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        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

             Tuesday, September 14, 2004, Vol. 7, No. 182

                            Headlines

A U S T R A L I A

AAM MARKETING: Members and Creditors Meeting Set September 22
ACCESS BROKERAGE: Clients To Get 60% Refund This Week
ALLSTATES FREIGHTERS: Final Meeting Slated for September 20
CHEMEQ LIMITED: Releases Replacement Prospectus
C.O.C. FACTORS: Members Meeting Slated for September 17

E.COM CENTRE: Final Meeting Slated for Sept. 20
ESSENTIAL HOME: Sets Meeting on September 17
FORESIGHT INVESTMENTS: Members Meeting Slated for September 17
INTEGRATED DESKTOP: Sets Sept. 20 as Date of Final Meeting
INVENTORY CAPITAL: Creditors Must Submit Claims by September 18

JAMES HARDIE: Defers Dutch Accounts Adoption
LESLYN INVESTMENTS: Joint Meeting Slated for September 22
NUCLEUS AGRICULTURAL: To Hold Members Meeting September 20
PAN PHARMACEUTICALS: Founder Tried to Investigate Regulator
PRENTICE BROS: Sets Final Meeting on September 22

QANTAS AIRWAYS: Flights to Indonesia Continue  
RONALD R O'BRIEN: Members Meeting Slated for September 20
SHEDDEN INVESTMENTS: Final Meeting Slated for September 20
SONS OF GWALIA: Issues Circular to Creditors
TRANSFIELD INVESTMENT: Issues Notice of Final Meeting  

TRANSURBAN CITY: Members Final Meeting Slated for Sept. 22
VILLAGE ROADSHOW: General Meeting Slated for October 8
VILLAGE ROADSHOW: Replaced by Tower Limited in S&P/ASX Indices
WG ICS: Creditors To Prove Claims on September 18
WOODSIDE PETROLEUM: Rig Arrival to Kick Off Mauritania Drilling


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Denies Looming Interest Rate Hike Rumors
BENDON LIMITED: Undergoes Winding Up Proceedings
CENTURY MAIN: Appoints Liquidators
GOOD PACIFIC: Winding Up Hearing Slated on October 13
KEEP KIND: Winding Up Sst on October 13


I N D O N E S I A

BANK PERMATA: Investors Remain Keen on Stake
MERPATI NUSANTARA: Needs Investors To Survive
PERTAMINA: KKPU Finds Fault in Tanker Sale
PERTAMINA: Gets Support from Megawati on KBC Dispute
* Indonesian Government May Delay Privatization Program


J A P A N

ARASHIMA SHOTEN: Enters Bankruptcy
HOKKAIDO INTERNATIONAL: To Launch Tokyo-Hakodate Flights
KOBE STEEL: To Make Capital Investments in Steelmaking
MITSUBISHI FUSO: Strict Safety Checks Block Vehicles' Sale
MITSUBISHI MOTORS: Shows Okazaki Plant to the Press

SOFTBANK CORPORATION: JCR Removes Affirmes BBB/J-2 on bonds/CP
SOJITZ HOLDINGS: Recapitalization Positive Factor in R&I Ratings
UFJ HOLDINGS: FSA May File Criminal Complaint Against Unit
UFJ HOLDINGS: Revises Forecasts for the FY04
UFJ HOLDINGS: To Receive JPY700-Bln Capital Injection from MTFG

UFJ HOLDINGS: Posts Measures Aimed at Improving Profitability
* S&P Ratings on Bank Merger Participants Still on CreditWatch


K O R E A

DAEWOO HEAVY: Union Not Joining Management If It Wins Bid


M A L A Y S I A

ANCOM BERHAD: Issues Notice of Shares Buy Back
ANSON PERDANA: Bursa Malaysia To De-list Securities Today
BOUSTEAD HOLDINGS: Presents August 2004 Crop Production Figures
GOPENG BERHAD: Issues Litigation Update
MTD CAPITAL: Purchases 21,500 Ordinary Shares on Buy Back

OLYMPIA INDUSTRIES: Issues Trading Suspension
OLYMPIA INDUSTRIES: Unit Faces Winding Up Petition
SATERAS RESOURCES: Creditors OK Scheme of Arrangement
TRADEWINDS CORPORATION: Disposing 16,200,000 Shares in UFM


P H I L I P P I N E S

BENPRES HOLDINGS: Discloses 1H04 Amended Quarterly Report
DMCI HOLDINGS: Posts Changes in Securities Ownership
FIRST SAVINGS: PDIC Starts Payment to Depositors Today
MANILA ELECTRIC: Enters Power Supply Deal With Napocor, Mirant
METRO PACIFIC: Posts Amended Quarterly Report

MONDRAGON INTERNATIONAL: Moves Annual Meeting to March 14
NATIONAL POWER: Rehiring Retired Employees, Says Senator
NEGROS NAVIGATION: Clarifies Debt Relief Petition Report
PHILIPPINE AIRLINES: May End Rehab by 2005
PHILIPPINE LONG: Unveils Beneficial Ownership of Securities

VICTORIAS MILLING: Creates Legal Audit Committee


S I N G A P O R E

GARAGE R: Court Issues Winding Up Notice
GINTIAN INVESTMENT: Winding Up Notice Issued
PANPAC MEDIA: Posts Change in Shareholder's Interest
PANPAC MEDIA: Shareholder's Interest Changes
P K SUMMIT: Creditors Meeting Set on September 28

NEPTUNE ORIENT: Posts Change in Holdings
* Hong Leong Holds Highest Bankruptcy Petition Numbers


T H A I L A N D

CHRISTIANI & NIELSEN: SET Removes Securities from Rehabco Sector
DATAMAT PUBLIC: Details Scope of Duties of Audit Committee
DATAMAT PUBLIC: Unveils Resolutions of Directors' Meeting
KRUNG THAI: Given 30 Days to Submit Findings on NPL Probe
SRITHAI FOOD: Court Approves Business Rehabilitation Plan

* BOND PRICING: For the Week 13 September to 17 September 2004

     -  -  -  -  -  -  -  -

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


AAM MARKETING: Members and Creditors Meeting Set September 22
-------------------------------------------------------------
Notice is hereby given that a joint meeting of the members and
creditors of AAM Marketing Pty Limited (In Liquidation) will be
held at 7th Floor, 390 St Kilda Road Melbourne 3004 on the 22nd
day of September 2004 at 12 midday to receive an account of the
liquidators acts and dealings of the conduct of the winding up.

Dated this 3rd day of August 2004

P. R. Manuell
Liquidator
Manuell & Co
7th Floor, 390 St Kilda Road, Melbourne Vic 3004
BPN030863


ACCESS BROKERAGE: Clients To Get 60% Refund This Week
-----------------------------------------------------
Following an agreement between the liquidators and the Bank of
New Zealand, clients of Access Brokerage will receive at least
60 percent of their frozen funds this week, says the New Zealand
Press Association.

Liquidators Ferrier Hodgson announced around AU$20 million will
be released for the failed broker's investors by the end of the
week.

"We're pleased to have achieved this interim result, which will
enable the release of a substantial portion of the AU$34m that
was frozen," liquidator Michael Stiassny said.

Currently, the liquidators are in the process of resolving
outstanding issues. They intended to file an application in the
High Court to ensure that the balance of funds could be
distributed as soon as possible.

All 7500 affected investors who had a balance of less than
AU$1000 would get all funds reimbursed.


ALLSTATES FREIGHTERS: Final Meeting Slated for September 20
-----------------------------------------------------------
Notice is given that a final meeting of creditors and members of
Allstates Freighters (Australia) Pty Limited (In Liquidation)
will be held at the offices of R. G. Mansell & Associates, Level
6, 118 Queen Street Melbourne on the 20th of September 2004 at
10:30 a.m.

AGENDA

(1) To lay before the meeting an account showing how the winding
up has been conducted and how the property has been disposed of
and to give any explanation of the account.

(2) To approve the destruction of the company's books and
records.

Dated this 4th day of August 2004

R. G. Mansell
Liquidator
Level 6, 118 Queen Street,
Melbourne 3000.
Telephone: (03) 9603 0090,
Facsimile: (03) 9603 0099
BPN030842


CHEMEQ LIMITED: Releases Replacement Prospectus
-----------------------------------------------
Chemeq Limited announced in its website that the Replacement
Prospectus dated September 10, 2004, substitutes the initial
Prospectus dated August 27, 2004.  A copy of this prospectus was
lodged with the Australian Securities and Investment Commission
on September 10, 2004.  

The Prospectus relates to an offer of New Shares and attaching
Options in Chemeq.  Neither ASIC nor the Australian Stock
Exchange (ASX) take any responsibility for the content of this
Prospectus.  Chemeq will apply for quotation of the New Shares
and attaching Options on ASX within seven days after the date of
this Prospectus.  No securities will be issued on the basis of
this Prospectus later than 13 months after the date of the
Prospectus.  

Section 713 of the Corporations Act requires this Prospectus to
contain all information that Eligible Shareholders and their
professional advisers would reasonably require and reasonably
expect to find in this Prospectus for the purpose of making an
informed assessment of:

- The effect of the Rights Offer on Chemeq; and
- The rights and liabilities attaching to the New Shares and
attaching Options.  

In determining the content of this Prospectus, regard has been
given to the fact that Chemeq is a disclosing entity for the
purposes of the Corporations Act (and is subject to regular
reporting and disclosure obligations) and also to the fact that
certain matters may reasonably be expected to be known to
professional advisers whom Eligible Shareholders may consult.

Applications for New Shares can only be made by completing the
Entitlement Application Form in full, in accordance with the
instructions on it, and sending it to the Chemeq Share Registry.  

A personalized Entitlement Application Form accompanies this
Prospectus for use by Eligible Shareholders who are entitled to
participate in the Rights Offer.  If you are entitled as an
Eligible Shareholder to apply for New Shares under the Rights
Offer, your personalized Entitlement Application Form shows the
number of New Shares for which you are entitled to apply
pursuant to your Entitlement.

To view a full copy of the Replacement Prospectus, click
http://bankrupt.com/misc/CHEMEQLIMITED091004.pdf

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/


C.O.C. FACTORS: Members Meeting Slated for September 17
-------------------------------------------------------
Take notice that a final meeting of members and creditors of
C.O.C. Factors Australia Pty Limited (In Liquidation) will be
held at Star Dean-Willcocks, Level 1, 32 Martin Place, Sydney on
Friday, 17 September 2004 at 10:00 a.m.

AGENDA

(i) To consider the Liquidator's final account in the
Liquidation.

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Thursday, 16 September
2004.

Dated this 4th day of August 2004

Adam Shepard
Joint Liquidator
Star, Dean-Willcocks
Chartered Accountants
Level 1, 32 Martin Place, Sydney NSW 2000.
Telephone 9223 2944
BPN030792


E.COM CENTRE: Final Meeting Slated for Sept. 20
-----------------------------------------------
Notice is hereby given that the final meeting of Members and
Creditors of E.com Centre Pty Limited (In Liquidation) will be
held at the office of Ferrier Hodgson, Chartered Accountants,
Level 1, 121-123 Crown Street, Wollongong, New South Wales on 20
September 2004 at 10:00 a.m.

The purpose of the meeting is to:

(i) Consider the Liquidator's account of his acts and dealings
and the conduct of the winding up; and

(ii) To consider any other matter properly brought before the
meeting.

Dated this 5th day of August 2004

Daniel I. Cvitanovic
Liquidator
Ferrier Hodgson
Chartered Accountants
Level 1, 121-123 Crown Street,
Wollongong NSW 2500
BPN030804


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

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

Dated this 6th day of August 2004
Brian H. Allen
Peter G. Burton
Joint Liquidators
c/- Burton Glenn Allen
Chartered Accountants
Level 2, 57 Grosvenor Street,
Neutral Bay NSW 2089.
Telephone: (02) 9904 4644,
Facsimile: (02) 9904 9644


FORESIGHT INVESTMENTS: Members Meeting Slated for September 17
--------------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, the final meeting of members of Foresight
Investments Pty Limited (In Voluntary Liquidation) will be held
at the offices of Liu Madden Partners at 8th Floor, HCF House,
403 George Street, Sydney on the 17th day of September 2004 at
10:00 a.m. for the purposes of laying before the meeting the
liquidators' final account and report and giving any explanation
thereof.

Dated this 2nd day of August 2004

John L. Madden
Liu Madden Partners
GPO Box 4198, Sydney NSW 2001
BPN030787


INTEGRATED DESKTOP: Sets Sept. 20 as Date of Final Meeting
----------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Integrated Desktop Services Pty Limited (In
Liquidation) will be held at Bruce Mulvaney & Co, 1st Floor, 613
Canterbury Road, Surrey Hills on Monday, the 20th of September
2004 at 9.30 a.m. for the purpose of having an account laid
before them showing how the winding up has been conducted and
how the property of the company has been disposed of and to hear
any explanations that may be given by the Liquidator.

