TCRAP_Public/040924.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

             Friday, September 24, 2004, Vol. 7, No. 189

                            Headlines

A U S T R A L I A

ALLIED BEVERAGE: Creditors Must Prove Claims By September 28
AUSTRALASIAN PUBLICATIONS: Issues Notice of Final Meeting
AZZURRO ENTERPRISES: To Hold Meeting on October 8
CACATUAL PTY: To Hold Final Meeting on October 7
COASTLINE SEAFOOD: To Hold Final Meeting on October 8

GIRAFFE WORLD: Sets Final Meeting on October 8
GSA FORMWORK: Final Meeting Slated for October 8
HJF INVESTMENTS: To Hold Final Meeting on October 12
HOT FISH: Schedules General Meeting on October 5
JAMES HARDIE: Asbestos Probe Hopes Lift Shares

JAMES HARDIE: Tells Federal Treasurer It Will Pay in Full
JAMES HARDIE: States Move To Boycott Products
LABOR CALL: To Hold Final Meeting on October 12
METRO GROUP: Final Meeting Set October 7
NOAL INTERNATIONAL: To Declare Priority Dividend

ONTRAK RAILWAY: Issues Notice to Declare Final Dividend
PARMALAT AUSTRALIA: To Shut Warwick Factory
SENTRA CONSTRUCTIONS: Creditors Must Prove Claims by October 7
TARGET NOMINEES: Sets Final Members Meeting on October 11
WOODSIDE PETROLEUM: Oil Price Hike Drives Shares Up


C H I N A  &  H O N G  K O N G

CHINA CONSTRUCTION: Appoints Japanese Executive as Manager
COMMUNICATIONS BANK: May Sell 20% Stake in IPO
HONEST TIME: Court Issues Winding Up Notice
NEW WORLD: Expects To Book HK15.9Mln Loss
POPULARWAY TRADING: Winding Up Hearing Set on October 13

TECHNIQUE DECORATION: Court to Hear Winding Up Proceedings
WING KAI: Enters Bankruptcy Proceedings


I N D O N E S I A

PERTAMINA: Settles Sukowati Dispute with Two Oil Firms
TEXMACO GROUP: JSX To Delist Two Units Next Month
* Indonesia Passes New Bankruptcy Law


J A P A N

AOZORA BANK: Fitch Upgrades Ratings
MITSUBISHI FUSO: Recalls 187,000 Buses, Trucks
MITSUBISHI HEAVY: Receives Fertilizer Plant Order from Oman
MITSUBISHI MOTORS: Renews Ties With DaimlerChrysler
TSUCHIYA KAGUTEN: Enters Bankruptcy

UFJ HOLDINGS: Issues Statement Regarding Media Report


K O R E A

HYNIX SEMICONDUCTOR: S&P Retains CreditWatch Positive Rating
KOOKMIN BANK: To Pick New Head At Special Meeting
KOOKMIN BANK: Excluded from Constituents of KOGI
LG INVESTMENT: Woori Signs KRW297.6Bln Contract for Stake
SK GROUP: Chairman Out on KRW100Mln Bail


M A L A Y S I A

BERJAYA SPORTS: Purchases 500,000 Shares on Buy Back
BOUSTEAD HOLDINGS: Issues Additional 286,000 Shares for Listing
DATAPREP HOLDINGS: Details Stock Name Changes
GULA PERAK: Bursa Malaysia Grants Listing of 25,200 New Shares
GULA PERAK: All Resolutions Approved During AGM

K.P. KENINGAU: Issues Update on Practice Note
MALAYSIAN RESOURCES: Issues Updated On Proposed Joint Venture
MBF CORPORATION: Completes Disposal of 50% Equity Interest
MTD CAPITAL: Updates Proposed Acquisition of 1,296,556 Shares
PPB GROUP: Unit Voluntarily Winds Up

QUALITY CONCRETE: Details Disposal and Acquisition of Securities
RNC CORPORATION: Unveils Resolutions of AGM
SUNWAY HOLDINGS: SC Extends Implementation of Proposed Disposals
TANJONG PUBLIC: Posts Dealings of Officer On Closed Period
TANJONG PUBLIC: Receives Notification on Subscription of Shares


P H I L I P P I N E S

NEGROS NAVIGATION: Clarifies Manila Times Report
NATIONAL POWER: DOE Wants Debts Absorbed Next Year
NATIONAL STEEL: GIHL Completes Down Payment
PHILIPPINE LONG: Lists Additional 13,401 Shares
UNIWIDE HOLDINGS: Issues Clarification to News Article

* Budget Deficit of 14 GOCCs Estimated at Php91.9Bln


S I N G A P O R E

AUTO ASIA: Posts Intended Preferential Dividend Notice
KGD ASSOCIATES: Court Issues Winding Up Order
PAC-AM RESTAURANTS: Posts Notice to Creditors to Prove Claims
PACIFIC FIVE: Issues Intended Dividend Notice
PANPAC MEDIA: Issues Addendum to August 31 Statements

YAO YANG: Winding Up Order Issued September 10
* Bankruptcy Cases Rise 3% in January to August


T H A I L A N D

BANGKOK STEEL: SEC Postpones Submission of 2Q FS
BANGKOK STEEL: Issues Additional Clarification to FS
BANGKOK STEEL: Details Changes in Major Shareholder
TPI POLENE: Sets Deadline for Submission of Amended Plan
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


ALLIED BEVERAGE: Creditors Must Prove Claims By September 28
------------------------------------------------------------
A first interim priority dividend is to be declared on 6
November 2004 for Allied Beverage Dispensing Equipment Pty
Limited (Subject To A Deed Of Company Arrangement).

Creditors whose debts or claims pursuant to section 556(e),
being wages and superannuation contributions payable by the
company, have not already been admitted are required on or
before 28 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 30th day of August 2004

P. G. Yates
D. J. F. Lombe
Deed Administrators
Deloitte Touche Tohmatsu
Chartered Accountants
Grosvenor Place, 225 George Street,
Sydney NSW 2000


AUSTRALASIAN PUBLICATIONS: Issues Notice of Final Meeting
---------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Australasian Publications & Advertising Pty Limited
(In Liquidation) will be held at Rodgers Reidy, Level 8, 333
George Street, Sydney on Friday, the 8th of October 2004 at
10:00 a.m.

AGENDA

(a) To receive an account from the Liquidator.
(b) A resolution to destroy the books & records of the company.
(c) To consider any other business.

Peter Rodgers
Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


AZZURRO ENTERPRISES: To Hold Meeting on October 8
-------------------------------------------------
Notice is given that the final meeting of members and creditors
of Azzurro Enterprises Pty Limited (In Liquidation) will be held
at Level 1, 32 Martin Place, Sydney, NSW, on Friday, 8 October
2004 at 11:30 a.m.

AGENDA

(1) To consider the account by the liquidators on the conduct of
the winding up and the disposal of the company's property.

Proxies to be used at the meeting should be lodged prior to the
commencement of the meeting.

Ron Dean-Willcocks
Liquidator
Azzurro Enterprises Pty Limited (In Liquidation)


CACATUAL PTY: To Hold Final Meeting on October 7
------------------------------------------------
Notice is hereby given, pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Cacatual Pty Limited (In Liquidation) will be held at the
offices of Jirsch Sutherland and Co Wollongong, Level 2, 63B
Market Street Wollongong NSW 2500 on Thursday the 7th day of
October at 11: 00 a.m. for the purposes of having an account
laid before them showing the manner in which the winding up has
been conducted and how the property of the company has been
disposed of, and of hearing any explanation that may be given by
the liquidator.

Dated this 7th day of September 2004

Danny Vrkic
Liquidator
Jirsch Sutherland & Co. Wollongong
Chartered Accountants
Level 2, 63B Kembla Street,
Wollongong NSW 2500,
PO Box 573, Wollongong East NSW 2520
Telephone: (02) 4225 2545,
Facsimile: (02) 4225 2546


COASTLINE SEAFOOD: To Hold Final Meeting on October 8
-----------------------------------------------------
Notice is given that the final meeting of members and creditors
of Coastline Seafood Pty Limited (In Liquidation) will be held
at Level 1, 32 Martin Place, Sydney, NSW, on Friday, 8 October
2004 at 10:00 a.m.

AGENDA

(1) To consider the account by the liquidators on the conduct of
the winding up and the disposal of the company's property.

Proxies to be used at the meeting should be lodged prior to the
commencement of the meeting.

Dated this 26th day of August 2004

Adam Shepard
Liquidator
Coastline Seafood Pty Limited (In Liquidation)


GIRAFFE WORLD: Sets Final Meeting on October 8
----------------------------------------------
Notice is given that the annual and final meeting of Giraffe
World Australia Pty Limited (In Liquidation) and its creditors
will be held at the offices of Ferrier Hodgson, Level 17, 2
Market Street, Sydney on Friday, 8 October 2004 at 10.00 a.m.

The purpose of the meeting is to discuss the report to
creditors/members and the liquidation, generally, and to lay
before the meeting an account showing how the winding up has
been conducted and how the property of the company has been
disposed of.

Dated this 30th day of August 2004

S. J. Sherman
Liquidator
Ferrier Hodgson
Level 17, 2 Market Street,
Sydney NSW 2000.
Telephone: (02) 9286 9999,
Facsimile: (02) 9286 9888


GSA FORMWORK: Final Meeting Slated for October 8
------------------------------------------------
Notice is given that the final meeting of members and creditors
of GSA Formwork (NSW) Pty Limited (In Liquidation) will be held
at Level 1, 32 Martin Place, Sydney, NSW, on Friday, 8 October
2004 at 10:30 a.m.

