TCRAP_Public/040916.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, September 16, 2004, Vol. 7, No. 184

                            Headlines

A U S T R A L I A

ALPINE INDUSTRY: Sets Final Meeting on September 20
AQUATEST PTY: To Declare Final Dividend on September 21
AUSTRALIAN INFORMATION: Annual Meeting Slated for September 20
AUSTRALIAN & OVERSEAS: Sets September 17 as Date of Meeting
COLPHIL PTY: To Hold Final Meeting on October 8

GROSVENOR HOUSE: Final Meeting Slated for September 17
INDIVIDUAL KITCHENS: To Hold Final Meeting on September 20
INTEGRATED DESKTOP: Final Meeting Slated for September 20
JAMES HARDIE: Defends Annual Meeting Schedule
MAGIC PROFESSIONAL: Joint Meeting Slated for September 20

MALPAT HOLDINGS: To Hold General Meeting on September 23
MINDANAO INVESTMENTS: Members Meeting Slated for October 8
OLEA AUSTRALIS: Share Price Dive Hits Rights Issue
SHEDDEN INVESTMENTS: Issues Notice of Final Meeting
SONS OF GWALIA: Creditors Meeting Extended Until December 19

TROPIC STEELCOVERS: Combined Meeting Slated for September 17
TYNWORTH PTY: To Hold Final Meeting on September 27
WOODSIDE PETROLEUM: Gas Find Boosts Joint Venture


C H I N A  &  H O N G  K O N G

CEDAR BASE: Hearing for Consideration of Resolution Set
KINGSKEY INTERNATIONAL: Enters Winding Up Proceedings
NEW LINKAGE: Court Hears Winding Up Petition
RICHTONE TRADING: Undergoes Bankruptcy Proceedings
SUN SHING: Winding Up Hearing Set September 22

TAI KAM: Appoints Liquidators


I N D O N E S I A

BANK PERMATA: Government To Proceed With Stake Sale Plan
PERTAMINA: Confirms Oil Tanker Mishap
* Economic Minister Opposes Service Companies' Sale


J A P A N

KOKUSAI MOTORCARS: Aims to Cut Debt by JPY160Bln
MITSUBISHI FUSO: Launches New Generation Canter in Middle East
MITSUBISHI FUSO: Boosts Overseas Unit Sales by 26%
MITSUBISHI MOTORS: To Raise Share Issuance Limit
SAPPORO TAISEIKIKOH: Enters Bankruptcy

UFJ HOLDINGS: Merger Eliminates 200 Branches
* Fitch Maintains Rating Watch On Japan Bank Merger Participants
* August Corporate Bankruptcies Fall for 20th Consecutive Month


K O R E A

DAEWOO HEAVY: Shortlists Seven Final Bidders for Stake Sale
JINRO LIMITED: Chooses Merrill Lynch as Stake Sale Lead Manager
LG INVESTMENT: Woori Reaches Tentative Deal with KDB


M A L A Y S I A

ANTAH HOLDINGS: Notes Unusual Market Activity
ANTAH HOLDINGS: Issues Joint Venture Agreement Update
GADANG HOLDINGS: Grants Listing of 7,763,779 Ordinary Shares
GULA PERAK: Issues Additional 1,300 Ordinary Shares
KIA LIM: SC Rejects Rights Issue, Debt Revamp

LAND & GENERAL: Unit Placed Under Voluntary Winding Up
MTD CAPITAL: Issues Shares Buy Back Notice
MULTI-PURPOSE HOLDINGS: Details Loan Transactions
NAM FATT: Grants Listing of 3,000 Ordinary Shares
PANGLOBAL BERHAD: Unit Enters Deal With Culture Quest

PILECON ENGINEERING: Restraining Order To Expire December 25
TANJONG PUBLIC: Issues Details of Principal Officer's Dealings
TIMBERWELL BERHAD: Details Proposed Private Placement


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Unveils Amended 1H04 Financial Report
COLLEGE ASSURANCE: Admits Selling Unregistered Plans
HOUSE OF INVESTMENTS: Issues Capital Restructuring Update
LMG CHEMICALS: Discloses DENR CDO Order
NATIONAL POWER: Seeks New Power Rate Hike

NATIONAL POWER: Chief Offers Resignation


S I N G A P O R E

MEDIASTREAM LIMITED: Posts Addendum to August Announcement
NEPTUNE ORIENT: Paulson Says Bidding for NOL Not Plausible
NEPTUNE ORIENT: Posts Change In Shareholder's Interest
SINGER GARMENTS: Issues First and Final Dividend Notice
TECK BEE: Last Day for Receiving Proof Set on September 24


T H A I L A N D

CAPETRONIC INTERNATIONAL: Details Exercise of Warrants
CHRISTIANI & NIELSEN: Issues Information on Dividend Payment
CHRISTIANI & NIELSEN: Issues Capital Increase Report Form
NATURAL PARK: Unveils Resolution of the Extraordinary Meeting

     -  -  -  -  -  -  -  -  

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A U S T R A L I A
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ALPINE INDUSTRY: Sets Final Meeting on September 20
---------------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act, that the final meeting of members and
creditors of Alpine Industry Management Pty Ltd (In Liquidation)
will be held at the offices of Pattisons, Business Advisors &
Insolvency Specialists, 461 Bourke Street, Melbourne 3000 on the
20th day of September 2004, at 11:00 a.m. The purpose of the
meeting is to lay accounts before it, showing the manner in
which the winding up has been conducted and how the property of
the company has been disposed of, and for hearing any
explanation that may be given by the Liquidator.

Dated this 6th day of August 2004

PAUL A. PATTISON
Liquidator
Alpine Industry Management Pty Ltd (In Liquidation)
Pattisons
Business Advisors & Insolvency Specialists
461 Bourke Street, Melbourne Vic 3000


AQUATEST PTY: To Declare Final Dividend on September 21
-------------------------------------------------------
A first and final dividend is to be declared on 21 September
2004 for Aquatest Pty Ltd (In Liquidation).

Creditors whose debts or claims have not already been admitted
are required on or before 25 August 2004 to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 3rd day of August 2004

PAUL SWEENEY
TERRY VAN DER VELDE
Joint and Several Liquidators
SV Partners Pty Ltd
Level 16, 120 Edward Street, Brisbane Qld 4000


AUSTRALIAN INFORMATION: Annual Meeting Slated for September 20
--------------------------------------------------------------
Notice is given that a concurrent annual meeting and final
meeting of creditors and members of Australian Information
Processing Centre Pty. Ltd. (In Liquidation) will be held at the
offices of R. G. Mansell & Associates, Level 6, 118 Queen
Street, Melbourne on 20 September 2004 11:30 a.m.

AGENDA:

(1) To lay before the meeting an account of the liquidator's
acts and dealings and of the conduct of the winding up in the
preceding year.

(2) 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.

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

Dated this 12th day of August 2004

R. G. MANSELL
Liquidator
Level 6, 118 Queen Street, Melbourne 3000.
Telephone: (03) 9603 0090,
Facsimile: (03) 96030099


AUSTRALIAN & OVERSEAS: Sets September 17 as Date of Meeting
-----------------------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act that a general meeting of the members and
creditors of Australian & Overseas Yabby Suppliers Pty Ltd (In
Liquidation) will be held at the offices of Taylor Woodings,
Chartered Accountants, Level 6, 30 The Esplanade, Perth, WA 6000
on Friday the 17th day of September 2004 at 10:30 a.m. for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and how the property
of the company has been disposed of and of hearing any
explanation that may be given by the liquidator.

Dated this 2nd day of August 2004

I. C. FRANCIS
Joint and Several Liquidator
Taylor Woodings
Chartered Accountants
Level 6, 30 The Esplanade, Perth WA 6000
Telephone: 9321 8533,
Facsimile: (08) 9321 8544


COLPHIL PTY: To Hold Final Meeting on October 8
-----------------------------------------------
Notice is given that the final meeting of the members of Colphil
Pty Ltd (In Liquidation) will be held at the offices of Deloitte
Touche Tohmatsu 21st Floor, 505 Bourke Street, Melbourne on the
8th day of October 2004 at 9:30 a.m.

AGENDA:

To lay before the meeting an account showing how the winding up
has been conducted and how the property of the company has been
disposed of and giving any explanation of the account.

Dated this 9th day of August 2004

SALVATORE ALGERI
SIMON A. WALLACE-SMITH
Liquidators
c/- Deloitte Touche Tohmatsu
Level 15, 505 Bourke Street, Melbourne Vic 3000


GROSVENOR HOUSE: Final Meeting Slated for September 17
------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a final meeting of the members of Grosvenor House Pty Ltd
(In Members' Voluntary Liquidation) will be held at the office
of Pearce & Heers Insolvency Accountants, Level 8, 410 Queen
Street, Brisbane on Friday, 17 September 2004 at 10:00 a.m. for
the purpose of receiving an account from the Liquidator
regarding the winding up.

Dated this 3rd day of August 2004

MARK PEARCE
Liquidator
c/- Pearce & Heers
Telephone: (07) 3221 0055,
Facsimile: (07) 32218885


INDIVIDUAL KITCHENS: To Hold Final Meeting on September 20
----------------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Individual Kitchens Pty. Limited (In
Liquidation) will be held at the offices of Jessup & Partners,
Accountants & Business Advisors, St James Place, Level 3, 155-
157 Denham Street, Townsville, Queensland 4810 on Monday, 20
September 2004 at 3:00 p.m.