Dated this 9th day of August 2004

B. N. Mulvaney
Bruce Mulvaney & Co
1st Floor, 613 Canterbury Road,
Surrey Hills Vic 3127.
Telephone: (03) 9896 9000,
Facsimile: (03) 9896 9001
BPN030884


INVENTORY CAPITAL: Creditors Must Submit Claims by September 18
---------------------------------------------------------------
Take notice that creditors of Inventory Capital Solutions
(Australia) Pty Limited (In Liquidation), whose debts or claims
have not already been admitted, are required on or before the
18th of September 2004 to submit particulars of their debts or
claims and of any security held by them to T.M. Pogroske, the
Liquidator.

If subsequently required by notice in writing from the said
Liquidator, the creditors must formally prove their debts or
claims and establish any title they may have to prioritize by
statement in writing. If they do not comply with this notice
they will be excluded from:

(a) The benefit of any distribution made before their debts or
claims are proved or their priority is established; and
(b) Objecting to the distribution.

Dated this 5th day of August 2004

T. M. Pogroske
Liquidator
Grant Thornton
Level 17, 383 Kent Street, Sydney NSW 2000
BPN030824


JAMES HARDIE: Defers Dutch Accounts Adoption
--------------------------------------------
Amid constant public pressure, James Hardie Industries NV last
week deferred a resolution to adopt its latest annual accounts
at its upcoming Annual General Meeting (AGM) in Amsterdam this
week, reports Shaw Online.

The move is aimed at providing an opportunity to accommodate any
impact that the recent Special Commission of Inquiry into the
Medical Research and Compensation Foundation might have on the
firm's financial statements.

According to Meredith Hellicar, the board opted to defer the
resolution due to the issues arising from the inquiry, and the
fact that the commissioner is not expected to report to the NSW
Governor before September 21.

Ms. Hellicar disclosed that James Hardie has already filed with
the Australian Stock Exchange its accounts for the current
fiscal year ended March 31, 2004. However, the firm is also
required to prepare Dutch GAAP accounts, which were proposed to
be formally adopted at the AGM.

Being a company listed in the New York Stock Exchange, James
Hardie needs to file with the Securities and Exchange Commission
a set of accounts for this period known as 20-F, which are due
September 30.

"Given allegations raised in the inquiry, and in order to assist
in completion of the preparation of the 20-F, we have decided to
commission an internal investigation, conducted by independent
legal advisors, consistent with US securities regulations, to
investigate allegations of illegal acts and any potential
impacts on the financial statements," the company declared.

Depending upon the report's release date the company has warned
the 20-F filing might be delayed beyond the required date, as
the internal inquiry may not be completed until the company has
access to the inquiry report from commissioner Jackson to the
NSW governor.

The board, likewise, believed it is not appropriate to seek
shareholder adoption of the Dutch GAAP accounts until these
matters are resolved.

CONTACT:

For corporate and media enquiries only, please contact:

James Hardie Industries
Web site: http://www.jameshardie.com.au/

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

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

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

All other enquires to CustomerLink Service Centre on 13 1103.


LESLYN INVESTMENTS: Joint Meeting Slated for September 22
---------------------------------------------------------
Notice is hereby given that a joint meeting of the members and
creditors of Leslyn Investments Pty Limited (In Liquidation)
will be held at 7th Floor, 390 St Kilda Road Melbourne 3004 on
the 22nd day of September 2004 at 11:00 a.m. to receive an
account of the liquidators acts and dealings of the conduct of
the winding up.

Dated this 3rd day of August 2004

P. R. Manuell
Liquidator
Manuell & Co
7th Floor, 390 St Kilda Road,
Melbourne Vic 3004
BPN030864


NUCLEUS AGRICULTURAL: To Hold Members Meeting September 20
----------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members of Nucleus Agricultural
Commodities Pty Limited (In Liquidation) will be held at the
offices of Lawler Partners, Level 7, 1 Margaret Street, Sydney
NSW 2000 on 20 September 2004, at 10:00 a.m., for the purpose of
having an account laid before them showing the manner in which
the winding up has been conducted and how the property of the
company has been disposed of and of hearing any explanations
that may be given by the Liquidator.

Dated this 17th day of August 2004

C. Wykes
Liquidator
c/- Lawler Partners
Chartered Accountants
Level 7, 1 Margaret Street,
Sydney NSW 2000
Telephone (02) 8346 6000
BPN030831


PAN PHARMACEUTICALS: Founder Tried to Investigate Regulator
-----------------------------------------------------------
A Federal Court hearing on Friday revealed Pan Pharmaceuticals
founder Jim Selim was seeking for a corporate vehicle he could
use to conduct court examinations of the Therapeutic Goods
Administration, which closed the company last year.

According to the Sydney Morning Herald, counsel for the
medicines regulator Steven Rares made the claim after an email
was produced as evidence citing the potential "crucial tactical
significance" of examinations to Mr Selim, who was "under
considerable pressure".

The email sent by Mr. Selim's solicitor Andrew Thorpe to
insolvency practitioner John Sheahan, discussed Mr. Selim
spending AU$200,000 to pay out creditors of an unnamed company
in liquidation.

Two months later, Mr. Selim asked Mr. Sheahan to replace the
administrator of a small vitamins company which blamed its AU$3
million collapse on the TGA's crackdown on Pan.

The move cost Mr. Selim only AU$1000, the amount needed to
convene a meeting of creditors of Markethaven Pty Ltd in order
to appoint Mr. Sheahan. He later agreed to pay AU$270,000 to
finance Mr. Sheahan's investigations.

"They were shopping around for a company to put Mr. Sheahan into
so they could use an administration or a liquidation to run
examinations for Mr. Selim," Mr. Rares said.

This was an abuse of process "even if Mr. Sheahan intended
Markethaven to benefit as well".

The TGA is requesting Justice Arthur Emmett to discharge orders
granted in July by Registrar Jennifer Hedge for TGA officers to
provide evidence on September 22 and 23.

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


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

Dated this 17th day of August 2004

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


QANTAS AIRWAYS: Flights to Indonesia Continue  
---------------------------------------------
In a press release, Qantas Airways said Thursday that Qantas and
Australian Airlines flights to Indonesia would continue to
operate as normal.

The Chief Executive Officer of Qantas, Geoff Dixon, said that
Qantas had increased capacity on its return Sydney-Jakarta
service Friday (QF41/42), replacing a 767-300 aircraft with a
747-400 aircraft to provide an additional 130 seats in case of
increased demand.

"We are in close contact with the Australian Government and will
assist in any way necessary," Mr. Dixon said. "We will monitor
the situation and we have the flexibility to add more capacity
if it is required."

Mr. Dixon said Qantas would provide full refunds and waive all
penalty fees for customers who wanted to cancel or change their
travel plans to or from Jakarta.

Qantas customers with concerns or questions about security in
Indonesia should contact the Department of Foreign Affairs and
Trade at www.dfat.gov.au or on +61 2 6261 3305 or 1300 555135
(local call cost within Australia)

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


RONALD R O'BRIEN: Members Meeting Slated for September 20
---------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a meeting of the members of Ronald R O'Brien Pty Limited
(In Liquidation) will be held at the offices of Smith Hancock,
Level 4, 88 Phillip Street, Parramatta NSW 2150, on 20 September
2004, at 10:00 a.m., for the purpose of having an account laid
before them showing the manner in which the winding up has been
conducted and how the property of the company has been disposed
of and of hearing any explanations that may be given by the
Liquidator.

Dated this 5th day of August 2004

P. Hillig
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street,
Parramatta NSW 2150
BPN030797


SHEDDEN INVESTMENTS: Final Meeting Slated for September 20
----------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Shedden Investments Pty Limited (In Liquidation)
will be held at Bruce Mulvaney & Co., 1st Floor, 613 Canterbury
Road, Surrey Hills on Monday, the 20th of September 2004 at 9:45
a.m. for the purpose of having an account laid before them
showing how the winding up has been conducted and how the
property of the company has been disposed of and to hear any
explanations that may be given by the Liquidator.

Dated this 9th day of August 2004

B. N. Mulvaney
Bruce Mulvaney & Co
1st Floor, 613 Canterbury Road,
Surrey Hills Vic 3127
Telephone: (03) 9896 9000,
Facsimile: (03) 9896 9001
BPN030883


SONS OF GWALIA: Issues Circular to Creditors
--------------------------------------------
Sons of Gwalia joint administrators furnished the Australian
Stock Exchange a copy of circular to creditors.

The creditors meeting held on September 3, 2004 appointed
members to the Committee of Creditors.

The members appointed to the Committee of Creditors are:

JP Morgan Chase
MacMahon Contractors Pty Ltd
Commonwealth Bank of Australia
Hampton Transport
Dresdner Australia
Macquarie Bank
Gitibank Group
HSBC Precious Metals
Mitsui & Go Precious Metals Inc
Gockburn Cement
David Baile (on behalf of employees)

Bingham McCutchen LLP
Roche Mining Pty Ltd
Australian Taxation Office
ANZ
Orica
Barminco Limited
BP Australia
Henry Walker Eltin
Statewest Power
AG Reagents

To view a full copy of the Circular to Creditors, click
http://bankrupt.com/misc/SONSOFGWALIA090804.pdf

CONTACT:

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


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


Dated this 17th day of August 2004

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


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

Dated this 17th day of August 2004

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


VILLAGE ROADSHOW: General Meeting Slated for October 8
------------------------------------------------------
Village Roadshow Limited announced in a press release that a
General Meeting of the Company is being convened for 11 a.m. on
Friday 8 October 2004 to consider, and if thought fit, pass a
resolution authorizing further on-market buy backs of up to 43
million ordinary shares in total as envisaged in the Company's
announcement of 26 August 2004.

A copy of the Booklet containing the Notice of Meeting,
Explanatory Memorandum and Annexures dated 3 September 2004 is
attached.
http://bankrupt.com/misc/VILLAGEROADSHOW090304.pdf

The Booklet is currently being printed and will be dispatched to
shareholders by next Wednesday 8 September 2004.

ENQUIRIES:

Peter Foo
Finance Director
03 9667 6666

CONTACT:

Village Roadshow Limited
206 Bourke Street
Melbourne Vic 3000
Australia
Phone: 61 3 9667 6666
Fax: 61 3 9639 1540


VILLAGE ROADSHOW: Replaced by Tower Limited in S&P/ASX Indices
--------------------------------------------------------------
In a press release issued by Standard & Poor's, the leading
provider of equity indices in Australia, it announced the
removal of Village Roadshow Limited (ASX:VRL) from the S&P/ASX
200 effective September 20, 2004.  Village Roadshow will be
replaced by Tower Limited (ASX:TWR).

For more information, click
http://bankrupt.com/misc/VILLAGEROADSHOWS&PINDICES091004.pdf


WG ICS: Creditors To Prove Claims on September 18
-------------------------------------------------
Take notice that creditors of WG ICS Pty Limited (In
Liquidation), whose debts or claims have not already been
admitted, are required on or before the 18th of September 2004
to submit particulars of their debts or claims and of any
security held by them to T.M. Pogroske, the Liquidator.

If subsequently required by notice in writing from the said
liquidator, the creditors must formally prove their debts or
claims and establish any title they may have to prioritize by
statement in writing. If they do not comply with this notice
they will be excluded from:

(a) The benefit of any distribution made before their debts or
claims are proved or their priority is established; and
(b) Objecting to the distribution.

Dated this 5th day of August 2004

T. M. Pogroske
Liquidator
Grant Thornton
Level 17, 383 Kent Street, Sydney NSW 2000
BPN030824


WOODSIDE PETROLEUM: Rig Arrival to Kick Off Mauritania Drilling
---------------------------------------------------------------
Woodside Mauritania Pty Ltd, a wholly owned subsidiary of
Woodside Petroleum Ltd., in a disclosure to the Australian Stock
Exchange (ASX) said it expects the West Navigator to arrive in
offshore Mauritania Friday.

The West Navigator is the first of two deepwater drilling rigs
that will work in tandem on the 2004-05 drilling program which
was previously announced on 5 July 2004.

The West Navigator is expected to begin drilling activities on
11 September 2004. The second drill rig to be used in this
campaign, the Stena Tay, is expected to arrive around 15
September 2004.

The presence of the two rigs allows for "batch drilling" of
wells whereby one rig performs the same operation on a number of
wells in sequence rather than drilling a single well from top to
bottom.

The West Navigator will drill the "top hole" sections of a
number of exploration and appraisal wells.

Following completion of the "top holes", the wells will be
temporarily suspended before the drilling of the "bottom hole"
target sections by the Stena Tay. This tandem drilling
arrangement utilizing the two rigs will achieve increased
efficiency during the campaign.

The West Navigator will commence "top hole" drilling of the
exploration wells Dorade, Capitaine, Tevet and the Tiof-A
appraisal well.  After completing the batch drilling of the "top
holes", the West Navigator will move to completely drill the
Tiof-3 appraisal well on the Tiof discovery.  This well is
currently planned to be completed and flow tested.

