TCRAP_Public/040929.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Wednesday, September 29, 2004, Vol. 7, No. 193

                            Headlines

A U S T R A L I A

A.C.N. 087: To Hold Final Meeting of Members, Creditors
ANDERSON WASTE: Creditors Must Prove Claims by September 29
BMGC PTY: Sets General Meeting on October 11
BRISBANE HOTELS: General and Final Meeting Slated for October 15
BROTHERS LEAGUES: To Hold Final Combined Meeting on October 8

BURPENGARY AGED: General Meeting Slated for October 11
CAMPBELL DUNCAN: Final Meeting Set October 11
COMINDICO AUSTRALIA: Receivers Keen On Divestment
COMINDICO AUSTRALIA: Says Financial Status Stable
JADECASTLE PTY: Sets October 8 as Date of Final Meeting

LES LEES: Receiver Sells Stores
LIVERPOOL CITY: Creditors To Prove Debts by September 29
LIVERPOOL SCRAP: Creditors Must Submit Claims by September 29
MGQ PTY: General Meeting Slated for October 11
MGSS PTY: Sets General Meeting on October 11

NATIONAL AUSTRALIA: Chief Builds Management Team
PAN PHARMACEUTICALS: ASIC Charges Former CEO
SUZANNE'S LIMOUSINES: Issues Notice of Final Meeting
TABLITE PTY: To Hold Annual Meeting on October 8
WSC PTY: Sets Final Meeting on October 8


C H I N A  &  H O N G  K O N G

ASIA GLOBAL: Deadline for Administrative Claims Set October 22
CHINA STAR: Unveils 1H Results
GRAND SYSTEMS: Court Issues Winding Up Notice
KAI FUNG: Court to Hear Winding Up Petition on October 13
NEW HONGKONG: Winding Up Hearing Set October 20

ONTRADE LIMITED: Enters Winding Up Proceedings
SATISFACTORY PRINTING: Creditors to Prove Debts by October 8
SUCCESS POND: Winding Up Hearing Slated for October 13


I N D O N E S I A

BANK NEGARA: Recovers From Loan Scandal
BANK NEGARA: Pefindo Upgrades Ratings, Outlook Stable
MERPATI NUSANTARA: House OKs Revival Plan


J A P A N

DAIKYO INCORPORATED: Seeks JPY176.5-Billion Bailout
EDOSAWA: JCR Upgrades Bonds to BB-
HITACHI LIMITED: Develops Cosmic Ray Neutron Evaluation System
HITACHI LIMITED: Issues Stock Acquisition Rights
MARUHA GROUP: To Exit Trawl Fishing Venture

MITSUBISHI MOTORS: To Get US$686 Million in Loans
MITSUBISHI MOTORS: Unveils Production, Sales, Exports Results
MITSUBISHI MOTORS: DaimlerChrysler Eyes Dutch Plant
SOJITZ HOLDINGS: To Receive US$3.3-Billion Bailout


K O R E A

HYNIX SEMICONDUCTORS: Inks Term Sheet With ProMOS
* Government Projects National Debt to Reach KRW244.2Bln by 2005


M A L A Y S I A

ANCOM BERHAD: Issues Shares Buy Back Notice
BERJAYA SPORTS: Granted Listing of 94,000 Ordinary Shares
CME GROUP: Unveils 2004 Quarterly Report
GULA PERAK: Answers Bursa Malaysia Query
GULA PERAK: Grants Listing of 16,000 Ordinary Shares

K.P. KENINGAU: Securities Classified To PN4 Condition Sector
KUMPULAN BELTON: Releases Default Status Update
NAIM INDAH: Issues Additional 2,187,700 Ordinary Shares
PANGLOBAL BERHAD: Unit Releases Production Figures
POS MALAYSIA: Details Employee Share Option Scheme

QUALITY CONCRETE: Reveals Securities Disposals, Acquisitions
RASHID HUSSAIN: Issues Additional 42,000 Ordinary Shares
SELOGA HOLDINGS: Releases Debt Restructuring Scheme Update
TIMBERWELL BERHAD: Appoints New Director


P H I L I P P I N E S

DMCI HOLDINGS: Director Consunji Acquires 450,000 Common Shares
PHILIPPINE AIRLINES: Sales Volume Remains Buoyant, Says Chief
PHILIPPINE LONG: Clarifies "Smart Asks IPO Exemption" Report
PRYCE CORPORATION: Clarifies Corporate Rehabilitation News
PUERTO AZUL: Real Estate Firm Files For Rehab


S I N G A P O R E

DAIDO ENGINEERING: Final Meeting Set October 25
ELAN IMPEX: Court Issues Winding Up Notice
LULEE METAL: Creditors to Declare Intended Dividend
NEPTUNE ORIENT: Posts Change in Director's Interest
NEPTUNE ORIENT: Director's Interest Changes

RHL PRIVATE: Creditors to Prove Claims by October 25
TAINET TECHNOLOGY: Creditors Must Submit Claims by October 24
WEE POH: Proposes Restructuring of SG$10, 949, 889 Debts
WEE POH: Terminates Purchase Agreement


T H A I L A N D

KRUNG THAI: BoT Places President's Reappointment on Hold
MANAGER MEDIA: SET Grants Listing of Securities
THAI PETROCHEMICAL: $2.95Bln Debt Plan Amendment Gains Approval

     -  -  -  -  -  -  -  -  -

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


A.C.N. 087: To Hold Final Meeting of Members, Creditors
-------------------------------------------------------
Take note that the affairs of A.C.N. 087 574 196 Pty Ltd (In
Liquidation), formerly known as Freightliner Bodies Pty Ltd, are
now finalized, and pursuant to Section 509(1) of the
Corporations Act, 2001, a final meeting of members and creditors
of the company will be held at the offices of Lucas & Currie
Chartered Accountants, Level 8, 100 Edward Street, Brisbane,
Queensland on 7 October 2004 at 10:00 a.m.

The purpose of the meeting is to table an account indicating how
the winding up has been conducted and how the property of the
Company has been disposed of, and giving explanations thereof.

Dated this 25th day of August 2004

P. A. Lucas
I. A. Currie
Liquidators
Lucas & Currie Chartered Accountants
Level 8, ING Building,
100 Edward Street,
Brisbane Qld 4000
Telephone: (07) 3232 5200,
Facsimile: (07) 3003 0334


ANDERSON WASTE: Creditors Must Prove Claims by September 29
-----------------------------------------------------------
A first and final dividend to unsecured creditors is be declared
on 7th November 2004 for Anderson Waste, Transport & Recycling
Pty Ltd Subject To Joint Deed Of Company Arrangements)

Creditors whose debts or claims have not already been admitted
are required on or before 29 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

Richard Albarran
Deed Administrator
Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


BMGC PTY: Sets General Meeting on October 11
--------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act, a general meeting of the members of BMGC Pty Ltd (In
Voluntary Liquidation) will be held at the offices of Horwath
Jefferson Stevenson, Level 4, 370 Queen Street, Brisbane Qld
4000, on Monday, 11 October 2004, at 12:00 p.m. for the purpose
of having an account laid before them showing the manner in
which the winding up has been conducted and how the property of
the company has been disposed of, and of hearing any
explanations that may be given by the Liquidators.

Dated this 26th day of August 2004

Gerald T. Collins
Liquidator
c/- Horwath Jefferson Stevenson
Level 4, 370 Queen Street,
Brisbane Qld 4000


BRISBANE HOTELS: General and Final Meeting Slated for October 15
----------------------------------------------------------------
Notice is given that a general and final meeting of members of
Brisbane Hotels Pty Ltd will be held at the offices of Johnston
Rorke, Level 5, 255 Adelaide Street, Brisbane, Qld, 4000 on
Wednesday, October 15, 2004 at 10:00 o'clock.

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

Dated this 7th day of September 2004

Nigel Fischer
Johnston Rorke
Level 5, 255 Adelaide Street,
Brisbane Qld 4000


BROTHERS LEAGUES: To Hold Final Combined Meeting on October 8
-------------------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Brothers Leagues Club (Mackay) Limited
(In Liquidation) will be held at the offices of Jessup &
Partners, Accountants & Business Advisors, St James Place, Level
3, 155-157 Denham Street, Townsville, Queensland 4810 on Friday,
8 October 2004 at 10:00 a.m.

AGENDA

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

(2) To fix the remuneration of the Liquidator; and

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

Dated this 26th day of October 2004

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


BURPENGARY AGED: General Meeting Slated for October 11
------------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act, a general meeting of the members of Burpengary Aged Care
Pty Ltd (In Voluntary Liquidation) will be held at the offices
of Horwath Jefferson Stevenson, Level 4, 370 Queen Street,
Brisbane Qld 4000, on Monday, October 11, 2004 at 10:00 a.m. for
the purposes of having an account laid before them showing the
manner in which the winding up has been conducted and how the
property of the company has been disposed of, and of hearing any
explanations that may be given by the Liquidators.

Dated this 26th day of August 2004

Gerald T. Collins
Liquidator
c/- Horwath Jefferson Stevenson
Level 4, 370 Queen Street,
Brisbane Qld 4000


CAMPBELL DUNCAN: Final Meeting Set October 11
---------------------------------------------
Notice is hereby given of the Final Meeting of Campbell Duncan
Farms Pty Ltd will be held at Noakes Street, Childers, Qld on
Monday, October 11, 2004 at 10:00 a.m.

The Liquidator's Accounts will be presented at this meeting.

Stephen Parcell
Liquidator


COMINDICO AUSTRALIA: Receivers Keen On Divestment
-------------------------------------------------
Receivers McGrathnicol is prepared to begin the formal
divestment process of distressed telecommunications firm
Comindico Australia Pty Ltd, the Australian Financial Review
reports.

McGrathnicol, appointed as receivers by Comindico's largest
creditor Cisco, declared the failed telco could be sold within
four to eight weeks.

Acting with a principal obligation to Cisco, the receivers will
conduct the sale and continue running the business, leaving
Comindico-appointed administrators Ferrier Hodgson to take the
back seat.

Comindico's board of directors placed the network provider into
voluntary administration last week when Cisco, which is owed
about AU$80 million, rejected a deal that would have bolstered
Comindico's funds.

Under the two-year-old agreement, Cisco was to receive AU$10
million from an AU$27 million equity injection by JP Morgan and
B Digital, with the remaining AU$70 million loan converted to
equity.