AGENDA

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

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

Dated this 6th day of August 2004

IAN DAVID JESSUP
Liquidator
Jessup & Partners
Accountants & Business Advisors
Level 3, 155-157 Denham Street,
Townsville Qld 4810
Telephone: (07) 4772 3515,
Facsimile: (07) 4721 4513


INTEGRATED DESKTOP: Final Meeting Slated for September 20
---------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Integrated Desktop Services Pty Ltd (In
Liquidation) will be held at Bruce Mulvaney & Co, 1st Floor, 613
Canterbury Road, Surrey Hills on Monday 20th 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 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


JAMES HARDIE: Defends Annual Meeting Schedule
---------------------------------------------
Chairman Meredith Hellicar of James Hardie Industries NV denied
allegations that the firm had deliberately set its annual
shareholder meetings for the week before the release of
investigation results regarding its asbestos issues, reports the
Sydney Morning Herald.

Ms. Hellicar defended that the building products firm was not in
the position to formally address concerns relating to the NSW
Special Commission of Inquiry until the findings are handed
down. She was specifically referring to the key issue of how
much extra funding James Hardie needs to provide for asbestos
compensation.

However, she denied that the special information meeting in
Sydney and Friday's annual general meeting in Amsterdam were
purposely scheduled to avoid addressing the issues.

"We're required to hold this meeting in the week prior to our
AGM," Ms. Hellicar said.

"In fact, when we delayed this meeting beyond our usual August
timeframe, we thought the Commissioner's report - originally due
in June - would have been available."

If the commissioner recommends, shareholders will convene to
approve the James Hardie's proposed solution to the controversy.

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.


MAGIC PROFESSIONAL: Joint Meeting Slated for September 20
---------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of Magic
Professional Services Australia Pty Ltd (In Liquidation) will be
held at the offices of Foremans Business Advisors, Suite 1, 29
Lake Street, Cairns in the state of Queensland on Monday, 20
September 2004 at 11:00 a.m., for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and how the property of the company has
been disposed of and of hearing any explanations that may be
given by the Liquidator.

Dated this 3rd day of August 2004

PETER MORRIS
TODD KELLY
Joint Liquidators
c/- Foremans Business Advisors
Suite 1, 29 Lake Street, Cairns Qld 4870


MALPAT HOLDINGS: To Hold General Meeting on September 23
--------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a general meeting of the members of Malpat
Holdings Pty Ltd (In Voluntary Liquidation) will be held at the
offices of Worrells, Solvency & Forensic Accountants, Level 5 15
Queen Street, Melbourne Vic 3000, on 23 September 2004 at 11:00
a.m. for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and how the property of the company has been disposed of and
hearing any explanations that may be given by the Liquidator.

Dated this 6th day of August 2004

PAUL BURNESS
Liquidator
Worrells
Solvency and Forensic Accountants
Web site: www.worrells.net.au


MINDANAO INVESTMENTS: Members Meeting Slated for October 8
----------------------------------------------------------
Notice is given that the final meeting of the members of
Mindanao Investments Pty Ltd (In Liquidation) will be held at
the offices of Deloitte Tohmatsu, Level 21, 505 Bourke Street,
Melbourne on the 8th of October 2004 at 11:00 a.m.

AGENDA

To lay before the meeting an account showing how the winding up
has been conducted and how the property of the company has been
disposed of and giving any explanation of the account.

Dated this 9th day of August 2004

SALVATORE ALGERI
SIMON A. WALLACE-SMITH
Liquidators
c/- Deloitte Touche Tohmatsu
Level 15, 505 Bourke Street,
Melbourne Vic 3000


OLEA AUSTRALIS: Share Price Dive Hits Rights Issue
--------------------------------------------------
Following a sharp fall in its stock price, Olea Australis halved
the price of shares to be offered under a renounceable rights
issue, relates The Age.

The olive oil firm drastically scaled back the rights issue it
announced last month, which featured a one-for-one issue at
5cents apiece to raise AU$5.1 million.

Currently, the company decided to warrant shares on the same
one-for-one basis, but at 2.5 cents apiece, after its share
price dived sharply on news on fund-raising. It will also place
15 million ordinary shares, also at 2.5 cents, to clients of
Montagu Stockbrokers.

The move to raise capital is now expected to generate AU$3.3
million to expand Olea's operating capacity and infrastructure.

CONTACT:

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


SHEDDEN INVESTMENTS: Issues Notice of Final Meeting
---------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Shedden Investments Pty Ltd (In Liquidation) will
be held at Bruce Mulvaney & Co., 1st Floor, 613 Canterbury Road,
Surrey Hills on Monday 20th 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


SONS OF GWALIA: Creditors Meeting Extended Until December 19
------------------------------------------------------------
In a company announcement, the Administrators advise that the
Supreme Court of Western Australia has Tuesday made orders
extending the statutory convening period for the second
(decision) meeting of creditors of the Sons of Gwalia Limited
(Administrators Appointed) Group to 19 December 2004.  

The Court made a further order permitting the Administrators to
make an application for a further extension of the convening
period, if necessary.  

These orders allow the Administrators time to address the
complexity and size of the Group's operations and financial
position, to seek and progress the Group's options with respect
to the possible sale of certain assets with a view to reducing
debt levels or the sale and/or recapitalization of the Group's
remaining core business, and discharge other statutory duties to
creditors.

The Administrators are continuing to work with the committee of  
creditors during this administration period and are focused on
the completion of their review of the Group's affairs and the
formulation of a proposal to be put forward to creditors within
the shortest timetable that is consistent with maximizing
outcomes for all stakeholders.

GARRY TREVOR, ANDREW LOVE and DARREN WEAVER
Joint and Several Administrators of
Sons of Gwalia Ltd

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/


TROPIC STEELCOVERS: Combined Meeting Slated for September 17
------------------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Tropic Steelcovers Pty Ltd (In
Liquidation) will be held at the offices of Knights Insolvency
Administration, Level 7, Suncorp Plaza, 61-73 Sturt
Street, Townsville, Queensland on 17 September 2004 at 10:00
a.m.

AGENDA

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

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

Dated this 10th day of August 2004

DENNIS J. OFFERMANS
Liquidator
c/- Knights Insolvency Administration
Level 7, Suncorp Plaza, 61-73 Sturt Street,
Townsville Qld 4810


TYNWORTH PTY: To Hold Final Meeting on September 27
---------------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act 2001 that a final general meeting of the
members and creditors of Tynworth Pty Ltd (In Liquidation) will
be held at the offices of PPB, Level 10, 90 Collins Street,
Melbourne on 27 September 2004 at 11.00 a.m. for the purpose of
having an account laid before them showing the manner in which
the winding up has been conducted and how the property of the
company has been disposed of and hearing any explanations that
may be given by the liquidator.

Dated this 9th day of August 2004

WAYNE BENTON
Liquidator
Tynworth Pty Ltd
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000


WOODSIDE PETROLEUM: Gas Find Boosts Joint Venture
-------------------------------------------------
A joint venture of Woodside Petroleum and Italy's Eni is
climbing to become the Northern Territory's dominant gas
supplier following another gas discovery in the Bonaparte Gulf,
reports The Age.

The alliance declared that their 50-50 owned Polkadot 1
exploration well had intersected three gas zones with a total
gross thickness of 50 meters.

Polkadot, lying 30 kilometers north of the joint venture's
Blacktip gas field, is already considered as an AU$450 million
development proposition, with a final investment decision due in
the first semester next year.

The go-ahead for Blacktip would also prompt an AU$550 million
investment by pipeline operators in a 1000-kilometre onshore
pipeline linking the gas field to Alcan's Gove alumina refinery.

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/


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C H I N A  &  H O N G  K O N G
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CEDAR BASE: Hearing for Consideration of Resolution Set
-------------------------------------------------------
An application by the Official Receiver and Provisional
Liquidator of Cedar Base Electronic Limited will be heard before
Master S. Kwang of the High Court for consideration of the
resolutions and determinations (if any) of the first meetings of
creditors held on 8 July 2004 and the first meeting of
contributories and adjourned first meeting of contributories
held on 22nd July 2004 and 28 June 2004 respectively, deciding
the differences (if any), and making such order of appointments
as the court may think fit.

Date and Time of Hearing:
October 15, 2004 (Friday) at 9:30 a.m.

Place of Hearing:
High Court Building, No. 38 Queensway, Hong Kong.

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

Dated this 10th day of September 2004

E T O'CONNELL
Official Receiver & Provisional Liquidator


KINGSKEY INTERNATIONAL: Enters Winding Up Proceedings
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Kingskey International Limited, by the High Court of Hong Kong
Special Administrative Region was on the 1st day of September
2004 presented to the said Court by Exko Hong Kong whose
registered office is situated at Room 906, 9th Floor, Tung Ying
Building, 100 Nathan Road, Kowloon, Hong Kong.

The said Petition is scheduled before the Court at 10:00 am on
the 6th day of October 2004.

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

Messrs. Eugene J.H. Oh & Co
Solicitors for the Petitioner
Suite 1420, Prince's Building
10 Chater Road
Central, Hong Kong

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

This notice is dated October 10, 2004.


NEW LINKAGE: Court Hears Winding Up Petition
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of New
Linkage Limited, by the High Court of Hong Kong was on the 25th
day of August, 2004 presented to the said Court by Sun Kwok Kuen
of Room 815, Cheong Shun House, Nam Cheong Estate, Kowloon, Hong
Kong.

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

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

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

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

This notice is dated September 10, 2004.


RICHTONE TRADING: Undergoes Bankruptcy Proceedings
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Richtone Trading Limited by the High Court of Hong Kong was, on
the 25th day of August 2004 presented to the said Court by Wong
Ka Man of Room 3113, Block 13, Shin King House, Fu Shin Estate,
Tai Po, New Territories, Hong Kong.

The said petition will be heard before the Court at 9:30 am, on
the 6th of October 2004

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

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

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

This notice is dated September 10, 2004.


SUN SHING: Winding Up Hearing Set September 22
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of Sun
Shing Materials And Development Limited, by the High Court of
Hong Kong Special Administrative Region was, on the 30th day of
July 2004, presented to the said Court by Ironwing International
Limited whose registered office is situated at 20th Floor, Euro
Trade Centre, 21-23 Des Voeux Road, Central, Hong Kong.

