TCRAP_Public/040923.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, September 23, 2004, Vol. 7, No. 189

                            Headlines

A U S T R A L I A

A&J BEEKMANS: Final Meeting Slated for October 7
AUSTRAL SOFTWOODS: Sets October 7 as Date of Joint Meeting
BACCHUS MARSH: To Hold Joint Meeting on October 4
BATTENSTONE SERVICE: Sets Joint Meeting on October 5
BONIYONG PASTORAL: To Declare Dividend on October 8

BUSHCALL PTY: Final Dividend to be Declared on October 19
CHALLENGE CHARTER: To Declare Dividend on October 25
COLES MYER: Full-year Profit Up 26.5%
DAIMARU AUSTRALIA: Final Meeting Slated for October 7
D.E.C. CLEANING: To Hold Final Meeting on October 7

GLENCHIP PTY: Schedules Meeting on September 22
G.M.R. AUSTRALIA: Sets October 7 as Date of Final Meeting
JAMES HARDIE: Inquiry Discovers Underfunding of Asbestos Victims
JAMES HARDIE: ASIC Conducts Investigation Over Asbestos Fund
MOBILE CRANES: Creditors Should Prove Claims Within 45 Days

MORCON NOMINEES: Creditors Given 45 Days to Prove Claims
NATIONAL AUSTRALIA: Prices National RMBS Trust 2004-1 Issue
SONS OF GWALIA: Cabot Holds Security Over Mine
T.W. MORRIS: Creditors Given 45 Days to Prove Claims
VITALCOM PTY: Final Meeting Slated for October 7


C H I N A  &  H O N G  K O N G

CHINA CONSTRUCTION: Will Not Sell Shares in IPO this Year
COMMUNICATIONS BANK: To Raise CNY20Bln for IPO
CONGLOMERATE TRADING: Creditors to Prove Debt by October 18
EVERISE SINOPHARM: Meetings Set on September 27
KIN SING: Enters Winding Up Proceedings


I N D O N E S I A

ASTRA INTERNATIONAL: Expects to Beat Profit Forecasts
BANK NEGARA: Pefindo Upgrades Ratings
PERTAMINA: Tanker Catches Fire, One Injured


J A P A N

HITACHI LIMITED: To Inject US$33 Mln Into China Regional HQ
HITACHI LIMITED: To Issue Euro Yen Zero Coupon CBs Due 2009
HITACHI LIMITED: Determines Terms of CB Issue
MITSUBISHI MOTORS: U.S. Finance Unit Seeks Venture Partner
TOSHIBA CORPORATION: Issues Interim Dividend Plan Notice

UFJ HOLDINGS: To Cut Debt by JPY1.7 Trillion Next Year
UFJ HOLDINGS: Banking Unit Inks Deal with Bank of Mitsubishi


K O R E A

KOOKMIN BANK: To Invest in Dongbu Anam Thru Common Stocks
TONGKOOK CORPORATION: Creditors Pick FBH as Preferred Bidder
YOUNG CHANG: Shareholder Protests FTC Ruling by Denying Bail-out


M A L A Y S I A

ANCOM BERHAD: Releases Shares Buy Back Notice
BESCORP INDUSTRIES: SC OKs Liquidation Proposal
CHASE PERDANA: Issues Additional 2,889,148 Ordinary Shares
GOLDEN FRONTIER: Posts Notice of Shares Buy Back
MANGIUM INDUSTRIES: Releases Debt Settlement Update

MAXIS COMMUNICATIONS: Reveals Closed Period Dealings By Director
MAXIS COMMUNICATIONS: Banks Propose to Arrange US$463M Financing
METROPLEX BERHAD: Issues Debt Restructuring Update
MTD CAPITAL: Purchases 50,300 Ordinary Shares on Buy Back
NALURI BERHAD: Appoints New Audit Committee Member

PSC INDUSTRIES: Unit Gets US$75M Pakistan Power Project
SELANGOR DREDGING: Unit Faces Winding Up Petition
SRIWANI HOLDINGS: Shareholders OK August 27 EGM Resolutions
SRIWANI HOLDINGS: SC Approves ESOS Extension
TALAM CORPORATION: Grants Listing of 804,800 Ordinary Shares

TH GROUP: FIC OKs Restructuring Proposal
UNITED CHEMICAL: Court Extends Board Meeting to December 3
WCT ENGINEERING: Releases Litigation Update


P H I L I P P I N E S

C&P HOMES: Unveils Amended 2004 Quarterly Report
COLLEGE ASSURANCE: Bacolod Holders To Withdraw Plans
HOUSE OF INVESTMENTS: Issues Update on Stock Certificates
MAYNILAD WATER: Workers Threaten to Hold Strike This Month
NEGROS NAVIGATION: Creditor Demands `Fire Sale' of Ship

PHILIPPINE LONG: PSE Approves Additional Shares Listing


S I N G A P O R E

ANCHORVILLE PRIVATE: Winding Up Order Made
AQUAGEN INTERNATIONAL: Court Issues Winding Up Order
CP SOLUTIONS: Placed Under Judicial Management
FLIMVEST PRIVATE: Winding Up Order Issued September 3
FRENCH JUNCTION: Court Issues Winding Up Notice

PENGUIN BOAT: To Implement Pay Cuts


T H A I L A N D

BANGKOK MASS: Restructures in Order to Compete More Openly
CHRISTIANI & NIELSEN: Declares Interim Dividend Payment
NATURAL PARK: Changes Name of Subsidiaries
RS PROMOTION: Joint Venture Expected to Boost Results
THAI PETROCHEMICAL: BBL Confident On Plan's Immediate Completion

     -  -  -  -  -  -  -  -

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


A&J BEEKMANS: Final Meeting Slated for October 7
------------------------------------------------
Notice is given that a final meeting of the creditors of
A & J Beekmans & Sons Pty Ltd (In Liquidation) will be held at
the offices of SimsPartners, Level 2, 446 Collins Street,
Melbourne on 7 October 2004 at 11:00 a.m.

AGENDA

(1) To consider the report by the Liquidator.
(2) To consider resolutions in relation to the Liquidator's
remuneration.
(3) Any other business that may be lawfully brought forward.

Dated this 21st day of August 2004

Ken Sellers
Liquidator

Note:
To enable creditors to vote at the meeting, proof of debt and
proxy forms are available from the Melbourne Office of
SimsPartners before the commencement of the meeting.


AUSTRAL SOFTWOODS: Sets October 7 as Date of Joint Meeting
----------------------------------------------------------
Notice is given that pursuant to Section 509(2) of the
Corporations Act 2001 a joint meeting of members and creditors
of Austral Softwoods Holbrook Pty Ltd (In Liquidation) will be
convened at 11:00 a.m. on Thursday, 7 October 2004 at the
offices of Horwath Melbourne, Level 5, 114 William Street,
Melbourne.

AGENDA

(1) To consider the report by the Liquidator.
(2) To consider a resolution in relation to the Liquidator's
remuneration.
(3) Any other business that may be lawfully brought forward.

Should creditors not be able to attend the meeting in person,
creditors are invited to participate in a telephone link up of
the meeting by telephoning 1800 063 705 and entering Reservation
and PIN No. 4383575#. Please provide to Horwath by close of
business Tuesday, 5 October 2004, a written statement setting
out:

(i) The name of the person and of the proxy or attorney (if
any);

(ii) An address to which notices to the person, proxy or
attorney may be sent;

(iii) A telephone number at which the person, proxy or attorney
may be contacted;

(iv) Any facsimile transmission number to which notices to the
person, proxy or attorney may be sent; and

(v) Indicate that a person, or the proxy or attorney of a
person, who participates in the meeting by telephone must pay
any costs incurred by the person, proxy or attorney in
participating and is not entitled to be reimbursed for those
costs from the assets of the company.

Dated this 27th day of August 2004

Laurence A. Fitzgerald
Liquidator


BACCHUS MARSH: To Hold Joint Meeting on October 4
-------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Bacchus Marsh Sheepskins Pty Ltd (In Liquidation) (The Company)
will be held at the offices of Ferrier Hodgson, 20 Mason Street,
Dandenong, Victoria on 4 October 2004 at 10:00 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and how the property
of the Company has been disposed of, and of hearing any
explanations that may be given by the Liquidators.

Dated this 25th day of August 2004

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


BATTENSTONE SERVICE: Sets Joint Meeting on October 5
----------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Battenstone Service Pty Ltd (In Liquidation) (The Company) will
be held at the offices of Ferrier Hodgson, Level 25,
140 William Street, Melbourne, Victoria on 5 October 2004, at
10.00 a.m., for the purpose of having an account laid before
them showing the manner in which the winding up has been
conducted and how the property of the Company has been disposed
of, and of hearing any explanations that may be given by the
liquidator.

Dated this 25th day of August 2004

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


BONIYONG PASTORAL: To Declare Dividend on October 8
---------------------------------------------------
A first and final dividend is to be declared on 8th day of
October 2004 in respect of Boniyong Pastoral Company Pty Ltd (In
Liquidation).

Creditors whose debts or claims have not already been admitted
are required on or before the 6th day of October 2004 to
formally prove their debts or claims. If they do not, they will
be excluded from the benefit of the dividend. Creditors are
advised that they are required to provide documentary evidence
to substantiate their debt or claim.

Dated this 26th day of August 2004

Peter Goodin
Liquidator
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East Vic 3123
Telephone: 9882 6666


BUSHCALL PTY: Final Dividend to be Declared on October 19
---------------------------------------------------------
A final dividend is to be declared on 19 October 2004 for
Bushcall Pty Ltd (In Liquidation).

