TCRAP_Public/040927.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

             Monday, September 27, 2004, Vol. 7, No. 191

                            Headlines

A U S T R A L I A

ACCESS BROKERAGE: Delayed Refunds Causing Client Impatience
BARRMAN NOMINEES: To Declare Final Dividend on September 28
B.N.B. INVESTMENTS: Sets October 20 as Date of Final Meeting
BROSKI PTY: To Hold Creditors Meeting on October 7
CANDOWIE PTY: To Declare Final Dividend on October 12

COLLINS MARRICKVILLE: To Declare Final Dividend October 12
CREDIT INVESTMENTS: Dividend Declaration Slated for October 12
DENBAR SWAIN: Sets September 8 Final Members Meeting
DEVWHARE PTY: Gives Creditors Until October 12 to Prove Claims
FAWNBRAY PTY: Final Meeting Slated for October 18

HARTEBEEST INVESTMENTS: To Declare Dividend on October 12
JAMES HARDIE: Board Meets Amid Calls For New CEO
J.C. EWEN: Members Final Meeting Scheduled on November 4
MINX HOTELS: Creditors Given Until October 12 to Prove Claims
NATIONAL AUSTRALIA: Recovery to Take 9 Months

NLI INTERNATIONAL: Posts First Dividend Declaration Notice
PICTON HOPKINS: Posts Notice of Final Meeting
SANTOS LIMITED: Inks Deal with Medco to Acquire Novus
VILLAGE ROADSHOW: Catwoman Flop Hurts Profit


C H I N A  &  H O N G  K O N G

FOREFRONT MOTORS: Winding Up Hearing Set October 13
KAITEC DEVELOPMENT: Court to Hear Winding Up Petition
LONGLUCK DEVELOPMENT: Enters Winding up Proceedings
UNI-TOP: Members and Creditors Meeting Set October 20


I N D O N E S I A

ASTRA INTERNATIONAL: To Acquire Loans by November
BANK MANDIRI: Expects Higher Profits After Election
GARUDA INDONESIA: Unit to Present New Facilities
INDOFOOD SUKSES: Bogasari Gears for IPO


J A P A N

DAIKYO INCORPORATED: Creditor Fails To Make Decision on IRCJ Aid
MITSUBISHI MOTORS: Expects New Models To Lift European Sales
MITSUBISHI MOTORS: Gives Pre-owned Cars 10-year/100,000 Warranty
MITSUBISHI MOTORS: Reveals New Vehicle Models


K O R E A

HANBO IRON: Court Approves Sale to INI
KOOKMIN BANK: ING Increases Ownership Stake to 4.06%
KOLON GROUP: Workers Union Opposes Capital Increase Measure


M A L A Y S I A

ANCOM BERHAD: Buys Back 1,000 Ordinary Shares
AOKAM PERDANA: Book Closure Date Slated for October 12
BERJAYA SPORTS: Buys Back 301,400 Ordinary Shares
INNOVEST BERHAD: Details Fixed Asset Disposal
HAP SENG: Purchases 34,000 Shares on Buy Back

MBF HOLDINGS: Issues Notice of Extraordinary Meeting
MYCOM BERHAD: Details Proposed Acquisitions
NAIM INDAH: Issues Additional Share for Listing, Quotation
NALURI BERHAD: Issues Update on Proposals
OLYMPIA INDUSTRIES: Updates Status of Proposals

POS MALAYSIA: Additional 66,000 Shares Scheduled for Listing
PWE INDUSTRIES: Posts Update on Corporate Restructuring
QUALITY CONCRETE: Reveals Securities Disposals, Acquisitions
SBC CORPORATION: Unveils Results of AGM
TENGGARA OIL: Submits 2Q Report for Period Ended July 31

WCT ENGINEERING: Officer Intends to Deal During Closed Period
WCT ENGINEERING: BMSB Grants Additional Listing of 1,500 Shares
WEMBLEY INDUSTRIES: Seeks Extension for Report Completion


P H I L I P P I N E S

BALABAC RESOURCES: Reschedules Meeting to November 16
COLLEGE ASSURANCE: Receives Php6-Billion Infusion from Land Firm
HOUSE OF INVESTMENTS: Clarifies News Article
MANILA ELECTRIC: Executives Deny Reports on Shares Disposal
MAYNILAD WATER: Bank Rejects Proposal to Convert Loan

NEGROS NAVIGATION: Releases Rehab Plan Info
NEGROS NAVIGATION: Issues Clarification to News Article
PHILIPPINE LONG: Adds 5,068 Common Shares for Listing
PILIPINO TELEPHONE: NTC Could Revoke License if Fees Not Settled
PILIPINO TELEPHONE: Government OKs Staggered Fees Repayment

UNION CEMENT: Issues News Article Clarification
VICTORIAS MILLING: Unveils Result of Board Meeting


S I N G A P O R E

ALLIANCE TECHNOLOGY: Creditors to File Proof of Claims
FERRYLINK SHIPPING: Creditors to Prove Debt by October 20
JSD CONSTRUCTION: Court to Hear Petition on October 8
MYHOME FURNITURE: Enters Winding Up Proceedings
NEPTUNE ORIENT: Releases Change in Interest Notice

NICOTRENT ENGINEERING: Court Issues Winding Up Notice


T H A I L A N D

BANGKOK STEEL: SEC Extends Submission of FS for 15 Days
NATURAL FERTILIZER: Issues Capital Hike Info
NFC FERTILIZER: Appoints New Members of Audit Committee

     -  -  -  -  -  -  -  -

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


ACCESS BROKERAGE: Delayed Refunds Causing Client Impatience
-----------------------------------------------------------
Clients of collapsed discount broking firm Access Brokerage are
getting anxious about the delayed release of money frozen in
their Bank of New Zealand (BNZ) accounts, reports The New
Zealand Herald.

The process has taken longer than expected but a BNZ spokesman
said letters confirming account balances will be sent out as
soon as possible.

Customers are required to verify the balance and return the
letter with creditor rights signed over the bank before they
could receive their money within five or six business days.

Access, owned by former Olympic Committee head Bill Garlick, was
placed under liquidation on September 6 after an AU$5 million
hole in the clients' funds was found. The New Zealand Exchange
(NZX), Serious Fraud Office and Securities Commission have
immediately launched investigations on the matter.

A creditors' meeting will be held before October 27.

CONTACT:

Access Brokerage Limited
Ground Floor, Exchange Place
5-7 Willeston Street
P O Box 1293
Wellington 6015
Call Free: 0800 734 644
Telephone: 04 473 4644
From Auckland 09 373 4644
Fax: 04 473 4681
e-mail: info@accessbrokerage.co.nz
Web site: http://www.acessbrokerage.co.nz


BARRMAN NOMINEES: To Declare Final Dividend on September 28
-----------------------------------------------------------
A first and final dividend is to be declared on 28 September
2004 for Barrman Nominees Pty Ltd (In Liquidation).

Creditors whose debts or claims have not already been admitted
are required on or before the 21st of 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 24th day of August 2004

R. G. Mansell
Liquidator
Level 6/118 Queen Street,
Melbourne Vic 3000


B.N.B. INVESTMENTS: Sets October 20 as Date of Final Meeting
------------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Law
that a meeting of B.N.B. Investments Pty Ltd (In Voluntary
Liquidation) will be held at the office of Mr. Colin H. Hoffman,
1/115 Hotham Street East Melbourne on the 20th of October, 2004
at 10:00 a.m. for the purpose of having an account laid before
them showing the manner in which the winding up has been
conducted and how the property of the company has been disposed
of, and of hearing any explanations that may be given by the
liquidator.

Dated this 31st day of August 2004

Colin H. Hoffman
Liquidator
Telephone: (03) 9419 5388


BROSKI PTY: To Hold Creditors Meeting on October 7
--------------------------------------------------
Notice is given that a meeting of the creditors of Broski Pty
Ltd (In Liquidation) will be held at the offices of
SimsPartners, Level 2, 446 Collins Street, Melbourne on 7
October 2004 at 10.00 a.m.

AGENDA

(1) To consider the Liquidator's report.
(2) To consider a resolution in relation to the Liquidators'
remuneration.
(3) To consider a resolution in relation to the destruction of
books and records.
(4) Any other business that may be lawfully brought forward.

Dated this 25th day of August 2004

Ken Sellers
Liquidator

Note:

To enable creditors to vote at the meeting, proof of debt and
proxy forms are available from the Melbourne office of
SimsPartners.


CANDOWIE PTY: To Declare Final Dividend on October 12
-----------------------------------------------------
A first and final dividend is to be declared on 12 October 2004
for Candowie Pty Ltd (In Liquidation).

Creditors whose debts or claims have not already been admitted
are required on or before 12 October 2004 to formally prove
their debts or claims.

If they do not, they will be excluded from the benefit of the
dividend.

Dated this 7th day of September 2004

Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192


COLLINS MARRICKVILLE: To Declare Final Dividend October 12
----------------------------------------------------------
A first and final dividend is to be declared on the 12th of
October 2004 for Collins Marrickville Pty Ltd (In Liquidation).

Creditors whose debts or claims have not already been admitted
are required on or before 12 October 2004 to formally prove
their debts or claims.

If they do not, they will be excluded from the benefit of the
dividend.

Dated this 7th day of September 2004

Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192


CREDIT INVESTMENTS: Dividend Declaration Slated for October 12
--------------------------------------------------------------
A first and final dividend is to be declared on 12 October 2004
for Credit Investments International Pty Ltd (In Liquidation).

Creditors whose debts or claims have not already been admitted
are required on or before the 12 October 2004 to formally prove
their debts or claims.

If they do not, they will be excluded from the benefit of the
dividend.

Dated this 7th day of September 2004

Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192


DENBAR SWAIN: Sets September 8 Final Members Meeting
----------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Denbar Swain &
Co Pty Limited (In Liquidation) will be held at the office of
Potts Davis Duncombe, Chartered Accountants, 2/75 Bold Street,
Laurieton, on 28th September, 2004 at 9:00 in the forenoon for
the purpose of laying before the meeting the liquidator's final
account and report, and giving any explanation thereof.

Dated this 27th day of August 2004

T. J. Mcentyre
Liquidator
c/- Potts Davis Duncombe
2/75 Bold Street, Laurieton NSW 2443


DEVWHARE PTY: Gives Creditors Until October 12 to Prove Claims
--------------------------------------------------------------
A first and final dividend is to be declared on 12 October 2004
for Devwhare Pty Ltd (In Liquidation).

Creditors whose debts or claims have not already been admitted
are required on or before 12 October 2004 to formally prove
their debts or claims.

