------------------------------------------------------------
Ritecast Private Limited issued a First and Final Dividend
Notice on September 3, 2004.

Address of Registered Office: Formerly of 8 Tuas Avenue 2
Singapore 639448

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 197 of 1995

Last Day for Receiving Proofs: 17th September 2004

Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Chan Wang Ho
Assistant Official Receiver

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


TREASURE RESTAURANT: Posts First and Final Dividend Notice
----------------------------------------------------------
Treasure Restaurant Pte Ltd. posted a First and Final Dividend
Notice on September 3, 2004 at the Singapore Government Gazette.

Address of Registered Office: Formerly of 5001 Beach Road
#03-27 Golden Mile Complex
Singapore 199588

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 261 of 1994

Amount Per Centum: 7.1%

First and Final or otherwise: First & Final Dividend

When Payable: 12th August 2004

Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Moey Weng Foo
Assistant Official Receiver


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


SUNTECH GROUP: Trading of Securities Still Suspended
----------------------------------------------------
Previously, Suntech Group Public Company Limited (SUNTEC) has
publicly submitted to the Stock Exchange of Thailand (SET) its
audited financial statements for the year ending 30 June 2004.

The company's auditor issued a Disclaimer of Opinion on SUNTEC's
financial statements, as 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 that the Securities and
Exchange Commission (SEC) will probably issue an instruction
that SUNTEC is obliged to amend its financial statements.

The Securities and Exchange Commission (SEC) has now informed
the SET that no amendment is necessary to SUNTEC's present
financial statements on the issues that the auditor has stated.

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


THAI GERMAN: SET Grants Listing of Securities
---------------------------------------------
The Stock Exchange of Thailand (SET) has allowed the securities
of Thai-German Products Public Company Limited (TGPRO) to be
listed on the SET after finishing capital increase procedures,
starting from 9 September 2004.

However, TGPRO is a listed company under the REHABCO sector and
is in the rehabilitation process. Therefore, the SET has still
suspended trading all securities of TGPRO until the causes of
delisting are eliminated.

Name: TGPRO
Issued and Paid up Capital

Old: THB210,120,690
Number of common stock 21,012,069 Shares

New: THB1,785,120,690
Number of common stock 178,512,069 Shares

Par value: THB10

Allocate to: The creditors under the rehabilitation plan in the
number of 157,500,000 shares

Conversion Ratio: Debt amount of THB10 will be converted to 1
ordinary share.

Offering Price: THB0

Date of conversion: 19-24 August 2004

CONTACT:

Thai-German Products Pcl
99 Huaypong-Nongbon Road,
Tambol Huaypong, Amphur Muang Rayong
Telephone: 0-3868-4901-5
Fax: 0-3868-4906
Website: www.tgpro.co.th


* Some 600 Firms Shut Down Due to High Cost of Raw Materials
------------------------------------------------------------
Some 600 small and medium-sized manufacturers of plastics-based
products have been forced to close this year, Business Day
reports, citing Srithai Superware Plc (Srithai).

According to Srithai Managing Director Sanan Ang-Ubonkun, the
plant's closures were triggered by a significant increase in the
price of raw materials and the shortage of plastic pellets due
to a boost in exports of petrochemical products.  Plastic
pellets are a crucial raw material for making plastic products
in the domestic market.

"If you order 400 tonnes of plastic pellets from local
suppliers, you will likely only receive a delivery of 100
tonnes," he said.

Because of a shortage in raw materials, manufacturers have
raised the price of plastic-based products by 20 percent, said
Mr. Sanan.

The shortage has prompted the firms to move towards
manufacturing olefins for overseas sales.  Olefins are used for
producing polyethylene and polypropylene (PP), both of which are
used in plastic-based packaging. The price of PP has risen to
THB60 per kilogram from THB1.

"Manufacturers with integrated petrochemical products such as
Thai Petrochemical Industry Plc (TPI) have given priority to
producing olefins for exports rather than focusing on producing
plastic pallets to cater for the local market," said Mr. Sanan.

Local plastic pellet manufacturers have practiced a cash-on-
delivery basis as a term of payment for their products.  As
such, several small and mid-sized manufacturers of plastics-
based products have fallen short of liquidity and their
businesses have since been forced into closure, unable to
maintain the operations of their plants, Mr. Sanan said.


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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                 *** End of Transmission ***