Creditors whose debts or claims have not already been admitted
are required on or before 28 September 2004 formally to prove
their debts or claims.  If they do not, they will be excluded
from the benefit of the dividend.

Dated this 25th day of August 2004

William B. Abeyratne
Official Liquidator
Harrisons Insolvency
Level 1, 49-51 Stead Street,
South Melbourne Vic 3205
Telephone: (03) 9696 2885


CHALLENGE CHARTER: To Declare Dividend on October 25
----------------------------------------------------
A final dividend is to be declared on 25 October 2004 for
Challenge Charter Pty Ltd (Subject To Deed Of Company
Arrangement).

Creditors whose debts or claims have not already been admitted
are required on or before 27 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

John D. Adams
Joint and Several Deed Administrator
Horwath Melbourne
Chartered Accountants
Level 5, 114 William Street,
Melbourne Vic 3000


COLES MYER: Full-year Profit Up 26.5%
-------------------------------------
Coles Myer Ltd (CML) yesterday reported an underlying net profit
after tax of AU$576.5 million for the year ended 25 July 2004,
up 26.5% on prior year underlying profit. Sales rose by 19.4% to
AU$32.3 billion.

"This is the highest annual profit in Coles Myer's history, an
outstanding result in which all of our major businesses have
significantly improved their quality of sales and earnings,"
Coles Myer Chief Executive Officer John Fletcher said.

"Three years into our five year turnaround journey, we have
delivered against the progressive strategic milestones we set
for ourselves.

"Profit and sales have grown double-digit, our balance sheet is
strong, we are running ahead of our cost savings targets and our
cash flows are excellent.

"We are well on the way to achieving our AU$800 million
aspirational target in FY2006, with many opportunities ahead to
further grow our business.

"The business is clearly achieving our goals of growing
shareholder value through delighting our customers and being the
best team," Mr. Fletcher said.

The Food and Liquor business has reported its best annual profit
growth in six years and the non-food businesses have made
excellent progress against their rebuild strategies. Margins
increased in all business groups during the year.

Group cost savings of AU$339 million have been achieved over the
past three years, exceeding our target of AU$300 million.
Excluding the impact of 2003 accounting policy changes, the cost
of doing business decreased for Food and Liquor and the non-food
brands during the year.

The balance sheet has further strengthened, featuring negative
working capital. Return on investment increased to 21.6%, up
from 17.9% in 2003. Operating cash flow of AU$1,338.3 million
and free cash flow of AU$627.8 million was generated.

Directors have declared a fully franked final dividend of 15.0
cents per share, bringing the full year dividend to 29.0 cents
per share, an increase of 3.0 cents on last year.

To view the full document, click on:
http://bankrupt.com/misc/TCRAP_COLESMYER092204.pdf


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


DAIMARU AUSTRALIA: Final Meeting Slated for October 7
-----------------------------------------------------
Notice is given that a final meeting of members of Daimaru
Australia Pty Ltd (In Voluntary Liquidation) will be held at
Level 1, 161 Collins Street, Melbourne, Victoria 3000,
Australia, on 7 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 to receive any explanation of
the account.

Dated this 19th day of August 2004

C. M. Nicol
Liquidator
McGrathNicol+Partners
Level 1, 161 Collins Street,
Melbourne Vic 3000
Telephone: +61 3 9038 3164


D.E.C. CLEANING: To Hold Final Meeting on October 7
---------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act 2001, a final meeting of members and creditors
of D.E.C. Cleaning 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 3:30 p.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 30th day of August 2004

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


GLENCHIP PTY: Schedules Meeting on September 22
-----------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that joint Annual General and Final meetings of the members
and creditors of Glenchip Pty Ltd (In Liquidation) Trading as
Chippy's Timber Hawthorn will be held at the offices of Foremans
Business Advisors (Vic) Pty Ltd, Suite 8, 56-60 Bay Road,
Sandringham on the 22nd of September 2004, at 11:00 a.m., for
the purpose of having an account laid before them showing the
manner in which the winding up has been conducted and how the
property of the company has been disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 24th day of August 2004

Dean R. Mcveigh
Liquidator
Foremans Business Advisors (Vic) Pty Ltd
Suite 8, 56-60 Bay Road,
Sandringham Vic 3191


G.M.R. AUSTRALIA: Sets October 7 as Date of Final Meeting
---------------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act 2001, a final meeting of members and creditors
of G.M.R. Australia 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 10.30 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 30th day of August 2004

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


JAMES HARDIE: Inquiry Discovers Underfunding of Asbestos Victims
----------------------------------------------------------------
A government commission found Tuesday that James Hardie
Industries has underfunded Australian asbestos disease victims
by up to AU$2 billion (US$1.4 billion) before shifting its base
to Holland aimed at limiting compensation payouts, reports
Agence France Presse.

The discovery prompted New South Wales state government
commissioner David Jackson to raise the prospect of James Hardie
officials facing criminal charges over the firm's 2001 move to
the Netherlands.

According to Mr. Jackson, James Hardie executive Peter Macdonald
purposely misled the Australian Stock Exchange and the public by
issuing a statement saying that all asbestos liabilities in
Australia were fully covered before they transferred to Holland.
The company reportedly left AU$293 million in compensation fund
for alleged asbestos victims.

Mr. Jackson said the company needed between AU$1.5 billion and
AU$2.24 billion to cover all asbestos-related claims. Funds
currently set aside will be exhausted in early 2007.

He added the firm's 2001 statements on payouts were not only
misleading but also violated the Australian Corporations Law as
they amounted to "a false inducement to buy a security".

New South Wales state Premier Bob Carr declared he wanted James
Hardie's management to "face the full force of law".

Mr. Carr, who requested for the six-month inquiry after it
became clear the compensation fund left by James Hardie faced
bankruptcy, stressed the company must face its responsibilities.

James Hardie was not immediately available for comment.

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: ASIC Conducts Investigation Over Asbestos Fund
------------------------------------------------------------
Mr. Jeffrey Lucy, Chairman of the Australian Securities and
Investments Commission (ASIC), yesterday announced that ASIC has
commenced investigations into the circumstances surrounding
James Hardies' creation of a fund to compensate victims of
asbestos-related illnesses.

'ASIC's investigations follow the agency's close monitoring of
the Special Commission of Inquiry and the release of the
Commission's report (Tuesday)', Mr. Lucy said.

'ASIC is deeply concerned about the serious corporate governance
issues that have been raised by Mr. Jackson, QC, and the
community can be assured that we will vigorously pursue breaches
of the law.

'Our investigation will include the conduct of certain directors
and officers of the James Hardie group of companies and
associated parties, and market disclosures made by the companies
and individuals.

'While we have closely followed the Special Commission of
Inquiry, our investigation is not constrained by the findings of
the Special Commission.

'We will also continue our discussions with the New South Wales
government about securing the release to ASIC of documents
provided to the Special Commission of Inquiry.

'ASIC is required under the law to conduct its own
investigations outside the Commission's report. While the
Commission documents will be of great assistance, it should be
noted that evidence given before the Commission may not be used
in Court proceedings', Mr. Lucy said.

As ASIC has formally commenced investigations, it is not
appropriate to comment further at this time.


MOBILE CRANES: Creditors Should Prove Claims Within 45 Days
-----------------------------------------------------------
Take notice that creditors of Mobile Cranes (Gippsland) Pty.
Ltd., whose debts or claims have not already been admitted, are
required within 45 days of the date of this notice, to prove
their debts or claims and to establish any title they may have
to prioritize by delivering or sending through the post to the
liquidator's address a formal proof of debt or claim in
accordance with Form 535 or 536 of the Corporations Act 2001
containing their respective debts or claims. If they do not,
they will be excluded from:

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

Form of proof may be obtained from the liquidator.

Dated this 23rd day of August 2004

Clifford John Dawson
Liquidator
20 Albert Street,
Blackburn Vic 3130


MORCON NOMINEES: Creditors Given 45 Days to Prove Claims
--------------------------------------------------------
Take notice that creditors of Morcon Nominees Pty Ltd, whose
debts or claims have not already been admitted, are required
within 45 days of the date of this notice to prove their debts
or claims and to establish any title they may have to prioritize
by delivering or sending through the post to the liquidator at
his address a formal proof of debt or claim in accordance with
Form 535 or 536 of the Corporations Act 2001 containing their
respective debts or claims. If they do not, they will be
excluded from:

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

(b) objecting to the distribution.

Form of proof may be obtained from the liquidator.

Dated this 23rd day of August 2004

Clifford John Dawson
Liquidator
20 Albert Street,
Blackburn Vic 3130


NATIONAL AUSTRALIA: Prices National RMBS Trust 2004-1 Issue
-----------------------------------------------------------
National Australia Bank Limited (the National) yesterday
announced the complete pricing details for its residential
mortgage-backed securities issue (National RMBS Trust 2004-1).

On the issue date, 28 September 2004, Perpetual Trustee Company
Limited in its capacity as trustee of the National RMBS Trust
2004-1 will issue four classes of Notes, denominated in three
currencies: US Dollar, Euro Notes (both under an SEC shelf
filing) and two classes of Australian Dollar Notes.  Each class
of Notes is secured by a pool of first ranking residential
mortgages.

Class    Issue Size Preliminary     Pricing   Legal     Weighted
        (`000,000)  Ratings                   Maturity   Average
                    S&P/Moody's                             Life

A-1
Notes   US$1,000.0  AAA/Aaa    3M-LIBOR + 0.11%  Mar-34      2.4

A-2
Notes   A$500.0     AAA/Aaa    3M-BBSW + 0.19%   Mar-34      2.4

A-3
Notes   ?308.4      AAA/Aaa    3M-EURIBOR + 0.12% Mar-34    2.4

B
Notes   A$18.0      AA/Aa2     3M-BBSW + 0.44%    Mar-34     6.0

Settlement will occur on 28 September 2004.

