TCRAP_Public/040910.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, September 10, 2004, Vol. 7, No. 180

                            Headlines

A U S T R A L I A

ACCESS BROKERAGE: Partly Blames NZX for Downfall
ALPINE CABINETS: Schedules Meeting on September 30
BAANYA PROJECTS: Final Meeting Set September 14
BELDIN PTY: Final Meeting Slated for September 27
CHEMEQ LIMITED: Works To Resolve ASIC's Concerns

CLASSIFIED MARKETING: To Hold Final Meeting September 28
COMUNICA PTY: Creditors and Members To Meet September 30
ESSENTIAL HOME: Meeting Scheduled on September 14
FALCONWOOD HOLDINGS: To Declare Final Dividend October 15
HALLMARK ROOFING: Issues Notice of Final Meeting

HINCREST PTY: Sets Members Meeting on September 22
KEVIN BOHM: Final Meeting Slated for Sept. 13
LONSDALE SERVICES: Members Meeting Slated for October 1
MOTORHELP PTY: Final Meeting Slated for September 14
NATIONAL AUSTRALIA: Strives to Win Back Trade Clients

OLDE ADELAIDE: Schedules Meeting on October 1
QANTAS AIRWAYS: Asks ASX to Lift Trading Halt
QANTAS AIRWAYS: Releases Preliminary Monthly Traffic Report
SONS OF GWALIA: Trading Suspension Came Late
TOWNSVILLE & THURINGOWA: Meeting Slated for October 4

TRIDEC PTY: Issues Notice of Final Meeting


C H I N A  &  H O N G  K O N G

COMMUNICATIONS BANK: In Credit Card Venture with HSBC
K.P.I. COMPANY: 1H Back to Black
PEACE INTERNATIONAL: Winding Up Hearing Set September 22
MAN PO: Court Hears Winding Up Petition
OFFSET PRINTING: Members and Creditors Meeting Set October 6

TC TECHNOLOGY: Issues Second and Final Dividend Notice


I N D O N E S I A

ASTRA INTERNATIONAL: Seeks Loan To Repay US$240Mln Debt
INDOFOOD SUKSES: To Repay Debts in Three Methods
PERTAMINA: May Delay LNG Exports To Korea, Japan
SEMEN GRESIK: Cemex Agrees To State Buy-back

J A P A N

FUJITSU LIMITED: Implements Low-cost RFID System
HITACHI LIMITED: Secures JPY170Bln Syndicated Loan
RESONA HOLDINGS: Adopts Consolidated Tax Return System
SOFTBANK CORPORATION: To Ally with Koei in Online Games
SOJITZ HOLDINGS: S&P Raises Bond Rating to 'BB'

SOJITZ HOLDINGS: JCR Puts Ratings on CM
SOJITZ HOLDINGS: Unveils New Business Plan
SOJITZ HOLDINGS: Revises Consolidated, Non-Consolidated Earnings
UFJ HOLDINGS: Comments on Sojitz' New Business Plan
UFJ HOLDINGS: Sets Price for Conversion of Preferred Share

UFJ HOLDINGS: May Cut Top Execs' Salaries by 100%


K O R E A

DAEWOO HEAVY: Rotem Drops Bid
PAN OCEAN: KDB Chooses STX as Prime Bidder
TELSON ELECTRONICS: Shareholders File KRW2.36Bln Suit


M A L A Y S I A

ACTACORP HOLDINGS: Enters Share Sale Agreement
ANCOM BERHAD: Releases Shares Buy Back Notice
DENKO INDUSTRIAL: AGM Set For September 30
GOLDEN FRONTIER: Issues Share Buy Back Notice
GOLDEN PLUS: Answers Bursa Malaysia Query

INNOVEST BERHAD: Enters Deal With White Knight
MERCES HOLDINGS: Winding Up Hearing Set for November 3
MOL.COM BERHAD: Unveils September 8 EGM Resolutions
PAN MALAYSIA: Schedules AGM on September 30
PANTAI HOLDINGS: Purchases 8,000 Ordinary Shares on Buy Back

SURIA CAPITAL: Unit Appoints New Chairman
SURIA CAPITAL: Appoints New Audit Committee Member
WOO HING: Unveils Debt Restructuring Exercise


P H I L I P P I N E S

FIRST SAVINGS: PDIC Takes Over Thrift Bank
MANILA ELECTRIC: Unveils List of Pending Rate-related Cases
NATIONAL POWER: Cutting Staff To Curb Losses
NATIONAL STEEL: Creditor Attempts to Block Sale
NEGROS NAVIGATION: Incurs Php108.9M 1Q04 Net Loss

SOLID CEMENT: Cement Firm's Closure Affecting 175 Staff
* Philippine Govt's Proposed $750-M Global Bonds Rated 'BB'


S I N G A P O R E

BINTAN INDUSTRIAL: Creditors To Submit Claims on September 20
INTERISLAND MARKETING: Creditors Must Prove Debts September 20
KARIMUN INDUSTRIAL: Creditors to Submit Claims on September 20
KLW HOLDINGS: Enters Into Subscription Termination Agreement
MARKETING AND CONSULTANCY: Creditors To Submit Debts and Claims

NICOTRENT ENGINEERING: Enters Winding Up Proceedings


T H A I L A N D

ADVANCE PAINT: Issues Update on Exercise Warrants' Issuance
SIAM AGRO: SET Permits Resumption of Trading
TA ORANGE: THB33Bln Debt Restructuring Right on Schedule
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


ACCESS BROKERAGE: Partly Blames NZX for Downfall
------------------------------------------------
Bill Garlick, majority shareholder of failed firm Access
Brokerage, suggested that the New Zealand Stock Exchange (NZX)
was partly to blame for the broker's collapse, reports the New
Zealand Herald.

Mr. Garlick claimed that the regulator has failed to perform its
obligations in Access' case.

NZX Chief Executive Mark Weldon rebuffed Mr. Garlick's
statement, saying it was "out of line." He added that Mr.
Garlick is "blatantly attempting" to shift the focus away from
himself, the failed brokerage firm and the clients who have lost
money.

NZX plans to file a defamation case against the Access Brokerage
owner.

Access was placed in liquidation on Monday following the
discovery of an AU$5 million shortfall in clients' money. Around
700 clients are thought affected by incomplete trades.

NZX, which has earlier indicated it may help cover some of the
loss, has called in Serious Fraud Office to investigate the
company's downfall.

Meanwhile, ASB Securities and Direct Broking have been tipped as
potential contenders to bail Access out of liquidation.


ALPINE CABINETS: Schedules Meeting on September 30
--------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act 2001, a final meeting of members and creditors
of Alpine Cabinets Pty Ltd (In Liquidation) will be held in the
Boardroom, Harrisons Insolvency 1st Floor, 49-51 Stead Street,
South Melbourne on 30 September 2004 at 11:00 a.m.

The purpose of the meeting is to lay accounts before it showing
the manner in which the winding up has been conducted and the
property of the company has been disposed of and of hearing any
explanation that may be given by the Liquidator.

Dated this 24th day of August 2004

William B. Abeyratne
Joint and Several Liquidator
c/- Harrisons Insolvency
1st Floor, 49-51 Stead Street,
South Melbourne Vic 3205
Telephone: 9696 2885


BAANYA PROJECTS: Final Meeting Set September 14
-----------------------------------------------
Notice is given that a final meeting of the members and
creditors of Baanya Projects Pty Limited (In Liquidation) will
be held at Rodgers Reidy, Level 8, 333 George Street, Sydney on
Tuesday, the 14th of September 2004 at 10:00 a.m.

AGENDA

(a) To receive an account from the Joint Liquidators.
(b) A resolution to destroy the books & records of the company.
(c) To consider any other business.

Daniel Civil
Joint Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


BELDIN PTY: Final Meeting Slated for September 27
-------------------------------------------------
Notice is hereby given that the final meeting of the members of
Beldin Pty Ltd (In Liquidation) will be held at the offices of
Grant Thornton, Chartered Accountants, Level 6, 256 St George's
Terrace, Perth on Monday, the 27th of September 2004 at 9:00
a.m. for the purposes of laying before the meeting an account
showing how the winding up has been conducted and how the
property of the company has been disposed of and to give an
explanation thereof.

Dated this 24th day of August 2004

Mervyn J. Kitay
Liquidator
Grant Thornton
Chartered Accountants
Level 6, 256 St George's Terrace,
Perth WA 6000
Telephone: (08) 9481 1448,
Facsimile: (08) 9481 0152


CHEMEQ LIMITED: Works To Resolve ASIC's Concerns
------------------------------------------------
Chemeq Limited wishes to announce that on 7 September 2004 ASIC
made an interim order pursuant to section 739(3) of the
Corporations Act in relation to the prospectus lodged by Chemeq
on 27 August 2004.

ASIC has reviewed the prospectus in accordance with its usual
practice and has expressed views in relation to certain
statements made within the prospectus. Although Chemeq does not
necessarily agree with the positions adopted by ASIC, Chemeq
intends working with ASIC as quickly as possible, to resolve
ASIC's concerns with a view to ensuring that a replacement
prospectus is lodged, the interim stop order is lifted, and that
the proposed timetable is not substantially affected.

CONTACT:

Chemeq Limited
Suite 8 Petroleum House
3 Brodie Hall Drive, Technology Park
Bentley, Australia, 6102
Telephone: 08 9362 0100
Fax: 08 9355 0199
http://www.chemeq.com.au/


CLASSIFIED MARKETING: To Hold Final Meeting September 28
--------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act a final meeting of the Classified Marketing
Co-operative Limited (In Voluntary Liquidation) will be held at
248 Flinders Street, Adelaide on 28 September 2004 at 10:00 a.m.
for the purpose of laying before the meeting an account showing
how the winding up has been conducted, and how the assets have
been disposed of.

Dated this 20th day of August 2004

George Divitkos
Liquidator
BDO Chartered Accountants & Advisers
248 Flinders Street, Adelaide SA 5000


COMUNICA PTY: Creditors and Members To Meet September 30
--------------------------------------------------------
Notice is given that a final meeting of creditors and members of
Comunica Pty Ltd. (In Liquidation) will be held at the offices
of KordaMentha, Level 11, 37 St George's Terrace, Perth on
Thursday, 30 September 2004 at 3:00 p.m.

AGENDA

(1) To receive the account made out by the Liquidator pursuant
to Section 509(1) of the Corporations Act 2001 and any
explanation of the account.

(2) Any other business that may properly be conducted.

Dated this 17th day of August 2004

Oren Zohar
Liquidator for Comunica Pty Ltd
KordaMentha
Telephone: (08) 9221 6999


ESSENTIAL HOME: Meeting Scheduled on September 14
-------------------------------------------------
Take note that the affairs of Essential Home & Factory
Improvements Pty Limited (In Liquidation) are now fully wound up
and pursuant to Section 509(1) of the Corporations Act, a
meeting of the Company and its creditors will be held at the
offices of Burton Glenn Allen, Level 2, 57 Grosvenor Street,
Neutral Bay NSW 2089 at 10:00 a.m. on 17th September 2004.

The purpose of the meeting is to table an account indicating how
the winding up has been conducted and how the property of the
Company has been disposed of and giving explanations thereof.

Dated this 6th day of August 2004

Brian H. Allen
Peter G. Burton
Joint Liquidators
c/- Burton Glenn Allen
Chartered Accountants
Level 2, 57 Grosvenor Street,
Neutral Bay NSW 2089
Telephone: (02) 9904 4644,
Facsimile: (02) 9904 9644


FALCONWOOD HOLDINGS: To Declare Final Dividend October 15
---------------------------------------------------------
A first and final dividend is to be declared on 15 October 2004
for Falconwood Holdings Pty Limited (In Liquidation).

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

Dated this 19th day of August 2004

R. E. J. Tenbensel
Liquidator
Tenbensel and Dee
Level 2, Coogans Building, 79 Collins Street,
Hobart Tas 7000


HALLMARK ROOFING: Issues Notice of Final Meeting
------------------------------------------------
Notice is hereby given that a final concurrent meeting of the
members and creditors of Hallmark Roofing Pty Limited (In
Liquidation) will be held at the offices of Knights Insolvency
Administration, Level 27, The Chifley Tower, 2 Chifley Square,
Sydney on 17 September 2004 at 9:00 a.m.

AGENDA

(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted and how the property of the
company has been disposed of, and to receive any explanation
required thereof.

(2) Any other business which may be lawfully considered with the
foregoing.

Dated this 5th day of August 2004

Adrian S. Duncan
Liquidator
c/- Knights Insolvency Administration
Level 27, The Chifley Tower,
2 Chifley Square,
Sydney NSW 2000


HINCREST PTY: Sets Members Meeting on September 22
--------------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act 2001 that the final meeting of members of
Hincrest Pty Limited (In Voluntary Liquidation) will be held at
the offices of Transfield Holdings Pty Limited, Level 5, 8
Windmill Street, Walsh Bay NSW 2000 on the 22nd of September
2004 at 2:00 p.m., for the purpose of laying before the meeting
the Liquidator's final account and report and giving any
explanation thereof.

