TCRAP_Public/040913.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

           Monday, September 13, 2004, Vol. 7, No. 181

                           Headlines

A U S T R A L I A

CHEMEQ LIMITED: To Review Market, Revenue Forecasts
KINGSLEY BROWN: Court Issues Winding Up Order
OLEA AUSTRALIS: Former Secretary Charged
PAN PHARMACEUTICALS: Regulator Expects Criminal Charges
QANTAS AIRWAYS: Looks to Asia After BA's Departure

SONS OF GWALIA: Total Liabilities Reach AU$862 Million


C H I N A  &  H O N G  K O N G

CONSTRUCTION BANK: To Have 5-6 Minority Investors
CRESVALE FINANCE: Posts First and Final Dividend Notice
CRESVALE LIMITED: Members and Creditors Meeting Set October 6
DRAGON PARADISE: Undergoes Winding Up Proceedings
EQUILIBRIUM HOLDINGS: Enters Bankruptcy Proceedings

HIH UNDERWRITING: To Hold Annual Meeting September 28
MERRILONG DYEING: Creditors Meeting Slated for September 17
SWISSTIME: Court Hears Winding Up Petition
* China To Focus on State Banks Reform


I N D O N E S I A

PERTAMINA: Parliament Backs Cepu Block Plan
PERTAMINA: Three Firms Eye Cooperation on Sulawesi
PERTAMINA: Unveils More Scandals


J A P A N

HITACHI LIMITED: Releases Next Generation Disk Array Subsystem
ISHIKAWAJIMA-HARIMA HEAVY: Reprimanded for Falsifying Test Data
JOHYAMA KAIHATSU: Enters Bankruptcy
KOBE STEEL: Releases Earnings Forecast for Fiscal 2004
MITSUBISHI FUSO: To Recall 52,000 Buses for Seat Defect

RESONA HOLDINGS: Forms Brokerage Tie-up with Nomura
RESONA HOLDINGS: Issues New Resona Card+S
UFJ HOLDINGS: SMFG Primed to Make Hostile Bid


K O R E A

LG INVESTMENT: KDB Expected To Ink Deal With Woori This Week
KOOKMIN BANK: CEO Punished By FSC
* SK Government Not Rescuing Troubled Financial Firms Anymore


M A L A Y S I A

ANCOM BERHAD: Purchases 5,900 Ordinary Shares on Buy Back
ANTAH HOLDINGS: Issues Litigation Update
BERJAYA SPORTS: Grants Listing of 85,200 New Ordinary Shares
CEPATWAWASAN GROUP: Issues Litigation Update
CEPATWAWASAN GROUP: Schedules EGM Meeting On September 30

CONSOLIDATED FARMS: Issues Practice Note No. 1/2001 Update
DENKO INDUSTRIAL: Terminates Proposed Rights Issue
FABER GROUP: Issues Additional 258,500 Ordinary Shares
GADANG HOLDINGS: Grants Listing of New Shares
GOLDEN FRONTIER: Issues Notice of Shares Buy Back

INNOVEST BERHAD: Unveils Related Party Transactions for August
MCM TECHNOLOGIES: EGM Set for September 24
OLYMPIA INDUSTRIES: Unit Faces Winding Up Petition
OLYMPIA INDUSTRIES: Dissolves Hong Kong Units
POS MALAYSIA: Issues Additional 443,000 New Ordinary Shares

SETEGAP BERHAD: Proposes Fund Raising Exercise
TANJONG PUBLIC: Issues Details On Dealings of Principal Officer
TENCO BERHAD: Seeks Debt Restructuring Extension
WOO HING: Issues Amended Unaudited 2004 Quarterly Report


P H I L I P P I N E S

BALABAC RESOURCES: Elects New Nomination Committee Members
MAYNILAD WATER: MWSS May Not Acquire Maynilad
NEGROS NAVIGATION: Debt Relief May Be Junk By Court
PHILIPPINE LONG: To List Additional 17,436 Shares Today
PILIPINO TELEPHONE: Won't Pay Dividends Until Debt is Settled

SILAHIS HOTEL: Court Appoints Rehabilitation Receiver
SOLID CEMENT: Cement Firm Welcomes Lifting of CDO
VICTORIAS MILLING: Taking Steps to Reduce Costs


S I N G A P O R E

ALL BUILDING: Court Hears Winding Up Petition
CHIP HUAT: Winding Up Hearing Set September 24
CHUAN SENG: Posts Intended Preferential Dividend
DELPHA INVESTMENTS: Creditors Meeting Set October 1
SOURCE ONE: Receives Winding Up Hearing Petition

MUHAN COMMODITY: Winding Up Hearing Slated for October 1
MYBIZ SINGAPORE: To Hold Creditors Meetings September 24
PANPAC MEDIA: Posts Change in Shareholder's Interest
WAN SOON: Bankruptcy Hearing Scheduled September 24


T H A I L A N D

BANGKOK TRANSIT: Govt To Set BTS Price on Wednesday
CHRISTIANI & NIELSEN: Issues Request To Be Removed From Rehabco
PREMIER ENTERPRISE: Registers Paid-up Capital Increase
SRITHAI FOOD: Discloses Changes in Board of Directors
TUNTEX THAILAND: Bankruptcy Court Approves Rehab Plan

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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CHEMEQ LIMITED: To Review Market, Revenue Forecasts
---------------------------------------------------
Following the Australian Securities and Investments Commission's
(ASIC) objection of a plan to raise AU$20 million from existing
shareholders, Chemeq Limited is set to review its market and
revenue forecasts, reports the Sydney Morning Herald.

The embattled agricultural pharmaceuticals firm will amend a
prospectus after the corporate regulator ordered to halt the
issue of new shares under its non-renounceable rights offer.

ASIC's revelation of a probe on several issues relating to
Chemeq has added to the West Australian company's problems about
the prospectus.

It is believed that ASIC is concerned about statements in the
prospectus about the market potential for the sale of its
polymeric anti-microbials for use in farming.

Based on United Nations figures on total global poultry and pig
production estimates, Chemeq estimates the potential market size
is as high as AU$8.6 billion annually, or AU$3.8 billion a year
in the medium term.

ASIC has also questioned the company's revenue forecasts, after
it cited recent non-binding deals with New Zealand and South
African distributors that could generate AU$1 million revenue in
the first year and AU$2 million in the second.

Although, Chemeq did not agree with ASIC's position, it vowed to
work with the regulator to resolve the issues so that its
fundraising timetable would not be 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/


KINGSLEY BROWN: Court Issues Winding Up Order
---------------------------------------------
The Supreme Court of Victoria on September 10 ordered the
liquidation of Kingsley Brown (Cowes) Pty Ltd (Kingsley Brown
(Cowes)), a property development company which has interests in
Cowes, Phillip Island following an application by the Australian
Securities and Investments Commission (ASIC).

Mr. Robert Brown, the director of Kingsley Brown (Cowes),
consented to the order.

Justice Philip Mandie ordered that Mr. Paul Pattison be
appointed the liquidator of Kingsley Brown (Cowes), which is one
of four companies in the Kingsley Brown group. Two other
entities in the group, Kingsley Brown Holdings Pty Ltd and
Kingsley Brown Finance Pty Ltd, were placed into liquidation by
the Court on 4 August 2004 following an ASIC application.

ASIC's application that the fourth company in the group,
Kingsley Brown Properties Pty Ltd, be placed into liquidation
was adjourned until 24 September 2004.

Mr. Brown, the director of all the companies, was ordered to pay
ASIC's costs relating to interim injunctions obtained against
him in earlier hearings.

ASIC commenced the proceeding following an investigation into
the Kingsley Brown group. ASIC was concerned that investments by
shareholders in the group were not adequately protected and had
been applied to various property developments and for other
purposes without proper accounting, security and disclosure.

The Kingsley Brown group has developed a number of properties in
Cowes, Phillip Island including the '17 The Esplanade' complex
and the 'Bayview Grand' development.


OLEA AUSTRALIS: Former Secretary Charged
----------------------------------------
Mr. Stephen Wayne Randell, a former company secretary of Olea
Australis Limited, appeared in the Perth Court of Petty Sessions
Friday, following an investigation by the Australian Securities
and Investments Commission (ASIC).

Mr. Randell, of Shenton Park in Western Australia, was charged
with eight counts of contravening the Australian Securities and
Investments Commission Act 2001. ASIC alleges Mr. Randell made
false statements under oath at an ASIC examination concerning
statements made to him about olive tree yield figures.

Mr. Randell pleaded not guilty to each charge and was bailed on
a personal undertaking to reappear on 19 November 2004 for a
committal mention date.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

Background

Mr. Randell was the company secretary for Olea Australis between
1 October 1999 and 29 January 2001, and the company secretary
for Dandaragan Olives Management Limited (DOM) between 30 April
1999 and 29 January 2001. Olea Australis was the ultimate
holding company of DOM, and DOM was the entity responsible for
managing the affairs of the Olea Australis project.

ASIC commenced an investigation following an allegation that the
olive tree yield figures, which appeared in the Olea Australis
prospectus dated 9 March 2000, were false. ASIC investigated
claims that the olive tree yields published in the prospectus
were not the olive tree yields approved for inclusion in the
prospectus by an independent olive expert. The olive tree yields
form the basis for the calculation of project cash flow and
financial projections.

The prospectus offered investors the opportunity to participate
in an olive growing and processing project at Dandaragan in
Western Australia. Investors could lease one or more olive
groves of 0.2 hectares each, through a 20 year lease and
management agreement. The subscription amount for one olive
grove was $10,247.00. In addition, for each olive grove
investors were also required to subscribe for 5,000 shares at
$0.20 per share in Olea Australis.

Last month the Executive Chairman of Olea Australis, Mr John
Andrew Simpson was charged with one count of providing false
information in the Olea Australis prospectus dated 9 March 2000.

This ASIC announcement is dated September 10, 2004.

CONTACT:

Olea Australis Limited
Level 14, The BGC Centre
28 The Esplanade
Perth WA 6000
Telephone: +61 8 9322 5011
Facsimile: +61 8 9226 3411
E-mail: olea@oleaaustralis.com.au
Web site: http://www.oleaaustralis.com.au/


PAN PHARMACEUTICALS: Regulator Expects Criminal Charges
-------------------------------------------------------
The medicines regulator is expecting criminal charges to be
filed before the end of this month over the unsafe practices
that closed the Pan Pharmaceuticals facility in Sydney in April
2003, reports The Age.

The Federal Court on September 8 heard the anticipated charges
related to "one aspect" of continuing investigations by the
Therapeutic Goods Administration (TGA) into Pan and its former
managing director, Jim Selim.

The TGA has ordered the destruction of about 1600 vitamin and
herbal products manufactured by Pan in the "world's biggest
medicines recall".

According to the regulator, test results fabrication, ingredient
substitution and an unsanitary facility had created an imminent
risk of death, serious illness and injury.

The revelation of a possible lawsuit came during a challenge by
the TGA to submit Pan's staff to Federal Court examinations
scheduled on September 22 and 23.

In July, registrar Jennifer Hedge issued an order for TGA
officials to answer questions under oath about Pan, as requested
by small vitamin's firm Markethaven Pty Ltd.

Pan produced more than half the complementary medicines sold by
Markethaven, which blames its AU$3 million downfall in November
on the TGA's crackdown on Pan.

Insolvency firm Sheahan Lock Partners administrator John Sheahan
is currently investigating recovering damages from the TGA on
behalf of those who lost money in Markethaven.

CONTACT:

Pan Pharmaceuticals
Factory and Offices
10-12 Church Road
Moorebank  2170
New South Wales

P.O. Box 566
Moorebank  1875
New South Wales
Australia

Phone: 61 2 9734 9988
Fax: 61 2 9822 7100
Email: info@panpharma.com.au


QANTAS AIRWAYS: Looks to Asia After BA's Departure
--------------------------------------------------
After the sale of British Airways' (BA) 18.25 percent stake in
Qantas Airways, which ended an 11-year tie-up between the two
airlines, the Australian carrier is starting to map out plans to
ally with Singapore Airlines to dominate the Asia-Pacific
region, Sydney Morning Herald reveals.

Citigroup, which managed the sale of BA's AU$1.1 billion stake,
has encountered strong demand for the stock, particularly from
Asian investors.

Meanwhile, BA said it sold its stake in preparation for this
week's expected wave of consolidation in the European airline
industry, due to the recent Air France-KLM merger.

In 1993, BA originally bought 25 percent of Qantas from the
Keating government for AU$1.09 million after a Singapore Air bid
was rejected.

On September 8, BA offered its stake to institutional investors
for "not less than" AU$1.09 billion or AU$3.24 per share. It is
believed that investors were bidding closer to AU$3.30.