Sources said Cisco had struck a deal with Telstra to have it buy
the business. Telstra executive Ted Pretty reportedly spoke with
Comindico Chief Executive John Stuckey and Chairman Barry
Wheeler in January with the offer.

However, Comindico's board ultimately shunned Telstra's
advances, as one of its directors ruled out talks with the telco
giant.

JP Morgan also rejects the idea of Comindico being sold off, as
it was planning to acquire a controlling stake in the ailing
firm.

With Telstra effectively stopped by Comindico's board, it is
understood the telco then began negotiating with Cisco. Cisco
and Telstra both declined to comment.

Meanwhile, McGrantnicol said they will begin the sale process
immediately and expect to capitalize on the significant interest
in the business.

Optus, Commander Communications and Comindico's largest
wholesale client Dodo Internet were tapped as Comindico's
potential buyers.

Comindico's shareholders included Kerry Packer's Consolidated
Press Holdings, Rupert Murdoch's Queensland Press, JPMorgan's
private equity arm, AMP and Australian Gas Light Co.

CONTACT:

Comindico Australia Pty Ltd.
Level 15, 201 Kent Street
Sydney NSW 2000
Australia

GPO Box N800 Grosvenor Place
NSW 1220
Australia

Telephone: +61 2 8220 6000
Fax: +61 2 9252 6864


COMINDICO AUSTRALIA: Says Financial Status Stable
-------------------------------------------------
Comindico Australia issued a customer announcement yesterday
regarding its financial position.

There have been a number of articles in the press speculating on
Comindico's financial position and its future.  In response,
John Tierney CFO and acting CEO, commented, "Comindico has been
performing to expectations meeting its business plan objectives
and achieving an EBITDA positive result for the last 4 months.
Normal supplier payments are also up to date and the company has
an undisclosed amount of cash in the bank."

As you can expect, the staff is very disappointed about the
events occurring over the last 3 or 4 days is focusing on
maintaining customer service levels. We do not expect any impact
on service at the present time.

The Receivers, McGrathNicol+Partners, can confirm that
continuity of supply agreements have been negotiated.

McGrathNicol+Partners also wish to reiterate that they intend
offering the business for sale as a going concern as a matter of
urgency in order to protect both the inherent value of the
business, and the immediate interest of the company's customers.
They are working closely with management in the interests of all
stakeholders.

Issued by Peter Maurer, General Manager Marketing, Comindico
Australia P/L.


JADECASTLE PTY: Sets October 8 as Date of Final Meeting
-------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a final meeting of the members and creditors of
Jadecastle Pty Ltd (In Liquidation) Formerly Trading As Empire
Hair will be held at the offices of Pearce & Heers, Level 8, 410
Queen Street, Brisbane on Friday, October 8, 2004 at 10:00 a.m.
for the purpose of receiving:

(1) An account from the Liquidator showing how the winding up
has been conducted and the property of the company disposed of;
and

(2) An explanation of the account.

Dated this 30th day of August 2004
Mark Pearce
Liquidator
Pearce & Heers
Telephone: (07) 3221 0055,


LES LEES: Receiver Sells Stores
-------------------------------
The divestment process of failed clothing chain Les Lees are in
its final stages, with contracts due to be signed this week,
says ABC News.

Receiver Paul Pattison said the outlets will be divided by four
parties interested in purchasing individual stores. All stores
will continue to trade under the Les Less brand.

However, not all stores will be sold.

Mr. Pattison said, "One of the stores that was earmarked for
closing down is in fact one where there's now some interest in."

"But it is still not quite finalized yet until we get everyone
to sign the contracts as to which stores will be maintained and
which ones may close, and at this stage the stores will still be
maintained while I'm in as receiver," he added.

Les Lees went into receivership last month after being unable to
repay AU$2 million in debt, with 13 operating outlets.


LIVERPOOL CITY: Creditors To Prove Debts by September 29
--------------------------------------------------------
A first and final dividend to unsecured creditors will be
declared on the 7th of November 2004 for Liverpool City
Recyclers Pty Ltd Subject To Joint Deed Of Company
Arrangements).

Creditors whose debts or claims have not already been admitted
are required on or before 29 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

Richard Albarran
Deed Administrator
Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


LIVERPOOL SCRAP: Creditors Must Submit Claims by September 29
-------------------------------------------------------------
A first and final dividend to unsecured creditors will be
declared on 7th November 2004 for Liverpool Scrap Metal (Nsw)
Pty Ltd Subject To Joint Deed Of Company Arrangements).

Creditors whose debts or claims have not already been admitted
are required on or before 29 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

Richard Albarran
Deed Administrator
Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


MGQ PTY: General Meeting Slated for October 11
----------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act, a general meeting of the members of MGQ Pty Ltd (In
Voluntary Liquidation) will be held at the offices of Horwath
Jefferson Stevenson, Level 4, 370 Queen Street, Brisbane Qld
4000, on Monday, 11 October 2004, at 11:30 a.m. for the purpose
of having an account laid before them showing the manner in
which the winding up has been conducted and the property of the
company disposed of, and of hearing any explanations that may be
given by the Liquidators.

Dated this 26th day of August 2004

Gerald T. Collins
Liquidator
c/- Horwath Jefferson Stevenson
Level 4, 370 Queen Street,
Brisbane Qld 4000


MGSS PTY: Sets General Meeting on October 11
--------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act, a general meeting of the members of MGSS Pty Ltd (In
Voluntary Liquidation) will be held at the offices of Horwath
Jefferson Stevenson, Level 4, 370 Queen Street, Brisbane Qld
4000, on Monday, 11 October, 2004, at 11:00 a.m. for the purpose
of having an account laid before them showing the manner in
which the winding up has been conducted and the property of the
company disposed of, and of hearing any explanations that may be
given by the Liquidators.

Dated this 26th day of August 2004

Gerald T. Collins
Liquidator
c/- Horwath Jefferson Stevenson
Level 4, 370 Queen Street,
Brisbane Qld 4000


NATIONAL AUSTRALIA: Chief Builds Management Team
------------------------------------------------
Ahmed Fahour, Chief Executive Officer Australia, National
Australia Bank, announced yesterday the first in a series of new
appointments to lead the integration of the Australian
businesses.

The new appointments are:

Ewen Stafford as Chief Financial Officer, Australia.  Ewen is
currently Chief Financial Officer, Wealth Management.  He will
jointly report to the National's Group Chief Financial Officer,
Michael Ullmer.

George Frazis (formerly from the Commonwealth Bank) has been
appointed Head of Business Development, Australia, effective
November 8.

Greg Sutherland (previously with Boston Consulting) has been
appointed Head of Strategy & Marketing, Australia, effective
October 4.

Kevin Turnbull (formerly with Hutchison Telecoms) has been
appointed Head of Operational Integration, effective October 11.
He will report to the Head of Strategy & Marketing.

"I would like to welcome Ewen, George, Greg and Kevin to the
team," said Mr Fahour.

"They will be crucial to developing and implementing our
integration plans and creating a more customer-focused operation
in Australia," Mr Fahour added.

Further appointments are expected to be made to the new
Australian team in the coming weeks.  These will include:  Chief
Risk Officer, Australia; Chief Information Officer, Australia;
and General Manager - People & Culture Australia.

Biographies

Ewen Stafford - Chief Financial Officer, Australia

Ewen Stafford was previously the Chief Financial Officer for the
National's Wealth Management business - a role he has held since
April 2002.

The National's Wealth Management business operates in seven
countries, employs over 6000 people and has more than $73
billion in funds under management.

Prior to joining the National, Ewen was the Business Services
Director, Australia for Colliers Jardine Holdings (Australia)
Limited.  Here, he acted as company secretary and public officer
for the national holding company and its subsidiaries.

He has a Bachelor of Arts in Accountancy from the University of
South Australia and is an Associate Chartered Accountant.  He
has an MBA from the Graduate School of Management at the
University of Adelaide and is a member of the Australian
Institute of Management.

George Frazis - Head of Business Development, Australia

George Frazis was previously Executive General Manager, Business
& Private Banking, Premium Business Services at the Commonwealth
Bank of Australia.  In this role, George was responsible for
small business, small and medium enterprises, regional
corporates, agribusiness and private banking.

Earlier, George held senior roles in Institutional & Business
Services at the Commonwealth.

He has a Master of Business Administration from the Australian
Graduate School of Management and Wharton School of the
University of Pennsylvania and a Bachelor of Electronics
Engineering with Honours from Curtain University.

Greg Sutherland - Head of Strategy & Marketing, Australia

Greg Sutherland is from the Boston Consulting Group which he
joined in 1992 and became a director and partner in 1999.  He
has been based in the US for the last 2 years.

Through his consulting background, Greg has gained deep
experience and expertise in consumer strategy, business re-
engineering, productivity improvement and e-commerce.

He has a Masters of Business Administration and Bachelor of
Engineering (Electronic) from the University of Western
Australia.

Kevin Turnbull - Head of Operational Integration

Kevin Turnbull has extensive industry experience in change
management and business re-engineering.  He joins the National
from Hutchison Telecoms, where he has worked for the past two
years as the deployment consultant for its new third generation
mobile telecommunications infrastructure.

Prior to Hutchison Telecoms, Kevin was the Senior Vice
President, Business Performance Enhancement and IT for Air New
Zealand Group.  Earlier, Kevin was based in Sydney with Qantas
as the Group General Manager, Operations Services.  Here, he was
responsible for strategy, finance, IT and human resources across
its worldwide operations.

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


PAN PHARMACEUTICALS: ASIC Charges Former CEO
--------------------------------------------
Mr. James Selim, the former Chief Executive Officer and Managing
Director of Pan Pharmaceuticals Limited, yesterday appeared in
the Downing Centre Local Court on four charges brought by the
Australian Securities and Investments Commission (ASIC).

The charges relate to the provision of information by Mr Selim
to the directors of Pan Pharmaceuticals during the period
February to April 2003.

ASIC alleges that Mr. Selim gave information to the directors of
Pan Pharmaceuticals that he knew omitted certain details, the
omission of which rendered the information misleading in a
material respect. The information relates to the Therapeutic
Goods Administration investigation into Travacalm and Pan
Pharmaceuticals.

This action follows an investigation by ASIC that commenced in
April 2003.

The matter will next be in court on 14 December 2004.