Dated this 17th day of August 2004

Robert Thomas Mcgill
Liquidator
Transfield
8 Windmill Street,
Walsh Bay NSW 2000


KEVIN BOHM: Final Meeting Slated for Sept. 13
---------------------------------------------
Notice is hereby given that a Final Meeting of Creditors and
Members of Kevin Bohm & Associates Pty Limited (In Liquidation)
will be held at the office of Nicholls & Co. Chartered
Accountants, Suite 103, 1st Floor, Wollundry Chambers, Johnston
Street, Wagga Wagga, New South Wales on the 13th day of
September 2004 at 9:00 a.m. for the purpose of receiving the
Liquidator's account, showing how the winding up has been
conducted and how the property of the Company has been disposed
of and hearing any explanation which may be given by the
Liquidator.

Dated this 2nd day of August 2004

C. M. Chamberlain
Liquidator
c/- Nicholls & Co
Chartered Accountants
PO Box 852, Wagga Wagga NSW 2650


LONSDALE SERVICES: Members Meeting Slated for October 1
-------------------------------------------------------
Notice is hereby given that a meeting of the members of Lonsdale
Services Pty Limited (In Liquidation) will be held in the
Boardroom of Robinsons Chartered Accountants, 346 Carrington
Street, Adelaide in the State of South Australia, on 1 October
2004 at 11:00 a.m. in the forenoon.

AGENDA

To receive the Liquidator's account showing how the winding up
was conducted and how the property of the company has been
disposed of and explanations thereof in pursuance of Section 509
of the Corporations Law.

Dated this 31st day of August 2004

Peter R. Mann
Liquidator
Robinsons
Chartered Accountants
346 Carrington Street,
Adelaide SA 5000.
Telephone: (08) 8223 3455,
Facsimile: (08) 8223 1934


MOTORHELP PTY: Final Meeting Slated for September 14
----------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Motorhelp Pty Limited (In Liquidation) will be held
at Rodgers Reidy, Level 8, 333 George Street, Sydney on Tuesday,
14th September 2004 at 10:30 a.m.

AGENDA

(a) To receive an account from the Joint Liquidators.
(b) A resolution to destroy the books & records of the company.
(c) To consider any other business.

Daniel Civil
Joint Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


NATIONAL AUSTRALIA: Strives to Win Back Trade Clients
-----------------------------------------------------
National Australia Bank (NAB) is hammering out a scheme to
revamp its small-to-medium business banking operation, while
denying that it is losing significant market share in the
sector, Sydney Morning Herald says.

According to NAB General Material Services Jeremy Dean, the bank
is reversing decisions to centralize business banking as the
move had pushed clients away.

Under the new program, bankers at business centers will be given
greater discretion to implement decisions, are allowed to extend
their tenure and may increase support staff, as they concentrate
more on improving customer relationships.

"We have a coherent plan that will restore the customer intimacy
they require," Mr. Dean quipped, adding it would also improve
cross-selling opportunities and lift staff morale.

Although sole proprietor ventures had fallen, Mr. Dean
disclaimed reports that NAB had lost overall market share. He,
likewise, denied that the bank was reacting to increased
competition by reducing prices in an attempt to protect market
share and "buy" new business, an allegation that has sparked
claims that a price war was imminent.

CONTACT:

National Australia Bank Limited
Fl. 24, 500 Bourke St.
Melbourne, 3000, Australia
Phone: +61-3-8641-4200
Fax: +61-3-8641-4927
Web site: http://www.national.com.au


OLDE ADELAIDE: Schedules Meeting on October 1
---------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a final meeting of the creditors and
members of Olde Adelaide Homes Pty Limited (In Liquidation) will
be held at the offices of Hayes Knight, Level 3, 104 Frome
Street, Adelaide, South Australia on Friday, 1 October 2004 at
9:00 a.m. for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted,
how the property of the company has been disposed of and hearing
any explanations that may be given by the Liquidator.

Dated this 19th day of August 2004

Hillary Orr
Liquidator
PO Box 1022, Blackwood SA 5051


QANTAS AIRWAYS: Asks ASX to Lift Trading Halt
---------------------------------------------
In a disclosure to the Australian Stock Exchange (ASX) Qantas
Airways Ltd. announced that it has been advised that British
Airways has completed the book build process for the sale of its
18.25 percent shareholding in Qantas.  The company understands
that the book build was cleared at A$3.28 per share and that the
shares are to be widely distributed to Australian and
international investors.

As such, Qantas requests that the Trading Halt granted by the
Exchange on September 8, 2004 be lifted immediately.

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: Releases Preliminary Monthly Traffic Report
-----------------------------------------------------------
Qantas Airways Ltd. disclosed to the Australian Stock Exchange a
report of its Preliminary Monthly Traffic and Capacity
Statistics for July 2004.

Month of July 2004

Total Domestic (Qantas, QantasLink and Jetstar) traffic,
measured in Revenue Passenger Kilometres (RPKs) increased by 8.4
percent in July 2004 while capacity, measured in Available Seat
Kilometres (ASKs) increased by 12.6 percent.  This resulted in a
revenue seat factor of 81.1 percent, 3.2 percentage lower than
for July 2003.  Total Domestic yield excluding exchange
decreased by 9.4 percent over the same period.

Total International (Qantas and Australian Airlines) RPKs
increased by 16.7 percent in July, while ASKs increased by 20.5
percent over the same period.  The resulting revenue seat factor
of 78.4 percent was 2.5 percentage points lower than the
previous year. Total international yield excluding exchange for
the month of July increased by 3.9 percent when compared with
the same period last year.

July Group (comprising Qantas Domestic, QantasLink, Jetstar,
Qantas International and Australian Airlines) passenger numbers
increase by 11.5 percent over the previous year.  RPKs increased
by 13.9 percent, while ASKs were up 17.9 percent, resulting in a
revenue seat factor of 79.2 percent, which was 2.8 percentage
points lower than the previous year.

To view a full copy of the report, click
http://bankrupt.com/misc/QANTASAIRWAYS090904.pdf


SONS OF GWALIA: Trading Suspension Came Late
--------------------------------------------
Sons of Gwalia shareholders are questioning why management did
not suspend the company's shares upon knowledge of its reserves
shortfall, relates the Australian Financial Review.

Australian Shareholders Association executive officer Stuart
Wilson explained that a preliminary report indicating that the
company's reserves are insufficient to meet gold hedging
operations was grounds for suspending the failed miner's shares
from trading on the ASX.

"They should have suspended the shares when they first became
aware of any potential problem and not wait until halfway
through a board meeting," Mr. Wilson stressed.

Insolvent specialist KordaMentha was urged by trade creditors to
coordinate with administrator Ferrier Hodgson to investigate
whether Sons of Gwalia traded while insolvent.

Paragraph 52 of the ASX's Continuous Disclosure Listing Rule 3.1
stipulates that "if an entity is not able to make a preliminary
announcement or is concerned that such an announcement is not
sufficient to properly inform the market, it can ask for a
trading halt for up to two days or suspend its shares from
trading."

On Monday night, Gwalia revealed to the ASX that it has received
a report on the status of an internal review of its resources
and reserves on July 22.

Late in August, the miner commissioned an external review of its
Marvel Loch underground project. Before the project was
completed, Gwalia received a preliminary advice backing its
initial view that the mine plan and production forecasts for the
project were uneconomic.

Not very long after, Gwalia began working with Ferrier Hodgson
to secure an "enforcement standstill" as its revised production
program would potentially constitute a material adverse change
in its financial status under an agreement with creditors and
counter parties.

On August 28, the company was told its efforts had failed and
was forced to go into administration the next day.

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/


TOWNSVILLE & THURINGOWA:  Meeting Slated for October 4
------------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Townsville & Thuringowa Real Estate
Weekly Pty Ltd. (In Liquidation) will be held at the offices of
Jessup & Partners, Accountants & Business Advisors, St James
Place, Level 3, 155-157 Denham Street, Townsville, Queensland
4810 on Monday, 4 October 2004 at 3:00 p.m.

AGENDA

(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted and how the property of the
company has been disposed of, and to receive any explanation
required thereof.

(2) Any other business which may be lawfully considered with the
foregoing.

Dated this 17th day of August 2004

Ian David Jessup
Liquidator
Jessup & Partners
Accountants & Business Advisors
Level 3, 155-157 Denham Street,
Townsville Qld 4810
Telephone: (07) 4772 3515,


TRIDEC PTY: Issues Notice of Final Meeting
------------------------------------------
Notice is given that a final meeting of the creditors and
members of Tridec Pty (In Liquidation) will be held at Povey
Stirk, Level 1, 8 Gregory Terrace, Alice Springs NT and
McGrathNicol & Partners, Level 11, 115 Grenfell Street, Adelaide
SA on 30 September 2004 at 11:00 a.m. (SA time).

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.

Dated this 20th day of August 2004

M. J. Dwyer
G. D. Finch
Joint & Several Liquidators
c/- McGrathNicol+Partners
Level 11, 115 Grenfell Street,
Adelaide SA 5000.
Telephone: (08) 8468 3700,
Website: www.mcgrathnicol.com.au


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


COMMUNICATIONS BANK: In Credit Card Venture with HSBC
-----------------------------------------------------
Bank Communications plans to forge a joint venture with British
bank HSBC Holdings PLC, reports The Associated Press.

The Shanghai-based bank will hold 51 percent of the new entity
while the remaining 49 percent will be held by HSBC. HSBC will
handle the card operations of Bank of Communications, which
include managing cards for credit, debit and other business.

On September 28, a new credit card bearing the logos of both
banks will be launched.

CONTACT:

24-hour Customer Service Hotline: 2269 9699
Mailing Address: 20 Pedder Street, Central, Hong Kong
E-mail addresses
General Inquiry: enquiry@bankcomm.com.hk
Commercial Credit Services Inquiry:
commercialbanking@bankcomm.com.hk
Bills Services Enquiry: billscentre@bankcomm.com.hk
Trustee and MPF Services Enquiry: trust@bankcomm.com.hk
Customer Opinions: opinion@bankcomm.com.hk
Recruitment: recruitment@bankcomm.com.hk


K.P.I. COMPANY: 1H Back to Black
--------------------------------
K.P.I. Company Limited posted on September 9, 2004 a net profit
of HK$3.239 million for the first half of 2004, compared with a
net loss of HK$6.723 million a year ago. EPS were HK$0.0048. No
interim dividend was declared.


Year-end date: 31/12/2004
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee


                                                       Last
                                 Current           Corresponding
                                  Period             Period
                              from 01/01/2004    from 01/01/2003
                              to 30/06/2004      to 30/06/2003
                               Note  ('000)       ('000 )
Turnover                           : 106,228            236,791
Profit/(Loss) from Operations      : (3,170)            (1,968)
Finance cost                       : (9)                (53)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 1,250              (563)
Profit/(Loss) after Tax & MI       : 3,239              (6,723)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : 0.0048             (0.01)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : 3,239              (6,723)
Interim Dividend per share         : NIL                NIL
  per Share
(Specify if with other options)    : N/A                N/A


B/C Dates for
  Interim Dividend                 : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

Remarks:

EARNINGS/(LOSS) PER SHARE

The calculation of basic earnings per share for the six months
ended 30 June 2004 is based on the net profit from ordinary
activities attributable to shareholders of HK$3,239,000 (2003:
net loss of HK$6,723,000) and 677,251,557 shares (2003:
674,135,037 shares) in issue during the period.

No diluted earnings per share for the period ended 30 June 2004
has been presented because the Company's share options did not
have a dilutive effect during the period.


PEACE INTERNATIONAL: Winding Up Hearing Set September 22
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Peace International Limited by the High Court of Hong Kong
Special Administrative Region was, on the 16th day of August
2004, presented to the said Court by Fort Crown Investments
Limited whose registered office is situated at Top Floor,
Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon,
Hong Kong.

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

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

Ford, Kwan & Company
Solicitors for the Petitioner
Rooms 1202-1206, 12th Floor
Wheelock House, No. 20 Pedder Street
Central, Hong Kong

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


MAN PO: Court Hears Winding Up Petition
---------------------------------------
Notice is hereby given that a Petition for the Winding up of Man
Po Sofa Factory Limited, by the High Court of Hong Kong Special
Administrative Region was, on the 18th day of August 2004,
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.

The said Petition will be heard before the Court at 10:00 am on
the 15th day of September 2004.

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

Arthur K.H. Chan & Co.
Solicitors for the Petitioner
Unit C1, 15th Floor, United Centre
No. 95 Queensway Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 14th day of
September 2004.