National Australia Bank is acting as the Lead Manager and
Bookrunner in respect of the issue of Australian Dollar Notes.
Deutsche Bank A.G., Soci‚t‚ G‚n‚rale, Australian Branch, and
Citigroup, Australia are acting as Co-Managers.

Deutsche Bank Securities Inc. is acting as the Co-Lead Manager
and Bookrunner in respect of the issue of US Dollar Notes and
Euro Notes.  J.P. Morgan Securities Inc., is acting as Co-Lead
Manager, while National Australia Bank, SG Americas Securities,
LLC, Soci‚t‚ G‚n‚rale, London Branch, and Citigroup are acting
as Co-Managers.

For further information:
Graham Maloney
General Manager, Corporate Finance
+61 3 8641 0902 (work)

Ian McLean
Head of Group Funding & Liquidity
+61 3 8641 3358 (work)

Samantha Evans
Group Corporate Relations
+61 3 8641 4982 (work)
+61 3 404 883 509 (mobile)

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


SONS OF GWALIA: Cabot Holds Security Over Mine
----------------------------------------------
To the surprise of many observers, Cabot Corporation has
revealed it held a security over one of Sons of Gwalia's mines
that might make it less attractive to rival buyers, reports The
Age.

The latest revelation confirmed Cabot's crucial role in the sale
of Gwalia's tantalum assets.

Last week Cabot, which has been Gwalia's largest tantalum
customer, notified analysts its plan to acquire the failed
miners's Wodgina and Greenbushes tantalum mines in Western
Australia.

Cabot chief executive Ken Burnes also surprised some local
analysts by admitting its supply contract was secured by a
"mortgage" over Wodgina and disclosing his company was sitting
on two years' worth of tantalum inventory.

The admissions are likely to pose a threat to creditors such as
WMC Resources and Iluka Resources, which are also eyeing
Gwalia's tantalum assets.

CONTACT:

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


T.W. MORRIS: Creditors Given 45 Days to Prove Claims
----------------------------------------------------
Take notice that creditors of T.W. Morris & Son Proprietary
Limited, whose debts or claims have not already been admitted,
are required within 45 days of the date of this notice, to prove
their debts or claims and to establish any title they may have
to prioritize by delivering or sending through the post to the
liquidator's address a formal proof of debt or claim in
accordance with Form 535 or 536 of the Corporations Act 2001
containing their respective debts or claims. If they do not,
they will be excluded from:

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

Form of proof may be obtained from the liquidator.

Dated this 23rd day of August 2004

Clifford John Dawson
Liquidator
20 Albert Street,
Blackburn Vic 3130


VITALCOM PTY: Final Meeting Slated for October 7
------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act 2001, a final meeting of members and creditors
of Vitalcom Pty Ltd will be held in the Boardroom, Harrisons
Insolvency 1st Floor, 49-51 Stead Street, South Melbourne on the
7 October 2004 at 10.00 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 30th day of August 2004

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


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


CHINA CONSTRUCTION: Will Not Sell Shares in IPO this Year
---------------------------------------------------------
China Construction Bank (CCB) announced Tuesday that it would
not be selling shares in an initial public offering within the
year due to unfavorable market conditions and that they are
unprepared to issue equity, Bloomberg reports.

CCB president Chang Zhenming said, "We hope to list the company
as soon as possible, but it is not possible for us to sell
shares before the end of this year."

Mr. Chang has admitted it will not be able to pursue the stake
sale, but added that the firm is making progress and will be
able to sell shares once the market conditions mature.

China is preparing for competition with foreign and mainland
rivals by selling shares of its four largest lenders to reduce
bad loans of CNY1.89 trillion (US$228 billion).

CCB is expected to sell a quarter of its shares at CNY194
billion, hinting that it may raise US$5.9 billion in an initial
public offering.

Currently, the bank is still in the process of introducing
overseas investors into the shareholding company.

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


COMMUNICATIONS BANK: To Raise CNY20Bln for IPO
----------------------------------------------
Bank of Communications is planning to raise CNY20 billion
through concurrent share offerings in Hong Kong and main land
China ahead of an initial public offering (IPO), Caijing
magazine reports.

The listing is slated at the end of 2004 or early 2005,
according to some underwriters of the IPO. Its lead sponsor,
Galaxy Securities along with Haitong Securities have appointed a
financial consultant.

According to the bank's chairman Jiang Chaoliang, the IPO is
aimed at bringing China's fifth largest commercial bank to the
international capital market and raising information disclosure
and transparency to international standards.

Meanwhile, HSBC Holdings PLC (HBC) and Wall Street's Goldman
Sachs (GS) will be joint lead underwriters for the H-share offer
with BOC International to act as financial consultant.

CONTACT:

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


CONGLOMERATE TRADING: Creditors to Prove Debt by October 18
-----------------------------------------------------------
Notice is hereby given that the Creditors of Conglomerate
Trading Limited, which is being voluntarily liquidated, are
required on or before the 18th day of October 2004 to send their
names, addresses and descriptions, full particulars of their
debts or claims, as well as the names and addresses of their
solicitors (if any) to the undersigned.

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

In default thereof, they will be deemed to waive all of such
debts or claims and the liquidators will be entitled seven days
after the above date to distribute the funds available or any
part thereof to the Members.

Dated this 17th day of September 2004

Tsoi Hak Kong Herbert
Liquidator
Room 602, Aon China Building
29 Queen's Road Central
Hong Kong


EVERISE SINOPHARM: Meetings Set on September 27
-----------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance, a meeting of the members of Everise
Sinopharm Limited will be held at 26th Floor, Wing On Centre,
111 Connaught Road Central, Hong Kong on 27th day of September
2004 at 3:00 p.m.

It will be followed by a meeting of the creditors of the company
to be held at the same place at 3:30 p.m. for the purpose of
receiving an account of the liquidator's act and dealings and of
the conduct of the winding up of the company during the year
ended 3 July 2004.

A member or creditor is entitled to attend vote at the above
meeting and may appoint a proxy to attend and vote in his
behalf. A proxy need not be a member or creditor of the company.
Forms of proxies for both meetings must be lodged at 26th Floor,
Wing One Centre, 111 Connaught Road Central, Hong Kong not later
than 4:00 p.m. on the day before the meetings.

Dated this 17th day of September 2004

Darach E. Haughey
Joseph K. C. Lo
Joint and Several Liquidators


KIN SING: Enters Winding Up Proceedings
---------------------------------------
Notice is hereby given that a Petition for the Winding up of KIN
Sing Engineering (H.K.) Company Limited by the High Court of
Hong Kong was on the 30th day of August 2004 presented to the
said Court by Chan Tsang Kuen of Room 515, Cheong Chit House,
Nam Cheong Estate, Sham Shui Po, Kowloon, Hong Kong.

The said petition will be heard before the Court at 9:30 a.m. on
the 13th of October 2004.

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

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

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


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


ASTRA INTERNATIONAL: Expects to Beat Profit Forecasts
-----------------------------------------------------
PT Astra International is bullish it will beat its third-quarter
profit forecasts as the peaceful election has strengthened the
rupiah and has helped cut costs for servicing debt, Bloomberg
says.

Astra President Budi Setiadharma is optimistic that the profit
for three months ending September 30 will surpass expectations
but declined to disclose a specific profit figure for the
company, which accounts for about half of Indonesia's car sales.

Since June this year, the rupiah climbed almost 4 percent
against the dollar, compared with about a 1.5-percent loss in
the quarter ended September 30 last year. That makes it cheaper
for Astra to repay outstanding loans of US$247 million.

Last week, the auto distributor announced it will refinance
ahead of schedule a US$122 million debt due at the end of this
month, leaving it with US$125 million debt due in June 30, 2006.

CONTACT:

P.T. Astra International Terbuka
No 8 Jl Gaya Motor Raya Sunter II
Jakarta 14330
Indonesia
Phone: +62 21 652 2555
Fax: +62 21 651 2058/59
Web site: http://www.astra.co.id/


BANK NEGARA: Pefindo Upgrades Ratings
-------------------------------------
Pefindo upgraded the ratings of PT Bank Negara Indonesia (BNI)
and its Bond I/2003 maturing in July 10, 2011 to "idA-" from
"idBBB". The rating agency likewise revised the ratings of the
bank's Subordinated Bond I/2003 maturing in July 10, 2013 from
"idBBB-" to "idBBB+".

"The ratings actions reflect the Bank's strong position within
the industry, which has enabled it to survive following huge L/C
fraud of around IDR1.2 trillion in November 2003. In addition,
the Bank's financial performance has continuously recorded some
improvements," Pefindo Analyst Diana Boeky told Indoexchange.

"However, the ratings are still mitigated by the Bank's risks
pertaining to assets quality. BNI was established in 1946 and
has been long perceived as a corporate and government-related
bank," she added.

BNI, which has a total asset of IDR131.5 trillion as of 2003,
provides a broad range of commercial banking operations through
its 924 offices and 2,122 self-owned ATMs.

The state-owned bank is scheduled for privatization this year
along with Merpati Nusantara Airlines because the government
lacks funds to increase the capital of the two companies.

CONTACT:

Pt Bank Negara Indonesia Terbuka
Jalan Jenderal Sudirman Kav 1
Jakarta, 10220
Indonesia
Phone: +62 21 2511946
       +62 21 2511214
Web site: www.bni.co.id


PERTAMINA: Tanker Catches Fire, One Injured
-------------------------------------------
An oil tanker owned by state gas and oil firm PT Pertamina
caught fire Tuesday morning in the company's depot in Sungai
Duku area, Pekanbaru, reports The Jakarta Post.

