TCRAP_Public/040922.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

         Wednesday, September 22, 2004, Vol. 7, No. 188

                          Headlines

A U S T R A L I A

ARCHI-TRIM PTY: Sets October 8 Joint Meeting Date
BARELA NOMINEES: Issues Notice of Final Meeting
BSAL SUPERANNUATION: Members' Final Meeting Set October 11
CIBELLA PTY: Joint Meeting Slated for October 8
CLIFF TRANSPORT: To Hold Joint Meeting October 8

COLES MYER: Board Adopts Tenure Policy
CORLETTE PTY: Members Meeting Set October 7
ELECTROWELD ENGINEERING: Issues Notice of Final Meeting
EXECUTIVE & MANAGEMENT: Sets October 11 as Date of Final Meeting
FINANCIAL OPTIONS: Former Director Pleads Guilty to Deception

GEELONG PROTECTIVE: Sets October 7 as Date of Final Meeting
HANN PASTORAL: To Hold Final Meeting on September 30
JAMES HARDIE: Seeks Federal Support
JAMES HARDIE: Requests Trading Halt Ahead of Report
KIANA INVESTMENTS: To Hold Final Meeting on October 11

LAWNBAG PTY: Sets October 11 as Date of Final Meeting
MARKIN NOMINEES: To Hold Final Meeting on October 5
METRO APARTMENTS: Receivers Grant Bailout
NATIONAL AUSTRALIA: Assists Springwood Park Tenants
NOLAN PLUMBING: Creditors Must Prove Claims by September 24

NSW FUTURE: Final Meeting Slated for October 11
PROJECTS FLOORS: Final Meeting Slated for September 30
QANTAS AIRWAYS: Court Rejects Planned Airline Tie-up
ST GEORGE SUPERANNUATION: Final Meeting Slated for October 11
THOMASTON RAIL: Sets October 11 as Date of Final Meeting

T.I.I. PTY: Members Meeting Slated for October 1
YIELDSIDE PTY: To Hold Final Meeting on September 30


C H I N A  &  H O N G  K O N G

CHINA CONSTRUCTION: HMA Grants License Transfer
CHINA CONSTRUCTION: Inaugurated on Tuesday
CHINA CONSTRUCTION: Intends to List by 2005
CITY CANON: Enters Winding Up Proceedings
PACMOS TECHNOLOGIES: Post 1H Results

P.K. POON: To Undergo Winding up Proceedings
SEA HONEY: Winding Up Hearing Set October 6
SHEENWELL LIMITED: Court Hears Winding Up Petition
SUN PACKAGING: Winding Up Hearing Set October 6


I N D O N E S I A

PERTAMINA: President to Replace Board if Kerosene Issue Persists
MERPATI NUSANTARA: State To Pursue Privatization Plan


J A P A N

DAIKYO INCORPORATED: TSE, OSE Halt Shares Trading
DAIKYO INCORPORATED: Creditor to Seek IRCJ Aid
JAPAN AIRLINES: Battles with ANA for China Market
KOKUSAI KOGYO: Cerberus, Colony Eyed as Rehab Sponsors


K O R E A

DAEWOO HEAVY: Workers Cry Unfair Judgment Against KAMCO
HYNIX SEMICONDUCTOR: Releases Statement on Accounting Issue
KOOKMIN BANK: FSC Imposes KRW2 Billion Fine
KOOKMIN BANK: Adds Five Outside Directors to Committee
PAN OCEAN: Employees Demand Shares from Stake Sale


M A L A Y S I A

ANCOM BERHAD: Unit Receives Financial Assistance
GOLDEN FRONTIER: Purchases 7,000 Ordinary Shares on Buy Back
LEADER UNIVERSAL: Dormant Units Face Winding Up Petition
MBF HOLDINGS: Unit Enters Winding Up Proceedings
MEDAS CORPORATION: Shareholders OK EGM Resolutions

METACORP BERHAD: Australian Unit Enters Share Sale Agreement
MTD CAPITAL: Issues Notice of Shares Buy Back
NAIM INDAH: Grants Listing of 1,807,000 Ordinary Shares
OILCORP BERHAD: Unit Enters Share Sale Agreement
POHMAY HOLDINGS: Clarifies Winding Up Petition Notice

PROMTO BERHAD: Releases Registered Address Notice
RANHILL POWER: SC OKs Investigative Audit Extension
TA ENTERPRISE: Unit Faces Winding Up Petition
TANJONG PUBLIC: Issues Additional 144,000 Ordinary Shares


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Files SEC Form 23-B, Securities Ownership
BALABAC RESOURCES: Unveils September 20 ASM Results
MAYNILAD WATER: Government Unlikely to Withdraw US$120M Bond
METRO PACIFIC: Unit Appoints Jose Ma. K. Lim as CEO
NATIONAL STEEL: Iligan City To Tax Assets

NATIONAL STEEL: To Complete Sale in October
UNIWIDE HOLDINGS: SEC Orders Tarlac City Not To Seize Assets
* Fitch Warns Philippines of Credit Downgrade


S I N G A P O R E

ALTO INVESTMENT: Posts Intended Dividend Notice
FOUR SEAS: Creditors To Submit Claims by October 15
HEEREMA MARINE: Final General Meeting Set October 18
JACKSON PILING: Releases Intended Dividend Notice
NEPTUNE ORIENT: Posts Change in Shareholder's Interest

SEINO MERCHANTS: Issues First Dividend Notice


T H A I L A N D

CHRISTIANI & NIELSEN: Increases Capital to THB401,162,888
THAI PETROCHEMICAL: FM Bullish On Creditors Approval of New Plan
TPI POLENE: Plans to Pay $650M Debt in Full

     -  -  -  -  -  -  -  -

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


ARCHI-TRIM PTY: Sets October 8 Joint Meeting Date
-------------------------------------------------
Notice is hereby given that a Joint Meeting of Members and
Creditors of Archi-Trim Pty Ltd (In Liquidation) will be held at
the Meeting Room, B.K. Taylor & Co., 9th Floor, 608 St Kilda
Road, Melbourne on 8 October, 2004, at 11:00 a.m. for the
purpose of laying before the meeting an account of the
Liquidator's acts and dealings, and of the conduct of the
winding up.

Members and Creditors are advised that the Liquidator's accounts
of receipts and payments may be inspected at the offices of B.K.
Taylor Co., 8th Floor, 608 St Kilda Road, Melbourne during
business hours.

Dated this 25th day of August 2004

Paul Vartelas
Liquidator
B.K. Taylor & Co
8/608 St Kilda Road,
Melbourne Vic 3004


BARELA NOMINEES: Issues Notice of Final Meeting
-----------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that the final meeting of members of
Barela Nominees Pty Ltd (In Liquidation) will be held at the
office of Romanis Cant, Chartered Accountants, 2nd Floor, 106
Hardware Street, Melbourne on Friday, the 8th of October 2004 at
9:30 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 assets of the company have been disposed of, and of
hearing any explanation that may be given by the Liquidator.

Dated this 7th day of September 2004

Anthony R. Cant
Liquidator
106 Hardware Street,
Melbourne Vic 3000
Telephone: (03) 9670 6544


BSAL SUPERANNUATION: Members' Final Meeting Set October 11
----------------------------------------------------------
Notice is given that a final meeting of members of BSAL
Superannuation Fund Pty Ltd (In Voluntary Liquidation) will be
held at Level 9, 10 Shelley Street, Sydney NSW, on 11 October
2004 at 10:00 a.m.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding ups have conducted and how the
property of the companies have been disposed of, and to receive
any explanation of the accounts.

Dated this 26th August 2004

M. C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000.
Telephone: 9338 2600


CIBELLA PTY: Joint Meeting Slated for October 8
-----------------------------------------------
Notice is hereby given that a Joint Meeting of Members and
Creditors of Cibella Pty Ltd (In Liquidation) known as Cindy
Brown Marketing Ltd will be held at the Meeting Room, B.K.
Taylor & Co., 9th Floor, 608 St Kilda Road, Melbourne on 8
October 2004 at 10:00 a.m. for the purpose of laying before the
meeting an account of the Liquidator's acts and dealings, and of
the conduct of the winding up.

Members and Creditors are advised that the Liquidator's accounts
of receipts and payments be inspected at the offices of B.K.
Taylor & Co., Floor, 608 St Kilda Road, Melbourne during
business hours.

Dated this 24th day of August 2004

Paul Vartelas
Liquidator
B.K. Taylor & Co
8/608 St Kilda Road,
Melbourne Vic 3004


CLIFF TRANSPORT: To Hold Joint Meeting October 8
------------------------------------------------
Notice is hereby given that a Joint Meeting of Members and
Creditors of Cliff Transport (Vic) Pty Ltd (In Liquidation) will
be held at the Meeting Room, B.K. Taylor & Co., 9th Floor, 608
St Kilda Road, Melbourne on 8 October 2004 at 9:30 a.m. for the
purpose of laying before the meeting an account of the
Liquidator's acts and dealings, and of the conduct of the
winding up.

Members and Creditors are advised that the Liquidator's accounts
of receipts and payments be inspected at the offices of B.K.
Taylor & Co., Floor, 608 St Kilda Road, Melbourne during
business hours.

Dated this 24th day of August 2004

Paul Vartelas
Liquidator
B.K. Taylor & Co
8/608 St Kilda Road,
Melbourne Vic 3004


COLES MYER: Board Adopts Tenure Policy
--------------------------------------
Coles Myer Chairman Rick Allert disclosed in the Australian
Stock Exchange on Monday that the Board had adopted a new policy
relating to tenure of non-executive directors, in line with ASX
corporate governance guidelines.

Mr. Allert said that under the new policy, directors other than
the Chairman would normally hold office for no more than 10
years except to serve in that role for a period of at least five
years.

The Board had also decided to commence a search for a new
director to replace Mark Leibler, who would be retiring at the
conclusion of the Annual General Meeting on November 18.

"Good governance requires that when I step down as Chairman, the
Board has a number of potential candidates from which it can
select a replacement.

"Accordingly, we will be seeking someone with the skills and
experience both to be a director of CML and a candidate for
future Board Chairmanship," Mr. Allert said.

Mr. Allert said the Board had decided to endorse the re-election
of Patty Akopiantz and Martyn Myer as directors.