OFFSET PRINTING: Members and Creditors Meeting Set October 6
------------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance, a meeting of the members of Offset Printing
& Development Limited, will be held at 21/Floor, Kwan Chart
Tower, 6 Tonnochy Road, Wanchai, Hong Kong on 6th day of October
2004 at 3:00 p.m. and will be followed by a meeting of the
creditors of the company to be held at the same place at 3:30
p.m. for the purpose of receiving an account of the liquidator's
act and dealings and of the conduct of the winding up of the
company during the preceding year.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the company. Forms of
proxies for both meetings must be lodged at 21/Floor, Kwan Chart
Tower, 6 Tonnochy Road, Wanchai, Hong Kong not later than 4:00
p.m. on the day before the meetings.

Dated this 3rd day of September 2004

Puen Wing Fai
Joint and Several Liquidators


TC TECHNOLOGY: Issues Second and Final Dividend Notice
------------------------------------------------------
Notice is hereby given that a second and final dividend is
intended to be declared in the matter of TC Technology Limited,
a company in creditors voluntary liquidation. All creditors of
the company must prove their debts by 24th day of September
2004.

Any creditor who does not lodge a claim by that date, will be
excluded from the benefit of any distribution made before such
debts are proved and from objecting to such distribution. The
Liquidators shall proceed to make a dividend without regard to
such claim.

Dated this 3rd day of September 2004

John J. Tohhey
Joint and Several Liquidators
c/o Pricewaterhouse Coopers
22/F., Prince's Building
10 Chater Road
Central, Hong Kong.


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


ASTRA INTERNATIONAL: Seeks Loan To Repay US$240Mln Debt
-------------------------------------------------------
PT Astra International is hoping to secure a syndicated bank
loan to repay its US$240 million debt.

Astra Finance Director John Slack told Dow Jones Newswires that
the cash-strapped carmaker expects to snag a low-interest loan
deal with several foreign banks and creditors by October.

"Astra will then complete the refinancing of the $240 million
debt by the end of this year," Mr. Slack added.

The company, which is 42%-owned by Singapore's Jardine Cycle &
Carriage Limited, has been undertaking measures to cut its huge
overseas debt since the 1997-98 Asian economic crisis.

Currently, its debt totals US$240 million, down from US$750
million at the end of 2002.

CONTACT:

PT Astra International Tbk.
Jalan Gaya Motor Raya No. 8, Sunter II
Jakarta, 14330, Indonesia
Phone: +62-21-652-2555
Fax: +62-21-651-2058
Web site: http://www.astra.co.id


INDOFOOD SUKSES: To Repay Debts in Three Methods
------------------------------------------------
In order to repay a US$310 million debt issued by Indofood
International Finance Limited in 2002, PT Indofood Sukses Makmur
Tbk is mapping out three refinancing options, reports
Indoexchange.

The instant noodle maker will pay its debt through the use of
internal funds, bond IV issuance and taking new dollar-
denominated loans.

"We have yet to decide the total refinancing fund as we need to
consider interest rate and exchange rate changes," said Indofood
Director and Corporate Secretary Djoko Wibowo.

Based on indicators set by one of the bond IV underwriters,
Indofood will issue a bond worth IDR1.75 billion, which is
scheduled to be offered in late September.

PT Trimegah Securities, PT Mandiri Sekuritas, PT Danatama Makmur
Securities and PT NC Securities have been appointed as
underwriters for the bond issuance.

CONTACT:

PT. Indofood Sukses Makmur Tbk.
Gedung Ariobimo Sentral,
12th Fl., Jl. H.R. Rasuna Said X-2 Kav 5, Kuningan
Jakarta, 12950, Indonesia
Phone: +62-21-522-8822
Fax: +62-021-522-6014
Web site: http://www.indofood.co.id


PERTAMINA: May Delay LNG Exports To Korea, Japan
------------------------------------------------
Due to gas output shortfall at its Bontang field, PT Pertamina
may postpone this year's shipment of liquefied natural gas (LNG)
to Japan and South Korea to 2005, says Dow Jones.

The state oil and gas firm inked deals with South Korean and
Japanese buyers to export 42 cargoes of LNG this year. However,
Pertamina had delivered only six cargoes, three of which are
from its Arun gas field and the rest were imported from Qatar
and Oman.

One cargo holds 125,000 metric tons of LNG.

Pertamina's marketing and commerce director Ari Soemarno said
the company will talk with its buyers on either supplying
imported cargoes or delaying delivery until next year.

According to analysts, gas production at Bontang is only
sufficient to meet domestic demand as output continues to fall
in recent years.

Currently, the government is focusing on the development of the
Tangguh gas field in West Papua to replace Bontang LNG plants in
East Kalimantan.

CONTACT:

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


SEMEN GRESIK: Cemex Agrees To State Buy-back
--------------------------------------------
In an effort to resolve a dispute over control of Indonesia's
largest cement maker, Mexico's Cemex SA has agreed to a proposal
to sell its stake in PT Semen Gresik back to the Indonesian
government, The Jakarta Post reports.

"Cemex has agreed to our plan to reclaim their shares in SG.
However, at present, we are still undecided over the price, and
which investors are willing to do it," Minister of State
Enterprises Laksamana Sukardi declared.

The Indonesian government is currently looking for third party
investors to finance the buyback scheme because of insufficient
funds.

Earlier, Mr. Laksamana said his office has requested state
pension fund PT Jamsostek to lead a consortium that would
implement the buyback program.

The price for Gresik shares would be determined based on its
enterprise value against its earnings before taxes, interest,
depreciation and amortization, and enterprise value against
production output.

Sources said that Cemex has priced its 25.53 stake at IDR14,500
per share, or around IDR4.5 trillion for the stake.

However, analysts affirmed it was difficult to put a price tag
on Cemex's stake because the investment was made so long ago,
and because the Mexican cement producer is seeking compensation
from the Indonesian government for breaking contracts.

Originally, Cemex had an option to purchase a controlling stake
in Gresik but the state, pressured by a management rebellion at
Gresik's unit PT Semen Padang, backed out of the deal.

The Indonesian government and Cemex have been at loggerheads
ever since.

CONTACT:

Pt Semen Gresik Tbk
Jalan Veteran
Gresik 61122
Indonesia
Phone: +62 31 398 1731-2/1745
Fax: +62 31 398 3209/3972 2264
Web site: http://www.americanstandard.com/


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


FUJITSU LIMITED: Implements Low-cost RFID System
------------------------------------------------
Fujitsu Limited announced in a press release dated September 8
that it has began marketing RFID Trial Kit on September 7. The
kit enables enterprises to quickly install low-cost RFID
solutions on office floors on a trial basis.

The all-in-one product packages everything users need, including
short-range and handheld RFID tag reader/writers, an external
antenna, and an RFID tag label printer, to help them deploy
13.56MHz RFID office solutions.

Both RFID Trial Kit (Asset Tracking) and RFID Trial Kit
(Timecard Management) cost JPY900,000 (US$8,182) each. Shipment
is slated for late October. Fujitsu aims to sell 500 packs by
the end of fiscal 2005.

The manufacturer will demonstrate the solutions at AUTO-ID EXPO
2004 to be held on September 15 at Tokyo Big Sight.


HITACHI LIMITED: Secures JPY170Bln Syndicated Loan
--------------------------------------------------
Hitachi Limited has obtained a syndicated loan worth JPY170
billion (US$1.56 billion) from 22 financial agencies.

According to a Reuters report, the secured amount will be used
to redeem convertible bonds due this month.

The syndicate is led by Mizuho Corporate Bank of the Mizuho
Financial Group Incorporated.

CONTACT:

Hitachi, Ltd.
4-6, Kanda-Surugadai, Chiyoda-ku
Tokyo, 101-8010, Japan
Phone: +81-3-3258-1111
Fax: +81-3-3258-2375
Web site: http://www.hitachi.com


RESONA HOLDINGS: Adopts Consolidated Tax Return System
------------------------------------------------------
Resona Group has decided to apply for an adoption of the
consolidated tax return system with Resona Holdings, Inc. as its
parent company from fiscal year 2005.

The objective for Resona Group to adopt the consolidated tax
return system is to make its tax payments appropriate to its
current state and maximize its corporate value.

It is also expected that with the adoption of the consolidated
tax return system, the coordination among group companies and
group management on a consolidated basis will be further
strengthened and thus bring about positive effects from a
viewpoint of corporate governance.

Resona Holdings, as a parent company of the group, and other 11
group companies, including the group banks and their fully-owned
subsidiaries, will be included in the consolidated tax return
system.

CONTACT:

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


SOFTBANK CORPORATION: To Ally with Koei in Online Games
-------------------------------------------------------
Internet service provider Softbank Corporation is considering a
joint venture with computer games maker Koei Company Limited in
on-line game operations, Reuters reports.

The two companies are set to unveil details of the plan at a
news conference on September 13, which will be attended by
Softbank President Masayoshi Son and Koei President Kiyoshi
Komatsu.

Last year, Softbank proposed to launch an online game portal,
along with 100 game makers, to offer more than 100 game titles
by the end of March 2004.

CONTACT:

Softbank Corporation
24-1, Nihonbashi Hakozakicho, Chuo-ku
Tokyo, 103-8501, Japan
Phone: +81-3-5642-8000
Fax: +81-3-5543-0431
Web site: http://www.softbank.co.jp


SOJITZ HOLDINGS: S&P Raises Bond Rating to 'BB'
-----------------------------------------------
Standard & Poor's Ratings Services on September 9 raised its
senior unsecured bond rating on Sojitz Holdings Corp. to 'BB'
from 'B+' and removed the rating from CreditWatch where it had
been placed on June 8, 2004. Its long-term 'CCC' corporate
credit rating remains on CreditWatch with developing
implications.

The action follows Sojitz' announcement of its new business
plan, which involves a thorough restructuring and injection of
capital, and is expected to significantly improve Sojitz' asset
quality and capitalization.

The new plan includes asset disposal and debt reduction. Sojitz
will incur JPY400 billion of losses from restructuring and
disposing of assets.

At the same time, JPY370 billion in capital, JPY360 billion of
which will be preferred stock, will be injected mainly by
Sojitz' creditor banks, including UFJ Bank Ltd. (BBB/Watch
Pos/A-2). There have been concerns over the company's asset
quality, but the restructuring plan should reduce Sojitz' risk
assets substantially. As a result of the capital injection and
debt reduction, Sojitz' net debt to equity ratio is expected to
drop to 3.8x, which is low relative to its peers.

Sojitz' senior unsecured debt rating is higher than the issuer
rating, reflecting better protection for bondholders than bank
lenders, given the likelihood of support by key creditor banks
through loan waivers, including debt-for-equity swaps (see
report "Rating Implications of Loan Waivers for Japanese
Corporates," published on Sept. 23, 2003). Standard & Poor's
expects that such potential support, including liquidity
support, from main creditor banks like UFJ Bank will continue
following UFJ's plan to merge with Mitsubishi Tokyo Financial
Group by October 2005.

Although some uncertainty remains, the new plan does not appear
to indicate any debt forgiveness or a debt-for-equity swap on
Sojitz' debt obligations. The long-term issuer rating could be
raised to 'B+' if the capital injection scheme does not involve
any form of debt-for-equity swap. However, under Standard &
Poor's ratings criteria, an 'SD' rating is assigned to a company
if it selectively defaults on a specific issue or class of
obligations, but continues to meet its payment obligations on
other issues or classes of obligations in a timely manner.

A Japanese version of this media release is available on
Standard & Poor's CreditWire Japan via Bloomberg Professional at
SPCJ.

CONTACT:

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


SOJITZ HOLDINGS: JCR Puts Ratings on CM
---------------------------------------
The Japan Credit Rating Agency Limited (JCR) continues placing
Credit Monitor on the ratings for Sojitz Holdings and Sojitz
Corporation.

Issuer: Sojitz Holdings Corporation
senior debts

Issue           Amount(bln) Issue Date     Due Date      Coupon
bonds no.1
(guaranteed by
Sojitz Corp.)    Y25       Mar. 25, 2004  Mar. 24, 2004   3.00%

Issuer: Sojitz Corporation

Issues          Amount(bln) Issue Date     Due Date      Coupon

(former Nichimen)
bonds no.11         Y9    Sept.14, 1999   Sept. 14, 2004   3.21%
bonds no.13         Y11   Sept.22, 2000   Sept. 22, 2005   2.70%
bonds no.14         Y20   Dec. 14, 2000   Dec. 14, 2004    2.10%

(former Nissho Iwai Corporation)
FRN no.11           Y3    Nov. 20, 1997   Nov. 20, 2007
floating
bonds no.19         Y4    Aug. 27, 1998   Aug. 26, 2005    3.00%

CP Maximum Backup Line
Y500 billion 0%

JCR continues placing Credit Monitor on the ratings for Sojitz
Holdings and Sojitz Corporation.