The incident did not cause fatalities, except for one crewmember
who was rushed to the hospital due to severe burns.

According to Gandi Sriwidodo, chief of PT Pertamina's Pekanbaru
marketing office, the fire originated from a machine on the
ship's bow. Mr. Triyono, the crewmember, quickly tried to put
out the fire but unfortunately got burned.

Earlier, Pertamina has faced a problem when an oil tanker
transporting light crude for the oil firm from Brunei ran
aground around two weeks ago, causing an oil spill off the coast
of Cilacap in Central Java.

The oil firm confirmed the leakage has stopped and assured the
public that it will conduct an investigation on the accident.

CONTACT:

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


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


HITACHI LIMITED: To Inject US$33 Mln Into China Regional HQ
-----------------------------------------------------------
In line with its goal to bolster sales in the vast market,
Hitachi Limited will infuse fresh funds into its operations-
supervision unit based in Beijing, says Dow Jones.

The electronics firm will inject US$33 million into its
subsidiary, Hitachi (China) Investment Limited, by the end of
the year, raising the unit's capital to US$100 million. The unit
will then change its name to Hitachi China Limited.

Hitachi China, which currently holds a stake in 14 local Chinese
firms, plans to invest the fresh funds in an additional 20
firms. It will, likewise, request the Chinese authorities to
allow unlimited import sales of products made by Hitachi's
parent outside China.

A staff of 300 from a sales unit in Hong Kong and five other
sales branches in China will be deployed to assist in the
streamlining of Hitachi China's operations.

Hitachi Limited, chalked up sales of JPY477 billion, which is
only 5 percent of its group sales, for the current business year
to March.

CONTACT:

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


HITACHI LIMITED: To Issue Euro Yen Zero Coupon CBs Due 2009
-----------------------------------------------------------
Hitachi Limited on September 21 announced that, pursuant to the
decision by the President and Chief Executive Officer, the
Company decided the issuance of Euro Yen Zero Coupon Convertible
Bonds due 2009 (bonds with stock acquisition rights,
tenkanshasaigata shinkabu yoyakuken-tsuki shasai) in the total
amount of JPY 100 billion, consisting of JPY 50 billion Series A
Zero Coupon Convertible Bonds due 2009 and JPY 50 billion Series
B Zero Coupon Convertible Bonds due 2009 (collectively, the
Convertible Bonds).

The Convertible Bonds will be subscribed and purchased by Saman
Capital Limited, the special purpose vehicle established in
Cayman Islands. Saman will then issue various series of the
repackaging notes secured by the Convertible Bonds and enter
into certain derivative transactions with Nomura Securities Co.,
Ltd.

Purpose of Financing

Under its medium-term management plan "i.e. HITACHI Plan II,"
the Company is pursuing a realignment of its business portfolio
by increasing focus on targeted businesses, businesses that will
drive its growth and businesses where it can best leverage its
strengths, in an effort to achieve increased profitability and
enhance the financial positions. The proceeds are expected to be
used to secure funding for forward-looking investments such as
R&D and capital investments in the targeted businesses in an
effort to realize further growth in the medium and long term.

The Company has financed flexibly by raising funds from diverse
sources, according to use of the proceeds and market conditions.
Under this financial policy, the Company issued debentures in
May 2003 and raised funds through syndicated loan in September
2004 to secure funds for redemption of convertible bonds.

The Company intends to secure funds for the forward-looking
investments by low costs and to enhance the financial positions
by the conversion into the shares with high conversion price in
the long term.

Features of Convertible Bonds

Zero coupon financing by the Convertible Bonds allows the
Company to minimize its interest cost and the terms of the stock
acquisition rights are intended to enhance the financial
position of the Company by encouraging the conversion of the
Convertible Bonds when the market price of shares is going up,
concurrently minimizing the potential dilution of earnings per
share.

To minimize the potential dilution of earnings per share, the
Company intends to target the initial conversion price with a
high premium compared to the current market price and the terms
of the Convertible Bonds will have a contingent conversion
feature. In addition, by adding the conversion price reset
feature, the potential dilution of earnings per share will be
further minimized as the conversion price would be reset higher
under certain conditions if the market price of share rises
beyond the initial conversion price. If the market price of
share goes down, the conversion price would be reset downward,
but the Company intends to minimize the potential dilution by
setting the floor conversion price enough higher than the
current market price.

Since the conversion price reset feature functions as incentives
to exercise the conversion before upward reset of the conversion
price in case the market price of share rises beyond the initial
conversion price, the Company expects the conversion of the
Convertible Bonds will be encouraged in case the market price of
share moves up. In addition, two series of the Convertible Bonds
have different reset dates for the reset of the conversion
price, it is expected that the conversion prices of two series
of the Convertible Bonds become different and the timing of the
conversion will be dispersed.

To view the full release, click on:
http://bankrupt.com/misc/TCRAP_HITACHILIMITED092204.pdf


HITACHI LIMITED: Determines Terms of CB Issue
---------------------------------------------
Hitachi Limited disclosed in a press release the determination
of the following terms of issue, etc. of the Euro Yen Zero
Coupon Convertible Bonds due 2009 (bonds with stock acquisition
rights, tenkanshasaigata shinkabu yoyakuken-tsuki shasai) in the
total amount of JPY 100 billion, consisting of JPY 50 billion
Series A Zero Coupon Convertible Bonds due 2009 and JPY 50
billion Series B Zero Coupon Convertible Bonds due 2009
(collectively, the Convertible Bonds).

The stock acquisition rights (shinkabu yoyakuken) incorporated
in the Convertible Bonds shall be hereinafter referred to as the
"Stock Acquisition Rights" and the Convertible Bonds excluding
the Stock Acquisition Rights shall be referred to as the
"Bonds".

The following terms are applicable to both Series A Zero Coupon
Convertible Bonds due 2009 and Series B Zero Coupon Convertible
Bonds due 2009.

(1) The amount to be paid upon exercise of the Stock Acquisition
Rights: Equal to the issue price of the Bonds
The amount to be paid per share upon exercise of the Stock
Acquisition Rights (the Conversion Price): JPY1,009

(Reference)

Share price, etc. on Pricing Date (September 21, 2004)
  (a) Share price (closing price) on the Tokyo Stock Exchange:
JPY686
  (b) Premium {Conversion Price/Share price (closing price)-
1}x100: 47.08%

(2) Floor Conversion Price: JPY822

(3) Amount to be accounted for as stated capital: ¯505 per share

About Hitachi, Ltd.

Hitachi, Ltd., headquartered in Tokyo, Japan, is a leading
global electronics company, with approximately 326,000 employees
worldwide. Fiscal 2003 (ended March 31, 2004) consolidated sales
totaled 8,632.4 billion yen (US$81.4 billion). The company
offers a wide range of systems, products and services in market
sectors, including information systems, electronic devices,
power and industrial systems, consumer products, materials and
financial services.


MITSUBISHI MOTORS: U.S. Finance Unit Seeks Venture Partner
----------------------------------------------------------
Embattled Mitsubishi Motors Corporation (MMC) declared it is
seeking a partner to revive the finance unit that contributed to
its biggest-ever operating loss in North America, Bloomberg
says.

MMC Managing Director Osamu Masuko confirmed Mitsubishi Motors
Credit of America Incorporated, whose zero interest-no deposit
financing policy in 2001 caused the firm JPY86 billion (US$783
million) in loan losses over the two business years ended March,
is carrying out negotiations with four finance companies.

Sales of MMC's North America unit plummeted 30 percent in the
first quarter ended June due to credit-tightening policies
intorduced in 2002 to reduce default levels.

Ailing MMC, which received a JPY496 billion bailout in June, is
counting on overseas sales following its recall of around
800,000 vehicles in Japan. The recalls, which tarnished MMC's
image, resulted to a 38-percent sales slump in Japan.

"We'll probably see Mitsubishi Motors' recovery overseas first
because its image is less damaged from the cover up of defects
and the recalls in Japan," said Makoto Kikuchi, chief investment
officer at Tokyo-based Myojo Asset Management Japan Co.

Auto finance is a profitable business for U.S. carmakers.
General Motors Corp., for instance, earned 63 percent of its
second-quarter profit from its finance unit. Ford Motor Co., the
second-biggest U.S. carmaker, earned three quarters of its
second-quarter profit from its credit unit. MMC, on the other
hand, is poised to follow suit.

CONTACT:

Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064 (Map)
Phone: 714-372-6000
Fax: 714-373-1020
Web site: http://www.mitsucars.com

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


TOSHIBA CORPORATION: Issues Interim Dividend Plan Notice
--------------------------------------------------------
Please be informed that the Board of Directors of Toshiba
Corporation, meeting on September 21, 2004, decided a plan to
offer JPY2.00 per share for interim dividend for Fiscal Year
ending March 31, 2005.

The year-end dividend payment for Fiscal Year ending March 31,
2005 is undecided.

(Reference)
                         Interim Dividend   Year End      Total
                                            Dividend    Dividend

Dividend Payment for Fiscal    none         JPY3.00     JPY3.00
Year Ending March 31, 2004
(per share)


Tadashi Okamura
President & CEO
Toshiba Corporation
Shibaura 1-1-1, Minato-ku, Tokyo, Japan

CONTACT:

Toshiba Corporation
1-1, Shibaura 1-chome, Minato-ku
Tokyo, 105-8001, Japan
Phone: +81-3-3457-4511
Fax: +81-3-3455-1631
Web site: http://www.toshiba.com


UFJ HOLDINGS: To Cut Debt by JPY1.7 Trillion Next Year
------------------------------------------------------
Aided by all-out efforts to shrink its list of big problem
borrowers, UFJ Holdings Incorporated will likely reduce its bad
loan pile by about JPY1.7 trillion (US$15.49 billion) by March
2005, Reuters reports, citing the Nihon Keizai newspaper.