The Stena Tay will commence its drilling activities with a
development well on the Chinguetti field in PSC Area B, followed
by the "bottom holes" on the wells commenced by the West
Navigator.

Interests in the three production sharing contract areas that
will be drilled are:

Company               PSC A        PSCB          PSC C2
Woodside group
companies (operator)  53.846%      53.846%       48%

Hardman group
companies             21.3%        21.6%         28.8%

BG group
companies             13.084%      11.63%

Premier group
companies                          9.231%
Fusion group
companies             4.615%

ROC Oil group
companies             4.155%        3.693%         3.2%

Energy Africa                                      20%

CONTACT:

Woodside Petroleum Ltd.
Woodside Plaza , 240 St Georges Terrace
PERTH, AUSTRALIA, 6000  
Head Office Telephone: (08) 9348 4000  
Head Office Fax: (08) 9214 2777  
Website: http://www.woodside.com.au/


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


BANK OF CHINA: Denies Looming Interest Rate Hike Rumors
-------------------------------------------------------
The People's Bank of China (PBOC) dismissed rumors of a looming
interest rate hike, insisting that no decision would be made
until the economic data for August has been released, reports
Interfax.

PBOC officials have dismissed media reports of the impending
interest rate hike during the October National Day vacation
proposed by the central bank, saying the reports are groundless.

Economists and government officials commented that PBOC should
curb inflationary pressures amid demands to raise rates with the
consumer price index (CPI) rising 3.6% in the second quarter
from 2.8% in the first three months.

Current inflation has outpaced average deposit rates of 1.98
percent implying real interest rates are really below zero,
while more domestic savings are being withdrawn to look for
returns elsewhere.

CONTACT:
Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
http://www.bank-of-china.com


BENDON LIMITED: Undergoes Winding Up Proceedings
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Bendon Limited by the High Court of Hong Kong Special
Administrative Region was on the 24th day of August 2004
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance whose registered office is situated at 14th
Floor, Bank of China Tower, 1 Garden Road, Hong Kong.  

The said Petition is scheduled before the Court at 9:30 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.

Or, Ng & Chan
Solicitors for the Petitioner
15/F., The Bank of East Asia Building
10 Des Voeux Road
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.


CENTURY MAIN: Appoints Liquidators
----------------------------------
Century Main Investments Limited, a company under liquidation
with a registered office at Flat A, 6/F., Pak Cheung Building
No. 2, Tak Shing Street, Kowloon, has appointed Mr. Stephen Liu
Yiu Keung and Mr. Yeo Boon Ann, both of Ernst & Young
Transactions Limited as Joint & Several Provisional Liquidators.

Provisional Liquidators' Address:
17th Floor, Hutchison House, Harcourt Road, Central, Hong Kong

Date of Appointment: 30th July 2004

E T O'Connell
Official Receiver


GOOD PACIFIC: Winding Up Hearing Slated on October 13
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Good Pacific Limited by the High Court of Hong Kong Special
Administrative Region was on the 31st day of August 2004
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance whose registered office is situated at 14th
Floor, Bank of China Tower, 1 Garden Road, Hong Kong.  

The said Petition is scheduled before the Court at 10:00 am on
the 13th 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.

Or, Ng & Chan
Solicitors for the Petitioner
15/F., The Bank of East Asia Building
10 Des Voeux Road
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.


KEEP KIND: Winding Up Sst on October 13
---------------------------------------
Notice is hereby given that a Petition for the Winding up of
Keep Kind Limited by the High Court of Hong Kong Special
Administrative Region was on the 31st day of August 2004
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance whose registered office is situated at 14th
Floor, Bank of China Tower, 1 Garden Road, Hong Kong.  

The said Petition is scheduled before the Court at 10:00 am on
the 13th 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.

Or, Ng & Chan
Solicitors for the Petitioner
15/F., The Bank of East Asia Building
10 Des Voeux Road
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.


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


BANK PERMATA: Investors Remain Keen on Stake
--------------------------------------------
Despite the threat posed by the recent bomb attack, potential
investors are determined to acquire a majority stake in Bank
Permata and have even asked the government to increase the stake
being sold, The Jakarta Post reports, citing the Asset
Management Company (PPA).

PPA Chairman Mohammad Syahrial confirmed that the five short-
listed bidders have requested the government to divest their
entire 71-percent stake in Permata, instead of the currently-
offered 51 percent.

According to Mr. Syahrial, the investors are still determined to
join the Permata tender after a bomb explosion outside the
Australian Embassy Thursday last week. The terror attack, which
killed at least nine people and injured over 180, adds to the
risk of investing in the country.

Mr. Syahrial believed the bidders will not take advantage of the
bombing incident to reduce their bids. He added that PPA will
consider the request for a higher stake, taking into
consideration the prices offered by the five major consortia.

Five bidders have been short-listed, including the consortium
made up of Malaysian-based Malayan Banking Bhd. (Maybank) and
state pension fund operator PT Jamsostek; Singapore's United
Overseas Bank (UOB); the consortium made up of Bank Panin and
Australia and New Zealand-based ANZ Ltd.; the consortium of
Britain's Standard Chartered Plc. and Astra International; and
Malaysia's Commerce Aset-Holding Bhd., which has teamed up with
Bank Bumiputera.

The five investors offered bids for the 51-percent Permata stake
between 1.8 and 2.39 times the bank's book value. At 2.39 times
book value, the Permata stake would be priced at IDR248 per
share.

Through the PPA, the government proposed to sell 51 percent of
its stake in Permata to strategic investors late this year, and
another 20 percent through market placement next year. The
proceeds will be used to help plug the country's widening budget
deficit.

CONTACT:

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


MERPATI NUSANTARA: Needs Investors To Survive
---------------------------------------------
Minister of State Enterprises Laksamana Sukardi is worried about
the fate of PT Merpati Nusantara Airlines and its 4,000
employees following the House of Representatives' decision to
delay the privatization of the embattled carrier, reports The
Jakarta Post.

In a session with House Commission IX on financial affairs, Mr.
Laksamana stressed the importance of the privatization program
in efforts to rescue the state-owned airline.

"Merpati has been suffering constant losses. They lost IDR10
billion per month in 2003 and they've been losing an average of
IDR21 billion per month in 2004. And as Pak Hotasi said, their
cash flow might allow them to operate probably only for the next
three months," he said.

Merpati, which booked an IDR247 billion loss during the first
seven months of the year, has outstanding debts reaching IDR1.3
trillion (US$139.93 million), with assets standing at around
IDR775 billion.

The ailing carrier owes IDR225 billion to the government, IDR230
billion to Bank Mandiri, and IDR246 billion to national flag
carrier Garuda Indonesia.

Several commissioners questioned the effectiveness of a
strategic sale when Merpati is struggling under huge debts. They
also doubted whether investors would preserve Merpati's core
business, which is serving routes in the eastern part of
Indonesia.

The commissioner believed the most feasible option for the time
being is to complete Merpati's debt restructuring.

Hariadi Soepangkat, coordinator of Merpati's privatization
program, said the House should not be concerned about the
effectiveness of the privatization plan.

"We have to do it now before everything's too late. Many local
and foreign investors have expressed their interest, mostly from
the Southeast Asian region. Some local cigarette producers have
also approached us, like Sampoerna and Djarum, who want to
diversify their businesses," he said.

A strategic sale would help Merpati get fresh capital to turn
its equity positive, which would boost its value for a planned
initial public offering in 2006.


PERTAMINA: KKPU Finds Fault in Tanker Sale
------------------------------------------
The Business Competition Supervisory Commission (KKPU) claimed
they have found "strong indications" that PT Pertamina has
breached Law No. 5/1999 on monopolies and unfair competition in
the sale of its two giant oil tankers, says The Jakarta Post.

If the KKPU could prove their allegations, the sale could be
annulled and any party found guilty in the tender process could
pay a maximum of IDR25 billion (US$2.69 million) for damages.

"After a 30-day preliminary investigation and hearing with the
parties concerned, we have come to a conclusion that there are
indeed strong indications of unfair competition in determining
the winner of the Pertamina tender for its two Very Large Crude
Carriers (VLCCs)," said KPPU member Sutrisno Iwantono.

Mr. Sutrisno revealed that the KKPU had held hearings with new
Pertamina Chief Widja Purnama, former Pertamina President Ariffi
Nawawi, Minister of State Enterprises Laksamana Sukardi, and has
been corresponding with tender participant Indonian Essar
Shipping and winning bidder Frontline Limited.

Declining to elaborate on the indication of violations it found
in the bidding process, KKPU declared that the tender has
possibly breached Articles 16, 19(d) and 22 of the Antimonopoly
Law.

"Article 16 prohibits business players from making agreements
with foreign parties that may lead to a monopoly or unfair
competition. Article 19(d) prohibits business players from
discriminating against other players, while Article 22 prohibits
conspiring with parties in determining the winner of a tender."

Despite protests from Pertamina's labor union, the state oil and
gas firm sold two Very Large Crude Carriers in June to Norway's
Frontline Shipping Limited for US$184 million.

The sale has sparked speculations from activists and the labor
union that the tender was marred by collusion. They also pointed
to a conflict of interest in the appointment of Goldman Sachs as
financial adviser to the tender, as the consultancy firm owned a
minority share in Frontline.

Pertamina, however, dismissed the allegations, saying the tender
process was transparent and iterating that Frontline won the bid
fairly because other bidders could not provide a 20-percent down
payment and a US$5-million bid bond for each of the vessels.

Pertamina delivered one tanker to Frontline last month, and is
expected to deliver the second one this month.  

CONTACT:

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


PERTAMINA: Gets Support from Megawati on KBC Dispute
----------------------------------------------------
President Megawati Soekarnoputri is backing up PT Pertamina in
its dispute with U.S.-based Karaha Bodas Company (KBC) over a
geothermal power contract issue, relates Asia Pulse.

The state oil and gas firm has received presidential support for
its decision to reject a US$299.5 million compensation claim by
KBC for unilateral cancellation of a contract to build a
geothermal power project in Central Java.

Earlier, an arbitration proceeding ruled in favor of KBC.

However, Pertamina refused to honor the arbitration ruling,
claiming the contract was tarnished with corruption. In fact,
the Indonesian police already named two suspects in the
corruption case.

Pertamina President Widja Purnama declared the oil firm will not
pay the claim if corruption was proven in the contract with KBC,
adding that there were indications of graft in the KBC case.

The state police is currently investigating the allegation in
cooperation with pre-eminent police organization Interpol.


* Indonesian Government May Delay Privatization Program
-------------------------------------------------------
The Indonesian government has hinted it might postpone a plan to
divest part of its stake in state-owned enterprises following
the Australian Embassy bombing last week, reports Asia Pulse.

According to Minister for State Enterprises Laksamana Sukardi,
the terror attack has had immediate impacts on market
conditions, therefore, the gain may fall short of expectations
if the government pursues the plan under the present condition.

"We will first study the market condition," he said after a
meeting with legislators of House Commission IX.

At the meeting, the legislators approved a plan to divest the
government stakes in Bank Negara Indonesia and Merpati
Nusantara. The two companies are top priority in the state's
privatization program this year.


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


ARASHIMA SHOTEN: Enters Bankruptcy
----------------------------------
According to Teikoku Databank America, Arashima Shoten K.K. has
entered bankruptcy with US$71.22 million worth of liabilities.
The lumber and bamboo wholesale trader is based in Koto-Ku,
Tokyo 136-0082.

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


HOKKAIDO INTERNATIONAL: To Launch Tokyo-Hakodate Flights
--------------------------------------------------------
Hokkaido International Airlines, known as Air Do, is planning to
offer a daily round-trip flight between Tokyo's Haneda airport
and Hakodate, Hokkaido starting March 18, reports Japan Today.
The new route will be the struggling airline's third.

Air Do operates seven daily round-trip flights between Tokyo and
Sapporo and three between Tokyo and Asahikawa, also Hokkaido.

The airline is also considering adding more service to each of
the two routes.

CONTACT:

Hokkaido International Airlines (Air Do)
Kita1jou Nishi2chome 9,
Chuoku, Sapporo,
Japan
Web site: http://www.airdo21.com/


KOBE STEEL: To Make Capital Investments in Steelmaking
------------------------------------------------------
Kobe Steel, Ltd. on September 9 announced plans to make major
capital investments in its steel making facilities to increase
its competitiveness in distinctive, value-added products:

(1) New continuous caster to be built at Kobe Works
(2) No. 3 blast furnace at Kobe Works to be relined
(3) No. 2 blast furnace at Kakogawa Works to be remodeled with
an increased inner volume

Plans call for the construction of a new continuous bloom caster
at Kobe Works in Kobe, Hyogo Prefecture to increase the
productivity of specialty steels. With a production capacity of
720,000 metric tons per year, the new caster is scheduled to go
into operation in September 2006. Capital investment is
anticipated to be JPY8.5 billion, including remodeling of the
building and related work.