ASIC can make no further comment at this time.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

CONTACT:

Pan Pharmaceuticals
Factory and Offices
10-12 Church Road
Moorebank 2170
New South Wales

P.O. Box 566
Moorebank 1875
New South Wales
Australia

Telephone: 61 2 9734 9988
Fax: 61 2 9822 7100
E-mail: info@panpharma.com.au


SUZANNE'S LIMOUSINES: Issues Notice of Final Meeting
----------------------------------------------------
Notice is hereby given that a final meeting of creditors and
members of Suzanne's Limousines Pty Ltd (In Liquidation) is to
be held at the office of Messrs S V Partners, Level 16, 120
Edward Street, Brisbane, in the State of Queensland on October
7, 2004 at 3:00 p.m.

AGENDA

(1) Receive an account by the liquidators.

(2) To consider and if thought fit pass the following
resolution: that the books and records of the company be
destroyed.

(3) General business.

Dated this 26th day of August 2004
Paul Sweeney
Terry Van Der Velde
Joint and Several Liquidators


TABLITE PTY: To Hold Annual Meeting on October 8
------------------------------------------------
Notice is given that an Annual Meeting of Members and Creditors
of Tablite Pty Ltd (In Liquidation) will be held in the
Boardroom of Jessup & Partners, 1st Floor, 488 Mulgrave Road,
Earlville Qld on October 8, 2004 at 11:00 a.m.

AGENDA

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

(2) Any other business.

Dated this 27th day of August 2004

I. D. Jessup
Liquidator


WSC PTY: Sets Final Meeting on October 8
----------------------------------------
Take note that the affairs of WSC Pty Ltd (In Liquidation),
formerly Known As Myttons Qld Fabrication Pty Ltd, are now
finalized, and pursuant to Section 509(1) of the Corporations
Act, 2001, a final meeting of members and creditors of the
Company will be held at the offices of Lucas & Currie Chartered
Accountants, Level 8, 100 Edward Street, Brisbane, Queensland on
8 October 2004 at 11 o'clock in the forenoon.

The purpose of the meeting is to table an account indicating how
the winding up has been conducted and the property of the
Company disposed of, and giving explanations thereof.

Dated this 26th day of August 2004

P. A. Lucas
I. A. Currie
Liquidators
Lucas & Currie Chartered Accountants
Level 8, 100 Edward Street,
Brisbane Qld 4000
Telephone: (07) 3232 5200,
Facsimile: (07) 3003 0334


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


ASIA GLOBAL: Deadline for Administrative Claims Set October 22
--------------------------------------------------------------
All individuals or entities that hold or assert claims against
Asia Global Crossing, Ltd. or Asia Global Crossing Development
Co. that arose on or between November 17, 2002, and June 11,
2003 must file an Administrative Proof of Claim, no later than
October 22, 2004.

The original completed and signed Administrative Proof of Claim
must be received no later than 5:00 p.m. (EDT) on the Last Day.
The original Administrative Proof of Claim may be mailed to or
sent by hand delivery or overnight courier to:

Office of the Clerk
United States Bankruptcy Court
for the Southern District of New York
Alexander Hamilton Custom House, Room 534
One Bowling Green
New York, New York 10004-1408

Each holder of an Administrative Claim that fails to file with
the Bankruptcy Court an Administrative Proof of Claim by the
Last Day, will not receive any payment, and shall be forever
barred from asserting the claim and from participating in any
distributions in these bankruptcy cases.

The Asia Global Crossing, Ltd. and Asia Global Crossing
Development Co. bankruptcy cases are being jointly administered
under the name, "Asia Global Crossing, Ltd., et al.," as
reflected on the Administrative Proof of Claim form. The form
also provides a space for you to indicate against which debtor
your claim is made. Failure to indicate will not, however, in
any way prejudice a claim.

The Last Day shall apply to all types of Administrative Claims,
whether secured, unsecured, liquidated, fixed or contingent. The
Last Day does not apply to

(i) Administrative Claims that have already been filed in these
cases.

(ii) Claims or interest that arose prior to November 17, 2002.

(iii) Administrative claims of professionals retained by the
Chapter 7 Trustee pursuant to court order.

This Bermuda Sun notice is dated September 24, 2004.


CHINA STAR: Unveils 1H Results
------------------------------
China Star Entertainment announced on September 27, 2004 its
financial results for the first half of the current fiscal year
at the Hong Kong Stock Exchange. Net loss widened to
HK$39,546,000 compared to the previous year's HK$17,306,000.

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




                                                    (Unaudited )
                                 (Unaudited )            Last
                                  Current          Corresponding
                                    Period             Period
                                from 1/1/2004      from 1/1/2003
                                 to 30/6/2004       to 30/6/2003
                               Note  ('000)           ('000)

Turnover                           : 108,067            102,783
Profit/(Loss) from Operations      : (30,472)           (45,710)
Finance cost                       : (690)              (631)
Share of Profit/(Loss) of
  Associates                       : (15,878)           5,246
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (39,546)           (17,306)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.1302)           (0.0757)
         -Diluted (in dollars)     : (0.1302)           (0.0757)
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (39,546)           (17,306)
Interim Dividend                   : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)

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

B/C Dates for Other
  Distribution                     : N/A

Remarks:

(1) Basic And Diluted Loss Per Share

The calculation of the basic and diluted loss per share is based
on the following data:


                                           Six months ended
                                      30/6/2004       30/6/2003
                                        HK$'000         HK$'000

Loss for the purposes of basic and
diluted loss per share
(net loss for the period)           (39,546'000)    (17,306'000)
                                        ========================

                                               Number of shares
                                      30/6/2004       30/6/2003

Weighted average number of ordinary
shares for the purpose of basic
and diluted loss per share
                                    303,841'000     228,519'000


                                        ========================

The computation of diluted loss per share for the six months
ended 30th June, 2004 does not assume the exercise of the
Company's outstanding share options and convertible loan note
outstanding during the period since their exercise would reduce
loss per share.

The computation of diluted loss per share for the six months
ended 30th June, 2003 did not assume the exercise of the
Company's outstanding share options, warrants and convertible
loan note outstanding during the period since their exercise
would reduce loss per share.

(2) Comparative for loss from operations was adjusted for re-
classification of amortization of goodwill as item included in
loss from operations.


GRAND SYSTEMS: Court Issues Winding Up Notice
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Grand Systems Trading 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 Chan Bing Shum trading as
Yuen Cheong Housewares Wholesale Co. of Flat 11, Block B, Hang
Wai Industrial Centre, Kin Tai Street, Tuen Mun, New
Territories, Hong Kong.

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

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

Jal N. Karbhari & Co.
Solicitors for the Petitioner
15th Floor, Kincheng Commercial Centre
No. 2 Carnarvon Road, Tsimshatsui
Kowloon, 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.


KAI FUNG: Court to Hear Winding Up Petition on October 13
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Kai
Fung Company Limited by the High Court of Hong Kong Special
Administrative Region was on the 31st day of August 2004
presented to the said Court by Bank of China (Hong Kong) Limited
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 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.

K. W. Ng & Co.
Solicitors for the Petitioner
11th Floor, Wings Building
110 Queen's Road Central
Hong Kong

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


NEW HONGKONG: Winding Up Hearing Set October 20
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of New
Hong Kong Operating Limited by the High Court of Hong Kong was
on the 8th day of September, 2004 presented to the said Court by
Tsoi Heung Sang and Tse Yiu Kam both of Room 2016, Sun Kit
House, Sun Chui Estate, Tai Wai, Shatin, New Territories, Hong
Kong.

The said petition will be heard before the Court at 9:30 am. on
the 20th 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.

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 19th day of
October 2004.


ONTRADE LIMITED: Enters Winding Up Proceedings
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Ontrade (HK) Limited by the High Court of Hong Kong Special
Administrative Region was on the 6th day of September 2004
presented to the said Court by Trox (Malaysia) Sdn. Bhd. of 20
Perisiaran Bunga Tanjung 1, Senawang Land Industrial Park,
70400, Seremban, Negeri Sembilan Darul Khusus, Malaysia.

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.

Holman Fenwick & Willan
Solicitors for the Petitioner
15th Floor, Tower One, Lippo Centre
89 Queensway
Hong Kong

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


SATISFACTORY PRINTING: Creditors to Prove Debts by October 8
------------------------------------------------------------
Satisfactory Printing & Dyeing Factory Limited, a company in
liquidation, has set date for receiving debt proofs.

Registered Office & Liquidators' address: 5th Floor, Ho Lee
Commercial Building, 38-44 D'Aguilar Street, Central, Hong Kong.

Number of Matter: HCCW 1168 of 2001

Names of Joint and Several Liquidators: Kennic Lai Hang Lui and
Lau Wu Kwai King Lauren

Last Date for Receiving Proofs: 8th October 2004

Dated this 24th day of September 2004

Lau Wu Kwai King Lauren
Joint and Several Provisional Liquidator


SUCCESS POND: Winding Up Hearing Slated for October 13
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Success Pond Limited by the High Court of Hong Kong Special
Administrative Region was on the 3rd day of September 2004
presented to the said Court by Bank of China (Hong Kong) Limited
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 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.

Ford, Kwan & Company
Solicitors for the Petitioner
Rooms 1202-1206, 12th Floor, Wheelock House
No. 20 Pedder Street
Central, Hong Kong

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


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


BANK NEGARA: Recovers From Loan Scandal
---------------------------------------
PT Bank Negara Indonesia (BNI) has recovered from a lending
scandal that resulted to massive losses in 2003, Dow Jones says.

BNI President Sigit Pramono confirmed the good news, saying the
scandal will have no impact on BNI's performance this year.

The bank has since adopted more prudent banking policies to
regain the confidence of investors and the public, he added.

In 2003, the bank incurred IDR1.3 trillion in losses from the
lending scandal. Its net profit plummeted to IDR828.53 billion
from IDR2.51 trillion in 2002 due mostly to higher loan-loss
reserves to cover the loan scandal.

Last year, the police arrested at least two senior executives at
BNI in connection with claims involving the issue of allegedly
fictitious letters of credit.

For the first six months of this year, the bank was put on a
recovery and stabilization program, with most of its businesses
being refocused.

"The scandal taught us lessons that our business was over-
stretched, with potentially more risks than benefits," Mr. Sigit
said.

Under the bank's new policies, the size of loans given to a
single obligor or corporate is reduced to IDR1.5 trillion from
IDR2.5 trillion previously, while increasing its consumer credit
to small and medium enterprises.