If they do not, they will be excluded from the benefit of the
dividend.

Dated this 7th day of September 2004

Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192


FAWNBRAY PTY: Final Meeting Slated for October 18
-------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, the final meeting of members of Fawnbray Pty
Limited (In Liquidation) will be held at the office of Sefton &
Cowen, Level 2, 16-18 Bridge Street, Epping, NSW, on 18 October
2004 at 10 o'clock in the forenoon for the purpose of laying
before the meeting the liquidator's final account and report,
and giving any explanation thereof.

Dated this 30th day of August 2004

John N. Sefton
Liquidator
Level 2, 16-18 Bridge Street,
Epping NSW 2121


HARTEBEEST INVESTMENTS: To Declare Dividend on October 12
---------------------------------------------------------
A first and final dividend is to be declared on the 12 October
2004 for Hartebeest Investments Pty Ltd (In Liquidation).

Creditors whose debts or claims have not already been admitted
are required on or before 12 October 2004 to formally prove
their debts or claims.

If they do not, they will be excluded from the benefit of the
dividend.

Dated this 7th day of September 2004

Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192


JAMES HARDIE: Board Meets Amid Calls For New CEO
------------------------------------------------
Amid calls for Chief Executive Peter Macdonald to resign, the
Board of Directors of scandal-hit James Hardie Industries NV
convened a crisis meeting Friday, relates Reuters.

The disgraced boss of the building products firm on Thursday
rejected calls from New South Wales (NSW) Premier Bob Carr for
him to quit over his handling of the asbestos scandal.

Investors favor the head of Hardie's U.S. stronghold, Louis
Gries, to lead the struggling firm out of the "worst public
relations disasters in Australian corporate history".

Investors hope that Hardie's board meeting will prompt one or
more high-level resignations, including Mr. Mcdonald's.

The public disfavored Mr. Macdonald's comments that the company
had no legal and moral obligation to pay asbestos sufferers or
bereaved families.

Early last week, a special report by the NSW state government
found Mr. Macdonald breached the law by misleading and deceiving
investors.

The Australian Securities and Investments Commission is studying
the role of Mr. Macdonald in the scandal.

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.


J.C. EWEN: Members Final Meeting Scheduled on November 4
--------------------------------------------------------
Notice is hereby given that the final meeting of members
of J.C. Ewen & Co Pty Limited, will be held on 4 November 2004
at 11:00 a.m. for the purpose of laying before the meeting an
account of how the liquidation has been conducted and how the
assets of the company have been disposed of.

Dated this 26th day of August 2004

James C. H. Horn
Liquidator


MINX HOTELS: Creditors Given Until October 12 to Prove Claims
-------------------------------------------------------------
A first and final dividend is to be declared on the 12 October
2004 for Minx Hotels Pty Ltd (In Liquidation).

Creditors whose debts or claims have not already been admitted
are required on or before the 12 October 2004 formally to prove
their debts or claims.

If they do not, they will be excluded from the benefit of the
dividend.

Dated this 7th day of September 2004

Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192


NATIONAL AUSTRALIA: Recovery to Take 9 Months
---------------------------------------------
National Australia Bank (NAB) would need another nine months to
fully recover from foreign exchange losses and the related
boardroom issue, The Australian reports.

NAB faltered in January this year after its management
discovered that a group of freewheeling foreign exchange option
traders had lost huge amounts of money. The crisis ended in
June.

However, the real problem began when defiant director Cathy
Walter quit the board in exchange for a deal that prompted NAB's
other independent directors to take the blame for the forex
losses and an earlier Homeside fiasco.

NAB's general manager of group corporate affairs Robert Hadler
commended his group for their handling of the scandal, noting
that NAB's stock price dipped from AU$30 to AU$29 after the
initial news broke up, but bounced back to AU$31 soon
afterwards.

Despite holding up well during the crisis, NAB's share price was
affected by a profit warning in July, falling from almost AU$31
to less than AU$27.

CONTACT:

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


NLI INTERNATIONAL: Posts First Dividend Declaration Notice
----------------------------------------------------------
A first dividend is to be declared with respect to NLI
International Australia Limited (In Liquidation).

Creditors whose debts or claims have not already been admitted
are required on or before 21 September 2004 to formally prove
their debts or claims. If they do not, they will be excluded
from the benefit of the dividend.

Dated this 27th day of August 2004

D. J. F. Lombe
Liquidator
c/- Deloitte Touche Tohmatsu
Level 3, 225 George Street, Sydney NSW 2000


PICTON HOPKINS: Posts Notice of Final Meeting
---------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Picton Hopkins
Australia Pty Ltd (In Liquidation), will be held at 138 Bell
Street, Preston, Victoria 3072 on 28 October 2004 at 11.00 a.m.
for the purpose of laying before the meeting the liquidator's
final account and report, and the giving of any explanation
thereof.

Dated this 25th day of August 2004

Ian Lee
David Ashmore
Liquidators
William Buck (Vic) Pty Ltd
Level 2/215 Spring Street,
Melbourne Vic 3000


SANTOS LIMITED: Inks Deal with Medco to Acquire Novus
-----------------------------------------------------
On June 7 Santos Limited announced that it had reached an
agreement with Medco Energi Internasional Tbk (Medico) to
acquire part of Novus Petroleum Limited's (Novus) Indonesian
interests and all of Novus' Cooper Basin interests, subject to
certain conditions.

Santos in a disclosure to the Australian Stock Exchange on
Friday announced that it has executed formal agreements with
Medco consistent with the previously agreed terms, with
completion on the agreements subject to certain approvals.

CONTACT:

Santos Ltd (NASDAQ (SC)
Level 29, Santos House,
91 King William St.
Adelaide, 5000, Australia
Phone: +61-8-8218-5111
Fax: +61-8-8218-5476
Web site: http://www.santos.com.au


VILLAGE ROADSHOW: Catwoman Flop Hurts Profit
--------------------------------------------
Village Roadshow Limited declared that a raft of upcoming films
was unlikely to make up for the Catwoman box office flop, says
Asia Pulse.

Despite the admission, the embattled cinema chain is still
convinced it will beat its 2005 net profit forecast of AU$45
million (US$32 million), as its sale of Eye Shop has offset
potential losses from Catwoman.

Network Ten, which holds 50-percent of Eye Shop, bought the
remaining 50-percent shares in Eye Shop to take full ownership
of the advertising firm.  

Village expects the coincidental sale of the non-core asset
would generate a pre-tax profit of AU7.7 million.

However, the company foresees the forthcoming releases of
potential blockbuster hits including Oceans 12, Miss
Congeniality-Armed and Fabulous, Constantine, Charlie and the
Chocolate Factory and House of Wax in the next 12 months will
not be enough to compensate for Catwoman's poor performance.

CONTACT:

Village Roadshow Limited
206 Bourke Street
Melbourne Vic 3000
Australia
Phone: 61 3 9667 6666
Fax: 61 3 9639 1540
Web site: http://www.villageroadshow.com.au/


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C H I N A  &  H O N G  K O N G
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FOREFRONT MOTORS: Winding Up Hearing Set October 13
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Forefront Motors (Hong Kong) Limited by the High Court of Hong
Kong Special Administrative Region was on the 27th day of August
2004 presented to the said Court by Forefront International
Limited, whose registered office is situated at 7th Floor,
Allied Kajima Building, 138 Gloucester 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.

Johnson Stokes & Master
Solicitors for the Petitioner
18th Floor, Prince's Building
10 Chater Road, Central
Hong Kong

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


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

The said Petition will 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.

Tsang, Chan & Wong
Solicitors for the Petitioner
16th Floor, Wing On House
No. 71 Des Voeux Road Central
Hong Kong

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


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

The said Petition will 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.

Tsang, Chan & Wong
Solicitors for the Petitioner
16th Floor, Wing On House
No. 71 Des Voeux Road Central
Hong Kong

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


UNI-TOP: Members and Creditors Meeting Set October 20
-----------------------------------------------------
Notice is hereby given pursuant to Section 247 of the Companies
Ordinance (Chapter 32) that an Annual General Meeting of Members
of Uni-Top Technology Limited will be held at 34th Floor, The
Lee Gardens, 33 Hysan Avenue, Causeway Bay, Hong Kong on the
20th of October, 2004 at 3:45 p.m.

It will be followed by an Annual Meeting of Creditors at 4:30
p.m. for the purposes of:

(i) Having an account laid before the meetings by the
liquidators showing the manner in which the winding up of the
company has been conducted and how the property of the company
has been disposed of, and of hearing any explanations that may
be given by the liquidators.

(ii) Nomination and appointment of members of the Committee of
Inspection.

(iii) Approval of liquidators' remuneration.

(iv) Disposal of books and records of the company upon
dissolution of the company.

A member or creditor entitled to attend and vote at either of
the above meetings may appoint a proxy to attend and vote in his
behalf.  A proxy need not be a member or creditor of the
company.

Proxies in the prescribed forms for both meetings must be lodged
at 34th Floor, The Lee Gardens, 33 Hysan Avenue, Causeway Bay,
Hong Kong not later than 4:00 p.m. of the day before the holding
of the meetings.

Dated this 24th day of September 2004.

Fong Chung Mark
Man Mo Leung
Joint and Several Liquidators


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ASTRA INTERNATIONAL: To Acquire Loans by November
-------------------------------------------------
PT Astra International (ASII.JK), an Indonesian carmaker, will
enter into an agreement to secure up to US$170 million from
banks in November, Dow Jones reports.

John Slack, Astra's finance director, said the loans will be co-
arranged by ABN Amro Bank, HSBC, Japan's SMBC, Citigroup Inc.
(C), and BNP Paribas S.A.

Mr. Slack also said the loan will be utilized as working capital
and to refinance a US$125 million existing debt. He also added
that the new loan would help reduce interest costs.

The interest rate of the new loan will be 2.5 percentage points
above the 3-month Singapore Interbank Offered Rate, or Sibor,
whereas the cost of the existing loan is 3.5 percentage points
above the 3-month Sibor.

CONTACT:

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


BANK MANDIRI: Expects Higher Profits After Election
---------------------------------------------------
Indonesia's highest lender by asset, Bank Mandiri, is expecting
higher profits foreseeing higher spending following peaceful
parliamentary and presidential elections, Bloomberg News
reports.

According to Mandiri's Chief Financial Officer Lee Kuan Keat,
the banking business, which is dependent on business and
consumer confidence, is ready to grow after going through
restructuring and clean up.

And with quiet polls, the economy is expected to benefit from
consumer spending.