Kobe Steel has also begun a detailed study on relining Kobe
Works' No. 3 blast furnace, which is currently in operation. The
relined blast furnace is anticipated to go into operation in
fiscal 2007.

At Kakogawa Works, also in Hyogo Prefecture, Kobe Steel plans to
bring back into service the No. 2 blast furnace, after blowing
out the No. 1 blast furnace. The No. 2 blast furnace will be
rebuilt to have an inner volume of about 5,400 cubic meters.
Work is to be completed by March 2007. The No. 3 blast furnace
will remain in operation. Capital expenditure is expected to
reach JPY40 billion, which includes remodeling the old No. 2
blast furnace and installing new equipment. The remodeled No. 2
blast furnace will be blown in, based on the condition of the
No. 1 blast furnace, which has been in operation since January
1988.

Production System at Kobe Works

The new No. 5 continuous caster will produce high quality
blooms, a semi-finished product, to make specialty steels. The
new equipment will enable distortions to be kept to a minimum
during the solidification stage. It will also maintain top-class
surface and internal quality under high-speed casting. When the
No. 5 caster goes into operation, the No. 4 continuous caster,
one of two in operation, will be shut down. The No. 5 caster is
to start up in September 2006.

Another project is the relining of the No. 3 blast furnace at
Kobe, which has been in operation for the past 21 years. The
company has put together a project team to work on the details
of the project. The relined No. 3 blast furnace is expected to
go back into service in fiscal 2007.

Wire rod and bar are core products of Kobe Steel. The main
production facility for these products is Kobe Works. Kobe's
wire rod and bar products are processed into numerous automotive
parts. Typical examples are bolts, nuts and shafts; engine valve
springs; suspension springs; gears; and bearings. To make each
part with the same uniformity requires advanced production
technologies to produce high-quality specialty steels.

Supported by the steady growth of finished automobiles in Japan
and knock-down production overseas, demand for high-quality
specialty steel is currently strong. With the rise in automobile
production in Asia, centered mainly on China, Kobe Steel intends
to increase its presence as a reliable supplier of high-quality
specialty steel in the Asian market.

To meet these requirements, Kobe Steel has already completed
work on its downstream operation in 1999, the remodeling of the
No. 7 wire rod mill. The mill now provides higher dimensional
accuracy, high loads at low rolling temperatures, and improved
cooling through the use of a 90-meter conveyor.

Production System at Kakogawa Works

The No. 1 blast furnace at Kakogawa Works has been in operation
since January 1988, a period of 16.5 years. Plans call for the
remodeling and restart of the inactive No. 2 blast furnace,
blown out in 1996. The No. 2 blast furnace will have an inner
volume of about 5,400 cubic meters, in comparison to the No. 1's
4,550 cubic meters.

The inner profile of the blast furnace will be optimized to
ensure stable operation at a higher coal injection rate and
lower coke rate, and to enable greater usage of lower-cost raw
materials, thus contributing to greater cost reductions.

Kobe Steel aims to extend the working life of the blast furnace
to 25 years by adopting high thermal conductive carbon
refractory bricks at the bottom of the furnace, copper staves in
the cooling equipment, and fully utilizing its operational know-
how.

Kakogawa Works, Kobe Steel's main steelworks, makes a wide
variety of distinctive products including sheet, plate and wire
rod. Representative sheet products are high strength steel
sheet, which contributes to lighter vehicles and improved
safety, and special chemical-treated sheet with new functions
such as fingerprint resistant and heat-releasing properties. As
for steel plate, Kakogawa produces high strength TMCP plate
noted for its high control of residual stress. Less deformation
arising in gas-cutting and welding operations contributes to
more precise fabrication accuracy. In the wire rod field, Kobe
Steel supplies ultra clean wire rod for steel cords in tires. As
the wire rod is eventually drawn to a diameter of 0.2 mm,
inclusions must be thoroughly eliminated.

Increase in Distinctive Steel Products

These projects at Kobe and Kakogawa Works are part of Kobe
Steel's ongoing Fiscal 2003-2005 Medium-Term Business Plan to
increase its ratio of distinctive, high-quality steel products
to 40% in fiscal 2005, from 30% in fiscal 2002.

In addition to improving business earnings by strengthening the
supply of distinctive, high-quality steel products, these
strategic investments will increase the cost competitiveness
over the medium- to long-term future as blast furnaces need to
be rebuilt about once every 20 years. Kobe Steel intends to
carry out these strategic projects, which will improve the
business earnings, or flow, of its distinctive, high-quality
steel products.

About Kobe Steel, Ltd.

Kobe Steel, Ltd. (TSE: 5406) is one of Japan's leading steel
makers and producers of aluminum and copper products. Other
businesses include welding consumables, infrastructure and plant
engineering, machinery, and real estate.

Contact:

Media Contact        
Gary Tsuchida
Publicity Group
Kobe Steel, Ltd.
9-12 Kita-Shinagawa 5-chome
Shinagawa-ku, Tokyo, Japan 141-8688
Phone: +81-3-5739-6010
Fax: +81-3-5739-5971
Web site: www.kobelco.co.jp
E-mail: www-admin@kobelco.co.jp


MITSUBISHI FUSO: Strict Safety Checks Block Vehicles' Sale
----------------------------------------------------------
Rigid safety checks conducted by the state on Mitsubishi Fuso
Truck and Bus Corporation's proposed new models are preventing
them from going on sale, reveals Kyodo News, citing the Nihon
Keizai Shimbun.

The troubled truck maker has been unable to introduce any of its
new trucks because serious accidents caused by defects in
previous models have led the transport ministry to tighten its
screening of Mitsubishi Fuso trucks.

Normally, the inspection process for new models takes about two
months, but Mitsubishi Fuso models submitted for examination
since spring have not been cleared yet. The ministry has not set
a definite date for completion of the inspection.

Because of this, the ailing company has been unable to set sales
dates for new vehicles it has developed to comply with new
emissions regulations introduced this month.

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


MITSUBISHI MOTORS: Shows Okazaki Plant to the Press
---------------------------------------------------
In a bid to emphasize quality control and safety measures
implementation, Mitsubishi Motors Corporation (MMC) showed the
press its facility in Okazaki, Aichi Prefecture last week,
reports Kyodo News.

As part of efforts to rebuild its tarnished image, MMC conducted
an open house for the press, showing off sections for vehicle
development and testing process at the plant.

The scandal-hit carmaker declared it has tightened its quality
control system at the plant since June, following the
controversial defect cover-ups.

The Okazaki plant will be shut down in late 2005 as part of the
company's restructuring efforts.

Mitsubishi Motors officials said production lines for the
Grandis station wagon and Colt compact car from the Okazaki
plant will be transferred to other production facilities in
Japan around next July and September, respectively.

CONTACT:

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


SOFTBANK CORPORATION: JCR Removes Affirmes BBB/J-2 on bonds/CP
--------------------------------------------------------------
The Japan Credit Rating Agency Limited (JCR) has removed the
ratings on the bonds and CP program of Softbank Corporation from
Credit Monitor and has affirmed the BBB and the J-2 ratings on
them, respectively.

Issuer: Softbank Corporation (securities code no.: 9984)

Issues          Amount(bln)    Issue Date      Due Date      
Coupon
bonds no.2        Y50       Sept. 27, 1995  Sept. 27, 2007   
3.90%
bonds no.10       Y10       Oct. 18, 1996   Oct. 18, 2004    
3.55%
bonds no.11       Y10       Oct. 18, 1996   Oct. 18, 2006    
3.80%
bonds no.12       Y5        Nov. 1, 1996    Nov. 1, 2006     
3.70%
bonds no.15       Y40       Sept. 21, 2001  Sept. 21, 2005   
3.00%
bonds no.16       Y30       Sept. 21, 2001  Sept. 21, 2004   
2.45%
bonds no.17       Y10       Sept. 21, 2001  Sept. 21, 2005   
3.00%
euroyen convertible
bonds             Y50       Dec. 30, 2003   Mar. 31, 2013    
1.50%
euroyen convertible
bonds             Y50       Dec. 30, 2003   Mar. 31, 2014    
1.75%
euroyen convertible
bonds             Y50       Dec. 30, 2003   Mar. 31, 2015    
2.00%

CP Maximum        Backup Line
   Y50 billion    0%

Rationale:

Reliance on external funds for the fixed-line phone service to
be commenced by SoftBank's subsidiary Japan Telecom (JT) will be
small. The sales agent Bellsystem24 will shoulder the capital
spending. If Softbank acquires a certain level of customers, the
fixed-line phone service may become a stable earnings source.
Increase in client base through acquisition of JT will help
Softbank with its business development for new services. On the
other hand, consolidation of JT will increase Softbank's
interest-bearing debt. Given the cash flow generation capability
of JT and prospect for the fixed-line phone service to be
provided by it, it is unlikely that the debt service capability
of Softbank will be lowered sharply.

Softbank's broadband business has been growing steadily. It will
soon be able to assure earnings on an accounting basis. The new
fixed-line phone service will become an earnings source.
Softbank expressed its intention to make inroads into FTTH and
cellular phones. JCR will pay attention to the future business
developments. The broadband business competes with NTT and other
carriers. Technological innovation in telecommunications is
fast. Therefore, there will be drastic changes in this business
area. JCR will pay attention to the future trend.

CONTACT:

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


SOJITZ HOLDINGS: Recapitalization Positive Factor in R&I Ratings
----------------------------------------------------------------
On September 8, Sojitz Holdings Corp. (Sojitz HD) announced a
New Business Plan for the Sojitz Group, which details plans for
a withdrawal from its low-margin businesses and disposal of real
estate holdings during the year ending March 2005. Chief
provisions of the plan include the restructuring losses of about
JPY400 billion and a capital increase through the issue of
preferred shares of about JPY350 billion to UFJ Bank and major
financial institutions, and an additional 10 billion yen in
preferred shares to the UBS Group. According to the new plan,
payment of funds for the capital increase is expected to take
place no earlier than mid October.

In its previous assessment of the core company, Sojitz Corp.
(Senior Long-term Credit Rating: B+), Rating and Investment
Information (R&I) indicated the strong likelihood that Sojitz
would be required to review its existing business plan in view
of plans announced by UFJ Bank, Sojitz's principle support bank,
to make a concerted effort to dispose of its non-performing
loans, concentrating particularly on credit extended to large
lot borrowers, and on the basis of plans for the management
consolidation of UFJ Holdings Inc. (UFJHD) with Mitsubishi Tokyo
Financial Group Inc. (MTFG).

Consequently, R&I placed Sojitz on the Rating Monitor scheme and
undertook a review of the rating with a view to downgrading it.
It is R&I's understanding that the New Business Plan formulated
by the Sojitz Group is based on the management consolidation of
UFJHD and MTFG, and if the capital increase goes ahead according
to plan, the direction of the business will be secured and a
framework for support will be in place.

The Sojitz Group has a 2-layer structure consisting of the
holding company, Sojitz HD, and the operating subsidiary, Sojitz
Corp., as the core companies and the capital increase for Sojitz
HD can be seen as a fundamentally positive factor for Sojitz
Corp. and other operating subsidiaries. R&I will announce a new
rating after carefully studying how the financial composition,
the asset contents, and the business structure will change under
the New Business Plan.

CONTACT:

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


UFJ HOLDINGS: FSA May File Criminal Complaint Against Unit
----------------------------------------------------------
The Financial Services Agency (FSA) may file a criminal
complaint this month against the main banking unit of
beleaguered UFJ Holdings Incorporated for attempting to evade
bank inspection, the Asahi Shimbun reports.

The financial watchdog alleged UFJ Bank "concealed and tampered
[with]" documents detailing the financial statues of a borrower
during an FSA inspection last year.

The FSA may lodge a criminal complaint before the end of the
month against UFJ Bank and some former executives for breaching
banking laws.

In June, FSA had reprimanded UFJ for evading inspections into
its financial health by concealing or destroying documents and
information regarding the financial status of its troubled
borrowers.

CONTACT:

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


UFJ HOLDINGS: Revises Forecasts for the FY04
--------------------------------------------
UFJ Holdings, Inc. on September 10 revised its non-consolidated
and consolidated financial forecasts for the fiscal year 2004,
ending March 31, 2005, and for the interim period as follows.

Since the new management team took office in June this year, UFJ
Holdings has placed the resolution of non-performing loan
problem at the top of management priorities and has been
tackling the issue very aggressively. In order to fulfill its
public commitment, UFJ Holdings made organizational changes and
has been implementing aggressive measures to revitalize troubled
borrowers particularly large ones.

As a result of that, more-than-expected credit related expenses
are incurred and thereby UFJ Holdings, UFJ Bank Limited and UFJ
Trust Bank Limited are expected to post net losses.

In addition, UFJ Holdings is expected to post a significant non-
consolidated loss as a result of an impairment of UFJ Bank and
UFJ Trust shares it holds, due to significant net losses at
these subsidiaries. UFJ Holdings is obliged to suspend dividends
on common shares, preferred shares and preferred securities.
Although we believe it is inevitable to incur a significant
credit related expenses in the current fiscal year in order for
us to regain market confidence, the management takes the
suspension of dividend payment very seriously.