The two airlines, however, confirmed the sale would not affect
their joint services agreement, which allows them to coordinate
fares and schedules on flights between Australia and the U.K.

CONTACT:

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


SONS OF GWALIA: Total Liabilities Reach AU$862 Million
------------------------------------------------------
Sons of Gwalia Limited's administrators confirmed last week that
the failed miner is facing total liabilities exceeding AU$860
million, The West Australian reports.

Insolvency specialist Ferrier Hodgson revealed that the
company's total liabilities were now estimated at AU$862
million.

According to Ferrier Hodgson's latest figures, Gwalia has
outstanding hedging and financier loans of AU$490 million. In
addition, the company needs to pay AU70 million to trade
creditors, AU$7 million for employee entitlements, AU$16 million
for worker's compensation and redundancy entitlements, and AU$44
million for rehabilitation bonds and guarantee facilities. On
top of that, US note holders are owed AU235 million.

The administrators, however, declared the latest figures
remained subject to finalization of a number of accounts, and
are likely to change further during the course of the review.

In their latest statement, the administrators said that a broad
option for the company includes the sale of the tantalum
business, with another being the sale of the gold operations and
non-core assets.

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/


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C H I N A  &  H O N G  K O N G
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CONSTRUCTION BANK: To Have 5-6 Minority Investors
-------------------------------------------------
Five to six companies will likely sign up as minority investors
for China Construction Bank's planned listing vehicle to be
formed September 21, Dow Jones reports, citing the South China
Morning Post.

Electricity network operator State Grid Corporation of China and
the Baosteel conglomerate are on top of the list. While China
Yangtze Power Company, the listed arm of the Three Gorges Dam
project, has confirmed it will purchase a stake in China
Construction Bank.

China Life also plans to bid for the stake, though it would
require special approval from the government because of the
regulatory barriers between banking and insurance.

Central Huijin Investment Company, a special-purpose government
entity, will control majority of China Construction Bank's
shareholding company.

The bank will spin off non-banking operations into a company
called Jianyin Investment, which will also have a small stake in
the listing vehicle.


CRESVALE FINANCE: Posts First and Final Dividend Notice
-------------------------------------------------------
Notice is hereby given that a first and final dividend is
intended to be declared by Cresvale Finance Limited, a company
under creditors voluntary liquidation.

All creditors of the company must prove their debts by the 20th
day of September 2004. Any creditor who does not lodge a claim
by that date will be excluded from this dividend.

Dated this 3rd day of September 2004

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


CRESVALE LIMITED: Members and Creditors Meeting Set October 6
-------------------------------------------------------------
Notice is hereby given that pursuant to Section 167 of the
Companies Act of the British Virgin Islands, a final meeting of
the members of Cresvale (BVI) Limited, a company under
creditors' voluntary liquidation, will be held at 20/Floor,
Prince's Building, Central, Hong Kong on the 6th day of October
2004 at 2:00 p.m.

The meeting will be followed by a meeting of the creditors of
the company to be held at the same place at 3:00 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.

A member or creditor entitled to attend and vote at the above
meeting may appoint proxy to attend and vote instead on his
behalf. A proxy need not be a member or creditor of the company.
Forms of proxies for both meetings must be lodged at 20/Floor,
Prince's Building, Central, Hong Kong not later than 4:00 p.m.
on 5 October 2004.

Dated this 2nd day of September 2004

Joanne Oswin
Joint and Several Liquidators


DRAGON PARADISE: Undergoes Winding Up Proceedings
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Dragon Paradise Investment Limited, by the High Court of Hong
Kong Special Administrative Region was, on the 2nd day of
September 2004, presented to the said Court by Bank of China
(Hong Kong) Limited 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 6th day of October 2004.

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

Chow, Griffiths & Chan
Solicitors for the Petitioner
Rooms 1902-4, 19th Floor
Hang Seng Building
77 Des Voeux Road Central
Hong Kong

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


EQUILIBRIUM HOLDINGS: Enters Bankruptcy Proceedings
---------------------------------------------------
Notice that a Petition for the Winding up of Equilibrium
Holdings Limited by the High Court of Hong Kong was, on the 18th
day of August 2004, presented to the said Court by Yeung Chi Wai
of Room C, 25/F., Tak Fook House, Walton Estate, 3 Yee Shun
Street, Chai Wan, Hong Kong.

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

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

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

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


HIH UNDERWRITING: To Hold Annual Meeting September 28
-----------------------------------------------------
Take notice that in accordance with Section 247 of the Companies
Ordinance (Chapter 32), the annual meeting of members and
creditors of HIH Underwriting Services (Asia) Limited will be
held at 2/Fl., Chung Nam Building, 1 Lockhart Road, Wanchai,
Hong Kong, on 28 September 2004 at 9:30 a.m. and 10:00 a.m.
respectively.

Forms of general and special proxies may be obtained on written
request to the Joint and Several Liquidators at 2/F., Chung Nam
Building, 1 Lockhart Road, Wanchai, Hong Kong. Proxies to be
used at the meeting must be lodged not later than 12:00 p.m. on
27 September 2004.

Dated this 3rd day of September, 2004

Jan G. W. Blaauw
Joint and Several Liquidators


MERRILONG DYEING: Creditors Meeting Slated for September 17
-----------------------------------------------------------
Notice is hereby given, pursuant to Section 241 of the Companies
Ordinance, that a meeting of the creditors of Merrilong Dyeing
Works Limited, will be held at 10:30 a.m. on the 17th of
September 2004 at the auditorium, 1/F., Duke of Windsor Social
Service Building, 15 Hennessy Road, Hong Kong to appoint a
Liquidator and to consider further matters relevant to the
creditors' voluntary winding-up of the above named Company
pursuant to Sections 241, 242, 243 and 244 of the Companies
Ordinance.  

Creditors may vote either in person or by proxy. Proxies used at
the meeting must be lodged at Rm. 1304, C.C. Wu Building, 302-
308 Hennessy Road, Wanchai, Hong Kong not later than 4:00 p.m.
of the 16th of September 2004.

Dated this 7th day of September 2004

By Order of the Board
Shum Bing Yiu
Director


SWISSTIME: Court Hears Winding Up Petition
------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Swisstime Hong Kong Limited, by the High Court of Hong Kong was,
on the 6th day of September, 2004, presented to the said Court
by Cheung Kwok Wing of Flat D, 37/F., Block 18, South Horizons,
Ap Lei Chau, Hong Kong.  

The said petition will be heard before the Court at 10:00 a.m.
on the 13th of October 2004.

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

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 12th day of
October 2004.


* China To Focus on State Banks Reform
--------------------------------------
Bank of China (BOC) and China Construction Bank (CCB) will be
privatized by the Chinese government within the next three
years, Xinhua News Agency reports, citing China Banking
Regulatory Commission (CBRC) Chairman Liu Mingkang.

BOC and CCB, the pilot banks chosen for the state's bank system
reform, will also be converted into joint-stock companies by the
end of 2006. CBRC will aid the reform by pooling advanced
experience overseas specifically in management structures.

CBRC is hopeful that the banks will boast of sufficient capital
with safe operational modes and high-class service after the
reform.

The reforms of other banks such as the Industrial and Commercial
Bank of China and Agricultural Bank of China are also on the
pipeline.

According to Mr. Liu, stable management and healthy development
of state banks would be of great significance to China's
sustainable development.


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PERTAMINA: Parliament Backs Cepu Block Plan
-------------------------------------------
Commission VIII of the House of Representatives agreed to PT
Pertamina's proposal to handle the Cepu block on its own,
provided the block would generate more income for the state,
Asia Pulse says.

In response to the House's support of the Cepu plan, Pertamina
President Director Widya Purnama gave assurance that the company
would give significant contribution to the country in the
future.

Earlier, Mr. Widja had insisted the state oil and gas firm will
manage the Cepu block by itself in 2010, after rejecting in
principle the head of agreement (HoA) submitted by ExxonMobil
Oil Indonesia Inc (EMOI), saying it does not benefit the
country.

Meanwhile, House Commission member Zainal Arifin urged the oil
firm to seek a court settlement of its dispute with Karaha Bodas
Company (KBC). In addition, the company was advised to take
legal and administrative action to resolve graft issues in the
gas pipeline project in East Java, Petral and Pertamina Saving
Investment.

The commission, likewise, requested Pertamina to find means to
prevent the fuel subsidy from increasing.

CONTACT:

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


PERTAMINA: Three Firms Eye Cooperation on Sulawesi
--------------------------------------------------
Private companies Petronas, Marathon Energy and Medco are
planning to forge an alliance with PT Pertamina in managing the
Matindok gas field in Central Sulawesi province, reports Asia
Pulse.

However, Pertamina still has to study their respective offers.

"We will ask them to look for markets for the gas, " Pertamina's
upstream director Hari Kustoro told the press.

Medco Energi, through Expan Nusantara, earlier clinched a
cooperation deal with Pertamina on managing the Senoro Toili gas
field, also in Sulawesi. It is still unclear whether or not the
cooperation has materialized.


PERTAMINA: Unveils More Scandals
--------------------------------
Following its discovery of graft scandals involving two
subsidiaries, PT Pertamina has once again found evidences of a
possible markup in the renovation cost of its hotel unit PT
Patra Jasa, Asia Pulse relates.

The state oil and gas firm's President Widja Purnama revealed
that markup suspicion emerged upon discovery that the renovation
cost of Patra Jasa's hotel Bali Nirwana Resort was larger than
its selling price.

Last week, Mr. Widja told legislators the cost of Bali
Nirwana''s renovation was reported at IDR187 billion (US$20.8
million) but was later sold at IDR160 billion only.

Earlier, Mr. Widja revealed corruption allegations of
Pertamina's subsidiaries Petral Energy Trading and PT Pertamina
Saving and Investment.

The recent revelations are parts of Mr. Widja's efforts to wipe
Pertamina clean of corruption.


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J A P A N
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HITACHI LIMITED: Releases Next Generation Disk Array Subsystem
--------------------------------------------------------------
Hitachi Limited announced in a press release that it began
marketing on September 8 the SANRISE Universal Storage Platform,
a next generation disk array subsystem that features storage
virtualization technology for the first time in the world.

The subsystem can integrate and centrally manage different types
of storage resources to dramatically improve corporate storage
management efficiency. The product now supports Universal Volume
Manager, Virtual Partition Manager, and Universal Replicator
functionality. The storage device is capable of accommodating up
to 1,152 disk drives, offering a maximum storage capacity of
165TB. Prices start at 116,385,150 yen ($1,058,047).

In addition, the manufacturer introduced the JP1/HiCommand
Series of storage management software packages.

Both hardware and application products are available overseas
through Hitachi Data Systems, Hitachi's wholly owned subsidiary
in California, U.S.A.

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


ISHIKAWAJIMA-HARIMA HEAVY: Reprimanded for Falsifying Test Data
----------------------------------------------------------------
The Ministry of Transport has reprimanded Ishikawajima-Harima
Heavy Industries (IHI) for routinely falsifying test data after
performing repair work on aircraft engines, reports The
Financial Times.

IHI received a business improvement order from the government
regulator following an alert in February that the aerospace
maintenance firm was falsifying test data on V-2500 engines.

The engines, which power MD-90 twin-jets, are manufactured by
International Aero Engines, a consortium comprising U.S. based
Pratt & Whitney, British Rolls-Royce, Germany's MTU and a group
of Japanese firms, including IHI.

IHI, which maintained aircraft for Japan Air Systems, now
Japanese Airlines (JAL), found cracks in the Pratt & Whitney
engines powering 18 MD-87 and MD-81 planes. As a result, JAL was
forced to cancel 600 domestic flights over a 20-day period.

According to authorities, IHI discovered in 1996 that the
engines produced a higher-than-expected thrust, so they altered
the figures to avoid suspicion.

Unable to determine the cause of the oddities, the company
allegedly reported "normal" figures for fear of losing its
license to operate.

State officials, likewise, found 22 other dubious practices at
IHI, one of which involved reducing an engine-part test to one-
third of its required time frame.

Last week, IHI denied the falsification allegations but admitted
that it did make alterations. It has presented the actual
results of the tests to IAE and confirmed there were no safety
problems associated with the data fabrication.

"We have not experienced any operating problems with these
engines and we are sure that safety has not been compromised," a
JAL spokesman declared.

Although IHI is not subject to criminal punishment, it is
required to issue a report within 30 days detailing how it will
improve its business practices.