AGENDA

(1) To consider the account by the liquidators on the conduct of
the winding up and the disposal of the company's property.

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

Dated this 26th day of August 2004

Ron Dean-Willcocks
Liquidator
GSA Formwork (NSW) Pty Limited (In Liquidation)
Star Dean-Willcocks
Level 1, 32 Martin Place,
Sydney NSW 2000
Telephone: 9223 2944


HJF INVESTMENTS: To Hold Final Meeting on October 12
----------------------------------------------------
Notice is given that a final meeting of members of Hjf
Investments Pty Limited (In Voluntary Liquidation) will be held
at Level 3, 63 Market Street, Wollongong NSW 2500, on 12 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 account.

Dated this 25th day of August 2004

P. J. Fitzgerald
Liquidator
KPMG
Level 3, 63 Market Street,
Wollongong NSW 2500
Telephone: 02 4229 2633


HOT FISH: Schedules General Meeting on October 5
------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a general meeting of the Members and
Creditors of Hot Fish Global Pty Ltd (In Liquidation) will be
held at the offices of de Vries Tayeh, Level 3, 95 Macquarie
Street, Parramatta NSW 2150 on Tuesday 5 October 2004 at 11:30
a.m. for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and how the property of the Company has been disposed of, and of
hearing any explanations that may be given by the Liquidator.

Dated this 25th day of August 2004

Riad Tayeh
Liquidator
Level 3, 95 Macquarie Street,
Parramatta NSW 2150


JAMES HARDIE: Asbestos Probe Hopes Lift Shares
----------------------------------------------
Embattled building products firm James Hardie Industries NV saw
its shares climb 6 percent to a two-month high on Wednesday on
hopes that the cost of the asbestos claims issue may now be
quantifiable, Reuters reports.

The sudden surge followed a regulator's investigation into the
asbestos products manufacturer.

The investigation conducted by Australia's Securities and
Investment Commission (ASIC) came after a state government
inquiry that discovered Hardie breached the law and misled
victims and financial markets by underestimating the fund it
would need to recompense thousands of asbestos victims.

Australia reported the highest mortality resulting from exposure
to asbestos, which was used as a fire-retardant in wallboards
and other products, before it was banned in 1984.

The ASIC is "deeply concerned" about the serious corporate
governance issues disclosed in the inquiry report. It assured
the public it would "vigorously pursue breaches of the law".

ASIC Chairman Jeffrey Lucy said the investigation will include
the conduct of executives of the James Hardie group of companies
and associated parties, as well as market disclosures made by
the companies and individuals.

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 inquires to CustomerLink Service Centre on 13 1103.


JAMES HARDIE: Tells Federal Treasurer It Will Pay in Full
---------------------------------------------------------
Federal Treasurer Peter Costello received an assurance from
James Hardie Industries that it would pay in full the legitimate
claims of workers suffering asbestos-related disorders, relates
the Australian Financial Review.

According to Mr. Costello, Hardie confirmed that its revised
compensation scheme would cover workers' entitlements in full.

James Hardie evaded asbestos liabilities in 2001 by transferring
its headquarters offshore and placing the two subsidiary
companies that manufactured asbestos products into a foundation.

"I don't believe any company should be entitled to defeat its
creditors and I don't believe that Hardies should be able to
defeat the legitimate claims of the victims with asbestosis or
mesothelioma," Mr. Costello told the National Press Club.

"I don't think they will, either. From what I have read in the
newspapers - and I haven't read the full report - it is now said
that James Hardie will be fully funding that scheme.

"I have, in fact, personally written to the company and told
them that the government's view is that they should - and have
received assurances from the company that they will."

Opposition treasury spokesman Simon Crean said that if
necessary, the government should devise strategies to protect
the entitlements for death or injury for any workers in the same
predicament as those from James Hardie.

"Some have gone and some will go but what we've got to do is to
ensure that no company can get away with this sort of thing in
the future," Mr. Crean said.


JAMES HARDIE: States Move To Boycott Products
---------------------------------------------
The NSW government said four states and the Northern Territory
are preparing to support a potential boycott of James Hardie
Industries products if the company did not grant the appropriate
compensation for asbestos victims, reports The Australian.

James Hardie yesterday night failed to meet a deadline imposed
by the states to start negotiations with asbestos victims and
unions.

New South Wales Premier Bob Carr on Wednesday suggested banning
Hardie's goods if the company failed to meet its financial
obligations to the victims of asbestos products it once
produced.

The ultimatum followed the release of an inquiry report into the
firm's conduct over the compensation claims, which found some
statements regarding the funding of compensation liabilities
were misleading.

"The (NT) government is supporting Bob Carr's proposal to get
agencies ready for a possible boycott of James Hardie products
if they fail to adequately compensate victims," a spokeswoman
said.

The government was preparing to conduct an audit of James Hardie
products used, she added.


LABOR CALL: To Hold Final Meeting on October 12
-----------------------------------------------
Notice is hereby given that pursuant to Section 509(2) of the
Corporations Act 2001, the Final Meeting of Members and
Creditors of Labor Call Pty. Limited (In Liquidation) will be
held at the offices of Bentleys MRI Sydney Business Recovery &
Insolvency Partnership, Level 8, Barrack House, 16-20 Barrack
Street, Sydney NSW on Tuesday 12 October 2004 at 10:00 a.m. for
the purpose of laying before the meeting the Liquidators' final
account and report and giving any explanation thereof.

Dated this 27th day of August 2004

Ozem Kassem
Liquidator
Telephone: (02) 8221 8433,
Facsimile: (02) 8221 8422


METRO GROUP: Final Meeting Set October 7
----------------------------------------
Notice is given that a final meeting of members and creditors of
Metro Group Services Pty Limited (In Liquidation) will be held
at the offices of Ferrier Hodgson Level 17, 2 Market Street,
Sydney, NSW 2000 on Thursday, 7 October 2004 at 10:00 a.m.

AGENDA

(1) The purpose of the meeting is for creditors and members to
receive an account of the liquidators' acts and dealings and the
conduct of the winding up.
(2) Any other business properly brought before the meeting.

Dated this 27th day of August 2004

M. C. Donnelly
Liquidator
Ferrier Hodgson
Level 17, 2 Market Street,
Sydney NSW 2000


NOAL INTERNATIONAL: To Declare Priority Dividend
------------------------------------------------
A priority dividend is to be declared on 2 November 2004 for
Noal International Pty Limited (In Liquidation).

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

Dated this 31st day of September 2004

ROBERT MOODIE
Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


ONTRAK RAILWAY: Issues Notice to Declare Final Dividend
-------------------------------------------------------
An interim dividend is to be declared on the 13 October 2004 for
Ontrak Railway Engineers Pty Limited (In Liquidation).

Creditors whose debts have not already been admitted are
required on or before 22 September 2004 to 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

S. J. Parbery
Official Liquidator
c/- PPB
15th Floor, 25 Bligh Street,
Sydney NSW 2000
Telephone: 9233 4955
Facsimile: 9221 1310


PARMALAT AUSTRALIA: To Shut Warwick Factory
-------------------------------------------
Parmalat Australia revealed Wednesday a decision to close down
its Warwick soft cheese and butter factory within the next six
months, The Australian says.

The struggling dairy goods manufacturer decided on the move,
citing skyrocketing production costs, small volumes and market
trends.

Parmalat Managing Director David Lord said that although the
closure will affect 44 employees, the company had no plans for
any further rationalization of its Australian assets.

According to Mr. Lord, the Australian operations in its entirety
are not for sale but utilization of the local assets will be
decided by the management in the best interests of the
shareholders.

Parmalat's General Manager of National Operations Gordon
Armstrong said the firm did everything to turn the Warwick
facility into a viable operation since purchasing the site
almost six years ago. However, the Warwick products, which
include cottage cheese, Camembert, Brie and butter, are low in
volume and compete in small market segments.

"It is important to realize that all of the local farmers will
still see us at the farm gate collecting their milk, which will
be processed at our Labrador plant and Pauls milk will still be
available through all the existing retailers in Warwick," Mr.
Armstrong said.

"We realize that it will impact on the Warwick community and our
employees on site, that is why we have offered redundancy
packages with a generous lead-time.

"While there will be some positions available at our Brisbane
plant, we acknowledge that many employees may wish to stay in
Warwick.

"For those who can not take up the offer in Brisbane, we will
run outplacement programs and training on site."

Parmalat Australia, which owns the Queensland-based Pauls milk,
is just one of 130 plants around the world operated by
struggling Italian parent Parmalat Finanziaria, which has been
the subject of a US$4.9 billion fraud investigation.

Despite its parent's plight, Parmalat Australia has been
conducting "business as usual" and brushing off speculation that
it could be sold to help pay creditors.

CONTACT:  

PARMALAT AUSTRALIA
Katie Bickford
Phone: (07) 3230 5000
Or 0417 763 741
Damien Jones
Phone: (07) 3230 5000
Or 0413 339 727


SENTRA CONSTRUCTIONS: Creditors Must Prove Claims by October 7
--------------------------------------------------------------
A first dividend is to be declared on 14 October 2004 for Sentra
Constructions Pty Limited (Subject To A Deed Of Company
Arrangement).

Creditors whose debts or claims have not already been admitted
are required on or before 7 October 2004 to prove their debts or
claims. If they do not, they will be excluded from the benefit
of the dividend.

Dated this 1st day of September 2004

K. M. Whittingham
Deed Administrator
16th Floor, 25 Bligh Street,
Sydney NSW 2000


TARGET NOMINEES: Sets Final Members Meeting on October 11
---------------------------------------------------------
Notice is given that a final meeting of members of Target
Nominees Limited (In Voluntary Liquidation) will be held at
Level 9, 10 Shelley Street, Sydney, 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 account.