As is announced separately in "UFJ Announces Measures Aimed at
Improving Profitability", we will clarify where responsibility
lies and implement drastic restructuring measures on management
and employees.

Through these measures we shall make every effort to return to
profitability and resume dividend payments as early as possible.

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


UFJ HOLDINGS: To Receive JPY700-Bln Capital Injection from MTFG
---------------------------------------------------------------
UFJ Holdings, Inc. (UFJ) announced on September 10 that it has
concluded a Capital Injection Agreement with Mitsubishi Tokyo
Financial Group, Inc. (MTFG). Under the agreement, the two
Groups have agreed that MTFG will purchase all of the preferred
shares to be issued by UFJ Bank Limited totaling JPY700 billion.
The payment date has been set on or before September 29, 2004.

The UFJ Group continues to make progress in assisting with the
restructuring of its corporate clients with the aim of reducing
its Non Performing Loan (NPL) ratio to less than 4% during the
current fiscal year. These efforts have incurred additional
credit-related expenses, however, and, as a result, UFJ Bank is
now forecasting an interim loss of JPY750 billion for the
current fiscal year. With the completion of the capital
injection from MTFG, it is expected that UFJ will be able to
maintain a minimal capital adequacy ratio of 8% at the end of
this month.

The purpose of the capital injection is to strengthen the
capital base of UFJ and to realize the goals, and maximize the
effectiveness of the management integration, as outlined in the
Capital Injection Agreement. In addition, the UFJ and MTFG
Groups are also continuing discussions based on the Basic
Management Integration Agreement, dated August 12, 2004. The aim
of this agreement is to integrate the management of the holding
companies, banks, trust banks and securities firms of the two
Groups by October 1, 2005.

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


UFJ HOLDINGS: Posts Measures Aimed at Improving Profitability
-------------------------------------------------------------
In a press release, the UFJ Group (UFJ) expressed regrets that
net profits were more than 30% below targets outlined in the
Financial Revitalization Plan, submitted to the Japanese FSA in
June 2004, in both FY2002 and FY2003.

Additionally, UFJ regrets that the Holding Company and the
Subsidiary Banks are expected to show losses in FY2004, with no
dividend being paid for either ordinary shares, preferred shares
or securities, including public funds. UFJ will establish a
scheme of responsible management to improve the Group's business
management and will take action to significantly improve
profitability, which will include severe cost cutting.

The Subsidiary Banks have posted greater-than-expected credit
costs and anticipate posting a net loss as a result of
accelerated business restructuring aimed at reform and resolving
the problem loan issue. Due to the net losses of the Subsidiary
Banks, the Holding Company also anticipates posting a net loss
and will pay no dividend on a single basis, as shares in the
Subsidiary Banks are required to be re-evaluated upon the
recognition of losses. UFJ deeply regrets that the anticipated
results fall below those predicted in May and would like to
extend its apologies to all stakeholders. However, UFJ would
like to remind stakeholders that the anticipated losses come as
a direct result of continued efforts to deal with large troubled
borrowers. UFJ fully expects that credit cost after this fiscal
year will return to reasonable levels.

UFJ will take intensive action to improve profitability,
including the implementation of strict cost controls, and is
striving to achieve net profit and pay dividends with increased
retained earnings, and to pay back public funds. Concrete
measurements will be outlined shortly in the Business
Improvement Plan, following the announcement of the Plan to
Revitalize Management.

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


* S&P Ratings on Bank Merger Participants Still on CreditWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services said yesterday that its
ratings on UFJ Bank Ltd. (BBB/Watch Pos/A-2) and UFJ Trust Bank
Ltd. (BBB/Watch Pos/A-2), and the banks' subordinated debt (BBB-
) and junior subordinated debt (BB+), remain on CreditWatch with
positive implications.
     
At the same time, Standard & Poor's lowered its ratings on the
preferred securities issued by UFJ operating company (OPCO)
Tokai Preferred Capital Co. LLC to 'B-' from 'B+' and placed the
ratings on CreditWatch with negative implications, reflecting
growing concern over possible suspension of dividend payments.
The 'B' rating on preferred stock issued by another UFJ OPCO, TB
Finance (Cayman) Ltd., was affirmed and removed from
CreditWatch, since there is no likelihood of default given the
scheduled conversion into common stock in October 2004.
     
The ratings on Bank of Tokyo-Mitsubishi Ltd. (A-/Watch Neg/A-2),
Mitsubishi Trust & Banking Corp. (A-/Watch Neg/A-2), and
Mitsubishi Securities Co. Ltd. (BBB+/Watch Neg/--) remain on
CreditWatch with negative implications.


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


DAEWOO HEAVY: Union Not Joining Management If It Wins Bid
---------------------------------------------------------
Yonhap News said Monday that the labor union of Daewoo Heavy
Industries & Machinery Ltd. would not join the management should
its partnership with Pantech Co. win the bid for a 55-percent
stake in the construction equipment manufacturer.

Pantech, the country's third largest handset maker, and the
labor union are interested in buying a stake in Daewoo Heavy
from the state-run Korea Asset Management Corp. and Korea
Development Bank.

The union expressed in a press briefing that it will entrust a
top executive picked by the two sides, with full management
rights, to run Daewoo Heavy.

Meanwhile, Curitel Communications Inc., an ally of Pantech,
lodged with the Korea Stock Exchange a decision to join the
consortium led by Pantech and the Daewoo Heavy union.

The tenders for the sale, which is being arranged by Credit
Suisse First Boston, will end on Tuesday. KAMCO plans to name a
preferred bidder by the end of this month.

Among the 10 bidders short-listed by KAMCO on June 14 are Doosan
Heavy Industries Co., Samyoung Corp. and Tongil Heavy Industries
Co.


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


ANCOM BERHAD: Issues Notice of Shares Buy Back
----------------------------------------------
Ancom Berhad disclosed to Bursa Malaysia Securities Berhad the
details of its shares buy back on September 10, 2004.
   
Date of buy back: 10/09/2004

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

Total number of shares purchased (units): 111,500

Minimum price paid for each share purchased (RM): 0.785

Maximum price paid for each share purchased (RM): 0.805

Total consideration paid (RM):  

Number of shares purchased retained in treasury (units): 111,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 4,758,000

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


ANSON PERDANA: Bursa Malaysia To De-list Securities Today
---------------------------------------------------------
After having considered all the facts and circumstances of the
delisting of the securities in Anson Perdana Berhad and upon
consultation with the Securities Commission, Bursa Malaysia
Securities Berhad, in the exercise of its powers under Paragraph
16.17 of Bursa Securities' Listing Requirements, has decided to
delist the securities of the Company from the Official List of
Bursa Securities as the Company does not have an adequate level
of financial condition to warrant continued listing on the
Official List of Bursa Securities.

Accordingly, please be informed that the securities of the above
Company will be removed from the Official List of Bursa
Securities at 9 A.M. on Tuesday, 14 September 2004.

With respect to the securities of the Company which are
deposited with the Bursa Malaysia Depository Sdn Bhd (Bursa
Depository), please be informed that the securities of the
Company will continue to remain deposited with the Bursa
Depository notwithstanding the de-listing of the securities of
the Company from the Official List of Bursa Securities. It is
not mandatory for the securities of the Company to be withdrawn
from Bursa Depository.

Shareholders of the Company who intend to hold their securities
in the form of physical certificate can withdraw these
securities from their CDS accounts with Bursa Depository, at
anytime after the securities of the Company are de-listed from
the Official List of Bursa Securities by submitting the
application form for withdrawal in accordance with the
procedures prescribed by Bursa Depository.

Shareholders of the Company can contact any Participating
Organization of Bursa Securities and/or Bursa Depository's help
line at 03-20717711 or 03-20717723 for information on the
withdrawal procedures.

CONTACT:

Anson Perdana Berhad
Unit B5-8, Megan Phileo Promenade
Jalan Tun Razak
Kuala Lumpur
Tel: +603 2162 6899; +603 2163 0773
Fax: +603 2163 7088


BOUSTEAD HOLDINGS: Presents August 2004 Crop Production Figures
---------------------------------------------------------------
Boustead Holdings Berhad submitted to the Bursa Malaysia
Securities Berhad on 13 September 2004 the company's crop
production figures for the month of August 2004.

Rubber (Kilos):     Nil
Cocoa (Kilos):      Nil
FFB (MT):           103,928

Boustead Holdings is a conglomerate with diverse business
operations with interests in plantation management, financial
services, property development and construction, manufacturing
and trading, transportation and education services.

The Group's plantation interests are held under its listed
subsidiary, Kuala Sidim Bhd (KSB). KSB is principally involved
in cultivation and processing of oil palm and rubber, bulking of
edible oil, agricultural research and advisory services, Its
plantations are located in both East and Peninsular Malaysia.

CONTACT:

Boustead Holdings Berhad
18th Floor, Menara Boustead,
69 Jalan Raja Chulan,
50200 Kuala Lumpur
Tel: 03-2141 9044
Fax: :03-21430075
Web site: http://www.boustead.com.my


GOPENG BERHAD: Issues Litigation Update
---------------------------------------
On 3 December 2003, Gopeng Berhad announced that it had entered
into four conditional Sale and Purchase Agreements (SPAs) with
four parties namely, Avenue Rating Sdn Bhd, Pesat Padu Harta Sdn
Bhd, Keyline Space Sdn Bhd and Line Mission Sdn Bhd,
collectively (Purchasers) for the disposal of the remaining
plantation land totaling approximately 885 hectares in Kota
Bahroe Group Estates for a total cash consideration of
RM37,147,309.67.

On 31 May 2004, the Company advised that due to the non-
fulfillment of the conditions precedent within the stipulated
period of 3 months from the date of the SPAs as stated therein,
the SPAs with the Purchasers was deemed to have been terminated.
Pursuant thereto, the Company's solicitors had on 27 May 2004
given notice to the purchasers that the SPAs had lapsed and were
no longer binding. The Company had issued cheques to refund the
10% refundable deposits to the Purchasers accordingly.

On 9 September 2004, Gopeng Berhad has been served with Ipoh
High Court Originating Summons No.24-1306-2004 (the said Suit)
by the Purchasers (the Plaintiffs) wherein the Plaintiffs are
seeking to enforce terms of SPAs individually entered into
between the Company and the respective Plaintiffs. The Company
has referred the matter to its Solicitors with instructions to
contest the said Suit.

CONTACT:

Gopeng Berhad
Taman Seri Raia
31300 Kampung Kepayang, Perak Darul Ridzuan 31300
MALAYSIA
+60 5 357 5110
+60 5 357 5145


MTD CAPITAL: Purchases 21,500 Ordinary Shares on Buy Back
---------------------------------------------------------
MTD Capital Berhad announced the details of its shares buy back
on September 10, 2004.

Date of buy back: 10/09/2004

Description of shares purchased:  Ordinary shares of RM1/- each

Total number of shares purchased (units): 21,500

Minimum price paid for each share purchased (RM): 2.580

Maximum price paid for each share purchased (RM): 2.580

Total consideration paid (RM): 55,470.00

Number of shares purchased retained in treasury (units): 21,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 2,598,000

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

CONTACT:

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


OLYMPIA INDUSTRIES: Issues Trading Suspension
---------------------------------------------
Trading in the shares of Olympia Industries Berhad has been
suspended with effect from 9 a.m., Monday, 13 September 2004
until further notice.

Your attention is drawn to the Company's announcement dated 10
September 2004 at
http://bankrupt.com/misc/tcrap_olympia091304.doc.

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: 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 percent 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.


SATERAS RESOURCES: Creditors OK Scheme of Arrangement
-----------------------------------------------------
The Board of Sateras Resources (Malaysia) Berhad announced that
at the Extraordinary General Meeting (EGM) held on 10 September
2004, the shareholders of the Company have duly passed all the
resolutions pertaining to the Proposed Restructuring Scheme as
set out in the Notice of EGM dated 18 August 2004.

In addition, at the meeting of the Shareholders and Scheme
Creditors of Sateras summoned pursuant to an order of the High
Court of Malaya (Scheme Meetings), which were also held on 10
September 2004, the Shareholders and the Scheme Creditors of
Sateras had approved the proposed scheme of arrangement in
respect of the Proposed Share Exchange and the Proposed Debt
Restructuring respectively as set out in the Notice of the
Scheme Meetings on 18 August 2004.

CONTACT:

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

  
TRADEWINDS CORPORATION: Disposing 16,200,000 Shares in UFM
----------------------------------------------------------
On behalf of the Board of Directors of Tradewinds Corporation
Berhad (TCB), Aseambankers Malaysia Berhad announced that on 10
September 2004, the Company had entered into a conditional sale
of share agreement (SSA) with Padiberas Nasional Berhad (Bernas)
to dispose 16,200,000 ordinary shares of RM1.00 each in United
Malayan Flour (1996) Sdn. Bhd. (UMF) (Sale Shares) representing
45% equity interest for a cash consideration of RM25,000,000.