CONTACT:

Ishikawajima-Harima Heavy Industries Co., Ltd.
Shin Ohtemachi Bldg., 2-1,
Ohtemachi 2-chome, Chiyoda-ku
Tokyo, 100-8182, Japan
Phone: +81-3-3244-5111
Fax: +81-3-3244-5131
Web site: http://www.ihi.co.jp


JOHYAMA KAIHATSU: Enters Bankruptcy
-----------------------------------
According to Teikoku Databank America, Johyama Kaihatsu K.K. has
entered bankruptcy with US$128.33 million worth of liabilities.
The firm, which managed golf courses, is located in Hoi-Gun,
Aichi 441-1203.

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


KOBE STEEL: Releases Earnings Forecast for Fiscal 2004
------------------------------------------------------
Kobe Steel, Ltd. announced on September 9 its earnings forecast
for fiscal 2004, ending March 2005. This forecast also fulfills
the requirements stipulated by the Tokyo Stock Exchange for the
timely disclosure of quarterly financial information.

Consolidated Forecast

For the first half of fiscal 2004, ending September 30, 2004,
Kobe Steel projects consolidated sales will rise JPY40 billion
to JPY690 billion, in comparison to the previous forecast in May
2004.

Pretax ordinary income (also called pretax recurring profit) is
estimated to increase JPY19 billion to JPY37 billion, in
comparison to the previous forecast.

To further improve its financial position, from fiscal 2004 Kobe
Steel has decided to apply fixed-asset impairment accounting at
an early time. Losses applicable to impairment accounting will
be reported as extraordinary losses. As such, after-tax net
income is expected to increase 1 billion yen to 11 billion yen,
in comparison to the previous forecast.

The Japanese economy in the first half of fiscal 2004 shows
continued recovery led by private-sector demand. Exports are
expanding as overseas economies grow. In Japan, capital
investments and personal spending remain strong.

Under these conditions, overall demand continues to be firm in
the half year ending in September.

Domestic demand for steel products is strong owing to firm
demand from manufacturing industries, on the back of active
overseas demand and recovery in private-sector capital
investment. In addition, non-housing construction is showing an
upward trend. Exports continue to be robust due to recovery in
the U.S. economy and growth in the Chinese market. Steel prices
have been rising owing to tighter supply worldwide. As a result,
Iron & Steel segment sales and profits are expected to increase
in comparison to the previous forecast.

The Aluminum & Copper segment is also expected to perform better
than the previous forecast.

Demand for aluminum sheet and extrusions for automobiles is
strong, and the hot summer also pushed up demand for copper tube
for air conditioners. Most of the other business segments are
also expected to do well.

To view the full document, click on:
http://bankrupt.com/misc/TCRAP_KOBESTEEL091004.pdf

CONTACT:

Kobe Steel, Ltd.
9-12, Kita-Shinagawa 5-chome, Shinagawa-ku
Tokyo, 141-8688, Japan
Phone: +81-3-5739-6000
Fax: +81-3-5739-6903
Web site: http://www.kobelco.co.jp


MITSUBISHI FUSO: To Recall 52,000 Buses for Seat Defect
-------------------------------------------------------
Mitsubishi Tokyo Truck and Bus Corporation will submit a recall
notice to the Ministry of Land, Infrastructure and Transport
involving 52,000 midsize and large buses for replacement of
defective seats, reports Kyodo News.

Subject to the recall are buses manufactured between 1974 and
2004 as seats near the emergency exits could fall over when the
vehicles come to a sudden stop.

The embattled truck maker has confirmed five accidents involving
the faulty seats that took place in 2001 and 2002.

CONTACT:

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


RESONA HOLDINGS: Forms Brokerage Tie-up with Nomura
---------------------------------------------------
Resona Holdings is finalizing its brokerage alliance with Nomura
Holdings Incorporated in order to take advantage of deregulation
that will allow banks to deal in securities, Reuters relates,
citing the Yomiuri Shimbun.

The agreement to form a brokerage tie-up, which is expected to
be clinched by the end of this month, would allow Nomura to
access Resona's lucrative base of "cash-rich" individual
clients, who have huge savings but are hesitant to invest in
riskier securities.

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


RESONA HOLDINGS: Issues New Resona Card+S
-----------------------------------------
Resona Holdings, Inc., Resona Card Co., Ltd. and Credit Saison
Co., Ltd. will start issuing a new joint credit card, "Resona
Card+S (Resona Card <>)," based on the business tie-up
concluded among the three companies that was announced on
February 25, 2004, with a view to delivering highly convenient
credit card products to more diverse customers.

Around 600 offices of Resona Group banks will start handling the
new card. Resona Bank, Saitama Resona Bank and Kinki Osaka Bank
will start handling the new card from October 4, 2004, and Nara
Bank also plans to start offering the same card from January
2005.

(1) Issuance of New Credit Card

The new credit card, which was developed jointly by Resona Card
and Credit Saison, provides the holders with various daily-life
services offered so far by distributor-affiliated credit card
companies.

The new card will be the first such card to be issued by a bank-
affiliated credit card company.

(2) Business Tie-up between Resona Card and Credit Saison

On August 7, 2004, Credit Saison subscribed all of the new
shares issued and allotted to a third party by Resona Card. As a
result, Credit Saison now holds a 10% stake in Resona Card.

In July 2004, Mr. Mitsuo Yokoyama of Credit Saison (former
director of Credit Saison) was appointed as deputy president of
Resona Card. Resona Card also called on other four people from
Credit Saison and appointed one such person as its executive
officer, with a view to strengthening the Resona Group's credit
card business. On the other hand, Resona Card dispatched its
three staffs to Credit Saison as part of the mutual personnel
exchange.

Resona Card will outsource its backyard operations related to
the Resona Card+S (Resona Card <>) to Credit Saison,
including the issuance of cards, screening of applications,
billing and clearing of bills, and customer supports, etc.

Considerations will also be given to sending the advertisements
of products and services of Resona Group banks to approximately
16 million Saison card members.

Resona Group regards the credit card business as one of its core
retail business areas and intends to strengthen the business
further through the aforementioned alliance with Credit Saison.


UFJ HOLDINGS: SMFG Primed to Make Hostile Bid
---------------------------------------------
President Yoshifumi Nishikawa of the Sumitomo Mitsui Financial
Group confirmed his bank is prepared to make a hostile bid for
UFJ Holdings Incorporated, Financial Times says.

Speaking at a closed-door conference for investors organized by
U.S. investment bank Merrill Lynch, Mr. Nishikawa expressed his
intent to take over UFJ, saying the merger is his "number one
priority".

SMFG is trying to woe UFJ away from a planned merger with
Mitsubishi Tokyo Financial Group to create the world's largest
bank in terms of assets.

UFJ's market capitalization currently stands at JPY2,500
billion, which indicates that a controlling stake of 51 percent
with a 15 percent premium would cost SMFG around JPY1,600
billion. Alternatively, SMFG could opt for a 33 percent stake,
which would give it the power of veto in UFJ.

SMFG has also proposed to provide UFJ a capital injection of
JPY700 billion, which means a 51 percent stake purchase could
cost more than JPY2,000 billion. This would indicate that SMFG
would have to raise fresh capital from third parties to fund the
acquisition.

Investors at the conference worry at the prospect of a costly
hostile bid as they voice doubts about how SMFG was able to
disclose some of the terms of the planned merger with UFJ,  
without having conducted due diligence.

CONTACT:

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


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


LG INVESTMENT: KDB Expected To Ink Deal With Woori This Week
------------------------------------------------------------
A deal on the sale of Korea Development Bank's (KDB) stake in LG
Investment & Securities Co. to Woori Financial Group is expected
signed this week, reports Yonhap News, citing industry sources.

According to the sources, state-run KDB and Woori, a state-owned
financial holding company, are fine-tuning the details of the
contract. Market watchers also say that Woori would pay KRW280
billion (US$243 million) to KRW300 billion for the brokerage
firm.

A KDB official, however, said that, "With negotiations still
under way, it is impossible to disclose the timing of the deal
and the sale price".

KDB has the largest interest of 21.2 percent in LG Investment,
which it acquired in return for rescuing LG Card Co. early this
year.

CONTACT:

LG Investment & Securities
20,Yoido-dong, Youngdungpo-gu
Seoul, 150-721, Korea
Telephone: 82-2-768-7000
Fax: 82-2-782-6337


KOOKMIN BANK: CEO Punished By FSC
---------------------------------
South Korea's Financial Supervisory Commission announced in a
statement Friday that it has barred Kookmin Bank Chief Executive
Kim Jung Tae from seeking a new term at the bank for violating
tax accounting rules, Reuters reveals.

The financial regulator also banned Mr. Kim, whose term as KB
CEO and president expires next month, from holding a board
position at any South Korean bank for the next three years.

The ban follows the regulators' ruling that the bank had avoided
$270 million in taxes by overstating 2003 losses, and said it
signaled a high level of negligence by Kim. The watchdog also
said Kookmin, which was fined KRW2 billion for the said
accounting violations, had put aside insufficient provisions
last year.

Meted milder punishments were Yoon Jong Kyoo, Kookmin's senior
executive vice president who was chief financial officer
involved in the 2003 financial statements, and Donald H.
MacKenzie, senior executive vice president in charge of credit
risk.

Mr. Kim, who has been popular with foreign investors who own 78
percent of Kookmin shares, was often at odds with the government
over his reluctance to rescue troubled companies. With his
ouster, investor fears about potential government meddling in
choosing his successor will surely be raised.

CONTACT:

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


* SK Government Not Rescuing Troubled Financial Firms Anymore
-------------------------------------------------------------
Troubled financial companies in South Korea will no longer be
bailed out by the government to keep them afloat, reports Dow
Jones, citing South Korean Minister of Finance and Economy Lee
Hun-Jai.

"When crisis emerges, our policies will be completely market-
friendly; that means financial companies in crisis may have to
close down and disappear," Minister Lee said. He added that in
order to pre-empt financial dangers at financial companies, the
government will strengthen "pre-surveillance" supervision on
such firms.

The South Korean government has been coming to the rescue of
large financial institutions since the 1997-1998 Asian financial
crisis by injecting massive amounts of public funds into them. A
recent example is credit card issuer LG Card Co., which received
a multi-trillion won rescue package from creditors led by state-
run Korea Development Bank early this year.


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


ANCOM BERHAD: Purchases 5,900 Ordinary Shares on Buy Back
---------------------------------------------------------
Ancom Berhad disclosed the Bursa Malaysia Securities Berhad the
details of its shares buy back on September 9, 2004.

Date of buy back: 09/09/2004

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

Total number of shares purchased (units): 5,900

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

Maximum price paid for each share purchased (RM): 0.800

Total consideration paid (RM):  

Number of shares purchased retained in treasury (units): 5,900

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

Cumulative net outstanding treasury shares as at to-date
(units): 4,646,500

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


ANTAH HOLDINGS: Issues Litigation Update
----------------------------------------
The Board of Directors of Antah Holdings Berhad announced the
following updates on the status of its involvement in the
litigation for the period from 11 August 2004 to 10 September
2004. The involvement in litigation has been divided into three
categories namely financial institutions, non-financial
institutions and corporate guarantee as listed under the table
below.

1. Financial Institutions

The status in respect of the claims made by the following
financial institutions:

No. Case No. Status

1. Shah Alam High Court Suit No.      16 September, 2004/
MT4-22-921-2002                       Hearing on the appeal
RHB Sakura Merchant Bankers Bhd.      to Judge in Chamber  
-vs- Antah Holdings Berhad  

2. Kuala Lumpur High Court Suit No.   23 September, 2004/Mention
D4-22-1401-2003                       4 October, 2004/ Mention -
RHB Bank Berhad vs. Antah             Decision on Summary
Holdings Berhad                       Judgement Application

3. Kuala Lumpur High Court           14 September, 2004/ Mention
Suit No. D4-22-1940-2002
Bank Of Tokyo Mitsubishi (M)
Bhd. -vs-
Antah Holdings Berhad

4. Kuala Lumpur High Court            18 October, 2004/
Suit No. D3-22-152-2003               Decision on Summary
Aseambankers Malaysia Bhd.            Judgement Application
-vs- Antah Holdings Berhad

5. Kuala Lumpur High                  The lawyer has filed
Court Suit No. D1-22-280-2003         the Appeal to the Court
Mizuho Corporate Bank Ltd             of Appeal and are
-vs- Antah Holdings Berhad            currently in the process
                                      of filing the Application
                                      for Stay of Execution of
                                      the said Judgement.

6. Kuala Lumpur High                   Attended court on 23
Court Suit No. S1-22-836-2002          August 2004 and had
AmBank Berhad -vs-                     obtained Order In Terms
Antah Holdings Berhad                  of the Application  
                                       to Discharge

There are no material developments to the other claims by
financial institutions against Antah.