According to the daily, UFJ Bank's decision to send its troubled
debtor Daikyo Incorporated to the state-backed Industrial
Revitalization Corporation of Japan (IRCJ) has accelerated the
process.

By March 2005, UFJ's non-performing loans will have been reduced
to about JPY3 trillion from JPY4.6 trillion as of June 30.

Financial sources said Tuesday that UFJ planned to formally
request IRCJ for help with Daikyo around September 28.

Daikyo, however, denied it planned to ask the IRCJ for financial
aid, saying it had not settled on a final restructuring plan and
that its main creditor UFJ had not talked about the possible
involvement of IRCJ in its revival program.

Separately, Daikyo disclosed it would take JPY280 billion in
appraisal losses for the year to March 2005 because of reduced
market values for its real estate properties, and will slash its
capital to offset some of the losses.

CONTACT:

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


UFJ HOLDINGS: Banking Unit Inks Deal with Bank of Mitsubishi
------------------------------------------------------------
UFJ Bank, the core banking unit of UFJ Holdings Incorporated,
has inked a deal with Bank of Mitsubishi-Tokyo to mutually open
ATMs, relates Japan Today, citing Kyodo News.

The agreement will allow each other's customers to use their
automated teller machines free of charge starting in late
October, paving the way for a plan by parents, Mitsubishi Tokyo
Financial Group Inc. (MTFG) and UFJ Holdings Inc., to integrate
their management in October next year.

Last week, MTFG infused JPY700 billion into UFJ Bank, two weeks
ahead of schedule in order to block a hostile takeover bid for
UFJ Holdings Inc. by rival Sumitomo Mitsui Financial Group Inc.
(SMFG).


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


KOOKMIN BANK: To Invest in Dongbu Anam Thru Common Stocks
---------------------------------------------------------
Kookmin Bank (KSE:060000) will make an investment in kind worth
KRW26.53 billion (US$23.11 million) in Dongbu Anam
Semiconductor, Asia Pulse reports, citing Yonhap News.

Kookmin will transfer 6 million common stocks of Dongbu
Electronics to Dongbu Anam, the world's fourth-largest pure-play
water foundry. The bank will, likewise, purchase 5.31 million of
the common stocks as an investment.

Dongbu Anam is expected to post its first operating profit in
2005.

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


TONGKOOK CORPORATION: Creditors Pick FBH as Preferred Bidder
------------------------------------------------------------
According to Asia Pulse, Tongkook Corporation creditors have
chosen a prime bidder for the company Monday.

A local consortium led by corporate restructuring company First
Bridge Holdings (FBH) was chosen over Hyosung Corp. because if
offered the highest bid, a creditor bank official said.

Tongkook creditors will sign a preliminary deal with FBH in
relation to the sale around October 3.  FBH will conduct a due
diligence right after it pays a guarantee deposit of KRW5
billion, the official added.

A final contract will then be signed by the end of November.

The creditors will sell a 88.92-percent stake in the textile
company, including a KRW749 billion (US$653 million) worth of
convertible bonds. The holders are given the option to convert
the bonds into equity after a given period.


YOUNG CHANG: Shareholder Protests FTC Ruling by Denying Bail-out
----------------------------------------------------------------
Young Chang Akki Co. filed for bankruptcy Tuesday following its
failure to honor KRW300 million in maturing bills, reports The
Korea Times.

Young Chang, a piano manufacturer, attributed its failure to pay
the maturing bills to worsened business environment and the lack
of extra cash flow.

But market watchers speculate that Young Chang may have filed
for bankruptcy intentionally as an expression of protest against
a decision made by the Fair Trade Commission earlier this month
to allow Samick Musical Instruments to sell its stake in Young
Chang.

Samick, the nation's second-largest piano maker, acquired a
48.6-percent stake in Young Chang to become the largest
shareholder, thus making it the dominant domestic piano
manufacturer.

On September 9, the FTC ruled that the acquisition violated
antitrust laws as the two companies accounted for 92 percent of
the upright market and also captured 64.4 percent of the grand
piano market and 63.4 percent of the digital piano market.

According to the FTC, consumers would have less choice in Samick
and Young Chang's dominant presence in the market, thus creating
a monopoly.

As a result the FTC ordered Samick to sell its entire stake
within a year, a move opposed by Samick.  Samick could have
bailed out Young Chang in the matters of its maturing
obligations but decided against the move as a sign of protest to
the FTC's order.


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


ANCOM BERHAD: Releases Shares Buy Back Notice
---------------------------------------------
Ancom Berhad announced the details of its shares buy back on
September 21, 2004.

Date of buy back: 21/09/2004

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

Total number of shares purchased (units): 3,000

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

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

Total consideration paid (RM):

Number of shares purchased retained in treasury (units): 3,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 4,807,700

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

CONTACT:

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


BESCORP INDUSTRIES: SC OKs Liquidation Proposal
-----------------------------------------------
The Securities Commission has approved the Proposed Liquidation
of Bescorp Industries Berhad (Special Administrators Appointed)
pursuant to the Proposed Corporate Exercise by way of WCT Land
Berhad (WCTL) by disposing of the entire issued and paid-up
share capital held in Bescorp comprising 19,000,000 ordinary
shares of RM1.00 each to a special purpose vehicle to be
nominated and controlled by the Special Administrators of
Bescorp.

CONTACT:

Bescorp Industries Berhad
7th Floor, Centrel Tower
Wisma Consplant, 2 Jalan SS16/4
Subang Jaya
47500 Petaling Jaya, Selangor
Malaysia
Telephone: 603-7327988
Fax: 603-7349967

This announcement is dated 21 September 2004.


CHASE PERDANA: Issues Additional 2,889,148 Ordinary Shares
----------------------------------------------------------
Chase Perdana Berhad's additional 2,889,148 new ordinary shares
of RM1.00 each issued pursuant to the conversion of 2,889,148
redeemable convertible preference shares into 2,889,148 new
ordinary shares will be granted listing and quotation with
effect from 9 a.m., Thursday, 23 September 2004.

CONTACT:

Chase Perdana Berhad
Off Jalan Semantan Damansara Heights
50490 Kuala Lumpur, 50490
MALAYSIA
+60 3 2718 3700
+60 3 2094 0503


GOLDEN FRONTIER: Posts Notice of Shares Buy Back
------------------------------------------------
Golden Frontier Berhad disclosed to Bursa Malaysia Securities
Berhad the details of its shares buy back on September 21, 2004.

Date of buy back: 21/09/2004

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

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

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

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

Total consideration paid (RM): 728.29

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

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,082,300

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


MANGIUM INDUSTRIES: Releases Debt Settlement Update
---------------------------------------------------
Mangium Industries Berhad issued an update regarding the
Company's proposals:

I - Proposed debt settlement of the Company amounting to
approximately RM58.52 million up to 31 December 2004 (including
accrued interest up to 31 December 2004) between the Company and
certain of its subsidiaries and the secured and unsecured
creditors to be settled by a combination of new ordinary shares
of RM1.00 each in MIB (MIB Shares), irredeemable convertible
unsecured loan stocks (ICULS), redeemable convertible secured
loan stocks (RCSLS) and cash payment (Proposed Debt Settlement);

II - Proposed renounceable rights issue of RM16.0 million
nominal value 5-year ICULS together with 16.0 million free
detachable warrants (Warrants) attached on the basis of RM1.00
nominal value ICULS with one (1) free detachable warrant
attached for every two (2) existing MIB Shares (Proposed Rights
Issue Of ICULS);

III - Proposed joint-venture between MIB and Telaga Chipmill Sdn
Bhd (TCSB) (Proposed Joint-Venture)

IV - Proposed Employee Share Option Scheme for Executive
Directors and eligible employees Of MIB and its subsidiaries
(Proposed ESOS); and

V - Proposed increase in the authorized share capital of MIB
from RM50,000,000 comprising 50,000,000 MIB Shares to
RM200,000,000 comprising 200,000,000 MIB Shares (Proposed
Capital Increase)

On 22 December 2003, Mangium Industries Bhd (MIB) announced the
abovementioned Proposals and on 18 June 2004, OSK, on behalf of
the Board of MIB, announced that the application to the relevant
authorities in relation to the Proposals would be deferred for
another three (3) months, i.e. to 21 September 2004.

In view of the developments that have taken place since the
announcement of the Proposals, the Company proposed certain
modifications to the earlier Proposals.

This announcement on the proposed modifications to the earlier
Proposals (details of which are attached in the enclosed file),
should be read in conjunction with the previous announcement
made on the Proposals.

In addition to the above, on behalf of MIB, OSK wishes to
announce that the application to the relevant authorities in
relation to the Proposals, will be deferred for another one (1)
month, i.e. to 21 October 2004, to enable the Company to
finalize on the terms of the proposed modifications.