CONTACT:

Coles Myer Ltd. (NYSE: CM [ADR])
800 Toorak Rd.
Tooronga, Victoria 3146, Australia
Phone: +61-3-9829-3111
Fax: +61-3-9829-6787
Web site: http://www.colesmyer.com


CORLETTE PTY: Members Meeting Set October 7
-------------------------------------------
Notice is given that a meeting of the members of Corlette Pty
Limited (In Liquidation) will be held at Level 8, 201 Sussex
Street, Sydney, NSW, 1171 on 7 October 2004 at 10.00 a.m.

AGENDA

(i) To lay the Liquidator's account before the members showing
how the winding up has been conducted and how the property of
the company has been disposed of, and to give any explanations
as required; and

(ii) Any other business.

Dated this 24th day of August 2004

David Clement Pratt
Timothy James Cuming
Liquidator
PricewaterhouseCoopers
Level 8, 201 Sussex Street,
Sydney NSW 1171


ELECTROWELD ENGINEERING: Issues Notice of Final Meeting
-------------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act 2001, final meetings of members and creditors
of Electroweld Engineering Pty Ltd (In Liquidation) will be held
in the Boardroom, Harrisons Insolvency 1st Floor, 49-51 Stead
Street, South Melbourne on 7 October 2004 at 3:30 p.m.

The purpose of the meeting is to lay accounts before the members
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 30th day of August 2004

William R. Abeyratne
Joint and Several Liquidator
c/- Harrisons Insolvency
1st Floor, 49-51 Stead Street,
South Melbourne Vic 3205
Telephone: (03) 9696 2885


EXECUTIVE & MANAGEMENT: Sets October 11 as Date of Final Meeting
----------------------------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act that final meetings of members and creditors of
Executive & Management Pty Limited (In Liquidation) will be held
at the office of the Liquidator on 11 October 2004 commencing at
10:15 a.m., for the purpose of having an account laid before
them showing the manner in which each winding up has been
conducted and how the property of the company has been disposed
of, and hearing of any explanations that may be given by the
Liquidator.

Proxies to be used at the meeting must be lodged with the
undersigned.

Dated this 7th day of September 2004

JOHN W. O'BRIEN
Liquidator
Level 4, 23-25 Hunter Street,
Sydney NSW 2000


FINANCIAL OPTIONS: Former Director Pleads Guilty to Deception
-------------------------------------------------------------
Mr. Robert Geoffrey Walker, a former Managing Director of
Financial Options Group Incorporated (FOGI), pleaded guilty
Tuesday, in the District Court in Sydney, on charges brought by
the Australian Securities and Investments Commission (ASIC).

Mr. Walker, of Balgowlah, New South Wales, was charged with 21
counts of deception under the Crimes Act 1900 (NSW).

ASIC alleged that between January 2000 to December 2001, Mr.
Walker made written statements in monthly reports sent to FOGI
investors which he knew to be false, and were intended to
deceive the FOGI investors into believing that their funds were
secure.

In the monthly reports, Mr. Walker and Mr. Robert Johnstone,
FOGI's Financial Director, claimed that FOGI had produced rates
of return of between 1.08 to 2.6 per cent a month, and claimed
in one report for September 2001 that the company had achieved a
rate of return of 22.58 per cent for the past 12 months, all of
which he knew was false.

Most of the FOGI investors' funds were lost and the company
collapsed in December 2001. The loss associated with the
offences approached $1.9 million.

Mr. Walker was involved for over 30 years in the financial
services industry.

Mr. Walker is due to be sentenced at the District Court on 4
November 2004.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

Background

Last week, the New South Wales Court of Criminal Appeal affirmed
an earlier four-year period of imprisonment against the co-
director of FOGI, Mr. Robert Gary Johnstone in relation to
similar charges.

On 18 February 2002, ASIC successfully applied to the Supreme
Court of New South Wales to wind up FOGI and the Australia Fund
Limited, of which FOGI was the major shareholder.

ASIC had previously obtained interim orders freezing the assets
of Mr. Walker and Mr. Robert Johnstone. Mr. Walker and Mr.
Johnstone are now bankrupt.

This ASIC announcement is dated September 21, 2004.


GEELONG PROTECTIVE: Sets October 7 as Date of Final Meeting
-----------------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act 2001, the final meetings of members and
creditors of Geelong Protective Services Pty Ltd (In
Liquidation) will be held in the Boardroom, Harrisons Insolvency
1st Floor, 49-51 Stead Street, South Melbourne on 7 October 2004
at 2:30 p.m.

The purpose of the meeting is to lay accounts before the members
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 30th day of August 2004

William R. Abeyratne
Joint and Several Liquidator
c/- Harrisons Insolvency
1st Floor, 49-51 Stead Street,
South Melbourne Vic 3205
Telephone: (03) 9696 2885


HANN PASTORAL: To Hold Final Meeting on September 30
----------------------------------------------------
Notice is hereby given that pursuant to Section 509 (3) and (4)
of the Corporations Law, the Final Meeting of Members of Hann
Pastoral Co. Pty Ltd. (In Voluntary Liquidation) will be held at
the office of Sinclair Wilson, 177 Koroit Street, Warrnambool
Vic 3280 on 30 September, 2004 at 10:00 a.m. for the purpose of
laying before the meeting an account showing how the winding up
has been conducted and how the property of the company has been
disposed of, and of giving explanations.

Dated this 26th day of August 2004

John Bouwman
Liquidator
Sinclair Wilson
Accountants & Business Advisors
177 Koroit Street,
Warrnambool Vic 3280


JAMES HARDIE: Seeks Federal Support
-----------------------------------
In order to save a proposal to resolve its asbestos liabilities
crisis, James Hardie Industries is believed to be seeking the
support of the federal government, reports The Australian.

Legal sources confirmed that the federal government might
consider Hardie's proposed statutory scheme, which would slash
legal fees that accounts for an estimated 25 to 45 percent of
total asbestos disease compensation costs.

However, sources warned that the move could spark a state rights
battle, with most states bitterly opposed to the removal of
asbestos disease victim's common law right to sue.

In a shareholders meeting held last week, James Hardie
chairwoman Meredith Hellicar declared, "I don't think the
support or otherwise of other state governments is necessarily
fatal."

However, Victorian Attorney-General Rob Hulls rejected Ms.
Hellicar's statement saying, "James Hardie has a moral, ethical
and legal responsibility to people dying from asbestos-related
diseases."

"Not only does the Victorian Government reject any statutory
scheme being promoted by James Hardie, which would deny workers
appropriate compensation, but we will fight tooth and nail
against any proposal by Hardie to lobby the federal Government
to introduce such a scheme."

The developments came days before the release of the report of
the NSW special commission of inquiry into Hardie's under
funding by up to AU$2 billion of a trust to handle future
asbestos disease claims.

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.


JAMES HARDIE: Requests Trading Halt Ahead of Report
---------------------------------------------------
James Hardie Industries NV yesterday requested a trading
suspension in its shares ahead of the release of Special
Commission of Inquiry into Medical Research and Compensation
Foundation report by the New South Wales Government, Asia Pulse
says.

The company said it understood that the report will be disclosed
in public in the afternoon it issued the request.

"The company therefore understands that the report will not
necessarily be freely and equally available to market
participants until it becomes available on such website(s) and
concerns could therefore arise that sections of the market may
be disadvantaged over others in relation to trading the
company's securities by having privileged access to the contents
of the report," the troubled firm said in a statement to the
Australian Stock Exchange.


KIANA INVESTMENTS: To Hold Final Meeting on October 11
------------------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act that final meetings of members and creditors of
Kiana Investments Pty Limited (In Liquidation) will be held at
the office of the Liquidator on 11 October 2004 commencing at
10:00 a.m., for the purpose of having an account laid before
them showing the manner in which each 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.

Proxies to be used at the meeting must be lodged with the
undersigned.

Dated this 7th day of September 2004

JOHN W. O'BRIEN
Liquidator
Level 4, 23-25 Hunter Street, Sydney NSW 2000


LAWNBAG PTY: Sets October 11 as Date of Final Meeting
-----------------------------------------------------
Notice is given that a final meeting of members of Lawnbag Pty
Limited (In Voluntary Liquidation) will be held at Level 9, 10
Shelley Street, Sydney NSW, on 11 October 2004 at 10:00 a.m.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding ups have conducted and how the
properties of the company have been disposed of, and to receive
any explanation of the accounts.

Dated this 26th August 2004

M. C. SMITH
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000.
Telephone: 9338 2600


MARKIN NOMINEES: To Hold Final Meeting on October 5
---------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act the final meeting of members and creditors of
Markin Nominees Pty. Ltd. will be held in the office of Romanis
Cant, 106 Hardware Street, Melbourne on 5 October 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 of hearing
any explanation that may be given by the Liquidator.

Dated this 24th day of August 2004

Anthony R. Cant
Liquidator
Romanis Cant
Chartered Accountants
106 Hardware Street,
Melbourne Vic 3000


METRO APARTMENTS: Receivers Grant Bailout
-----------------------------------------
Receivers will finish two distressed apartment projects in
Sydney following the developer's disappearance which left behind
multi-million dollar debts, reports The Australian.

James Jariv, owner of struggling developer Metro Apartments,
left several companies under administration or in liquidation
along with unpaid contractors and angry investors. Mr. Jariv
owes secured and unsecured creditors more than AU$6 million.

Metro Apartments (Chippendale) became embroiled in financial
woes early this year.

Debt provider Biron Capital then appointed surveyors SGA
Property Consulting when it became clear that funds invested in
the development of the Sydney projects were being channeled to
other construction ventures, at the same time the Construction
Forestry Mining and Energy Union halted work on the site as
building sub-contractors and employees had not been paid.

SGA helped arrange a workout at the site and Biron Capital
before selling its second mortgage over the property to Marjoe,
the sole secured creditor of Metro Apartments (Chippendale),
after an interim certificate of occupancy was issued by a
private certifier. Marjoe is controlled by developer Joe Esbar,
who originally considered the project, obtained development
approval and arranged to acquire the site for just over
AU$3.1million.

It was Mr. Esbar who approached Mr. Jariv to set up the
development as a joint venture. However, Mr. Esbar had no
further control over the project and subsequently lost money on
the development, which he is attempting to recover through
receiver Ngan and Co.

The interim certificate enabled 35 off-the-plan buyers to
settle, providing enough funds to complete the building.

However, a final completion certificate has been withheld by the
City of Sydney, which issued a 30-day order of rectification in
late August.

The city is concerned that a range of approval conditions have
not been met, including fire, safety and acoustic
specifications.

Given the building's defects, a number of buyers have reportedly
negotiated substantial discounts before settling.

At least three unit sales, which were allegedly completed by an
associate of Mr. Jariv at prices discounted by as much as 30
percent below market, were considered invalid.