Indonesia, where previous electoral exercises have been mired
with protests and violence, just had three peaceful rounds of
elections this year, including its first direct presidential
poll.

Former general Susilo Bambang Yudhoyono, will be replacing
Megawati Sukarnoputri as president after second-round run-off on
Sept 20.

Mr. Lee stated that Mandiri's consumer portfolio is expected to
double over the next two years due to its innovative line-up of
credit cards, mortgages and multi-use loans.

Mandiri posted an IDR4.59 trillion profit in 2003.


GARUDA INDONESIA: Unit to Present New Facilities
------------------------------------------------
Citilink, Garuda Indonesia's subsidiary has supplemented its
services with a convenient and cheaper accommodation package for
travelers to the resort island of Bali, Jakarta Post says.

A specially priced accommodation package at the Kuta Lagoon
Resort awaits travelers, who will present their boarding passes,  
Rita Perdana Kusuma, Garuda's account manager for East Indonesia
said.

Tie-ups with star-rated hotels, restaurants, car-rental
companies and service providers in the region would also be
created.

Similar services for travelers bound for Yogyakarta, Surabaya,
and Lombok are also being planned.  

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg., Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62-21-231-0082
Fax: +62-21-231-1679
http://www.garuda-indonesia.com


INDOFOOD SUKSES: Bogasari Gears for IPO
---------------------------------------
Bogasari Flour Mills, controlled by Indofood Sukses, is poised
to carry out an initial public offering to raise funds that will
help refinance the debts of its parent company, Reuters reports.

Indofood's vice-president director Franciscus Welirang confirmed
that the sale would materialize by the end of December. In
August, vice-president for international trade and industrial
sales Budianto Wijaya said an IPO was the likely route.

Although Bogasari was not pegged with an exact valuation yet,
the company said in 2000 that the mill is valued at US$1
billion. Most analysts expect Indofood would retain a majority
stake.

Bogasari runs the world's two largest flour mills, one in
Jakarta that can produce 10,000 tons a day and a smaller one in
Surabaya, in east Java, that can churn out 5,900 tons.

With around IDR5 trillion of assets, Bogasari controls 70 per
cent of Indonesia's flour market, which uses 3.2 million tons a
year.

Indofood needs to sell Bogasari to reduce its IDR10.55 trillion
debt, the interest from which swallows almost half its shrinking
operating profits. It paid interest of nearly IDR1 trillion in
2003, up 22 percent from 2002.

CONTACT:

Indofood Sukses Makmur Tbk
Gedung Ariobimo Sentral,
12th Fl., Jl. H.R. Rasuna Said X-2 Kav
Jakarta 12950,
Indonesia
Phone: +62-21-522-8822
Fax: +62-021-522-6014


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


DAIKYO INCORPORATED: Creditor Fails To Make Decision on IRCJ Aid
----------------------------------------------------------------
UFJ Holdings Incorporated announced Wednesday the group has not
reached a decision whether or not to involve the Industrial
Revitalization Corporation of Japan (IRCJ) in the rehabilitation
of troubled borrower Daikyo Incorporated, says the Asia
Intelligence Wire.

The statement followed news reports that UFJ Bank plans to send
the condominium developer to the state-backed IRCJ for
restructuring, which would supposedly reduce the bank's bad
loans.

UFJ Holdings, however, said UFJ Bank will continue to support
Daikyo's reconstruction as its main lender.

CONTACT:

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


MITSUBISHI MOTORS: Expects New Models To Lift European Sales
------------------------------------------------------------
As it begins to introduce ten new or redesigned models, ailing
Mitsubishi Motors Corporation expects sales to rise 15 percent
in Europe this year, Bloomberg reports.

Tim Tozer, head of Mitsubishi's European subsidiary, is
optimistic the model launches in Europe is going to bolster the
automaker's performance amid sales slump in Japan.

Tokyo-based Mitsubishi Motors, which is 20 percent owned by
DaimlerChrysler, expects sales to climb 4 percent to 250,000
units by 2005. The firm, likewise, forecasted a second full-year
loss.

Joint car projects between Mitsubishi Motors and DaimlerChrysler
include the Smart microcar, a platform for medium- sized cars
with German company's Chrysler division and the development of a
motor with South Korea's Hyundai Motor Co., a former
DaimlerChrysler affiliate.

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


MITSUBISHI MOTORS: Gives Pre-owned Cars 10-year/100,000 Warranty
----------------------------------------------------------------
Mitsubishi Motors North America, Inc. (MMNA) on Thursday
announced the addition of a new pre-owned certification program
to give consumers the ultimate peace of mind when purchasing
pre-owned Mitsubishi Motors vehicles.

The program will offer consumers the same 10-year/100,000
powertrain limited warranty on pre-owned vehicles that is
available on new vehicles. Additionally, where applicable,
dealers will have the option to offer a more basic, 12-
month/12,000-mile powertrain limited warranty extension on the
already existing pre-owned vehicle 5- year/60,000 mile
powertrain limited warranty, bringing it up to six years/72,000
miles.

"Mitsubishi Motors' new pre-owned certification program is one
of the best values in the market today, and another example of
our commitment to offering the best-backed cars in the world,"
said Michael M. Tocci, senior vice president of sales,
distribution and fleet. "Consumers have the comfort of
purchasing a reliable, pre-owned Mitsubishi Motors product that
is backed by a solid warranty offer."

Available to consumers starting in October 2004, the Mitsubishi
Pre-Owned Vehicle Certification Program includes the following
components:

- Availability on 2001 and newer models with less than 60,000
miles

- A 123-point inspection process with bumper-to-bumper and top-
to-bottom tests to make sure all systems operate as new

- Availability for all types of pre-owned vehicles, including
program vehicles, trade-ins, ex-lease vehicles, demos, service
loaners and ex-company vehicles

- Simplicity of use for dealers through Mitsubishi Motors Dealer
Link, allowing dealers to verify if a vehicle can be certified,
submit claims, check the inspection process and even print
attribute/price labels for the vehicle window

"Consumers and dealers have asked for this type of product
assurance to bring peace of mind to the pre-owned car-buying
process, and Mitsubishi is delivering," said Mr. Tocci.

Mitsubishi Motors North America, Inc. is responsible for all
manufacturing, finance, sales, marketing, and research and
development operations of the Mitsubishi Motors Corporation in
the United States and Canada. Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 650 dealers.

CONTACT:

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


MITSUBISHI MOTORS: Reveals New Vehicle Models
---------------------------------------------
Mitsubishi Motors North America, Inc. (MMNA) on Thursday
announced that "Raider" would be the name of the company's new
midsize truck to be unveiled at the 2005 North American
International Auto Show in Detroit.

Mitsubishi Motors dealers attending the national franchise
convention were treated to a preview of the new truck, along
with the new Eclipse sporty coupe also scheduled to debut at the
Detroit show. Both new vehicles feature interior and exterior
designs created by Mitsubishi Motors Cypress, California design
studio. The Eclipse is slated to go on sale in summer 2005,
followed by the truck in early fall.

The truck's styling emphasizes sportiness with a bold stance and
aggressive attitude and incorporates signature design cues from
the Mitsubishi family of vehicles - including Endeavor and
Galant. The all-new Eclipse takes a dynamic, muscular stance and
hints toward a performance and handling package that will re-
excite the sporty car segment.

The Raider will include a standard V-6 and a V-8 engine option,
two different cab configurations, and unique interior and
exterior styling distinctive to Mitsubishi. The Raider, based on
the Dodge Dakota midsize truck, will be built in the Daimler-
Chrysler plant in Warren, Michigan.

Raider available feature highlights include:

- 4.7L V8 with 230 horsepower and 290 pounds-feet of torque

- Fully boxed steel frame

- Independent front suspension with coil-over shocks and live
axle and multi-leaf rear suspension

- Extended or double cab in two- and four-wheel drive

- 500-watt audio system with 6-CD in-dash changer

- Bluetooth (R) technology.

The new Eclipse will offer more powerful four and six-cylinder
engines than the current generation, an available 6-speed manual
transmission and many interior feature upgrades to appeal to
discriminating buyers. The Eclipse will continue to be built in
the Mitsubishi Motors plant in Normal, Illinois.

Eclipse available feature highlights include:

- 3.8L V6 with 260 horsepower and 260 pounds-feet of torque

- 5-speed Sportronic or 6-speed manual transmission

- 18-inch wheels

- 650-watt Rockford Fosgate (R) audio system with 6-CD in-dash
changer, MP3 playback, nine speakers with a 10-inch subwoofer.


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


HANBO IRON: Court Approves Sale to INI
--------------------------------------
Hanbo Iron & Steel Company's sale has been given a go signal by
the Seoul District Friday, Asia Pulse reports.

Hanbo Iron, which has been in receivership since its collapse in
1997 will transfer its management to INI Steel Co. and Hyundai
Hysco Co., steel-making arms of Hyundai Motor Group, by early
next month.

Hanbo Iron, which was partly blamed for South Korea's 1997-1998
financial exchange crisis has been up for sale since it was
taken over by the state-controlled Korea Asset Management Corp.
and other creditors in 1997.


KOOKMIN BANK: ING Increases Ownership Stake to 4.06%
----------------------------------------------------
On September 23, 2004, Kookmin Bank announced that ING Bank N.V.
Amsterdam (ING), Kookmin Bank's largest shareholder, increased
its ownership stake in Kookmin Bank from 3.78% to 4.06%, which
amounted to an increase of 933,310 shares from the previously
reported number of shares ING held as of December 31, 2003, the
latest record date of the Bank. Accordingly, ING currently holds
13,650,001 shares of Kookmin Bank.

This Kookmin Bank press release is dated September 24, 2004.


KOLON GROUP: Workers Union Opposes Capital Increase Measure
-----------------------------------------------------------
A KRW47 billion embezzlement case of a Kolon Capital official
prompted some of the companies under the Kolon Group to find
ways on how to fill up the loss of the group's financial
affiliate, The Korea Times says.

Some of the companies decided to fill up the loss through a form
of investment. However, labor unions of the affiliates are
resisting the decision, insisting that group chairman Lee Woong-
yeul take care of the loss with his personal assets.

In a news conference in Yoido Seoul Thursday, Kolon Engineering
& Construction and Kolon Industries said that they don't accept
a paid-in capital increase by the group to compensate for the
loss.

The unions argued that the embezzlement resulted from the
group's insufficient supervision on the financial affiliate,
thus it is an irresponsible conduct of the group to have held
back the loss with a capital increase measurement.  The unions
said Mr. Lee should pay for the damage and the group should not
pass the burden to small shareholders and stock-owning workers.