2. Non-Financial Institutions

The status in respect of the claims made by the following non-
financial institutions:

No.        Case No.                     Status

1.   Shah Alam Sessions                - 18 October, 2004/
Hearing
     Court Smn No. 52-3319-2003        for Plaintiff's Summary  
     Sing Motor Works Sdn. Bhd.        Judgement Application
     -vs- Antah Holdings Berhad

2.   Shah Alam Magistrate Court     - 16 September, 2004/Mention
     Smn No. 72-1905-2003
     Global Max Print Sdn. Bhd -
     vs Antah Holdings Berhad

4.   Kuala Lumpur Sessions Court     - 8 November, 2004/Hearing     
Smn No. S8-52-16056-2003            for Plaintiff's Summary     
Southern Investment Bank Berhad     Judgement Application
vs Antah Holdings Berhad

4.   Kuala Lumpur Sessions Court Smn - 26 November, 2004/Hearing
No. S2-52-16651-2003
Public Merchant Bank Berhad vs
Antah Holdings Berhad

There are no material developments to the other claims by non-
financial institutions against Antah.

3. Corporate Guarantee

The status in respect of the claims made by the following
corporate guarantee, which have been provided by Antah:

No.             Case No.           Status

1.    Kuala Lumpur High Court     -13 October, 2004/Case      
Suit No. D2-22-653-2003           Management
Bank Pertanian Malaysia           -21 October, 2004/Hearing for
vs. (i) Pacific Asia              Plaintiffs Summary Judgement
Fishing Sdn. Bhd                  Application
(ii) Antah Holdings Berhad

There are no material developments to the other claims against
companies where Antah has provided corporate guarantees.

CONTACT:

Antah Holdings Berhad
Level 7, Menara Milenium,
Jalan Damanlela,
Pusat Bandar Damansara,
Damansara Heights 50490
Kuala Lumpur
Telephone no: 03-20849000
Facsimile no: 03-20949940


BERJAYA SPORTS: Grants Listing of 85,200 New Ordinary Shares
------------------------------------------------------------
Berjaya Sports Toto Berhad's additional 85,200 new ordinary
shares of RM1.00 each arising from the conversion of RM85,200
nominal amount of 8 percent irredeemable convertible unsecured
loan stocks 2002/2012 into 85,200 new ordinary shares will be
granted listing and quotation with effect from 9 a.m., Monday,
13 September 2004.

CONTACT:

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


CEPATWAWASAN GROUP: Issues Litigation Update
--------------------------------------------
The Board of Directors of Cepatwawasan Group Berhad announced
that the Company and its subsidiary, Prolific Yield Sdn. Bhd.
have commenced action against the following persons:

1. Tengku Dato' Kamal Ibni Sultan Sir Abu Bakar (NRIC: 611008-
06-5021)

2. Lt Kol Tengku Dato' Kamarul Zaman Ibni Sultan Sir Abu Bakar
(NRIC: 621104-06-5135)

3. Kassim bin Mohamed Ali (NRIC: 570718-10-5915)

4. Abdul Rahim bin Sendiri (NRIC: 460708-06-5203)

5. Opti Temasek Sdn. Bhd. (Company No. 650698-D)

6. Yip Kum Wah (NRIC: 390923-08-5783)

7. Lee Ah Lan (NRIC: 501002-05-5394)

(Hereinafter individually referred to as the Defendant) for
recovery of:

RM13 million which was wrongfully and fraudulently paid out by
the former directors of Prolific Yield Sdn. Bhd. to Opti Temasek
Sdn. Bhd.; and RM3 million paid to a Sheikh Abdul Rahim bin
Sheikh Hassan (NRIC: 681026-06-5133)

The Company and Prolific Yield Sdn. Bhd. have obtained ex parte
injunctions on 6 September 2004 with a view to attempt to
recover and trace the monies. The injunction obtained summarized
as follows:

a) mareva injunction freezing the assets of Defendants 1, 2, 3 &
4 above up to the value of RM16 million;

b) mareva injunction over Defendants 6 & 7 above up to the value
of RM13 million;

c) Anton Pillar Order over Defendant 5 above for all statutory
and company's books, bank records and all other documents; and

d) Tracing orders for all 7 Defendants above to reveal their
assets and to inform the Company's solicitors and the Honourable
Court of where the monies have been transferred to.

The Companies' solicitors are in the process of serving orders
to the respective Defendants.

This Bursa Malaysia announcement is dated 9 September 2004.


CEPATWAWASAN GROUP: Schedules EGM Meeting On September 30
---------------------------------------------------------
The Directors of Cepatwawasan Group Berhad announced that the
Fourth Annual General Meeting (AGM) of the Company will be held
at Ballroom, Sanbay Hotel Sandakan, Mile 1 1/4, Jalan Leila,
P.O. Box 211, 90702 Sandakan, Sabah on Thursday, 30 September
2004 at 9:30 a.m. for the following businesses:

AGENDA          

(1) To receive the Audited Financial Statements of the Company
for the financial year ended 30 April 2004 together with the
Directors' and Auditors' Reports thereon. Resolution 1

(2) To approve the payment of Directors' fees. Resolution 2

(3) To re-elect the following Directors retiring in accordance
with Article 83 of the Company's Articles of Association:
(i) Datuk Lo Fui Ming (ii) Mr. Ouh Mee Lan (iii) Mr. Wong Kiam
Kong (iv) Mr. Tan Kum Peng (v) Dato' Haji Mohamad Subky Bin Haji
Abdul Raof (vi) Mr. Chong Khing Chung (vii) Mr. Fong Wai Leong
(viii) Ms. Lo Choon Fung @ Michelle 345678910

(4) To appoint Messrs Ernst & Young as Auditors of the Company
for the ensuring year and to authorize the Directors to fix
their remuneration. Resolution 11

(5) As Special Business to consider and if thought fit, to pass
the following Ordinary Resolution, with or without
modifications:

AUTHORITY TO ISSUE SHARES

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

(6) To transact any other business for which due notice shall
have been given.

By Order Of The Board
Kang Shew Meng
Seow Fei San
Secretaries
Kuala Lumpur
8 September 2004

Notes:

(i) Proxy

(a) A proxy may but need not be a member of the Company and if
the proxy is not a member of the Company, the proxy shall be an
advocate or an approved company auditor or a person approved by
the Registrar of Companies.

(b) To be valid this form duly completed must be deposited at
312, 3rd Floor, Block C, Kelana Square, 17 Jalan SS 7/26, 47301
Petaling Jaya, Selangor Darul Ehsan, not less than 48 hours
before the time appointed for holding the meeting.

(c) A member shall be entitled to appoint more than one (1)
proxy (subject always to a maximum of two (2) proxies at each
meeting) to attend and vote at the same meeting.

(d) Where a member appoints more than one (1) proxy (subject
always to a maximum of two (2) proxies at each meeting) the
appointment shall be invalid unless he specifies the proportion
of his shareholdings to be represented by each proxy.

(e) If the appointer is a corporation, the Form of Proxy must be
executed under its seal or under the hand of its attorney.

(ii) Explanatory Note on Special Business

Resolution 12

The proposed Ordinary Resolution 12, if passed, is to give the
Directors of the Company flexibility to issue and allot shares
for such purposes as the Directors in their absolute discretion
consider to be in the interest of the Company, without having to
convene a general meeting. This authority will expire at the
next Annual General Meeting of the Company.


CONSOLIDATED FARMS: Issues Practice Note No. 1/2001 Update
----------------------------------------------------------
Further to the monthly status announcement under Practice Note
No. 1/2001 on 3 September 2004, the Board of Directors of
Consolidated Farms Berhad announced that the Company is unable
to pay the additional principal and/or interest in respect of
its credit facilities as set out in Table 1.

The Company and its financial advisors, Deloitte Corporate
Solutions Sdn Bhd (formerly known as Deloitte KassimChan
Business Services Sdn Bhd), have met with the respective lenders
to apprise them on Confarm Group's current financial condition
and have sought their indulgence and consideration to provide a
standstill period in respect of the Group's credit facilities
for it to carry out a financial review and, if appropriate,
formulate a restructuring/workout scheme.

Table 1

Additional Amount of Principal and/or Interest Due from 4
September 2004 to 10 September 2004.

Lender      Borrower        Additional Amount   Type of
Facilities
                           Due from 4 September
                           2004 to 10 September
                              2004 (RM'000)

Malayan Banking     Confarm       81.0              Bankers'
Acceptance                                                       
(BA)

Bumiputra-Commerce  Confarm      170.0              BA     
Bank Berhad

Total                            251.0

Note: The above figure are based on the respective companies'
records and exclude any penalty interest that may be charged by
the respective lenders.

CONTACT:

Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199
Fax: 03-23002299
  
This announcement is dated 10 September 2004.


DENKO INDUSTRIAL: Terminates Proposed Rights Issue
--------------------------------------------------
Denko Industrial Corporation Berhad refer to the announcement
dated 22 June 2004 which stated that the Securities Commission
had vide its letter dated 21 June 2004, approved the extension
of an additional six (6) months up to 23 December 2004, for the
Company to implement the Proposed Rights Issue.

In view of the current market sentiment and the weak market
price of the Denko Shares, Public Merchant Bank Berhad (PMBB),
on behalf of the Board of Directors of Denko, announced that the
Company has decided to abort the Proposed Rights Issue.

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


FABER GROUP: Issues Additional 258,500 Ordinary Shares
------------------------------------------------------
Faber Group Berhad's additional 258,500 new ordinary shares of
RM1.00 each issued pursuant to the conversion of RM517,000
nominal value of 2000/2005 irredeemable convertible unsecured
loan stocks into 258,500 new ordinary shares will be granted
listing and quotation with effect from 9 a.m., Tuesday, 14
September 2004.

CONTACT:

Faber Group Berhad
20th Floor
Menara 2 Faber Towers,
Jalan Desa Bahagia
Taman Desa, Off Jalan Klang Lamas
58100 Kuala Lumpur
Telephone: 03-76282888
Fax: 03-76282828


GADANG HOLDINGS: Grants Listing of New Shares
---------------------------------------------
Gadang Holdings Berhad's additional 1,801,500 new ordinary
shares of RM1.00 each issued pursuant to the conversion of
RM2,274,000 nominal value of 2 percent 2003/2008 irredeemable
convertible unsecured loan stocks into 1,801,500 new ordinary
shares will be granted listing and quotation with effect from 9
a.m., Tuesday, 14 September 2004.

CONTACT:

Gadang Holdings Berhad
52, Jalan Tago 2
Jalan Persiaran Utama
Sri Damansara
52200 Kuala Lumpur, WP
Malaysia
Tel no: 603-6356888
Fax no: 603-6365560


GOLDEN FRONTIER: Issues Notice of Shares Buy Back
-------------------------------------------------
Golden Frontier Berhad announced the details of its shares buy
back on September 9, 2004.

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

Total number of shares purchased (units): 1,000

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

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

Total consideration paid (RM): 713.28

Number of shares purchased retained in treasury (units): 1,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,054,300

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


INNOVEST BERHAD: Unveils Related Party Transactions for August
--------------------------------------------------------------
The Board of Directors of Innovest Berhad announced the
recurrent related party transactions pursuant to Paragraph 2.0
of the Practice Note. 12/2001 of the Listing Requirements of
Bursa Malaysia Securities Berhad.

For more information, go to
http://bankrupt.com/misc/tcrap_innovest091004.xls

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


MCM TECHNOLOGIES: EGM Set for September 24
------------------------------------------
Notice is hereby given that an Extraordinary General Meeting
(EGM) of MCM Technologies Berhad (MCMTECH) will be held at Dewan
AmBank Group, 7th Floor, Bangunan AmBank Group, 55, Jalan Raja
Chulan, 50200 Kuala Lumpur on Friday, 24 September 2004
immediately after the conclusion or adjournment (as the case may
be) of the Tenth Annual General Meeting of the Company to be
held at the same venue and on the same day at 10:30 a.m. for the
purpose of considering and, if thought fit, passing the
following resolutions,  with or without modifications:

SPECIAL RESOLUTION 1

PROPOSED AMENDMENTS TO ARTICLE 2 OF THE ARTICLES OF ASSOCIATION
OF THE COMPANY

THAT, the Articles of Association of the Company be altered in
the following manner:

Article 2 - Interpretation

By substituting the meaning of "Central Depository" and
"Exchange" found in Article 2 with the following:

"Word   Meaning

Depository  Bursa Malaysia Depository Sdn Bhd

Exchange Bursa Malaysia Securities Berhad and shall include
any other stock exchanges upon which the Company's shares may
for the time being be listed"

SPECIAL RESOLUTION 2

PROPOSED AMENDMENTS TO ARTICLE 6(b) OF THE ARTICLES OF
ASSOCIATION OF THE COMPANY

THAT, the Articles of Association of the Company be altered in
the following manner:

Article 6(b)

By substituting for Article 6(b) the following article:

"6(b) No Director shall participate in an issue of shares to
employees unless shareholders in general meeting have approved
of the specific allotment to be made to such Director."