Meanwhile, at 21-69 Regent St, Redfern, a related company, Metro
Apartments (Gateway), has been placed in receivership by project
financiers.


NATIONAL AUSTRALIA: Assists Springwood Park Tenants
---------------------------------------------------
National Australia Bank (NAB) disclosed in a press release dated
September 20 that it has taken possession of the Garrett Group's
'Springwood Park' property from the Sheriff of South Australia
after he executed his Warrant for vacant possession of the
property.

The bank is providing unrelated tenants of the Garrett Group 60
days accommodation and other assistance, at the bank's cost, to
help them with the transition into their own alternative
accommodation. The National said it was unfortunate that these
tenants had been caught up in Mr. Garrett's dispute with the
bank.

NAB endeavors to work closely with customers having financial
difficulties to assist them. The vast majority of such cases are
resolved satisfactorily.  In this instance, NAB regrets it was
necessary to seek the assistance of the Sheriff of South
Australia to enforce a Supreme Court Possession Order relating
to Springwood Park.

NAB said it has been extremely patient and fair with Mr.
Garrett. After a long series of unsuccessful applications by Mr.
Garrett to the Courts, the bank is pleased that the question
over possession of Springwood Park has been resolved.

The bank has appointed Nick Cooper and Alan Scott of
SimsPartners as 'agents for mortgagee in possession'. The agents
will manage the Springwood Park property that was security for
loans made to the Andrew Garrett Group of Companies and arrange
for the sale of the property, at a future date to be determined.

CONTACT:

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


NOLAN PLUMBING: Creditors Must Prove Claims by September 24
-----------------------------------------------------------
A first and final dividend is to be declared on 18
October 2004 for Nolan Plumbing Contractors Pty Ltd (In
Liquidation) (The Company).

Creditors whose debts or claims have not already been admitted
are required on or before 24 September 2004 to formally prove
their debts or claims. If they do not they will be excluded from
the benefit of the dividend.

Dated this 27th day of August 2004

A. L. BROWN
Liquidator
Ferrier Hodgson
20 Mason Street,
Dandenong Vic 3175


NSW FUTURE: Final Meeting Slated for October 11
-----------------------------------------------
Notice is given that a final meeting of members of Nsw Future
Plan Pty Limited  (In Voluntary Liquidation) will be held at
Level 9, 10 Shelley Street, Sydney NSW, on 11 October 2004 at
10:00 a.m.

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

Dated this 26th August 2004

M. C. SMITH
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000.
Telephone: 9338 2600


PROJECTS FLOORS: Final Meeting Slated for September 30
------------------------------------------------------
Notice is given that pursuant to Section 509(1) Corporations Act
2001, a Final Meeting of Members and Creditors of Projects
Floors & Design (Vic) Ltd (In Liquidation) will be held in the
Boardroom, Venn Milner & Co Chartered Accountants, Suite 43
Railway Road, Blackburn, Vic 3130 on Thursday 30 September 2004
at 11:00 a.m.

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

Dated this 24th day of August 2004

Leonard A. Milner
Liquidator


QANTAS AIRWAYS: Court Rejects Planned Airline Tie-up
----------------------------------------------------
The High Court of New Zealand rejected Monday a proposed
alliance between Qantas Airways and Air New Zealand, citing
anticompetitive concerns, the Associated Press reports.

Despite the option to appeal, Qantas decided to abandon the
plan, saying it was time to move on.

A New Zealand Commerce Commission ruling rejecting the proposed
merger was upheld by the High Court on the grounds it was
anticompetitive.

Ralph Norris, Air New Zealand chief executive, expressed his
disappointment with the decision in a statement.

Under the proposed tie-up, Qantas was to acquire 22.5 percent of
Air New Zealand for NZ$550 million, enabling the two airlines to
cooperate on all their routes between Australia and New Zealand.

Both companies admitted the alliance was essential to help them
cope with increasing competition in the aviation industry. Air
New Zealand has said the deal was critical to its long-term
survival.


CONTACT:

Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, Nsw, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com


ST GEORGE SUPERANNUATION: Final Meeting Slated for October 11
-------------------------------------------------------------
Notice is given that a final meeting of members of St George
Superannuation Holdings Pty Ltd (In Voluntary Liquidation) will
be held at Level 9, 10 Shelley Street, Sydney NSW, on 11 October
2004 at 10:00 a.m.

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

Dated this 26th August 2004

M. C. SMITH
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000.
Telephone: 9338 2600


THOMASTON RAIL: Sets October 11 as Date of Final Meeting
--------------------------------------------------------
Notice is given that a final meeting of members of Thomaston
Rail Pty Limited (In Voluntary Liquidation) will be held at
Level 9, 10 Shelley Street, Sydney NSW, on 11 October 2004 at
10:00 a.m.

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

Dated this 26th August 2004

M. C. SMITH
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000.
Telephone: 9338 2600


T.I.I. PTY: Members Meeting Slated for October 1
------------------------------------------------
Notice is given that a meeting of the members of T.I.I. Pty
Limited will be held at Level 8, 201 Sussex Street, Sydney, NSW,
1171 on 1 October 2004 at 10:00 a.m.

AGENDA

(i) To lay the Liquidator's accounts before the members showing
how the winding up has been conducted and how the property of
the companies has been disposed of, and to give any explanations
as required; and

(ii) Any other business.

Dated this 30th day of August 2004

David Clement Pratt
Timothy James Cuming
Liquidator
PricewaterhouseCoopers
Level 8, 201 Sussex Street,
Sydney NSW 1171


YIELDSIDE PTY: To Hold Final Meeting on September 30
----------------------------------------------------
Notice is given pursuant to Section 509(1) of the Corporations
Act 2001, a Final Meeting of Members and Creditors of Yieldside
Pty Ltd (In Liquidation) will be held in the Boardroom, Venn
Milner & Co Chartered Accountants, Suite 1, 43 Railway Road,
Blackburn, Vic 3130 on Thursday 30 September 2004 at 11:30 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 of hearing
any explanation that may be given by the Liquidator.

Dated this 26th day of August 2004

Leonard A. Milner
Liquidator



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


CHINA CONSTRUCTION: HMA Grants License Transfer
-----------------------------------------------
A transfer of the banking license from the Construction Bank of
China to China Construction Bank Corporation (CCBC) was granted
by the Hong Kong Monetary Authority (HMA) on Monday, Xinhua News
Agency reports.

The grant took effect on September 17, 2004, at the same time
the demerger of China Construction Bank into CCBC and China
Jinyin Investment Limited became effective in the Chinese
mainland.

CCBC will continue handling commercial banking operations
including the Hong Kong branch, while Jinyin will take charge of
the other areas.

Since this only involves the transfer of an existing banking
license, the total number of licensed banks in Hong Kong remains
unchanged, currently 133.

CONTACT:

China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
Web site: http://www.ccb.com.cn


CHINA CONSTRUCTION: Inaugurated on Tuesday
------------------------------------------
The inauguration of China Construction Bank (CCB) took place
Tuesday, highlighting the development of the country's top
property lender, reports Xinhua News Agency.

Former wholly state-owned CCB has been converted into a joint-
stock commercial bank controlled by the states with five
shareholders namely Central Huijin Investment Co., Ltd., China
Jianyin Investment Co., Ltd., State Grid Corporation, Shanghai
Baosteel Group Company, and China Yangtze Power Company Limited.

The new CCB, which has a combined capital of CNY194.23 billion
(US$23.4 billion) and a total of 194.23 billion shares, will
focus on commercial banking business while working to develop
itself into a modern institution with sufficient capital, strict
internal control and firm service capable of international
competition.

Former senior executive of the China International Trust and
Investment Corporation (CITIC) Chang Zhenming took the
presidential post of China Construction Bank Limited vacated by
Zhang Enzhao, now the bank's chairman of the board of directors.


CHINA CONSTRUCTION: Intends to List by 2005
-------------------------------------------
China Construction Bank President Chang Zhenming confirmed the
bank's intention to list in public by 2005, Reuters says.

Without mentioning the venue for the listing, Mr. Cheng said
that the listing value has yet to be determined.

Major stockholders Central Huijin Investment Company, China
Construction bank Investment Company, Baosteel Corporation,
Yangtze Power and the State Grid Corporation has invested a
total of CNY194.2 billion (US$23.5 billion), with Central Huijin
holding 85.2-percent stake.

The formation of the joint stock company is viewed as a step to
an IPO that could generate $10 billion and rank as the largest
by a mainland firm. Still, CCB needs foreign investors to give
its expertise. Possible investors are tipped to be Citigroup and
J.P. Morgan.

China Construction and Bank of China have been chosen as pilot
banks in the country's reform effort as it gears for full
foreign competition in 2007.

Bank of China is likewise preparing for an IPO that could be
worth up to $4 billion next year.


CITY CANON: Enters Winding Up Proceedings
-----------------------------------------
Notice is hereby given that a Petition for the Winding up of
City Canon 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 Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance whose registered office is situated at 14th
Floor, Bank of China Tower, 1 Garden Road, Hong Kong.

The said Petition will to be heard before the Court at 10:00 am
on the 6th day of October 2004.

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

Messrs. Deacons
Solicitors for the Petitioner
5th Floor, Alexandra House
16-20 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.


PACMOS TECHNOLOGIES: Post 1H Results
------------------------------------
PacMOS Technologies Holdings Limited booked a net loss of
HK$66.679 million for the six months ended June 30, compared to
a net loss of HK$36.487 million a year ago. Loss Per Share was
HK$0.198. No interim dividend was declared.

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


                                                   (Unaudited )
                                (Unaudited )           Last
                                     Current       Corresponding
                                     Period            Period
                                from 1/1/2004      from 1/1/2003
                                 to 30/6/2004       to 30/6/2003

                               Note  ('000      )   ('000      )
Turnover                           : 76,703             48,195
Profit/(Loss) from Operations      : (58,594)           (33,083)
Finance cost                       : (551)              (900)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (66,679)           (36,487)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.198)            (0.108)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (66,679)           (36,487)
Interim Dividend                   : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)

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

B/C Dates for Other
  Distribution                     : N/A

Remarks:

(1) LOSS FROM OPERATIONS

Loss from operations is arrived at after charging / (crediting):

                                                Unaudited
                                      Six months ended 30th June

                                           2004            2003
                                        HK$'000         HK$'000

Unrealised loss arising from
mark-to-market valuation of
other investments                        75,574          40,946
Write-back of provision for doubtful debts
                                          (376)            (58)
Negative goodwill recognized as income    (400)           (400)
Goodwill amortization charge               446               -
Depreciation of fixed assets             2,170           1,943
Amortisation of intangible assets        1,207           1,700
(Write-back) / provision for inventory obsolescence
                                        (1,834)          1,249
(Write-back) / provision for doubtful debts
                                          (376)            133
Research and development costs           6,001           4,408
Staff costs                              6,911           5,120
                                        ========================

(2) LOSS PER SHARE

The calculation of basic loss per share for the six months ended
30th June 2004 was based on the consolidated net loss
attributable to shareholders of approximately HK$66,679,000
(2003:HK$36,487,000) and the weighted average number of
336,587,142 (2003: 336,587,142) shares in issue during the
period.