The board of directors decided on a meeting held Monday to
reduce the capital of the financial firm to KRW31.1 billion and
then execute a paid-in capital increase equivalent to the
embezzlement amount of KRW47.3 billion, including KRW25.1
billion by Kolon Industries, KRW6.8 billion by Kolon Engineering
& Construction (E&C), 5.8 billion won by Kolon Pharmaceuticals
and 4.3 billion won from Lee Woong-yeul.

While preparing for a case against Mr. Lee, inside auditors and
Samil Accounting Corp for negligent supervision, the workers
union would continue their fight against capital increase until
the group decides to withdraw the measure.

The Kolon E&C workers own 12.7 percent share in the construction
firm, the second largest stockholder. But they have lost some
KRS12.2 billion from two cases of paid-in capital increases in
1999 and 2002.

They pointed to a possibility of additional loss coming from
Kolon E&C's decrease in profitability due to its investment in
Kolon Capital, which will be damaging to the second largest
shareholders.

On a September 13 statement by the prosecution authorities, an
official of Kolon Capital, whose name was withheld, was alledged
of misusing KRW47.3 billion of the company money to invest in
derivatives and stocks after manipulating accounting records.


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


ANCOM BERHAD: Buys Back 1,000 Ordinary Shares
---------------------------------------------
Ancom Berhad disclosed to Bursa Malaysia Securities Berhad the
details of its shares buy back dated September 23, 2004.
   
Description of shares purchased: Ordinary shares of RM1.00 each

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

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

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

Total consideration paid (RM):  

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

Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 4,809,700

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

CONTACT:

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


AOKAM PERDANA: Book Closure Date Slated for October 12
------------------------------------------------------
Notice is hereby given that the Record of Depositors of Aokam
Perdana Berhad (Aokam) will be closed at 5:00 p.m. on 12 October
2004 (Book Closure Date) for the reduction of 95% of the
existing issued and paid-up share capital of 83,415,113 ordinary
shares of RM1.00 each in Aokam by the cancellation of RM0.95 of
the par value of the existing shares of RM1.00 each in Aokam,
thereby reducing the par value of the RM0.05 per share.
Thereafter, twenty (20) ordinary shares of RM0.05 each will be
consolidated into one (1) ordinary share of RM1.00 each (Aokam
Share) resulting in the issued and paid-up capital of 4,170,756
Aokam Shares (Capital Reduction and Consolidation).

By order of the Board
Raja Norakmar Binti Raja Mohd Ali (LS005749)
Ng See Yen (MAICSA 0729161)
Company Secretaries
Kuala Lumpur
23 September 2004

This announcement is dated 23 September 2004.

CONTACT:

Aokam Perdana Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
MALAYSIA
Telephone: +60 3 2166 3466
Telephone: +60 3 2166 3455


BERJAYA SPORTS: Buys Back 301,400 Ordinary Shares
-------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Berjaya
Sports Toto Berhad issued the details of its shares buy back
dated, September 23, 2004.

Description of shares purchased: ordinary shares

Total number of shares purchased (units): 301,400

Minimum price paid for each share purchased (RM): 3.860

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

Total consideration paid (RM): 1,177,051.40

Number of shares purchased retained in treasury (units): 301,400

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

Cumulative net outstanding treasury shares as at to-date
(units): 57,051,400

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

The number of shares with voting rights in issue after the above
shares buy back is 981,473,232

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


INNOVEST BERHAD: Details Fixed Asset Disposal
---------------------------------------------
Innovest Berhad issued to Bursa Malaysia Malaysia Berhad the
details the disposal of its fixed asset.

(1) INTRODUCTION

The Board of Directors of Innovest Berhad (IB) announced that
its wholly-owned subsidiary, IB Timber Industries Sdn. Bhd.
(IBT) has on 21st September, 2004 disposed of one unit of used
Caterpillar 966E Wheel Loader c/w air-con cab, logfork, GP
bucket & standard accessories bearing registration no. CAR 2475
(the said Asset) to Mr. Hii Kwong Yung (NRIC No. 650209-13-5235)
at a cash consideration of RM240,000.00.

(2) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the directors and substantial shareholders of IB and its
subsidiaries or persons connected to them, have any interest,
direct or indirect, in the disposal.

(3) COST, BASIS OF DISPOSAL PRICE AND UTILISATION OF SALE
PROCEEDS

The said Asset was purchased by IBT in 1996 for RM320,000 and
has been fully written off in the books of IBT. The gain arising
from the disposal is RM240,000.00.

The disposal price for the said Asset was arrived at on a
"willing buyer willing seller" basis.

The sale proceeds will be utilised towards working capital of IB
Group.

(4) RATIONALE FOR THE DISPOSAL

The rationale for the disposal of the said Asset is to generate
immediate cashflow to the IB Group.

(5) FINANCIAL EFFECTS OF THE DISPOSAL

(a) Share capital and substantial shareholders.

The disposal will not have any effect on the share capital of IB
or its substantial shareholders.

(b) On earnings and net tangible assets.

The disposal will not have any material effect on the earnings
and the net tangible assets per share of the IB Group for the
financial year ending 31st December, 2004.

(6) APPROVAL

The disposal is not subject to IB shareholders' approval.

(7) DIRECTORS' RECOMMENDATION

The Directors of IB are of the opinion that the disposal is in
the best interest of the IB Group.

CONTACT:

Innovest Holdings Berhad
Suite 9B.2, Level 9B
Wisma E & C
No. 2 Lorong Dungun Kiri
Damansara Heights
50490 Kuala Lumpur
Telephone: 03-2533373
Fax: 03-2543733


HAP SENG: Purchases 34,000 Shares on Buy Back
---------------------------------------------
Hap Seng Consolidated Berhad issued to Bursa Malaysia Securities
Berhad the details of its shares buy back, dated September 24,
2004.

Date of transaction: 23/09/2004

Total number of treasury shares sold (units):   

Total number of treasury shares cancelled (units): 34,000

Minimum price paid for each share sold (RM):  

Maximum price paid for each share sold (RM):  

Total amount received for treasury shares sold (RM):  

Cumulative net outstanding treasury shares as at to-date
(units): 32,849,100

Adjusted issued capital after cancellation/resale (no. of
shares) (units): 589,810,900

CONTACT:

Hap Seng Consolidated Berhad
No. 1A, Jalan 205
46050 Petaling Jaya
Selangor
Telephone: 03-7783 9888
Fax: 03-7781 6305    


MBF HOLDINGS: Issues Notice of Extraordinary Meeting
----------------------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
MBf Holdings Berhad (MBf-H) will be held at Damai Utama, 1st
Floor, Kelab Century Paradise, Jalan Melawati 3, Taman Melawati,
53100 Kuala Lumpur on Monday, 11 October 2004 at 10.00 a.m. for
the purpose of considering and if thought fit, passing the
following Ordinary Resolutions:

ORDINARY RESOLUTION 1

- proposed issuance of 22,129,034 new ordinary shares of RM1.00
each in MBf-H pursuant to the proposed debt restructuring scheme
(PDRS)

"That, subject to the requisite approvals being obtained,
including the approval of the Bursa Malaysia Securities Berhad
(formerly known as Malaysia Securities Exchange Berhad) (Bursa
Securities) for the listing and quotation of the new ordinary
shares to be issued, approval be and is hereby given to the
Company to issue 22,129,034 new ordinary shares of RM1.00 each
in MBf-H (MBf-H Shares) at an issue price of RM1.00 each
pursuant to the PDRS.

The PDRS comprises the following:

(i) Proposed debt restructuring scheme between MBf-H as
guarantor for MBf Trading Sdn Bhd (a wholly-owned subsidiary
company of MBf-H) and MBf Trading (S) Pte Ltd (98.77 percent
owned subsidiary company of MBf International Limited, which in
turn is a wholly-owned subsidiary of MBf-H and 1.23 percent held
by Chong Kwei Kee), (collectively known as Trading Companies)
and HSBC Bank Malaysia Berhad, AmBank Berhad, Danaharta Managers
Sdn Bhd and Moscow Narodny Bank Limited, Singapore Branch
(collectively known as the Lenders) to compromise debts owing by
the Trading Companies to the Lenders as at 31 December 2001
amounting to RM48,181,245 which entails the following:

(a) Proposed cash settlement amounting to RM16,627,619, of which
RM2,000,000 has been paid; and

(b) Proposed conversion of the outstanding balance amounting to
RM31,553,626 into 15,776,813 new ordinary shares of RM1.00 each
in MBf-H (MBf-H Shares) to be issued at par at a conversion rate
of one (1) new MBf-H Share for every RM2.00 of the balance debt
outstanding; and

(ii) Proposed debt restructuring scheme between MBf-H and NBF
Asset Management Bank (NBF) for the settlement of debt owing by
National MBf Finance (Fiji) Limited to NBF amounting to
F$6,973,184 (equivalent to RM12,704,443 based on the agreed
exchange rate of F$1.00 = RM1.8219) as at 31 December 2001 which
entails the conversion into 6,352,221 new MBf-H Shares to be
issued at par at the conversion rate of one (1) new MBf-H Share
for every RM2.00 of the outstanding sum,

And that the MBf-H Shares to be issued shall, upon issue and
allotment, rank pari passu in all respects with the MBf-H Shares
in issue except that they will not be entitled to any dividends,
rights, allotments and/or distributions that may be declared by
the Company, the entitlement date of which is prior to the date
of allotment of the said new MBf-H Shares.

And that the Directors of the Company be and are hereby
authorized to do all such acts and things and to execute all
necessary documents to give effect to the aforesaid issuance of
MBf-H Shares pursuant to the PDRS with full power to assent to
any conditions, modifications, variations, revaluations and/or
amendments (if any) including but not limited to the conditions,
modifications, variations, revaluations and/or amendments (if
any) as may be approved, imposed or required by the Securities
Commission, Bursa Securities or any relevant authorities
(provided always that the conditions, modifications, variations,
revaluations and/or amendments (if any) are not to the detriment
of the members of the Company) AND FURTHER THAT the Directors
are hereby duly authorized to take all steps and do all acts and
things in any manner as they may deem necessary or expedient in
connection with the issuance of MBf-H Shares pursuant to the
PDRS."

ORDINARY RESOLUTION 2

- Proposed amendments to the terms of the Trust Deeds
constituting USD19,236,664 (EQUIVALENT TO RM73,003,140) Class A
guaranteed floating rate redeemable convertible secured loan
stocks (USD RCSLS A) and USD11,294,335 (equivalent to
RM42,862,000) Class B Guaranteed Floating Rate Redeemable
Convertible Secured Loan Stocks (USD RCSLS B0) (collectively
referred to as USD RCSLS A and USD RCSLS B)

"That, subject to the requisite approvals being obtained,
approval be and is hereby given for the amendments to the terms
contained in Condition 11, Third Schedule of the Trust Deeds
dated 30 June 2003 constituting the USD RCSLS A and USD RCSLS B.