ORDINARY RESOLUTION 1

PROPOSED EMPLOYEES' SHARE OPTION SCHEME (PROPOSED ESOS)

"THAT, subject to the approvals of all relevant authorities,
approval be and is hereby given for the Directors of the
Company:

a) to establish and administer an Employees' Share Option Scheme
(Scheme) for the benefit of the eligible employees and Directors
of the Company and its subsidiary companies which are not
dormant, and to issue options in accordance with the particulars
of which are set out in the Bye-Laws in Appendix I of the
Circular to Shareholders dated 2 September 2004 (which clauses
shall form part of this Resolution);

b) to assent to any conditions, modifications, revaluations,
variation and/or amendment (if any) to the Bye-Laws of the
Proposed ESOS in any manner as may be required or permitted by
the relevant authorities as the Directors deem fair and
expedient;

c) to make such applications as may be necessary at the
appropriate time or times to Bursa Malaysia Securities Berhad
(formerly known as the Malaysia Securities Exchange Berhad) and
any other relevant stock exchange upon which the ordinary shares
of the Company may, for the time being be listed for permission
to deal in and for quotation of any ordinary shares of RM0.10
each ("Shares") in the capital of the Company which may
hereafter from time to time be allotted and issued pursuant to
the Proposed ESOS;

d) to allot and issue from time to time such number of new
Shares in the capital of the Company as may be required pursuant
to the exercise of options under the Proposed ESOS provided that
the aggregate number of ordinary shares to be allotted and
issued does not exceed ten percent (10%) of the total issued and
paid-up share capital of the Company at any point in time during
the duration of the Proposed ESOS or such number of Shares that
may be permitted by the relevant authorities from time to time
during the duration of the Scheme AND THAT such new Shares will
upon such allotment and issue, rank pari passu in all respects
with the existing Shares in the Company except that they shall
not be entitled to any dividends, rights, bonus, allotments
and/or any other distributions which may be declared, made or
paid prior to the allotment date of the new Shares;

e) modify and/or amend the Bye-Laws of the Proposed ESOS from
time to time provided that such modifications and/or amendments
are effected in accordance with the provisions of the Bye-Laws
of the Proposed ESOS and to do all such acts and to enter into
all such transactions, arrangements and agreements as may be
necessary or expedient  in order to give effect to the Proposed
ESOS;  and

f) to extend the Proposed ESOS, if the Board of Directors deems
fit, upon the recommendation of the Option Committee, for up to
a maximum period of an additional five (5) years (Proposed ESOS
Extension) and that the Board of Directors be and are hereby
authorized to implement the Proposed ESOS Extension and to give
full effect to the various arrangements and/or transactions
relating to the Proposed ESOS Extension with full powers to
assent to any conditions, modifications, amendments and/or
variations as may be imposed by the relevant authorities."

ORDINARY RESOLUTION 2

PROPOSED ALLOCATION OF OPTIONS TO TAN SRI DATO' AZMAN HASHIM

"THAT, subject to the passing of the Special Resolution 2 and
Ordinary Resolution 1 above and the approvals of the relevant
authorities, the Board of Directors of the Company be and are
hereby authorized, on behalf of the Company, to offer and to
grant to Tan Sri Dato' Azman Hashim, the Non-Executive Chairman
of the Company, options to subscribe for up to a maximum of
2,000,000 new ordinary shares in the Company pursuant to the
Proposed ESOS in accordance with Bye-Law 5.1 and to allot and
issue from time to time, subject always to any adjustments which
may be made in accordance with the Bye-Laws governing and
constituting the Proposed ESOS."

ORDINARY RESOLUTION 3

PROPOSED ALLOCATION OF OPTIONS TO SOO KIM WAI

"THAT, subject to the passing of the Special Resolution 2 and
Ordinary Resolution 1 above and the approvals of the relevant
authorities, the Board of Directors of the Company be and are
hereby authorized, on behalf of the Company, to offer and to
grant to Soo Kim Wai, the Non-Executive Director of the Company,
options to subscribe for up to a maximum of 2,000,000 new
ordinary shares in the Company pursuant to the Proposed ESOS in
accordance with Bye-Law 5.1 and to allot and issue from time to
time, subject always to any adjustments which may be made in
accordance with the Bye-Laws governing and constituting the
Proposed ESOS."

ORDINARY RESOLUTION 4

PROPOSED ALLOCATION OF OPTIONS TO SHALINA AZMAN

"THAT, subject to the passing of the Special Resolution 2 and
Ordinary Resolution 1 above and the approvals of the relevant
authorities, the Board of Directors of the Company be and are
hereby authorized, on behalf of the Company, to offer and to
grant to Shalina Azman, the Non-Executive Director of the
Company, options to subscribe for up to a maximum of 2,000,000
new ordinary shares in the Company pursuant to the Proposed ESOS
in accordance with Bye-Law 5.1 and to allot and issue from time
to time, subject always to any adjustments which may be made in
accordance with the Bye-Laws governing and constituting the
Proposed ESOS."

ORDINARY RESOLUTION 5

PROPOSED ALLOCATION OF OPTIONS TO LEE KEEN PONG

"THAT, subject to the passing of the Special Resolution 2 and
Ordinary Resolution 1 above and the approvals of the relevant
authorities, the Board of Directors of the Company be and are
hereby authorized, on behalf of the Company, to offer and to
grant to Lee Keen Pong, the Non-Executive Director of the
Company, options to subscribe for up to a maximum of 2,000,000
new ordinary shares in the Company pursuant to the Proposed ESOS
in accordance with Bye-Law 5.1 and to allot and issue from time
to time, subject always to any adjustments which may be made in
accordance with the Bye-Laws governing and constituting the
Proposed ESOS."

ORDINARY RESOLUTION 6

PROPOSED ALLOCATION OF OPTIONS TO MEJ. GEN (RTD) DATO' HAJI
FAUZI BIN HUSSAIN

"THAT, subject to the passing of the Special Resolution 2 and
Ordinary Resolution 1 above and the approvals of the relevant
authorities, the Board of Directors of the Company be and are
hereby authorized, on behalf of the Company, to offer and to
grant to Mej. Gen (Rtd) Dato' Haji Fauzi Bin Hussain, the
Independent Non-Executive Director of the Company, options to
subscribe for up to a maximum of 2,000,000 new ordinary shares
in the Company pursuant to the Proposed ESOS in accordance with
Bye-Law 5.1 and to allot and issue from time to time, subject
always to any adjustments which may be made in accordance with
the Bye-Laws governing and constituting the Proposed ESOS."

ORDINARY RESOLUTION 7

PROPOSED ALLOCATION OF OPTIONS TO DATO' AB. HALIM MOHYIDDIN

"THAT, subject to the passing of the Special Resolution 2 and
Ordinary Resolution 1 above and the approvals of the relevant
authorities, the Board of Directors of the Company be and are
hereby authorized, on behalf of the Company, to offer and to
grant to Dato' Ab. Halim Mohyiddin, the Independent Non-
Executive Director of the Company, options to subscribe for up
to a maximum of 2,000,000 new ordinary shares in the Company
pursuant to the Proposed ESOS in accordance with Bye-Law 5.1 and
to allot and issue from time to time, subject always to any
adjustments which may be made in accordance with the Bye-Laws
governing and constituting the Proposed ESOS."

ORDINARY RESOLUTION 8

PROPOSED ALLOCATION OF OPTIONS TO MICHAEL YAP KIAM SIEW

"THAT, subject to the passing of the Special Resolution 2 and
Ordinary Resolution 1 above and the approvals of the relevant
authorities, the Board of Directors of the Company be and are
hereby authorized, on behalf of the Company, to offer and to
grant to Michael Yap Kiam Siew, the Independent Non-Executive
Director of the Company, options to subscribe for up to a
maximum of 2,000,000 new ordinary shares in the Company pursuant
to the Proposed ESOS in accordance with Bye-Law 5.1 and to allot
and issue from time to time, subject always to any adjustments
which may be made in accordance with the Bye-Laws governing and
constituting the Proposed ESOS."

By Order Of The Board
Bernie Ooi Chin Khoon
Selena Leong Siew Tee
Secretaries
Kuala Lumpur
2 September 2004

NOTES

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

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

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

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

This announcement is dated 9 September 2004.

CONTACT:

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

OLYMPIA INDUSTRIES: Unit Faces Winding Up Petition
--------------------------------------------------
Olympia Industries Berhad (OIB) announced that a Winding-up
Petition has been served on its wholly owned subsidiary namely
Citrus Cafe Sdn Bhd (CCSB) by Riche Monde Sdn Bhd.

(1) The date of presentation of the winding-up petition was on
11 August 2004 and the date the winding-up petition was served
on 9 September 2004.

(2) The amount claimed is RM45,534 together with interest at the
rate of 8% per annum from 19 November 2002 till the date of full
settlement and costs of RM1,003.

(3) The amount claimed is in respect of goods sold and delivered
to CCSB.

(4) The total cost of investment in CCSB is RM300,000. However,
full provision has been made for diminution in the value of
investment in CCSB.

(5) The winding-up proceedings will have no material financial
and operational impact on the Group.

(6) The expected losses arising from the winding-up proceedings
will be based on item (2) above.

(7) CCSB is in the process of negotiating settlement with the
petitioner's solicitors to resolve the matter amicably.

CONTACT:

Olympia Industries Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Tel: +60 3 2070 0033
Tel: +60 3 2070 0011


OLYMPIA INDUSTRIES: Dissolves Hong Kong Units
---------------------------------------------
Olympia Industries Berhad (OIB) announced that its wholly owned
sub-subsidiary companies namely Suff Marine Engineering (Hong
Kong) Limited and Suff Marine International (Hong Kong) Limited
have been struck off from the register by the Companies Registry
in Hong Kong and were accordingly dissolved.

The Company was notified of the striking off and dissolution on
Thursday.

The aforesaid subsidiaries had been dormant for several years
and the dissolution does not have any material financial effect
on the OIB Group.

CONTACT:

Olympia Industries Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Tel: +60 3 2070 0033
Tel: +60 3 2070 0011


POS MALAYSIA: Issues Additional 443,000 New Ordinary Shares
-----------------------------------------------------------
POS Malaysia & Services Holdings Berhad's additional 443,000 new
ordinary shares of RM1.00 each issued pursuant the employee
share option scheme will be granted listing and quotation with
effect from 9 a.m., Monday, 13 September 2004.

CONTACT:

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


SETEGAP BERHAD: Proposes Fund Raising Exercise
----------------------------------------------
On behalf of the Board of Directors of Setegap Berhad, Kuala
Lumpur City Securities Sdn Bhd announced that the Company and
its subsidiaries (Setegap Group) intend to undertake a proposed
fund raising & settlement exercise as detailed hereunder. This
exercise is an interim proposal as defined under Paragraph 13.08
of the Securities Commission's Policies and Guidelines on
Issue/Offer of Securities and is an integral part of a
comprehensive restructuring exercise in which the Company is
currently finalizing with its lenders comprising a consortium of
financial institutions (FI Lenders). A detailed announcement on
the proposed restructuring exercise will be released upon
receiving the FI Lenders' approval.

The proposed fund raising & settlement exercise comprises the
following proposals:

i) Proposed Paving Plant & Processes (M) Sdn Bhd (PPP)
Transactions

Proposed disposal of 805,305 ordinary shares of RM1.00 each
representing the entire issued and paid-up capital in PPP to
Alpha Positive Sdn Bhd for a cash consideration of RM7,000,000
(Proposed Disposal of PPP).