Rationale:

Sojitz Holdings today announced its new business plan for the
group. JCR placed the ratings on both Sojitz Holdings and Sojitz
Corporation under Credit Monitor upon announcement of its basic
plan for the new business plan on July 23, 2004. It said that it
would incur loss totaling 250 billion yen for the credit costs
such as write-offs, making provisions and loss on sales. The
amount of the loss revised upward to 400 billion yen under the
new business plan as a result of asset assessment conducted by
an independent third party. Although JCR has been concerned
about additional loss associated with the restructuring, the
loss announced today is larger than its estimate. The increase
in the estimated loss was made because Sojitz plans to improve
the asset quality all at once, drastically withdrawing from low-
profit operations including offshore investments and disposing
of the real estate held by it.

Implementation of the new business plan will lead to improvement
in the asset quality and the financial structure. However, JCR
continues placing the ratings under Credit Monitor to verify the
following: 1) Details of the loss amounting to as much as 400
billion yen. 2) Feasibility of the selling-offs of the assets in
the current fiscal year. 3) Corporations other than UFJ Bank and
UBS group that will contribute capital to it. And finally 4)
Feasibility of the earnings target in the future.


SOJITZ HOLDINGS: Unveils New Business Plan
------------------------------------------
Since the announcement on July 23, 2004 of the Group's
fundamental policies in connection with its New Business Plan,
the Sojitz Group has continued to pursue every avenue, in its
efforts to realize its objectives.

In the ensuing period, Sojitz Holdings has also conducted a
drastic review of its current Business Plan, and has formulated
a New Business Plan with the aim of enhancing corporate value by
quickly restoring market confidence. Details of the New Business
Plan are provided as follows.

(1) Objectives

The objectives of the New Business Plan are to build a more
robust management foundation unaffected by external conditions
and to enhance corporate value by quickly restoring market
confidence.

The New Business Plan covers a three-year period commencing the
fiscal year ending March 31, 2005. The entire Sojitz Group is
committed to becoming an innovative functional trading company
that delivers high-value-added functions and services that only
the Sojitz Group can deliver, in those business areas where the
Sojitz Group can realize its strengths, by the end of the Plan.

(2) Fundamental Policies

(i) Establish a Robust Financial Position
- Conduct a drastic review of the Group's asset portfolio
- Reinforce shareholders' equity and reduce interest-bearing
debt

(ii) Evolution to a Quality Earnings Structure
- Accelerate implementation of selection and focus initiatives
- Focus on improving SCVA (Sojitz's own risk/return management
indicator)

(3) Financial Targets (Fiscal year ending March 31, 2007,
Consolidated basis)

- Recurring profit: JPY75 billion
- Net DER: 3 times (Net interest-bearing debt of JPY1trillion)
- Ratings: Exceeding BBB

(4) New Business Plan Overview

(i) Establish a Robust Financial Position

Adopting a completely new approach and from the perspective of
reducing operational risk and improving the quality and
liquidity of assets, the Sojitz Group has decided to write-off
an amount totaling approximately JPY400 billion in an effort to
instantaneously restore asset quality. The write-off will cover
the loss for the complete withdrawal from low-profit businesses
including overseas investments and loans and the disposal of
real estate and rid the Company of those assets experiencing
deterioration in value.

The Sojitz Group is committed to completing drastic measures,
such as the sale of assets and withdrawal from low-profit
businesses, in the current fiscal year, with the aim of avoiding
additional future losses. In the area of real estate disposal,
the Sojitz Group has appointed the Mitsubishi Trust and Banking
Corporation and UFJ Trust Bank Limited, as advisors and is
currently examining all issues in connection with full and final
disposal.

Based on the objectives to accelerate selection and focus
initiatives and to avoid additional future loss, the Sojitz
Group will withdraw from low-profit businesses, which used to be
classified as continuous operations including overseas
investments and loans.

The Sojitz Group has sought the support of UFJ Bank Limited, its
principal bankers, and the UBS Group in its proposal to issue
additional shares thereby increasing capital. Through this
capital increase, the Sojitz Group plans to refortify
shareholders' equity, which is expected to decline as a result
of the write-off, and at the same time to reduce interest-
bearing debt.

As of the end of the current fiscal year, the Sojitz Group is
forecasting a substantial deficit in retained earnings as a
result of the extraordinary loss in conjunction with the drastic
review of its asset portfolio. To recover this deficit, Sojitz
Holdings intends to table a resolution for approval at its
annual general meeting of shareholders scheduled in June 2005 to
transfer a portion of its capital surplus to retained earnings
and to reduce capital. This reduction in capital will be
transferred to capital surplus so as not to affect the total
value of net worth. In addition, the number of shares issued and
outstanding will also remain unchanged.

The Sojitz Group has received independent third-party evaluation
from PriceWaterhouseCoopers Financial Advisory Services, of the
probability and efficacy of its New Business Plan on the
condition monitoring and assessment is implemented.

In addition, in conjunction with the formulation of its New
Business Plan, the Sojitz Group also announced revisions to
earnings forecasts originally announced on May 13, 2004.

To view the full release, click on:
http://bankrupt.com/misc/TCRAP_SOJITZHOLDINGS090904.pdf


SOJITZ HOLDINGS: Revises Consolidated, Non-Consolidated Earnings
----------------------------------------------------------------
Following drastic review of its current Business Plan, Sojitz
Holdings Corporation has formulated a New Business Plan with the
aim of enhancing corporate value by quickly restoring market
confidence.

Guided by its Business Plan, Sojitz Holdings has decided to
write-off an amount totaling approximately JPY400 billion (on a
consolidated basis) in an effort to instantaneously restore
asset quality. The write-off will cover the loss for the
complete withdrawal from low-profit businesses including
overseas investments and loans and the disposal of real estate
holdings.

As a result of its decision to implement these measures, the
Company has revised consolidated and non-consolidated earnings
forecasts for the fiscal year ending March 31, 2005.

(1) Consolidated and Non-Consolidated Earnings Forecasts for the
Fiscal Year Ending March 31, 2005.

As a result of the Company's decision to write-off the amount as
identified in its New Business Plan, mentioned above, Sojitz
Holdings has revised its earnings forecasts, which were
initially announced on May 13, 2004 together with the Company's
fiscal 2003 financial results.
Earnings forecasts for the current fiscal year:

(Consolidated)                                         Billions
of Yen
                         Net Sales  Recurring Profit  Net Income
(Loss)
Previous Forecast (A)      6,100          85                  50
Revised Forecast (B)       5,000          50               - 380
Difference (B - A)        -1,100         -35                -430
Difference (%)            -18.0%       -41.2%                  -
(Reference) Results
of Fiscal 2003           5,861.7        48.5               -33.6

Rationale

Adopting a completely new approach and from the perspective of
reducing operational risk and improving the quality and
liquidity of assets, the Sojitz Group has decided to write-off
an amount totaling approximately 400 billion (on a consolidated
basis) in an effort to instantaneously restore asset quality.
The write-off will cover the loss for the complete withdrawal
from low-profit businesses including overseas investments and
loans and the disposal of real estate holdings.

(Non-Consolidated)                                    Millions
of Yen
                       Net Sales   Recurring Profit  Net Income
(Loss)
Previous Forecast (A)     2,200         180                  60
Revised Forecast (B)      2,200         180            -550,000
Difference (B - A)            -           -            -550,000
Difference (%)                -           -                   -
(Reference) Results
of Fiscal 2003            2,897         164                  83

(Rationale)

In the current fiscal year, Sojitz Holdings forecasts Sojitz
Corporation, a consolidated subsidiary, will report a
substantial extraordinary loss. As a result, the Company plans
to reflect this loss in its non-consolidated financial
statements by recognizing an impairment loss on its investment
in Sojitz Corporation.

(2) Consolidated and Non-Consolidated Earnings Forecasts for the
Interim Period of the

Fiscal Year Ending March 31, 2005

The amount to be written-off for the interim period, based on
asset disposal initiatives outlined in the Company's New
Business Plan, are yet to be determined. Accordingly, Sojitz
Holdings will announce revised forecasts for the interim period
of the fiscal year ending March 31, 2005 as and when decided.


UFJ HOLDINGS: Comments on Sojitz' New Business Plan
---------------------------------------------------
UFJ Holdings, Inc. (UFJ Holdings) and UFJ Bank Limited (UFJ
Bank), a wholly owned subsidiary of UFJ Holdings, issued a
following comment regarding 'New Business Plan (the Plan)'
announced by Sojitz Holdings Corporation today:

"UFJ Holdings and UFJ Bank highly appreciate the Plan, as it is
highly achievable and enough to restore market confidence.

UFJ Holdings and UFJ Bank will positively review the request for
cooperation in capital enhancement outlined in the Plan.'

CONTACT:

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


UFJ HOLDINGS: Sets Price for Conversion of Preferred Share
----------------------------------------------------------
UFJ Holdings, Inc. (UFJ) hereby gives notice that the price for
the mandatory conversion of the Class III Preferred Share of UFJ
has been determined as follows in accordance with the
stipulations for the mandatory conversion of the said preferred
share.

Preferred shares which are not claimed for conversion by
September 30, 2004 (Japan time) are scheduled to be converted to
common shares. The number of common shares issued in exchange
for the preferred shares shall be calculated by dividing Yen
2,000,000 by the conversion price mentioned below.

Description:

(1) Price for mandatory conversion: Yen 806,500

(2) Date applicable: October 1, 2004

(For reference)

Class III Preferred Shares:

(Number of preferred shares outstanding) 15,674 shares as of
September 7, 2004

(Issuance) When UFJ Holdings, Inc. was established through a
stock transfer, one Class III Preferred Share was issued in
exchange for 1,000 of the preferred share described below:

- First Preference Share of The Tokai Bank, Limited (current UFJ
Bank Limited)

(Issued on April 19, 1996; issue price of Yen2,000; 50,000
thousand shares issued)


UFJ HOLDINGS: May Cut Top Execs' Salaries by 100%
-------------------------------------------------
As part of its management reform efforts, UFJ Holdings
Incorporated may slash the salaries of President Ryosuke
Tamakoshi and UFJ Bank President Takamune Okihara by 100 percent
starting next month, reports The Daily Yomiuri.

In addition, the company is likely to reduce the pay of other
executives by 50 percent or more, and for the most part cancel
winter bonuses for other personnel, though their monthly pay
stays the same.

The measures are expected to be included in the company's
management reorganization program to be presented to the
Financial Services Agency today.


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


DAEWOO HEAVY: Rotem Drops Bid
-----------------------------
Rotem Co. confirmed on Wednesday that it has withdrawn from the
bidding race for the defense division of Daewoo Heavy Industries
and Machinery Ltd. (DHI)(KSE:042670), reports Yonhap News.

In a statement, Rotem said it decided to drop its bid because it
is not interested in taking over DHI's 28.1-percent interest in
Korea Aerospace Industries (KAI), which the Korea Asset
Management Co. (KAMCO) is planning to sell along with its 35.96-
percent DHI stake.

"Taking over a stake in KAI was not part of Rotem's business
plan and thus we decided not to take part in the bidding," Rotem
declared.

It was earlier reported that Rotem, a rolling stock unit of the
Hyundai Motor Group, backed out of the race because Hyundai
Chairman Chung Mong-koo is reportedly against the acquisition of
DHI's defense operations.

With the exit of Rotem, other local bidders include a consortium
of Tongil Heavy Industries Co. and Samyoung Corp., Design Limit
and Hanwha.

Samsung, Hyundai and Daewoo, the nation's top three
conglomerates, merged their aerospace affiliates to create KAI
in October 1999.  At present, Samsung Techwin, Hyundai Motor Co.
and Daewoo Heavy each hold a 28.1-percent stake, while
creditors, including the Korea Development Bank (KDB), own a
combined 15.7-percent interest.


PAN OCEAN: KDB Chooses STX as Prime Bidder
------------------------------------------
A prime bidder for Pan Ocean Shipping Co. has been chosen
Tuesday, according to Yonhap News, citing the Korea Development
Bank (KDB).

In an open international bidding, the STX-led consortium offered
more than KRW300 billion (US$260 million) for Pan Ocean, topping
another consortium led by Kumho International Co., which was
chosen as a reserve bidder by the KDB in the event talks between
STX and Pan Ocean fail.

Among other bidders were Korea Line Corp., Dongkuk Steel Mill
Co. and an Israeli shipping company, informed sources said.

STX is targeting the shipping firm as it needs to secure
transportation of fuel for its power plants, industry watchers
said.

Creditors are currently controlling a 99.64-percent stake in the
firm with 64.45 owned by the KDB, 10.42 percent by Korea
Exchange Bank, 6.32 percent by Woori Bank and 3.55 percent by
Chohung Bank.

Pan Ocean Shipping has been under creditor supervision since
1987 before being put under court receivership in 1992.