The bank also improved risk management programs by moving toward
international banking practice standards, which include
developing quality assurance processes to strengthen the control
function through the empowerment of internal control units.

For the current year, BNI expects net profit to return to the
pre-scandal period level of IDR3 trillion.

CONTACT:

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


BANK NEGARA: Pefindo Upgrades Ratings, Outlook Stable
-----------------------------------------------------
Pefindo upgraded the ratings of PT Bank Negara Indonesia
(Persero) Tbk's (BBNI) and its Bond I/2003 maturing on July 10,
2011 from "idBBB" to "idA-", while the rating of the Bank's
Subordinated Bond I/2003 maturing on July 10, 2013 is upgraded
from "idBBB-" to "idBBB+".

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

However, the ratings are still mitigated by the Bank's risks
pertaining to assets quality. BBNI was established in 1946 and
has been long perceived as a corporate and government-related
bank. With total asset of IDR131.5 trillion as of 2003, the Bank
is ranked the third largest bank in Indonesia. BBNI provides
broad ranges of commercial banking activities through its 924
offices (1H04) and 2,122 self-owned ATMs, which are also
incorporated with more than 8,000 units of other ATM Network. As
to date, the bank employs 17,754 employees to support its daily
operation. As of June 2004, BBNI's shareholder structure is as
follows: Government of Republic Indonesia (99.12%) and Public
(0.88%).

The ratings reflect the Bank's:

Strong business position. BBNI is the third largest bank in
Indonesia with market share of 12.3% in term of assets, 11% in
terms of loans and 12% in terms of third party deposits.
Historically, BBNI has a strong market franchise in corporate
and commercial banking, reflected by a significant portion of
its corporate and commercial loans that accounted for about 88%
of its total loan portfolio.

Going forward, similar to most banks in Indonesia, BBNI intends
to intensify its commercial loans, which consist of middle
segment (loan size of around IDR5.0-50.0 billion) and retail
segment with loan size of less than IDR5.0 billion. The Bank
also plans to be active in corporate and micro segment that will
be served through syndication/club deals and channeling.

To accommodate its strategy, the Bank is in a process of
improving its distribution channels and capabilities by
developing integrated IT system, which is recently in roll out
process and is expected to complete in 2007.

Following big L/C fraud case in November 2003, the Bank's new
management has also strengthened its risk management system. The
Bank has developed Trade Processing Centre in certain branches
to centralize the approvals for trade financing transactions,
which previously could be processed at any particular branch. At
the same time, the Bank's new management has strengthened its
internal control function, which will also be supported by
strong IT system.

To restore customer confidence, the Bank has also changed its
corporate image followed by several communication and
advertisement programs. The Bank also plans to enhance its human
resources management and policy as well as good corporate
governance.

Improving financial performance. The Bank's capital base has
steadily improved during the last three years. Total equity grew
from IDR6.8 trillion in FY01 to IDR10.0 trillion in FY03
following quasi organization which eliminated its sizeable
retained loss. The Bank's total equity amounted to IDR10.8
trillion in 1Q04 and is expected to reach IDR12.0 trillion by
the end of this year. In addition, the Bank's Tier-2 capital
increased as a result of subordinated debt issuance amounting to
USD100 million in June 2003. Consequently, the Bank's CAR grew
from 14.2% in FY01 to 18.2% in FY03 and 19.1% as of 1Q04. Total
loans also grew from IDR38.8 trillion in FY02 to IDR52.0
trillion in FY03 and IDR49.5 trillion in 1Q04, while total
third-party deposits were up from IDR97.0 trillion to IDR105.3
trillion and IDR97.3 trillion during the same period. Pre-tax
profit had already reached IDR764.1 billion in 1Q04. In FY03,
the Bank's pre-tax profit had substantially dropped to IDR970.3
billion from IDR2.5 trillion in FY02 due to huge provisions for
the L/C fraud. The bank's ROAA also improved to 2.4% in 1Q04
compared to 0.6% in FY03 and 1.97% in FY02.

The ratings are mitigated by the Bank's:

Risks pertaining to assets quality. BBNI's non-performing loans
(NPL) remained relatively high at 4.4% in 1Q04, though improving
from 5.7% in FY03 and 5.1% in FY02. BBNI's total gross non-
performing loans (3-5) amounted to IDR2.1 trillion in 1Q04
compared to IDR2.6 trillion in FY03 and IDR1.9 trillion in FY02
partly due to the downgrades of some corporate accounts. In
addition, BBNI is still burdened by special mention loans
(category 2), which could be further downgraded to lower
categories in the medium term. At the end of FY03, this loan
category totaled to IDR7.7 trillion, accounted for about 16.6%
of total gross loans.

Going forward, PEFINDO views that BBNI's risk profile would
gradually shift from market risks to credit risks along with the
changes in its earning assets composition. The portion of loans
to total assets had continually increased from 30.6% in FY01 to
32.2% and 39.5% in FY02 and FY03, respectively. At the same
time, other earning assets portion, which partly consisted of
government bonds declined from 69.0% to 64.5% and 58.0%, as its
government bonds declined from IDR60.1 trillion to IDR47.2
trillion and IDR40.3 trillion during the period.

OUTLOOK

A "stable" outlook is assigned to the above ratings. PEFINDO has
taken into account the Bank's efforts to restructure its risk
management system, which is going forward is expected to be able
to reduce potential credit risks. Meantime, the Bank's position
and adequate capitalization should give BBNI more flexibility to
continually grow going forward.


MERPATI NUSANTARA: House OKs Revival Plan
-----------------------------------------
The House of Representatives approved the government's plan to
restructure PT Merpati Nusantara Airlines in a bid to help
rescue the ailing carrier, reports The Jakarta Post.

The restructuring will be carried out through debt
restructuring, a strategic sale to foreign and local investors,
and an initial public offering (IPO).

Finance Commission Chairman Emir Moeis said that the government
would have to wait for an approval from the Ministry of Finance
before the revival program could be implemented.

"Merpati cannot be restructured unless its business plan is
approved by the Ministry of Finance," said Mr. Emir during the
hearing, which was attended by Minister of Finance Boediono and
State Minister of State Enterprises Laksamana Sukardi.

The House suggested that Merpati should first complete its debt-
restructuring scheme to ensure that the conversion of Merpati's
debt would not cause losses to the state as a result of reckless
business operations.

Merpati, which booked an IDR247 billion loss during the first
seven months of the year, has outstanding debts reaching IDR1.3
trillion (US$139.93 million), with assets standing at around
IDR775 billion.

The state proposed to dispose of its 49-percent stake in Merpati
to strategic investors or up to 51-percent stake to local
investors by the end of the year.

A strategic sale would help the struggling carrier get fresh
capital to turn its equity positive, which would boost its value
for a planned initial public offering in 2006.

Meanwhile, the House has decided to delay the divestment of
state-owned Bank Negara Indonesia (BNI), saying the plan is not
crucial at the moment as BNI still had sufficient capital.

The state had initially planned to offer 30 percent of its stake
in BNI to the public through a secondary offering.

CONTACT:

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


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


DAIKYO INCORPORATED: Seeks JPY176.5-Billion Bailout
---------------------------------------------------
Daikyo Incorporated is seeking JPY176.5 billion worth of
financial assistance from its creditors, according to the final
draft of its rehabilitation plan, relates The Japan Times.

About JPY146.5 billion in debt waivers by main creditor UFJ Bank
and other financial institutions are included in the financial
aid.

The troubled condominium builder also plans to focus on its
condominium building business by withdrawing from non-core
operations such as resort and golf course development.

In order to offset huge losses, Daikyo proposed a capital
reduction, which will enable its shareholders to share the
burden of rebuilding the embattled firm.

Sources said that Jihei Yamazaki will remain the president of
Daikyo. Mr. Yamazaki took the helm of the ailing company in June
when predecessor Masaharu Hasegawa stepped down after seven
years in the post.

Meanwhile, Daikyo's main creditor UFJ Holdings Incorporated
announced last week the group has not reached a decision whether
or not to involve the Industrial Revitalization Corporation of
Japan (IRCJ) in the rehabilitation of the troubled borrower.

The IRCJ is charged with helping revive heavily indebted
companies deemed otherwise viable by buying their loans held by
banks other than their main creditor banks.

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/


EDOSAWA: JCR Upgrades Bonds to BB-
----------------------------------
Japan Credit Rating Agency (JCR) has upgraded the rating on the
bonds of Edosawa from B- to BB-.

Issues      Amount(bln) Issue Date     Due Date       Coupon
convertible
bonds no.1    JPY2      June 23, 1997  Sept. 30, 2004 1.35%

Rationale

Edosawa is a Japanese food restaurant chain operator with the
main menu being "chankonabe" hodgepodge stew. JCR announced the
downgrade of the rating from BB+ to BB- on April 9 this year,
believing that pace of the restructuring would lag behind the
rapidly changing food service market.

JCR has been watching carefully the going of the reform since
then. Edosawa announced the operating results for the first half
of fiscal 2004 ended June 30, 2004. It incurred a pretax loss
before extraordinary items for the half year. The loss was the
3rd time in a row on a half-year basis. Recovery of performance
at the existing stores has not been made sufficiently even with
the seasonality in its business being taken into account.

Improvement in cash flow has delayed. While the net worth
declined, liquidity on hand dropped sharply. Furthermore, the
assets to be pledged as collateral and assets that can be
converted into cash are poor. Edosawa's interest- bearing debt
to the total asset ratio rose. Risk of the refinancing of the
funds for the redemption of the bond is increasing while Edosawa
is losing its capability to raise funds.

JCR announced the downgrade of the rating for Edosawa on the
grounds that refinance risk for the outstanding bonds increased
due to the reduced room for Edosawa's capability to raise funds.

JCR has been watching reactions from the lenders, current
business model of Edosawa and drastic reforms of financial
structure since then. Edosawa announced that founding family's
involvement in capital and management of the company lowered and
that it would increase capital by issuing shares to a fund
manager.

These developments made clear that financial institutions would
extend their support to Edosawa. Accordingly, refinance risk was
reduced sharply. However, it is not certain whether or not
Edosawa can differentiate itself from peers in the food service
industry where business environment is becoming more and more
severe and can establish a new position in the industry.

JCR will pay attention to the future developments as to the
going of the reforms of management.