This announcement is dated 21 September 2004.
For more information, go to
http://bankrupt.com/misc/tcrap_mangium092204.doc

CONTACT:

Mangium Industries Berhad
2nd Floor Menara MAA
6 Lorong Api-Api 1
88000 Kota Kinabalu
Sabah
Tel: 6088-315000
Fax: 6088-312213


MAXIS COMMUNICATIONS: Reveals Closed Period Dealings By Director
----------------------------------------------------------------
Further to the announcement made on 21 September 2004, Maxis
Communications Berhad announced to the Bursa Malaysia Securities
Berhad that Director Syed Zainol Anwar has notified the Company
of his dealing in the securities of the Company. The details of
the transaction is as follows:

i) Disposal of 50,000 ordinary shares of RM0.10 each,
representing 0.002% of the issued share capital of Maxis at
RM8.66 each on 15 September 2004.

The total number of shares held by Y. A. M. Dato' Seri Syed
Anwar Jamalullail* after the disposal is 59,000 shares.

*Y. A. M. Dato' Seri Syed Anwar Jamalullail's name as per his
Identity Card is Syed Zainol Anwar.

This announcement is dated 21 September 2004.


MAXIS COMMUNICATIONS: Banks Propose to Arrange US$463M Financing
----------------------------------------------------------------
Maxis Communications Berhad has received nine proposals from
banks keen to arrange its US$463 million-equivalent financing,
according to Reuters, citing Basis Point.

The financing is to be split between a RM1 billion onshore
tranche and a US$200 million offshore tranche.


METROPLEX BERHAD: Issues Debt Restructuring Update
--------------------------------------------------
Metroplex Berhad announced that there has been no new
development since its last announcement dated 23 August 2004.

Following the extension of the Restraining Order granted by the
High Court of Malaya, the Company is still negotiating with its
lenders on the Proposed Composite Schemes of Arrangement. An
announcement will be made to Bursa Securities once agreement
with the lenders has been reached on this.

CONTACT:

Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Telephone: 03-2618911
Auditor: P C Chan & Partners

This announcement is dated 21 September 2004.


MTD CAPITAL: Purchases 50,300 Ordinary Shares on Buy Back
---------------------------------------------------------
MTD Capital Berhad announced the details of its shares buy back
on September 21, 2004.

Date of buy back from: 16/09/2004

Date of buy back to: 16/09/2004

Total number of shares purchased (units): 50,300

Minimum price paid for each share purchased (RM): 2.570

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

Total amount paid for shares purchased (RM): 129,768.97

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

Number of shares purchased retained in treasury (units): 50,300

Total number of shares retained in treasury (units): 2,798,300

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: 21/09/2004

Lodged by: MTD Capital Bhd

CONTACT:

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


NALURI BERHAD: Appoints New Audit Committee Member
--------------------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad, Naluri
Berhad announced the appointment of Peter Madhavan as a new
member of its audit committee.

Date of change: 20/09/2004

Type of change: Appointment

Designation: Member of Audit Committee

Directorate: Independent & Non Executive

Name: Peter Madhavan

Age: 49

Nationality: Singaporean

Qualifications: National University of Singapore, LLB (Hons)

Working experience and occupation: Managing Partner of the firm,
Madhavan Partnership, Advocates & Solicitors

Directorship of public companies (if any): Nil

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

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

Remarks: Mr. Peter Madhavan is an Independent Director of a
company listed on the Main Board of the Stock Exchange of
Singapore known as Airocean Group Limited.

CONTACT:

Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Tel: +60 3 2162 0878
Tel: +60 3 2162 0676


PSC INDUSTRIES: Unit Gets US$75M Pakistan Power Project
-------------------------------------------------------
PSC Industries Berhad (PSCI) announced that Tenaga PSC Sdn
Berhad has on 21 September 2004 received a Letter of
Intent/Approval for the construction of 50 MW Wind Powered IPP
with estimated value of USD75 million to be installed near
Karachi from the Alternative Energy Development Board (AEDB), of
the Prime Ministers Secretariat Islamabad Pakistan.

Tenaga PSC is a wholly owned subsidiary of Penang Shipbuilding &
Construction Sdn Bhd (PSCSB) which in turn is 100% owned by
PSCI. The principal activity of the Company is power plant
construction and its support activities including related
consultancy services.

DETAILS OF THE PROJECT

Project Description: 50 MW Wind Powered Independent Power
Project

Location: Bin Qasim, Karachi or in Thatta District, outskirts of
Karachi, Pakistan

Type: Wind Powered IPP - Build, Own, Operate for 20 Years

Capacity: 50 MW

Client: Water and Power Development Authority of Pakistan /
Karachi Electric Supply Construction through Alternative Energy
Development Board, Pakistan

Project Cost: Estimated total project cost of RM285 million
(equivalent to USD75 million including Engineering, Procurement
and Construction Cost of USD50 million)

Tenaga PSC Role: As project developer

Project Schedule: Estimated completion within 18 months

RATIONALE

PSCI group was involved in the fabrication of steel structures
of the 3 x 700 MW Coal Fired Power Plant owned by Tenaga
Nasional Berhad in Janamanjung, Lumut Perak. This 50 MW Wind
Powered IPP will complement the group's continuing involvement
in the construction of Power Plants both locally and overseas.

SALIENT FEATURES OF THE PROJECT

The Government of Pakistan intends to purchase the 50 MW of
power to be generated from the Power Plant. Meanwhile, AEDB has
given approval for the commencement of civil construction work
for the 50 MW Wind Farm Power Plant immediately. The Government
of Sindh has agreed to provide the land for the project.

Further details of the project will be announced when the
relevant contracts are finalized.


SELANGOR DREDGING: Unit Faces Winding Up Petition
-------------------------------------------------
The Board of Directors of Selangor Dredging Berhad (SDB)
announced that the shareholders of Oriental Metal (Malaysia) Sdn
Bhd (OMM), a 72.15% owned subsidiary of the Company, had at its
Extraordinary General Meeting held on 21 September 2004,
approved the commencement of members' voluntary winding up.

OMM was principally involved in the letting of industrial
properties and investment holding.

The Board of Directors of SDB is of the opinion that the winding
up of OMM will not have any material effect on the Group
performance.

CONTACT:

Selangor Dredging Berhad
West Block 142-C Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Telephone: +60 3 2161 3377
Telephone: +60 3 2161 6651

This announcement is dated 21 September 2004.


SRIWANI HOLDINGS: Shareholders OK August 27 EGM Resolutions
-----------------------------------------------------------
On behalf of Sriwani Holdings Berhad (SHB), Commerce
International Merchant Bankers Berhad announced that the
shareholders of SHB have approved all the resolutions set out in
the Notice of EGM dated 27 August 2004 and tabled at the EGM of
the Company on September 21, 2004. The details are as follows:

EXTRAORDINARY GENERAL MEETING (EGM)

ORDINARY RESOLUTION NO. 1

PROPOSED DISPOSAL OF THE FOLLOWING PROPERTIES TO NALURI BERHAD
(NALURI):

(I) Duty free complex and land comprising a 7-level podium block
(accommodating a 4-level shopping complex with a basement floor,
3-level hotel facilities and 6-level carpark) and a 9-level
hotel tower block held under lot PTB 10707, Johor Bahru, Johor
Darul Takzim and a piece of vacant commercial development land
held under lot PTB 10710, Johor Bahru, Johor Darul Takzim
together with the reclaimed land comprising a 3-level customs
and immigration cum office complex, jetty, a floating restaurant
bay cum kitchen and free standing customs and immigration
checkpoint, all held under lots PTB 20006, 20380 and 20438 Johor
Bahru, Johor Darul Takzim and lots PTD 146378 and 148062, Mukim
Of Plentong, Johor Bahru, Johor Darul Takzim By Kelana Megah Sdn
Bhd (KMSB), a 85.3%-owned subsidiary of SHB for a cash
consideration of RM144,023,896

(II) Two (2) pieces of vacant freehold development land held
under lot 303 (geran 46814) and lot 340 (geran 46821), Seksyen
1, Daerah Timur Laut, Bandar Batu Ferringhi, Pulau Pinang by
Cerah Menang (M) Sdn Bhd (CMSB), a wholly-owned subsidiary of
SHB for a cash consideration of rm8,362,678

(III) Three (3) pieces of vacant freehold development land held
under lot 31 (Geran Mukim 29), lot 478 (Geran 16796) and lot 479
(Geran 16797), Mukim 17, Daerah Timur Laut, Bandar Batu
Ferringhi, Pulau Pinang By Blossom Time Sdn Bhd (BTSB), a
wholly-owned subsidiary of SHB for a cash consideration of
RM11,150,237

(COLLECTIVELY REFERRED TO AS THE "PROPOSED DISPOSALS)

ORDINARY RESOLUTION NO. 2

Proposed disposal of the leases of three (3) pieces of leasehold
development land comprising a golf and country club and vacant
land held under lot 2501 h.s. (d) 888/97, lot 2209 h.s. (d)
28/93 and lot 2502 h.s. (d) 889/97, Mukim Sungai Laka, Daerah
Kubang Pasu, Kedah Darul Aman By Cergasjaya Properties Sdn Bhd
(CPSB), a wholly-owned subsidiary of SHB for a cash
consideration of RM27,480,689 (proposed CPSB disposal)

ORDINARY RESOLUTION NO. 3

Proposed lease of the duty free complex and reclaimed land
comprising a 7-level podium block (accommodating a 4-level
shopping complex with a basement floor, 3-level hotel facilities
and 6-level carpark) and a 9-level hotel tower block held under
lot PTB 10707, Johor Bahru, Johor Darul Takzim together with the
reclaimed land comprising a 3-level customs and immigration cum
office complex, jetty, a floating restaurant bay cum kitchen and
free standing customs and immigration checkpoint, all held under
lots PTB 20006, 20380 and 20438 Johor Bahru, Johor Darul Takzim
And Lots Ptd 146378 and 148062, Mukim Of Plentong, Johor Bahru,
Johor Darul Takzim by KMSB from Naluri upon completion of the
proposed disposals (proposed leaseback arrangement)

ORDINARY RESOLUTION NO. 4

Proposed alternative restructuring plan, which entails the
proposed revision to certain terms of the existing restructuring
plan, as approved by the shareholders of the company at the
extraordinary general meeting held on 8 April 2003 (proposed
alternative restructuring plan)

ORDINARY RESOLUTION NO. 5

Proposed revision to the number of Irredeemable Convertible
Preference Shares (ICPS)-b1, ICPS-b2 and ICPS-c of RM0.10 each
in SHB to be issued to Commerce International Merchant Bankers
Berhad from 100,000 units each to 50,000 units each at an issue
price of RM1.00 each for a total cash consideration of RM150,000
(proposed revised additional issue)

ORDINARY RESOLUTION NO. 6

Proposed amendments to the existing bye-laws of the employee
share option scheme (ESOS) of SHB and its subsidiaries (proposed
bye-laws amendments)

ORDINARY RESOLUTION NO. 7

Proposed issue of ESOS options to Wong Sik Bee, Jack.