As PPP is currently only a 62.09%-owned subsidiary of Setegap,
the Company is required to acquire the minority interest in PPP
to facilitate the Proposed Disposal of PPP. Accordingly, the
Company proposes to acquire 305,305 ordinary shares of RM1.00
each representing 37.91% equity interest in PPP from Christopher
Hon Kah Foong, Mohd Zaini Bin Mohamed and Imbasan Mawar Sdn Bhd
for a purchase consideration of RM12,600,000 to be satisfied
fully by the issuance of 12,600,000 new ordinary shares of
Setegap of RM1.00 each at par (Proposed MI Acquisition);

ii) Proposed Issuance of ICULS to Subsidiaries

Proposed issuance of RM33,527,400 nominal value of 2004/2007 4%
Irredeemable Convertible Unsecured Loan Stocks (ICULS) to
Setegap's subsidiaries (Proposed ICULS Issuance) to facilitate
the Proposed Restricted Offer for Sale and Proposed Settlement
to Creditors (as defined hereunder);

iii) Proposed Restricted Offer for Sale

Proposed renounceable restricted offer for sale to the
shareholders of Setegap of up to RM29,027,400 nominal value of
ICULS at a tentative offer price of RM0.70 each (Proposed
Restricted Offer for Sale);
iv) Proposed Settlement to Creditors

a) Proposed issuance of up to 7,600,000 new ordinary shares of
RM1.00 each in Setegap at par; and

b) Proposed transfer of up to RM2,974,700 nominal value ICULS;
to trade creditors as settlement of amounts owing by the Setegap
Group; and

c) Proposed transfer of RM1,525,300 nominal value ICULS to
settle amounts owing to directors of its subsidiaries;
(Collectively known as Proposed Settlement to Creditors)

v) Proposed Increase in Authorized Share Capital

Proposed increase in the authorized share capital of the Company
from RM100,000,000 comprising 100,000,000 Shares to
RM200,000,000 comprising 200,000,000 Shares in the Company
(Proposed Increase in Authorized Share Capital).

The Proposed Disposal of PPP, Proposed MI Acquisition, Proposed
ICULS Issuance, Proposed Settlement to Creditors, Proposed
Restricted Offer for Sale and Proposed Increase in Authorized
Share Capital are collectively known as the "Proposals".

The Proposals' principal objectives are to allow Setegap to
raise cash proceeds for part repayment to the FI Lenders as well
as to fund the working capital requirements of the Setegap
Group.

Further details of the Proposals are set out in the attachments
of this announcement.

This announcement is dated 10 September 2004.


TANJONG PUBLIC: Issues Details On Dealings of Principal Officer
---------------------------------------------------------------
Tanjong Public Limited Company is in a Closed Period pending the
announcement of its results for the second quarter ended 31 July
2004.

(a) The Company has been notified pursuant to Paragraph 14.08(a)
of the Listing Requirements of Bursa Securities, by Uma Maniam
Muthusamy, a Principal Officer of the Company, of his intention
to deal in the shares of the Company during the Closed Period:  

(1) Date of notification: 8 September 2004.

(2) Intention to dispose of 29,000 shares of 7.5 pence each on
the Bursa Securities.

(3) Current holdings of Tanjong shares: 29,000 shares of 7.5
pence each representing 0.0072% of the issued share capital of
Tanjong.

(b) We also wish to announce that further to the announcement
made by the Company on 7 September 2004 that Yau Li Chong, a
Principal Officer of the Company, had intended to deal in 10,000
shares of the Company during a Closed Period (which she has yet
to deal in), the Company has been today notified by the same
officer that she intends to deal in an additional 19,000 shares
of the Company during the Closed Period. Please see details
below:

(1) Date of notification: 8 September 2004.

(2) Intention to dispose of 19,000 shares of 7.5 pence each on
the Bursa Securities.

(3) Current holdings of Tanjong shares: 29,000 shares of 7.5
pence each representing 0.0072% of the issued share capital of
Tanjong.

CONTACT:

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


TENCO BERHAD: Seeks Debt Restructuring Extension
------------------------------------------------
Tenco Berhad refer to the announcements dated 10 March 2004 and
6 July 2004 in relation to the Proposals.

On behalf of the Board of Directors of Tenco, Commerce
International Merchant Bankers Berhad announced that the
application to the Securities Commission for the Proposals will
be made within three (3) months from the date of this
announcement as the Company requires more time to finalize the
terms with its lender banks in relation to the Proposed Debts
Restructuring of Tenco.

CONTACT:

Tenco Berhad
No. 5, Jalan Pelabur 23/1,
40000 Shah Alam, Selangor
Malaysia
Telephone  (60) 3 541 0612
Fax  (60) 3 541 0132

This announcement is dated 10 September 2004.


WOO HING: Issues Amended Unaudited 2004 Quarterly Report
--------------------------------------------------------
Woo Hing Brothers (Malaya) Berhad announced to Bursa Malaysia
Securities Berhad its amended unaudited Quarterly report for the
period ended June 30, 2004.

                 SUMMARY OF KEY FINANCIAL INFORMATION
                              30/06/2004

         INDIVIDUAL PERIOD              CUMULATIVE PERIOD
    CURRENT YEAR  PRECEDING YEAR  CURRENT YEAR   PRECEEDING YEAR
    QUARTER       CORRESPONDING   TO DATE        CORRESPONDING
                  QUARTER                              PERIOD
    30/06/2004 30/06/2003         30/06/2004  30/06/2003
    RM'000       RM'000             RM'000        RM'000

1  Revenue  
      0             0                0          711

2 Profit/(loss) before tax  
     -62          -4,134            -419        -6,521

3  Profit/(loss) after tax and minority interest  
     -62          -4,134            -419        -6,521

4  Net profit/(loss) for the period  
     -62          -4,134            -419       -6,521

5  Basic earnings/(loss) per shares (sen)  
    -0.40         -26.50           -2.69      -41.80

6  Dividend per share (sen)  
     0.00          0.00             0.00       0.00

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

7  Net tangible assets per share (RM)  

          -6.5500                  -6.5300

HENG JI KENG
Special Administrator

For a copy of its full quarterly report, go to
http://bankrupt.com/misc/tcrap_woohing091004.xls

CONTACT:

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


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


BALABAC RESOURCES: Elects New Nomination Committee Members
----------------------------------------------------------
Balabac Resources & Holdings Co. Inc. announced that at the
Meeting of the Board of Directors held on September 9, 2004, the
Board approved the election of the following Directors as
members of the Company's Nomination Committee:

(1) Wilson T. Young
(2) Antonio Q. Sevilla
(3) Regnar C. Rivera.

In a disclosure to the Philippine Stock Exchange, the
stockholders approved the quasi-reorganization of the Company on
January 14, 2003 to enable the new investor to be on equal
footing with all existing stockholders.

Results from the Company's consolidated operations showed a net
loss of Php612,601 in 2004 compared to last year's net loss of
Php12,760,862. The significant increase in revenues consisted
mainly of interest income on short-term cash and marketable
securities amounting to Php18,429,628 and foreign exchange gains
from the revaluation of foreign currency-denominated monetary
assets amounting to Php15,224,891. The exchange rate of the
Philippine Peso to the United States Dollar depreciated from
Php52.612 as of April 30, 2003 to Php56.034 as of April 30,
2004.

For a copy of the Company's 2004 Annual Report, visit
http://bankrupt.com/misc/tcrap_balabac091004.pdf

CONTACT:

7/F, Allied Bank Centre
Ayala Avenue, Makati City
Tel. No:  815-2830
Fax No:  815-2855
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Allied Banking Corporation


MAYNILAD WATER: MWSS May Not Acquire Maynilad
---------------------------------------------
State-run Metropolitan Waterworks and Sewerage System (MWSS) may
not take over debt-saddled Maynilad Water Services Inc. but will
instead wait for as long as seven years for the company to fully
pay PhP21.3 billion in concession fees, Dow Jones reports.

Based on the revised rehabilitation plan for Maynilad submitted
Thursday to the Quezon City Regional Trial Court, MWSS agreed to
restructure concession fee payments in lieu of the debt-to-
equity swap agreement that Maynilad and its creditors signed in
March.


NEGROS NAVIGATION: Debt Relief May Be Junk By Court
---------------------------------------------------
The court may reject Negros Navigation Company's (Nenaco)
petition for debt rehabilitation if its President and Chief
Executive Sulficio O. Tagus remains in office, the Business
World reported on Friday.

If the court junks the shipping firm's petition, creditors will
now be free to go after the firm's assets, in the process
undermining its rehabilitation efforts.

In an interview, a court insider pointed to the management's
lapses in disclosing key information relating to Nenaco's debt
relief petition.

The court source cited Nenaco's "duplicity" when it did not
disclose that Mr. Tagud -- who was appointed as rehabilitation
receiver prior to his appointment as Nenaco President -- was a
former Director of Fort Bonifacio Development Corporation, a
consortium that includes Nenaco parent Metro Pacific
Corporation.

The interim rule of procedure on corporate rehabilitation
mandates that the assigned rehabilitation receiver must not have
a conflict of interest.

Nenaco filed for a petition on March 31 after audits showed that
its cash flows could not meet the demands of its creditors.

CONTACT:

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


PHILIPPINE LONG: To List Additional 17,436 Shares Today
-------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) will list 17,436
common shares issued under its executive stock option plan on
September 13. The new shares will raise the Company's total
option shares listed on the Philippine Stock Exchange to
226,600.

CONTACT:

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


PILIPINO TELEPHONE: Won't Pay Dividends Until Debt is Settled
-------------------------------------------------------------
The shareholders of Pilipino Telephone Corp. (Piltel) will not
be paid dividends until its PhP20.5-billion debts are settled,
reports The Manila Times, citing Philippine Long Distance
Telephone Co. (PLDT) president Napoleon Nazareno.

"It will depend on the performance of the company.  The sequence
of dividends is based on the restructuring of creditors.  We
first have to settle our debts, then pay dividends to preferred
shareholders and common shareholders," Mr. Nazareno said. He
said the company has to give priority to the payment of debts as
part of the restructuring plan approved in 2001.  

Piltel, a PLDT unit, has not paid dividends to its shareholders
for the past seven years.  

Mr. Nazareno said that Piltel settled about US$400,000 in
principal debt in June, and would pay another US$400,000 next
year. In 2006, it would shell out US$4.3 million for the payment
of debts. Between 2007 and 2010, Piltel plans to settle about
$20 million a year. It will then have to pay US$213.6 million by
2011 since majority of its creditors and suppliers elected to
swap their Piltel debt with seven-year bonds issued by sister
firm Smart Communications.

From 2012 to 2016, Piltel, which has reported a net income of
PhP810 million in the first half after years of losses, will
have to settle an annual obligation of US$19 million.


SILAHIS HOTEL: Court Appoints Rehabilitation Receiver
-----------------------------------------------------
The court has recently appointed Atty. Manuel D. Yngson, Jr. as
the rehabilitation receiver of Silahis Hotel International,
Inc., according to the Business World.

The cash-strapped hotel filed for debt-relief last July.
Presiding judge Artemio S. Tipon appointed the lawyer in his
order dated September 6. Accordingly, the court order stipulates
that Mr. Yngson should file a PhP100,000 bond before assuming
his duties.


SOLID CEMENT: Cement Firm Welcomes Lifting of CDO
-------------------------------------------------
The Department of Trade and Industry (DTI) has lifted its
preliminary "Cease and Desist Order" (CDO) against Solid Cement
Corporation (SCC) on the sale of its Island Cement products in
the local market, the Philippine Star reports. Solid Cement was
found to be producing substandard cement, the DTI said.

The DTI decided to lift the CDO against SCC based on preliminary
results of the seven-day test on SCC's cement samples. The DTI
is still awaiting results of the 28-day test, but SCC is
optimistic that it will also pass those tests.

SCC had been on the verge of shutting down its operations
Wednesday night after notifying the Department of Labor and
Employment (DOLE) Wednesday afternoon of its plan to close its
Antipolo plant for at least six months.

SCC estimates a loss of Php270 million for the 28 days that it
was not able to sell its cement product. The company produces an
average of 75,000 bags a day and at Php130 a bag, earns around
Php9.7 million daily.  


VICTORIAS MILLING: Taking Steps to Reduce Costs
-----------------------------------------------
Victorias Milling Co. (VMC) has ordered five offices under the
its support services division to submit on September 17 their
proposed cost-cutting measures, the Business World reports,
citing VMC Senior Vice-President Abelardo E. Bugay.

The memo was directed at the support services division only to
allay widespread fears of an impending retrenchment at the
company's agro-industrial complex in Victorias City in Negros
Occidental.

Victorias has about 1,600 employees, including those in the
refinery. The company, which is the biggest supplier of refined
sugar in the country, produces 30 percent of the Philippines'
refined sugar requirement daily.

CONTACT:

Victorias Milling Company, Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Tel. No:  896-0381; 899-0485
Fax No:  895-4150
E-mail Address:  fal@philonline.com
Web site:  http://www.victoriasmilling.com
Auditor:  Joaquin Cunanan & Company
Transfer Agent:  Fidelity Stock Transfer, Inc.


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


ALL BUILDING: Court Hears Winding Up Petition
---------------------------------------------
Notice is hereby given that a Petition for the Winding Up of All
Building Supply Pte Ltd by the High Court was, on the 26th of
August 2004, presented by Mick Aw Cheok Huat and having address
at 11 Collyer Quay, The Arcade #10-02, Singapore 049317, the
Judicial Manager.