CONTACT:

Pan Ocean Shipping Co. Ltd.
51-1, Namchang-Dong, Jung-Ku,
Seoul 100-778, Korea


TELSON ELECTRONICS: Shareholders File KRW2.36Bln Suit
-----------------------------------------------------
Shareholders of Telson Electronics Co. filed a KRW2.36-billion
(US$2.05 million) compensation suit Wednesday against five high-
ranking officials of the mobile phone company, reports Asia
Pulse.

Defendants for the suit include Kim Dong-yun, the chief
executive officer at Telson.

Shareholders claimed that the five Telson executives and Daejoo
Accounting Corp., the company's outside auditor, committed
accounting fraud and made false disclosures, doing damage to
small investors.

Telson Electronics filed for corporate protection in July after
failing to repay KRW1.9 billion in promissory notes.


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


ACTACORP HOLDINGS: Enters Share Sale Agreement
----------------------------------------------
Actacorp Holdings Berhad announced that pursuant to Clause 5.1
of the Share Sale Agreement between Kumpulan Jetson Berhad, PJS
Industries Sdn Bhd and the Company dated 7 April 2004, the
respective parties to the Share Sale Agreement have agreed that
the date for the fulfillment or satisfaction of the condition
precedent as set out in Clause 5.1(b) of the Share Sale
Agreement be extended for another 45 days, commencing from 7
September 2004 and expiring on 21 October 2004.

The said parties have mutually agreed to the extension, pending
the decision of the Securities Commission in respect of the
appeal letter, which was submitted on 11 August 2004.

This announcement is dated 8 September 2004.

c.c. Securities Commission
Encik Kris Azman Abdullah

CONTACT:

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


ANCOM BERHAD: Releases Shares Buy Back Notice
---------------------------------------------
Ancom Berhad disclosed to Bursa Malaysia Securities Berhad the
details of its shares buy back on September 8, 2004.

Date of buy back: 08/09/2004

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

Total number of shares purchased (units): 143,500

Minimum price paid for each share purchased (RM): 0.790

Maximum price paid for each share purchased (RM): 0.815

Total consideration paid (RM):

Number of shares purchased retained in treasury (units): 143,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 4,640,600

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

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


DENKO INDUSTRIAL: AGM Set For September 30
------------------------------------------
Notice is hereby given that the Fifteenth Annual General Meeting
(AGM) of Denko Industrial Corporation Berhad will be held at the
Function Room 3, Level 2, Hotel Sri Petaling Kuala Lumpur, No.
30, Jalan Radin Anum, Bandar Baru Sri Petaling, 57000 Kuala
Lumpur on Thursday, 30 September 2004 at 10:30 a.m. for the
following purposes:

1. To receive and adopt the Audited Financial Statements for the
year ended 31 March 2004 and the Directors' and Auditors'
Reports thereon. (Resolution 1)

2. To approve the Directors' fees for the year ended 31 March
2004.   (Resolution 2)

3. To re-elect Lim Say Leong who retires as Director pursuant to
Article 102 of the Company's Articles of Association.
(Resolution 3)

4. To re-elect the following Directors retiring pursuant to
Article 109 of the Company's Articles of Association.

  a) Chong Hut Hoo                 (Resolution 4)
  b) Tony Lim Kein Huei            (Resolution 5)
  c) Boo King Ong                  (Resolution 6)
  d) Khairilanuar bin Abdul Rahman (Resolution 7)
  e) Thoolasy Das A/L Ponniah      (Resolution 8)

5. To re-appoint Messrs. BDO Binder as Auditors for the ensuing
year and to authorize the Directors to fix their remuneration.
(Resolution 9)

6. As Special Business, to consider and if thought fit, pass the
following Ordinary Resolution: "THAT subject always to the
Companies Act, 1965, the Articles of Association of the Company
and the approvals of the relevant authorities, the Directors be
and are hereby authorized, pursuant to Section 132D of the
Companies Act, 1965, to allot and issue shares in the Company,
from time to time and upon such terms and conditions and for
such purposes as the Directors may, in their absolute discretion
deem fit, provided that the aggregate number of the shares to be
issued does not exceed 10% of the issued share capital of the
Company for the time being AND THAT such authority shall
continue in force until the conclusion of the next Annual
General Meeting of the Company." (Resolution 10)

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

BY ORDER OF THE BOARD
LOH YIN FUN
Company Secretary
8 September 2004
Kuala Lumpur

Notes:

1. A member of the Company entitled to attend and vote at the
general meeting is entitled to appoint a proxy to attend and
vote in his stead. A proxy need not be a member of the Company.

2. In the case of a corporate member, the instrument appointing
a proxy must be either under its common seal or under the hand
of its officer or attorney duly authorized.

3. The instrument appointing a proxy, to be valid, must be
deposited at the Registered Office of the Company at Unit J, 4th
Floor, Excella Business Park, Jalan Ampang Putra, Taman Ampang
Hilir, 55100 Kuala Lumpur not less than 48 hours before the time
set for the meeting.

EXPLANATORY NOTE ON SPECIAL BUSINESS

Resolution pursuant to Section 132D of the Companies Act, 1965:

The Ordinary Resolution pursuant to Section 132D of the
Companies Act, 1965, if passed, will empower the Directors, from
the date of the above general meeting until the next Annual
General Meeting to allot and issue shares in the Company up to
an amount not exceeding in total 10% of the issued capital of
the Company for the time being and such purposes as the
Directors consider would be in the interest of the Company. This
would avoid any delay and cost involved in convening a general
meeting to specifically approve such an issue of new shares.
This authority, unless revoked or varied at a general meeting
will expire at the next Annual General Meeting of the Company.

CONTACT:

Denko Industrial Corp. Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Telephone: 03-7983 9099
Fax: 03-7981 7629


GOLDEN FRONTIER: Issues Share Buy Back Notice
---------------------------------------------
Golden Frontier Berhad announced the details of its shares buy
back on September 8, 2004.

Date of buy back: 08/09/2004

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

Total number of shares purchased (units): 10,800

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

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

Total consideration paid (RM): 7,547.95

Number of shares purchased retained in treasury (units): 10,800

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,053,300

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


GOLDEN PLUS: Answers Bursa Malaysia Query
-----------------------------------------
Golden Plus Holdings Berhad responded to the Bursa Malaysia
Securities Berhad's letter query dated 9 September 2004 on the
advertisement of a winding-up petition on Golden Plus Builders
Sdn Bhd (GPBSB) as follows:

1. Name of petitioner: Meng Kee Lime Products Trading

1.1 Service date of winding-up petition: The petition was not
served on Golden Plus Builders Sdn Bhd (GPBSB) nor Golden Plus
Holdings Berhad (GPHB).

2. Particulars of claim: Supply of white lime products.

2.1 Amount claimed: RM13,050.00.
2.2 Interest rate: NIL .

3. Details of the default: the company was reviewing The claim
and that there were ongoing negotiations.

4. Total cost of investment in GPBSB: RM1,750,000.

5. Financial and operational impact: No financial and
operational impact as the debt of the winding-up proceedings has
been settled.

6. Expected loses: There are no expected losses as the
proceedings are being withdrawn.

7. Steps taken by the Company: The debt has been settled in full
and there are no further or subsistent claims from this
petitioner.

8. Statement by GPHB: We hereby confirm that GPBSB is solvent
and that there are no contingent or continuing liabilities known
to the Company that may be enforceable within a period of twelve
months here from.

The Company is able to meet its obligations and/or liabilities
as they fall due.

9. Solvency declaration: Undertaking by the directors of Golden
Plus Holdings Berhad to forward the requisite solvency
declaration within 7 days here from.

Query Letter content:

The Bursa Malaysia Securities Berhad refers to the advertisement
on a winding-up petition appearing in The New Straits Times,
Life & Times section, page 5, on Thursday, 9 September 2004, a
copy of which is enclosed for your reference.

In this connection, kindly furnish Bursa Malaysia Securities
Berhad (Bursa Securities) with the following information
immediately for public release:

The name of the petitioner and date the winding-up petition was
served on GPBSB;

The particulars of the claim under the petition, including the
amount claimed for under the petition and the interest rate;

The details of the default or circumstances leading to the
filing of the winding-up petition;

The total cost of investment in GPBSB;

The financial and operational impact of the winding-up
proceedings;

The expected losses, if any, arising from the winding-up
proceedings;

The steps taken and proposed to be taken by the Company in
respect of the winding-up proceedings;

Where GPBSB is a major subsidiary, a statement whether Golden
Plus Holdings Berhad (Company) and its group of companies
(Group) is solvent i.e. that no contingent or other liability
has become or is likely to become enforceable within the period
of twelve (12) months from the date thereof which will or may
affect the ability of the Group or the Company to meet their
obligations as and when they fall due; and

9. Where GPBSB is a major subsidiary, an undertaking to provide
to Bursa Securities a solvency declaration executed by the
directors of the Company within seven (7) days (where such
declaration can be made).

Please note that the contents of the announcement must be
endorsed by the board of directors of the Company.

Yours faithfully
INDERJIT SINGH
Sector Head
Issues & Listing
Group Regulations

CKM/KHB
Copy to : Securities Commission (via fax)


INNOVEST BERHAD: Enters Deal With White Knight
----------------------------------------------
Innovest Berhad has entered into an agreement with Ir. Azlin
Azrai Bin Lan Hawari and Mohd Kamal Bin Omar (collectively the
White Knight) and in Intraline Resources Sdn Bhd (IRSB) to
undertake a restructuring scheme (hereinafter known as the
Proposals) to regularize Innovest's financial condition.

PROPOSED ACQUISITIONS

It is proposed that Newco acquire the entire equity interests in
Intraline Resources Sdn Bhd (IRSB), Cergas Kenali Sdn Bhd (CKSB)
and Town & Country Properties Sdn Bhd (TCPSB) (Proposed
Acquisitions) for a purchase consideration of RM142.50 million,
RM10.13 million and RM30.00 million respectively (collectively
known as the Purchase Consideration). The Purchase Consideration
is to be satisfied by the issuance of 273.95 million ordinary
shares of RM0.50 each (Shares) in Newco credited as fully paid-
up, at an issue price of RM0.50 per new Newco Share and
approximately RM45.66 million nominal value Irredeemable
Convertible Unsecured Loan Stocks (ICULS) in Newco
(Consideration Securities).

2.1 Basis of Arriving at the Purchase Consideration

IRSB

The purchase consideration of IRSB of RM142.50 million (Purchase
Consideration of IRSB) was arrived at on a willing buyer-willing
seller basis, after taking into consideration the earnings
potential of IRSB.

CKSB

The purchase consideration of CKSB of RM10.13 million (Purchase
Consideration of CKSB) was arrived at on a willing buyer-willing
seller basis, after taking into consideration the earnings
potential of CKSB.

TCPSB

The purchase consideration of TCPSB of RM30.00 million (Purchase
Consideration of TCPSB) was arrived at on a willing buyer-
willing seller basis, after taking into consideration of the
adjusted NTA of TCPSB based on the market valuation of the
landed properties of TCPSB.

Basis of Determining the Issue Price of the Shares in Newco

The proposed issue price of RM0.50 per Share in Newco in
relation to the Proposed Acquisitions was arrived at after
taking into consideration the following:

a) the earnings potential of the businesses of the Newco group
upon completion of the Proposals; and

b) the minimum issue price of RM0.50, i.e. the par value.

Profit Guarantee

The vendors of IRSB, will jointly and severally, guarantee to
Newco that the profit after tax of IRSB for the two (2)
financial years ending 31 December 2004 and 2005 (Guaranteed
Financial Years) shall not be less than 90% of RM7 million and
RM12 million respectively.

The vendors of CKSB, will jointly and severally, guarantee to
Newco that the profit after tax of CKSB for the Guaranteed
Financial Years shall not be less than 90% of RM300,000 and
RM700,000 respectively.

Brief Information on IRSB, CKSB and TCPSB

IRSB

IRSB was incorporated in Malaysia under the Companies Act, 1965
(Act) as a private limited company on 10 September 1993. Its
present authorized share capital is RM5.0 million comprising 5.0
million ordinary shares of RM1.00 each, of which RM3.5 million
comprising 3.5 million ordinary shares of RM1.00 each have been
issued and fully paid-up.

IRSB is principally engaged in integrated engineering,
procurement, construction and management (EPCM) services to oil
& gas, petrochemical, power generation, marine and other related
industries. As at to date, IRSB has on-going contracts worth
approximately RM390 million and the company is actively securing
more contracts. The substantial shareholders, directors of IRSB
and their respective shareholdings in IRSB are set out in Table
2 (http://bankrupt.com/misc/tcrap_innovest091004.doc).

As at the date of this announcement, IRSB does not have any
subsidiary or associate company.

CKSB

CKSB was incorporated in Malaysia under the Act as a private
limited company on 20 August 2003. Its present authorized share
capital is RM500,000 comprising 500,000 ordinary shares of
RM1.00 each, of which RM300,000 comprising 300,000 ordinary
shares of RM1.00 each in CKSB have been issued and fully paid-
up.