Diluted earnings per share for the six months ended 30th June
2004 was not presented, as there was no dilution effect on the
earnings per share.


P.K. POON: To Undergo Winding up Proceedings
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
P.K. Poon Construction Company Limited by the High Court of Hong
Kong Special Administrative Region was on the 2nd day of
September 2004 presented to the said Court by Hop Shing Steel
and Engineering Company Limited, whose registered office is
situated at Room 3202, 32nd Floor, Choi Yat House, Choi Ha
Estate, Ngau Tau Kok, Kowloon, Hong Kong.

The said Petition will be heard before the Court at 10:00 am on
the 6th day of October 2004.

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

Lee Chan Cheng
Solicitors for the Petitioner
Rooms 606-7, 6th Floor, St. George's Building
No. 2 Ice House Street, Central
Hong Kong

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


SEA HONEY: Winding Up Hearing Set October 6
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of Sea
Honey Limited by the High Court of Hong Kong Special
Administrative Region was on the 3rd day of September 2004
presented to the said Court by Tabaqueria Filipina (Hong Kong)
Limited, whose registered office is situated at Ground Floor,
Wyndham Mansion, 30-32 Wyndham Street, Hong Kong.

The said Petition will be heard before the Court at 10:00 am on
the 6th day of October 2004.

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

K.C. Yung & Co
Solicitors for the Petitioner
7th Floor, On Lok Yuen Building
25 Des Voeux Road Central
Hong Kong

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


SHEENWELL LIMITED: Court Hears Winding Up Petition
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Sheenwell (China) Limited by the High Court of Hong Kong Special
Administrative Region was on the 2nd day of September 2004
presented to the said Court by Ngai Lam Silk Printing Company of
Flat I and J, 11th Floor, Block 3, Golden Dragon Industrial
Centre, Nos. 172-180 Tai Lin Pai Road, Kwai Chung, New
Territories, Hong Kong.

The said Petition will be heard before the Court at 10:00 am on
the 6th day of October 2004.

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

Raymond T.M. Lau & Co
Solicitors for the Petitioner
Room 602, C.M.A. Building
64 Connaught 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.


SUN PACKAGING: Winding Up Hearing Set October 6
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of SUN
Packaging (Hk) Company 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 Bank of China (Hong Kong)
Limited (the successor banking corporation to Kincheng
Banking Corporation pursuant to Bank of China (Hong Kong)
Limited (Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.

The said Petition will be heard before the Court at 10:00 am on
the 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.

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

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


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


PERTAMINA: President to Replace Board if Kerosene Issue Persists
----------------------------------------------------------------
President Megawati Soekarnoputri warned the members of PT
Pertamina's management board that they will be replaced if they
fail to smoothen kerosene distribution to the public, reports
Asia Intelligence Wire.

"The new management of Pertamina should improve its kerosene
distribution system to prevent scarcity at the level of
consumers who need kerosene," the President said when launching
Pertamina's special kerosene tank trucks.

The president expressed her disappointment over the
maldistribution of Indonesia's kerosene supply, saying the
kerosene meant for domestic consumers was always abused and
distributed to other parties.

President Megawati, likewise, stressed that those who have taken
advantage of household designated kerosene at the expense of the
consumers should leave their posts because they have been
cheating the people for so long.

"I call on the new members of Pertamina's Board of Directors to
take heed of my order. If they fail to follow it, I will replace
them," the President declared.

The president also requested the public to help monitor the
distribution of kerosene and report any irregularities to the
authorities.

CONTACT:

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


MERPATI NUSANTARA: State To Pursue Privatization Plan
-----------------------------------------------------
The government will proceed with its plan to privatize PT
Merpati Nusanta Airlines and Bank BNI, Asia Pulse says.

Minister for State Enterprises Laksamana Sukardi confirmed the
decision to carry out the program as soon as possible because
the state lacks sufficient finances to raise the two firm's
capital.

Last week, the House Commission IX failed to reach an accord on
a plan to privatize the two state-owned companies.

"The House's commission members have indeed not yet had common
perception towards the plan," Emir Muis, the commission
chairman, said.

However, Mr. Laksamana stressed the privatization of Merpati and
Bank BNI was inevitable considering the seriousness of their
financial status. It would be impossible for the state to
provide the firms more capital because of its limited budget, he
said.

CONTACT:

Merpati Nusantara Airlines
Jl. Angkasa Blok B-15 Kav. 2-3
Jakarta 10720 - Indonesia
Tel: (021) 6548888
Fax: (021) 6540620
E-mail: marketing@merpati.co.id


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


DAIKYO INCORPORATED: TSE, OSE Halt Shares Trading
-------------------------------------------------
Trading in the shares of Daikyo Incorporated was briefly
suspended Tuesday by the Tokyo Stock Exchange and Osaka
Securities Exchange to confirm reports on the ailing firm's
rehabilitation, reports Japan Today, citing Kyodo News.

The trade halt came after the Nihon Keizai Shimbun and the
Mainichi Shimbun reported that UFJ bank has decided to send the
embattled condominium developer to the state-backed Industrial
Revitalization Corporation of Japan (IRCJ) for Daikyo's
restructuring. The reports also revealed UFJ Bank's plan to
offer some JPY180 billion in monetary aid jointly with other
main creditors through forgiveness and debt-for-equity swaps.

CONTACT:

Daikyo Incorporated
24-13 Sendagaya 4-Chome
Sendagaya No. 21 Daikyo Building
Shibuya-Ku 151-8506, Tokyo 151-8506
Japan
Phone: +81 3 3475 1111
Fax: +81 3 3475
Web site: http://www.daikyo.co.jp/


DAIKYO INCORPORATED: Creditor to Seek IRCJ Aid
----------------------------------------------
UFJ Holdings Incorporated will ask assistance from the
Industrial Revitalization Corporation of Japan for the
rehabilitation of its troubled borrower, Daikyo Incorporated,
Reuters says.

The Nihon Keizai newspaper reported earlier that the state-
backed corporate revival body would accept the offer by the end
of the month.

As part of the arrangement, Daikyo's major lenders led by UFJ
Bank agreed to infuse JPY180 billion (US$1.64 billion) in
financial aid through debt waivers and debt-for-equity swaps.

In order to regain financial health, Daikyo will concentrate on
its profitable condominium building by withdrawing from other
ventures such as golf courses and hotels.


JAPAN AIRLINES: Battles with ANA for China Market
-------------------------------------------------
Japan Airlines (JAL) and All Nippon Airways (ANA) are in a major
tussle for market share in China, reports The Daily Yomiuri.

In order to meet the growing demand for business travel to
China, the two airlines are trying to bulk up passenger volume
by serving new routes and expanding networks of travel agencies
in China.

However, the two companies received a setback as the number of
China-bound tourists failed to rise as fast as expected, raising
uncertainty of the outcome of their expansion strategies.

JAL opened a new route to Hanzhou in March and increased weekly
flight frequency to China to 162, including 42 to Hong Kong. It
is also considering opening a route in February from Chubu
Airport in Aichi Prefecture to the southern city of Guangzhou.

However, the airline faces delays due to a bilateral agreement
requirement between Japan and China before the new routes are
opened.

JAL's rival ANA, on the other hand, opened a new route from
Narita and Kansai airports to Hanzhou, southwest of Shanghai, in
May, hoping to attract tourists to travel to the region known
for its beautiful landscape. This summer, the airline more than
doubled the number of weekly flights to China to 112, including
21 to Hong Kong.

The two airlines are locked in a fierce publicity battle to win
over new customers.

JAL is offering mobile phone interpretation services and is
distributing Chinese phrase books, aside from providing tour bus
services linking Hanzhou and Shanghai.

ANA, likewise, plans to start distributing free guidebooks with
shopping coupons next month and will soon provide customers with
rental phones with free interpretation service.

China is seen as a huge potential market for international
flight routes. However, demand has not been as expected. In
June, only 49 percent of JAL-China route seats and 56 percent of
ANA seats on the same routes were filled, significantly lower
than the average 70 percent for international flights.

It remains to be seen whether China routes will eventually
become the main source of profits for the airlines.


KOKUSAI KOGYO: Cerberus, Colony Eyed as Rehab Sponsors
------------------------------------------------------
Cerberus Group and Colony Capital were tapped as likely
candidates to rescue Kokusai Kogyo Company, Kyodo News relates.

The two U.S. investment funds are among the firms that have
expressed interest in sponsoring the rehabilitation of
beleaguered Kokusai.

Earlier, Cerberus proposed to become Kokusai's corporate
sponsor, offering to ride out JPY330 billion in interest-bearing
debts.

UFJ and other lenders, on the other hand, are considering
complete disposal of their JPY500 billion loan portfolio to
investment fund Cerberus for JPY300 billion.

The fate of the struggling bus operator has drawn close
attention from business and media circles, as it is the largest
shareholder in the famed Imperial Hotel, in which it owns 39
percent stake.

Kokusai, which operates a range of businesses including
management of world-class hotels, plunged deep into debt as it
expanded various fields over the years.

But despite mounting debts, the firm was able to post a net
profit of JPY2.9 billion and operating revenue of JPY49 billion
for the current business year ended March 31.

Kokusai's main creditor, UFJ Bank, said in a press statement,
"It is not factual to say that we have finalized a
rehabilitation program for the Kokusai Kogyo group."

Meanwhile, a Kokusai spokesman said, "Our group is in talks with
our main bank to rebuild our finances on our own."

Kokusai Kogyo, set up by late political fixer Kenji Osano in
1940, is not related to aerial survey contractor Kokusai Kogyo
Co., listed on the Tokyo Stock Exchange's first section.


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


DAEWOO HEAVY: Workers Cry Unfair Judgment Against KAMCO
-------------------------------------------------------
Daewoo Heavy Industries and Machinery Limited's labor union
expressed anger over Korea Asset Management Corp. (KAMCO),
reports the Korea Herald.