The said Petition is directed to be heard before the Court
sitting at Singapore at 10.00 a.m. in the forenoon on Friday,
the 17th day of September 2004.

Any creditor or contributory 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 said Company requiring the same
by the undersigned on payment of the regulated charge for the
same.

Messrs Madhavan Partnership
Solicitors for the Petitioner
80 Robinson Road #08-01/02, Singapore 068898

Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the Solicitors,
Messrs Madhavan Partnership, 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 or firm, or his or their Solicitors
(if any) and must be served, or, if posted, must be sent by post
in sufficient time to reach the above named not later than
twelve o'clock noon on the 16th day of September 2004.

This Singapore Government Gazette Notice is dated September 7,
2004.


CHIP HUAT: Winding Up Hearing Set September 24
----------------------------------------------
Notice is hereby given that a Petition for the winding up of
Chip Huat Construction Co. Pte Ltd by the High Court was, on the
30th day of August 2004, presented by its Judicial Manager, Mr.
Tay Swee Sze.

The Petition will be heard before the Court sitting at the High
Court at 10.00 o'clock in the forenoon, on Friday the 24th day
of September 2004.

Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the 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 the same by the
undersigned on payment of the regulated charge for the same.

The Petitioners' address is care of Tay Swee Sze & Associates of
30 Robinson Road, #04-01 Robinson Towers, Singapore 048546.

The Petitioners' Solicitors are Rajah & Tann of 4 Battery Road,
#15-01 Bank of China Building, Singapore 049908.

Rajah & Tann
Petitioners' Solicitors

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to Rajah & Tann, the
Petitioners' Solicitors, notice in writing of his intention to
do so. The notice must state the name and address of the person,
or, if a firm, the name and address of the firm, and must be
signed by the person or 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 23rd day of September 2004.

This Singapore Government Gazette Notice is dated September 10,
2004.


CHUAN SENG: Posts Intended Preferential Dividend
------------------------------------------------
Chuan Seng Kim Trading & Construction Pte Ltd (In liquidation)
posted its Notice of Intended Preferential Dividend.

Address of Registered Office: c/o The Liquidator's Office

Last day for receiving Proofs: 21st September 2004

Name of Liquidator: Mr. Don M Ho, CPA

Address: c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705

Tel: 6532 0320 (8 lines)

Fax: 6532 0331

This Singapore Government Gazette Notice is dated September 10,
2004.


DELPHA INVESTMENTS: Creditors Meeting Set October 1
---------------------------------------------------
Pursuant to section 296 of the Companies Act, Chapter 50, a
meeting of the creditors of Delpha Investments Pte Ltd will be
held at 47 Hill Street, #05-01 Chinese Chamber of Commerce &
Industry Building, Singapore 179365 on 1st October 2004 at 11.00
a.m. for the following purposes:

(1) To lay before the creditors a full statement of the affairs
of the Company, showing the assets and liabilities of the
Company.

(2) To nominate liquidators or confirm members' nomination of
liquidators.

(3) To consider and if thought fit, the appointment of a
Committee of Inspection of the creditors.

Chong Khin Min
Director

Note:

(1) Proxies to be used at the meeting must be lodged with the
Company at 47 Hill Street, #05-01 Chinese Chamber of Commerce &
Industry Building, Singapore 179365 not later than 29th
September 2004.

(2) Please note that this notice is sent to you without
prejudice to the Company's right to review the nature and
quantum of the debt, if any, owed by the Company to you.

This Singapore Government Gazette Notice is dated September 7,
2004.


SOURCE ONE:  Receives Winding UP Hearing Petition
-------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Source One Opto-Acoustics Pte Ltd by the High Court was on the
31st day of August 2004, presented by Yokogawa Mat Corporation,
a creditor.

The said Petition will be heard before the Court sitting at
10.00 o'clock in the forenoon, on Friday, the 24th day of
September 2004.

Any creditor or contributory of the said Company desiring to
support or oppose the making of an order on the said Petition
may appear at the time of the hearing by himself or his Counsel
for that purpose. A copy of the said 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.

The Petitioner's address is 2-9-32 Nakacho, Musashino-shi,
Tokyo, 180-8750, Japan.

The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620.

Drew & Napier Llc
Solicitors for the Petitioner

Note: Any person who intends to appear on the hearing of the
said Petition must serve on or send by post to Drew & Napier LLC
a 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 or
firm, or his or their Solicitors (if any) and must be served, or
if posted must be sent by post in sufficient time to reach the
above named, not later than twelve o'clock noon of the 23rd day
of September, 2004.

This Singapore Government Gazette Notice is dated September 10,
2004.


MUHAN COMMODITY: Winding Up Hearing Slated for October 1
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Muhan Commodity Pte Ltd by the High Court was, on the 3rd day of
September 2004, presented by United Overseas Bank Limited, a
creditor.

The said Petition is directed o be heard before the Court
sitting at 10.00 o'clock in the forenoon, on Friday, the 1st day
of October 2004.

Any creditor or contributory of the said Company desiring to
support or oppose the making of an order on the said Petition
may appear at the time of the hearing by himself or his Counsel
for that purpose. A copy of the said 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.

The Petitioner's address is 80 Raffles Place, UOB Plaza 1,
Singapore 048624.

The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620.

Drew & Napier Llc
Solicitors for the Petitioner

Note: Any person who intends to appear on the hearing of the
said Petition must serve on or send by post to Drew & Napier LLC
a 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 or
firm, or his or their Solicitors (if any) and must be served, or
if posted must be sent by post in sufficient time to reach the
above named, not later than twelve o'clock noon of the 30th day
of September, 2004.

This Singapore Government Gazette Notice is dated September 10,
2004.  


MYBIZ SINGAPORE: To Hold Creditors Meetings September 24
--------------------------------------------------------
Take notice that a meeting of the Creditors of Mybiz Singapore
Pte Ltd will be held at 3 Phillip Street, #18-00 Commerce Point,
Singapore 048693 on 24th September 2004 at 4.00 p.m. for the
following purposes:

(1) To lay before the creditors a liquidation account.

(2) To receive a report from the liquidator on the course of the
liquidation.

(3) To approve liquidator's remuneration, costs and
disbursements.

(4) To consider distribution of dividends to preferential
creditors.

Shanker Iyer
Liquidator

Note:

(1) Creditors may vote either in person or by proxy. Proxies
must be lodged not later than 4.00 p.m. on the 23rd of September
2004.

(2) To entitle creditors to vote thereat, creditors of the above
named company are required to lodge their proof of debt (Form
77) not later than 4.00 p.m. on the 23rd of September 2004.

(3) The proxies and proof of debt forms are to be lodged at 3
Phillip Street, #18-00 Commerce Point, Singapore 048693.

This Singapore Government Gazette Notice is dated September 10,
2004.


PANPAC MEDIA: Posts Change in Shareholder's Interest
----------------------------------------------------
Panpac Media has released a notice in the change of the
Percentage Level of a Substantial Shareholder's Interest

PART I

(1) Date of notice to issuer: 10/09/2004
  
(2) Name of Substantial Shareholder: International Press
Holdings Pte Ltd

PART II

(1) Date of change of interest:  
  
(2) Name of Registered Holder:  
  
(3) Circumstance(s) giving rise to the interest or change in
interest:  

4. Information relating to shares held in the name of the
Registered Holder: -  

No. of shares held before the change:  

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

As a percentage of issued share capital:  
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:  
  
No. of shares held after the change:  

As a percentage of issued share capital:  

PART III

(1) Date of change of interest: 09/09/2004
  
(2) The change in the percentage level: From 13.7788% to
13.9976%
  
(3) Circumstance(s) giving rise to the interest or change in
interest: Open market purchase

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

The change in the percentage level is the result of a
transaction.

PART IV

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

No. of shares held before change: 62,962,588  
% of issued share capital: 13.7788  
   
No. of shares held after change: 63,962,588  
% of issued share capital: 13.9976  


WAN SOON: Bankruptcy Hearing Scheduled September 24
---------------------------------------------------
Notice is hereby given that a Petition for the winding up of Wan
Soon Engineering Pte Ltd formerly known as WS Underground
Technologies Pte Ltd, by the High Court was, on the 30th day of
August 2004, presented by Banerjee Gautam, Ramasamy Subramaniam
Iyer @ Rajendran and Goh Thien Phong, the Judicial Managers of
the said company.

The said Petition is directed to be heard before the Court
sitting at 10.00 a.m. on the 24th day of September 2004.

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

The Petitioners' address is care of 8 Cross Street, #17-00 PWC
Building, Singapore 048424.

The Petitioners' solicitors are Messrs Tan Kok Quan Partnership
of No. 5 Shenton Way, Level 29 UIC Building, Singapore 068808.

Messrs Tan Kok Quan Partnership
Solicitors for the Petitioners

Note: Any person who intends to appear on the hearing of the
said Petition must serve on or send by post to Messrs Tan Kok
Quan Partnership 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 or 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 twelve o'clock noon of
the 23rd day of September 2004.

This Singapore Government Gazette Notice is dated September 10,
2004.


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


BANGKOK TRANSIT: Govt To Set BTS Price on Wednesday
---------------------------------------------------
The Thai government said last week that an exact price for the
planned purchase of the BTS skytrain will be set on Wednesday,
Business Day reports, citing deputy permanent secretary for
finance Uthis Thammawadhin.

According to the official, the decision was reached after three
major creditors of Bangkok Transit System (BTSC), operator of
Bangkok's BTS skytrain system, have agreed to a proposal to sell
their debts in the firm to the government.

"I remain optimistic that the committee would be able to set a
price range for the concession purchases during a meeting next
Wednesday. The committee would then bring a price range arrived
at the meeting to negotiate with Thanayong (one of BTSC's major
shareholders)," said Mr. Uthis, who heads a committee tasked to
negotiate with private operators over the government's
concession buy-back plans.

Mr. Uthis also revealed that PTT Plc's vice-president Pichai
Chunhavajira is currently one of the team members studying a
suitable price for the purchases.


CHRISTIANI & NIELSEN: Issues Request To Be Removed From Rehabco
---------------------------------------------------------------
With reference to the notification of The Stock Exchange of
Thailand (SET) dated 19 November 1996 that Christiani & Nielsen
(Thai) PCL, a listed company, during the implementation of the
Rehabilitation Plan would be placed under REHABCO, C N Advisory
Co., Ltd. as the Plan Administrator (the Planner) of the Company
would like to inform that the implementation of the Plan to
rectify the financial and operation problems is now completed
according to "Adjustment to Guidelines Dealing with Listed
Companies under the REHABCO Sector" dated 30 April 2004.  

Details are listed below:

(1) Shareholders' Equity as of 30 June 2004 amounted to
THB762.86 Million.

According to Christiani & Nielsen (Thai) PCL and its
subsidiaries' financial statement for the six-month period ended
30 June 2004 Shareholder's Equity amounted to THB762.86 Million.

(2) Net Income from Operation during the past year

From 3rd quarter 2003 to 2nd quarter 2004, the Company has
consecutively shown net income from operations totaling
THB137.36 Million.

To view a full copy of the adjusted net income from operations
for the Company and its subsidiaries' financial statement
audited and reviewed by the Auditor, click
http://bankrupt.com/misc/CHRISTIANIANDNIELSEN091004.htm

With the successful implementation of the Plan to rectify the
financial and operation problems now completed according to
"Adjustment to Guidelines Dealing with Listed Companies under
the REHABCO Sector" dated 30 April 2004, the Company hereby
requests SET to consider and allow the Company's securities to
be traded, as normal, under the regular sector.

Yours faithfully,
(Mr. Saranthorn Chutima)(Mr. Danuch Yontararak)
C N Advisory Company Limited
As Plan Administrator of
Christiani & Nielsen (Thai) Public Company Limited

CONTACT:

Christiani & Nielsen (Thai) Pcl   
50/670 Soi Sukhumvit 105,
Sukhumvit Rd, Bang Na,
Phra Khanong Bangkok    
Telephone: 0-2398-0158   
Fax: 0-2398-9860   
Website: www.cn-thai.co.th
  

PREMIER ENTERPRISE: Registers Paid-up Capital Increase
------------------------------------------------------
Premier Planner Company Limited, as the Plan Administrator of
Premier Enterprise Public Company Limited informs the Stock
Exchange of Thailand that the Company has now registered its
paid up capital increase from THB3,436,132,540 to
THB3,878,472,910 with the Business Development Department,
Ministry of Commerce on 9 September 2004.

The increase of paid-up capital, in the number of 44,234,037
shares above, is made through the conversion of debt to equity
for the creditor under the rehabilitation Plan.
        