CKSB is principally engaged in mechanical, electrical and civil
engineering in the oil and gas and the building and
infrastructure industries. The substantial shareholders,
directors of CKSB and their respective shareholdings in CKSB are
set out in Table 2
(http://bankrupt.com/misc/tcrap_innovest091004.doc)

As at the date of this announcement, CKSB does not have any
subsidiary or associate company.

TCPSB

TCPSB was incorporated in Malaysia under the Act as a private
limited company on 5 December 1994 as Prestige Freshline Sdn
Bhd. On 29 March 1995, it changed its name to TCPSB. Its present
authorized share capital is RM500,000 comprising 500,000
ordinary shares of RM1.00 each, of which RM400,000 comprising
400,000 ordinary shares of RM1.00 each in TCPSB have been issued
and fully paid-up.

TCPSB is principally engaged in resort development and resort
operation. The shareholders, directors of TCPSB and their
respective shareholdings in TCPSB are set out in Table 2
(http://bankrupt.com/misc/tcrap_innovest091004.doc).

TCPSB is currently developing a piece of freehold land known as
Genting Hill Home which is located in Genting Highlands,
measuring approximately 30 acres and held under various
subdivided titles comprising bungalow lots. A plot measuring
approximately 3.5 acres is also currently being planned for the
development of service apartments for resort operation purposes.

TCPSB does not have any subsidiary or associate company.

Salient features of the ICULS

The salient features of the ICULS are shown in Table 3
(http://bankrupt.com/misc/tcrap_innovest091004.doc).

Prospects of IRSB, CKSB and TCPSB

As reported in the Economic Report 2003/2004, the domestic
economy is expected to strengthen in 2004, hence increasing the
demand for energy. Output of natural gas is envisaged to
increase by 11.6% due to expanded production capacity and
anticipated higher demand in tandem with global economic
recovery while output of crude oil is expected to maintain at
600,000 bpd (excluding condensates). As a result, growth of
value added of the mining sector is also forecasted to increase
by 3.5%.

The rising trend in oil prices augurs well for IRSB and CKSB as
it would stand to benefit from the increase in the engineering,
procurement and construction works conducted by the various
companies involved in the oil and gas industry. In addition,
explorations are aplenty and the most recent oil discovery was
the Block K discovery in the deep-waters of Sarawak. A major
part of IRSB's and CKSB's businesses are in the high growth
sectors such as oil and gas, petrochemical and power generation
in which large amounts are expected to be invested to underpin
Malaysia's development into an industrial country by 2020. IRSB
and CKSB would take the advantage of the vast opportunities from
the large investment that is expected to take place both in the
upstream and downstream oil and gas industry, as well as in the
downstream processing of gas into petrochemical feedstocks.
IRSB intends to expand its activities to the Middle East and
Indonesian markets and has to date secured a contract in Qatar.
IRSB anticipates that future turnover will be contributed by
both local and overseas contracts.

Genting Highlands has always been a major tourist attraction as
it caters to all ages. TCPSB's development of the 'Genting Hill
Home' in Genting Highlands would be incorporated with 'sale and
lease back' strategies for resort operation purposes.

Risk Factors

The Proposed Acquisitions are subject to certain risks inherent
in the oil and gas industry. These risks, amongst others,
include changes in the general economic conditions such as
government regulations, taxation, inflation, interest rates,
exchange rates of foreign currencies and changes to business
conditions such as deterioration in market conditions, rising
costs of labor and raw materials.

Assumption of Liabilities

There will be no additional liabilities to be assumed by Newco
arising from the Proposed Acquisitions.

Satisfaction of the Purchase Consideration

The details of the cost and dates of investments by the vendors
of IRSB, CKSB and TCPSB and their respective satisfaction of the
Purchase Consideration are as set out in Table 1
(http://bankrupt.com/misc/tcrap_innovest091004.doc)

DETAILS OF THE PROPOSED SCHEME

Proposed Share Swap

It is proposed that 331,866,938 ordinary shares of RM1.00 each
in Innovest be exchanged with new securities in Newco on the
basis of two (2) new Shares in Newco for every thirty three (33)
ordinary shares of RM1.00 each held by the existing shareholders
of Innovest. As a result, Innovest shall become a wholly owned
subsidiary of Newco.

Newco will be used as an investment holding company to
facilitate the restructuring of Innovest and will subsequently
assume the listing status of Innovest pursuant to the Proposals.
Thereafter, Newco will be listed on the Main Board of the Bursa
Malaysia Securities Berhad (Bursa Securities). Details of Newco
will be announced upon its incorporation.

PROPOSED OFFER FOR SALE

In conjunction with the Proposals, Newco is proposing an offer
for sale of Shares by way of private placement at an indicative
offer price of RM0.50 per Share to the Malaysian Public
("Proposed Offer For Sale"). The purpose of the Proposed Offer
For Sale is to meet the public spread requirements of the
Listing Requirements of Bursa Securities.

PROPOSED TRANSFER OF LISTING STATUS OF INNOVEST TO NEWCO

Newco shall apply to the Bursa Securities for admission to the
official list and the listing of and quotation for the entire
enlarged issued and paid-up share capital of Newco on the Main
Board of the Bursa Securities which shall result in Innovest to
be de-listed from the Main Board of the Bursa Securities.

In that respect, the entire issued and paid-up share capital of
Newco comprising 294,063,152 Shares and subsequently upon full
conversion of the ICULS, an additional 91,316,668 Shares will be
listed on the Main Board of the Bursa Securities.

PROPOSED DISPOSAL OF INNOVEST

Upon completion of the Proposed Transfer of Listing Status of
Innovest to Newco, Newco will dispose its entire issued and
paid-up share capital of Innovest for RM1.00 to unrelated
parties for liquidation purposes prior to the listing of Newco.

RANKING OF THE NEW SHARES IN NEWCO

All the new Shares in Newco to be issued pursuant to the
Proposed Share Swap, Proposed Acquisitions and conversion of
ICULS shall upon allotment and issue, rank pari passu in all
respects with the existing Shares in Newco.

RATIONALE FOR THE PROPOSALS

Innovest is an affected listed issuer pursuant to PN4/2001 and
PN10/2001 of the Listing Requirements of Bursa Securities. As a
result of the above and the requirements of PN4/2001 and
PN10/2001 of the Listing Requirements of Bursa Securities,
Innovest is obligated to undertake an exercise to regularize its
financial position and level of operations.

Hence, the Proposals have been formulated to regularize
Innovest's financial position and to provide the Company with an
adequate level of operations.

The Proposals will provide the restructured group with a new
viable and profitable core business, which is oil and gas
related. The inclusion of TCPSB in the Proposals is to provide
an adequate level of asset backing for the new group. The said
resort development and operation represents a one-off property
investment by the new group and it is not the intention of the
new group to expand its business in the property development
sector. In addition, upon completion of the resort, the new
group is expected to derive a stream of steady and recurring
income from the management of the resort business.

EFFECTS OF THE PROPOSALS

Share Capital

The Proposals are not expected to have any effects on the share
capital of Innovest. However, the movement in the issued and
paid-up share capital of Newco would be as shown in Table 4
(http://bankrupt.com/misc/tcrap_innovest091004.doc)

Proforma Consolidated NTA

Please refer to Table 5
(http://bankrupt.com/misc/tcrap_innovest091004.doc).

Shareholding Structure of Newco

Please refer to Table 6
(http://bankrupt.com/misc/tcrap_innovest091004.doc).

Earnings

The Proposals will not have any material effect on the earnings
of Newco for the financial year ending 31 December 2004 as the
Proposals are only expected to be completed by the second half
of 2005. However, upon completion, the Proposals are expected to
contribute positively to the future earnings of Newco.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

None of the Directors and major shareholders of Innovest as well
as persons connected to them has any material interest, direct
or indirect, in the Proposals beyond their entitlements under
the Proposed Share Swap with Newco which all existing
shareholders of Innovest are entitled to.

APPOINTMENT OF ADVISER

AmMerchant Bank has been appointed as the adviser to the Company
in connection with the Proposals.

CONDITIONS OF THE PROPOSALS

The Proposals which are inter-conditional are subject to the
approvals of the following:

a) The Securities Commission;

b) The Foreign Investment Committee;

c) The shareholders of Innovest at a court convened meeting
pursuant to Section 176 of the Act to be convened;

d) The shareholders of Innovest at an Extraordinary General
Meeting (EGM) to be convened;

e) The approval of the Bursa Securities for the listing of and
quotation for the entire issued and paid-up share capital of
Newco and the additional Shares in Newco arising from the
conversion of the ICULS on the Main Board of the Bursa
Securities; and

f) Any other relevant authorities.

STATEMENT BY DIRECTORS

The Board, having considered all aspects of the Proposals, is of
the opinion that the Proposals are in the best interest of the
Company.

SUBMISSION TO THE RELEVANT AUTHORITIES

The applications to the relevant authorities for the approvals
to the Proposals are expected on or before 1 November 2004.

Hereinafter collectively referred to as the "proposals"

Requisite announcement pursuant to paragraph 5.1(a) of practice
note (PN) 4/2001 and paragraph 6.1(a) of PN 10/2001 of the
listing requirements of Bursa Malaysia Securities Berhad in
relation to:

(i) Proposed acquisition of Intraline Resources Sdn Bhd (IRSB),
Cergas Kenali Sdn Bhd (CKSB) and Town & Country Properties Sdn
Bhd (TCPSB) by a special purpose vehicle (NEWCO) to be
incorporated (proposed acquisitions);

(ii) Proposed composite scheme of arrangement with Innovest's
members pursuant to section 176 of the companies act 1965
(proposed scheme);

(iii) Proposed offer for sale;

(iv) Proposed transfer of listing status of Innovest to Newco;
and

(v) Proposed disposal of Innovest.

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.


MERCES HOLDINGS: Winding Up Hearing Set for November 3
------------------------------------------------------
The Board of Directors of Merces Holdings Berhad (MHB) announced
that Southern Bank Berhad (SBB) has served a winding up petition
onto the Company on 1 September 2004.

The total amount claimed by SBB against MHB is RM9,640,667.07
being the judgment sum, interest and costs due as at 29 March
2004 pursuant to the Judgment dated 3 December 2003 vide Kuala
Lumpur High Court Suit No. D1-22-374-2003 pertaining to the
recalled of banking facilities consist of an Overdraft Facility
of RM3,500,000.00 and Revolving Credit Facility of
RM5,000,000.00 granted to MHB on 10 May 2001.

The winding up proceedings, if not struck off, will have
material financial and operational impact on MHB.

Meanwhile, MHB with its solicitors are taking the appropriate
actions in response to the winding up petition. Necessary
announcement will be made to the Bursa Malaysia Securities
Berhad in due course.

The winding up petition is scheduled for hearing on 3 November
2004.

CONTACT:

Merces Holdings Berhad
9th Floor, Wisma Sime Darby
14 Jalan Raja Laut
50350 Kuala Lumpur
Tel: 03-2919366
Fax: 03-2928773/2919901


MOL.COM BERHAD: Unveils September 8 EGM Resolutions
---------------------------------------------------
The Board of Directors of Mol.com Berhad announced that the
ordinary resolutions proposed at its Extraordinary General
Meeting (EGM) held on Wednesday, 8 September 2004 have been duly
passed as follows:

Ordinary Resolution 1: Proposed Disposal of freehold land and
building located at Subang Jaya for a cash consideration of
RM9.8 million by the Company to Charming Season Sdn Bhd.

Ordinary Resolution 2: Proposed Disposal of freehold land and
building located at Kapar for a cash consideration of RM8.2
million by STT Eastern Sdn Bhd to Jemaramas Jaya Sdn Bhd.


PAN MALAYSIA: Schedules AGM on September 30
-------------------------------------------
Notice is hereby given that the Forty-Second Annual General
Meeting (AGM) of Pan Malaysia Industries Berhad will be held at
Crystal Ballroom, Corus Hotel Kuala Lumpur, Jalan Ampang, 50450
Kuala Lumpur on Thursday, 30 September 2004 at 3 p.m. for the
following purposes:

1. To receive the audited financial statements for the financial
year ended 31 March 2004 and the Reports of the Directors and
the Auditors thereon.

2. To consider and if thought fit, pass the following
resolutions in accordance with Section 129(6) of the Companies
Act, 1965:

i) "THAT pursuant to Section 129(6) of the Companies Act, 1965,
Dato' Haji Ibrahim bin Abdul Rahman be re-appointed a Director
of the Company to hold office until the next Annual General
Meeting of the Company."

ii) "THAT pursuant to Section 129(6) of the Companies Act, 1965,
Mr. Wong Aun Phui be re-appointed a Director of the Company to
hold office until the next Annual General Meeting of the
Company."

iii) "THAT pursuant to Section 129(6) of the Companies Act,
1965, Dr. Ngui Chon Hee be re-appointed a Director of the
Company to hold office until the next Annual General Meeting of
the Company."