THE PROPOSED DISPOSAL

Details On UMF

UMF was incorporated in Malaysia as a private limited company
under the Companies Act, 1965 on 6 May 1991.

The principal activities of UMF are the manufacture and trade in
wheat flour and its by-products. The principal activities of its
subsidiaries are trading of pollard and bran, property
development and contracting, the manufacturing and trading in
oats, cereal products, metallic tins, general trading, money
lending and investment holding and repacking, refining and
marketing of edible oil.

The present authorized share capital of UMF is RM50,000,000
comprising 50,000,000 ordinary shares of RM1.00 each of which
RM36,000,000 ordinary shares of RM1.00 each have been issued and
fully paid.

The latest net tangible assets (NTA) and profit after tax of the
UMF Group (based on audited accounts for the financial year
ended 31 July 2003 and management accounts for the year ended 31
July 2004) are set out below:

                          Audited      Unaudited
                        Financial      Financial
                       year ended      year ended
                       31 July 2003    31 July 2004

                         RM'000         RM'000

Consolidated NTA         86,718         86,490

Consolidated profit      7,451          4,782
after tax               

Consolidated profit     6,237          3,660
after tax and
after minority interest

TCB's original date and cost of investment for its interest in
UMF is 19 February 1997 and RM18,133,000 respectively.

As at 30 June 2004, the carrying value of TCB's 45% equity
interest in UMF at Group level stands at RM25,000,000.
2.2 Basis Of The Consideration

The cash consideration of RM25,000,000 for the Proposed Disposal
was negotiated on a willing buyer willing seller basis after
taking into consideration the unaudited earnings of the UMF
Group for the year ended 31 July 2004 and TCB's carrying value
of its investment in UMF.

2.3 Salient Terms Of The SSA
The principal terms and conditions of the Proposed Disposal as
contained in the SSA are, inter alia, as follows:-

a. TCB shall transfer or procure the transfer of the Sale Shares
to Bernas, free from all mortgage, charge, pledge, lien,
assignment, hypothecation, security interest, title retention,
preferential right or trust arrangement or other security
arrangement or agreement (or any right) conferring a right to a
priority of payment together with all rights and benefits
attaching thereto in consideration of Bernas satisfying the
purchase consideration of RM25,000,000 (Purchase Price).

b. The Purchase Price shall be satisfied by Bernas in cash in
the following manner:

i. a sum of RM2,500,000 equivalent to 10% of the Purchase Price
shall be paid upon the execution of the SSA; and

ii. the balance of the Purchase Price amounting to RM22,500,000
shall be payable upon the completion of the sale and purchase of
the Sale Shares.

c. The SSA is conditional upon the following conditions
precedent:

i. the approval of the Ministry of International Trade and
Industry (MITI) in respect of Bernas' proposed acquisition of
the Sale Shares;

ii. the Securities Commission (SC) in respect of a waiver of
Bernas' obligation to extend a mandatory general offer for the
remaining equity interest in UMF not owned by Bernas pursuant to
the Proposed Disposal;

iii. the consents of the lenders of TCB (where applicable) for
the disposal of the Sale Shares to Bernas;

iv. written undertakings from Tau Meng Investment Pte Ltd (Tau
Meng) and Kangjeng Biskut Sdn Bhd (Kangjeng) that they do not
wish to accept a take-over offer from Bernas made in accordance
with the provisions of the Malaysian Code on Take-Overs and
Mergers (Amendment) 2004 (Code);

v. letters from Tau Meng and Kangjeng waiving TCB's obligations
arising from the Proposed Disposal under the shareholders
agreement between Tau Meng, Kangjeng, Pernas Securities Sdn Bhd
and Hasarole Sdn Bhd dated 24 March 1995;

vi. execution of the deed of adherence on such terms and
conditions to be agreed upon by Tau Meng, Kanjeng, Bernas and
TCB;

vii. resolution of the board of Directors of TCB approving the
Proposed Disposal;

viii. the results of the financial and legal due diligence of
UMF Group's accounts, books and other records, assets and
liabilities being satisfactory to Bernas; and

ix. other approvals from any other relevant public authority in
relation to any license, permit or approval issued to the UMF
Group, where such approval is required pursuant to the Proposed
Disposal, if required.

d. In the event that the conditions referred to in item (c)
above are not fulfilled on or before the date falling 150 days
after the date of the execution of the SSA or such other later
dates as may be agreed upon in writing between TCB and Bernas,
the SSA may be terminated by either party by written notice.

e. Upon termination of the SSA, no party shall have any claim
against each other save for any antecedent breach. The amount of
RM2,500,000 shall be refunded in full together with interest
accrued thereon by TCB to Bernas upon termination of the SSA.

Liabilities To Be Assumed By Bernas

There are no liabilities relating to UMF that Bernas would be
assuming pursuant to the Proposed Disposal.

Mode of Payment and Utilization Of Proceeds

The Purchase Price will be satisfied in cash by Bernas in the
following manner:
                                             RM
Upon execution of SSA                      2,500,000

Upon the fulfillment                       22,500,000
of the conditions
precedent of the SSA

Total                                      25,000,000

The proceeds arising from the Proposed Disposal will be directed
towards repayment of bank borrowings, working capital
requirements and defrayment of expenses relating to the
exercise.

Information On Bernas

Bernas is a public limited company, incorporated under the
Companies Act, 1967 and domiciled in Malaysia. Bernas is listed
on the Main Board of Bursa Malaysia Securities Berhad.

The principal activities of Bernas are those of the importation
of rice, activities in relation to the distribution of rice and
investment holding. Some of the main principal activities of the
Bernas' subsidiaries are trader and distributor of rice and rice
by-product, and also as rice processor.

Estimated Time Frame For Completion

Barring unforeseen circumstances, the Proposed Disposal is
expected to be completed by December 2004.

RATIONALE

The Proposed Disposal forms part of the TCB Group's strategy of
streamlining its investments to focus on core business areas and
generating cash flow towards reducing its debt obligations.

FINANCIAL EFFECTS

Share capital

The Proposed Disposal will not have any effect on the issued and
paid-up capital of the Company as the purchase consideration
will be satisfied entirely in cash.

Earnings

Based on the carrying value of the Sale Shares as at 30 June
2004 and assuming the Proposed Disposal is effected on that
date, the Proposed Disposal will not result in any gain or loss
at the Group level.

NTA

The Proposed Disposal would not have a material effect on the
NTA or NTA per share of the TCB Group.

Major Shareholders' Shareholding

The Proposed Disposal will not have any effect on the major
shareholders' shareholding of the Company.

APPROVALS REQUIRED

The Proposed Disposal requires, inter-alia, the approvals of the
following:

i. MITI;

ii. SC in respect of a waiver of Bernas' obligation to extend a
mandatory general offer for the remaining equity interest in UMF
not owned by Bernas pursuant to the Proposed Disposal;

iii. the remaining shareholders of UMF;
iv. the consents of the lenders of TCB (where applicable); and
v. any other relevant authority (if required).

DEPARTURE FROM GUIDELINES

As the Proposed Disposal does not involve any issue/offer of
securities, the Securities Commission's Policies and Guidelines
on Issue/ Offer of Securities are therefore not applicable.

DIRECTORS' AND/OR MAJOR SHAREHOLDERS' INTERESTS

Dato' Syed Fahkri Barakbah bin Tun Syed Sheh Barakbah is a
director of TCB and Bernas. By virtue of him being a common
director, Dato' Syed Fahkri Barakbah bin Tun Syed Sheh Barakbah
will and shall continue to abstain from all deliberations by the
Board of Directors of TCB and to form any opinion pertaining to
the Proposed Disposal.

Save and except for Dato' Syed Fahkri Barakbah bin Tun Syed Sheh
Barakbah, none of the directors and substantial shareholders of
TCB and persons connected with them, have any interest, direct
or indirect, in the Proposed Disposal.

STATEMENT BY THE BOARD OF DIRECTORS

The Board of Directors of TCB (save for Dato' Syed Fahkri
Barakbah bin Tun Syed Sheh Barakbah), having taken into
consideration all aspects of the Proposed Disposal, is of the
opinion that the Proposed Disposal is in the best interest of
the Company and shareholders.

DOCUMENT AVAILABLE FOR INSPECTION

The SSA will be available for inspection at the registered
office of TCB at 21st Floor, Wisma Zelan, No.1 Jalan Tasik
Permaisuri 2, Bandar Tun Razak, Cheras, 56000 Kuala Lumpur,
during normal business hours from Mondays to Fridays (except
public holidays) for a period of one (1) month from the date of
this announcement.

This announcement is dated 10 September 2004


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


BENPRES HOLDINGS: Discloses 1H04 Amended Quarterly Report
---------------------------------------------------------
Benpres Holdings Corporation (BPC) furnished the Philippine
Stock Exchange (PSE) a copy of its Amended Quarterly Report,
using SEC Form 17-Q, for the quarter ended June 30, 2004.

A copy of BPC's Amended Quarterly Report shall be made available
for reference at
http://bankrupt.com/misc/tcrap_benpres091304.pdf.

CONTACT:

Benpres Holdings Corporation
4/F, Benpres Building
Exchange Road corner Meralco Avenue
Ortigas Center, Pasig City
Tel. No:  633-3368
Fax No:  634-3009
E-mail Address: jr_benpres@bayantel.com.ph
URL: http://www.benpres-holdings.com
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Securities Transfer Services, Inc.


DMCI HOLDINGS: Posts Changes in Securities Ownership
----------------------------------------------------
Further to Circular for Brokers No 2. 3816-2004, 3857-2004,
3921-2004 and 3943-2004 dated August 25, 2004, August 30, 2004,
September 2, 2004 and September 3, 2004, respectively, Directors
and an officer of DMCI Holdings Inc. (DMC) furnished the
Philippine Stock Exchange copies of their SEC Form 23-B
(Statement of Changes in Beneficial Ownership of Securities).

Copies of the said documents shall be made available for
reference at
http://bankrupt.com/misc/tcrap_dmci091304.pdf

CONTACT:

DMCI Holdings Inc.
3/F, Dacon Building
2281 Chino Roces Ave. Ext.
Makati City 1231
Tel. No:  888-3000
Fax No:  816-7362
E-mail Address:  dmcihi@dmcinet.com
URL:  http://www.dmchi.com
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Securities Transfer Services, Inc.


FIRST SAVINGS: PDIC Starts Payment to Depositors Today
------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) is ready to
service on September 14 the claims for insured deposits of the
depositors of the closed First Savings Bank, Inc.

In a statement, PDIC advised depositors to proceed directly to
their respective branches with their evidence of deposits, such
as savings passbook or certificate of time deposit; and two (2)
valid identification (ID) cards containing depositor's
signature.  PDIC representatives will service claims from
September 14 onwards, Monday to Fridays, office hours, at the
head office and all branches of First Savings Bank.

A small thrift bank, First Savings Bank with head office located
at E. Rodriguez Ave., Quezon City, has branches in C.M. Recto,
Cubao and Tanay, Rizal. It was ordered closed by the Monetary
Board on September 8.  The PDIC took over the bank the same day.  

Based on adjusted records as of closure, First Savings Bank has
10,268 accounts with deposit liabilities of P191.48 million. For
more information, the public is advised to call the Depositors
Assistance Bureau at (02) 841-4050 or visit PDIC's website at
www.pdic.gov.ph.

This PDIC announcement is dated 13 September 2004.

CONTACTS:

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

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


MANILA ELECTRIC: Enters Power Supply Deal With Napocor, Mirant
--------------------------------------------------------------
Manila Electric Co. (Meralco) recently signed an agreement with
National Power Corporation (Napocor) and Mirant Philippines Inc.
to provide at least 15-megawatt (MW) power supply requirement of
SunPower Philippines Inc, The Philippine Star reports.

Mirant's 1,200 MW Sual coal-fired power plants in Pangasinan and
Napocor will supply 50-50 percent to Meralco. Initially, Sual
will supply 3.7 MW and this is expected to grow to 15 MW over
the 15-year contract period. At present, Sual has an excess
capacity of 50 MW.

Sual, one of the largest and cost-efficient generation plants in
the Philippines, consists of two 609-MW coal-fired thermal
facilities in Pangasinan, North Luzon. Meralco has also signed a
memorandum of understanding (MOU) for the sale of electricity to
SunPower.

CONTACT:

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


METRO PACIFIC: Posts Amended Quarterly Report
---------------------------------------------
Metro Pacific Corporation (MPC) provided the Philippine Stock
Exchange a copy of its Amended Quarterly Report, using SEC form
17-Q, for the quarter ended March 31, 2004.

A full copy of the Company's Amended Quarterly Report shall be
made available at http://bankrupt.com/misc/tcrap-mpc091304.pdf.