Dated this 26th day of August 2004

D. J. Levi
Liquidator
deVries Tayeh
Level 7, 33 Bligh Street,
Sydney NSW 2000.
Telephone: 9225 1200


WOODSIDE PETROLEUM: Oil Price Hike Drives Shares Up
---------------------------------------------------
Shares of Woodside Petroleum leaped Tuesday as oil prices surged
above US$46 per barrel for the first time in a month, The West
Australian reports.

The price hike came after reports that Russia's troubled oil
giant Yukos had suspended shipments to China, where demand is
very high.

The timing of the oil price and the excitement over a massive
deepwater exploration drilling in Mauritania drove Woodside's
stocks to an all-time high reaching $19.23.

In addition, a report by international broking house UBS, which
lifted its 12-month price target for oil and gas company 5
percent to $21.24, added to the positive sentiment surrounding
Woodside.

The report said the Mauritanian drilling program had the
potential to add as much as $4.30 to Woodside's stock.

Woodside and its main Australian partners, Hardman Resources and
Roc Oil, have embarked this month on a $250 million-plus
deepwater drilling program.

CONTACT:

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


==============================
C H I N A  &  H O N G  K O N G
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CHINA CONSTRUCTION: Appoints Japanese Executive as Manager
----------------------------------------------------------
A new addition was made to the board members of China
Construction Bank (CCB), reports Jiji Press.

Masamoto Yashiro, president of Japan's Shinsei Bank, has been
appointed an outside board member of the state-owned commercial
bank.

Mr. Masamoto is among two outside directors who have been
appointed following CCB's conversion into a stock company on
Tuesday.

He was chosen in the hopes that his accomplishments in Shinsei
Bank's revitalization and stock listing will benefit CCB. He is
the first executive officer in the Japanese banking industry to
be chosen by a Chinese financial institution as an outside
director.

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: May Sell 20% Stake in IPO
----------------------------------------------
Bank of Communications plans to raise US$2 billion by selling a
20-percent stake in an initial public offering (IPO) as early as
this year, relates Bloomberg News.

The bank is considering selling 8 percent of the shares to
investors in China, and the same amount to Hong Kong and global
investors. HSBC Holdings Plc, which acquired one-fifth of Bank
of Communications last month for US$1.75 billion, may also
purchase 4 percent of the company to keep its holding at 20
percent.

The intended IPO by Communications Bank will test investor
sentiment in an industry where second-quarter lending rose 14
percent, even after the government-restricted loans to slow the
economy.

CONTACT:

Bank of Communications
24-hour Customer Service Hotline: 2269 9699
Mailing Address: 20 Pedder Street, Central, Hong Kong
E-mail addresses
General Inquiry: enquiry@bankcomm.com.hk


HONEST TIME: Court Issues Winding Up Notice
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Honest Time Enterprises Limited by the High Court of Hong Kong
Special Administrative Region was on the 2nd day of September
2004 presented to the said Court by Bank of China (Hong Kong)
Limited (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 be heard before the Court at 9:30am on
the 13th day of October 2004.

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

Chu & Lau
Solicitors for the Petitioner
2nd Floor, The Chinese General Chamber of
Commerce Building, No. 24-25 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 12th day of
October 2004.


NEW WORLD: Expects To Book HK15.9Mln Loss
-----------------------------------------
New World TMT expects to book a loss of HK15.9 million this year
from the sales of shares in a mainland software firm, says The
South China Morning Post.

In a statement to the Hong Kong Stock Exchange, the company said
that the loss would be incurred from the sale of 551,153 shares
back to LinkAir, an independent chipset equipment and software
developer in China, for HK$50.7 million, a price below its
carrying value of HK$66.6 million.

The stake, amounting to 21.2 pc of LinkAir's issued share
capital, was originally held by New World TMT's wholly owned
unit Supreme View and 66.66 per cent-owned Milestone. The
connected transaction, which is awaiting approval by China's
Ministry of Commerce, will leave Supreme View with a 5 per cent
stake in LinkAir.

New World TMT bought LinkAir shares in 2000 and the company had
not contributed any sales to New World TMT in 2002 and 2003.

CONTACT:

New World TMT Limited
21/F, Office Tower, Convention Plaza,
1 Harbour Road, Wanchai, Hong Kong
Phone : (852) 3181 6333
Fax : (852) 2525 9530
Email: info@nwtmt.com


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

The said Petition will be heard before the Court at 9:30 am on
the 13th day of October 2004.

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

Gallant Y. T. Ho & Co
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
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 12th day of
October 2004.


TECHNIQUE DECORATION: Court to Hear Winding Up Proceedings
----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Technique Decoration & Engineering Company Limited by the High
Court of Hong Kong Special Administrative Region was on the 26th
day of August 2004 presented to the said Court by Fung, Wong, Ng
& Lam of Room 8, 4th Floor, New Henry House, 10 Ice House,
Street, Central, 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.

Messrs. Fung, Wong, Ng & Lam
Solicitors for the Petitioner
Rooms 8, 4th Floor, New Henry House
No. 10 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.


WING KAI: Enters Bankruptcy Proceedings
---------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wing Kai Textiles Company Limited by the High Court of Hong Kong
Special Administrative Region was on the 8th 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 be heard before the Court at 9:30 am on
the 27th 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.

Gallant Y. T. Ho & Co
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
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 26th day of
October 2004.


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


PERTAMINA: Settles Sukowati Dispute with Two Oil Firms
------------------------------------------------------
PT Pertamina, PetroChina and ExxonMobil Corporation moved to
settle temporarily their dispute regarding the operation and
profit sharing of the Sukowati oil field, reports The Jakarta
Post.

Under the revenue sharing scheme, U.S. firm ExxonMobile would
reap 80 percent of the revenue, while the other 20 percent would
go to JOB Tuban, a joint venture led by China's Petrochina and
state-owned Pertamina.

Ministry of Energy director-general of oil and gas Arifin
Takhyan disclosed the related parties have agreed on the 80:20
production split for Sukowati. The ministry has appointed JOB
Tuban as the operator as they are the most ready to start
production.

The dispute revolves around production tests currently being
conducted by JOB Tuban at the Sukowatei oil field in East Java,
believed to have oil reserves of 25 million barrels.

Reportedly, around 85 percent of the resources lie in the
ExxonMobil-owned Cepu block and the remaining 15 percent in the
adjacent Tuban block, owned by JOB Tuban.

Just recently, Pertamina refused to extend ExxonMobil's contract
on the Cepu block due to expire in 2010.

JOB Tuban had drilled about 170,000 barrels from the Sukowati
field as of August.

However, both parties need to sign a new agreement as the
existing revenue sharing system expires in the next two months.
The parties need to appoint one independent consultant to review
how the profit should be apportioned.

The final scheme would be likely based on how much volume each
party owned, Mr. Arifin said.

CONTACT:

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


TEXMACO GROUP: JSX To Delist Two Units Next Month
-------------------------------------------------
Textile maker PT Texmaco Jaya and plastic producer PT Wahana
Jaya Perkasa, two units of the Texmaco Group, will be delisted
from the Jakarta Stock Exchange next month as the two ailing
firms are unable to sustain their operations, The Jakarta Post
says.

However, JSX will exclude Texmaco's two other units, engineering
firm PT Texmaco Perkaksa Engineering and textile company PT
Polysindo Eka Perkasa, from the planned delisting because they
still have viable businesses.

After a meeting with the management of Texmaco Jaya and Wahana
last month, the bourse had come to the conclusion that their
operations could no longer be sustained.

"Of the four Texmaco companies, we have decided to delist two of
them because of chronic problems with their financial accounts
and their gloomy business prospects. Currently, we are still
processing their delisting," JSX listing director Harry Wiguna
said.

Mr. Wiguna explained that the decision came amid uncertainty
over the fate of the Texmaco's debt restructuring both with
private and government creditors.

The Texmaco Group owes the government more than US$3 billion and
overseas creditors about US$1.4 billion.

Mr. Wiguna, likewise, revealed the Capital Market Supervisory
Agency (Bapepam) had mandated JSX not to force Texmaco Jaya and
Wahana to repurchase the shares, since it would only burden the
government, which currently controls the two companies.

Earlier, the state refused to infuse more fund into Texmaco,
which said previously it required at least US$200 million to
turn its business around.


* Indonesia Passes New Bankruptcy Law
-------------------------------------
A revised law that prevents creditors from filing bankruptcy
suits against solvent banks and insurance companies was passed
by the parliament on Wednesday, the Associated Press relates.

The law is expected to protect investors, some of whom have been
declared bankrupt by district courts despite being solvent after
Indonesian creditors filed vindictive petitions against them.

"I believe the law will satisfy all parties as it will provide
certainties for investors to do business in Indonesia," Justice
Minister Yusril Ihza Mahendra said.

Under the new law, only the finance minister can lodge a
bankruptcy petition against insurance companies and state-owned
service firms in commercial courts. Meanwhile, only the attorney
general and the central bank are authorized to file petitions
against banks.

The existing bankruptcy law allows any creditor to file a
bankruptcy petition in commercial courts.

Early this year, a very solvent local unit of British insurer
Prudential PLC received a bankruptcy verdict from Jakarta's
Commercial Court because it refused to pay the bonuses of a
former sales agent.

Two years ago, the Indonesian unit of Canadian insurer Manulife
Financial Corporation faced the same issue when it was declared
bankrupt by the same court over a small claim.