For your kind acknowledgement

Yours faithfully,
(Mr. Suradej Boonyawatana, Mr.Teerapol Juthapornpong)
Premier Planner Company Limited
As the Plan Administrator of
Premier Enterprise Public Company Limited

CONTACT:

Premier Enterprise Pcl
Premier Corporated Park Bldg,
1 Soi Premier, Sinakharin Rd, Nong Bon, Prawet Bangkok
Telephone: 0-2301-1000, 0-2398-0029
Fax: 0-2398-2350, 0-2398-0701


SRITHAI FOOD: Discloses Changes in Board of Directors
-----------------------------------------------------
Srithai Food & Beverage Public Company Limited informs the Stock
Exchange of Thailand that the board of directors meeting #5/2004
on September 9, 2004 has approved the following changes to its
membership:

1. Accepted the resignations of the following directors:

Mr. Nopadol  Sripalawat

2. Approved the appointments of the following directors.

Miss. Kajeewan  Bussuwanno
        
Effective from September 8, 2004 onwards.

Sincerely yours
(Mr. Anan  Jantranukul)
Executive  Director

CONTACT:

Srithai Food & Beverage Public Company Limited
69 Moo 4 Watkingkaew Road,
Rajadhewa, Bang Plee, Samut Prakarn
Telephone: 0-2312-4281-4, 0-2312-4289-300
Fax: 0-2312-4285
Website: www.srithaifood.thailand.com


TUNTEX THAILAND: Bankruptcy Court Approves Rehab Plan
-----------------------------------------------------
Tuntex (Thailand) Public Company Limited (TTC) disclosed to the
Stock Exchange of Thailand that following the creditors' meeting
resolution approving the business rehabilitation plan of Tuntex
(Thailand) Public Company Limited on August 6, 2004, the Central
Bankruptcy Court has approved the Plan and appointed TTC itself
to be the plan administrator on September 10, 2004.  All the
rights and responsibilities belonging to the planner has been
transferred to the plan administrator from such date onwards.

The Plan approved by the Court contains the following material
matters as follows:

1. Creditor Classification and Debt Repayment Method
        
The Plan has classified the creditors into 10 groups which
includes 1 group of secured creditors and 9 groups of unsecured
creditors as in the following details:
    
1.1) Group-1 Creditor: Secured Creditor, which includes the
creditors having TTC's assets as security either in mortgage or
pledge arrangement under the relevant security agreements and
documents.

The debt amount owed to the Group-1 Creditor is 21.21 percent of
the total debt amount of TTC and the Group-1 Creditor will be
entitled to a repayment scheme as follows:

(a)  Debt repayment in relation to the revolving working capital
facilities

All debts in an aggregate amount of not exceeding
THB1,150,000,000 will be repaid and serviced in accordance with
the terms and conditions of the relevant working capital
facilities agreement.

Security provided relating to the working capital facilities
will continue to be enforced.

(b) Debt repayment in relation to the long-term credit
facilities

Release all outstanding interest incurred until the plan
implementation date (if any).

Release all of the debt-restructuring fee.

TTC shall transfer the ownership of the ordinary shares in
Tuntex Petrochemicals (Thailand) Public Company Limited in the
amount of 129,060,899 shares to the Group-1 Creditor in lieu of
repaying the debt in cash for the principal amount of
THB2,800,000,000.

The Group-1 Creditor will become the shareholder or the secured
convertible bond holder of TTC (as the case may be) in lieu of
repaying the debt in cash for the principal amount of
THB600,000,000.

The remaining principal amount of debt shall be restructured by
extending the debt repayment schedule until final maturity in
2011, and reducing the interest rate with the first year
interest rate at 4 % p.a., the second year interest rate at 5%
p.a. and the third year interest rate onwards at MLR.

1.2) Group-2 Creditor: Long-Term Facilities Creditor, which
includes the unsecured creditors under the original debt
restructuring agreement and other loan agreements.

The debt amount owed to the Group-2 Creditor is 13.04 percent of
the total debt amount of TTC and the Group-2 Creditor will be
entitled to a repayment scheme as follows:

(a) Partial Debt Release

On the plan implementation date, the Group-2 Creditor shall
release the outstanding debt incurred until the date the Court
ordered the business rehabilitation of TTC (15 December 2003) in
the amount of 78 percent of the total debt amount.

On the plan implementation date, the Group-2 Creditor shall
release the outstanding interest incurred from the date the
Court ordered the business rehabilitation of TTC to the plan
implementation date.

(b) Partial Debt to Convertible Bond Conversion

On the plan implementation date, the debt amount calculated
until the date the Court ordered the business rehabilitation of
TTC in the amount of 22 percent of the total debt amount after
the partial debt release will be converted into unsecured
convertible bonds which shall be distributed to all creditors in
this group proportionate to their percentage of debt amount.  

1.3) Group-3 Creditor: Revolving Working Capital Facilities
Creditor, which includes the unsecured creditors under the
original debt restructuring agreement in connection with various
working capital facilities.

The debt amount owed to the Group-3 Creditor is 0.47 percent of
the total debt amount of TTC and the Group-3 Creditor will be
entitled to the repayment in accordance with the terms and
conditions of the relevant working capital facilities agreement.

1.4) Group-4 Creditor: Affiliated Trade Creditor, which includes
the unsecured trade creditor and affiliated with TTC whose debt
incurred under the raw material sale and purchase agreement and
other service agreement.  

The debt amount owed to the Group-4 Creditor is 5.00 percent of
the total debt amount of TTC and the Group-4 Creditor will be
entitled to the repayment scheme as follows:

(a) Partial Debt Release

On the plan implementation date, the Group-4 Creditor shall
release the outstanding debt incurred until the date the Court
ordered the business rehabilitation of TTC (15 December 2003) in
the amount of 8.30 percent of the total debt amount.

On the plan implementation date, the Group-4 Creditor shall
release the outstanding interest incurred from the date the
Court ordered the business rehabilitation of TTC to the plan
implementation date.

(b) Partial Debt to Convertible Bond Conversion
    
On the plan implementation date, the debt amount in the amount
of THB1,000,000,000 will be converted into unsecured convertible
bonds which shall be distributed to all creditors in this group
proportionate to their percentage of debt amount.

(c) Partial Debt Repayment In Accordance With The Original Raw
Material Sale and Purchase Agreement and Other Service
Agreements

The remaining debt amount shall be repaid and serviced in
accordance with the terms and conditions of the original raw
material sale and purchase agreement and other service agreement
on the condition that TTC shall maintain the trade credit line
(revolving) or maintain the remaining indebtedness under this
Plan in relation to this group of creditors.

1.5) Group-5 Creditor: Other Trade Creditor, which includes the
unsecured trade creditor whose debt incurred under the raw
material sale and purchase agreement.  

The debt amount owed to the Group-5 Creditor is 0.75 percent of
the total debt amount of TTC and the Group-5 Creditor will be
entitled to the repayment in accordance with the practice that
TTC has been conducting with the Group-5 Creditor, on the
condition that TTC shall maintain the trade credit line
(revolving) with the Group-5 Creditor.

1.6) Group-6 Creditor: Car Leasing Creditor, which includes the
unsecured creditor under various passenger car-leasing
agreements.  

The debt amount owed to the Group-6 Creditor is 0.0007 percent
of the total debt amount of TTC and the Group-6 Creditor will be
entitled to the repayment in accordance with the terms and
conditions of the relevant original agreement.

1.7) Group-7 Creditor: Fee Creditor, which includes the
unsecured creditor claiming against TTC for the repayment of
fee.  
             
The debt amount owed to the Group-7 Creditor is 0.0026 percent
of the total debt amount of TTC and the Group-7 Creditor will be
entitled to the repayment in accordance with the terms and
conditions of the relevant original agreement.

1.8) Group-8 Creditor: Contingent Creditor, which includes the
unsecured creditor whose claims are not due or contingent.

The debt amount owed to the Group-8 Creditor is 26.75 percent of
the total debt amount of TTC and the Group-8 Creditor will be
entitled to the repayment in accordance with the terms and
conditions of the relevant original agreement.

1.9) Group-9 Creditor: Guarantor, which includes the unsecured
creditor in its capacity as TTC's guarantor. These debts are
contingent debts which the guarantor has not yet made any
payment under the guaranty agreement.  The debt amount owed to
the Group-9 Creditor is 29.57 percent of the total debt amount
of TTC and the Group-9 Creditor will be entitled to the
repayment scheme as follows:

(a) Partial Debt Release

Group-9 Creditor shall release the debt in the amount of 78
percent of the total debt amount.

(b) Deferred Debt Repayment

The remaining debt in the amount of 22 percent will be deferred
to be repaid on the last business day of the fifteenth year from
the plan implementation date.

1.10) Group-10 Creditor: TTT Sponsor Support Creditor, which
includes the unsecured creditor who filed the applications for
debt repayment so that TTC shall provide the financial support
to TTT under the TTT sponsor support agreement.
  
These creditors' claims are under the investigation of the
Official Receiver as to whether they are entitled to file the
applications for debt repayment and whether TTC is actually
indebted to them.  As such, these creditors are considered the
group of creditors in dispute.  

The debt amount owed to the Group-10 Creditor is 3.21 percent of
the total debt amount of TTC and the Group-10 Creditor will be
entitled to the repayment scheme as follows:

(a) Partial Debt Release

Group-10 Creditor shall release the debt in the amount of 78
percent of the total debt amount.
  
(b) Deferred Debt Repayment
    
The remaining debt in the amount of 22 percent will be deferred
to be repaid on the last business day of the fifteenth year from
the plan implementation date.

2. Increase of Registered Share Capital and Issuance of New
Shares

The Plan specifies that TTC shall increase its registered share
capital and issue new ordinary shares as in the following
details:

(2.1) Reduce the registered share capital from THB2,960,000,000
to THB2,780,000,000 and increase the registered share capital in
the amount sufficient to support the issuance of convertible
bonds and/or ordinary shares for the benefit of debt
restructuring.

(2.2) Amend the Articles of Association relating to foreign
shareholding limitation for the benefit of issuing of
convertible bonds and/or ordinary shares to foreign creditors.  
Such amendment to the Articles of Association shall also be
approved by the Board of Investment of Thailand.

(2.3) Apply for the authorization and approval from the
Securities and Exchange Commission of Thailand and the Stock
Exchange of Thailand to issue convertible bonds as stipulated in
the Plan.

3. Debt Induction and Fund Raising

The Plan specifies the methods of debt induction and the fund
raising to be utilized in the business operation of TTC as
follows:

(3.1) Additional Working Capital Facilities.  The Court has
authorized TTC to enter into the working capital facilities
agreement with various financial institutions during its
business rehabilitation in accordance with the Bankruptcy Act
B.E. 2483 (as amended), including Krung Thai Bank Public Company
Limited, Bank of Ayudhya Public Company Limited, The Siam
Commercial Bank Public Company Limited and Bangkok Bank Public
Company Limited for an aggregate amount of THB1,500,000,000.  Up
to now, TTC has entered into the working capital facilities
authorized by the Court as follows:

(a) Krung Thai Bank Public Company Limited for the amount not
exceeding THB1,000,000,000

(b) Bangkok Bank Public Company Limited for the amount not
exceeding THB100,000,000
           
The facilities that have been utilized and incurred by TTC
during the business rehabilitation proceedings will not be
restructured under the Plan and shall be deemed legally
protected pursuant to the Bankruptcy Act.

3.2 TTC expects that during the course of plan implementation,
it will seek additional sources of funds for its business
operation and the implementation of the Plan.  TTC may require
to apply for loans from various financial institutions or to
raise funds through the issuance of shares or other financial
instruments in the amount not less than THB1,800,000,000.  

For this purpose, it may be required for TTC to furnish the
financial institutions or the investors with security either
belong to TTC or any other person.  

In this regard, TTC will be entitled to enter into agreements in
relation to such borrowing, fund raising and security provision
under the supervision of the Official Receiver.

Please be informed accordingly.  Additional development on this
matter will be further notified.

Sincerely Yours,
(Mr.Yang, Jin Tuu)
Tuntex (Thailand) Public Company Limited
in its capacity of planner and plan administrator of
Tuntex (Thailand) Public Company Limited

CONTACT:

Tuntex (Thailand) Pcl
Bb Building, Floor 20,
54 Sukhumvit 21 Road,
(Asoke) Klongtoey Nua,
Wattana Bangkok
Telephone: 0-2260-8020-41
Fax: 0-2260-8055
Website: www.tuntexthailand.com



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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
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Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
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Copyright 2004.  All rights reserved.  ISSN: 1520-9482.

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