The said Petition will be heard before the Court at 10:00 am, on
the 22nd day of September 2004.

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

Fred Kan & Co
Solicitors for the Petitioner
31st Floor, Central Plaza
18 Harbour Road
Wanchai, Hong Kong

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

This notice is dated September 10, 2004.


TAI KAM: Appoints Liquidators
-----------------------------
Tai Kam Construction Engineering Company Limited of Unit 2,
16/F., Yuen Long Trading Centre, 33 Wang Yip Street West, Yuen
Long, N.T., Hong Kong has on August 13, 2004 appointed Mr. David
John Kennedy and Mr. Stephen Briscoe of RSM Nelson Wheeler
Corporate Advisory Services Limited as Joint & Several
Provisional Liquidators

The Provisional Liquidators' address is located at 7th Floor,
Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong.

E T O'Connell
Official Receiver

This notice is dated September 10, 2004.


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BANK PERMATA: Government To Proceed With Stake Sale Plan
--------------------------------------------------------
Last week's bomb attack near the Australian embassy in Jakarta
did not affect the government's plan to proceed with the
divestment of a 51-percent stake in PT Bank Permata, relates Dow
Jones.

Senior Economic Minister Dorojatun Kuntjoro-Jakti affirmed,
without elaborating, the state's commitment to pursue the plan.

Analysts believe that the resilience of the Indonesian equity
market to the bombing boosted the sale plan.

The Jakarta Stock Exchange Composite index hit a 20-week high
Tuesday, which indicates that the market has become relatively
immune to such terror attacks since the 2002 Bali bombing.

CONTACT:

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


PERTAMINA: Confirms Oil Tanker Mishap
-------------------------------------
An oil tanker, Lucky Lady, transporting light crude for PT
Partmina from Brunei ran aground Friday, causing an oil spill
off the coast of Cilacap in Central Java, Dow Jones reports.

Pertamina's acting spokesman, Dwi Martono, assured the public
that the state oil firm is currently conducting measures to
prevent the oil spill, which has reached a three-kilometer
radius.

Mr. Dwi was unable to quantify the volume of crude oil that
leaked, but said the cargo, which was bound for Pertamina's
Cilacap oil refinery, carried around 608,000 barrels of crude
oil.

Another official confirmed the leakage has stopped due to
hydrostatic balancing.

Pertamina will conduct an investigation on the accident.

CONTACT:

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


* Economic Minister Opposes Service Companies' Sale
---------------------------------------------------
Chief Economic Minister Dorodjatun Kuntjoro-jakti is against the
government's plan to sell vital state-owned companies, Asia
Pulse says.

Mr. Dorodjatun said he will request the present and incoming
government not to dispose of state-owned service firms such as
Garuda Indonesia Airlines, saying these companies should be
maintained as they have a strategic mission for the public.

He added that the state would have problems organizing
evacuation should emergency situations arise without Garuda,
which could be ordered to standby. State shipping firm PT Pelni
is also needed for mass transport in case of emergency.

Mr. Dorodjatun, however, agreed to the intended sale of Merpati
Nusantara Airlines, as the government still has Garuda.


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


KOKUSAI MOTORCARS: Aims to Cut Debt by JPY160Bln
------------------------------------------------
Kokusai Motorcars Company, one of the UFJ group's largest
borrowers, has mapped out a new revival scheme aimed at reducing
its interest-bearing debts by JPY160 billion by the end of
fiscal 2004, Reuters reports, citing the Nihon Keizai Shimbun.

The ailing taxi service operator has drafted a business plan in
recent weeks, following consumer finance firm Aplus Company and
trading house Sojitz Holdings Corporation.

In line with efforts to reduce debt, the firm sold three office
buildings in Tokyo to U.S. investment agency Lone Star Group for
JPY116.6 billion. It is also planning to withdraw from all its
property-leasing businesses.

In addition, corporate rehabilitation fund Synergy Capital Japan
Incorporated has agreed to infuse JPY46.1 billion into Kokusai.

Kokusai hopes to slash its interest-bearing debt to JPY40
billion by March 2005 from JPY200 billion in March 2004. It also
expects to book a net profit for the fiscal year from sales of
about JPY45 billion.


MITSUBISHI FUSO: Launches New Generation Canter in Middle East
--------------------------------------------------------------
Mitsubishi Fuso Truck and Bus Corporation (MFTBC) on September
14 introduced its New Generation Canter to the regional media in
Dubai, United Arab Emirates. Mitsubishi Fuso has organized a
regional event covering 10 countries for a product presentation
in the Middle East. Two days earlier, more than 200 fleet
customers and representatives from distributors and dealers were
offered the opportunity to preview the Mitsubishi Fuso key
product for this important overseas market.

Bert van Dijk, MFTBC Board member and responsible for
International Sales & Services, said: "The New Generation Canter
offers more interior space, more comfort and more safety while
maintaining the durability and reliability resulting in a very
competitive product offering value for money. With this new
product we will expand our strong position in this region." The
Canter for the Middle East & Africa region comes with custom-
made specifications for the Gulf Cooperation Council markets and
the Kingdom of Saudi Arabia. In addition, Mitsubishi Fuso offers
general export versions for the other markets.

The Middle East is the most important region for Mitsubishi Fuso
outside Asia in terms of sales. In fiscal year 2003 which ended
in March 2004, the company achieved group sales*1 of 12,200
trucks and buses (2002: 11,300 units, plus 8%) in the Middle
East. This represents 13% of Mitsubishi Fuso overseas sales in
fiscal year 2003. In the first quarter of fiscal year 2004
(April - June), shipments ahead of the Canter introduction
surged by 200% to 2,200 units. The largest Mitsubishi Fuso
markets in the region are Saudi Arabia, the United Arab
Emirates, Oman and Kuwait.

Mitsubishi Fuso offers a comprehensive range of trucks and light
buses in this region. In fiscal year 2003, the company sold
through its distributors 9,900 trucks. In addition, 2,300 units
of the Rosa light bus were sold. This means that 38% of all Rosa
light buses produced by Mitsubishi Fuso reach customers in the
Middle East region.

In March 2004, MFTBC became a fully consolidated subsidiary of
DaimlerChrysler AG. By raising its share to 65%, DaimlerChrysler
expressed its full long-term commitment to Mitsubishi Fuso. As
an integral part of the largest commercial vehicle manufacturer
in the world, MFTBC is better positioned than ever to master its
current challenges in Japan and to compete in the increasingly
competitive global truck and bus market.

*1: Group sales or wholesales are defined as retail sales at
subsidiaries plus shipments to international distributors  

CONTACT:

Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com


MITSUBISHI FUSO: Boosts Overseas Unit Sales by 26%
-------------------------------------------------
Mitsubishi Fuso Truck and Bus Corporation (MFTBC) on September
14 announced details of its group overseas sales*1 for the first
quarter of fiscal year 2004 (April - June). Overseas sales
increased by 26% to 31,300 trucks and buses against the same
period in the previous fiscal year. Total global unit sales
(which includes sales in Japan) in the first quarter reached
44,800 units, a plus of 8%. In fiscal year 2003, overseas sales
of 97,300 units accounted for 51% of global unit sales (193,000
units).

Mitsubishi Fuso increased its overseas sales in every world
region and defended its position as the leading Asian commercial
vehicle manufacturer in the first quarter of fiscal year 2004:

In the Asia region (excluding Japan), group sales went up by 14%
to 19,500 units. This represents the largest unit sales increase
of all regions (2,400 units).

In the Middle East & Africa region and ahead of the introduction
of the new light-duty truck Canter, group sales surged by 66% to
5,800 units.

In Europe where the DaimlerChrysler sales organization supports
Mitsubishi Fuso in reaching new customers for the Canter, group
sales went up by 48% to 2,200 units.

In North America, which introduced the New Generation Canter in
July, group sales increased by 41% to 1,700 units.

In Oceania, which includes Australia and New Zealand, group
sales went up by 34% to 1,200 units.

In Central and South America, group sales increased by 51% to
800 units.

Strong growth in overseas sales continued in July 2004 (plus
18%) and August 2004 (plus 38%) on a year-to-year basis.

Mitsubishi Fuso domestic sales (and domestic production and
exports from Japan) are reported on a monthly basis by
automobile associations. In the first quarter of fiscal year
2004, Mitsubishi Fuso domestic sales declined 15% to 13,600
trucks and buses. In an overall contracting domestic market (-
9%), the market share of Mitsubishi Fuso slipped by 2 percentage
points to 25.7%.

In fiscal year 2003, MFTBC achieved net sales of JPY894 billion
(EUR 6.94 billion) and recorded an operating profit of JPY32.4
billion (EUR 251 million). Global sales of trucks and buses ran
at 193,000 units. In March 2004, MFTBC became a fully
consolidated subsidiary of DaimlerChrysler AG. By raising its
share to 65%, DaimlerChrysler expressed its full long-term
commitment to Mitsubishi Fuso. As an integral part of the
largest commercial vehicle manufacturer in the world, MFTBC is
better positioned than ever to master its current challenges in
Japan and to compete in the increasingly competitive global
truck and bus market.

*1: Group sales or wholesales are defined as retail sales at
subsidiaries plus shipments to international distributors.


MITSUBISHI MOTORS: To Raise Share Issuance Limit
------------------------------------------------
Mitsubishi Motors Corporation (MMC) will hold a special
shareholders meeting on September 29 to seek approval to raise
the issue limit on common shares, Kyodo News reports.

The struggling automaker will seek shareholders' approval of an
amendment to its articles of incorporation that will allow it to
expand its common shares issuance limit to 100 million more
shares.

MMC procured a total of JPY496 billion to finance its
rehabilitation by the issuance of both preferred and common
shares in June and July, of which preferred shares accounted for
JPY422 billion.

If the preferred shares are converted into common shares, MMC
may have to exceed the issue limit for common shares issuance
set under the existing rules of incorporation.