HITACHI LIMITED: Develops Cosmic Ray Neutron Evaluation System
--------------------------------------------------------------
Hitachi Limited (TSE:6501) has announced that its Production
Engineering Research Laboratory has developed a cosmic ray
neutron evaluation system, which can uniformly evaluate the
results of experiments and simulations with neutrons which are
conducted using accelerators around the world.

Cosmic rays generate neutrons when they enter the atmosphere.
The neutrons cause software errors in semiconductor memory. The
system quantitatively measures the effects of neutrons on such
software errors. The company claims that the system effectively
reproduced the results of experiments with a monochromatic
neutron source and a white neutron source with an average error
rate of 30%, a substantial improvement over conventional
systems.

The company presented the system at the RADECS (Radiation
Effects on Components and Systems) workshop held in Madrid on
September 24.

CONTACT:

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


HITACHI LIMITED: Issues Stock Acquisition Rights
------------------------------------------------
Hitachi Limited (NYSE:HIT)(TSE:6501) announced Friday that the
details of stock acquisition rights to be issued as stock
options, resolved at the 135th Ordinary General Meeting of
Shareholders held June 24, 2004, have been decided on.

To view the full release, click on:
http://bankrupt.com/misc/TCRAP_HITACHILIMITED092804.pdf


MARUHA GROUP: To Exit Trawl Fishing Venture
-------------------------------------------
Maruha Group Incorporated (TSE:1334) plans to withdraw from
trawling within the fiscal year by dissolving a subsidiary
specializing in this area, relates Asia Pulse, citing the Nihon
Keizai Shimbun.

Trawling is a type of fishing that involves the use of heavy
nets on the sea floor.

The wholly-owned trawling unit, which continued to book losses
over the years with sales reaching less than JPY2 billion (US$18
million), will be disbanded by March 2005.

Around 30 employees of the unit will be deployed to other group
companies.

Maruha is expected to tally an extraordinary loss of JPY1
billion for the fiscal year ending March 2005, for liquidation
costs.

For the previous business year, the trawl-fishing unit tried to
revive its operations by trimming its fishing fleet and
withdrawing from waters off New Zealand. It also dismissed
employees and hired back a portion later.

The subsidiary was formed in 2002 following a spin-off of
Maruha's trawl fishing operations.

CONTACT:

Maruha Group Incorporated
1-2, 1-chome Otemachi, Chiyoda-ku
Tokyo 100-8608, Japan
Phone: +81-3-3216-0821
Fax: +81-3-3216-0342


MITSUBISHI MOTORS: To Get US$686 Million in Loans
-------------------------------------------------
Mitsubishi Motors Corporation will receive syndicated loans of
JPY75.9 billion (US$686 million) by the end of the month from
Bank of Tokyo-Mitsubishi Limited and Mitsubishi Trust and
Banking Corporation, Dow Jones says, citing the Nihon Keizai
Shimbun newspaper.

The embattled automaker aims to revive its sluggish operations
with the latest infusion from the two banks, which are both
Mitsubishi Tokyo Financial Group Incorporated subsidiaries.

The loans will be used to replace a JPY75 billion loan secured
on a long-term basis last year that the firm was forced to repay
in late June following a sharp deterioration of its financial
status.

The automaker will receive the loans in three batches. The two
banking units will lend an initial amount before transferring
the loan credits to the 30 other syndicate member banks.

Mitsubishi Motors is trying to recuperate from plunging sales
and massive losses after consumers refrained from buying its
cars following a series of defect cover-ups and recalls.

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: Unveils Production, Sales, Exports Results
-------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) on Monday announced
production, domestic sales and export results for August 2004.

Global production in August totaled 84,883 units, a decrease of
25.9 percent compared to the same month last year.

Output in Japan slipped 46.2 percent to 29,046 units. Offshore
production declined 7.7 percent on year to 55,837 units. By
region, production in Asia decreased 4.7 percent to 39,514
vehicles, North American output declined in August by 12.7
percent to 9,077 units, European production slipped 30.1 percent
to 2,567 units.

Sales in Japan declined 45.2 percent on year to 10,143 units. Of
this, registrations, which exclude 660cc minicars, declined 56.8
percent to 2,946, while minicar sales slipped 38.5 percent on
year to 7,197 units. MMC's share of the domestic market in
August was 2.8 percent, down from 5.2 percent in August last
year.

Exports from Japan grew for the fifth consecutive month in
August, gaining 3.7 percent on year to finish at 28,413 units.
By region, exports to Europe shot up 51.7 percent on year to
10,910, exports to North America declined 16.6 percent to 4,277
and shipments to Asia were off 28.8 percent at 3,012 units.

To view the full release, click on:
http://bankrupt.com/misc/TCRAP_MITSUBISHIMOTORS092804.pdf


MITSUBISHI MOTORS: DaimlerChrysler Eyes Dutch Plant
---------------------------------------------------
DaimlerChrysler AG is in talks with Mitsubishi Motors
Corporation to acquire half of the Japanese automaker's Dutch
assembly plant, Bloomberg reports.

The German-U.S. carmaker expressed interest to purchase the
Dutch facility that manufactures the Smart ForFour compact car
and Mitsubishi Colt models.

A company spokesman affirmed DaimlerChrysler doesn't want to buy
more than half of the factory located in the Netherlands. He did
not disclose how much the U.S.-German firm is going to pay or
when the decision will be made.

Mitsubishi Motors now controls 100 percent of NedCar, in which
DaimlerChrysler was seeking to buy a majority stake in.

Last week, Mitsubishi Motors and DaimlerChrysler have inked a
new contract, renewing the two firms' commitment to combine
production and development projects.

The move brushed off rumors that embattled MMC is planning to
cut ties with DaimlerChrysler, which in April scrapped a plan to
invest in a US$4.5 billion bailout for the troubled Japanese
automaker.


SOJITZ HOLDINGS: To Receive US$3.3-Billion Bailout
--------------------------------------------------
As part of its bailout plan, cash-strapped Sojitz Holdings
Corporation was granted a US$3.3 bailout by a group of financial
institutions, Reuters reports.

The ailing firm will receive JPY10 billion (US$90.4 million)
each from Mitsubishi Tokyo Financial Group Incorporated (MTFG)
and Mizuho Financial Group Incorporated.

Swiss bank UBS AG also vowed to provide a capital injection of
JPY10 billion and another JPY10 billion in equity finance,
possibly in the form of convertible bonds.

The rest would come from Sojitz's main creditor, UFJ Holdings
Incorporated.

Sojitz, created through a merger in 2003 of trading houses
Nissho Iwai and Nichimen, said earlier this month that it
planned to issue JPY350 billion of preferred shares to UFJ and
other domestic financial institutions starting October.

CONTACT:

Sojitz Holdings Corporation
1-23,Shiba 4-chome,Minato-ku
Tokyo, 108-8405, Japan
Phone: +81-3-5446-111
Fax: +81-3-5446-1365
Web site: http://www.sojitz.com


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


HYNIX SEMICONDUCTORS: Inks Term Sheet With ProMOS
-------------------------------------------------
Hynix Semiconductors Inc. and ProMOS Technologies announced in a
press release the signing of a term sheet regarding the
licensing of certain stack-capacitor DRAM technology to ProMOS
and the providing of foundry services to Hynix.

Hynix and ProMOS expect to ultimately negotiate and finalize
definitive agreements based on the term sheet. The arrangement
would enable ProMOS to proceed with its plans to enter into the
stack DRAM market and ensure for Hynix a stable supply of DRAM
capacity for the long term. Under the arrangement, the two
companies would also undertake certain future joint development
activities.

About ProMOS

ProMOS Technologies is located in the Hsin-chu Science-based
Industrial Park in Taiwan. It manufactures high-performance and
high-density commodity DRAM memory chips and other niche memory
products, including pseudo-SRAM, low power SDRAM and MCM
products. ProMOS applies leading-edge technologies to advanced
memory products and is renowned in the global DRAM industry for
its outstanding performance in manufacturing excellence and
technology advancement.

ProMOS own and operate two fabrication plants (fabs), one 8-inch
and one 12-inch fab, respectively. 8-inch (200mm) and 12-inch
(300mm) fab utilize 0.14ĉm and 0.12um process technology for
volume production, with 0.11ĉm processes in pilot run stage. Its
12-inch (300mm) fab is one of the world's leading 12-inch DRAM
fabs for volume production.

CONTACT:

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


* Government Projects National Debt to Reach KRW244.2Bln by 2005
----------------------------------------------------------------
Korea's Government is expecting a surge in outstanding national
debt amounting to an all time high of KRW244.2 trillion ($212.3
billion) by 2005, reports The Korea Times.

The amount is equal to 29 percent of the projected 2005 gross
domestic product (GDP).  The Roh Moo-hyun administration plans
to run a deficit next year by issuing more bonds.

State debt will increase by 19.4 percent from this year's 204.5
trillion, the government's 2005 budget proposal states.  With
the ratio of debt to GDP reaching 29 percent, up from 26 percent
this year and 23 percent in 2003.

The budget proposal to be submitted to the National Assembly for
approval on October 2 is based on the expectation that the
economy will grow by 5 percent in 2005, with the ratio of tax to
GDP topping 19.7 percent.

The fiscal budget will increase by 9.5 percent or KRW131.5
trillion (about $115 billion) next year, compared to this year's
KRW120.1 trillion.

The government predicts that its 2005 fiscal deficit will rise
to KRW8.2 trillion, up KRW1 trillion from this year's estimated
shortfall of KRW7.2 trillion, due mainly to KRW6.8 trillion in
the planned issuance of state bonds to make up for a reduction
in tax revenues and an increase in debt payments.

The government will boost the nation's economic growth by
increasing the spending on research and development (R&D)
projects in the field of science and technology by 14.3 percent
to KRW15.1 trillion this year.

The spending for defense is expected to rise by 9.9 percent to
KRW20.8 trillion by 2005, in the face of the planned withdrawal
of more than 10,000 U.S. troops from South Korea.

Salaries paid to the nation's civil servants are expected to
total KRW19 trillion, up 6 percent from this year as the
government plans to hire more police officers and teachers.

Their will also be a budget allocated for the poor amounting to
KRW25.3 trillion to improve their living conditions for they are
the ones most affected by the sagging economy.