3. To re-elect Tan Sri Dato' Dr. Khoo Kay Peng who is retiring
in accordance with Article 109 of the Company's Articles of
Association and being eligible, offers himself for re-election.

4. To re-appoint Messrs BDO Binder as Auditors of the Company
and to authorize the Directors to fix their remuneration.

5. Special Business:

To consider and, if thought fit, pass the following Ordinary
Resolution:

"THAT pursuant to Section 132D of the Companies Act, 1965 and
subject to the approval of the relevant authorities, the
Directors be and are hereby authorized to allot and issue shares
in the Company at any time until the conclusion of the next
Annual General Meeting or until the expiration of the period
within which the next Annual General Meeting is required by law
to be held, whichever is the earlier and upon such terms and
conditions and for such purposes as the Directors may, in their
discretion, deem fit, provided always that the aggregate number
of shares to be issued pursuant to this resolution does not
exceed ten per centum (10%) of the issued and paid-up share
capital of the Company for the time being".

6. To transact any other business of which due notice shall have
been received.

By order of the Board
Chik Wai Ming
Company Secretary
Kuala Lumpur
8 September 2004

Notes:

1. A member of the Company entitled to attend and vote at the
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member of the Company but if he is not a
member, he must be a qualified legal practitioner, approved
company auditor, a person approved by the Companies Commission
of Malaysia in the particular case or a person approved by the
Directors prior to the appointment.

2. A member entitled to attend and vote shall not be entitled to
appoint more than two proxies to attend and vote at the same
meeting. Where a member is an authorized nominee as defined
under the Securities Industry (Central Depositories) Act, 1991,
it may appoint one proxy only in respect of each securities
account it holds with ordinary shares of the Company standing to
the credit of the said securities account. Where a member, other
than an authorized nominee as defined under the Securities
Industry (Central Depositories) Act, 1991, appoints two proxies,
the appointments shall be invalid unless he specifies the
proportions of his holdings to be represented by each proxy.

3. The Form of Proxy shall be in writing under the hand of the
appointor or his attorney duly authorized in writing or if such
appointor is a corporation, under its common seal or under the
hand of the attorney.

4. The Form of Proxy must be deposited at the Registered Office
of the Company at 14th Floor, MUI Plaza, Jalan P. Ramlee, 50250
Kuala Lumpur not less than 48 hours before the time appointed
for holding the meeting or any adjournment thereof.

Explanatory Note On Special Business

The Ordinary Resolution proposed under item 5, if passed, will
empower the Directors of the Company, from the date of the above
Annual General Meeting until the next Annual General Meeting to
allot and issue shares in the Company up to and not exceeding in
total ten per centum (10%) of the issued share capital of the
Company for the time being for such purposes as they consider
would be in the interests of the Company. This authority will
expire at the next Annual General Meeting of the Company, unless
revoked or varied at a general meeting.

CONTACT:

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


PANTAI HOLDINGS: Purchases 8,000 Ordinary Shares on Buy Back
------------------------------------------------------------
Pantai Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad the details of its shares buy back on September 8, 2004.

Date of buy back: 08/09/2004

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

Total number of shares purchased (units): 8,000

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

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

Total consideration paid (RM): 6,850.52

Number of shares purchased retained in treasury (units): 8,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 23,185,900

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

CONTACT:

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


SURIA CAPITAL: Unit Appoints New Chairman
-----------------------------------------
Suria Capital Holdings Berhad (SURIA) announced that YBhg Tan
Sri Ibrahim Bin Menudin has been appointed as Chairman/Director
of Suria Bumiria Sdn Bhd with effect from 7 September 2004.
Suria Bumiria Sdn Bhd is a wholly owned subsidiary company Suria
Capital.

Announcement Authorized By:
ABU BAKAR @ WAHAB HJ ABAS
Group Managing Director

CONTACT:

Suria Capital Holdings Berhad
Kompleks Karamunsing Km 2.4 Jalan Tuaran
Kota Kinabalu, Sabah, Sabah 88300
MALAYSIA
+60 88 256 736
+60 88 256 410


SURIA CAPITAL: Appoints New Audit Committee Member
--------------------------------------------------
In a disclosure to the Bursa Malaysia Sercurities Berhad, Suria
Capital Holdings Berhad announced the appointment of YBhg Datuk
Filik Madan as a new member of its audit committee.

Date of change: 06/09/2004

Type of change: Appointment

Designation: Member of Audit Committee

Directorate: Non Independent & Non Executive

Name: YBhg Datuk Filik Madan

Age: 50

Nationality: Malaysian

Qualifications: Bachelor of Economics (Applied Economics) from
University Malaya

Working experience and occupation: He is currently the Deputy
Permanent Secretary of Sabah State Ministry of Finance. He began
his career with the State Civil Service since 9th June 1977
assuming various positions such as Principal Assistant Secretary
of Ministry of Industrial Development; Permanent Secretary of
Ministry of Resources and Information Technology Development and
the Government Printer.

Directorship of public companies (if any): Suria Capital
Holdings Berhad

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

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

Composition of Audit Committee (Name and Directorate of members
after change): YBhg Datuk Anthony Lai Vai Ming (Chairman)
Encik Mohd Hasnol Bin Ayub (Member) YBhg Datuk Filik Madan @
Esong (Member)


WOO HING: Unveils Debt Restructuring Exercise
---------------------------------------------
Commerce International Merchant Bankers Berhad refers to the
announcements made on behalf of Woo Hing Brothers (Malaya)
Berhad (WHB) dated 3 September 2004 and 6 September 2004 in
regards to the conditions imposed by the Securities Commission
(SC) as follows:

(i) WHB/ Kamdar Group (M) Berhad (KGMB) is required to make
appropriate disclosure on the status of application to obtain
the relevant approvals from authorities in the quarterly
announcement made to Bursa Malaysia Securities Berhad (formerly
known as Malaysia Securities Exchange Berhad) (Bursa Securities)
until all approvals have been obtained;

(ii) WHB/KGMB is to provide to the SC the status of applications
upon each above said disclosure is made to Bursa Securities; and

(iii) WHB/KGMB has to ensure the purchaser/beneficial owner of
the property bearing the address of No. 61, Jalan SS2/64,
Petaling Jaya, Selangor obtains all necessary approvals within
the time period up to 6 August 2005. In the event the
purchaser/beneficial owner fails to obtain all the relevant
approvals within the stipulated timeframe, KGMB/ Kamdar Sdn Bhd
is required to move its operations from the said property to
another property, which has obtained all the relevant approvals.

In relation thereto, Commerce International Merchant Bankers
Berhad, on behalf of WHB, is pleased to announce that WHB/KGMB
have deliberated on the above conditions and undertakes to use
its best endeavors to comply with the said conditions.

The Kamdar proposals are as follows:

1. Proposed Acquisitions;
2. Proposed Share Swap;
3. Proposed Restricted Offer For Sale;
4. Proposed Placement;
5. Proposed Listing Transfer;
6. Proposed Main Board Transfer; And
7. Proposed Disposal Of Whb

CONTACT:

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

This announcement is dated 8 September 2004.


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


FIRST SAVINGS: PDIC Takes Over Thrift Bank
------------------------------------------
Less than a month from implementation, the law increasing
maximum deposit insurance cover (MDIC) from PhP100,000 to
PhP250,000 will be applied for the first time as state deposit
insurer Philippine Deposit Insurance Corporation (PDIC) took
over thrift bank First Savings Bank, Inc. on Tuesday, the PDIC
reported on its Web site.

The Monetary Board, in its Resolution No. 1265, ordered the
bank's closure and placed it under PDIC receivership due to (1)
its inability to pay liabilities as they become due in the
ordinary course of business, (2) insufficient realizable assets
to cover liabilities, (3) inability to continue in business
without involving probable losses to its depositors or
creditors, and (4) declaration of bank holiday. PDIC is
mandatory receiver of closed banks.

Established in 1965, First Savings Bank, with head office in E.
Rodriguez, Quezon City, has three branches located in Cubao,
C.M. Recto and Tanay, Rizal. As of June 30, 2004, the Bank has
10,609 deposit accounts amounting to an estimated deposit
liabilities of P193.93 million. Based on the bank's latest
report, almost all accounts are fully insured at the new MDIC of
P250,000.

PDIC is currently conducting an inventory of assets and records
of the bank. It has also started assessing and examining the
bank's deposit records in preparation for the servicing of
claims of insured deposits. The start of claims servicing will
largely depend on the status of the bank's deposit records
keeping. The PDIC committed to fast track the examination of
deposit records. If these are in order, PDIC will initiate
payment of claims within seven (7) working days from bank
closure.

First Savings Bank depositors should prepare documents
supporting insurance claims for presentation as may be requested
by PDIC. Information on deposit claims is available at
www.pdic.gov.ph or thru the Depositors Assistance Bureau at 841-
4050.

CONTACTS:

First Savings Bank, Inc.
268, E. Rodriguez, Sr.
Blvd., Quezon City,
Metro Manila
President: Ma. Paz I. Diokno
Telephone: 724-3261/724-2663

Philippine Deposit Insurance Corporation
PDIC Bldg., 2228 Chino Roces Avenue
1231 Makati City, Philippines
Tel. Nos. (632) 841-4000
E-mail: info@pdic.gov.ph

This announcement is dated 8 September 2004.


MANILA ELECTRIC: Unveils List of Pending Rate-related Cases
-----------------------------------------------------------
Manila Electric Company (Meralco) provided the Philippine Stock
Exchange a list of rate-related cases pending with the Energy
Regulatory Commission (ERC), the Court of Appeals (CA), and the
Supreme Court (SC) as of August 31, 2004.

For additional information, go to
http://bankrupt.com/misc/tcrap_meralco090904.pdf


NATIONAL POWER: Cutting Staff To Curb Losses
--------------------------------------------
The Philippine government will further slash the workforce of
National Power Corporation (Napocor) in a bid to stem the ailing
state utility's losses, Dow Jones reports, citing Energy
Secretary Vincent Perez.

Energy Secretary Vincent Perez said at an economic briefing that
the move would generate annual savings of Php700 million. Mr.
Perez, however, did not specify the extent of the planned job
cuts.

Over the last two years, the government has reduced Napocor's
manpower by 23 percent. As of the end of 2003, the power utility
had 7,372 employees.

Napocor expects a net loss of over PHP100 billion this year as
spending continues to exceed revenue.

CONTACT:

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


NATIONAL STEEL: Creditor Attempts to Block Sale
-----------------------------------------------
Calyon Corporate and Investment Bank has asked the Securities
and Exchange Commission (SEC) to issue an injunction to stop the
signing of the PhP13.25 billion sale of National Steel
Corporation to Indian-owned Global Infrastructure Holdings
Limited (GIHL), Yehey Finance reports.

BusinessWorld sources, however, said Calyon, which has an
exposure of PhP1.69 billion in National Steel, is not likely to
obtain the restraining order, as it is the only creditor-bank
opposing the closure of the sale to Global Infrastructure.

SEC General Counsel Vernette Umali-Paco has given National Steel
liquidator Danilo Concepcion and its other creditors until
September 16 to comment on the injunction request of Calyon.

BusinessWorld last week reported that the National Steel sale
would finally be closed on September 10 following the withdrawal
of the objection of Malaysian shareholder, Pengurusan Danaharta
Nasional Berhad. National Steel, which has been assured of a
fair price of the proceeds, has agreed to be paid over eight
years.


NEGROS NAVIGATION: Incurs Php108.9M 1Q04 Net Loss
-------------------------------------------------
Negros Navigation Co. (Nenaco) posted a net loss of PhP108.9
million in the three months ended March 31, 2004, the Manila
Times reports, citing audit firm SyCip Gorres Velayo & Co. (SGV
& Co.)

Based on the audit report, Nenaco has current assets amounting
to Php310.051 million as of March 31, 2004, and current
liabilities of Php1.98 billion.

SGV also said in its report that Nenaco has accumulated a
deficit of Php3.4 billion in the first quarter of the year
compared to Php3.2 billion as of December 31, 2003.

Nenaco receiver Monico Jacob has recommended a 10-year period
for reviving the shipping firm.  He proposed that the payment
scheme for secured and unsecured creditors be restructured into
10-year term notes with a four-year grace period on principal
payments.

CONTACTS:

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.

SyCip Gorres Velayo & Co.
6760 Ayala Ave.
Makati City 1226
Philippines
P.O. Box 1408, Makati Central Post Office
0740 Metro Manila, Philippines
Tel: (02) 891-0307
Fax: (02) 819-0872


SOLID CEMENT: Cement Firm's Closure Affecting 175 Staff
-------------------------------------------------------
Solid Cement Corporation is temporarily suspending its plant
operations for six months after being ordered by the Department
of Trade and Industry (DTI) to stop selling cement made at its
plant in the province of Rizal, the Manila Bulletin reported on
Thursday. Solid Cement was found to be producing substandard
cement, the DTI said.