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


AOZORA BANK: Fitch Upgrades Ratings
-----------------------------------
Fitch Ratings, the international rating agency, yesterday raised
the Long-term debt rating of Aozora Bank to 'BBB' with a Stable
Outlook and the Individual rating to 'C' from 'C/D'. The bank's
Short-term and Support ratings are affirmed at 'F2' and '3'
respectively.

Aozora's new and affirmed ratings are as shown below.

Long-term 'BBB', Outlook Stable;
Individual rating 'C';
Short-term 'F2'; and
Support '3'.

These rating actions reflect Aozora's strong capitalization,
much improved asset quality, excellent loan loss reserve
coverage and acceptable bottom line performance. They also take
into consideration the still-challenging operating environment
for banks in Japan and concentrated nature of the bank's risks
and revenues.

New top management was installed in Aozora and a thorough review
of strategy, systems and portfolios was conducted with the
assistance of external consultants following U.S. based
investment fund Cerberus's purchase of majority interest in
Aozora in early 2004. As a result, some diversification of the
bank's previous lending concentration is being effected, new
products and services are being introduced and its overall
customer base is being broadened. Fitch notes that corporate
governance is given close attention by top management and the
board of directors.

While Aozora's profitability remains modest by international
standards, adjusted for its 10% equity ratio, performance is
acceptable. Furthermore, net return on common equity for fiscal
2003/04 was respectable at over 10% and is projected to further
improve this year. The bank has consistently met or exceeded its
revenue, cost and profitability projections over the past three
years and we expect that it will do so again this year.

Aozora has greatly improved the quality of its loan portfolio.
As of end-March 2004, disclosed problems declined to 3.0% of
total loans, less than half the average for the major Japanese
banking groups. Although the put-option which allowed the bank
to transfer problem assets to Japan's Resolution and Collection
Corporation ("RCC") has expired, Aozora's loan loss reserve
coverage of disclosed problems at 182% is very strong by both
domestic and international standards.

The bank has minimal equity holdings and thus is not exposed to
volatile stock prices. However, through its commercial and
investment banking, fixed income and trading activities Aozora
is exposed to a variety of interest rate and other types of
market risks. Fitch believes these risks to be well-managed and
modest in relation to capital.

Capital ratios continue to strengthen through retained earnings
and reduced asset totals. The equity ratio of 10.2% and Tier 1
ratio of 15.0% (as at end-March 2004) are very strong by
international standards. Approximately 52% of Aozora's total
equity is in the form of preferred shares held by Japan's
Deposit Insurance Corp. ("DIC") and by its subsidiary the RCC.
Aozora's funding is increasingly diversified through debentures,
deposits, money markets, repos and securitization, mostly from
retail clientele as well as regional banks, government agencies
and corporations to which the bank has on-going, long-term ties.

Fitch notes that Aozora lacks the economies of scale of its
larger competitors. Its strategy is based on utilizing its
strong capital base, relationships with regional financial
institutions and expertise in lending and providing specialized
services to SMEs to generate profits.

CONTACT:

Aozora Bank, Ltd.
3-1, Kudan-minami 1-chome,
Chiyoda-ku, Tokyo 102-8660,
Japan
Phone: 03-3263-1111


MITSUBISHI FUSO: Recalls 187,000 Buses, Trucks
----------------------------------------------
In a report submitted to the Ministry of Land, Infrastructure
and Transport, Mitsubishi Fuso Truck and Bus Corporation stated
it is recalling an additional 187,000 buses and trucks for free
replacement of faulty doors and seats, says Japan Today.

Subject to the recall are vehicles manufactured between July
1974 and June this year.

Last week, the scandal-hit truck maker announced it has started
undertaking measures to address the cause of cracks that develop
in the clutch housing of its large trucks. The work is expected
to be completed by the end of November.

CONTACT:

Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111


MITSUBISHI HEAVY: Receives Fertilizer Plant Order from Oman
-----------------------------------------------------------
Mitsubishi Heavy Industries, Ltd. announced on September 21
that, with support by Sojitz Corporation, it has received an
order from Sohar International Urea & Chemical Industries
S.A.O.C. (SIUCI) to construct a fertilizer complex at Sohar.

The order, in the amount of approximately US$500 million, marks
MHI's first plant consignment in the Sultanate of Oman. The
facility is scheduled to commence commercial operation in the
first quarter of 2008.

The plant will be located within the Sohar Industrial Area,
approximately 260 kilometers northwest of Muscat, the capital.
The port and infrastructure of the Sohar site was developed
through an untied loan from the Japan Bank for International
Cooperation (JBIC).

MHI has completed six large-scale ammonia/urea plant
construction projects overseas in the past 15 years. The latest
order from Oman is seen as a reflection of SIUCI's strong
evaluation of the company's delivery record and technological
expertise in this area.

CONTACT:

Mitsubishi Heavy Industries, Ltd.
16-5, Konan 2-chome, Minato-ku
Tokyo, 108-8215, Japan
Phone: +81-3-6716-3111
Fax: +81-3-6716-5800
Website: http://www.mhi.co.jp


MITSUBISHI MOTORS: Renews Ties With DaimlerChrysler
---------------------------------------------------
Mitsubishi Motors Corporation (MMC) and U.S.-German automaker
DaimlerChrysler AG has inked a new contract, renewing the two
firms' commitment to combine production and development
projects, says the Associated Press.

The move brushed off rumors that embattled MMC is planning to
cut ties with DaimlerChrysler, which in April refused to inject
more capital into the troubled Japanese automaker.

Daimler spokesman Toni Melfi said in a telephone conference,
"It's a new contract (but) we have only confirmed all the
ongoing projects." He did not disclose details of the contract.

Mr. Melfi affirmed the joint projects include the construction
of a "world engine", which is shared between the Mitsubishi Colt
and DaimlerChrysler's SmartForFour, and development of a mid-
class car platform.

CONTACT:

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


TSUCHIYA KAGUTEN: Enters Bankruptcy
-----------------------------------
According to Teikoku Databank America, furniture retailer
Tsuchiya Kaguten K.K. has entered bankruptcy. The firm, based in
Ichikawa-Shi, Chiba 272-0034, has total liabilities of US$58.33
million.

For more information, visit http://www.teikoku.com/.


UFJ HOLDINGS: Issues Statement Regarding Media Report
-----------------------------------------------------
UFJ Holdings, Inc. issued the following statement in response to
media reports published on September 22:

'Even though some media reported that UFJ Bank Limited (UFJ
Bank), a subsidiary of UFJ, decided to request Industrial
Revitalization Corporation of Japan for support to Daikyo
Incorporated (Daikyo), there is no decision at UFJ Bank yet made
at the present moment. UFJ Bank appreciates Daikyo's move toward
accelerating restructuring and continues to support Daikyo as a
primary bank'.

CONTACT:

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


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


HYNIX SEMICONDUCTOR: S&P Retains CreditWatch Positive Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said Tuesday that its 'CCC+'
long-term corporate credit rating on Hynix Semiconductor Inc.
(Hynix) remains on CreditWatch with positive implications,
despite the announcement of the discovery of accounting
irregularities totaling KRW2 trillion Korean, mainly in the form
of overstating assets by misclassifying expenses between 1996
and 1999.

The 'CCC+' long-term corporate and senior unsecured debt ratings
on Hynix Semiconductor Manufacturing America Inc. also remain on
CreditWatch with positive implications.

The ratings were placed on CreditWatch on June 2, 2004,
following the announcement by Hynix's creditor banks that they
had accepted an increased offer from Citigroup to purchase
Hynix's remaining nonmemory chip division.

"Any ruling by the Securities & Futures Commission over the
accounting irregularities is not expected to substantially
undermine Hynix's access to liquidity," said Standard & Poor's
credit analyst Eun Jin Kim.

"Furthermore, the irregularities occurred under Hynix's previous
management, who are no longer with the company, and the
Financial Supervisory Service has announced that adjustments
have been made for the misstatements," Ms. Kim added.

In addition, Standard & Poor's does not expect this event to
lead to any disruptions in Hynix's operations.  

In resolving the CreditWatch status, Standard & Poor's will
assess the terms of the sale of the nonmemory business, which
should be completed in the next few weeks, and Hynix's long-term
ability to generate cash flow from its core memory business to
meet investment requirements and debt repayments. Any upgrade is
likely to be within one notch.

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: To Pick New Head At Special Meeting
-------------------------------------------------
Kookmin Bank said its board of directors is set to pick a
president during its special shareholders meeting scheduled for
October 29, Asia Pulse reports, citing Yonhap News.  

"As the board of directors meet on October 11, we will have to
select the candidate before then," said a member of the bank's
presidential recommendation committee.

The committee member said they are not putting limits on the
qualifications for the candidate.

"We don't have any restrictions concerning the background of the
candidate, who could be someone not only from outside the bank,
but could also be a foreigner," he said.

This week, the bank has picked five additional members of the
recommendation committee to reflect more diverse opinions to
pick a worthy candidate.

Kim Jung-tae, outgoing President of Kookmin Bank is barred from
seeking reelection due to accounting irregularities he is
currently involved in.  Bank presidents are barred from seeking
a second term if levied with a disciplinary warning or severer
punishments.  

Mr. Kim's term will end on October 31.

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: Excluded from Constituents of KOGI
------------------------------------------------
A Korea Stock Exchange announcement dated September 22, 2004
disclosed that Kookmin Bank(A060000) has to be excluded from the
constituents of KOGI (Korea Corporate Governance Stock Price
Index) on September 23 because it was submitted to a
disciplinary measure from the Financial Supervisory Commission.