The existing Condition 11, Third Schedule of the Trust Deeds as
set out below, stipulates that, the new MBf-H shares to be
issued pursuant to the conversion of the USD RCSLS A and USD
RCSLS B shall be subject to the following restrictions on
disposal:

(a) no disposal of the new MBf-H shares may be effected within
the first three (3) months following the issue date of such new
MBf-H shares; and

(b) no more than 25 percent of the new MBf-H shares issued to
each USD RCSLS A and USD RCSLS B holders may be transferred or
disposed of in each of the following periods:

(i) the period commencing three (3) calendar months from the
issue date of the new MBf-H shares and ending six (6) calendar
months from the issue date of the new MBf-H shares;

(ii) the period commencing the day following the end of the
period referred to in (i) above and ending twelve (12) calendar
months from the issue date of the new MBf-H shares;

(iii) the period commencing the day following the end of the
period referred to in (ii) above and ending eighteen (18)
calendar months from the issue date of the new MBf-H shares;

(iv) any of the new MBf-H shares issued to each USD RCSLS A and
B holders may be disposed of after eighteen (18) months from the
issue date of the new MBf-H shares.

The abovementioned terms shall be amended so that the
transfer/disposal restrictions stated above shall only apply to
new MBf-H shares issued pursuant to the exchange of the USD
RCSLS A and B during the period of eighteen (18) months from the
issue date of the USD RCSLS A and USD RCSLS B and will not apply
to any new MBf-H shares issued after such period. As the USD
RCSLS A and USD RCSLS B were issued on 30 June 2003, the
eighteenth (18th) month will fall on 31 December 2004,

And that the Directors of the Company be and are hereby
authorized to do all such acts and things and to execute all
necessary documents to give effect to the aforesaid amendments
to the terms of the USD RCSLS A and USD RCSLS B with full power
to assent to any conditions, modifications, variations,
revaluations and/or amendments (if any) including but not
limited to the conditions, modifications, variations,
revaluations and/or amendments (if any) as may be approved,
imposed or required by the Securities Commission, Bursa
Securities or any relevant authorities (provided always that the
conditions, modifications, variations, revaluations and/or
amendments (if any) are not to the detriment of the members of
the Company) and  the Directors are hereby duly authorized to
take all steps and do all acts and things in any manner as they
may deem necessary or expedient in connection with the
amendments to the terms of the USD RCSLS A and USD RCSLS B."


By Order Of The Board
Ding Lien Bing (MIA 6896)
Ong Hua Meng (MIA 6346)
Company Secretaries
Kuala Lumpur
24 September 2004

Notes:

(1) A member of the Company entitled to attend and vote at this
Meeting is entitled to appoint a proxy to attend and vote in his
stead.

(2) A proxy need not be a member of the Company.

(3) The instrument appointing a proxy shall be in writing under
the hand of the appointer or his attorney duly authorized in
writing or if such appointer is a corporation under its Common
Seal or the hand of its attorney.

(4) All forms of proxy must be deposited at the Registered
Office of the Company at Level 38, Bangunan AmFinance, No 8,
Jalan Yap Kwan Seng, 50450 Kuala Lumpur, Malaysia not later than
forty-eight (48) hours before the time appointed for holding the
Extraordinary General Meeting or any adjournment thereof.

CONTACT:

MBF Holdings Berhad Federal Furniture Holdings (M) Berhad
Suite 1501B Menara Choy Fook On
1B Jalan Yong Shook Lin, Section 7
46050 Petaling Jaya
Telephone: 03-7955 9937
Fax: 03-7956 2812
Website: http://www.federal-furniture.com


MYCOM BERHAD: Details Proposed Acquisitions
-------------------------------------------
Mycom Berhad (Mycom) disclosed to Bursa Malaysia Securities
Berhad the details of the proposed acquisitions of land,
companies and assets.

(1) Introduction

The company refers to the announcements made by Alliance
Merchant Bank Berhad on 14 August 2000, 12 December 2000, 12
June 2001, 12 December 2001, 11 July 2002, 12 December 2002, 30
January 2003, 14 February 2003, 18 September 2003 and the
announcement made by Southern Investment Bank Berhad (SIBB) on
12 December 2003 in relation to the Proposed Acquisitions.

SIBB, on behalf of the Board of Directors of Mycom, announced
that Mycom had, on 23 September 2004, entered into two (2)
agreements for the extension of time for fulfillment of
conditions precedent on the following conditional sale and
purchase (S&P) agreements (Extension Agreements):

(a) a conditional assets acquisition agreement dated 14 August
2000 and the subsequent extensions dated 12 December 2000, 12
June 2001, 12 December 2001, 11 July 2002, 30 January 2003, 18
September 2003 and 12 December 2003, and the supplemental
agreement dated 14 February 2003, between Mycom, Olympia
Industries Berhad (OIB) and its subsidiaries, namely United
Malaysian Properties Sdn Bhd, Mascon Sdn Bhd and Regal Unity Sdn
Bhd, for the proposed acquisition by Mycom of 100 percent equity
interest in Olympia Land Berhad, 100 percent equity interest in
City Properties Development Sdn Bhd, 100 percent equity interest
in Olympia Plaza Sdn Bhd, 100 percent equity interest in Rambai
Realty Sdn Bhd, 70 percent equity interest in Maswarna Colour
Coatings Sdn Bhd, 100 percent equity interest in Salhalfa Sdn
Bhd, 100% equity interest in Mascon Construction Sdn Bhd
together with four (4) storey shop office situated at Taman
Shamelin Perkasa, Kuala Lumpur and a factory unit situated at
Beranang Industrial Estate, Selangor and five (5)-acre land
situated at District of Kota Kinabalu, Sabah for an aggregate
purchase consideration of RM56,377,660; and

(b) a conditional land acquisition agreement dated 14 August
2000 and the subsequent extensions dated 12 December 2000, 12
June 2001, 12 December 2001, 11 July 2002, 30 January 2003, 18
September 2003 and 12 December 2003, and the supplemental
agreement dated 14 February 2003, between Mycom and Kenny Height
Developments Sdn Bhd for the proposed acquisition by Mycom of
approximately 41.14 acres of land situated at Mukim Batu,
Wilayah Persekutuan for a purchase consideration of
RM261,000,000.

The date for fulfillment of the conditions precedent of the
above two (2) conditional S&P agreements has been further
extended for a further period of six (6) months from 12
September 2004 or to such later date as the parties may agree.

(2) Documents for inspection

The Extension Agreements are available for inspection at Mycom's
registered office, Level 23, Menara Olympia, No. 8, Jalan Raja
Chulan, 50200 Kuala Lumpur during normal business hours from
Monday to Friday (except for public holidays) for a period of
three (3) months from the date of this announcement.

This announcement is dated 23 September 2004.

CONTACT:

Mycom Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2072 3993
           +60 3 2072 3996


NAIM INDAH: Issues Additional Share for Listing, Quotation
----------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Naim Indah
Corporation Berhad's additional 1,078,300 new ordinary shares of
RM0.20 each arising from the conversion of 1,078,300 nominal
value of RM0.20 irredeemable convertible unsecured loan stocks
into 1,078,300 new ordinary shares will be granted listing and
quotation effective 9:00 a.m. Monday, 27 September 2004.

CONTACT:

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


NALURI BERHAD: Issues Update on Proposals
-----------------------------------------
Naluri Berhad issued to Bursa Malaysia Securities Berhad an
update on the following proposals:

(I) Proposed Capital Restructuring comprising a proposed capital
repayment, proposed share premium account utilization and
proposed share premium set-off (Proposed Naluri Capital
Restructuring Scheme)

(II) Proposed subscription of new ordinary shares of RM1.00 each
in Sriwani Holdings Berhad (SHB) and certain new irredeemable
convertible preference shares known as ICPS-A (proposed SHB
subscription)

(III) Proposed acquisition of certain ordinary shares of RM1.00
each in SHB (SHB shares) and certain irredeemable convertible
preference shares of RM0.10 each in SHB from certain financial
institutions, certain trade creditors of SHB AND Malaysia
Airports (SEPANG) Sdn Bhd (proposed SHB securities acquisition)

(IV) Proposed acquisition of certain properties from certain
subsidiaries of SHB (proposed SHB property acquisition)

(V) proposed acquisition by Naluri of 100 percent equity
interest in United Industries Sdn Bhd (UISB), 100 effective
equity interest in United Vehicle Industries Sdn Bhd (UVISB),
92.772 percent effective equity interest in United Filter Sdn
Bhd (UFSB) and 70 percent equity interest in United Sanoh
Industries Sdn Bhd (USISB) (Proposed UI group acquisition)

Hereinafter, the abovementioned proposals shall be collectively
referred to as proposals.

Aseambankers Malaysia Berhad, on behalf of Naluri, is pleased to
announce that all the resolutions with regards to the Proposals
as set out in the Notice of Extraordinary General Meeting (EGM)
dated 30 August 2004, have been approved by the shareholders of
Naluri at the EGM held on Thursday, 23 September 2004.

This announcement is dated 23 September 2004.