To achieve balanced regional development, local governments will
be given a total of KRW36.1 trillion in order for them to
implement various projects.  Some KRW510 billion is also
allocated to streamline the government's administrative
services.


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


ANCOM BERHAD: Issues Shares Buy Back Notice
-------------------------------------------
Ancom Berhad disclosed to Bursa Malaysia Securities Berhad the
details of its shares buy back on September 27, 2004.

Date of buy back: 27/09/2004

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

Total number of shares purchased (units): 30,000

Minimum price paid for each share purchased (RM): 0.780

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

Total consideration paid (RM):

Number of shares purchased retained in treasury (units): 30,000
Number of shares purchased which are proposed to be cancelled
(units): 0

Cumulative net outstanding treasury shares as at to-date
(units): 4,849,700

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

CONTACT:

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


BERJAYA SPORTS: Granted Listing of 94,000 Ordinary Shares
---------------------------------------------------------
Berjaya Sports Toto Berhad's additional 94,000 new ordinary
shares of RM1.00 each arising from the conversion of RM94,000
nominal amount of 8% irredeemable convertible unsecured loan
stocks 2002/2012 into 94,000 new ordinary shares will be granted
listing and quotation with effect from 9.00 a.m., Wednesday, 29
September 2004.

As the said new ordinary shares shall not be entitled to the
first interim dividend of 10% less 28% income tax declared in
respect of the financial year ending 30 April 2005, there will
be two (2) separate quotations from that date as follows:-

(i) Existing ordinary shares of the Company will be quoted as
"BJTOTO". (ii) The 94,000 new ordinary shares will be quoted as
"BJTOTO-OA".

The Stock Number and ISIN Code of the "BJTOTO-OA" shares are
"1562OA" and "MYL1562OA006".

However, as the Company has announced the entitlement date for
the first interim dividend of 10% less 28% income tax declared
in respect of the financial year ending 30 April 2005, the
"BJTOTO-OA" shares which are not entitled to the first interim
dividend will cease to be quoted with effect from 9.00 a.m.,
Monday, 4 October 2004 and will merge with the existing "BJTOTO"
shares as from that date.

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


CME GROUP: Unveils 2004 Quarterly Report
----------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, CME Group
Berhad released its quarterly report for the financial period
ended June 30, 2004.

                 SUMMARY OF KEY FINANCIAL INFORMATION
                            30/06/2004

                 INDIVIDUAL PERIOD        CUMULATIVE PERIOD
        CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
          QUARTER    CORRESPONDING    TO DATE     CORRESPONDING
                       QUARTER                    PERIOD

           30/06/2004    30/06/2003       30/06/2004  30/06/2003
           RM'000         RM'000           RM'000     RM'000

1  Revenue
            170           1,529            321         1,773

2  Profit/(loss) before tax
          -1,088           -617          -2,363       -2,457

3  Profit/(loss) after tax and minority interest
          -1,088           -617          -2,363       -2,457

4  Net profit/(loss) for the period
          -1,088           -617          -2,363       -2,457

5  Basic earnings/(loss) per shares (sen)
           -5.60           -3.23         -12.17       -12.76

6  Dividend per share (sen)
            0.00            0.00           0.00         0.00


              AS AT END OF    AS AT PRECEDING
               CURRENT        FINANCIAL YEAR
               QUARTER        END

7  Net tangible assets per share (RM)
                 1.6000        1.7600

For a full copy of its quarterly report, go to
http://bankrupt.com/misc/tcrap_cme092804].doc


GULA PERAK: Answers Bursa Malaysia Query
----------------------------------------
Gula Perak Berhad clarified the news article entitled "Gula
Perak may revive projects worth RM850 million" appearing in the
Business Times dated Friday, 24 September 2004. The Company also
responded the letter query from Bursa Malaysia Berhad regarding
the public release dated on the even date.

Gula Perka Berhad (GPB) denied the news article as it was
wrongly quoted by the public release. The Company is resuming
several of its property only when the economic condition for the
property sector is more favorable.

The gross development value for the project should be RM150m
instead of RM850m as published in the article. "The Company is
considering a right issue to fund the projects." GPB would deny
the above statement as it was wrongly quoted in the article. The
statement was made in reference to the possible ways GPB could
raise fund for their future undertakings.

"Currently Gula Perak has 160,000 hectares of plantation in
Teluk Anson, Perak,........."

GPB has only approximately 1,600 hectares (4,000 acres) of
plantation land in Teluk Anson, Perak. Therefore, the said
article has misquotd the acrearage.

In addition, the Executive Director whom cited the statements in
the press release was Mr. Peter Leow and not Mr. Peter Low as
quoted by the Article.

Bursa Malaysia Securities Berhad Query Letter content :

"We refer to the above article appearing in The Business Times
on line, on Friday, 24 September 2004, a copy of which is
enclosed for your reference. In particular, we would like to
draw your attention to the underlined sentence, which is
reproduced as follows:"

"Gula Perak Bhd plans to resume sevaral of its property projects
with a gross development value of RM850 million (S$379
million)...the company is considering a rights issue to fund
these projects."

"In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentence after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above sentence or any other part of the above
article, you are required to set forth facts sufficient to
clarify any misleading aspects of the same. In the event you
confirm the above sentence or any other part of the above
article, you are required to set forth facts sufficient to
support the same."

Please furnish the Exchange with your reply within one (1)
market day from the date hereof.

Yours faithfully
Inderjit Singh
Sector Head,
Issues & Listing
Group Regulations
THY
Copy to: Securities Commission (via fax)

CONTACT:

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


GULA PERAK: Grants Listing of 16,000 Ordinary Shares
----------------------------------------------------
Gula Perak Berhad's additional 16,000 new ordinary shares of
RM1.00 each issued pursuant to the conversion of 16,000
irredeemable convertible secured loan stocks 2000/2005 into
16,000 new ordinary shares will be granted listing and quotation
with effect from 9.00 a.m., Wednesday, 29 September 2004.


K.P. KENINGAU: Securities Classified To PN4 Condition Sector
------------------------------------------------------------
Further to K.P. Keningau Berhad's announcement on 22 September
2004 that the Company is an affected listed issuer pursuant to
Practice Note 4/2001(PN4), kindly be advised that the securities
of the Company will be reclassified from the current sector to
the PN4 Condition sector with effect from 9.00 a.m., Monday, 27
September 2004.

CONTACT:

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


KUMPULAN BELTON: Releases Default Status Update
-----------------------------------------------
The Board of Directors of Kumpulan Belton Berhad announced the
following updates on the status of the Company's default in
payment and involvement in litigation for the period from
24/08/2004 to the date of this announcement.

For more information, go to
http://bankrupt.com/misc/tcrap_kumpulan092804.doc

CONTACT:

Kumpulan Belton Berhad
Lot 10 Sungai Siput Light Indus'l Estate
31100 Sungai Siput, Perak Darul Ridzuan 48000
MALAYSIA
+60 3 6257 2233
+60 3 6257 8989


NAIM INDAH: Issues Additional 2,187,700 Ordinary Shares
-------------------------------------------------------
Naim Indah Corporation Berhad's additional 2,187,700 new
ordinary shares of RM0.20 each arising from the conversion of
2,187,700 nominal value of RM0.20 irredeemable convertible
unsecured loan stocks into 2,187,700 new ordinary shares will be
granted listing and quotation with effect from 9 a.m.,
Wednesday, 29 September 2004.

CONTACT:

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


PANGLOBAL BERHAD: Unit Releases Production Figures
--------------------------------------------------
PanGlobal Berhad announced that the production volume of timber
of its wholly owned subsidiary, Limbang Trading (Limbang) Sdn
Bhd for the month of August 2004 was 20,021.26 cubic meters.

CONTACT:

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


POS MALAYSIA: Details Employee Share Option Scheme
--------------------------------------------------
POS Malaysia & Services Holdings Berhad's additional 649,000 new
ordinary shares of RM1.00 each issued pursuant to the employee
share option scheme will be granted listing and quotation with
effect from 9.00 a.m., Wednesday, 29 September 2004.

CONTACT:

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


QUALITY CONCRETE: Reveals Securities Disposals, Acquisitions
------------------------------------------------------------
Quality Concrete Holdings Berhad 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
http://bankrupt.com/misc/tcrap_quality092804.pdffor particulars
of quoted shares acquired or disposed off for the past 12
months.

2. Aggregate value of consideration for transactions on 27th
September, 2004: RM69,775

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 RM2.2155
NTA per share after the transactions RM2.1914
Loss per share RM0.0012

The Company has on 27th September, 2004:

(1) Acquired 10,000 ordinary shares of RM1.00 each in AFFIN.
(2) Disposed off 64,000 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, go to
http://bankrupt.com/misc/tcrap_quality092804.pdf


RASHID HUSSAIN: Issues Additional 42,000 Ordinary Shares
--------------------------------------------------------
Rashid Hussain Berhad's additional 42,000 new ordinary shares of
RM1.00 each arising from the conversion of RM36,160 nominal
value of irredeemable convertible unsecured loan stocks-B
2002/2012 into 32,000 new ordinary shares will be granted
listing and quotation with effect from 9.00 a.m., Thursday, 30
September 2004.

CONTACT:

Rashid Hussain Berhad
Jalan Tun Razak
Kuala Lumpur, 50400
MALAYSIA
+60 3 9285 2233
+60 3 9285 5522



SELOGA HOLDINGS: Releases Debt Restructuring Scheme Update
----------------------------------------------------------
General Announcement
Reference No MM-040927-64438
Submitting Merchant Bank : RHB SAKURA MERCHANT BANKERS BERHAD
Company Name : SELOGA HOLDINGS BERHAD
Stock Name  : SELOGA
Date Announced : 27/09/2004


Type : Announcement
Subject : SELOGA HOLDINGS BERHAD (SHB" or "Company)

Proposed revision to the conditions in the Securities
Commission's approval letters dated 24 October 2002 and 30
December 2002 in relation to the conversion of SHB's
Irredeemable Convertible Unsecured Loan Stocks 2003/2010
(ICULS); and

Proposed revision to the terms and conditions of the Trust Deed
dated 18 April 2003 between SHB and Bumiputra-Commerce Trustee
Berhad arising from the above revision

(collectively referred to as the "Proposed Revisions)

Contents :

With reference to the approval letters from the Securities
Commission (SC) dated 24 October 2002 and 30 December 2002 in
respect of the Company's corporate and debt restructuring
scheme, RHB Sakura Merchant Bankers Berhad, on behalf of SHB,
wishes to announce that the Company intends to undertake the
following:

(i) proposed revision to the conditions in the SC's approval
letters dated 24 October 2002 and 30 December 2002 in so far as
it refers to the conversion of SHB's ICULS based on the contract
sum of RM464 million, to a reference of a contract sum as any
value to be determined in accordance with the manner specified
under the Letter of Award and Supplemental Letter of Award dated
3 December 2001 and 2 February 2002 respectively, issued by
Infra Expert Development Sdn Bhd (IED) to Segi Resources Sdn Bhd
(Segi); and

(ii) proposed revision to certain terms and conditions of the
Trust Deed dated 18 April 2003 between SHB and Bumiputra-
Commerce Trustee Berhad governing the ICULS to reflect the
proposed revision in (i) above.