The suspension will affect 175 employees, the company said. The
closure of Solid Cement's plants was caused by the cease and
desist order (CDO) issued by the DTI last August 12, 2004
banning the company from "selling, distributing, delivering and
disposing of Island Cement, or any brand manufactured by the
Solid Cement plant in Antipolo, in bulk and in bags, to
customers, dealers and distributors".

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


* Philippine Govt's Proposed $750-M Global Bonds Rated 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' debt rating
to Philippines' (foreign currency BB/Stable/B; local currency
BBB-/Stable/A-3) announced global bond issue for a proposed
US$750 million. The issuance consists of a reopening of the
country's U.S. dollar denominated bonds, due in 2015 and 2025.

The Philippine government's sovereign credit ratings reflect its
relatively sound external liquidity position, including a
favorable maturity structure of its public foreign debt,
balanced against high fiscal deficits stemming largely from
inadequate tax collection, and the consequent high public debt
burden.

Current account surpluses of over 3 percent of GDP and stable
foreign reserves provide adequate near-term external liquidity,
despite rising external debt. Total external debt is projected
at 117 percent of current account receipts this year, similar to
the 'BB' median level, with average maturity of about 17 years.
Total debt service (including short-term debt) is projected at
30% of current account receipts in 2004, below the median level
for rated peers.

Over the medium term, however, external viability will come
under increasing strain if the country's negative fiscal
trajectory is not reversed in a fundamental and sustainable
manner.

"Although there have been slight improvements in revenue
collection, and this year's budget remains broadly on track, a
substantial reduction in the fiscal deficit and the attendant
debt burden will need additional revenue measures, and improved
administration of existing ones," said Standard & Poor's credit
analyst Agost Benard, associate director in the Asia-Pacific
Sovereign and International Public Finance Ratings Group.

"The general government deficit of over 4 percent of GDP this
year is still high, and the general government debt approaching
84 percent of GDP, compares unfavorably with the median level of
52 percent for similarly rated sovereigns," he added.

Moreover, there is increasing likelihood of the government
assuming the state-owned power company National Power
Corporation (NAPOCOR)'s debt, expected to reach US$10 billion by
year-end. Government absorption of the entity's debt would
result in additional direct interest burden of about 1.3 percent
of GDP, increasing fiscal inflexibility and vulnerability to
exchange rates.

The regulator's decision, announced September 4, to grant the
company a provisional 40 percent rise in tariffs (until a year
end decision on a 77 percent requested rise) falls well short of
allowing NAPOCOR to break even, and reflects the government's
limited willingness to undertake unpopular measures.

The Philippines' weak fiscal profile and shallow domestic
capital markets force a continuing dependence on external
capital to accelerate economic growth, raising the vulnerability
of its financial markets to adverse external developments, and
constraining macroeconomic stability.


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


BINTAN INDUSTRIAL: Creditors To Submit Claims on September 20
-------------------------------------------------------------
Notice is hereby given that the creditors of Bintan Industrial
Estate Management Pte Ltd, which is being wound up voluntarily,
are required on or before the 20th day of September 2004 to send
in their names and addresses with particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to the undersigned, the Liquidator of the said Company.

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

In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Teo Ban Seng
Liquidator
c/o 3 Lim Teck Kim Road #12-02
Singapore Technologies Building
Singapore 088934

This Singapore Government Gazette Notice is dated September 6,
2004.


INTERISLAND MARKETING: Creditors Must Prove Debts September 20
--------------------------------------------------------------
Notice is hereby given that the creditors of Interisland
Marketing Services Pte Ltd, which is being wound up voluntarily,
are required on or before the 20th day of September 2004 to send
in their names and addresses with particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to the undersigned, the Liquidator of the said Company,

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

In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Teo Ban Seng
Liquidator
c/o 3 Lim Teck Kim Road #12-02
Singapore Technologies Building
Singapore 088934

This Singapore Government Gazette Notice is dated September 6,
2004.


KARIMUN INDUSTRIAL: Creditors to Submit Claims on September 20
--------------------------------------------------------------
Notice is hereby given that the creditors of Karimun Industrial
Management Pte Ltd, which is being wound up voluntarily, are
required on or before the 20th day of September 2004 to send in
their names and addresses with particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to the undersigned, the Liquidator of the said Company.

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

In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Teo Ban Seng
Liquidator.
c/o 3 Lim Teck Kim Road #12-02
Singapore Technologies Building
Singapore 088934

This Singapore Government Gazette Notice is dated September 6,
2004.


KLW HOLDINGS: Enters Into Subscription Termination Agreement
------------------------------------------------------------
The Board of Directors of KLW Holdings Limited announced on the
Singapore Stock Exchange that on 3 September 2004, it entered
into an agreement with Solitaire Investment Pte Ltd and Barang
Barang Pte Ltd to terminate the Subscription and Shareholders'
Agreement between the Company, Solitaire Investment Pte Ltd and
Barang Barang Pte Ltd dated 11 August 2003.

The Termination Agreement will take effect from the date Barang
Barang Pte Ltd, or its listing vehicle, is admitted to the
Official List of the SGX Sesdaq. The termination shall not
affect the rights and obligations of the parties accrued prior
to such termination.

As the proposed listing of Barang Barang Pte Ltd. is at a
preliminary stage, there is no certainty at this stage of a
successful listing.

The termination of the Subscription Agreement is not expected to
have any material effect on the net tangible assets and earnings
per share of the Group for the financial year ending 31 December
2004. None of the directors or substantial shareholders of the
Company has any interest in the termination of the Subscription
Agreement.

Lim Teck Meng
Joint Company Secretary


MARKETING AND CONSULTANCY: Creditors To Submit Debts and Claims
---------------------------------------------------------------
Notice is hereby given that the creditors of Marketing and
Consultancy Services International Pte Ltd, which is being wound
up voluntarily, are required on or before the 20th day of
September 2004 to send in their names and addresses with
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to the undersigned, the Liquidator
of the said Company.

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

In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Teo Ban Seng
Liquidator
c/o 3 Lim Teck Kim Road #12-02
Singapore Technologies Building
Singapore 088934

This Singapore Government Gazette Notice is dated September 6,
2004.


NICOTRENT ENGINEERING: Enters Winding Up Proceedings
----------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Nicotrent Engineering Pte Ltd., by the High Court was, on the
25th day of August 2004, presented by York International Pte
Ltd, a company incorporated in the Republic of Singapore and
having its registered office at 10 Upper Aljunied Link, #08-00
York International Industrial Building, Singapore 367904, a
Creditor.

The Petition will be heard before the Court sitting at the High
Court of Singapore at 10 o'clock in the forenoon on Friday, the
17th day of September 2004.

Any creditor or contributor of the said Company desiring 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 Company requiring a copy of the
Petition by the undersigned on payment of the regulated charge
for the same.

The Petitioner's address is 10 Upper Aljunied Link, #08-00 York
International Industrial Building, Singapore 367904.

The Petitioner's solicitors are Chan & Goh of 7 Temasek
Boulevard, #19-01B Suntec Tower 1, Singapore 038987.

Chan & Goh
Solicitors for the Petitioners

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the solicitors for the
Petitioners, notice in writing of his intention to do so. The
notice must state the name and address of the person, or, if a
firm, the name and address of the firm, and must be signed by
the person, 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 12 o'clock noon of the
16th day of September 2004.

This Singapore Government Gazette Notice is dated September 6,
2004.


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


ADVANCE PAINT: Issues Update on Exercise Warrants' Issuance
-----------------------------------------------------------
Advance Paint & Chemical (Thailand) Public Company Limited
issued to the Stock Exchange of Thailand an update on its
issuance of Warrants.

According to the Extraordinary General Meeting of Shareholders
No. 1/2002 of Advance Paint & Chemical (Thailand) Public Co.
Ltd. on December 9, 2002, there was resolution on the Company's
issuance of Warrants, (APC-W1) and (APC-W2) to the existing
shareholders whose names appeared on the Company's Register Book
on December 27, 2002, with the exercise period every 3 months
within the last business day of March, June, September and
December during 9:00 a.m. to 4:00 p.m.

The 5th exercise process of APC-W1, APC-W2 will be as follows:

(1) The exercise date will be on August 30 2004, from 9:00 a.m.
to 4:00 p.m. at the Advance Paint & Chemical (Thailand) Public
Co., Ltd.

(2) The warrant holders who wish to exercise the warrants can
submit the exercise notice to the company on the business day of
August 23, 2004 up to August 29, 2004.

(3) Exercise Ratio is 1 warrant:1 share at THB1.- each.

(4) The warrant holders intend to exercise submit the following
documents to the Company:

- Completion form of Exercise Notice.

- Warrant Certificate(s) or Certificate Receipt(s) in the form
prescribed by the SET.

- Cheque or Cashier Cheque payable to Advance Paint & Chemical
(Thailand) Public Co., Ltd. Within Bangkok Metropolitan.

- Copy of Identification Card or Passport with certified true
copy for individual Warrant holders.

- Copy of Affidavit or the Certificate of Incorporation
certified by notary public (less than 6 months) for Corporate
Warrant holders.

Yours sincerely,
(Mrs. Narumol Punnakitikashem)
Executive Director

CONTACT:

Advance Paint & Chemical (Thailand) Pcl
344 Moo 2, Bang Pa-In Industrial Estate,
Bang Pa-In Ayutthya
Telephone: 0-3522-1140, 0-2541-5374-8
Fax: 0-3526-1871


SIAM AGRO: SET Permits Resumption of Trading
--------------------------------------------
The Stock Exchange of Thailand (SET) has suspended trading of
Siam Agro Industry Pineapple and Others Public Company Limited
(SAICO)'s securities as from the first trading session of 2
September 2004 upon SAICO having been informed by Fresh Del
Monte Produce N.V. that Fresh Del Monte Produce N.V. had entered
into a preliminary purchase agreement with Cirio Del Monte
Group, a major shareholder of SAICO, for the purchase of SAICO's
securities which were totally held by Cirio Del Monte Group at
the price of EUR1, and that the Office of the Securities and
Exchange Commission is in the process of considering a request
for an exemption from the mandatory tender offer.

The SET required SAICO to submit information of new major
shareholder that may affect the price and investment decision in
SAICO's securities.

SAICO has now fulfilled the requirement of complete information
dissemination. The SET, therefore, permitted resumption of
trading of SAICO from the first trading session of 9 September
2004.

CONTACT:

Siam Agro-Industry Pineapple And Others Pcl
Ocean Tower 2, Floor38,
75/105 Sukhumvit Road,
Watthana Bangkok
Telephone: 0-2661-7878
Fax: 0-2661-7865
Website: www.saico.co.th


TA ORANGE: THB33Bln Debt Restructuring Right on Schedule
--------------------------------------------------------
TA Orange (TAO) said its THB33 billion debt restructuring will
be concluded by the end of this month, reports Business Day.

Supachai Cheeravanont, chief executive of the nation's third-
largest mobile phone operator, and its parent company True Corp.
Plc said True and Charoen Pokphand (CP), major shareholders of
TA Orange, will guarantee the estimated THB20 billion worth of
debt principal.  TA Orange plans to refinance its THB33 billion
local and foreign debts.

"We plan to have the debt refinancing contract signed by the end
of September. All creditors have agreed in principle on the deal
and we are now working on the details. Everything should be
completed by the end of the month," Mr. Supachai said.

CP Group will guarantee THB9.5 billion debt, while True is ready
to provide a guarantee for an additional THB13 billion in the
refinancing scheme. The completion of the refinancing scheme
will convert TA Orange's two-year short-term debt to a 7-year
long-term debt, Mr. Supachai added.

The additional THB6 billion to be put in TA Orange will help
enable the firm to expand its mobile phone network.  About THB3
billion to THB4 billion cash in hand will be used to finance its
network expansion project, which will need about THB9 billion to
THB10 billion investment capital. The network expansion is
scheduled for next year and can accommodate up to 4.2 million
subscribers.

Mr. Supachai also said that given a favorable market situation,
True is expected to sell its capital raising shares before
yearend. Some 848.69 new shares will be issued by True to be
sold to investors and the International Finance Corporation
(IFC) through private placement.  The price of the new shares
will be sold not lesser than THB3 a piece to targeted investors,
CP Group and KfW.

The proceeds of the sale will be used for business expansion,
debt repayment and financial investment in TA Orange, Mr.
Supachai said.

Further, Mr. Supachai said True's 2004 income would be more than
THB40 billion. The company reported total revenue of THB28
billion.

True is in the process of acquiring a majority stake in TA
Orange but the deal is dependent upon the completion of the debt
restructuring.


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

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

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


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


  JAPAN
  -----

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

  MALAYSIA
  --------

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

  PHILIPPINES
  -----------

Pilipino Telephone Co.          PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46


  THAILAND
  --------

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***