CONTACT:

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


OLYMPIA INDUSTRIES: Updates Status of Proposals
-----------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Olympia
Industries Berhad issued an update to the following proposals:

- Proposed acquisition of land
- Proposed disposal of companies and assets

(1) Introduction

The company refers to the announcements made by Alliance
Merchant Bank Berhad on 14 August 2000, 12 December 2000, 12
June 2001, 12 December 2001, 11 July 2002, 12 December 2002, 30
January 2003, 14 February 2003, 18 September 2003 and the
announcement made by Southern Investment Bank Berhad (SIBB) on
12 December 2003 in relation to the Proposals. SIBB, on behalf
of the Board of Directors of OIB, wishes to announce that OIB
had on 23 September 2004 entered into two (2) agreements for the
extension of time for fulfillment of conditions precedent on the
following conditional sale and purchase (S&P) agreements
(Extension Agreements):

(a) a conditional land acquisition agreement dated 14 August
2000 and the subsequent extensions dated 12 December 2000, 12
June 2001, 12 December 2001, 11 July 2002, 30 January 2003, 18
September 2003 and 12 December 2003, and the supplemental
agreement dated 14 February 2003 between OIB and Kenny Height
Developments Sdn Bhd for the proposed acquisition by OIB of
approximately 32.3 acres of land situated at Mukim Batu, Wilayah
Persekutuan for a purchase consideration of RM189,000,000; and

(b) a conditional assets disposal agreement dated 14 August 2000
and the subsequent extensions dated 12 December 2000, 12 June
2001, 12 December 2001, 11 July 2002, 30 January 2003, 18
September 2003 and 12 December 2003, and the supplemental
agreement dated 14 February 2003 between OIB and its
subsidiaries, namely United Malaysian Properties Sdn Bhd, Mascon
Sdn Bhd and Regal Unity Sdn Bhd and Mycom Berhad (Mycom), for
the proposed disposal to Mycom of 100 percent equity interest in
Olympia Land Berhad, 100 percent equity interest in City
Properties Development Sdn Bhd, 100 percent equity interest in
Olympia Plaza Sdn Bhd, 100 percent equity interest in Rambai
Realty Sdn Bhd, 70 percent equity interest in Maswarna Colour
Coatings Sdn Bhd, 100% equity interest in Salhalfa Sdn Bhd, 100
percent equity interest in Mascon Construction Sdn Bhd together
with four (4) storey shop office situated at Taman Shamelin
Perkasa, Kuala Lumpur and a factory unit situated at Beranang
Industrial Estate, Selangor and five (5)-acre land situated at
District of Kota Kinabalu, Sabah for an aggregate sale
consideration of RM56,377,660.

The date for fulfillment of the conditions precedent of the
above two (2) conditional S&P agreements has been further
extended for a further period of six (6) months from 12
September 2004 or to such later date as the parties may agree.

(2) Documents for inspection

The Extension Agreements are available for inspection at OIB's
registered office, Level 23, Menara Olympia, No. 8, Jalan Raja
Chulan, 50200 Kuala Lumpur during normal business hours from
Monday to Friday (except for public holidays) for a period of
three (3) months from the date of this announcement.

This announcement is dated 23 September 2004.


POS MALAYSIA: Additional 66,000 Shares Scheduled for Listing
------------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, POS
Malaysia & Services Holdings Berhad announced that an additional
66,000 new ordinary shares of RM1.00 each issued pursuant to the
Employees Share Option Scheme will be granted listing and
quotation effective 9:00 a.m., Monday, 27 September 2004.

CONTACT:

Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
MALAYSIA
Telephone: +60 3 2166 2323
           +60 3 2166 2266


PWE INDUSTRIES: Posts Update on Corporate Restructuring
-------------------------------------------------------
PWE Industries Berhad disclosed in Bursa Malaysia Securities
Berhad an update to its Proposed Corporate Restructuring.

On behalf of the Board of Directors of PWE, PM Securities Sdn
Bhd announced that the company, had on 22 September 2004 entered
into the following agreements:

(i) Third Supplemental Agreement between PWE, Bintang Mover
Berhad (BMB), Mr Yap Hock Sing and Mr Yap Hock Tian in relation
to the Proposed Acquisition of Bintang Bulk Mover Sdn Bhd
(BBMSB);

(ii) Third Supplemental Agreement between PWE, BMB, Encik Ahmad
Shalimin bin Ahmad Shafie and Encik Shahrill Sharwani bin Ahmad
Fuaad in relation to the Proposed Acquisition of Agenda Wira Sdn
Bhd (AWSB);

(iii) Third Supplemental Agreement between PWE, BMB and Encik
Mohammed Ridzal bin Ahmed Rasiddi in relation to the Proposed
Acquisition of Jitu Transport Sdn Bhd (JTSB); and

(iv) Third Supplemental Agreement between PWE, BMB and Encik
Mohammed Ridzal bin Ahmed Rasiddi in relation to the Proposed
Acquisition of Panglima Klasik Sdn Bhd (PKSB).

The abovementioned Third Supplemental Agreements supplement the
respective Principal Sale and Purchase Agreements dated 16 July
2003, First Supplemental Agreements dated 10 October 2003 and
Second Supplemental Agreements dated 20 January 2004.

Under aforesaid Third Supplemental Agreements, the parties to
the agreements have mutually agreed that the fulfillment of the
conditions precedent (as stated in the respective Principal Sale
and Purchase Agreements) of six (6) months and as extended for
three (3) months pursuant to the respective Second Supplemental
Agreements dated 20 January 2004 shall be further extended for
another six (6) months commencing from the expiry of the
aforesaid three (3) months period, ie. fifteen (15) months from
the date of the Principal Sale and Purchase Agreements.

This announcement is dated 23 September 2004.


QUALITY CONCRETE: Reveals Securities Disposals, Acquisitions
------------------------------------------------------------
The Board of Directors of Quality Concrete Holdings Berhad
announced to Bursa Malaysia Securities Berhad that the company
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.

(2) Aggregate value of consideration for transactions on:

(i) 22nd September, 2004 - RM264,104
(ii) 23rd September, 2004 - RM38,850

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 RM2.2114
Loss per share RM0.0018

The Company has on 22nd and 23rd September, 2004:

(1) acquired 10,000 ordinary shares of RM1.00 each in PBBANK.
(2) acquired 120,000 ordinary shares of RM1.00 each in AFFIN.
(3) disposed off 42,000 ordinary shares of RM1.00 each in EKRAN.
(4) disposed off 36,000 ordinary shares of RM1.00 each in UTAMA.

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 Listing Requirements.

For more information, click
http://bankrupt.com/misc/qualityconcrete092304.pdf


SBC CORPORATION: Unveils Results of AGM
---------------------------------------
SBC Corporation Berhad advised Bursa Malaysia Securities Berhad
that at the Fourteenth Annual General Meeting of SBC Corporation
Berhad (Formerly known as Siah Brothers Corporation Berhad) duly
convened and held Friday morning, all the resolutions as set out
in the Notice of Annual General Meeting dated 30th August, 2004
were duly passed by the members present.


TENGGARA OIL: Submits 2Q Report for Period Ended July 31
--------------------------------------------------------
Tenggara Oil Berhad submitted to Bursa Malaysia Securities
Berhad its unaudited second quarter report for the financial
period ended July 31, 2004.
  
Summary Of Key Financial Information
July 31, 2004

Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   To Date        Corresponding
                  Quarter                              Period
  31/07/2004   31/07/2003   31/07/2004  
31/07/2003
  RM'000   RM'000   RM'000  RM'000

(1) Revenue
    8,696   10,663   16,589  19,043

(2) Profit/(loss) before tax
    -1,624   -1,107   -3,717  -2,422

(3) Profit/(loss) after tax and minority interest  
    -1,682   -1,134   -3,807  -2,477

(4) Net profit/(loss) for the period
    -1,682   -1,134   -3,807  -2,477

(5) Basic earnings/(loss) per shares (sen)  
    -2.10    -1.40   -4.70          -3.00

(6) Dividend per share (sen)
    0.00     0.00     0.00           0.00
       
As At End Of Current Quarter As At Preceding Financial Year End


(7) Net tangible assets per share (RM)    
    0.3700                 0.4200
       
For more information, click
http://bankrupt.com/misc/tenggaraoil092304.xls
http://bankrupt.com/misc/tenggaraoil092304_2.doc
http://bankrupt.com/misc/tenggaraoil092304_3.doc


WCT ENGINEERING: Officer Intends to Deal During Closed Period
-------------------------------------------------------------
Pursuant to Paragraph 14.09 of the Listing Requirements of Bursa
Malaysia Securities Berhad (BMSB), WCT Engineering Berhad
notified BMSB that the Company has on 23 September 2004 received
notification from a Principal Officer in relation to his
dealings in securities of the Company. The following are the
details:

Name of Principal Officer: En. Mohd Roslan Bin Sarip
(Project Director - Construction & Engineering Division)

Description of Securities Date Transacted No. of Securities
Disposed % of Securities  Consideration: Ordinary Shares of
RM1.00 each 16.09.2004 14,200 0.012 RM64,184.00 (RM4.52 per
unit)

This announcement is dated 23 September 2004.

CONTACT:

WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44, Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul Ehsan, Malaysia
Telephone: 603-7805 2266
Fax: 603-7804 9877
Email: wctbhd@wcte.com.my


WCT ENGINEERING: BMSB Grants Additional Listing of 1,500 Shares
---------------------------------------------------------------
WCT Engineering Berhad's additional 1,500 new ordinary shares of
RM1.00 each issued pursuant to Exercise of 1,500 2000 to 2005
will be granted listing and quotation by Bursa Malaysia
Securities Berhad (BMSB) effective from 9:00 a.m., Monday, 27
September 2004.


WEMBLEY INDUSTRIES: Seeks Extension for Report Completion
---------------------------------------------------------
Wembley Industries Holdings Berhad (WIHB) issued to Bursa
Malaysia an update on the status of the Investigative Audit
Report.

The Company announced that the investigative audit (IA) of WIHB
undertaken by Messrs Howarth, Kuala Lumpur Office has not been
completed as at 22 September 2004, the deadline granted by the
Securities Commission (SC) via its letter dated 2 June 2004. As
such, Messrs Horwath has on 23 September 2004 made an
application to the SC to request for a further extension of time
for a period of six (6) months up to 22 March 2005 to complete
the IA of WIHB.

This announcement is dated 23 September 2004.

CONTACT:

Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Telephone: +60 82 236920
           +60 82 236922


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


BALABAC RESOURCES: Reschedules Meeting to November 16
-----------------------------------------------------
With reference to Balabac Resources & Holdings Co. Inc.'s
disclosure to the Philippine Stock Exchange dated September 20,
2004, please be informed that at the Special Board of Directors'
Meeting held on September 24, 2004 at 4:30p.m., the Board
approved and authorized to reschedule the Annual Stockholders'
Meeting to be held on November 9, 2004 to November 16, 2004 at
the Century Park Hotel, Vito Cruz, Manila at 4:00 p.m. and that
the record date of shareholders in good standing entitled to
receive notice of and to vote at the meeting and any adjournment
thereof be set on the close of business on October 16, 2004
instead of October 11, 2004.

Should you wish any further clarification, let the company know.

CONTACT:

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


COLLEGE ASSURANCE: Receives Php6-Billion Infusion from Land Firm
----------------------------------------------------------------
College Assurance Plan Philippines Incorporated (CAP) had
clinched a deal with a local property investor for an infusion
of Php6 billion worth of real estate assets into the CAP trust
fund, says The Philippine Star.

The unnamed property developer will inject a 3,000-hectare
property valued at Php200 per square meter in exchange for
preferred shares to be issued by the pre-need firm.

The infusion is expected to partly boost CAP's trust fund assets
that will address future liabilities.