Barring unforeseen circumstances, an application will be made to
the SC for the Proposed Revisions within one month from the date
of this announcement.

None of the Directors, substantial shareholders of the Company
or any of the persons connected with them, have any interest,
whether direct or indirect, in the Proposed Revisions.

This announcement is dated 27 September 2004.


TIMBERWELL BERHAD: Appoints New Director
----------------------------------------
Timberwell Berhad disclosed to the Bursa Malaysia Securities
Berhad the information on Datuk Yap Pak Leong's appointment as
Director of the Company.

Date of change: 27/09/2004

Type of change: Appointment

Designation: Director

Directorate: Independent & Non Executive

Name: Datuk Yap Pak Leong

Age: 69

Nationality: Malaysian

Qualifications:

1. Chartered Accountant

2. Bachelor of Economics

Working experience and occupation: 1984-Present
Chairman - Sandakan Turf Club

1962-Present
Principal - P.L. Yap & Co. Chartered Accountants

1979-1982
Ministry of Local Government & Housing, Sabah.

1976-1979
Ministry of Manpower & Enviromental Development Sabah

Directorship of public companies (if any): Nil

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

Details of any interest in the securities of the listed issuer
or its subsidiaries: Direct Shareholdings - 2,034,100 Ordinary
Shares


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


DMCI HOLDINGS: Director Consunji Acquires 450,000 Common Shares
---------------------------------------------------------------
Mr. Victor A. Consunji, Director of DMCI Holdings Inc., has
acquired additional shareholdings of 450,000 common shares in
the Company as indicated below:

Date                       Unit Price          Volume

September 23, 2003         2.14                450,000

CONTACT:

DMCI Holdings Inc.
3/F, Dacon Building
2281 Chino Roces Ave. Ext.
Makati City 1231
Tel. No:  888-3000
Fax No:  816-7362
E-mail Address:  dmcihi@dmcinet.com
URL:  http://www.dmchi.com
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Securities Transfer Services, Inc.

This Philippine Stock Exchange announcement is dated 27
September 2004.


PHILIPPINE AIRLINES: Sales Volume Remains Buoyant, Says Chief
-------------------------------------------------------------
Philippine Airline (PAL) President Jaime Bautista said that the
airline's volume of sales is still buoyant even in the wake of
the financial crisis, Asia Pulse reports.

Mr. Bautista has also directed his subordinates at PAL to come
up with a plan on how to reduce airfare to increase plane
passengers.

"What is important now is to upgrade customer service. We owe
the airline's growth to our customers," Mr. Bautista said.

PAL was expected to get out of rehabilitation this year, but the
September 11 terrorist bombing of the New York World Trade
Center and the SARS crisis had delayed its rehabilitation plans.

CONTACT:

Philippine Airlines
PAL Center Bldg.
Legazpi St., Legaspi Village
Makati City, Philippines 0750
Tel: (632) 817-1234
Tel: (632) 892-4856
Fax: (632) 813-6715
E-mail: chris_cardiente@pal.com.ph


PHILIPPINE LONG: Clarifies "Smart Asks IPO Exemption" Report
------------------------------------------------------------
Philippine Long Distance and Telephone Co. clarified news
article entitled "Smart asks Congress to exempt it from IPO"
published in the September 27, 2004 issue of Today.

The article reported "The country's largest cellular firm Smart
Communications Inc. has formally asked Congress to exempt if
from undertaking an initial public offering (IPO). `They have
brought the matter up to the Congress, seeking an exemption of a
requirement to list a portion of its shares in the local bourse.

They are now waiting for the result from the Congress,' National
Telecommunications Commission (NTC) commissioner Ronald Solis
said."

Philippine Long Distance Telephone Company ("TEL"), in its
letter to the Philippine Stock Exchange dated September 28,
2004, stated that:

" We advise that the National Telecommunications Commission
(NTC) has requested our wholly owned subsidiary, Smart
Communications, Inc. (SMART), to explain why SMART has failed to
make the public offering required under Section 13 of Republic
Act No. 7294 or SMART's franchise.

In response thereto, Atty. Rogelio V. Quevedo, SMART's Group
Head - Legal and Carrier Business, articulated SMART's position
that the provision of Section 13 of SMART's franchise is merely
directory and merely embodies the spirit of the intent of
Congress to disperse public ownership of public utilities.

Moreover, SMART pointed out that there is a pending bill before
the Senate proposing to amend Section 21 of Republic Act 7925
(the Public Telecommunications Policy Act of the Philippines),
in which a telecommunications entity shall be deemed to have
complied with the requirement of making a public offering of its
shares, if at least two-thirds of its outstanding voting stock
is owned or controlled directly or indirectly by a listed
company.

The approval of this bill will directly affect SMART because at
least two-thirds of its outstanding voting stock is owned by
Philippine Long Distance Company whose shares are listed on the
Philippine Stock Exchange."

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

CONTACT:

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


PRYCE CORPORATION: Clarifies Corporate Rehabilitation News
----------------------------------------------------------
This is in reference to the news article entitled "Pryce
Corporation to settle debts through dacion en pago" published in
the September 27, 2004 issue of The Manila Times.

The article reported that " An order by Judge Sixto Marella Jr.
on September 13 said `Petitioner [Pryce Corp.] has also shown
that the condition of its assets and the nature of its business
will allow it to be rehabilitated and brought to a status of
profitability with all creditors obtaining payments of their
respective claims through dacion en pago arrangements.'"

Pryce Corporation (PPC), in its letter dated September 28, 2004
signed by Atty. Geoffrey G. Cagakit, in his capacity as legal
officer of the Company, stated that:

" A review of the court processes issued by the Honorable Sixto
Marella, Jr., Presiding Judge of Branch 138, Regional Trial
Court of Makati, reveals that, indeed, last September 13, 2004,
a Court Order was issued which contained, among others, the
following, to wit:

`Petitioner has also shown that the condition of its assets and
the nature of its business will allow it to be rehabilitated and
brought to a status of profitability with all creditors
obtaining payments of their respective claims through dacion en
pago arrangements.'

The undersigned was not made aware of the issue of the said
Order until today because the same was not forwarded to him as
yet. As such, therefore, the company hereby affirms and confirms
the existence of such order."

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

CONTACT:

Pryce Corporation
17/F, Pryce Center
1179 Chino Roces Ave.
Cor. Bagtikan St., Makati City
Tel. No:  899-4401
Fax No:  899-6865
E-mail Address:  pryce@info.com.ph
URL:  http://www.Philgardens.com
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Equitable PCI Bank, Inc.


PUERTO AZUL: Real Estate Firm Files For Rehab
---------------------------------------------
Puerto Azul Land Inc. has filed a petition for corporate
rehabilitation and suspension of debt payments of some Php1.4
billion, reports The Manila Times.

"By reason of the foregoing, the petitioner [Puerto Azul] could
not keep up with the required payments of its obligations and
was therefore constrained to negotiate with its principal
lenders for restructuring of its loans or extension of their
maturity dates," the petition said.

To settle its obligations, the company proposed a daci˘n en pago
for an extended period of time.

The company is primarily engaged in the real estate and leisure
and tourist estate development of Puerto Azul in Tarnate,
Cavite.


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


DAIDO ENGINEERING: Final Meeting Set October 25
-----------------------------------------------
Notice is hereby given that pursuant to Section 308 of the
Companies Act, Cap. 50, the Final Meeting of the Members of
Daido Engineering (Singapore) Pte Ltd will be held at 138 Cecil
Street, #15-00 Cecil Court, Singapore 069538 on the 25th day of
October 2004 at 10.00 a.m. for the purposes of laying before the
Meeting an account showing how the winding-up has been conducted
and how the property of the Company has been disposed of, and of
hearing any explanation that may be given by the Liquidators and
to determine by resolution the manner in which the books,
accounts and documents of the Company and of the Liquidators
shall be disposed of.

Dated this 24 September 2004

Steven Tan Chee Chuan
Douglas Tan Kay Yeow
Joint Liquidators

Notes: Pursuant to Section 181 of the Companies Act, Cap. 50, a
member entitled to attend and vote at this Meeting is entitled
to appoint another person or persons (whether a member or not)
as his proxy to attend and vote in his stead.

This Singapore Government Gazette is dated September 24, 2004.


ELAN IMPEX: Court Issues Winding Up Notice
------------------------------------------
In the Matter of Elan Impex (Singapore) Pte Ltd., a Winding Up
Order was made on the 17th of September 2004.

Name and address of the Liquidator: Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118

Rodyk & Davidson
Solicitors for the Petitioners

This Singapore Government Gazette notice is dated September 24,
2004.


LULEE METAL: Creditors to Declare Intended Dividend
---------------------------------------------------
A notice to the unsecured creditors of Lulee Metal Pte Ltd. (In
Creditors' Voluntary Liquidation) is issued to declare their
intended dividend.

Address of Registered Office: c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

Last day for receiving proofs: October 8, 2004

Name of Liquidators: Tam Chee Chong and Wee Aik Guan

Address: c/o Deloitte & Touche
6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

Tam Chee Chong
Liquidator

This Singapore Government Gazette notice is dated September 24,
2004.


NEPTUNE ORIENT: Posts Change in Director's Interest
---------------------------------------------------
Neptune Orient Lines Limited posted a notice on September 27,
2004, at the Singapore Stock Exchange pertaining to a Director's
(including a director who is a substantial shareholder) Interest
and Change in Interest.