The labor union claimed KAMCO unfairly expressed doubt about
Daewoo workers' ability to buy a stake in the company.  KAMCO
president Yon Won-young said Friday that he is skeptical about
the workers capability to fund the 10 percent stake it plans to
purchase to defend their jobs.

"The statement is obviously a serious prejudgment against our
workers. We see this as an attempt to exclude workers from the
company sale," said Mr. Shin Seung-woo, the union's top
official, during the news conference in Seoul Monday.

Should Mr. Yons' statement affect the workers bidding, Mr. Shin
said, they would let him admit responsibility for the
inappropriate action and would demand an apology for what he
said.

Mr. Shin added that if KAMCO continues to make unfair
statements, the union will risk withdrawing from the bid and
would use collective action to derail the sale.

KAMCO however declined to comment on the issue, but said that
they will soon release a statement regarding the matter.

Despite the concern, the workers would still be bidding for the
stake.  Even if the union suggested collective actions, the
workers will not leave the race immediately.

Daewoo's labor union, which accounts for more than 80 percent of
about 4,000 group members, is teaming up with Pantech-led
consortium to bid for a stake in the company in order to defend
their jobs.

The funding for the bids will come from the members, and the
worker group will attract other investment to buy 10 to 15
percent of Daewoo shares.

But speculations that the plan will be a huge burden for the
employees have emerged. Experts say each worker has to commit
more than KRW60 million, a figure considerably higher than the
annual average salary.

CONTACT:

Daewoo Heavy Industries & Machinery Ltd.
14-34 Youido-Dong, Youngdungpo-Gu,
Seoul 150-010
Republic of Korea
Web site: www.dhiltd.co.kr/eng/index.asp


HYNIX SEMICONDUCTOR: Releases Statement on Accounting Issue
-----------------------------------------------------------
Hynix Semiconductor Inc. (Hynix) had been under investigation by
the Korea Deposit Insurance Corporation from late 2003 to early
2004.

The major purpose of the investigation was to verify the cause
of the insolvency of the company for the financial years prior
to the year when the company had disaffiliated from the Hyundai
Group, and also to investigate the inappropriate use of funds by
former management, supports to the Hyundai affiliates, and
inappropriateness in the accounting treatment.

Following the investigation by the Korea Deposit Insurance
Corporation, related organizations such as Korea Financial
Supervisory Service and Public Prosecutors' Office are now
investigating the case, but the final determination is yet to be
confirmed.

Regardless of the determination, all of the controversial
accounting items have been fully corrected and completely been
reflected on our historical financial statements and thus no
such controversial accounting items now exist. Therefore, the
company believes the result from this investigation will have no
impact on our current members of the management and also to
their management of the company.  The company will also keep
making every endeavor to complete the projects we are
strategically driving, along with the business normalization.

In a statement issued by Hynix, the company said it apologizes
to all of the interested parties including its shareholders to
have caused concerns, and also the company shows its regrets to
some of the news reports that have not accurately reflected its
status, and thus the company will strictly respond to any
damages that may be caused on the company's credibility.

CONTACT:

Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Telephone: 82-2-3459-3470
Fax: 82-2-3459-5987/8
Web site: http://www.hynix.com


KOOKMIN BANK: FSC Imposes KRW2 Billion Fine
-------------------------------------------
In a U.S. Securities and Exchange Commission (SEC) filing,
Kookmin Bank disclosed that on September 20, 2004, the Financial
Supervisory Commission has officially notified the Bank of the
imposition of a KRW2 billion of fine in connection with the
Financial Supervisory Commission's (FSC) conclusions as a result
of its audit review of the Bank. The due date of the payment is
November 20, 2004.

CONTACT:

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


KOOKMIN BANK: Adds Five Outside Directors to Committee
------------------------------------------------------
On Monday the Board of Directors of Kookmin Bank added five new
members to its candidate recommendation committee for its next
president, reports Asia Intelligence Wire.

The five new outside directors will be added to the existing
members of the committee comprised of one shareholder
representative and six outside directors.  The new outside
directors is expected to revise the large pool of potentially
qualified candidates as well as ensure a fair selection process.

Two members of the current committee expressed their disapproval
on the appointments by ending their services soon, the bank
said.

Kim Jun-tae, the incumbent president was barred from seeking a
second three-year term due to the violation of accounting rules
totaling KRW550 billion last year.  His last day of tenure as
the banks president will be on October 31.  The selection of the
new president will be held at the banks shareholders meeting on
October 29.


PAN OCEAN: Employees Demand Shares from Stake Sale
--------------------------------------------------
Pan Ocean Shipping Co. employees are seeking for company shares
following the sale of the 67-percent stake of Pan Ocean to
preferred bidder STX Corp., reports the Korea Herald.

Some 380 employees said they will refuse to cooperate to a due
diligence to be conducted by STX on Pan Ocean if their demands
are not met.

"We are simply demanding our share, the fruits of our effort and
devotion, from the profit raised from the merger with STX," said
Y.C. Kim of Pan Ocean, who released the statement.

But according to Korea Development Bank (KDB), Mr. Kim and the
employees who signed the petition attached to the statement are
breaching a contract they signed with STX.

"What they are demanding is out of the question. There is no
such precedent because it runs completely counter to market
principles and the contract signed between the two parties
buying and selling the firm," Korea Herald quoted an unnamed
official from the bank as saying.

STX Corp. and its two sister firms STX Energy and STX
Shipbuilding were selected on September 14 as preferred bidders
for the 67-percent stake of Pan Ocean valued at KRW22,500 per
share.  STX won the bid for KRW300 billion.  The win would
enable STX to become one of the 20 largest companies in Korea.

Last year, Pan Ocean booked about KRW2 trillion in sales.

State-owned KDB, which holds the largest stake of 64.45 percent
in Pan Ocean, is expected to gain about KRW450 billion from the
sale, along with other shareholders.

CONTACT:

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


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


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

INFORMATION ON ACC AND ORGANIGRO

ACC

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

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

ORGANIGRO

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

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

RATIONALES FOR THE FINANCIAL ASSISTANCE

The financial assistance amounting to RM250,000 is to enable
OrganiGro to temporary funds its repayment obligation to banks.

EFFECTS OF THE FINANCIAL ASSISTANCE

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

5. TERMS OF THE FINANCIAL ASSISTANCE

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

6. RELATED PARTY

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

7. DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

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

8. APPROVALS REQUIRED

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

CONTACT:

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

This Bursa Malaysia announcement is dated 20 September 2004.


GOLDEN FRONTIER: Purchases 7,000 Ordinary Shares on Buy Back
------------------------------------------------------------
Golden Frontier Berhad announced the details of its shares buy
back on September 20, 2004.

Date of buy back: 20/09/2004

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

Total number of shares purchased (units): 7,000

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

Maximum price paid for each share purchased (RM): 0.715

Total consideration paid (RM): 5,011.84

Number of shares purchased retained in treasury (units): 7,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,081,300

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

CONTACT:

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


LEADER UNIVERSAL: Dormant Units Face Winding Up Petition
--------------------------------------------------------
Leader Universal Holdings Berhad announced that two of its
dormant subsidiaries namely Leader Brass Products Sdn Bhd (LBP)
and Leader-GoldStar Electronic Wire Sdn Bhd (LGEW) have been
placed under Members' Voluntary Winding-Up under Section
254(1)(b) of the Companies Act, 1965.

Leader has 87.3% equity interest in LBP. LBP had ceased
operation in 1994 and is not expected reactivated in the
foreseeable future. Mr. Wong Thai Sun of Messrs Wong Thai Sun &
Associates, 1st Floor, 15 Penang Street, 10200 Penang has been
appointed as liquidator for the purpose of such winding up.

Leader has 51% equity interest in LGEW. LGEW had ceased
operation in 2003 and is also not expected to be re-activated in
the forseeable furure. Mr Lim Kim Teck of Messrs SH Corporate
Services Sdn Bhd, 14A, Jalan Todak 3, Pusat Bandar, Bandar
Seberang Jaya, 13700 Seberang Jaya, Prai, Penang has been
appointed as liquidator for the purpose of such winding up.

The winding up exercise is part of the Group's on-going
rationalization plans to streamline its operation and to cut
cost.

The winding up of LBP and LGEW will not have any material effect
to the Group.

CONTACT:

Leader Universal Holdings Berhad
8 Jalan Larut
10050 Penang, 10050
MALAYSIA
+60 4 2292 888
+60 4 2292 333


MBF HOLDINGS: Unit Enters Winding Up Proceedings
------------------------------------------------
MBF Holdings Berhad (MBfH) disclosed to the Bursa Malaysia
Securities Berhad that its wholly owned subsidiary, MBf Flexible
Packaging Sdn Bhd (MBfFP), has been placed under creditors'
voluntary winding up and that Tam Kok Meng c/o Messrs Tam &
Associates Corporate Services Sdn Bhd, D-8-3, Level 10, Block D,
Menara Uncang Emas, 85 Jln Loke Yew, 55200 Kuala Lumpur has been
appointed the Liquidator of MBfFP on 20 September 2004.

INFORMATION ON MBFFP

MBfFP was incorporated on 16 November 1990 and the principal
activities were those of manufacturing, marketing and
distribution of flexible packaging products. The authorized
share capital of MBfFP is RM5,000,000 comprising 5,000,000
ordinary shares of RM1.00 each of which 2,000,000 ordinary
shares have been issued and fully paid-up.

As at 31 August 2004, MBfFP shareholders' deficit is
RM20,822,632.

MBfFP ceased its operations since 1999 and become dormant
thereafter.

RATIONALE FOR THE WINDING UP

The winding up exercise of MBfFP is part of the rationalization
and streamlining exercise of MBfH Group.

FINANCIAL EFFECT OF THE WINDING UP

The winding up of MBfFP is expected to result in a gain arising
from deconsolidation of approximately RM292,498 to MBfH Group.

Interests of Directors, Substantial Shareholders and Persons
connected to the Directors and Substantial Shareholders

None of the directors, substantial shareholders and persons
connected to the directors and a substantial shareholder of MBfH
has any interest, direct and indirect in the said exercise.

Yours faithfully,
For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary

CONTACT:

Mbf Holdings Berhad
No 9 Jalan PJS 8/9
Petaling Jaya, Selangor Darul Ehsan 46150
MALAYSIA
+60 7861 2100
+60 7861 2200

This announcement is dated 20 September 2004.