Replacement
-Korea Exchange Bank (A004940)


LG INVESTMENT: Woori Signs KRW297.6Bln Contract for Stake
---------------------------------------------------------
Woori Finance Holdings Co. has inked a KRW297.6 billion contract
to buy a controlling stake in LG Investment & Securities Co.,
reports Dow Jones.

"Creditor banks approved the deal Wednesday and we signed a
contract earlier this morning," said Hwang Young-Key, chairman
of the group, at a press briefing announcing its acquisition.
"The takeover will be the starting point for us to expand our
non-banking operations."

The agreement constitutes Woori Finance's purchase of 25.87
million common shares, equivalent to a 21.2-percent stake to
boost its non-banking operations.

Woori will then merge LG Investment with its unit Woori
Securities Co. as early as year end or by February next year at
the latest, says Mr. Hwang.

As part of the bailout for LG Card, LG Investment has to sell
its 21.2-percent stake.  Proceeds from the stake sale will be
used to help normalize LG Card's business.

CONTACT:

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


SK GROUP: Chairman Out on KRW100Mln Bail
----------------------------------------
SK Group Chairman, Son Kil-seung was released on bail Wednesday,
reports Asia Pulse, citing Yonhap News.

Mr. Son's request for bail was approved by the High Court,
citing the need for a careful approach on his upcoming
appellate-court hearing.  The bail paid by Mr. Son amounted to
KRW100 million (about US$87,000).

According to court officials, Mr. Son spent nearly nine months
in jail following his arrest for bribery and other charges in
July. He was sentenced to a three-year suspended jail term and
was fined KRW40 billion for masterminding illegal intra-
subsidiary transactions and tax evasion and violation of the
political fund law.

"With the legal deadline for Son's detention set to expire on
Nov. 7, we determined that it would be difficult to carry out a
sufficient deliberation on his case in that relatively short
time frame," said the high court.

"Complying with the Supreme Court's previous rulings to the
effect that breach of trust in corporate management is very
difficult to prove, we decided to try Son's case without
physical detention."

Mr. Son was convicted for illegally funding both the ruling and
opposition parties during the 2002 presidential elections and
was also convicted of tax evasion valued at KRW38 billion in
corporate taxes.

CONTACT:

SK Group
99 Seorin-dong, Jongro-gu
Seoul, 110-110, South Korea
Phone: +82-2-2121-5421
Fax: +82-2-2121-7009
Website: http://www.sk.com


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


BERJAYA SPORTS: Purchases 500,000 Shares on Buy Back
----------------------------------------------------
Berjaya Sports Toto Berhad disclosed to Bursa Malaysia
Securities Berhad the details of its shares buy back dated
September 22, 2004.
   
Description of shares purchased:  ordinary shares

Total number of shares purchased (units): 500,000

Minimum price paid for each share purchased (RM): 3.900

Maximum price paid for each share purchased (RM): 3.920

Total consideration paid (RM): 1,962,869.80

Number of shares purchased retained in treasury (units): 500,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 56,750,000

Adjusted issued capital after cancellation (no. of shares)
(units):  
   
The number of shares with voting rights in issue after the above
shares buy back is 981,774,632.

CONTACT:

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


BOUSTEAD HOLDINGS: Issues Additional 286,000 Shares for Listing
---------------------------------------------------------------
Boustead Holdings Berhad advised in a disclosure to Bursa
Malaysia Securities Berhad, that its additional 286,000 new
ordinary shares of RM0.50 each issued pursuant to the Employees
Share Option Scheme will be granted listing and quotation
effective 9:00 a.m., Friday, 24 September 2004.

CONTACT:

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


DATAPREP HOLDINGS: Details Stock Name Changes
---------------------------------------------
Dataprep Holdings Berhad issued to Bursa Malaysia Securities
Berhad that its securities will be quoted under the new Stock
Short Names effective 9:00 a.m., Friday, 24 September 2004.

Type of Securities  Old Stock         New Stock
                    Short Name        Short Name

Ordinary Shares    DPREP              DATAPRP

Warrants           DPREP-WA           DATAPRP-WA

Irredeemable
Convertible
Unsecured
Loan Stocks
(ICULS)
2002/2005          DPREP-LA           DATAPRP-LA

ICULS 2002/2007    DPREP-LB           DATAPRP-LB

The Stock Numbers remain unchanged.

CONTACT:

Dataprep Holdings Berhad
Lot 69-73, Jalan Setiabakti
Bandar Damansara
50490 Kuala Lumpur, WP
Malaysia
Tel no: 603-2539625
Fax no: 603-2539620


GULA PERAK: Bursa Malaysia Grants Listing of 25,200 New Shares
--------------------------------------------------------------
Gula Perak Berhad in a disclosure to Bursa Malaysia Securities
Berhad advised that its additional 25,200 new ordinary shares of
RM1.00 each issued pursuant to conversion of 25,500 irredeemable
convertible secured loan stocks into 25,200 new ordinary shares
will be granted listing and quotation effective 9:00 a.m.,
Friday, 24 September 2004.

CONTACT:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Telephone: 03-4044 2828
Fax: 03-4044 6688


GULA PERAK: All Resolutions Approved During AGM
-----------------------------------------------
The Board of Directors of Gula Perak Berhad (GPB) are pleased to
announce to Bursa Malaysia Securities Berhad that the
shareholders of the Company have on Wednesday's AGM (22
September 2004) approved all the resolutions set out in the
Notice of AGM.

By order of the Board
Datuk Rahim bin Baba
Executive Chairman
Kuala Lumpur
22 September 2004


K.P. KENINGAU: Issues Update on Practice Note
---------------------------------------------
K.P. Keningau Berhad Issued To The Bursa Malaysia Securities
Berhad An Announcement Pursuant To Practice Note No: 4/2001
(First Announcement).  

(1) INTRODUCTION

In compliance to Paragraph 4.1 of the Practice Note: 4/2001
(PN4/2001) which sets out the criteria and obligations pursuant
to Paragraph 8.14 of the Listing Requirements of Bursa Malaysia
Securities Berhad, the Board of Directors of KPK hereby announce
that based on the unaudited quarterly result of KPK and its
subsidiary companies (KPK Group) for the financial year ended 31
July 2004, there is a deficit in the adjusted shareholders' fund
on a consolidated basis amounting to RM5.1 million.

(2) OBLIGATIONS OF KPK PURSUANT TO PN4/2001

Pursuant to the PN4/2001, KPK as an affected listed issuer is
required to comply with the following:

(i) Announce the status of its plan to regularize its financial
condition on a monthly basis until further notice from the Bursa
Malaysia;

(ii) Announce its compliance or failure to comply with a
particular obligation imposed pursuant to
PN4/2001 as and when such obligation becomes due;

(iii) Submit monthly reports (Monthly Reports) accompanied by
statutory declaration duly executed by its Board of Directors or
two [2] Directors authorized by the Board in the prescribed
format to Bursa Malaysia within ten [10] market days from end of
the month reported upon and must continue to be submitted until
further notice from Bursa Malaysia;

(iv) Make an announcement (Requisite Announcement) to the Bursa
Malaysia of a plan to regularize its financial condition within
six [6] months from the date of the First Announcement;

(v) Submit its plan to regularize its financial condition to the
relevant Authorities for approval, including the Securities
Commission (where applicable) within two (2) months from the
date of the Requisite Announcement or the date of the First
Announcement (whichever is applicable); and

(vi) Obtain all approvals necessary for the implementation of
its plan to regularize its financial condition within four (4)
months from the date of submission of such plan for approval.

(3) CONSEQUENCE OF NON-COMPLIANCE WITH THE OBLIGATIONS

In the event KPK fails to comply with any of the obligations
imposed on it by Bursa Malaysia under PN4/2001, KPK may be
regarded as a company whose financial condition does not warrant
its continued trading and/or listing. In this regard, the
trading of shares of KPK on Bursa Malaysia may be suspended
and/or KPK may be de-listed from the Official List of Bursa
Malaysia.

(4) APPOINTMENT OF MONITORING ACCOUNTANT

KPK is not required to appoint a monitoring accountant as the
criteria set out under paragraph 6.1 of PN4/2001 does not apply.

(5) STATUS OF PLAN TO REGULARIZE FINANCIAL CONDITION

The Board of Directors of KPK is currently in deliberation
working towards formulating a Proposed Corporate Restructuring
Scheme to address its financial condition under PN4/2001. Once
it is completed the Requisite Announcement outlining the
Proposed Restructuring Scheme shall be made to Bursa Malaysia
and appropriate submission made to the governing Authorities for
approvals.

This announcement is dated 22 September 2004.


CONTACT:

K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor
Telephone: 03-7784 3922
Fax: 03-7784 1988


MALAYSIAN RESOURCES: Issues Updated On Proposed Joint Venture
-------------------------------------------------------------
Further to Malaysian Resources Corporation Berhad's announcement
to Bursa Malaysia Securities Berhad on 28 April 2004, the
company is pleased to announce that the Foreign Investment
Committee via its letter dated 20 September 2004 has stated that
they have no objection to the Proposed Joint Venture with United
Malayan Land Berhad to form a joint venture company to acquire
Lot L from Kuala Lumpur Sentral Sdn Berhad.

The Company also announced that all conditions precedent to the
joint venture and shareholders' agreements arrangement between
the Company and United Malayan Land Berhad and the conditional
sale and purchase agreement between the joint venture company,
Panorama Prominent Sdn. Bhd. and Kuala Lumpur Sentral Sdn. Bhd.
in relation to the proposed acquisition of Lot L, have
accordingly become unconditional effective Wednesday.