The Commercial Code stipulates that a company is allowed to
issue up to four times more shares than the number of its
outstanding shares.

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


SAPPORO TAISEIKIKOH: Enters Bankruptcy
--------------------------------------
According to Teikoku Databank America, Sapporo Taiseikikoh K.K.
has entered bankruptcy with US$25 million worth of liabilities.
The firm, engaged in water supply and sewerage systems
operations and sanitary ware selling is based in Sapporo-Shi,
Hokkaido 064-0809.

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


UFJ HOLDINGS: Merger Eliminates 200 Branches
--------------------------------------------
As part of a management integration plan, UFJ Holdings
Incorporated and Mitsubishi Tokyo Financial Group Incorporated
(MTFG) will close a combined 200 domestic branch stores
providing banking, brokerage and trust banking services, reports
The Japan Times.

The reduction in the number of branches will be conducted by the
closure and consolidation of business branches of the two groups
to increase efficiency mainly in the Tokyo metropolis.

The streamlining efforts will eliminate 140 banks, 20 trust
banks and 40 securities agencies.

In a related move, MTFG and UFJ plan to increase by several
dozen the number of integrated branch offices where customers
can access all banking, brokerage and trust banking services.

Presently, MTFG operates three branches offering comprehensive
financial services under the store brand of MTFG Plaza.

CONTACT:

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


* Fitch Maintains Rating Watch On Japan Bank Merger Participants
----------------------------------------------------------------
Fitch Ratings, the international rating agency, is maintaining
the Rating Watch Evolving on the six major Japanese banks listed
below. The Rating Watch was first announced on 30 July 2004. The
agency states the likely timing for resolving the Rating Watch
is approximately September 29th.

UFJ Bank: Long-term 'BBB+', Short-term 'F2', Individual 'E',
Support '2';

UFJ Trust Bank ("UFJ Trust"): Long-term 'BBB+', Short-term 'F2',
Individual 'E', Support '2';

Bank of Tokyo-Mitsubishi ("BTM"): Long-term 'A-', Individual
'C/D';

Mitsubishi Trust and Banking ("MTBC"): Long-term 'A-',
Individual 'D';

Sumitomo Mitsui Banking Corp ("SMBC"): Long-term 'BBB+', Short-
term 'F2' Individual 'E', Support '2';

Sumitomo Trust & Banking ("Sumitomo Trust"): Long-term 'BBB+',
Short-term 'F2', Individual 'D', Support '2'

Fitch believes the recapitalization of UFJ Bank by MTFG under
the terms and conditions of the proposal announced 10 September
would likely prove to be a definitive step toward ultimate
merger of the two groups and their subsidiary banks. Therefore,
if UFJ Bank is recapitalized by MTFG according to this plan on
or before 29 September, the rating watch will probably be
resolved at that time.

As stated by the agency in July, the ultimate merger of the
banks has positive implications for the credit ratings of UFJ
Bank and UFJ Trust, as they would be integrated with the
stronger MTFG banks. On the other hand, medium term implications
for the Individual ratings of BTM and MTBC are negative as we
believe it will take at least two years for merger related costs
to be absorbed, for personnel, operating systems and branch
networks to be rationalized and for financial benefits to begin
to be realized.

The continuation of Rating Watch on the six banks follows recent
announcements by UFJ Holdings (UFJH) of a large net loss and
Mitsubishi Tokyo Financial Group's (MTFG) plan to recapitalize
UFJ Bank as a step toward merging the two groups.

On 10 September, UFJH revised its net income forecast for the
interim six-month period ending this month to a net loss of
JPY780 billion because of heavy credit-related charges. At the
same time, MTFG announced the details of its plan to
recapitalize UFJ Bank.

Under the recapitalization plan, MTFG will invest JPY700bln in
preferred shares to be issued by UFJ Bank on or before 29
September. The funds for the recapitalization will initially be
provided to MTFG through borrowings from BTM and MTBC. Under
certain trigger events aimed at inhibiting other parties from
gaining control of UFJH, MTFG has an option to sell its
preferred shares for 130% of the purchase price. This option
would substantially increase the cost of a UFJH merger with any
party other than MTFG

Sumitomo Mitsui Financial Group (SMFG) subsequently criticized
the recapitalization plan because it does not specify a share
exchange ratio and in its view 'impairs the interests of UFJH
shareholders'. SMFG reiterated its view that its own proposal to
merge with UFJH based on a one for one share exchange is the
best choice for both group's shareholders, customers and
employees and that it will continue to examine specific ways to
realize the merger, including a direct appeal to UFJH
shareholders.


* August Corporate Bankruptcies Fall for 20th Consecutive Month
---------------------------------------------------------------
Japanese corporate bankruptcies in August dipped 18.2 percent to
1,080 cases from the same period last year, marking the 20th
consecutive month of decline, reports The Japan Times.

According to private corporate credit research agency Teikoku
Databank, the figure was the lowest since February 1999, when
bankruptcies hit 955.

The total debts left by failed companies plummeted 48.9 percent
year-on-year to JPY599.2 billion (US$5.4 billion).

Teikoku, which covers bankruptcies leaving liabilities of more
than JPY10 million, attributed the steady decline to improved
corporate earnings, increased personal spending and capital
investment backing private sector activities.

The agency said businesses have shown "broad improvement" in
performance as the economy has recovered, leading to fewer
corporate failures. However, it warned against excessive
optimism, saying the embattled companies, particularly small
enterprises, have been rescued from going bankrupt with the aid
of temporary government measures.


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


DAEWOO HEAVY: Shortlists Seven Final Bidders for Stake Sale
-----------------------------------------------------------
Seven potential investors are in line to bid for a controlling
stake in Daewoo Heavy Industries & Machinery Limited, Yonhap
News reported, citing sources close to the auction.

The bidders include the Pantech-led consortium which took in
Daewoo Heavy workers, Doosan Heavy Industries Co. (KSE:034020),
Hyosung Corp. (KSE:004800), a consortium of Samyoung Corp.
(KSE:036530) and Tongil Heavy Industries Co. (KSE:003570), and
Design Limit, foreign investors like farming equipment maker
Terex Corp., U.S. equity funds Carlyle Group and JP Morgan
Partners.

The Pantech-led consortium expressed interest in the whole 58
percent stake up for sale, while the Samyoung-led consortium
submitted their final bid for Daewoo Heavy's defense unit.
Foreign investors, which are barred from bidding for the defense
unit for national security reasons, submitted bids for the non-
defense unit, the sources added.  

Companies taking part in the Pantech-led consortium have yet to
be disclosed, but reportedly include "a number of well-
established firms in the sector". Curitel Communications Inc.,
an allied handset manufacturer with Pantech, is also taking part
in the consortium.

Korea Asset Management Corp. (KAMCO), which holds a 35.96-
percent stake in Daewoo Heavy, will lead the auction and will
pick a preferred bidder early next month.  

On June 14, KAMCO said it short-listed 10 bidders for the sale
of the Daewoo Heavy stake.  Since then, Rotem Co., a rolling
stock subsidiary of Hyundai Motor Group, and Hanwha Corp., the
explosives and trade arm of Hanwha Group, withdrew from the
bidding, disappointed about Daewoo Heavy creditors' reported
move to bundle an aerospace company into the sale.

The two companies had bid for Daewoo Heavy's defense unit.

The exit of Rotem, previously touted to be one of the favorites
in the bidding race, made the Pantech-led consortium the one
most likely to make the acquisition.

In 1999, the South Korean government swapped debts to equities
in Daewoo Heavy to keep the biggest manufacturer of defense and
construction equipment.  Since then the government has been
planning to sell its entire stake in the company.

Daewoo Heavy was separated from Daewoo Heavy Industries Co. in
December the following year and was taken over by KAMCO and
state-invested Korea Development Bank.


JINRO LIMITED: Chooses Merrill Lynch as Stake Sale Lead Manager
---------------------------------------------------------------
South Korean soju distiller Jinro Limited said in a statement on
Tuesday that it has appointed Merril Lynch & Co. as lead manager
for its stake sale, Dow Jones Newswires reports.

Merril Lynch, which accepted Jinro's terms, was chosen from a
field of 17 candidates that submitted proposals. In July, Jinro
named Merrill Lynch as a preferred bidder for lead manager and
ABN Amro Holdings N.V. (ABN) as a secondary bidder.

"Now that we have appointed the lead manager, the sale process
will be speeded up but we can't pin the exact timeframe for the
sale yet," said a Jinro representative.

In April, a South Korean court approved a reorganization plan
for Jinro, which is currently under court receivership, and the
court said it will receive letters of intent from interested
parties by end-August after a lead manager is named.

The court will name the preferred bidders by end-October after
the bidders conduct a month-long due diligence. Jinro aims to
complete the deal by the end of April 2005.

Beverage companies such as Doosan Corp., which is Jinro's
biggest rival in the traditional liquor market, CJ Corp.
(001040.SE), Hite Brewery Co. (000140.SE) and Lotte Group
(LOT.YY), are reportedly interested in acquiring Jinro.  Taihan
Electric Wire Co. (001440.SE) also expressed interest in taking
over the company.

Jinro was placed under court receivership in May 2003 after
creditor Goldman Sachs Group Inc. (GS) filed a petition claiming
that Jinro's management at that time was mismanaging the
company.

CONTACT:

Jinro Limited
1448-3 Seocho-dong Seocho-gu
Seoul, SEOUL 137-866
KOREA (SOUTH)
Tel: +82 2 520 3114
Tel: +82 2 520 3453


LG INVESTMENT: Woori Reaches Tentative Deal with KDB
----------------------------------------------------
Woori Finance has tentatively agreed to buy a 21.2-percent stake
in LG Investment & Securities Co., reports The Korea Herald,
citing a Woori spokesman.

A final agreement still has yet to be signed between Woori and
Korea Development Bank (KDB), which is overseeing the sale of
the LG Investment stake says Woori spokesman Lee Won-chuel.  