SPECIAL RESOLUTION NO. 1

Proposed amendment to the articles of association of SHB.

CONTACT:

Sriwani Holdings Berhad
Wisma Sriwani, 418 Chulia Street
10200 Penang
Telephone: 04-2628535
Fax: 04-2614076
Website: http://www.sriwani.com.my

This announcement is dated 21 September 2004.


SRIWANI HOLDINGS: SC Approves ESOS Extension
--------------------------------------------
Sriwani Holdings Berhad (SHB) announced that the Securities
Commission, through its letter dated 20 September 2004 (which
was received on 21 September 2004), approved an extension of
time to 21 March 2005 for the implementation of the Employees'
Share Option Scheme for eligible employees and executive
Directors of SHB and its subsidiaries (ESOS).

This announcement is dated 21 September 2004.


TALAM CORPORATION: Grants Listing of 804,800 Ordinary Shares
------------------------------------------------------------
Talam Corporation Berhad 's additional 804,800 new ordinary
shares of RM1.00 each issued pursuant to the conversion of
328,000 irredeemable convertible preference shares into 32,800
new ordinary shares and the conversion of RM772,000 irredeemable
convertible unsecured loan stocks 2003/2005 into 772,000 new
ordinary shares will be granted listing and quotation with
effect from 9.00 a.m., Thursday, 23 September 2004.

CONTACT:

Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Telephone number: 603-2732222
Fax number: 603-2731439


TH GROUP: FIC OKs Restructuring Proposal
----------------------------------------
The Foreign Investment Committee has approved the proposed
internal restructuring and reorganization exercise of TH Group
Berhad on 20 September 2004 without any conditions.

CONTACT:

TH Group Berhad
Phase 1 Mile 1.5 Leila Road
Sandakan, Sabah 90712
MALAYSIA
+60 89 273 388
+60 89 272 868


UNITED CHEMICAL: Court Extends Board Meeting to December 3
----------------------------------------------------------
In respect of the Proposed Restructuring of United Chemical
Industries Berhad (UCI), Alliance Merchant Bank Berhad, on
behalf of the Board of Directors of the Company, announced that
the High Court of Malaya in Ipoh had extended the existing Court
Order, which had expired on 3 September 2004, for UCI to hold
its court convened meetings pursuant to Section 176(1) of the
Companies Act 1965. The said extension was granted for a period
of three (3) months from 3 September 2004 to 3 December 2004.

This announcement is dated 21 September 2004.


WCT ENGINEERING: Releases Litigation Update
-------------------------------------------
On behalf of WCT Engineering Berhad, AmMerchant Bank Berhad
announced that Messrs. Arthur Wang, Lian & Associates, the
solicitors representing WCT, had on 20 September 2004 filed its
defense and counter claim with the High Court of Malaya in
regards to the Writ of Summons dated 10 August 2004.

This announcement is dated 21 September 2004.


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


C&P HOMES: Unveils Amended 2004 Quarterly Report
------------------------------------------------
C & P Homes, Inc. (CMP) provided the Philippine Stock Exchange a
copy of its Amended Quarterly Report, using SEC Form 17-Q, for
the quarter ended June 30, 2004.

For a copy of its Amended Quarterly Report, go to
http://bankrupt.com/misc/tcrap_c&p092204.pdf

CONTACT:

C & P Homes Inc.
Camella Centre, National Road
Las Pi¤as City
Tel. No:  874-5758
Fax No:  872-4697
URL:  http://www.crownasia.com
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Securities Transfer Services, Inc.


COLLEGE ASSURANCE: Bacolod Holders To Withdraw Plans
----------------------------------------------------
Several plan holders of the College Assurance Plans Philippines,
Inc. (CAP) flocked to the pre-need firm's offices in Bacolod
city in an attempt to withdraw their education plans there,
reports the Business World.

CAP Bacolod Manager Alex Fernandez assured the plan holders the
Company still has enough funds to cover all claims.

"Our scholars are availing of the benefits. We still have PhP8
billion in trust fund reserved to pay for the tuition of about
46,000 scholars. We still have money. We are not stopping our
operations. We just stopped selling securities," Mr. Fernandez
said.

CAP scholars in Bacolod are in enrolled in St. Scholastica's
Academy, Bacolod Tay Tung High School, Trinity Christian School,
University of Negros Occidental-Recoletos, University of St. La
Salle, Colegio San Agustin, La Consolacion College, AMA Computer
University, John B. Lacson Colleges Foundation, Technological
University of the Philippines-Visayas, Visayan Maritime Academy
and West Negros College, among others.

CONTACT:

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


HOUSE OF INVESTMENTS: Issues Update on Stock Certificates
---------------------------------------------------------
This is in reference to Circular for Brokers No. 4137-2004 dated
September 21, 2004, pertaining to the approval by the Securities
and Exchange Commission (SEC) on September 20, 2004 of the
decrease in authorized capital stock of House of Investments
Inc. (HI) from Php3.5 billion to Php2.875 billion and the
reduction in par value of the common shares from Php2 to
Php1.50.

In relation thereto, the Company submitted to the Exchange a
letter dated September 21, 2004, regarding the procedure for
updating stock certificates and trading old stock certificates
of the Company at
http://bankrupt.com/misc/tcrap_houseofinvestments092204.pdf

CONTACT:

House of Investments, Inc.
3/F, Grepalife Building
219 Sen. Gil J. Puyat Ave., Makati City
Tel. No:  815-9636 to 38
Fax No:  816-1127
E-mail Address:  investment@hoi.com.ph
URL:  http://www.hoi.com.ph
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Rizal Commercial Banking Corporation


MAYNILAD WATER: Workers Threaten to Hold Strike This Month
----------------------------------------------------------
Maynilad Water Services, Inc. workers are planning to stage a
strike within the month to protest the Company's alleged failure
to honor its existing collective bargaining agreement granting
workers financial benefits, according to the Business World.

The debt-saddled company's rehabilitation plan provides that no
creditor may collect from Maynilad until ordered by the
rehabilitation court. Maynilad had argued that the stay order of
the rehabilitation court not only applies to the payment of
creditors but to the payment of workers' benefits as well.

The workers, on the other hand, said the pay deal is not within
the jurisdiction of the rehabilitation court.


NEGROS NAVIGATION: Creditor Demands `Fire Sale' of Ship
-------------------------------------------------------
Pilipinas Shell Petroleum Corp. (PSPC) wants a "fire sale" of
Negros Navigation Co. ship, St. Ezekiel Moreno, to obtain better
returns rather than wait another 10 years, the Manila Times
reports.

A fire sale is offering a piece of property at a deep discount
to aid in its immediate sale.

The Eagle Marine Appraisers said the book value of the ship is
Php338.5 million, while an independent third party commissioned
by the PSPC has appraised the value of the ship at about Php73
million.

On top of its Php213.48 million obligations to Pilipinas Shell,
the shipping firm also owes about Php1 billion to several banks,
including the Development Bank of the Philippines, the Export
and Industry Bank, Bank of Commerce, Equitable-PCI, and
Metropolitan Bank and Trust Co. The state-run DBP has the
biggest exposure of about Php369 million.

Bank loans accounted for about 40 percent of the shipping firm's
Php2.5 billion debt.

CONTACT:

Negros Navigation Company, Inc.
Pier II, North Harbor
Tondo, Manila
Phone:  245-5588
Fax:  245-0780 (Telefax)
E-mail Address: nnwebmaster@surfshop.net.ph
Web site: http://www.nenaco.com.ph
Auditor:  Joaquin Cunanan & Company
Transfer Agent:  Stock Transfer Service, Inc.


PHILIPPINE LONG: PSE Approves Additional Shares Listing
-------------------------------------------------------
The Philippine Stock Exchange approved on May 18, 2001, subject
to the actual exercise of the conversion rights by the preferred
shareholders, the application of Philippine Long Distance
Telephone Company to list up to 12,400,000 common shares, with a
par value of P5.00 per share, divided into the following:

a. 2,900,000 common shares to cover the underlying shares of
Series V Cumulative
Convertible Preferred Shares;

b. 5,600,000 common shares to cover the underlying shares of
Series VI Cumulative
Convertible Preferred Shares; and

c. 3,900,000 common shares to cover the underlying shares of
Series VII Cumulative Convertible Preferred Shares.

In this connection, Company has received a notice from a
preferred shareholder for the conversion of 30,000 shares of
Series V Cumulative Convertible Preferred Stock with 30,000
common shares.