MBF CORPORATION: Completes Disposal of 50% Equity Interest
----------------------------------------------------------
MBf Corporation Berhad (MBf Corp) issued to Bursa Malaysia
Securities Berhad an update in relation to the Proposed Disposal
of 50 percent equity interest in Nation Holdings Sdn Bhd to
Hasrat Mulia (M) Sdn Bhd (Proposed Disposal).

Pursuant to the announcement made on 5 January 2004, MBf Corp
wishes to announce that its Proposed Disposal of 50 percent
equity interest in Nation Holdings Sdn Bhd to Hasrat Mulia (M)
Sdn Bhd (Purchaser) for a cash consideration of RM750,000 has
been completed on 22 September 2004.

The approval from the Foreign Investment Committee on the
Proposed Disposal has been obtained by the Purchaser.

Yours faithfully,
MBf Corporation Berhad
Lau Cheong Koon
Company Secretary


MTD CAPITAL: Updates Proposed Acquisition of 1,296,556 Shares
-------------------------------------------------------------
MTD Capital Berhad issued to Bursa Malaysia Securities Berhad an
update on the Proposed Acquisition Of 1,296,556 Ordinary Shares
of RM1.00 Each Representing 7.8 percent Equity Interest in
Rangkaian Segar Sdn Bhd (RSSB) From Antara Consolidated Sdn Bhd
For A Purchase Consideration of RM13,613,838 To Be Satisfied
Entirely In Cash (Proposed Acquisition).  

The company refers to the announcement dated 5 July 2004.

MTD Capital Bhd wishes to announce that the Foreign Investment
Committee had via its letter dated 16 September 2004, which was
received by the Company on 21 September 2004, stated that it has
no objection to the Proposed Acquisition.

This announcement is dated 22 September 2004.

CONTACT:

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


PPB GROUP: Unit Voluntarily Winds Up
------------------------------------
Pursuant to Part J, Paragraph 9.19 of the LR of Bursa Malaysia
Securities Berhad, PPB Group Berhad (PPB) announced that a
special resolution for a members' voluntary winding-up of
Leisure Bowl Centres Sdn Bhd (LBC), an indirect subsidiary of
PPB, had been passed at an Extraordinary General Meeting of LBC
held on 22 September 2004.

Mr. Tang Kin Kheong and Ms. Gan Morn Ghuat of Messrs Moores
Rowland have been appointed liquidators of LBC.

LBC is a wholly owned subsidiary of Leisure Bowl Holdings Sdn
Bhd, in which PPB has 100 percent equity interest held through
PPB Leisure Holdings Sdn Bhd.

LBC has ceased business operations in June 2003.


QUALITY CONCRETE: Details Disposal and Acquisition of Securities
----------------------------------------------------------------
The Board of Directors of Quality Concrete Holdings Berhad
announced on Bursa Malaysia Securities Berhad that it has
entered into the following disposals and acquisitions of quoted
securities, on various dates as listed below, and for diverse
considerations.

(1) Please refer to Appendix I for particulars of quoted shares
acquired or disposed off for the past 12 months.

To view a full copy of Appendix I, click
http://bankrupt.com/misc/QUALITYCONCRETE092204.pdf

(2) Aggregate value of consideration for transactions on 21st
September 2004: RM928,041

This value represents the aggregate of actual sales and purchase
proceeds received and paid respectively.

(3) Effect of the transactions on Company:

NTA per share as at 31 January 2004 RM2.2364
NTA per share after the transactions RM2.2132
Loss per share RM0.0046

The Company has on 21st September, 2004:

(1) acquired 30,000 ordinary shares of RM1.00 each in PBBANK.
(2) acquired 10,000 ordinary shares of RM1.00 each in MPHB.
(3) disposed off 40,000 ordinary shares of RM1.00 each in AMFB.
(4) disposed off 800,000 ordinary shares of RM1.00 each in APLI.

The Board will continue to monitor market conditions on Bursa
Malaysia and will make appropriate disclosures from time to time
in compliance with Bursa Malaysia.


RNC CORPORATION: Unveils Resolutions of AGM
-------------------------------------------
The Board of Directors informed Bursa Malaysia Securities Berhad
that the following resolutions have been approved by the
Shareholders of RNC Corporation Berhad at the 34th Annual
General Meeting of the Company held on 22 September 2004 at
10:30 a.m.:
  
(1) The Financial Statements for the year ended 31 March 2004
together with the Reports of the Directors and Auditors were
received and adopted.
  
(2) The payment of Directors' fees of RM72,000.00 for the year
ended 31 March 2004 was approved.
  
(3) Mr. Lee Kien Fatt, the Director retiring pursuant to Article
98 of the Company's Articles of Association, was re-elected to
the Board.
  
(4) Mr. Kang Ching Hong, the Director retiring pursuant to
Article 98 of the Company's Articles of Association, was re-
elected to the Board.
  
(5) Messrs KPMG was re-appointed as Auditors of the Company and
the Directors were authorized to fix their remuneration.

CONTACT:

RNC Corporation Berhad
20/F East Wing Plaza Permata
Jalan Kampar Off Jalan Tun Razak, 50400 Kuala Lumpur Wilayah
Persekutuan
MALAYSIA
Telephone: +60 3 4043 9411
Telephone: +60 3 4043 1233


SUNWAY HOLDINGS: SC Extends Implementation of Proposed Disposals
----------------------------------------------------------------
Sunway Holdings Incorporated Berhad issued to Bursa Malaysia
Securities Berhad the voluntary general offer by Commerce
International Merchant Bankers Berhad (CIMB), in behalf of
SUNINC, to acquire the remaining ordinary shares of RM1.00 each
in Sunway Construction Berhad (SUNCON) (SUNCON shares) which are
not already owned by SUNINC.

And such number of new SUNCON shares that may be issued pursuant
to the exercise of any options granted under SUNCON's employees'
share option scheme (ESOS) (offer shares) at an offer price of
RM2.73 comprising a cash price of RM1.10 and one (1) ordinary
share of RM1.00 in SUNINC at an issue price of RM1.63 credited
as fully paid-up for each of the offer share;

Renounceable rights issue of up to 197,183,016 new warrants in
SUNINC (warrants) (rights warrants) at an issue price of RM0.05
per rights warrant on the basis of seven (7) rights warrants for
every twenty (20) existing ordinary shares of RM1.00 each in
SUNINC held at 5:00 p.m. on 30 august 2004; and

Restricted issue of up to 10,107,825 warrants (restricted
warrants) at an issue price of RM0.05 per restricted warrant to
the holders of options granted to the eligible employees and the
executive directors of SUNINC and its subsidiaries pursuant to
the ESOS of SUNINC on the basis of seven (7) restricted warrants
for every twenty (20) options in SUNINC held at 5:00 p.m. on 30
August 2004.

(Collectively referred to as the proposals)

On behalf of SUNINC, CIMB wishes to announce that the Securities
Commission (SC) via its letter dated 21 September 2004, which
was received on 22 September 2004 has approved an extension of
time for a further three (3) months to 31 December 2004 for the
implementation of the Proposals.

This announcement is dated 22 September 2004.


TANJONG PUBLIC: Posts Dealings of Officer On Closed Period
----------------------------------------------------------
Tanjong Public Limited Company announced to Bursa Malaysia
Securities Berhad that further to the notification by Yap Swee
Hang, a Principal Officer, of his intention to deal in the
shares of the Company during a Closed Period, announced on 16
September 2004, the Company has been notified on Wednesday of
the following dealings by him during a Closed Period pursuant to
Paragraph 14.08 (c) of the Listing Requirements of Bursa
Securities:

(a) (i) That he has disposed in the open market of the Bursa
Securities, 2,000 shares of 7.5 pence each in Tanjong
representing 0.0005 percent of the issued share capital of
Tanjong as at the date of the transaction;
(ii) Date of transaction - 20 September 2004; and
(iii) Transaction price - RM13.00 per share of 7.5 pence each.

(b) (i) That he has disposed in the open market of the Bursa
Securities, 10,000 shares of 7.5 pence each in Tanjong
representing 0.0025 percent of the issued share capital of
Tanjong as at the date of the transaction;
(ii) Date of transaction - 21 September 2004; and
(iii) Transaction price - RM12.90 per share of 7.5 pence each.

CONTACT:

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


TANJONG PUBLIC: Receives Notification on Subscription of Shares
---------------------------------------------------------------
Tanjong Public Limited Company disclosed in Bursa Malaysia
Securities Berhad that it has on 22 September 2004 been notified
under Section 324 of the UKCA of the following:

That Tan Poh Ching, a Director of the Company has exercised
options to subscribe for 350,000 new shares of Tanjong of 7.5
pence each (New Shares) on 15 September 2004 at an exercise
price of RM8.05 per share pursuant to the Tanjong Public Limited
Company Employees' Share Option Scheme No. 2. He now has an
interest in 520,000 shares of 7.5 pence each in Tanjong
representing 0.13% of the issued share capital of Tanjong, as at
the date of this notification.

For details of the Notification, please click
http://bankrupt.com/misc/TANJONGPUBLIC092304.doc


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


NEGROS NAVIGATION: Clarifies Manila Times Report
------------------------------------------------
Negros Navigation Co. Inc. issued to the Philippine Stock
Exchange a clarification to the news article entitled, "Creditor
demands `fire sale' of Nenaco ship as debt payment" published in
the September 22, 2004 issue of the Manila Times (Internet
Edition). The article reported that:

"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.  In a seven-page
comment submitted to the Manila Regional Trial Court, Pilipinas
Shell said, `Waiting for another 10 years will not give PSPC a
better return than the firesale price of the ship at present.'"