"We need some time to report to other creditors and wrap up the
final details before signing a final agreement," Mr. Lee said,
declining to elaborate. Korea Development Bank's negotiator, Kim
Hyung-jong, was not immediately available to comment.

The 21.2-percent stake in the country's second-largest stock
brokerage that Woori has agreed to purchase is the same stake
acquired by LG Card's creditor banks in return for injecting
capital into the troubled credit card company last year.

CONTACT:

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


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


ANTAH HOLDINGS: Notes Unusual Market Activity
---------------------------------------------
Antah Holdings Berhad announced to the Bursa Malaysia Securities
Berhad that it is unaware of any undisclosed material
development in the Company's business and any other reasons to
account for the unusual market activity.

However, the Company will make the appropriate announcement to
Bursa Securities in a timely manner in accordance with the Bursa
Securities Listing Requirements, should any of its activities
fall within the ambit of the Bursa Securities Listing
Requirements.

Bursa Malaysia's Query Letter content:

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

Yours faithfully
JOSEPHINE EDWARD
Sector Head, Listing Compliance
Group Regulations

CONTACT:

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


ANTAH HOLDINGS: Issues Joint Venture Agreement Update
-----------------------------------------------------
Antah Holdings Berhad issued an update regarding the joint
venture agreement with Kajang Heights Sdn. Bhd., Kenyal Sdn.
Bhd., Sapphire Homestead Sdn. Bhd., Standpoint Ventures Sdn.
Bhd. and Naga Sakti Sdn. Bhd, a wholly owned subsidiary of Antah
Holdings Berhad.

The Board of Directors of Antah Holdings Berhad (ANTAH)
announced that Naga Sakti Sdn. Bhd. (NSSB) has on 10 September
2004 received a faxed copy of the Letter of the Termination of
the Joint Venture Agreement dated 8 October 1999 to develop a
parcel of land situated in Mukim of Kajang, District of Hulu
Langat, Selangor Darul Ehsan, subject to the terms and
conditions contained therein.

The Company disputes the termination and has instructed its
solicitors to respond accordingly.

This announcement is dated 14 September 2004.


GADANG HOLDINGS: Grants Listing of 7,763,779 Ordinary Shares
------------------------------------------------------------
Gadang Holdings Berhad's additional 7,763,779 new ordinary
shares of RM1.00 each issued pursuant to the conversion of RM
9,860,000 nominal value of 2 percent 2003/2008 irredeemable
convertible unsecured loan stocks into 7,763,779 new ordinary
shares will be granted listing and quotation with effect from
9.00 a.m., Friday, 17 September 2004.

CONTACT:

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


GULA PERAK: Issues Additional 1,300 Ordinary Shares
---------------------------------------------------
Gula Perak Berhad's additional 1,300 new ordinary shares of
RM1.00 each issued pursuant to the conversion of 1,300
irredeemable convertible secured loan stocks into 1,300 new
ordinary shares will be granted listing and quotation with
effect from 9 a.m., Friday, 17 September 2004.

CONTACT:

Gula Perak Berhad
218 Jalan Ipoh
Kuala Lumpur, 51200
MALAYSIA
+60 3 4044 2828
+60 3 4044 6688


KIA LIM: SC Rejects Rights Issue, Debt Revamp
---------------------------------------------
On behalf of the Board of Directors of Kia Lim Berhad,
AmMerchant Bank Berhad announced that the Securities Commission
(SC) had, vide their letter dated 10 September 2004 (received on
13 September 2004) not approved the Proposals as follows:

Proposed renounceable two-call rights issue with warrants of up
to 16,948,750 new ordinary shares of rm1.00 each in the company
(rights shares) together with up to 16,948,750 new free
detachable warrants (warrants) at a proposed issue price of
rm1.00 for one (1) rights share together with one (1) warrant on
the basis of seven (7) rights shares together with seven (7)
warrants for every twenty (20) existing ordinary shares held on
an entitlement date to be determined (proposed two-call rights
issue with warrants).

Proposed debt restructuring scheme (Proposed DRS) involving the
settlement of outstanding principal as at 31 December 2002 (cut-
off date) and outstanding interest as at cut off date up to 31
December 2003, with a combined total of RM44,667,924 owing by
the subsidiaries of Kia Lim to the participating bankers
(defined herein) by way of:

(A) Settlement of 40% of outstanding principal as at cut-off
date by the issuance of RM15,716,000 nominal value of 4%, 10-
year redeemable convertible secured loan stocks of RM1.00 each
to be issued at 100% of its nominal value to the participating
bankers;

(B) The restructuring of 40% of the outstanding principal as at
cut-off date; and

(C) The settlement of 20% of outstanding principal as at cut-off
date and outstanding interest as at cut-off date up to 31
December 2003 by the issuance and allotment of 13,235,924 new
ordinary shares of rm1.00 each to the participating bankers; and

(III) Proposed increase in the authorized share capital of Kia
Lim from RM100,000,000 to rm200,000,000 by the creation of an
additional 100,000,000 new ordinary shares of RM1.00 each
(Proposed IASC)

The SC's letter states that during the SC's review of the
Proposals, the SC noted that based on the audited accounts for
the year ended 31 December 2003, Kia Lim can be deemed a
distressed listed company as defined per paragraph 13.01(e) of
the SC's Policies and Guidelines on the Issue/ Offer of
Securities. As required in the said guidelines, any proposal
proposed by distressed listed companies must be comprehensive
and able to alleviate the financial problems of the company.

After considering the application for the Proposals, the SC has
decided not to approve the said application as the Proposals are
not comprehensive and unable to solve the financial problem of
Kia Lim based on the following:

i) The Proposed DRS involves essentially an extension of the
repayment period and exchange of debt to Redeemable Convertible
Secured Loan Stocks (RCSLS) with a tenure of ten (10) years,
while its equity remains unchanged. Hence, the Company will
continue to bear an interest burden on the restructured debt and
on the RCSLS;

ii) Kia Lim's existing business activities are not likely to
able to support the enlarged share capital (upon the conversion
of RCSLS to equity and the exercise of warrants) in the future.
The SC had taken note that for the 6-month financial period
ended 30 June 2004, Kia Lim had achieved a net profit after
taxation of RM0.19 million compared to the profit forecast of
RM1.73 million (before implementing the Proposals) for the
financial year ending 31 December 2004. The Company also
forecast a deficit in the cash flow balance for the financial
year ending 31 December 2004 and 31 December 2005 respectively.
Further, the Proposals do not involve any injection of new
assets which could generate income; and

iii) The Proposed Two-Calls Rights Issue With Warrants amounting
to 16.9 million shares at an issue price of RM1.00 per share
generates a total proceed of RM9.8 million (based on a first
call price of RM0.58 per share).

The Proposed Two-Calls Rights Issue With Warrants in relation to
the Proposals is not viable based on the following:

i) The second call of RM0.42 per share which is proposed to be
capitalized from the share premium reserve of RM7.1 million will
result in an issue of securities that are not backed by assets.
This is due to the fact that the Company's entire share premium
reserve of RM7.28 million is deemed "exhausted" based on the
fact that the Company has a shareholders' funds of RM20.76
million when compared to an issued and paid-up share capital of
RM44.58 million as at 30 June 2004 (i.e. Kia Lim has lost more
than 50% of its issued and paid-up share capital as a result of
its accumulated losses); and

ii) The proposed creditor undertakings to subscribe for the
8.696 million of new shares pursuant to the Proposed Two-Calls
Rights Issue With Warrants, which is not subscribed by entitled
shareholders of Kia Lim, which will be net-off against an amount
of RM5.185 million owing by Kia Lim to the said creditors, will
result in excessive payment to the said creditors. This is
because the 8.696 million new shares are priced at a cash call
of RM0.58 per Rights Share when compared to the theoretical
market price after the Proposed Two-Calls Rights Issue of RM0.70
per share. Also, the abovementioned creditors will be entitled
to the free warrants attached to the Proposed Two-Calls Rights
Issue.

The Board will be appealing to the SC as the Board firmly
believes the Proposals are in the interest of the Company.


LAND & GENERAL: Unit Placed Under Voluntary Winding Up
------------------------------------------------------
Land & General Berhad (L&G) announced that Clarity Fortune Sdn
Bhd (CFSB), a wholly owned subsidiary of L&G, has been placed
under Member's Voluntary Winding-Up pursuant to Section
254(1)(b) of the Companies Act, 1965. The appointment of Mr.
Chuah Seong Phaik of Messrs Paul Chuah & Co., No. 17, Jalan Ipoh
Kecil, 50350 Kuala Lumpur as Liquidator of CFSB has been duly
approved by the directors and the shareholders of CFSB.

CFSB has been dormant and there is no future plan to activate
the company.

The Company's total cost of investment in CFSB is RM525,001.00.

The voluntary winding-up of CFSB is not expected to have any
material impact on the net tangible assets and earnings per
share of the L&G Group for the financial year ending 31st
December 2004.

CONTACT:

LAND & GENERAL BERHAD
7 Persiaran Dagang Bandar Sri Damansara
Kuala Lumpur, Kuala Lumpur 52200
MALAYSIA
+60 3 6275 7788
+60 3 6275 2101

This announcement is dated 14th September 2004.


MTD CAPITAL: Issues Shares Buy Back Notice
------------------------------------------
MTD Capital Berhad disclosed the details of its shares buy back
on September 14, 2004.

Date of buy back from: 10/09/2004

Date of buy back to: 10/09/2004

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 amount paid for shares purchased (RM): 55,470.00

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

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

Total number of shares retained in treasury (units): 2,598,000

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: 14/09/2004

Lodged by: MTD Capital Bhd

CONTACT:

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


MULTI-PURPOSE HOLDINGS: Details Loan Transactions
-------------------------------------------------
The Board of Directors of Multi-Purpose Holdings Berhad (MPHB)
announced that the Company had entered into the following
related party transaction.