CAP plans to develop the property into an educational center
where it could sell lands to schools. When fully developed, the
value of the property is projected to reach Php2,500 per square
meter.

Robert John Sobrepena, CAP director and head of the firm's
business development group, said that CAP would submit the terms
of agreement to the Securities and Exchange Commission (SEC) for
approval.

Recently, CAP paid penalties to the SEC for exceeding the Php5-
billion limit of securities by Php64 million in August.

The SEC mandated CAP to stop selling securities until it had met
the requirements for its application to sell Php1 billion worth
of additional plans.

CONTACT:

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


HOUSE OF INVESTMENTS: Clarifies News Article
--------------------------------------------
This is in reference to a Circular for Brokers No. 3253-2004
dated July 19, 2004 pertaining to the approval by the Board of
Directors and Stockholders of House of Investments, Inc. (HI) of
the amendments to its By-Laws to incorporate the procedure for
the nomination and election of Independent Directors and to
expressly provide for the appointment of exofficio director/s
and adviser/s to the Board.

In relation thereto, the Company furnished the Exchange the SEC
Certified True Copy of Amended By-Laws.

A copy of the said document shall be made available for
reference at the Philippine Stock Exchange (PSE) Centre and PSE
Plaza libraries.

For your information

MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department

Noted by:
JURISITA M. QUINTOS
Senior Vice President - Operations Group


MANILA ELECTRIC: Executives Deny Reports on Shares Disposal
-----------------------------------------------------------
The management of the Manila Electric Company (Meralco), headed
by its Chairman and CEO Manuel M. Lopez, on September 23, 2004
denied a report that Lopez family is contemplating of disposing
its Meralco shares.

In a press statement Mr. Lopez said that he remains committed in
steering the power utility to the direction that is to the best
interest of both its stakeholders and the consumers.  "On behalf
of the Lopez family, we remain steadfast in our commitment to
ensure that Meralco will be able to respond to the needs of the
people we serves.  That commitment will never waver," Mr. Lopez
said.

Although the company is saddened by the latest court rulings
against Meralco which have affected its financial situation, the
Meralco Chairman said that these events are not enough to make
Meralco deviate from its mission of providing its customers
efficient, adequate and reliable electric service at reasonable
cost.

He also clarified that although it is true that he made a trip
to Spain recently, it was merely to apprise their foreign
partner (Union Fenosa of Spain) on the company's overall
situation.  "Just like any other company, Meralco does this on a
regular basis," Mr. Lopez said.

"I would like to dispel all speculation that I am wavering on my
commitment to serve Meralco.  In fact I would like to assure our
stakeholders and customers that I remain committed in serving
them to the best of my ability.  A covenant that I have embraced
since taking on the helm of this company," Mr. Lopez averred.

CONTACT:

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


MAYNILAD WATER: Bank Rejects Proposal to Convert Loan
-----------------------------------------------------
East West banking Corporation will not accept preferred shares
in Maynilad Water Services Incorporated unless it gets the
Monetary Board's approval, BusinessWorld reveals.

The bank stressed it has to wait for a recommendation from the
policymaking arm of the Bangko Sentral ng Pilipinas (BSP) before
approving the amended rehabilitation plan of Maynilad.

Under the revised plan, Maynilad proposed to convert into equity
debts worth Php1.42 billion owed to local banks, including East
West. The entire amount will be converted into equity in the
form of preferred shares while the rest are turned into
convertible voting shares.

"If ever creditor (East West) has to accept this scheme of
payment, it must have assurance from the petitioner (Maynilad)
that the Monetary Board approves it. Without such assurance, it
would be safer to assume that the plan is legally not feasible,
at least insofar as (we) are concerned," the bank said.

Other banks with a relatively high exposure to Maynilad include
the Development Bank of the Philippines, Rizal Commercial
Banking Corp., Equitable PCI Bank, and Chinatrust (Phils.)
Commercial Bank Corp.


NEGROS NAVIGATION: Releases Rehab Plan Info
-------------------------------------------
This is in reference to Circular for Brokers No. 1318-2004 dated
March 29, 2004, in relation to Negros Navigation Co., Inc.'s
(NN) filing of a petition for corporate rehabilitation. The
Company in its letter dated September 23, 2004, furnished the
Philippine Stock Exchange a copy of the following documents:

- The Proposed Rehabilitation Plan of the company; and
- The body of Evaluation and Recommendation Report of the
Rehabilitation Receiver, together with the Executive Highlights

A copy of the above-mentioned documents shall be made available
for reference at the PSE Centre and PSE Plaza libraries.

For your information

MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department

Noted by:
JURISITA M. QUINTOS
Senior Vice President - Operations Group


NEGROS NAVIGATION: Issues Clarification to News Article
-------------------------------------------------------
Negros Navigation Co. Inc. issued to the Philippine Stock
Exchange a clarification to the news article entitled "Nenaco's
payment plan nixed" published in the September 23, 2004 issue of
the Manila Times. The article reported that:

"The Development Bank of the Philippines said that the proposed
5-percent annual interest rate on debt payments by Negros
Navigation Co. is `highly objectionable.' The revised
rehabilitation plan submitted to the Manila Regional Trial Court
showed that Year 1 interest will be paid in five-year redeemable
preferred shares, with dividend payments in the second year,
while the interest rate shall be fixed at 5 percent annually.

In a three-page comment the DBP said, 'This recommended course
of action [proposed 5-percent interest rate] is clearly illegal
and inequitable.' According to the creditor bank, the proposal
would be a violation of the provision of Article 1159 of the New
Civil Code, `as it will be a form of breached of contractual
obligation because the interest payment obligation agreed upon
between the petitioner [Nenaco] and the creditor [DBP] is not 5
percent per annum.' While the recommendation will give vitality
to the life of the petitioner, it will softly kill creditor DBP
because the recommended 5 percent per annum interest rate is
below the cost of secured creditor DBP's special funds for the
shipping industry that was taken advantage by the petitioner
Nenaco,' it said."

Negros Navigation Co., Inc. (NN), in its letter to the Exchange
dated September 24, 2004, disclosed that:

"The company is not in a position to confirm the above-mentioned
newspaper report because the same quotes the contents of a
pleading of Development Bank of the Philippines, which we have
not received."

For your information

MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department

Noted by:
JURISITA M. QUINTOS
Senior Vice President - Operations Group


PHILIPPINE LONG: Adds 5,068 Common Shares for Listing
-----------------------------------------------------
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 P5.00 per share, to cover the Executive Stock Option
Plan (ESOP) of the Company, at an exercise price of P814.00 per
share.

In this connection, please be advised that a total of 5,068
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 5,068 common shares is set
for Monday, September 27, 2004. This brings the number of common
shares listed under the ESOP to a total of 272,886 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


PILIPINO TELEPHONE: NTC Could Revoke License if Fees Not Settled
----------------------------------------------------------------
The National Telecommunications Commission (NTC) could revoke
the operating license of Pilipino Telephone Corporation (Piltel)
if it will not pay Php 1.3 billion in outstanding supervision
and regulatory fees, Dow Jones relates, citing BusinessWorld.

"We could impose additional penalties, fines, or even revoke
their license. But this is one big balancing act. We have to
think of the subscribers," said NTC Commissioner Ronald Olivar
Solis.

NTC has set a September 30 deadline for Piltel to settle its
obligations.

However, Piltel's legal head Rogelio Quevedo asserted that NTC's
computation is inaccurate and that the company does not owe any
regulatory fees. Instead, Piltel is asking NTC to refund
overcharges prior to 1997.

Mr. Quevedo said NTC couldn't just cancel Piltel's license.

"This is public service. You can't just revoke an ongoing public
service," he stressed.

CONTACT:

Pilipino Telephone Corporation
G/F Mobiline Centre
6764 Ayala Avenue
1200 Makati City  
Philippines  
Telephone: 63 2 811 8888
Fax: 63 2 817 6888


PILIPINO TELEPHONE: Government OKs Staggered Fees Repayment
-----------------------------------------------------------
Beleaguered Pilipino Telephone Incorporated (Piltel) was granted
permission by the National Telecommunications Commission (NTC)
to repay on a "staggered basis" the telco's outstanding
supervision and regulatory fees (SRF) worth Php1.3 billion,
reports The Manila Times.

NTC Commissioner Ronald O. Solis said Thursday they are
implementing SRF collection as one of the revenue measures,
adding that the commission will hold talks with Piltel to
negotiate on the fees payment scheme.

"Piltel is asking for reconsideration on computation of the
fees. We have yet to decide on that but at the moment, that
decision (on the commission's computation) remains, that is the
way the Supreme Court said it should be computed," Mr. Solis
declared.

The Supreme Court ruled that the SRF computation should be based
on the paid capital, which includes all the premiums and income
retained by the company.

Piltel has requested the regulatory body to review its
computation as it claimed the NTC has overcharged them.


UNION CEMENT: Issues News Article Clarification
-----------------------------------------------
Union Cement Corporation issued to the Philippine Stock Exchange
a clarification to the news article entitled "Heard through the
grapevine" of the Cocktales Section published in the September
22, 2004 issue of the Philippine Daily Inquirer (Internet
Edition). The article reported that:

"National Life Insurance, which holds 0.44 percent of Union
Cement, has asked the new Swiss majority owners of the
country's largest cement company to also extend to the minority
shareholders the tender offer rule and acquire their leftover
Union Cement holdings at PHP6 a share.

National Life was one of the minority shareholders that had been
left holding the proverbial bag after Switzerland-based Holcim
quietly acquired majority control of Union Cement from the
holding companies of the PHINMA-Bacnotan group. Other minority
shareholders left grumbling include the Aboitizes and their
listed company, Aboitiz Equity Ventures."

Union Cement Corporation ("UCC"), in its letter to the Exchange
dated September 23, 2004, disclosed that:

"The company wishes to inform you that National Life Insurance
(National Life) has asked Cemco Holdings, Inc. (Cemco) to extend
to the minority shareholders of Union Cement Corporation (UCC)
the tender offer rule and acquire their remaining UCC shares at
P6.00 per share. However, National Life was duly informed that
the acquisition by Cemco of the majority shares of Union Cement
Holdings Corporation (UCHC), a substantial stockholder of a
listed company, UCC, is not covered by the mandatory tender
offer requirement of Securities Regulation Code (SRC) Rule 19.
Further, UCC is not aware of any issue involving the Aboitizes
and Aboitiz Equity Ventures."