MEDAS CORPORATION: Shareholders OK EGM Resolutions
--------------------------------------------------
Avenue Securities Sdn Bhd, on behalf of the Board of Directors
of Medas Corporation Berhad, announced that the shareholders of
the Company have approved all the resolutions pertaining to the
Proposed Restructuring Scheme at the Court Convened Meeting and
Extraordinary General Meeting held on 20 September 2004.

The restructuring scheme proposals are as follows:

1. Proposed Capital Reconstruction;
2. Proposed Acquisition Of The Emerald Group;
3. Proposed Exemption From Mandatory Offer;
4. Proposed Private Placement;
5. Proposed Disposal Of Medas; And
6. Proposed Listing Transfer

CONTACT:

Medas Corporation Berhad
Esprit Management Services Sdn Bhd
3rd Floor, No. 17
Jalan Ipoh Kecil
50350 Kuala Lumur
Tel: 03-4044 3235
Fax: 03-4041 3959

This announcement is dated 20 September 2004.


METACORP BERHAD: Australian Unit Enters Share Sale Agreement
------------------------------------------------------------
The Board of Directors of Metacorp Berhad announced that
Metacorp Australia, its wholly owned subsidiary has on 20
September 2004 entered into:

(1) A Share Sale and Subscription Agreement with Whitsundays
Hermitage Pty Ltd (WH), Casdyne Pty Ltd (CP) and Mr. Hani Akaoui
(the Parties) for the purpose of acquiring 7 ordinary shares and
the subscription of 14 ordinary shares in WH, representing 50.0%
of the issued and paid-up capital of WH for a total cash
consideration of AUD1.5 million (SSSA); and

(2) Shareholders Agreement with the Parties (SA).

Collectively hereinafter referred to as the Agreements.

DETAILS OF THE PROPOSED ACQUISITION

Information of the parties in the Agreements

(a) WH was incorporated in Australia on 15 March 2002 pursuant
to the Corporations Act 2001, Australia and is wholly owned by
CP. The share capital of WH comprises 28 ordinary shares of
AUD1.00 each as at 30 June 2004.

WH is principally involved in carrying out construction and
development of real estate projects. It is undertaking a
development project known as the Blue Horizon Resort Apartments,
Airlie Beach on a piece of land owned by it.

(b) CP is the registered and beneficial owner of the entire 28
shares in WH. It was incorporated in Australia on 12 March 2002
pursuant to the Corporations Act 2001, Australia. The share
capital of CP comprises 12 ordinary shares of AUD1.00 each as at
30 June 2004.

(c) Mr. Hani Akaoui is the sole shareholder, director and
secretary of CP and sole director and secretary of WH.

Liabilities Assumed

Metacorp Australia will assume the normal business obligations
of WH up to a maximum of 50.0% of such obligations including
existing borrowings in the normal course of business of WH.

Salient Terms of the SSSA

The principal terms and conditions of the Proposed Acquisition
as contained in the SSSA are, inter alia, as follows:

(a) Metacorp Australia shall pay AUD472,451.00 for the
acquisition of 7 ordinary shares and AUD1,027,549.00 for the
subscription of 14 ordinary shares being the total aggregate of
AUD1.5 million payable to CP and WH respectively on the Payment
Date as defined in the Agreement.

(b) Simultaneously, CP shall do all things necessary to transfer
7 ordinary shares to Metacorp Australia and procure WH to allot
14 ordinary shares to Metacorp Australia.

(c) The sale shares and the shares allotted are sold free from
encumbrances and restrictions with all rights attached as at the
date of Agreement.

(d) CP waives all pre-emptive rights over the sale shares (if
any).

(e) CP has provided warranties in respect of WH, the land and
the project as envisaged in the Agreement.

Salient Terms of the SA

(a) The shareholding in WH shall at all times after the
completion of the SSSA be maintained at 50.0% for CP and 50.0%
for Metacorp Australia.

(b) At all times while the SA remains in force, the shareholders
of WH shall procure that any one time, unless otherwise
expressly agreed by the shareholders of WH, the number of
directors in WH shall be 2.

(c) For as long as they respectively remain shareholders of WH,
CP shall be entitled to nominate and appoint 1 director of WH
and Metacorp Australia shall be entitled to nominate and appoint
1 director of WH.

(d) Except where a greater majority is required by statute, any
resolution of the shareholders of WH is to be passed by a simple
majority of votes of which majority at least 1 vote represents
Metacorp Australia.

DETAILS OF THE CONSIDERATION

Basis of arriving at the consideration

The aggregate consideration of AUD1.5 million for 50.0% equity
interest in WH was arrived at on a willing buyer-willing seller
basis after taking into consideration the fair value of its
landed property.

Mode of payment

The consideration for the Proposed Acquisition will be satisfied
entirely by cash and will be financed by Metacorp from
internally generated funds.

RATIONALE

The rationale of the Proposed Acquisition is in view of the
attractive investment potential of WH and is in line with the
Group and the Company's objective to look beyond Malaysia and
the need to go global. The Proposed Acquisition in WH is the
first step in looking at Australian opportunities.

FINANCIAL EFFECTS

Share Capital

The Proposed Acquisition will not have any effect on the share
capital of Metacorp as the purchase consideration will be
satisfied entirely by cash.

NTA

The proforma effect of the Proposed Acquisition on the audited
consolidated NTA of Metacorp as at 31 March 2004 is shown in
Table 1 below.

Earnings

The Proposed Acquisition is expected to contribute positively to
the future earnings of the Metacorp Group.

Substantial Shareholders' Shareholdings

The Proposed Acquisition will not have any effect on the
substantial shareholders' shareholdings of Metacorp as the
purchase consideration will be satisfied entirely by cash.

PROSPECTS AND RISK FACTORS

The prospect of the Proposed Acquisition is the potential
profits and capital appreciation from the development of Blue
Horizon Resort Apartments, Airlie Beach.

The prospect of WH is subject to the property market risk in
Australia. As with all overseas ventures, Metacorp Australia's
Proposed Acquisition is subject to foreign exchange risk.

APPROVALS REQUIRED

Metacorp had on 28 June 2004 obtained Bank Negara Malaysia's
approval for the Proposed Acquisition.

The Proposed Acquisition is however not subject to Metacorp's
shareholders' approval since the percentage ratio for the
transaction is below 25%. Pursuant to paragraph 10.04 (D) of the
Listing Requirements of Bursa Malaysia Securities Berhad, any
transactions exceeding 5% but below 15% of the percentage ratio,
the listed issuer must make an immediate announcement of such
transaction.

DEPARTURE FROM GUIDELINES

To the best knowledge of the Board of Directors of Metacorp, the
Proposed Acquisition has not departed from the Securities
Commission's Policies and Guidelines on Issue/Offer of
Securities.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the Directors, substantial shareholders of Metacorp
and/or persons connected to them have any interest, direct or
indirect, in the Agreements.

DIRECTORS' STATEMENT

The Board of Directors of Metacorp is of the opinion that the
Proposed Acquisition is in its best interest and that the
Proposed Acquisition is expected to contribute positively to the
Metacorp Group.

ESTIMATED TIME FRAME OF COMPLETION

The Proposed Acquisition is expected completed within 30 days
from the date of the SSSA.

DOCUMENTS FOR INSPECTION

The Agreements will be available for inspection at the
Registered Office of Metacorp.

CONTACT:

Metacorp Berhad
Level 11, Wisma Inai
241 Jalan Tun Razak
50400 Kuala Lumpur, WP
Malaysia
Tel: 603-2488900/2488200
Fax: 603-2485571


MTD CAPITAL: Issues Notice of Shares Buy Back
---------------------------------------------
MTD Capital Berhad disclosed to the Bursa Malaysia Securities
Berhad the details of its shares buy back on September 20, 2004.

Date of buy back: 20/09/2004

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

Total number of shares purchased (units): 89,000

Minimum price paid for each share purchased (RM): 2.530

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

Total consideration paid (RM): 226,068.90

Number of shares purchased retained in treasury (units): 89,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 2,977,300

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

CONTACT:

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


NAIM INDAH: Grants Listing of 1,807,000 Ordinary Shares
-------------------------------------------------------
Naim Indah Corporation Berhad's additional 1,807,000 new
ordinary shares of RM0.20 each arising from the conversion of
1,807,000 nominal value of RM0.20 irredeemable convertible
unsecured loan stocks into 1,807,000 new ordinary shares
Conversion will be granted listing and quotation with effect
from 9 a.m., Wednesday, 22 September 2004.

CONTACT:

Naim Indah Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: +60 3 4043 9411


OILCORP BERHAD: Unit Enters Share Sale Agreement
------------------------------------------------
The Board of Directors of OilCorp Berhad announced that the
wholly owned subsidiary, Oil-Line Engineering & Associates Sdn
Bhd (Oil-Line or the Vendor) had on 20 September 2004 entered
into a Share Sale Agreement (the Agreement) for the proposed
disposal of 100,000 ordinary shares of RM1.00 each representing
the entire equity interest in Tenaga Nazar (M) Sdn Bhd (TNSB)
for a total cash sale consideration of RM2,000,000.00. TNSB is a
wholly owned subsidiary of Oil-Line, which in turn is the
indirect wholly owned subsidiary of OilCorp.

For more details, go to
http://bankrupt.com/misc/tcrap_oilcorp092104.doc

CONTACT:

Oilcorp Berhad
No 2-2 Jalan SS 6/6 Kelana Jaya
47301 Petaling Jaya  Selangor Darul Ehsan
MALAYSIA
Phone: +60 3 7804 4843


POHMAY HOLDINGS: Clarifies Winding Up Petition Notice
-----------------------------------------------------
Pohmay Holdings Berhad (Pohmay) referred to the letter from the
Bursa Malaysia Securities Berhad (Bursa Securities) dated 17
September 2004 requesting the Company to furnish to Bursa
Securities the following information for public release in
relation to the Notice of Winding-Up on Pohmay Resources Sdn Bhd
(PRSB), a wholly owned subsidiary of Pohmay appearing in The
Star on Friday, 17 September 2004:

(1) Our solicitor has confirmed that the winding-up petition on
PRSB (Petition) dated April 6, 2004 was presented to the Court
on July 12, 2004 and hearing is fixed on January 25, 2005. The
Petition was served on PRSB by Long Cheong Timber's (Petitioner)
solicitor, Messrs. K. Sila Dass & Partners on July 26, 2004.

(2) The claim under the Petition is in regard to a purported
claim (Purported Claim) by the Petitioner of the balance price
of goods sold and delivered to PRSB amounting to RM148,510.53 as
at January 21, 2004 together with interest thereon at a rate of
8% per annum until the date of full settlement.