Negros Navigation Co., Inc. (NN), in its letter to the Exchange
dated September 23, 2004, disclosed that:

The above-mentioned article was lifted from the arguments raised
by Pilipinas Shell Petroleum Corporation (PSPC) in its Urgent
Motion for Sale of Mortgaged Property and Placing of Proceeds in
Escrow, dated 08 June 2004, which our legal counsel refuted in
our Comment/Opposition, dated June 22, 2004, to the said urgent
motion of PSPC, which were both filed with the Regional Trial
Court of Manila, Branch 46."

For your information
Ma. Pamela D. Quizon-Labayen
Head, Disclosure Department

Noted by:
Jurisita M. Quintos
Senior Vice President - Operations Group

CONTACT:

Negros Navigation Co. Inc.
Pier II, North Harbor
Tondo, Manila
Telephone Number:  245-5588
Fax Number:  245-0780 (Telefax)
Email Address: nnwebmaster@surfshop.net.ph
Website: http://www.nenaco.com.ph


NATIONAL POWER: DOE Wants Debts Absorbed Next Year
--------------------------------------------------
Energy Secretary Vincent S. Perez said that the Department of
Energy (DOE) wants the National Government to absorb National
Power Corporation's (NAPOCOR) massive debts by next year,
reports The Philippine Star.

According to Mr. Perez, the debt absorption is part of the
government's three-pronged action scheme to resolve the looming
power crisis in the country, which is expected to start by 2005
in Mindanao.

"We would like it to happen by 2005. We are determining right
now whether we could absorb Php200 billion or Php500 billion,"
Mr. Perez said, admitting that the move would need the approval
of Congress as this will mean the government will have to impose
new taxes to be able to refinance these loans.

Sources said the absorption of the portion of Napocor's debts
also forms part of the conditions of the state-owned power
firm's creditors for the transfer of Napocor's assets to PSALM,
or the Power Sector Assets and Liabilities Management Corp.

Aside from the debt-absorption plan, other solutions would
involve the privatization of the National Transmission
Corporation (Transco) and generation assets, and the tariff
adjustment to reflect the true cost of the generation.

CONTACT:

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


NATIONAL STEEL: GIHL Completes Down Payment
-------------------------------------------
Wednesday's Php1-billion down payment made by Indian-owned
Global Infrastructure Holdings Limited (GIHL) marked its
acquisition of the National Steel Corporation (NSC), says The
Manila Times.

The amount, which covers the transfer of plant assets to the
buyer, is part of the asset purchase agreement signed by GIHL
and NSC's creditors on September 10.

Last week, GIHL made an initial deposit of US$6 million (Php300
million), which was only given on Wednesday to complete the Php1
billion down payment.

Documents revealed that US$13,550 was sent by the Australia and
New Zealand Banking Group (ANZBSG) to the escrow account in
Makati of the Philippine National Bank, the largest creditor of
the NSC.

Same documents showed that the payment will constitute the down
payment under the asset purchase agreement entered by GIHL.

Following the completion of the down payment, GIHL and its
creditors may now proceed with an omnibus agreement, which will
outline the terms of payment of the remaining Php12.25-billion
purchase price of the NSC in the next eight years.

The entire purchase price is Php13.25 billion.

CONTACT:

National Steel Corporation
NSC Building Street 377 Sen.
Gil J. Puyat Avenue Area  
Makati City, Metro Manila  


PHILIPPINE LONG: Lists Additional 13,401 Shares
-----------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by Philippine Long Distance Telephone
Company to list additional 1,289,745 common shares, with a par
value of Php5.00 per share, to cover the Executive Stock Option
Plan (ESOP) of the Company, at an exercise price of Php814.00
per share.

In this connection, please be advised that a total of 13,401
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 13,401 common shares is set
for Friday, September 24, 2004. This brings the number of common
shares listed under the ESOP to a total of 267,818 common
shares.

The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.

For your information and guidance
Maria Isabel T. Garcia
Head, Listings Department

Noted by:
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


UNIWIDE HOLDINGS: Issues Clarification to News Article
------------------------------------------------------
Uniwide Holdings Inc. issued to the Philippine Stock Exchange a
clarification to the news article entitled "Uniwide wins stay
order against Tarlac until it completes financial
rehabilitation" published in the September 21, 2004 issue of
Today. The article reported that:

"Uniwide Sales Realty and Resources Corp. has won the approval
of the Securities and Exchange Commission (SEC) for a stay order
enjoining the municipal government of Tarlac City from
collecting taxes from the company or selling any of its levied
properties while it remains under financial rehabilitation.

In a copy of the decision released Monday, the SEC said the stay
order was necessary to ensure Uniwide's rehabilitation plan is
conducted in a `fair' and `equitable' manner. `The justification
for suspending actions for claims against the corporation is to
enable the rehabilitation receiver to effectively exercise his
powers free from any judicial or extra-judicial interference
that might unduly hinder or prevent the rescue of the debtor
company,' the commission said."

Uniwide Holdings, Inc. (UW), in its letter to the Exchange dated
September 21, 2004, stated that:

"The company would like to inform the Exchange that Uniwide
Sales Realty and Resources Corporation (USRRC), a subsidiary of
Uniwide Holdings, Inc. (UW) has secured from the Securities and
Exchange Commission (SEC) an order staying the execution and/ or
enforcement of any claim, judgment or writ, warrants of levy
issued by the Treasurer of Tarlac City against USRRC on
properties situated at Barangay San Nicolas, Tarlac City and all
other properties and assets of the Uniwide Group while it
remains under financial rehabilitation.

The stay order was necessary to enable the rehabilitation
receiver to effectively exercise his powers free from any
judicial or extra judicial interference that might unduly hinder
or prevent the `rescue' of the Uniwide Group and to ensure a
fair and equitable implementation of the Uniwide's approved
Rehabilitation Plan.

Click for a copy of the stay order for your reference
http://bankrupt.com/misc/UNIWIDEHOLDINGS092304.pdf

For your information
(Original Signed)
Ma. Pamela D. Quizon-Labayen
Head, Disclosure Department

Noted by:
(Original Signed)
Jurisita M. Quintos
Senior Vice President - Operations Group

CONTACT:

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


* Budget Deficit of 14 GOCCs Estimated at Php91.9 Bln
-----------------------------------------------------
The Department of Finance forecasted the combined budget deficit
of 14 monitored government-owned or -controlled corporations
(GOCCs) to reach Php91.86 billion, down 27 percent from this
year's Php125.51 billion, reports The Philippine Daily Inquirer.

Mainly because of their heavy financial losses, 14 corporations
are being monitored by the department. The group includes the
National Power Corp. (Napocor), National Food Authority, Light
Rail Transit Authority, Home Guaranty Corp., National Housing
Authority, Manila International Airport Authority, Philippine
Economic Zone Authority, Philippine National Oil Co., Philippine
Ports Authority, Metropolitan Waterworks and Sewerage System,
National Development Co., Local Water Utilities Administration,
National Electrification Administration, and National Irrigation
Administration.

Napocor's expected budget deficit of Php80.346 billion this year
is way above the Php125.51-billion combined budget deficit of
the monitored GOCCs.

The National Food Authority's 2004 deficit is forecasted at
Php10.640 billion, and that of the Light Rail Transit Authority
at Php9.016 billion.

For next year, the finance department projects Napocor's budget
deficit at Php59.736 billion, including those of National
Transmission Corp. and Power Sector Asset and Liabilities
Management Corp., which handle the privatization of Napocor
power transmission and generation assets, partly because of
recent and coming increases in power rates.

The department expects the budget deficits of the National Food
Authority and the Light Rail Transit Authority (LRTA) at
Php13.525 billion and Php6.995 billion, respectively. The LRTA
hopes its request for fare increase will be approved.


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


AUTO ASIA: Posts Intended Preferential Dividend Notice
------------------------------------------------------
Auto Asia (S) Pte Ltd posted its Intended Preferential Dividend
notice at the Singapore Government Gazette on September 17.

Address of Registered Office: Formerly of 17 Lorong 8 Toa Payoh
Singapore 319254

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No.600218 of 2001

Last Day for Receiving Proofs: 1st October 2004

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

Kamala Ponnampalam
Assistant Official Receiver
45 Maxwell Road #06-11
Singapore 069118

Toh Hwee Lian
Senior Assistant Official Receiver


KGD ASSOCIATES: Court Issues Winding Up Order
---------------------------------------------
In the matter of KGD Associates Pte Ltd, a Winding Up Order was
made on the 10th day of September 2004.

Name and Address of Liquidator: The Official Receiver
45 Maxwell Road #05-11
The URA Centre (East Wing)
Singapore 069118

Veritas Law Corporation
Solicitors for the Petitioners

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


PAC-AM RESTAURANTS: Posts Notice to Creditors to Prove Claims
-------------------------------------------------------------
Take notice that a final dividend is to be declared with regards
to Pac-Am Restaurants (S) Pte Ltd, a company under voluntary
liquidation.

If claims made cannot be established to the Court's Satisfaction
on or before the 1st day of October 2004 or such later date as
the Court may fix, the claim will be expunged and a final
dividend will be made without regard to such claim.

To assist in establishing one's claim, copies of Form 77 `Proof
of Debt Form', may be obtained or downloaded from the following
website link: www.tfwlcl.com/form77.pdf

Foong Daw Ching / John Teo Cheng Lok
Liquidators
c/o 15 Beach Road
#03-10 Beach Centre
Singapore 189677
Tel: 6336 2828
Fax: 6339 0438

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


PACIFIC FIVE: Issues Intended Dividend Notice
---------------------------------------------
Pacific Five Star Pte Ltd. posted a notice of Intended Dividend
at the Singapore Government Gazette on September 17.