For your information

MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department

Noted by:
JURISITA M. QUINTOS
Senior Vice President - Operations Group


VICTORIAS MILLING: Unveils Result of Board Meeting
--------------------------------------------------
Victorias Milling Company Inc. (VMC) announced in a disclosure
to the Philippine Stock Exchange that during the meeting of the
Board of Directors of the company on September 22, 2004:

(1) The members thereof elected Mr. Norberto B. Capay as a
Director to replace Mr. Arthur N. Aguilar who resigned effective
August 31, 2004.  He was likewise appointed to chair the newly
formed Planter Relations and Security Committee.

(2) The resignation (letter attached herewith as Annex A) of Mr.
Aristotle L. Villaraza as a Member of the Board of Director of
VMC and member of the Executive Committee (EXCOM) as well as
Chairman of the Legal Committee effective September 22, 2004 was
accepted.

(3) Mr. Jose M. Chan Jr. was chosen to replace Mr. Villaraza as
a member of the EXCOM.

(4) Mr. Wilson T. Young resigned as Chairman of the Audit
Committee of VMC but remains as a member thereof.  The Board
then decided to merge the legal Committee with the Audit
Committee and the Body is now called the Audit and Legal
Committee, with Mr. Alexis R. Borlaza as Chairman.

To view a copy of the resignation letter, click
http://bankrupt.com/misc/VICTORIASMILLING092404.pdf


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


ALLIANCE TECHNOLOGY: Creditors to File Proof of Claims
------------------------------------------------------
Take notice that a dividend will be declared regarding Alliance
Technology And Development Limited. If a proof of debt (Form 77)
has not been filed, please do so to the satisfaction of the
Judicial Managers on or before 6th October 2004, or such later
date as the Judicial Managers may fix.

Failure to do so which will not entitled one to a dividend.
Payments shall only be made to all creditors whose claims have
been admitted, on a pari passu basis, without regard to such
claim.

Dated this 22nd day of September 2004.

Seshadri Rajagopalan
Judicial Manager
Alliance Technology and Development Limited
c/o 10 Collyer Quay
#21-01 Ocean Building
Singapore 049315.

This Singapore Government Gazette notice is dated September 20,
2004.


FERRYLINK SHIPPING: Creditors to Prove Debt by October 20
---------------------------------------------------------
Notice is hereby given that the creditors of Ferrylink Shipping
(S) Pte Ltd, which is being wound up voluntarily, are required
on or before 20th October 2004 to send in their names and
addresses and the particulars of their debts or claims and the
names and addresses of their solicitors (if any) to the
undersigned, the Liquidators of the said Company.

If so required by notice in writing from the said Liquidators,
are by their solicitors, or personally, to come in and prove
their said debts or claims at such time and place as shall be
specified in such notice or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

Dated this 20th day of September 2004.

Chia Soo Hien
Ng Geok Mui
Liquidators
c/o BDO International
5 Shenton Way
#07-00 UIC Building
Singapore 068808

This Singapore Government Gazette notice is dated September 20,
2004.

JSD CONSTRUCTION: Court to Hear Petition on October 8
-----------------------------------------------------
Notice is hereby given that a petition for placing JSD
Construction Pte Ltd under the judicial management of a judicial
manager by the High Court was, on the 15th day of September
2004, presented by the Company.

The said petition is directed to be heard before the Court at
10.00 a.m. on the 8th day of October 2004. Mr. Tay Swee Sze of
Messrs Tay Swee Sze & Associates has been nominated as the
judicial manager.

Any person who intends to oppose the making of an order under
section 227B or the nomination of a judicial manager under
section 227B 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
member of the company requiring it by the undersigned on payment
of the regulated charge.

The Petitioner's address is 27, Woodlands Industrial Park E1,
#03-16 Hiankie Industrial Building, Singapore 757718

Messrs Ramdas & Wong
Solicitors for the Petitioner
9 Raffles Place,
#07-01 Republic Plaza,
Singapore 048619

Note: Any person who intends to appear at the hearing of the
petition must serve on or send by post to the above named
solicitors, Messrs Ramdas & Wong of 9 Raffles Place, #07-01
Republic Plaza, Singapore 048619, a notice in writing of his
intention to do so. The notice must state the name and address
of the person, or if a firm, the name and address of the firm,
and must be signed by the person or 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 12 noon of the
7th of October 2004.


MYHOME FURNITURE: Enters Winding Up Proceedings
-----------------------------------------------
In the Matter of Myhome Furniture & Design Pte Ltd, registered
address 190 Middle Road #03-22 Fortune Centre
Singapore 188979, a Winding Up Order was made on: 8th day of
September 2004.

Name and address of Liquidator: Timothy James Reid
Messrs Ferrier Hodgson
50 Raffles Place
#44-05 Singapore Land Tower
Singapore 048623

Messrs Madhavan Partnership
Solicitors for the Petitioner

This Singapore Government Gazette Notice is dated September 20,
2004.


NEPTUNE ORIENT: Releases Change in Interest Notice
--------------------------------------------------
Neptune Orient Lines Limited (NOL) released a notice last
September 23, 2004 at the Singapore Stock Exchange pertaining to
director's interest and change in interest.

PART I

1. Date of notice to issuer: 23/09/2004
  
2. Name of Director: Lock Sai Hung

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

PART II

1. Date of change of interest: 23/09/2004
  
2. Name of Registered Holder: Lock Sai Hung
  
3. Circumstance(s) giving rise to the interest or change in
interest: Others

Please specify details: Acceptance of Lentor Investments Pte
Ltd's Options Proposal in respect of Option for 30,000 NOL
Shares exercisable at SG$2.14 per share

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

No. of options held before the change: 30,000
As a percentage of issued share capital: 0.002
  
No. of options which are the subject of this notice: (30,000)
As a percentage of issued share capital: 0.002
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.66 (difference between the Offer
Price of S$2.80 and exercise price of S$2.14 per share)
  
No. of options held after the change: 0
As a percentage of issued share capital: 0

PART III

1. Date of change of interest:  
  
2. The change in the percentage level: From % to %
  
3. Circumstance(s) giving rise to the interest or change in
interest:  
4. A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

PART IV
1. Holdings of Director, including direct and deemed interest:
Direct Deemed

No. of options held before change: 30,000  
% of issued share capital: 0.002  
   
No. of options held after change: 0  
% of issued share capital: 0  

Based on NOL's paid up capital of 1,449,072,376 as at 22
September 2004.


NICOTRENT ENGINEERING: Court Issues Winding Up Notice
-----------------------------------------------------
In the matter of Nicotrent Engineering Pte Ltd. a Winding Up
Order made on the 17th day of September 2004.

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

Dated the 20th day of September 2004

Chan & Goh
Solicitors for the Petitioners

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

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

This Singapore Government Gazette notice is dated September 20,
2004.


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

BANGKOK STEEL: SEC Extends Submission of FS for 15 Days
-------------------------------------------------------
With reference to the letter No. Bor. Hor. 16/2547 dated
September 6, 2004, the 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 you that the SEC has sent  
letter No. Kor. Lor. Tor. Chor. 1574/2547 dated September 20,
2004 granted for 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


NATURAL FERTILIZER: Issues Capital Hike Info
--------------------------------------------
Further to the resolution of Natural Fertilizer Public Company
Limited's board meeting No. 1/2547 dated 20th September 2004 to
increase the Company's registered capital from THB2,486,619,720
(Two billion four hundred eighty six million six hundred
nineteen thousand and seven hundred twenty baht) to
THB4,000,000,000 (Four billion baht) by additional issuance of
THB1,513,380,280  (One billion five hundred thirteen million
three hundred eighty thousand and two hundred eighty).  The
allocation of these common shares is set as:

(1) Proposed sale to initial shareholders.
(2) Proposed sale to general public.
(3) Proposed sale to private placement

The terms set forth to the selling price and proportion of
allocation, including other conditions shall be authorized in
the shareholders' meeting to the Board of Directors to carry
this mission.

In the issue related to the problem of small shareholders, the
Board's meeting has assigned the executive board to consider
which is now in the process of identifying a remedy for the
problem.

In the matter of requested THB200 million loan that the Company
is negotiating with Bank of Ayudhya Plc.,Ltd for interest rate
charge, term of repayment and other conditions.   

For the issue of THB400 million loan drawdown which is approved
by the Central Bankruptcy Court for purposes of operation fund
in raw material procurement for fertilizer production and
expedite for internal working capital.  

This loan has not yet repaid, the partial payment for the loan
is due in November 2004 amounting to THB300 million.  The
determination of repayment in full amount will be undertaken in
condition of the ability to acquire working capital loan of
THB2,930 million from Bank of Ayudhya Plc., Ltd.                

Please be advised accordingly
Your respectfully,
(Mr. Nuttaphob Ratanasuwanthawee) (Mr. Direk Chatpimonkul)
Director
NFC Fertilizer Public Company Limited

CONTACT:

Nfc Fertilizer Pcl   
Laopengnguan Bldg 1, Floor 17-19,
333 Vibhavadi Rangsit Road,
Chatu Chak, Bangkok    
Telephone: 0-2618-8100   
Fax: 0-2618-8200   
Web site: www.nfc.co.th  


NFC FERTILIZER: Appoints New Members of Audit Committee
-------------------------------------------------------
The board of directors of NFC Fertilizer Public Co. Ltd. at a
meeting # 1/2004 held on September 20, 2004 passed resolutions
concerning the appointment of a company Audit Committee. The
member of the committee includes:

(1) Audit CommitteeMr.Seri Wongmonta
(2) Audit Committee Mr.Chavalit Saleepol
(3) Audit Committee Mrs.Sunee Sornchaitanasuk.
(4) Audit Committee SecretaryMiss Waraporn Itthithumrong

(2) A listed company's Audit Committee, which represents the
board of director, is responsible for the following duties
stated on the charter and must report to the board of director
on:

(2.1) Oversee the Company financial reporting process and the
disclosure of its financial information, in which the financial
statement must be correct, sufficient, and credible.

(2.2) Ensure that the Company has adequate and effective
internal control systems.

(2.3) To consider, select, and appoint Company' Auditor

(2.4) Ensure that the Company follows all relevant regulation
and laws.

(2.5) Ensure that the Company does not engage in any activities
may lead to a conflict interest.

(2.6) To perform any assignment coming from the Board of
Directors.

(2.7) To prepare the Audit Committee's report for disclosure in
the Company's annual report.

(3) The period of service for member is:

Audit Committee: 3 years

The company hereby confirms these Audit Committee members have
the Qualifications Required by the Stock Exchange of Thailand.

Authorized Director
(Mr.Nuttaphob Ratansuwanthawee)

Authorized Director
(Mr.Direk Chatpimonkul)



                            *********


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

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

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