(3) The quantum of the Purported Claim was disputed by PRSB on
the grounds that PRSB has made part payment towards the claim
and the same has not been taken into consideration in the
Purported Claim. PRSB is also contesting the issue of interest
and costs thus withholding payment until the finalization of the
settlement. The Directors of Pohmay, with the advice of the
legal adviser, are of the opinion that the Purported Claim is
unable to be substantiated in terms of value. As such, no
payment was made to the Petitioner by PRSB to settle the
Purported Claim.

(4) The total cost of investment of Pohmay in PRSB based on the
latest audited accounts for the financial year ended 31 December
2003 was RM1,479,000.00.

(5) In view of the quantum of the Purported Claim and PRSB is
not a major subsidiary of Pohmay (PRSB has temporarily ceased
its operations since 2002), Pohmay is of the opinion that the
financial and operational impact of the winding-up proceedings
on the Company and its subsidiaries (Pohmay Group) will be
minimal.

(6) The expected losses to Pohmay Group (if any) arising from
the winding-up proceedings will be minimal.

(7) Based on the legal advice of its solicitor, PRSB has a case
to dispute the Petition as it is unjustifiable to wind-up PRSB.
Accordingly, PRSB has instructed its solicitor to take necessary
steps to resolve the matter in the best interest of the Company.

(8) PRSB has temporarily ceased its operations since 2002. PRSB
is not a major subsidiary of Pohmay.

(9) PRSB has temporarily ceased its operations since 2002. PRSB
is not a major subsidiary of Pohmay.

Bursa Malaysia Securities Berhad's Query Letter content:

The Bursa Malaysia Securities Berhad refers to the advertisement
on winding-up petition appearing in The Star, page 11, on
Friday, 17 September 2004.

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

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

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

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

The total cost of investment in PRSB;

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

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

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

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

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

Yours faithfully
CHONG FUI TZY
Sector Head
Issues & Listing
Group Regulations
CFT/MZM
Copy to: Securities Commission (via fax)

CONTACT:

Pohmay Holdings Berhad
Suite 2-1,
2nd Floor, Menara Penang Garden,
42A Jalan Sultan Ahmad Shah,
10050 Penang
Tel: 04-2294390
Fax: 04-2265860


PROMTO BERHAD: Releases Registered Address Notice
-------------------------------------------------
With reference to the announcement released on 17 September
2004, the Board of Directors of Promto Berhad clarified that the
change of registered address was not authorized by the Board of
Directors of Promto and was made by persons who have been
removed as directors of Promto by shareholders of Promto at an
Extraordinary General Meeting held 28 May 2004.

The Company never changed its registered office address to 75B,
Jalan SS21/60, Damansara Utama, 47400 Petaling Jaya, Selangor
Darul Ehsan. The registered address of the Company is at 812,
8th Floor, Block A, Kelana Square, 17 Jalan SS7/26, 47301
Petaling Jaya, Selangor Darul Ehsan, as per the Company's
announcement dated 2 June 2004.


RANHILL POWER: SC OKs Investigative Audit Extension
---------------------------------------------------
Ranhill Power Berhad (Rpower) announced that it had on 22 July
2004 submitted an application to the Securities Commission (SC)
to seek its approval for an extension of time of three (3)
months until 18 November 2004 to complete the investigative
audit on RPower and its subsidiaries (RPower Group).

The commission had on 15 September 2004 granted the Company an
extension of three (3) months to 18 November 2004 to complete
the investigative audit on the Group.

This announcement is dated 20 September 2004.

c.c. Securities Commission (By Fax/Hand)
The Issue and Investment Division
No. 3, Persiaran Bukit Kiara
Bukit Kiara, 50490 Kuala Lumpur
(fax no.: 03-62015213)

CONTACT:

Ranhill Berhad
36th Floor, Empire Tower
No 182 Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Tel: 0060 3 2171 2020
Fax: 0060 3 2164 2235


TA ENTERPRISE: Unit Faces Winding Up Petition
---------------------------------------------
TA Enterprise Berhad referred to the announcement dated 22
November 2002 wherein the Board of OUB-TA Asset Management Sdn
Bhd (a company 49% held by TA Enterprise Berhad and 51% held by
OUB Asset Management Ltd) has initiated a Members' Voluntary
Liquidation.

The Board of TA Enterprise Berhad announced that the Final
Meeting of OUB-TA Asset Management Sdn Bhd was held on 17
September 2004 in accordance with Section 272 of the Companies
Act, 1965.

As such, the Members' Voluntary Liquidation is deemed completed.

This announcement is dated 20 September 2004.

CONTACT:

Ta Enterprise Berhad
No 22 Jalan P Ramlee
Kuala Lumpur, 50250
MALAYSIA
+60 3 2072 1277
+60 3 2031 6608


TANJONG PUBLIC: Issues Additional 144,000 Ordinary Shares
---------------------------------------------------------
Tanjong Public Limited Company 's additional 144,000 new
ordinary shares of 7.5 pence each issued pursuant to the
employees' shares option scheme will be granted listing and
quotation with effect from 9 a.m., Wednesday, 22 September 2004.

CONTACT:

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


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


BACNOTAN CONSOLIDATED: Files SEC Form 23-B, Securities Ownership
----------------------------------------------------------------
Bacnotan Consolidated Industries, Inc. (BCI) furnished the
Philippine Stock Exchange a copy of his SEC Form 23-B (Statement
of Changes in Beneficial Ownership of Securities).

A copy of the said document shall be made available at
http://bankrupt.com/misc/tcrap_bacnotan092104.pdf

For your information,
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department
JURISITA M. QUINTOS
Senior Vice President- Operations Group

CONTACT:

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


BALABAC RESOURCES: Unveils September 20 ASM Results
---------------------------------------------------
The Meeting of the Board of Directors of Balabac Resources &
Holdings Co., Inc. held on September 20, 2004 has approved and
authorized the following:

(1) Calling of the Annual Stockholders Meeting to be held on
November 09, 2004 at the Century Park Hotel Vito Cruz, Manila at
4 o'clock in the afternoon;

(2) Setting the close of business on October 11, 2004, as the
record date of shareholders in good standing entitled to receive
notice of, and to vote at, the meeting and any adjournment
thereof; and

(3) Inclusion in the Agenda of the Annual Stockholders Meeting
the delegation to the Board of Directors of authority to amend
the Company's By-Laws.

Very truly yours,
Balabac Resources & Holdings, Co. Inc.
By: Atty. Ma. Cecilia L. Pesayco
Corporate Secretary

CONTACT:

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


MAYNILAD WATER: Government Unlikely to Withdraw US$120M Bond
------------------------------------------------------------
The government will not be able to withdraw the US$120 million
performance bond of Maynilad Water Services, Inc. unless the
Lopez-led firm pays a PhP47 million premium for the guarantee,
the Business World reports.

In a hearing at the Quezon City Regional Trial Court on Monday,
lawyers of the banks that guaranteed the bond payment told Judge
Reynaldo B. Daway that their clients will not release the money
to the state-run Metropolitan Waterworks and Sewerage System
(MWSS) until they will have gotten hold of the premium.

The Chinatrust Philippines Commercial Bank Corporation noted
that insurance laws provide that "without a premium, there is no
effective insurance policy."

If Maynilad failed to remit the premium, which is required for
protection, then the government cannot expect to get even a
single centavo from the unpaid insurers.

In this case, the MWSS will be unable to service debts that
should have been covered by Maynilad's concession fees. Maynilad
has not been paying government concession fees since March 2001.

Thirteen local and foreign banks and financial institutions, led
by Hong Kong-based Citicorp International Ltd., make up the
consortium that guaranteed payment of the US$120-million
performance bond. The Manila offshore branch of Credit Lyonnais,
recently renamed Calyon Corporate and Investment Bank; the
Singapore branch of Credit Industriel et Commercial; Fortis
Bank, and Rizal Commercial Banking Corp. members of the
consortium.


METRO PACIFIC: Unit Appoints Jose Ma. K. Lim as CEO
---------------------------------------------------
Citra Metro Manila Tollways Corporation (CMMTC), a unit of Metro
Pacific Corporation, announced that Jose Ma. K. Lim was
appointed to serve as President and Chief Executive Officer
(CEO) of the company.

At the same meeting, the Board of Directors accepted the
resignation of Mr. Cezar T. Quiambao as CMMTC President and CEO,
effective 15th October 2004.

Mr. Um had recently assumed all day-to-day management of CMMTC
as Chief Operating Officer and, working closely with the CMMTC
Board of Directors, its Indonesian Principals, and other
significant stakeholders, he is presently crafting a new
business plan for the Company that will lead to the completion
of the Skyway project and restore value to its shareholders.

Mr. Um serves concurrently as President and CEO of listed
holding firm Metro Pacific Corporation, which holds a minority
equity interest in CMMTC.

For all inquiries and on behalf of CMMTC:
David Nugent
Vice President
Media and Corporate Communications
Metro Pacific Corporation DATE
(632) 888-0888; 888-0829

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


NATIONAL STEEL: Iligan City To Tax Assets
-----------------------------------------
The Iligan city council has decided to tax and levy National
Steel Corporation (NSC)'s assets, Asia Pulse reports.

It was said that NSC owed the city Php900 million in taxes from
1999 to 2004. The steel firm only reopened for rehabilitation in
February 2004 by Global Infrastructure Holdings, Inc.

The Asset Purchase Agreement (APA) between the steel firm and
Global Infrastructure Holdings Inc. was supposed to be signed on
April 29, 2004, was extended to July 29 and was again extended
for 45 days.


NATIONAL STEEL: To Complete Sale in October
-------------------------------------------
The long-delayed sale of National Steel to Global Infrastructure
Holdings Inc. (GIHI) could be closed by October as concerned
parties have already signed the asset purchase agreement,
reports the Business World, citing the Land Bank Executive Vice-
President Alfonso B. Cruz.

To date, creditor banks of the steel firm led by the Philippine
National Bank (PNB) and Global Infrastructure have failed to
seal the PhP13.25-billion transaction as two pre-closing
documents have yet to be signed.

On September 10, both parties signed an asset purchase agreement
but the document is only one of two supposed pre-closing
documents necessary to conclude the sale.

One of the supposed pre-closing documents is a certificate of
eligibility from the Bangko Sentral ng Pilipinas (Central Bank
of the Philippines, or BSP) indicating the deal has complied
with the Special Purpose Vehicle Law. The other is an agreement
between secured creditors and state-owned National Power Corp.
on how outstanding liabilities to the power firm would be paid.