DETAILS OF THE TRANSACTIONS

MPHB had on 29 June 2004 and 14 July 2004 accepted two
additional interest free intercompany loans of RM2,150,000 and
RM1,300,000 respectively extended by Multi-Purpose Capital
Holdings Berhad (MP Capital), a 82.27 percent owned subsidiary
company of MPHB, for the purpose of working capital requirements
(the Transactions).

As at 31 August 2004, the total amount owing by MPHB to MP
Capital is RM361,665,259.59.

CONTACT:

Multi-Purpose Holdings Berhads
No 8 Jalan Munshi Abdullah
Capital Square, Kuala Lumpur 50100
MALAYSIA
+60 3 2694 8333
+60 3 2694 1380


NAM FATT: Grants Listing of 3,000 Ordinary Shares
-------------------------------------------------
Nam Fatt Corporation Berhad's additional 3,000 new ordinary
shares of RM1.00 each issued pursuant to the conversion of
RM3,000 irredeemable convertible unsecured loan stocks - B into
3,000 new ordinary shares will be granted listing and quotation
with effect from 9 a.m., Friday, 17 September 2004.

CONTACT:

Nam Fatt Corporation Berhad
40B Persiaran Sultan Ibrahim
41300 Klang, Selangor Darul Ehsan 41300
Malaysia
Tel: +60 3342 0766
Tel: +60 3342 7830


PANGLOBAL BERHAD: Unit Enters Deal With Culture Quest
-----------------------------------------------------
PanGlobal Berhad (PGB) announced that its wholly owned
subsidiary PanGlobal Properties Sdn Bhd (PGPSB) had on 14
September 2004 entered into a Sale and Purchase Agreement (SPA)
with Malaysian firm Culture Quest Sdn Bhd (Purchaser) for the
disposal of a piece of land held under State Lease 205, Lot No.
P.T 1434, Seksyen 3, Bandar Butterworth, Daerah Seberang Perai
Utara, Pulau Pinang together with industrial buildings at No.
4828, Tingkat Mak Mandin 5, Mak Mandin Industrial Estates, 13400
Butterworth, Pulau Pinang (Property) for a purchase price of
RM4,000,000.

2. DETAILS OF THE DISPOSAL

The Purchase Price is to be settled by the Purchaser in the
following manner:

                        Purchase              Payment
                       Consideration         Percentage
                           RM                     %

Earnest deposit received  80,000.00              2
on 27th August 2004

Balance deposit received  320,000.00             8
on 14th September 2004

Balance of purchase price 3,400,000.00           85
to be paid within thirty
(30) days upon the state
approval from the relevant
state authority

Retention sum in lieu of  4,000,000.00          100
certificate of clearance
from Controller of Income
Tax for payment of real
property gains tax payable
upon issuance of such
Certificate or upon
confirmation from Auditor
of taxable profit.

Total Purchase Price      4,000,000.00         100

The Purchase Price for the Disposal was arrived at on a willing-
buyer willing seller basis.

3. CONDITIONS OF THE DISPOSAL

The Disposal is subject to the approval being obtained from the
relevant state authority.

4. RATIONALE FOR THE DISPOSAL

The management of PGPSB does not expect substantial return in
rental income in the future and further expects a substantial
increase in expenditure to upgrade and maintain the property. In
addition, the market value of the property is expected to
diminish gradually as the lease comes closer to expiry in the
year 2062. Therefore, as a company with investment in property
and leasing such property, the management of PGPSB considers the
disposal to be a favorable course of action in its ordinary
course of business.

5. FINANCIAL EFFECTS OF THE DISPOSAL

The Disposal will not have any material effect on the earnings
or net tangible assets of PGB.

There will not be any effect on the share capital and
substantial shareholders' shareholding in PGB as it is a cash
acquisition.

6. DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

As far as the Directors are aware, none of the Directors of PGB,
substantial shareholders of PGB and person(s) connected to the
Directors and substantial shareholders of PGB has any interest,
directly or indirectly in the Disposal.

7. STATEMENT BY DIRECTORS

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

8. DOCUMENTS AVAILABLE FOR INSPECTION

The SPA, upon execution, will be available for inspection during
normal office hours at Level 33, Menara PanGlobal, 8, Lorong P.
Ramlee, 50250 Kuala Lumpur from Monday to Friday for a period of
three (3) months from the date of this announcement.

CONTACT:

Panglobal Berhad
8 Lorong P Ramlee
Kuala Lumpur, 50250
MALAYSIA
+60 3 2031 9199
+60 3 2032 3977

This announcement is dated 15th September 2004.


PILECON ENGINEERING: Restraining Order To Expire December 25
------------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Pilecon Engineering Berhad, announced that the High
Court of Malaya at Kuala Lumpur has on 14 September 2004
extended the order dated 16 June 2004 pursuant to section 176(1)
of the Companies Act 1965 (Act) requiring Pilecon to convene a
meeting to be held in respect of a particular class of its
creditors comprising certain lenders and corporate guarantee
creditors of Pilecon, excluding its trade creditors and secured
creditors (hereinafter referred to as the Unsecured Creditors)
(hereinafter the meeting to be referred to as the Pilecon
Meeting) for a further ninety (90) days from the date of its
expiry on 14 September 2004, for the purpose of considering and
if thought fit approving with or without modification, the
revised proposals as set out in the announcement dated 27
February 2004.

Restraining order pursuant to section 176(10) of the Companies
Act 1965

In conjunction with the order to convene the Pilecon Meeting,
the High Court of Malaya at Kuala Lumpur has also, pursuant to
section 176(10) of the Act, extended the order dated 16 June
2004 to restrain, (Restraining Order) all further proceedings in
any action or proceeding against Pilecon including winding up,
execution and arbitration proceedings as well as any intended or
future proceedings for a further ninety (90) days from the date
of its expiry on 26 September 2004. The Restraining Order is due
to expire on 25 December 2004.

CONTACT:

Pilecon Engineering Berhad
No. 2, Jalan U1/26 Seksyen U1,
Hicom-Glenmarie Industrial Park, Shah Alam,
Selangor Darul Ehsan 40000 Malaysia
Telephone: (603) 704-1888

This announcement is dated 14 September 2004.


TANJONG PUBLIC: Issues Details of Principal Officer's Dealings
--------------------------------------------------------------
Tanjong Public Limited Company announced that further to the
notifications of intention to deal in the shares of the Company
by Yau Li Chong, a Principal Officer, during a Closed Period
announced on 7 September 2004 and 9 September 2004 respectively,
the Company has been notified today of the following dealings by
her during a Closed Period pursuant to Paragraph 14.08 (c) of
the Listing Requirements of Bursa Securities:

(a) (i) That she has disposed in the market of the Bursa
Securities, 1,100 shares of 7.5 pence each in Tanjong
representing 0.0003% of the issued share capital of Tanjong as
at the date of the transaction; (ii) Date of transaction - 7
September 2004; and (iii) Transaction price - RM12.80 per share
of 7.5 pence each.

(b) (i) That she has disposed in the market of the Bursa
Securities, 3,900 shares of 7.5 pence each in Tanjong
representing 0.001% of the issued share capital of Tanjong as at
the date of the transaction; (ii) Date of transaction - 9
September 2004; and (iii) Transaction price - RM12.90 per share
of 7.5 pence each.

(c) (i) That she has disposed in the market of the Bursa
Securities, 3,000 shares of 7.5 pence each in Tanjong
representing 0.0007% of the issued share capital of Tanjong as
at the date of the transaction; (ii) Date of transaction - 9
September 2004; and (iii) Transaction price - RM13.00 per share
of 7.5 pence each.

CONTACT:

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


TIMBERWELL BERHAD: Details Proposed Private Placement
-----------------------------------------------------
On behalf of the Board of Directors of Timberwell Berhad (TWB),
OSK Securities Berhad announced that the Board has fixed the
issue price of the shares to be issued pursuant to the Proposed
Private Placement at RM1.88 per share. The issue price
represents a discount of approximately 9% from the weighted
average market price of TWB shares for the five (5) market days
up to 13 September 2004 of RM2.08.

This announcement is dated 14 September 2004.


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


BACNOTAN CONSOLIDATED: Unveils Amended 1H04 Financial Report
------------------------------------------------------------
Bacnotan Consolidated Industries, Inc. (BCI) furnished the
Philippine Stock Exchange a copy of its Amended Quarterly
Report, using SEC Form 17-Q, for the quarter ended June 30,
2004.

A copy of BCI's Amended Quarterly Report shall be made available
at www.pse.com.ph (under Listed Companies).

CONTACT:

Bacnotan Consolidated Industries, Inc.
Phinma Plaza-Level 12
39 Plaza Drive, Rockwell Center
Makati City 1200
Tel. No/s:  870-0100
Fax No/s:  870-0456
E-mail Address:  rapandrada@phinma.com.ph
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Stock Transfer Service, Inc.


COLLEGE ASSURANCE: Admits Selling Unregistered Plans
----------------------------------------------------
College Assurance Plan (CAP) Philippines admitted in its regular
sales report in August that it has sold PHP64 million worth of
unregistered securities in excess of the PHP5 billion originally
approved by the Securities and Exchange Commission (SEC), ABS-
CBN News reports.

However, a member of the SEC oversight committee for CAP assured
plan holders that there is no reason to panic since the
commission will ensure that CAP honors the contracts and
delivers their obligations once the plans mature.

The SEC has already ordered the pre-need firm to immediately
stop selling plans to investors until it has renewed its license
to sell additional securities. The source said an audit
committee would monitor the company's compliance with this
directive.

The commission is closely monitoring CAP because of the PHP17.1-
billion trust fund variance recorded as of end-2003. Based on
the 2003 audited financial statement submitted to the SEC, CAP
only has PHP8.4 billion in trust funds managed by its trustee
banks versus actuarial reserve liability of PHP25.6 billion.