In view thereof, the listing of the 30,000 common shares is set
for Thursday, September 23, 2004. This brings the number of
common shares listed arising from the conversion of additional
30,000 Series V Cumulative Convertible Preferred Shares to a
total of 706,571 common shares.

The designated Stock Transfer Agent is hereby authorized to
issue the corresponding stock certificate to the preferred
shareholder.

For your information and guidance.
JURISITA M. QUINTOS
Senior Vice President- Operations Group

CONTACT:

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


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


ANCHORVILLE PRIVATE: Winding Up Order Made
------------------------------------------
In the Matter of Anchorville Private Limited, a Winding Up Order
was made the 10th day of September 2004.

Name and address of Liquidator:
Mr. Loke Poh Kuen
of Messrs Ewe, Loke and Partners
8 Robinson Road,
#08-00 ASO Building,
Singapore 048544

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

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

Drew & Napier Llc
Solicitors for the Petitioner

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


AQUAGEN INTERNATIONAL: Court Issues Winding Up Order
----------------------------------------------------
In the Matter of Aquagen International Pte Ltd, a Winding Up
Order was made the 10th day of September 2004.

Name and address of Liquidator:
Mr. Loke Poh Keun
of Messrs Ewe, Loke and Partners
8 Robinson Road, #08-00 ASO Building, Singapore 048544.

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

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

Drew & Napier Llc
Solicitors for the Petitioner

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


CP SOLUTIONS: Placed Under Judicial Management
----------------------------------------------
Notice is hereby given that on the 10th day of September 2004,
an order for placing CP Solutions Pte Ltd under judicial
management was made and the relevant particulars of the matter
are given as follows:

(1) Number of matter: Originating Petition No. 9/2004/L

(2) Date of presentation of Petition: 18th August 2004

(3) Petitioner's solicitors: Seah Ong & Partners

(4) Date of Order: 10th September 2004.

(5) Registered office: 1 Changi Business Park Avenue 1
#05-01 Ultro Building Singapore 486058

Seah Ong & Partners
Solicitors for the Petitioner

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


FLIMVEST PRIVATE: Winding Up Order Issued September 3
-----------------------------------------------------
In the matter of Flimvest Private Limited (Formerly known as
Vietraco Pte Ltd), a Winding Up Order was made on the 3rd day of
September 2004.

Name and Address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
Dated this 17th day of September 2004

Messrs Ramdas & Wong
Solicitors for the Petitioners

Note:
(a) All creditors of the above named Company should file their
Proof of Debt with the Liquidator who will be administering all
affairs of the Company.

(b) All debts due to the above named Company should be forwarded
to the Liquidator.

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


FRENCH JUNCTION: Court Issues Winding Up Notice
-----------------------------------------------
In the Matter of French Junction Private Limited, a Winding Up
Order was made on 10th September 2004.

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

Dated this 10th day of September 2004

Rajah & Tann
Solicitors for the Petitioner

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

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

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


PENGUIN BOAT: To Implement Pay Cuts
-----------------------------------
Ferry Boat operator Penguin Boat will be cutting employee
salaries including a 10 percent voluntary cut on directors'
wages, The Straits Times reports.

The wage cut has been implemented since September 1, 2004 as a
measure to offset nearly SG$2 million in losses the firm
incurred due to a slump in boat building and travels and tours
business.

The 40-percent increase in crude oil has affected the ferryboat
company, which had financial woes since last year. It incurred
SG$4.8 million losses, reversing its SG$2.4 million profit
earned the previous year.

Penguin Boat has attributed the slump to SARS but unlike
Singapore Airlines, who has recovered from the SARS incident,
Penguin Boat is still in the red.

The 10-percent pay cut is calculated to save SG$1.2 million in
their account. While other staff costs showed savings of another
SG$8 million.

Along with the wage cut, the company also announced that in line
with the policy of corporate governance, the positions of
chairman and managing director (MD) have been separated.

Mr. Heng Kheng Seng will no longer act as chairman and managing
director (MD). However, he will remain as executive chairman and
will participate in group development.

Alex Yong Chor Ken, former finance and administration director,
took over the MD position on September 1.

CONTACT:

PENGUIN BOAT
Penguin Boat International Limited
18 Tuas Basin Link
Singapore 638784
Tel: (65) 6862 2830
Fax: (65) 6862 2134

Penguin Shipyard International Private Limited
11 Tuas Crescent
Singapore 638705
Tel: (65) 6862 8322
Fax: (65) 6862 2134

Penguin Ferry Services Private Limited
1 Maritime Square
#09-59 HarbourFront Centre
Singapore 099253
Tel : (65) 62714866
Fax : (65) 62716496
E-mail: admin@penguin.com.sg



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


BANGKOK MASS: Restructures in Order to Compete More Openly
----------------------------------------------------------
As part of its move to compete more openly with private bus
operators, Bangkok Mass Transit Authority (BMTA) plans to
restructure its entire concession system, Bangkok Post reports,
citing Areepong Bhoocha-oom, the deputy director-general of the
State Enterprise Policy Committee.

A new regulatory body independent of the state enterprise will
be created to re-route existing bus schedules to streamline
operations, reduce overlap and create better links with the
subway and skytrain systems.

The authorities expect to shorten the bus routes to ensure
passengers are transported to the subway and skytrain systems,
and would ultimately reduce the BTMA's operating cost.

Routes for the BMTA and its concession holders would be
allocated operating zones through competitive bids, based on
minimum operating costs set by the new regulatory body.
Shortfalls between the stipulated operating cost and actual
passenger fares collected would be paid as a subsidy by the
government.

The plan conceives that the BMTA would reach break-even point on
operations by 2006 and turning a profit in the following years.

BMTA is currently facing an annual loss of THB3 billion and has
accumulated losses of THB43 billion.

CONTACT:

The Bangkok Mass Transit System PCL
1000 Phahonyothin Road
Lad Yao, Chatuchak
Bangkok 10900
Telephone: 0 2617 7300
Fax: 0 2617 7133, 0 2617 7135
BTS Hotline: 0 2617 7141-2
BTS Tourist Information Center: 0 2617 7340


CHRISTIANI & NIELSEN: Declares Interim Dividend Payment
-------------------------------------------------------
Christiani & Nielsen Public Company Limited refers to its letter
to the Stock Exchange of Thailand (SET) with reference no.
MGT/SET/012/2004 dated 17th September 2004 regarding the closing
date for the right to receive dividend payment.

The Board of Director's Meeting of CN Advisory Company Limited
as the Plan Administrator of Christiani & Nielsen (Thai) Public
Company Limited No. 6/2547 held on 17 September 2004 resolved
the closing date of the shareholders registration book for the
right to receive dividend payment on October 4, 2004 at 12:00
a.m.  The Interim Dividend Payment date will be on 12 October
2004.

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
Website: www.cn-thai.co.th


NATURAL PARK: Changes Name of Subsidiaries
------------------------------------------
Natural Park Public Company Limited, would like to inform the
Stock Exchange of Thailand (SET) the change of subsidiary
companie's name:

(1) Richee Intertrade Supply Co.,Ltd., subsidiary company (in
which the Company holds shares at 75 percent of the total paid-
up registered capital ) changed company name to Natural Hotel
Siam Co.,Ltd.

(2) Richee Center & Supply Co.,Ltd. , our subsidiary company (
in which the Company holds shares at 71.57 percent of the total
paid-up registered capital) changed the company name to Natural
Hotel Sukhumvit Co.,Ltd.

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

CONTACT:

Natural Park Public Company Limited
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11
Fax: 0-2259-4819, 0-2259-4815


RS PROMOTION: Joint Venture Expected to Boost Results
-----------------------------------------------------
RS Promotion Plc's acquisition of Sportsmaster Co. a TV sports
program is expected to boost its results, reports the Bangkok
Post.

The joint venture creates the new company, RS Sportsmaster,
established with THB4.5 million in registered capital.  The
joint venture counts a one-year contract with the Sports
Authority of Thailand among its assets.  RS will hold a 75
percent stake in the company, while the remaining shares will be
held by Kobkiat Sangwanith, the founder of Sportsmaster and will
also become the managing director of the new company.

RS Sportsmaster is projected to earn at least THB200 million in
its first year of operations.

RS' engagement in a joint venture was in line with a corporate
strategy to find potential partners in several areas such as
media, movies and music.  According to RS chief executive
Surachai Chetchotisak, sports-related marketing was in high
demand and would help strengthen the sales performance of RS.

RS Sportmaster will organize sports events and produce TV sports
programmes, with promotion provided by RS celebrities and its
media outlets including magazines, radio and television.  RS has
a basketball Dream Team and a football Star Team that have
helped give the company a profile in the sports market.

Mr. Surachai said, an improvement in the sale of RS is seen in
the second half, however, Mr. Surachai declined to go into
details on the projection.

According to analysts, RS's total sales for 2004 would grow
between 20 percent and 30 percent from last year, far below the
previous projection of 50 percent.

RS lost THB137 million in the first half of this year, and has
since undergone an operational restructuring process and laid
off some staff.


THAI PETROCHEMICAL: BBL Confident On Plan's Immediate Completion
----------------------------------------------------------------
Bangkok Bank Plc (BBL) is confident over the completion of Thai
Petrochemical Industry's debt-restructuring scheme by the fourth
quarter, says Businessday.

"The scheme should be completed this year and BBL is ready to
support the government's policy on the development of the
petroleum industry," BBL's president and chief executive officer
Chartsiri Sophonpanich, said.

The approval of TPI's revised plan would remove the company's
debts from the bank's non-performing loans (NPL) category.  At
the end of June, BBL's NPLs stood at THB185.44 billion of about
20.40 percent of the bank's total lending.

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



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

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