The BSP is waiting for the execution of the sale before it
certifies the transaction as eligible.


UNIWIDE HOLDINGS: SEC Orders Tarlac City Not To Seize Assets
------------------------------------------------------------
The Securities and Exchange Commission (SEC) said the city
treasurer of Tarlac cannot seize the assets of the Uniwide
Holdings Inc. to settle back taxes as the firm is under
rehabilitation, according to the Business World.

Uniwide Sales Realty & Resources Corp., a unit of Uniwide
Holdings, sought the commission's decision after the city issued
last August 5 warrants of levy on the firm's assets,
specifically machinery and building.

Under existing rules, companies with SEC-approved rehabilitation
plans are given reprieve on the payment of claims from creditors
whether secured or unsecured.

CONTACT:

Uniwide Holdings, Inc.
Upper Ground Floor Pearl Plaza Bldg.
0165 Quirino Avenue, Brgy. Tambo
Paranaque City
Telephone Number: (632)-851-12-58


* Fitch Warns Philippines of Credit Downgrade
---------------------------------------------
Fitch Ratings warned on Monday that the country could face
further credit downgrade if the government fails to deliver
fresh revenue measures within the next few months, the
Philippine Star reports.

President Gloria Macapagal Arroyo has asked Congress to pass a
package of tax measures to raise annual government revenues by
Php80 billion, warning the country risks a calamitous debt
default otherwise.

A ratings downgrade would lift borrowing costs for the
government, which relies on debt to plug a national budget
deficit expected to reach Php198 billion or 4.2 percent of gross
domestic product (GDP) in 2004.

Fitch said investors were momentarily unnerved when President
Arroyo admitted that the country was in "fiscal crisis" but the
measures that have been initiated towards fiscal consolidation
have abated these fears.

At present, the Philippines is already rated below investment
grade by the leading credit rating agencies such as Moody's
Ratings Services (Ba2 negative), Standard & Poors (BB stable)
and Fitch (BB stable).

Low credit rating would limit the country's access to the credit
market and it would force the government to borrow at rates that
it would not be able to afford or sustain.

A survey of credit rating agencies revealed that among its peers
with the same credit rating, the Philippines had the lowest
revenue collection as a percentage of gross domestic production
(GDP).


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


ALTO INVESTMENT: Posts Intended Dividend Notice
-----------------------------------------------
Alto Investment Pte Ltd., a company in liquidation has posted
its Intended Dividend Notice on September 17, 2004 at the
Singapore Government Gazette.

Address of Registered Office: 336 Smith Street
#06-308 New Bridge Centre Singapore 050336

Matter: Companies Winding Up

Court: Order of Court No. 284 of 1998

Last day of receiving proofs: 17th October 2004

Goh Ngiap Suan
Liquidator
336 Smith Street
#06-308 New Bridge Centre
Singapore 050336


FOUR SEAS: Creditors To Submit Claims by October 15
---------------------------------------------------
Notice is hereby given to the creditors who have not submitted
its Proof of Debt to Four Seas Construction Co. Pte Ltd, which
was dissolved by an Order of Court in the Republic of Singapore
on the 7th of February 2003.

Creditors are required on or before 15th October 2004 to send in
their names, addresses and full particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to Mr. Don M Ho of Messrs Don Ho & Associates, the agent
appointed by the Official Receiver for the disposal of excess
funds of a dissolved Company in the above matter.

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

Don M Ho, CPA
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
20 Cecil Street
#12-02 & 03 Equity Plaza
Singapore 049705.
Tel: 6532 0320 (8 lines)
Fax: 6532 0331

This Singapore Government Gazette notice is dated September 17,
2004.


HEEREMA MARINE: Final General Meeting Set October 18
----------------------------------------------------
The Final General Meeting of Heerema Marine Contractors Far East
Pte Ltd will be held at Vondellaan 47 2332 AA Leiden, The
Netherlands on the 18th of October 2004 at 10.00 am for the
following purposes:

(1) To receive an account from the Liquidators showing the
manner in which the winding up has been conducted and the
property of the Company disposed of, and to hear any
explanations that may be given by the Liquidators.

(2) To determine by resolution the manner in which the books,
accounts and documents of the Company, shall be disposed of.

Kon Yin Tong
Wong Kian Kok
William Caven Hutchison
Joint Liquidators

Note: A member entitled to attend and vote at the Final Meeting
is entitled to appoint a proxy to attend and vote in his stead.
All proxies should be deposited at the Liquidators' Office not
less than forty-eight hours before the time for holding the
meeting or any adjournment thereof. A proxy need not be a member
of the Company.

This Singapore Government Gazette notice is dated September 17,
2004.


JACKSON PILING: Releases Intended Dividend Notice
-------------------------------------------------
Jackson Piling & Civil Engineering Construction Pte Ltd., a
company in liquidation, posted its Intended Dividend notice on
September 17, 2004 at the Singapore Government Gazette.

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

Last day for receiving Proofs: 16th October 2004

Name of Liquidator: Mr. Don M. Ho, CPA

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

Tel: 65320320 (8 lines)

Fax: 65320331


NEPTUNE ORIENT: Posts Change in Shareholder's Interest
------------------------------------------------------
Neptune Orient Lines Limited has released a notice dated
September 21, 2004 at the Singapore Stock Exchange pertaining to
the change in the Percentage Level in interest of Director Lock
Sai Hung.

PART I

(1) Date of notice to issuer: 21/09/2004

(2) Name of Director: Lock Sai Hung

(3) Please tick one or more appropriate box(es):
x a Director's (including a director who is a substantial
shareholder) Interest and Change in Interest. [Please complete
Parts II and IV]

PART II

(1) Date of change of interest: 21/09/2004

(2) Name of Registered Holder: LOCK SAI HUNG

(3) Circumstance(s) giving rise to the interest or change in
interest: Others

Please specify details: Acceptance of Unconditional Offer by
Lentor Investments Pte. Ltd.

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

No. of shares held before the change: 30,000
As a percentage of issued share capital: 0.002

No. of shares which are the subject of this notice: (30,000)
As a percentage of issued share capital: 0.002

Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$2.80

No. of shares held after the change: 0
As a percentage of issued share capital: 0

PART III

(1) Date of change of interest:

(2) The change in the percentage level: From % to %

(3) Circumstance(s) giving rise to the interest or change in
interest:

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

PART IV

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

No. of shares held before change: 30,000
% of issued share capital: 0.002

No. of shares held after change: 0
% of issued share capital: 0


Based on NOL's paid up capital of 1,448,585,876 as at 20
September 2004.


SEINO MERCHANTS: Issues First Dividend Notice
---------------------------------------------
Seino Merchants Singapore Pte Ltd., a company under creditors
voluntary liquidation, posted its First Interim Ordinary
Dividend Notice on September 17, 2004 at the Singapore
Government Gazette.

Address of Registered Office: c/o 8 Cross Street
#17-00 PWC Building Singapore 048424

Amount per centum: 8 cents to a dollar.

First and final or otherwise: First Interim Ordinary Dividend.

When payable: 1st October 2004.

Where payable: c/o PricewaterhouseCoopers
8 Cross Street #17-00 PWC Building
Singapore 048424


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


CHRISTIANI & NIELSEN: Increases Capital to THB401,162,888
---------------------------------------------------------
CN Advisory Company Limited as the Plan Administrator of
Christiani & Nielsen (Thai) Public Company Limited disclosed to
the Stock Exchange of Thailand (SET) the capital increase of the
Company from a registered capital of THB312,015,580 to
registered capital of THB401,162,888 by issuing ordinary shares
in the number 89,147,308 shares with par value of THB1 in the
total amount of THB89,147,308.  The registration has been made
with the Registrar on the 20th of September 2004.

The company has also amended Clause 4 of the Memorandum of
Association of the Company to reflect the increase of the
registered capital.

Please be informed accordingly
Yours faithfully,
CN Advisory Company Limited
As Plan Administrator of
Christiani & Nielsen (Thai) Public Company Limited
(Mr. Amnart Intrasuksri) / (Mr. Sommai Ungsrithong)

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
Web site: www.cn-thai.co.th


THAI PETROCHEMICAL: FM Bullish On Creditors Approval of New Plan
----------------------------------------------------------------
Finance Minister Somkid Jatusripitak expressed confidence that
the amended restructuring plan of Thai Petrochemical Industry
Public Company Limited (TPI) will gain the approval of creditors
on September 27.

At least 75 percent of creditors vote is needed for the approval
of the plan.  A second vote from creditors is scheduled on
October 12 if the plan is rejected on the first vote. The second
vote would only require 50 percent of the vote from creditors
present during the meeting.

The result of the first vote will be submitted to the bankruptcy
court for approval.

According to former Deputy Governor Pakorn Malakul Na Ayudhaya,
the creditors are more concerned whether TPI would be able to
settle its obligations under the new plan.  The planners wanted
the plan extended until the end of 2005 to help give time to
bring in a new strategic shareholder and sell off TPI's 49
percent stake in TPI Polene, Mr. Pakorn added.

"We tell the creditors that the planners are confident that TPI
can do so because the plan is conservative, taking into
consideration its ability to make income from its production,"
Mr. Pakorn said.

Scheme creditors hold around 60 percent of TPI's total debt, and
include Bangkok Bank, Citibank and the German development bank
KFW.

CONTACT:

Thai Petrochemical Industry Pcl
TPI Tower,Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: www.tpigroup.co.th


TPI POLENE: Plans to Pay $650M Debt in Full
-------------------------------------------
According to a Bangkok Post report, TPI Polene plans to repay
its $650 million-debt to creditors without any write-down.

"I'm confident that TPI Polene's debt restructuring is going to
have a happy ending because the creditors will receive every
single dollar back," Bangkok Post quoted TPI Polene Chief
Executive Prachai Leophairatana as saying.

The existing principal amount worth $650 million will be paid
over the next two years via a refinancing plan.

TPI Polene also agreed to swap its petrochemical unit, producing
low-density polyethylene, with the 49% stake in TPI Polene held
by its parent Thai Petrochemical Industry PCL (TPI.TH), Mr.
Prachai added.

TPI Polene's major creditors are Kreditanstalt Fur Wiederaufbau
(KFW.YY), Bangkok Bank PCL (BBL.TH), Standard Chartered
Nakornthon Bank PCL (SCN.TH) and J.P. Morgan Chase & Co. (JPM).

CONTACT:

TPI Polene Public Company Limited
26/56 New Jun Road,
Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5100, 0-2678-5000
Fax: 0-2678-5001-5
Web site: www.tpipolene.com


                            *********


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

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

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

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