CONTACT:

College Assurance Plans Phils. Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Vill., Makati City
Ph: 817-6586, 759-2000
Fax: (0632) 818-0560


HOUSE OF INVESTMENTS: Issues Capital Restructuring Update
---------------------------------------------------------
Further to Circular for Brokers Nos. 3575-2004 and 3928-2004
dated August 5 and September 2, 2004, respectively, House of
Investments, Inc. (HI) informed the Philippine Stock Exchange
(PSE) in a letter dated September 14, 2004 that the expected
date of the SEC approval of Certificate of Decrease in
Authorized Capital Stock of the Company is on Thursday,
September 23, 2004.

Pursuant to the Policy on Quasi-reorganization approved on July
14, 2004 and the approval by the PSE's Board of Directors on
August 25, 2004, the Exchange shall suspend the trading of the
Company's shares starting September 16, 2004. The suspension of
trading of HI shares shall be lifted after two (2) trading days
from the release of the circular informing the trading
participants of the SEC's approval of Certificate of Decrease in
Authorized Capital Stock.

Please be reminded that there will only be a change in the par
value of the Company's common shares from PHP2 to PHP1.50 and
there will be no changes in the number of the issued and
outstanding and listed shares of HI upon lifting of the trading
suspension.

The Company shall inform the Trading Participants and the
investing public of further developments on the aforementioned
matter.

For your information.
(Original Signed)
MARIA ISABEL T. GARCIA
Head, Listings Department
Noted by:
(Original Signed)
JURISITA M. QUINTOS
Senior Vice President- Operations Group


LMG CHEMICALS: Discloses DENR CDO Order
---------------------------------------
LMG Chemicals Corporation submitted to the Philippine Stock
Exchange a copy of the Cease and Desist Order (CDO) issued by
Mr. Sixto E. Tolentino Jr., Regional Director of the DENR's
Envinromental Management Bureau (EMB) dated September 13, 2004,
which he issued on September 14 during the technical conference
at the EMB's National Capital Regional Office.

Rolando P. Navarro
Vice President for Legal Services.

For a copy of DENR's CDO order, go to
http://bankrupt.com/misc/tcrap_lmg091504.pdf


NATIONAL POWER: Seeks New Power Rate Hike
-----------------------------------------
The National Power Corporation (Napocor) is seeking another
raise in power rates even before the latest increase of 98
centavos per kilowatt-hour could take effect on September 26,
the Philippine Daily Inquirer reports, citing Energy Secretary
Vincent Perez.

The increase would cut PHP33 billion from Napocor's projected
PHP116-billion net loss in 2003 and reduce by PHP8 billion the
consolidated public sector deficit of PHP312 billion this fiscal
year, Mr. Perez said.

To cushion the impact of the rate hikes, Philippine President
Gloria Macapagal-Arroyo instructed Napocor to grant lifeline
rates to families consuming 100 kilowatt-hours or less in a
month.

The subsidy program gives families that consume only 50
kilowatt-hours each month a 50-percent discount; those that
consume 51 to 70 kWh, 35 percent; and those that consume 71 to
100 kWh, 20 percent.

CONTACT:

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


NATIONAL POWER: Chief Offers Resignation
----------------------------------------
Philippine President Gloria Macapagal Arroyo on Tuesday accepted
the resignation of Mr. Rogelio Murga as President of National
Power Corporation (Napocor), ABS-CBN News reports.

The Arroyo administration, however, downplayed Mr. Murga's
resignation by calling it "retirement," noting that he has just
reached the retiring age of 70.

Mr. Murga will remain in his post until December 30, 2004 in
order to complete some unfinished tasks at President Arroyo's
request.

The Napocor chief has been at the center of controversy lately
for his agency's decision to raise wholesale power prices.
Napocor is also being blamed for the country's budget deficit
after incurring debts worth PHP500 billion, which the national
government absorbed.


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


MEDIASTREAM LIMITED: Posts Addendum to August Announcement
----------------------------------------------------------
Further to the announcements made by the Company on 16, 19 and
30 August 2004 in relation to the Proposed Acquisition of
Mediastream Limited by Safuan Bara-link S.A. (Pty) Ltd, the
Company announced that it has lodged an Offer Information
Statement pursuant to section 277 of the Securities and Futures
Act with the Monetary Authority of Singapore on 13 September
2004.

To view the whole statement click on the link below:
http://bankrupt.com/misc/tcrapMEDIASTREAM091404.pdf


NEPTUNE ORIENT: Paulson Says Bidding for NOL Not Plausible
----------------------------------------------------------
U.S. fund manager Paulson & Company is trying to entice other
investors to bid against Temasek Holdings for Neptune Orient
Lines (NOL), reports The Straits Times.

However, success is unlikely due to the negligible premium at
which NOL shares have been traded over Temasek's offer price.

Temasek has been purchasing NOL shares at SG2.80 apiece.
Recently, the firm added 42 million shares to its current SG$134
million worth of shares, raising its stake in NOL to 42.48
percent.

Temasek's buying binge is believed to have resulted from lack of
potential bidders to take on Temasek.

Paulson, with a stake of less than 10 percent in NOL, is in a
strong position to make things difficult for Temasek in its
quest for NOL takeover and a possible privatization.

Analysts say Temasek has a better chance with its SG$280 per
share offer, which is almost at the level of NOL's book value.

CONTACT:
Neptune Orient Lines Limited
456 Alexandra Rd., NOL Bldg.
119962 Singapore
Phone: +65-6278-9000
Fax: +65-6278-4900
http://www.nol.com.sg


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

PART I

(1) Date of notice to issuer: 14/09/2004
  
(2) Name of Substantial Shareholder: Temasek Holdings (Private)
Limited

(3) Please tick one or more appropriate box(es):
x a Change in the Percentage Level of a Substantial
Shareholder's Interest or Cessation of Interest. (Please
complete Parts III and IV)

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: 13/09/2004
  
(2) The change in the percentage level: From 9.33% to 12.10%
  
(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 series of
transactions.

PART IV

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

No. of shares held before change: 383,465,362 135,019,000
% of issued share capital: 26.49 9.33
-   
No. of shares held after change: 383,465,362 175,119,000
% of issued share capital: 26.49 12.1

Based on NOL's paid-up capital of 1,447,644,376 as at 13
September 2004.


SINGER GARMENTS: Issues First and Final Dividend Notice
-------------------------------------------------------
A notice to the unsecured creditors of Singer Garments Co Pte
Ltd (In liquidation) to declare their first and final dividend
has been issued.

Address of Registered Office: Formerly of 13 Neythal Road
Singapore 628579

Court: Supreme Court, Singapore

Last Day for Receiving Proofs: the 24th of September 2004

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

Chan Wang Ho
Assistant Official Receiver

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


TECK BEE: Last Day for Receiving Proof Set on September 24
----------------------------------------------------------
Teck Bee Engineering Pte Ltd., a company under liquidation, has
set the last day for receiving proof.

Address of Registered Office: Formerly of 203 Hougang Street 21
#02-95 Singapore 530203

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 70 of 2000

Last Day for Receiving Proofs: 24th September 2004

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

Dated: 10th September 2004

Toh Hwee Lian
Senior Assistant Official Receiver

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


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


CAPETRONIC INTERNATIONAL: Details Exercise of Warrants
------------------------------------------------------
As Capetronic International (Thailand) Plc. issued 63,220,000
units of Warrants on 31st July 1998, the company, in a
disclosure to the Stock Exchange of Thailand would like to
inform that the 25th exercise date of warrants will be on 30th
September 2004.

The Company, herewith, informs the Stock Exchange of Thailand
(SET) the details of the exercise of the warrants:

(1) Exercise date:
   
The exercise dates of the Warrants are the normal working hours
of the Company's share registrar during 8:30 a.m. to 3:30 p.m.
on 30th of March, June, September and December of each year.  
The first exercise date was on 30th September 1998 and the last
exercise date shall be on 30th June 2008.  If any exercise date
falls on the holiday of the Company's share registrar, such
exercise date shall be the succeeding working day.  The 25th
exercise date is scheduled 30th September 2004.

(2) Date to notify the intention to exercise:
   
At any time during 8:30 a.m. to 3:30 p.m. of September 16, 2004
to September 29, 2004.

(3) Exercise ratio: 1 warrant has a right to subscribe 1.074
ordinary shares.

(4) Exercise price: THB10 per share.

(5) Documents to be submitted:

(i) Exercise notice, which has been accurately and completely
filled in.
  
(ii) Warrant certificates or temporary warrant certificates in
the form prescribed by the Stock Exchange of Thailand with the
amount specified in the exercise notice.

(iii) Cheque, draft, bill of exchange or payment order from
banks which can be cashed in Bangkok Metropolitan when called
within 2 days and shall be made payable to "Capetronic
International (Thailand) Public Company Limited".  The date on
such payment shall not exceed the date of each exercise date.

(iv) Certified copy of identification card for individual
holders or copy of corporate certification from Department of
Commerce for corporate holders.

(6) Contact place:

Capetronic International (Thailand) Plc. 105 Moo 3, Bangna-Trad
Road, KM. 52 Thakham, Bangpakong, Chachoengsao 24130, Telephone
No. (038) 573-161 ext. 1120 8, Fax No. (038) 573-501.

The Company shall not close the register book to stop the
transfer of the Warrants except for the last exercise that the
register book shall be closed 21 days prior to the last exercise
date.

Sincerely yours,
Pathrlap Davivongsa
Director

CONTACT:

Capetronic International (THAILAND) PCL   
105 MOO 3,BANGNA-TRAT ROAD,
THAKHAM,BANG PAKONG Chacherngsao    
Telephone:(038) 573161-72   
Fax: (038) 573173-4


CHRISTIANI & NIELSEN: Issues Information on Dividend Payment
------------------------------------------------------------
Christiani & Nielsen (Thai) Public Limited Co. refers to its
letter MGT/SET/010/2004 dated 14 September 2004 regarding the
resolution of the Board of Directors Meeting No. 4/2547 held on
30 July 2004 of CN Advisory Company Limited as the Plan
Administrator of Christiani & Nielsen (Thai) Public Company
Limited to allocate the Company's profit for the six-month
period for the year 2004 as an interim dividend payment in form
of shares and cash.