CONTACT:

David Nugent
Vice President
Media and Corporate Communications
Metro Pacific Corporation
Tel: (632) 888-0888; 888-0829


MONDRAGON INTERNATIONAL: Moves Annual Meeting to March 14
---------------------------------------------------------
Mondragon International Philippines, Inc. disclosed to the
Philippine Stock Exchange (PSE) that its Annual Stockholders
Meeting (ASM) is rescheduled from 13 September 2004 to:

March 14, 2005
9 A.M.
Mondragon House Ballroom
324 Sen. Gil Puyat Avenue Makati City

The Meeting was rescheduled to allow the Company enough time to
pursue negotiations with concerned government entities as well
as with investors who will provide additional funds both to
settle its obligations to the government and normalize
operations within the Mimosa Leisure Estate. While Mondragon has
been holding negotiations with the investors, the Company has
asked for more time in view of what they call political
uncertainty and country risk.

Very truly yours,
Jose Antonio U. Gonzalez
Chairman & CEO

CONTACT:

Mondragon International Philippines Inc.
Penthouse, Mondragon House
324 Sen. Gil J. Puyat Ave., Makati City
Tel. No:  818-1506 to 09
Fax No:  810-7584
Auditor:  Virgilio R. Santos & Company
Transfer Agent:  Rizal Commercial Banking Corporation


NATIONAL POWER: Rehiring Retired Employees, Says Senator
--------------------------------------------------------
State-owned National Power Corporation (Napocor) has spent PHP12
billion to pay its retiring employees only to rehire them later,
ABS-CBN News reports, citing Senator Ralph Recto.

Mr. Recto said Napocor officials knew that the power utility was
already debt-ridden, yet they proceeded to spend the huge amount
and doubled the expenses by rehiring those who should have been
retired. He added that among those "rehired" was Napocor
President Rogelio Murga.

Reports quoting militant group Freedom from Debt Coalition said
Napocor's liabilities stood at PHP1.4 trillion by the end of
2003 or equivalent to 42 percent of the national government debt
of PHPP3.3 trillion.

Mr. Recto further added that the government has a fiscal problem
because the government earmarked 32 percent of its budget for
interest expense and have very little investment in education
and infrastructure.

He cited the strong export sector and remittances from overseas
Filipino workers as among those factors that could help the
country avert a full-blown financial crisis.

CONTACT:

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


NEGROS NAVIGATION: Clarifies Debt Relief Petition Report
--------------------------------------------------------
Negros Navigation Co. Inc. clarified the news article entitled
"Nenaco debt relief petition may be junked by court" published
in the September 10, 2004 issue of the BusinessWorld.

The article reported "Negros Navigation Co. (Nenaco) risks
seeing its petition for debt rehabilitation dismissed by the
court if the shipping firm's President and Chief Executive
Sulficio O. Tagud remains in office. If the court junks Nenaco's
petition, creditors will now be free to go after the firm's
assets, in the process undermine 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 at Fort Bonifacio Development Corp., a
consortium that includes Nenaco parent Metro Pacific Corp. The
interim rules of procedure on corporate rehabilitation mandates
that the assigned rehabilitation receiver must not have a
conflict of interest.

Negros Navigation Co., Inc. (NN), in its letter to the Exchange
dated September 10, 2004, disclosed that:

The Company is in a position to confirm the above-mentioned
newspaper report because the same quotes a certain `court
insider', whose identity is unknown to us."

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

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 AIRLINES: May End Rehab by 2005
------------------------------------------
Philippine Airlines (PAL) is likely to move out of a 10-year
rehabilitation plan by early next year, Sun Star reports, citing
PAL President Jaime Bautista.

The airline entered into the rehabilitation plan in 1999 after
defaulting on some US$2.2 billion in debt, which was worsened by
a strike by the pilots' union and its ground crew.

PAL President Jaime Bautista said the airline has substantially
reduced its debt from PHP100 billion five years ago to PHP77
billion as of March.

In the course of its rehabilitation, PAL's aircraft fleet has
been reduced to 30 from 65 and its staff numbers to 7,000 from
13,000.

CONTACT:

Philippine Airlines
PAL Center Bldg.
Legazpi St., Legaspi Village
Makati City, Philippines 0750
Tel: (632) 817-1234
Tel: (632) 892-4856
Fax: (632) 813-6715
E-mail: chris_cardiente@pal.com.ph


PHILIPPINE LONG: Unveils Beneficial Ownership of Securities
-----------------------------------------------------------
Further to Circular for Brokers Nos. 3931-2004 dated September
2, 2004, 3976-2004 dated September 6, 2004, and 4008-2004 dated
September 9, 2004, officers of Philippine Long Distance
Telephone Company (TEL) furnished the Philippine Stock Exchange
copies of their SEC Form 23-A (Initial Statement of Beneficial
Ownership of Securities).

For a copy of the Company's SEC Filing, go to
http://bankrupt.com/misc/tcrap_pldt091304.pdf

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

CONTACT:

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


VICTORIAS MILLING: Creates Legal Audit Committee
------------------------------------------------
The Victorias Milling Corporation Executive Commission (EXCOM)
during its meeting last September 7, 2004 created a Legal Audit
Committee in order to efficiently and effectively monitor
various cases filed by and against the Company.

The Committee is composed of Mr. Aristotle L. Villaraza, as
Chairman, with Mrs. Cecelia C. Borromeo and Atty. Eva A.
Vicencio Rodriguez as Members.

Atty. Eva. A. Vicencio - Rodriguez
Compliance & Information Officer

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
=================


GARAGE R: Court Issues Winding Up Notice
----------------------------------------
In the matter of Garage R Automotive Trading Pte Ltd., a Winding
Up Order made on the 3rd day of September 2004.

Name and Address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118

Messrs Bih Li & Lee
Solicitors for the Petitioner

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


GINTIAN INVESTMENT: Winding Up Notice Issued
--------------------------------------------
In the matter of Gintian (Singapore) Investment Pte Ltd., a
Winding Up Order made on the 3rd day of September 2004.

Name and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118

Messrs Rajah & Tann
Solicitors for the Petitioner

Note:

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

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

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


PANPAC MEDIA: Posts Change in Shareholder's Interest
----------------------------------------------------
Panpac Media Group Limited has released a notice dated September
10, 2004, at the Singapore Stock Exchange, pertaining to the
change in the Percentage Level of a Substantial Shareholder's
Interest for Low Ka Choon Kevin.

PART I

(1) Date of notice to issuer: 10/09/2004
  
(2) Name of Director/Substantial Shareholder: Low Ka Choon Kevin

PART II

(1) Date of change of interest: 09/09/2004
  
(2) Name of Registered Holder: International Press Holdings Pte
Ltd
  
(3) Circumstance(s) giving rise to the interest or change in
interest: Open market purchase

(4) Information relating to shares held in the name of the
Registered Holder:  

No. of shares held before the change: 62,962,588
As a percentage of issued share capital: 13.7788
  
No. of shares which are the subject of this notice: 1,000,000
As a percentage of issued share capital: 0.2188
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.12
  
No. of shares held after the change: 63,962,588
As a percentage of issued share capital: 13.9976

PART III

(1) Date of change of interest:  
  
(2) The change in the percentage level: From % to %
  
(3) Circumstance(s) giving rise to the interest or change in
interest:  

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

PART IV

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

No. of shares held before change: 1,600,000 62,962,588
% of issued share capital: 0.3501 13.7788
   
No. of shares held after change: 1,600,000 63,962,588
% of issued share capital: 0.3501 13.9976


PANPAC MEDIA: Shareholder's Interest Changes
--------------------------------------------
Panpac Media Group Limited has released a notice last September
10, 2004, at the Singapore Stock Exchange, pertaining the change
in the Percentage Level of a Substantial Shareholder's Interest
for Low Song Take.

PART I

(1) Date of notice to issuer: 10/09/2004
  
(2) Name of Director/Substantial Shareholder: Low Song Take

PART II

(1) Date of change of interest: 09/09/2004
  
(2) Name of Registered Holder: International Press Holdings Pte
Ltd
  
(3) Circumstance(s) giving rise to the interest or change in
interest: Open market purchase

(4) Information relating to shares held in the name of the
Registered Holder:

No. of shares held before the change: 62,962,588
As a percentage of issued share capital: 13.7788
  
No. of shares which are the subject of this notice: 1,000,000
As a percentage of issued share capital: 0.2188
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.12
  
No. of shares held after the change: 63,962,588
As a percentage of issued share capital: 13.9976

PART III

(1) Date of change of interest:  
  
(2) The change in the percentage level: From % to %
  
(3) Circumstance(s) giving rise to the interest or change in
interest:  

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

PART IV

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

No. of shares held before change: 6,117,647 62,962,588
% of issued share capital: 1.3388 13.7788

No. of shares held after change: 6,117,647 63,962,588
% of issued share capital: 1.3388 13.9976


P K SUMMIT: Creditors Meeting Set on September 28
-------------------------------------------------
Notice is hereby given that pursuant to section 296 of the
Companies Act, a meeting of the creditors of P K Summit Pte Ltd
will be held at 47 Hill Street, #05-01 Chinese Chamber of
Commerce & Industry Building, Singapore 179365 on the 28th
September 2004 at 11 am 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.

(3) To consider the appointment of a Committee of Inspection of
the creditors.

Dated this 31st day of August 2004.

Mr Koh Hwee Meng
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 24th
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 10,
2004.


NEPTUNE ORIENT: Posts Change in Holdings
----------------------------------------
Neptune Orient Lines Limited has released a notice last
September 10, 2004, at the Singapore Stock Exchange, pertaining
the change in the Percentage Level of a Substantial
Shareholder's Interest for Temasek Holdings (Private) Limited.

PART I

(1) Date of notice to issuer: 10/09/2004
  
(2) Name of Substantial Shareholder: Temasek Holdings (Private)
Limited

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 4.93% to 6.03%
  
(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 by Lentor Investments Pte Ltd.

PART IV

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

No. of shares held before change: 383,465,362 71,402,000
% of issued share capital: 26.5 4.93
-   
No. of shares held after change: 383,465,362 87,285,000
% of issued share capital: 26.5 6.03

Based on NOL's paid-up capital of 1,446,954,876 as at 7
September 2004.


* Hong Leong Holds Highest Bankruptcy Petition Numbers
------------------------------------------------------
Hong Leong Finance has now the highest number of bankruptcy
petitions filed overtaking DBS Bank, who ranked the number 1
bankruptcy petitioner in 2003 and 2002, reports the Singapore
Business Times.

The top 4 bankruptcy petitioners for the year are Hong Leong
Finance (14 per cent of cases), United Overseas Bank (10 per
cent), DBS (9 per cent) and OCBC Bank (5 per cent). The previous
year Hong Leong only accounted 9 percent of the total petitions.

The firm has not commented why it now holds majority of
bankruptcy petitioners, even with its small size loan book at
US$ 5.5 billion.  

Most recent information indicates that bankruptcy cases are on
the rise, with a total of 3,449 or 431 per month, however not
all bankruptcy cases lead to issuance of a bankrupty order.

According to a DBS spokesperson, the decline in the number of
petition in their bank is attributed to the recovering economy
and to the fact that DBS is now outsourcing bank collection as
opposed to suing over small amounts. The improvement in credit
quality is seen in DBS' non-performing loans (NPL) figures,
wherein NPLs fell from 4.6 per cent in March 2004 to 3 per cent
at end-June, the lowest level since 1998.

There is an increasing number of self-petitions even if
bankruptcy petitions from financial institution have peaked. A
total of 495 self-petitioned bankruptcies were filed in 2002,
while in 2003 it reached a 783 and in the first eight months of
the year self-petitions have reached 621.


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


CHRISTIANI & NIELSEN: SET Removes Securities from Rehabco Sector
----------------------------------------------------------------
The Stock Exchange of Thailand (SET) will transfer Christiani &
Nielsen (Thai) Public Company Limited's (CNT) securities from
the REHABCO sector to the Property and Construction group under
the Property Development sector on 22 September 2004 and resume
trading of its securities on the same date.

CNT's performance now complies with the following SET
guidelines:

- For the one year period starting from the third quarter of
2003 to the second quarter of 2004 prior to requesting approval
to transfer to the Property Development Sector, it has been
disclosing net operating profits from its core business, a
positive shareholder's equity of THB773 million as of 30 June
2004.

- CNT also successfully completed its debt restructuring and the
Central Bankruptcy Court issued an order approving the Business
Reorganization Plan.

- Moreover, it has settled its debt on time.  In addition, the
company can demonstrate its strong financial position and
performance on a continuous basis.

- In addition, Strategic shareholders of CNT, holding
285,987,763 shares or 91 percent of CNT's paid-up capital,
certified to the SET that their shares will not be sold for the
period of one year from the first trading date of CNT in the
Property Development sector.  However, during the first six
months from the first trading day, the above-mentioned persons
can sell 25 percent of the total sale of prohibited shares and
during the next six months, they can sell another 25 percent of
the captioned shares.

This issue may affect the stock price of the company in the
market.  Therefore, according to Clause 24 (3) and (6) of the
regulation on trading, clearing and settlement for listed
securities 1999, the ceiling and floor limits on the main board
of the securities of CNT will be temporarily removed on
September 22, 2004 to allow the market mechanism to work freely.