Name & Address of Liquidator:
The Official Receiver
The URA Centre (East Wing)

Address of Registered Office:
Formerly of 10 Collyer Quay
#23-01 Ocean Building
Singapore 049315

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 72 of 1994

Last Day for Receiving Proofs: 1st October 2004

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

Toh Hwee Lian
Senior Assistant Official Receiver


PANPAC MEDIA: Issues Addendum to August 31 Statements
-----------------------------------------------------
Panpac Media Group released a statement to the Singapore Stock
Exchange last September 22, 2004 regarding the acquisition of
Observer Star Group holdings Limited by Media Sky Associated
Ltd, a wholly owned subsidiary of Panpac Media Group Limited.  

Further to our announcements dated 21 May 2004, 16 July 2004 and
31 August 2004, whereby the Board of Directors announced the
details of the Sale and Purchase Agreement entered into with Sun
Media Investment Holdings Limited, a shareholder of the Company
who currently holds 10.86% of the issued and paid up share
capital of the Company, the Board of Directors of Panpac Media
Group Limited is pleased to announce that the Singapore Exchange
Securities Trading Limited has granted in-principle approval on
22 September 2004 for the listing and quotation of the 44
Million new ordinary shares of par value SG$0.05 each to be
allotted and issued to the Vendor in accordance with the terms
of the Sale and Purchase Agreement. For further details on the
Sale and Purchase Agreement please refer to the announcement
dated 21 May 2004

The completion of the Sale and Purchase Agreement is subject to
Shareholders' approval of the Acquisition at an Extraordinary
General Meeting to be convened at a later date. The issue and
allotment of the New Shares are subject to the approval of
Shareholders at the EGM to be convened. The Company will make an
announcement in respect of the EGM shortly.

The SGX's in-principle approval for the listing and quotation of
the New Shares is not to be taken as an indication of the merits
of the Acquisition.

No director or controlling shareholder has any interest direct
or indirect in the transaction save as disclosed above.


YAO YANG: Winding Up Order Issued September 10
----------------------------------------------
In the Matter of Yao Yang Construction Pte Ltd., a Winding Up
order was made on the 10th 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 #05-11/#06-11
Singapore 069118

Rodyk & Davidson
Solicitors for the Petitioners

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


* Bankruptcy Cases Rise 3% in January to August
-----------------------------------------------
Despite the country's healthy economy and the stronger job
market, personal and corporate bankruptcies in Singapore rose 3
percent compared to the same period the past year, Channel News
Asia reports.

According to some analysts, the bankruptcy cases may worsen, as
creditors will try to recover the money borrowed, even if the
economy picks up.

In the latest report from the Law Ministry some 3,000 bankruptcy
orders have been logged in the January to August period.

Last year, total bankruptcies hit an 18-year high of almost
4,500 cases.


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


BANGKOK STEEL: SEC Postpones Submission of 2Q FS
------------------------------------------------
With Reference to the letter No. Bor. Hor. 16/2547 dated
September 6, 2004, Bangkok Steel Industry Public Company Limited
requested for the Securities and Exchange Commission's (SEC)
permission to postpone the submission of the 2nd quarterly
financial statement for further 15 days as from September 15 to
October 1, 2004.

The company would like to inform the Stock Exchange of Thailand
(SET) that the SEC has sent the letter No. Kor. Lor. Tor. Chor.
1574/2547 dated September 20, 2004 granting the above
postponement; thereby the company will submit the F/S within
October 1, 2004.

Please be informed accordingly.
Yours sincerely,
C.J. Morgan Co., Ltd.
Economic Intellect Co., Ltd.    
Planner  

CONTACT:

Bangkok Steel Industry Public Company Limited   
United Flour Mill Bldg,
205 Rajawong Road,
Samphanthawong Bangkok    
Telephone: 0-2226-0088, 0-2226-0680, 0-2226-6120-29   
Fax: 0-2224-7698, 0-2222-7497   
Website: www.bangkoksteel.co.th


BANGKOK STEEL: Issues Additional Clarification to FS
----------------------------------------------------             
As Bangkok Steel Industry Public Company Limited (BSI) submitted
to the Stock Exchange of Thailand the revised audited financial
statement of the 1st quarter as of March 31, 2004 on September
13, 2004 with the clarification of the information changed in
the consolidated F/S as referred in the company's letter, Ref.
No. Bor. Hor 17/2547 dated September 6, 2004, BSI would like to
additionally clarify the revised financial statement of the
separate company, which resulted in the change of the balance
sheets and statement of retained earnings as follows:

Unit:  Million baht

              The existing F/S     The revised F/S    Difference

Total assets     12,581.583          15,532.059      + 2,950.476

Total
liabilities      19,933.306          19,908.508      -    24.798

Total
shareholders'
equity           -8,729.189         - 4,376.449      + 4,352.740

Net loss          5,578.988             328.675      - 5,250.313

Loss per
share (Baht)      44.37                2.05         - 42.320

due to the following factors:

(1) The mistake to calculate the interest by equity method in
the company's subsidiaries which was recorded as total loss in
the existing F/S but it is adjusted as loss according to ratio
of shareholding in the revised F/S.

(2) The company gradually realized income on the hire of work of
the subsidiary but it is realized as total income in the revised
F/S.

Please be advised accordingly.
Yours sincerely,
C. J. Morgan Co., Ltd.  
Economic Intellect Co., Ltd.
Planner


BANGKOK STEEL: Details Changes in Major Shareholder
---------------------------------------------------
In a disclosure to the Stock Exchange of Thailand, Bangkok Steel
Industry Public Company Limited advised the change of major
shareholder from Nissho Iwai Corporation with shareholding of
15,574,147 shares or 9.73 percent of the total paid-up shares to
Metal One Corporation effective August 26, 2004.  Therefore,
Nissho Iwai Corporation is not the company' shareholders.

Please also note that the change in the mentioned shareholding
structure will not affect the existing management team as well
as the operations of the company.

Please be informed accordingly.
Yours sincerely,
C.J. Morgan Co.,Ltd.
Economic Intellect Co.,Ltd.
Planner


TPI POLENE: Sets Deadline for Submission of Amended Plan
--------------------------------------------------------
TPI Polene PCL (TPIPL.TH) is planning to submit an amendment to
its debt-restructuring plan within two weeks to one month, Dow
Jones reports.

According to Prasert Ittimakin, TPIPL's Senior Vice President,
the amendment will touch on the terms of accrued interest
payment, which will be made in cash instead of it being
converted into equity as the current debt plan requires.  The
accrued interest currently stands at around THB5 billion
($1=THB41.344).

The change was approved by the steering committee of the
company, Mr. Prasert said.  The company and its creditors have
dropped the cases they have filed against each other.

TPI Polene also seeks the approval of the Bankruptcy Court to
extend its debt-restructuring plan for a year to December 2005,
Mr. Prasert added.  The court's decision will come out on
September 29.

TPI's principal debt of $950 million substantially dropped from
the proceeds of the January public share offering.  Mr. Prasert
said the outstanding debt of $678 million will be repaid to
creditors, under the terms of the debt plan.

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
  

* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                              Total
                                        Shareholders   Total
                                        Equity         Assets
  Company                      Ticker    ($MM)          ($MM)
  ------                       ------    ------------   -------

  CHINA & HONG KONG
  -----------------
Hainan DadongH-B               200613    (-5.15)       18.72
Hainan Dadong-A                000613    (-5.15)       18.72
Guangdong Sunrise-B            200030    (-177.22)     45.09
Guangdong Sunrise-A            000030    (-177.22)     45.09
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-203.9)      52.16
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-203.9)      52.16


  INDONESIA
  ---------
Barito Pacific Timber Tbk Pt    BRPT      (-50.67)     393.92
PT Smart Tbk                    SMAR      (-30.07)     430.99


  JAPAN
  -----

Fujitsu Comp Ltd                6719       (-46.88)    316.07
Prime Systems                   4830      (-100.79)     130.2

  MALAYSIA
  --------

CSM Corporation Bhd             CSM        (-8.40)      41.55
Faber Group Bhd                 FAB        (-7.16)     504.98
Kemayan Corp Bhd                KOP      (-353.12)      84.89
Panglobal Bhd                   PGL       (-41.07)     187.79
Sri Hartamas Bhd                SHB      (-138.37)      24.48
YCS Corporation Bhd             YCS         28.34      160.27

  PHILIPPINES
  -----------

Pilipino Telephone Co.          PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46


  THAILAND
  --------

Asia Hotel PCL                  ASIA       (-26.62)     96.21
Asia Hotel PCL                  ASIA/F     (-26.62)     96.21
Bangkok Rubber PCL              BRC        (-41.29)     80.14
Bangkok Rubber PCL              BRC/F      (-41.29)     80.14
Central Paper Industry PCL      CPICO      (-37.02)     40.41
Central Paper Industry PCL      CPICO/F    (-37.02)     40.41
Datamat PCL                     DTM           2.27      17.21
Datamat PCL                     DTM           2.27      17.21
Jutha Maritime                  JUTHA      (-0.78)      29.03
Jutha Maritime                  JUTHA/F    (-0.78)      29.03
National Fertilizer PCL         NFC        (-91.34)    293.84
National Fertilizer PCL         NFC/F      (-91.34)    293.84
PT Lippo Securities             LPPS       (-2.23)      17.6
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.84)      13.32
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.84)      13.32
Thai Wah Public
Company Limited-F               TWC        (-47.17)     166.46
Thai Wah Public
Company Limited-F               TWC/F      (-47.17)     166.46
Tuntex (Thailand) PCL           TUNTEX     (-50.94)     398.25
Tuntex (Thailand) PCL           TUNTEX/F   (-50.94)     398.25







                            *********


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.

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