The company, in a disclosure to the Stock Exchange of Thailand,
would like to inform that a Board of Directors Meeting of CN
Advisory Company Limited will be held on 17 September 2004 to
consider the date for closing the register book for the right to
receive dividend payment (XD).

Please be informed accordingly
Yours faithfully,
(Mr. Sarunthorn Chutima) / (Mr. Danuch Yontararak)
CN Advisory Company Limited
As the Plan Administrator of
Christiani & Nielsen (Thai) Public Company Limited

CONTACT:

CHRISTIANI & NIELSEN (THAI) PCL   
50/670 SOI SUKHUMVIT 105,
SUKHUMVIT RD, BANG NA,
PHRA KHANONG Bangkok    
Telephone: 0-2398-0158   
Fax: 0-2398-9860   
Website: www.cn-thai.co.th
  

CHRISTIANI & NIELSEN: Issues Capital Increase Report Form
---------------------------------------------------------
Christiani & Nielsen (Thai) Public Company (the Company)
disclosed to the Stock Exchange of Thailand (SET) the resolution
of the Board of Directors Meeting No. 4/2004 of CN Advisory
Company Limited, the Company's Plan Administrator held on 30
July 2004 from 4:30 p.m. to 5:30 p.m. in respect of a capital
increase/share allotment.

(1) Capital increase:

The meeting of the Board of Directors of the Plan Administrator
passed a resolution approving the increase of the registered
capital of the Company from THB312,015,580 to THB401,162,888 by
means of the issuance of 89,147,308 ordinary shares with a par
value of THB1.00 each, totaling THB89,147,308.  The Central
Bankruptcy Court has approved the amendment of the Company's
Memorandum Association to reflect the capital increase on 13
September 2004.

To view a full copy of the disclosure, click
http://bankrupt.com/misc/CHRISTIANIANDNIELSEN091404.htm


NATURAL PARK: Unveils Resolution of the Extraordinary Meeting
-------------------------------------------------------------
In a disclosure to the Stock Exchange of Thailand (SET), Natural
Park Public Company Limited would like to give notice of the
resolutions of the Shareholders Meeting No.1/2004 of the Company
held on September 14, 2004.

Item 1

The Meeting resolved to adopt the Minutes of the Annual General
Meeting of Shareholders No.1/2004 held on April 28, 2004;

Item 2

The Meeting resolved to approve the merger and the
implementation of the shareholding restructuring and management
plan of the Company (including additional detail) and to approve
the casting votes for delisting the shares of Pacific Assets
Public Company Limited (PA), material details which are:

Objectives of the Merger

(a) To achieve synergy benefits in the management;
(b) To reduce redundancy in the corporate structure, which will
prevent the future conflict of interest, enhance flexibility and
efficiency in business management, decrease administrative
expenses, enhance efficiency in cost management, and optimize
its resources through economy of scale.

Material Details of the Shareholding Restructuring and
Management Plan

(a) The Company will make a tender offer for all securities of
PA from PA's shareholders in which the Company offers the
following options to the minor shareholders of PA:

(aa) Remuneration in the form new shares of the Company: the
exchange ratio is four new shares of the Company at the par
value of THB10 per share for one share of PA at the par value of
THB10 per share; or

(bb) Remuneration in the form of cash: the offering price equals
THB5.86 per share which is the weighted average price five
business days prior to the date of the Board of Directors'
meeting (August 6, 2004).

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

The shareholders not intending to join this program i.e. the
remaining shareholders of PA shall receive compensation in the
form of cash from the Company upon the transfer of assets and
dissolution of PA under the following conditions:

(1) Calculation is to be made of the difference between

(a) The average of the up-to-date (i.e. determined not more than
three months before the date of transfer) appraisal price which
will be prepared by two appraisers (named in the list certified
by the Office of the Securities and Exchange Commission) for the
purpose of acquisition of the assets to be transferred and

(b) The book value of the assets to be transferred by PA to the
Company of the said assets (the Excess Value) as per the latest
financial statements reviewed or audited by the auditor.

(2) The Company shall make cash payment to the remaining
shareholders of PA in accordance with the number of shares held
by each of remaining shareholders.  This payment shall be equal
to the Excess Value divided by the total number of shares at
that time (including the shares of PA held by the Company).  

In this regard, the remaining shareholders of PA shall be
responsible for taxes on his/her part (if any).  With respect to
payment to the remaining shareholders of PA, it will take some
time for preparing and delivering a check.  However, the Company
shall do so within 30 days after the Company receives a transfer
of each item of the assets.

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

(4) The remaining shareholders of PA shall receive their
remaining payment based on the book value of PA when PA
completes the dissolution of its business.  It is expected that
this will take not more than six months after the Company
receives the transfer of all assets from PA.  In this regard,
the remaining shareholders of PA shall be responsible for taxes
on their part (if any).

With respect to payment to the remaining shareholders of PA, it
will take some time for preparing and delivering a check.  
However, the Company shall do so within 30 days after the
completion of the dissolution of the Company.

The Company will request a waiver regarding the tender offer
before the one year period counting from the expiration of the
period as specified in the previous tender offer of PA and
submit the amendment of the conditions in the previous tender
offer and any matters related to the merger and the
implementation of the shareholding restructuring and management
plan to the Office of the SEC.  

If the waiver regarding the tender offer before the one year
period counting from the expiration of the period is not
approved, the Company will proceed with the tender offer as soon
as practicable to comply with relevant regulations.

(b) The Company will increase its registered capital by
THB4,890,418,120 by issuing 489,041,812 new ordinary shares, at
the par value of THB10 per share. The 489,041,812 new shares
issued will be allotted and offered for sale to the shareholders
of PA who offer to sell their shares to the Company according to
the tender offer.

(c) The Company as a shareholder of PA will cast its vote for
the delisting of securities of PA from the Stock Exchange of
Thailand

(d) The Company will accept a transfer of the entire assets and
liabilities of PA after the delisting of PA.

Conditions of Successful Implementation of the Shareholding
Restructuring and Management Plan

(a) The Stock Exchange of Thailand pre-approves the shareholding
restructuring and management plan;

(b) The Office of the SEC grants to the Company approval for
amendment of the conditions of the previous tender offer and any
matter related to this shareholding restructuring and management
plan.  

If the Company does not obtain waiver regarding the tender offer
before the one-year period counting from the expiration of the
period as clarified in the previous tender offer, this will
delay the restructuring process and the Company will proceed
with the tender offer as soon as practicable;

(c) The meeting of the shareholders of the Company approves the
merger and the implementation of the shareholding restructuring
and management plan, including other relevant matters, such as
the capital increase and allotment of the newly issued shares to
the shareholders of PA, the tender offer for all securities of
PA, and the acquisition of assets and liabilities of PA and its
subsidiaries;

(d) The meeting of the shareholders of PA approves the merger
and the implementation of the shareholding restructuring and
management plan including other relevant matters, such as
changes in the policy and management plan and the disposal of
the entire assets and liabilities of PA and its subsidiaries;

(e) The meeting of the shareholders of PA approves the delisting
of the shares of PA from the Stock Exchange of Thailand and the
Stock Exchange of Thailand approves the delisting of the shares
of PA;

(f) The Office of the SEC grants approval for the offer of the
newly issued securities for sale and the tender offer for all
securities of PA;

As the Company is a shareholder of PA, the Company shall attend
a meeting and cast a vote for the delisting of securities of PA
from the Stock Exchange of Thailand.  

For the casting of vote on this item, it shall be deemed that
the Company is approved to vote at a shareholders meeting of PA
for the delisting of the shares of PA from the Stock Exchange of
Thailand.

Item 3

The Meeting resolved to approve the acceptance of transfer of
ordinary shares of PA and the entire assets and liabilities of
PA and its subsidiaries at the book value.

Item 4  

The Meeting resolved to issue and offer the convertible
debentures with the preliminary features as specified in the
Enclosure and resolved to authorize the Board of Directors
considering the details and conditions related to the issuance
and offering of the convertible debentures.

Item 5  

The Meeting resolved to approve the increase of the Company's
registered capital by THB14,890,418,120 from the existing
registered capital of THB80,571,600,000 to THB95,462,018,120 by
issuing 1,489,041,812 ordinary shares with the par value of
THB10.

Item 6  

The Meeting resolved to approve the amendment of Clause 4 of the
Memorandum of Association so as to reflect the increase of the
Company's registered capital to as read as follows "Clause 4.  
Registered capital of THB95,462,018,120  consists of
9,546,201,812 shares with the par value of THB10 divided into
9,546,201,812 ordinary shares and there is no preferred shares.

Item7

The Meeting resolved to approve the allocation of 1,489,041,812
new shares as follows:

(1) To allocate 489,041,812 new shares as the payment for PA's
Shares to the shareholders of PA at the ratio of four new shares
of the Company with the par value of THB10 to one share of PA
with the par value of THB10.

(2) To allocate 1,000,000,000 new shares to reserve the
conversion of the new convertible debentures of the Company.

Please be informed accordingly
Sincerely yours,
Natural Park Public Company Limited
(Mr. Thowthawal Subhavanich)
Chief Financial Officer

For more information, click
http://bankrupt.com/misc/NATURALPARK091504.htm

CONTACT:

NATURAL PARK PUBLIC COMPANY LIMITED   
88 SOI KLANG (SUKHUMVIT 49),
SUKHUMVIT ROAD, WATTANA, Bangkok
Telephone: 0-2259-4800-11   
Fax: 0-2259-4819, 0-2259-4815   


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

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