Part I

(1) Date of notice to issuer: September 24, 2004

(2) Name of Director: Gan Chee Yen

(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: September 23, 2004

(2) Name of Registered Holder: Gan Chee Yen

(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 shares held before the change: 30,000
As a percentage of issued share capital: 0.002

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

Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: SG$0.66 (difference between the
Offer Price of SG$2.80 and exercise price of SG$2.14 per share)

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

Part III

(1) Date of change of interest:

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

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

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

Part IV

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

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

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

Based on NOL's paid up capital of 1,449,199,376 as at 23
September 2004.

Submitted by
Ms. Marjorie Wee and Ms. Wong Kim Wah
Company Secretaries


NEPTUNE ORIENT: Director's Interest Changes
-------------------------------------------
Neptune Orient Lines Limited has released a notice on September
27, 2004, at the Singapore Stock Exchange pertaining to a
Director's (including a director who is a substantial
shareholder) Interest and Change in Interest.

Part I

(1) Date of notice to issuer: September 27, 2004

(2) Name of Director: Lim How Teck

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: September 27, 2004

(2) Name of Registered Holder: Lim How Teck

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

Please specify details: Acceptance of Unconditional Offer by
Lentor Investments

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

No. of shares held before the change: 301,089
As a percentage of issued share capital: 0.02

No. of shares which are the subject of this notice: (300,000)
As a percentage of issued share capital: 0.02

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

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

Part III

(1) Date of change of interest:

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

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

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

Part IV

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

No. of shares held before change: 301,089
% of issued share capital: 0.02

No. of shares held after change: 1,089
% of issued share capital: 0

Based on NOL's paid up capital of 1,449,204,376 as at 27
September 2004.

Submitted by
Ms. Marjorie Wee and Ms. Wong Kim Wah
Company Secretaries


RHL PRIVATE: Creditors to Prove Claims by October 25
----------------------------------------------------
Notice is hereby given that the creditors of RHL Private
Limited, which is being wound up voluntarily, are required on or
before the 25th day of October 2004 to send in their names and
addresses and 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 by the said liquidators,
they are to come in personally or by their solicitors and prove
their debts or claims at such time and place as shall be
specified in such notice.

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

Bob Yap Cheng Ghee
Neo Ban Chuan
Liquidators.
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581

This Singapore Government Gazette is dated September 24, 2004.


TAINET TECHNOLOGY: Creditors Must Submit Claims by October 24
-------------------------------------------------------------
Notice is hereby given that the Creditors of Tainet Technology
Pte Ltd, which is being wound up voluntarily, are required on or
before October 24, 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.

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

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

Steven Tan Chee Chuan
Douglas Tan Kay Yeow
Joint Liquidators
138 Cecil Street
#15-00 Cecil Court
Singapore 069538

This Singapore Government Gazette is dated September 24, 2004.


WEE POH: Proposes Restructuring of SG$10, 949, 889 Debts
--------------------------------------------------------
Beleaguered construction company Wee Poh Holdings announced at
the Singapore Stock Exchange several resolutions, which include
the proposed debt restructuring of SG$10, 949, 889 in amounts
owed by the company and its subsidiaries to several banks.

To view the whole document click on the link below:
http://bankrupt.com/misc/tcrapWEEPOHHOLDINGSLIMITED092704.pdf

CONTACT:

Wee Poh Holdings
213 Upper Thomson Road (S) 574348
Phone: (65) 64521210
Fax: (65) 64536310
E-mail: info@weepoh.com.sg
Web site: http://www.weepoh.com.sg/


WEE POH: Terminates Purchase Agreement
--------------------------------------
Wee Poh Holdings Limited posted a Proposed Acquisition of the
hot spring company, the power plant company and the land
preparation JV Company from Messrs Yuan Wen Bin And Yuan He Ping
at the Singapore Stock Exchange on September 27, 2004.

Capitalized terms not otherwise defined in this Announcement
shall have the meanings ascribed to them in the announcements
dated February 24, 2004 and April 26, 2004.

(1) Introduction

The Company had, on 26 April 2004, announced the Sale and
Purchase Agreement pursuant to which it shall purchase, for a
consideration of SG$33.5 million, certain operating companies in
the People's Republic of China from Messrs Yuan Wen Bin and Yuan
He Ping. We have also stated that the Acquisition will be deemed
to be a "Very Substantial Acquisition" or "Reverse Takeover"
pursuant to Rule 1015 of the Singapore Exchange Securities
Trading Limited's Listing Manual and that a number of condition
precedents have to be fulfilled before the Acquisition can be
effected.

The Company had, on 13 September 2004 along with the release of
its unaudited consolidated financial results for the year ended
30 June 2004, announced that it had completed its due diligence
exercise under the Sale and Purchase Agreement and that it had,
after consultation with its advisers, raised certain issues, in
respect of which it had reserved its position, to the Vendors.
It was agreed that the Vendors shall revert by 25 September 2004
on the issues raised and the Company reserved the right to
pursue other acquisition opportunities in the meanwhile.

(2) Termination Of The Acquisition

The Company now wishes to announce that by 25 September 2004,
there remained certain financial, legal and/or regulatory issues
and concerns raised by each party which still could not be
satisfactorily resolved. Consequently, the Company and the
Vendors have terminated the Agreement and the Acquisition will
not be proceeded with. The Company and the Vendors shall be at
liberty to pursue other acquisition or investment opportunities
in the meanwhile.

(3) Directors' Responsibility Statement

The Directors collectively and individually accept full
responsibility for the accuracy of the information given in this
announcement and confirm, after making all reasonable enquiries,
that to the best of their knowledge and belief, the facts stated
and opinions expressed herein are fair and accurate in all
material respects as at the date hereof, and that there are no
material facts the omission of which would make this
announcement misleading.

By Order Of The Board
Wee Poh Holdings Limited

Submitted by
Chan Wang Kin
Managing Director


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


KRUNG THAI: BoT Places President's Reappointment on Hold
--------------------------------------------------------
Bank of Thailand's (BoT) planned press conference for the
reappointment of Krung Thai Bank president Viroj Nualkhair did
not push through Monday, Business Day reports.

Mr. Viroj's reappointment would have earned him another four-
year term as the bank's president, but BoT put off his
reappointment and did not disclose the reason for the suspension
of the press release.  But according to analysts, the suspension
was an indication that Pridiyathorn Devakula, the BoT governor
might have received a signal from Prime Minister Thaksin
Shinawatra to hold the reappointment.

Mr. Pridiyathorn had earlier made it clear that he does not want
Mr. Viroj to continue as president of the bank after his
scandalous first term during which the bank was forced to make
provisions for nearly THB46 billion of questionable loans.

"I think that what Prime Minister Thaksin must have told Mr.
Pridiyathorn was that the BoT should wait for the report on the
questionable loans to come out and then make a decision,"
Business Day quoted a foreign analyst as saying.

KTB's board has already approved the appointment of Mr. Viroj
for a second term, but the law of the country states that every
senior appointment at banks has to be approved by the BoT, but
in this case the appointment was held back.

Finance Minister Somkid Jatusripitak is very vocal of his
support to Mr. Viroj's reappointment, asking the BoT governor to
give a go signal for Mr. Viroj appointment.  But Mr.
Pridiyathorn insisted that the KTB president has to take
responsibility for the actions in the bank during his first
tenure.   The BoT said in the past that it may take action
against some executives at KTB if they are found to have had
false intentions in the approval of doubtful loans to 14
business projects.

The BoT governor said he has yet to review a report done by
KTB's audit committee on the issue.

"We have to track flows of money for anything fishy. If we are
satisfied with the findings of the report, we won't do anything.
But if we're not satisfied with it, we may take action [against
executives involved]," Mr. Pridiyathorn told reporters.

Last month KTB reported that its second-quarter non-performing
loans jumped to THB125.70 billion or, 12.29 percent of its total
loan portfolio, from THB79.65 billion, or 7.78 percent, at the
end of March, after the central bank asked it to reclassify some
doubtful performing loans.


CONTACT:

Krung Thai Bank Public Company Limited
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok
Telephone: 0-2255-2222
Fax: 0-2255-9391-6
Web site: www.ktb.co.th


MANAGER MEDIA: SET Grants Listing of Securities
-----------------------------------------------
Starting 28 September 2004, the Stock Exchange of Thailand (SET)
will allow the securities of Manager Media Group Public Company
Limited (MGR) to be listed on the SET after finishing capital
increase procedures.

However, MGR is a listed company under REHABCO sector and is in
the rehabilitation process, therefore, the SET has still
suspended trading all securities of MGR until the causes of
delisting are eliminated.

Anyway, the company could request the SET to allow continued
trading under the REHABCO category after it completed the
conditions specified by the SET.

Name: MGR

Issued and Paid up Capital

Old: THB102,499,834 (Common Stock 102,499,834 shares)
New: THB102,500,000 (Common Stock 102,500,000 shares)
Par Value: THB1
Allocate to: General Investors 1 person 166 shares
Ratio:  -
Price Per Share: THB3
Payment date: 25-26 August 2004

CONTACT:

Manager Media Group Public Company Limited
102/1 Phra Athit Road,
Chanasongkhram, Phra Nakhon, Bangkok
Telephone: 0-2629-4488
Fax: 0-2629-4469
Web site: www.manager.co.th


THAI PETROCHEMICAL: $2.95Bln Debt Plan Amendment Gains Approval
---------------------------------------------------------------
In a disclosure to the Stock Exchange of Thailand, Thai
Petrochemical Industry Public Company Limited announced the
results of the votes for its amended Business Reorganization
plan.

Regarding the vote of Participating Scheme Creditors for the
amended Business Reorganization Plan of Thai Petrochemical
Industry Pcl. convened by the Committee of Creditors on
September 17, 2004, please be advised that Participating Scheme
Creditors representing 68.81 percent in value of total
Participating Scheme Debt has returned the Voting Request.

Based on the 68.81 percent in value of total Participating
Scheme Debt, 99.84 percent of the votes cast in favor of the
amendment whereas 0.16 percent of the votes cast against the
Plan Amendment.

Thus, the Plan Amendment has therefore been approved in
accordance with Clause 13.5 of the Scheme.

Consequently, the Official Receiver will hold the meeting for
the vote of all creditors on the Plan Amendment on October 12,
2004.

You acknowledgement of the matters is highly appreciated.

Yours sincerely,
Suwit Nivartvong)
The Plan Administrator for
The Thai Petrochemical Industry Pcl

CONTACT:

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


                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2004.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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