CNT, like other companies leaving the REHABCO sector, is
required to:

(1) Show positive shareholder's equity (after adjustments in
accordance with the auditor's opinion) when leaving the REHABCO
sector.

(2) Have a net operating profit from the core business for three
consecutive quarters or one year before submitting the
application.

(3) Have successfully restructured over 75 percent of its total
debt and be able to settle debt on time.

(4) Ability to demonstrate its strong financial position and
performance on a continuous basis with a supporting
consideration of the company's cash flows.

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


DATAMAT PUBLIC: Details Scope of Duties of Audit Committee
----------------------------------------------------------
Whereas, the Board of Directors' meeting of Datamat Public
Company Limited No. 8/2004 held on September 10, 2004 passed
resolutions to appoint Mr. Worawit Israngkul as a member of the
Audit Committee to replace the resigned member of the Audit
Committee.  

The following are details on the composition of the audit
committee:

Effective on September 10, 2004:

(1) The Company's Audit Committee comprises of;
   
(a) Mr. Pisit Jirapinyo- Chairman of the Audit Committee
Remaining time on term: 1 year 9 months  

(b) Mr. Miguel Angel Aerni- Member of the Audit Committee
Remaining time on term: 1 year 9 months

(c) Mr. Worawit Israngkul- Member of the Audit Committee
Remaining time on term: 2 years

(d) Miss Siripen Dilokcharoen- Secretary of the Audit Committee

(2) The Audit Committee of the Company has the scope of duties
and responsibilities and shall report to the board of directors:

(a) To supervise the Company to provide correct and sufficient
Financial Reports.

(b) To supervise the Company to provide an internal audit system
which is suitable and efficient.

(c) To supervise the Company to follow the Stock Exchange laws
and regulations, including related laws.

(d) To consider and propose the appointment of the Company's
Financial Auditor.

(e) To review the Company's information disclosure, especially
on the connected transaction.

(f) To provide the report on Corporate Governance and disclose
it in the Company's Annual Report. The report shall be signed by
the Chairman of the Audit Committee.

(g) To provide other assistance according to the assignment of
the Company's Board of Directors with the approval of the Audit
Committee.

The Company hereby certifies that the aforementioned members of
audit committee have met the qualifications required by the
Stock Exchange of Thailand (SET).

Director
(Mr. Pisit Jirapinyo)
Director
(Mr. Kusol Sangkananta)
Director

CONTACT:

Datamat Public Company Limited   
Asoke Towers, Floor 17, 18 And 19,
219 Soi Asoke (Sukhumvit 21),
Sukhumvit Road, Klongtoey Nua,
Watthana Bangkok    
Telephone: 0-2310-5111   
Fax: 0-2319-8208   
Website: www.datamat.co.th
  

DATAMAT PUBLIC: Unveils Resolutions of Directors' Meeting
---------------------------------------------------------
Datamat Public Company Limited informed the Stock Exchange of
Thailand (SET) that the Board of Directors' Meeting No. 8/2004
held on September 10, 2004 resolved:

(1) To sell the investments in Definitely Corporation Co., Ltd
of 1,020,000 shares at THB10 par to the person who has no
relationship to the Company and the Company's subsidiaries in
the price of THB36 million.  The Company has invested in
Definitely Corporation Co., Ltd. for THB13.2 million.  The
Company will earn profit from the sale of investment compared
with the Company's investment amounting to THB22.8 million, and
THB33.12 million when compared to the Book Value. The Meeting
also resolved to appoint Mr. Vinai Phongsathorn, Chief
Executive, to negotiate and enter into a contract with the
buyer.
        
(2) To appoint Mr. Worawit Israngkul, director, to be the
Company's member in the Audit Committee in replacement of Mr.
Prasert Thiranakanat, retired director.  The Meeting also
resolved to appoint Ms. Siripen Dilokcharoen to be the Secretary
of the Audit Committee in replacement of Mrs. Ladda Rittisirin.  
Therefore, the Company's Audit Committee are:

(A) Mr. Pisit Jirapinyo- Chairman of the Audit Committee

(B) Mr. Miguel Angel Aerni- Member of the Audit Committee

(C) Mr. Worawit Israngkul- Member of the Audit Committee

(D) Ms. Siripen Dilokcharoen- Secretary of the Audit Committee

(3) To sell the Company's land at Tambol Changklan, Amphor Meung
Chaing Mai, Chaing Mai Province, to Mrs. Chanta Wilad, who has
no relationship with the Company and the Company's subsidiaries,
in the price of THB3,800,000.  The Company and the buyer shall
remit the related fee accrued from the sale.  The Meeting also
appointed Mr. Vinai Phongsathorn, Chief Executive, to negotiate
and enter into the contract with the buyer.

(4) To amend the suretyship credit line to Open Computing
Technologies Co., Ltd. according to the Board of Directors'
Resolution No. 6/2004. The Meeting resolved to amend the
suretyship credit line from THB2,440,000 to THB10,200,000 for
the L/C credit from Siam City Bank PCL for the imports of
computers from abroad.  Currently, the Company holds 98.3
percent of shares in Open Computing Technologies Co., Ltd. and
the suretyship is proportional.

For your information
Sincerely yours,
Kusol Sangkananta
Director and Secretary to the Board


KRUNG THAI: Given 30 Days to Submit Findings on NPL Probe
---------------------------------------------------------
Krung Thai Bank (KTB) has been given until October 10 to present
its complete findings on the probe of bad loan cases, reports
Business Day.

Only one of the 12 cases KTB investigated has so far been
submitted to the Bank of Thailand (BoT).  The two-week
allocation given by BoT to submit the findings done by a
commission set up by KTB has expired last week.  Chai-Anan
Samudavanija, a former judge in the Constitutional Court, leads
KTB's review of its bad loans.

Some 12 loans to 14 business projects were reclassified as non-
performing and therefore KTB was asked to put in extra
provisioning on these loans.  The new NPL hiked KTB's NPL to
THB125.70 billion as of the end of June this year from THB79.65
billion during the end of March this year.

According to BoT Governor Pridiyathorn Devakula, KTB was on the
right track in improving its lending practices but slow in
submitting the results of a probe into questionable loan cases.  
Some of the bank's new bad loans resulted from its lenient
lending practices, said Mr. Pridiyathorn.  

KTB informed BoT through a letter on August 13 that
reclassification and loan-loss provisioning for the 12 cases
have been completed.  The letter also stated that more stringent
debt repayment conditions have been negotiated with respective
clients, and more careful lending management practices have been
implemented.

KTB's audit committee said the investigation of the 12 cases
determined that acting President Viroj Nualkhair and other top
executives were not involved in imprudent approvals of the 12
doubtful loans.

Late Thursday, the KTB board approved Mr. Viroj's reappointment
as the bank's president, subject to the approval of the central
bank and the Ministry of Finance.  If approved, Mr. Viroj's new
term would last until February 24, 2007.

CONTACT:

Krung Thai Bank Public Company Limited   
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok    
Telephone: 0-2255-2222   
Fax: 0-2255-9391-6   
Website: www.ktb.co.th

  
SRITHAI FOOD: Court Approves Business Rehabilitation Plan
---------------------------------------------------------
Srithai Food & Beverage Public Company Limited would like to
inform that the Bankruptcy Court has approved the company's
business rehabilitation plan and appoints Srithai Food and
Beverage Public Company Limited as planner effective September
3, 2004.

Yours very faithfully,
(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



* BOND PRICING: For the Week 13 September to 17 September 2004
--------------------------------------------------------------

  Issuer                            Coupon   Maturity  Price
  ------                            ------   --------  -----


AUSTRALIA
---------

Advantage Group                      10.000%     4/15/06    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
Amity Oil Ltd.                       10.000%    10/31/13    2
APN News & Media Ltd                  7.250%    10/31/08    5
Austrim National Radiation Ltd.       9.500%    10/31/04   56
BIL Finance Ltd                       8.000%    10/15/07    9
BIL Finance Ltd                       8.250%    10/15/04    8
BIL Finance Ltd                       8.750%    10/15/04    9
BIL Finance Ltd                       8.750%    10/15/05    8
BIL Finance Ltd                       9.000%    10/15/04    9
BIL Finance Ltd                       9.250%    10/15/06    9
BIL Finance Ltd                      10.000%    10/15/04    9
Capital Properties NZ Ltd             8.500%     4/15/05    8
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    9
Citigold Corp.                       12.000%     3/29/07    1
Consolidated Minerals Ltd            11.250%     3/31/05    1
Djerriwarrh Investments Ltd           6.500%     9/30/09    4
Djerriwarrh Investments Ltd           7.500%     9/30/04    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.300%    10/31/06    8
Fletcher Building Ltd                 8.600%     3/15/08    8
Fletcher Building Ltd                 8.750%     3/15/06    8
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    8
Fernz Corp Ltd                        8.560%    10/15/06    8
Futuris Corporation Ltd               7.000%    12/31/07    2
Gympie Gold Ltd.                      8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    8
Hy-Fi Securities Ltd                  8.750%     8/15/08   12
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure and Utility            8.500%     9/15/13    8
Minerals Corporation                 11.500%     9/30 04    1
NPT Capital Ltd                       9.500%    11/30/04    9
Nuplex Industries Ltd                 9.300%     9/15/07    7
Powerco Ltd                           8.150%      9/1/07    8
Powerco Ltd                           8.400%     5/22/07    8
Richmond Ltd                         10.750%    12/15/04   10
Salomon Smith Barney Australia        4.250%      2/1/09    9
Sapphire Securities                   7.410%     9/20/35    7
Sapphire Securities                   9.160%     9/20/35    9
Sapphire Securities                   9.250%    12/20/06    9
Sky Network Television Ltd            9.300%    10/29/49    8
Software of Excellence                7.000%     8/09/07    1
Strathfield Group                    11.000%    12/31/05    1
Structural Systems Ltd               11.000%     6/30/07    1
Sydney Gas Company                   12.000%     4/1/06     1
Tower Finance Ltd                     8.650%    10/15/09    9
Tower Finance Ltd                     8.750%    10/15/07    9
TrustPower Ltd                        8.300%     9/15/07    8
TrustPower Ltd                        8.500%     9/15/12    8
Urbus Properties Ltd                  9.250%     3/10/07    1
Vision Systems Ltd                    9.000%    12/15/08    2


CHINA
-----

China Government Bond                  2.600%    9/20/17    73
China Government Bond                  2.900%    5/24/32    62
China Government Bond                  3.400%    4/17/23    74

KOREA
-----

Korea Electric Power Corporation       7.950%       4/1/96   62


MALAYSIA
--------

Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    3
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Fountain View Development Sdn Bhd      3.500%      11/3/06    5
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    2.000%     12/24/08    2
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Greatpac Holdings Bhd                  2.000%     12/11/08    1
Gula Perak Bhd                         6.000%      4/23/08    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Killinghall Bhd                        5.000%      4/13/09    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Emas Bhd                      7.000%     11/15/04    1
Kumpulan Jetson                        5.000%     11/28/12    1
LBS Bina Group Bhd                     4.000%     12/31/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
Lebar Daun Bhd                         2.000%       1/6/07    4
Lion Diversified Holdings Bhd          2.000%       6/1/09    1
Media Prima Bhd                        2.000%      7/18/08    1
Mithril Bhd                            3.000%       4/5/12    1
Mithril Bhd                            8.000%       4/5/09    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
MWE Holdings                           5.500%      10/7/04    1
Naim Indah Corporation                 0.500%      8/24/06    1
NAM Fatt Corporation Bhd               2.000%      6/24/11    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
OSK Holdings Bhd                       3.500%       3/1/05    1
OSK Holdings Bhd                       6.000%       3/1/05    1
Pantai Holdings                        5.000%      3/28/07    1
Patimas Computer Bhd                   6.000%      2/19/06    1
Poh Kong Holdings                      3.000%      1/20/07    1
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/20/16    1
POS Malaysia & Services Holdings Bhd   8.000%     11/26/04    1
Rashid Hussain Bhd                     0.500%     12/23/12    1
Rashid Hussain Bhd                     3.000%     12/23/12    1
Rhythm Consolidated Bhd                5.000%     12/17/08    1
Silver Bird Group Bhd                  1.000%      2/15/09    1
Southern Steel Bhd                     5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Tenaga Nasional Bhd                    3.050%      5/10/09    1
Time Engineering Bhd                   2.000%     12/25/05    1
VTI Vintage Bhd                        4.000%      8/22/06    1
Yu Neh Huat Bhd                        3.000%       9/2/08    1


SINGAPORE
---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Rabobank Singapore                     1.000%      1/15/13   73
Tampines Assets Ltd                    5.625%      12/7/06    1
Tampines Assets Ltd                    6.000%      12/7/06    1
Tincel Ltd                             5.000%      6/13/11    1
Tincel Ltd                             7.400%      6/13/11    1





                            *********


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

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

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

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

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***