TCRAP_Public/041008.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, October 8, 2004, Vol. 7, No. 200

                            Headlines

A U S T R A L I A

AUSTIND INTERNATIONAL: Final Meeting Slated for October 15
BE CAMPBELL: Winds Up Voluntarily
BLUE CLOSE: Voluntarily Winds Up
BRAYSIDE PTY: Court Issues Winding Up Order
CEL DEVELOPMENTS: Sets October 8 as Date of AGM

CHEMEQ LIMITED: Wins 2020 US Patent; Distribution Begins
DCB CONSULTING: To Hold Final Meeting on October 14
DJ & SC: Sets Final Meeting October 14
HMA BUILDING: Court Appoints Mark Roufeil as Liquidator
INFONET MEDIA: To Convene Final Meeting October 14

INTELLECT HOLDINGS: Directors Report Full-year Accounts
INTELLECT HOLDINGS: Says It's Not Out of Trouble Yet
JAMES HARDIE: Delays Filing of Form 20-F
NMP AUSTRALIA: Sets Members Meeting on October 14
PARMALAT AUSTRALIA: Warwick Works To Keep Cheese Factory Open

PETER HOWARTH: To Face Winding Up Proceedings
PILLON ENTERPRISES: Final Meeting Slated for October 15
PRICE WATERHOUSE: Members Resolve to Voluntarily Wind Up
SOFISA PTY: Final Meeting Scheduled October 21
PRIMELIFE CORPORATION: Intends to Resolve Investment Issues

SOFTLAW CORPORATION: SLC Capital Eyes Majority Shareholding
YORK CONSULTANTS: Receivers and Managers Appointed


C H I N A  &  H O N G  K O N G

INCORPORATED OWNERS: Undergoes Winding Up Proceedings
LIN SHU: Enters Bankruptcy Proceedings
TUNG LIU: Receives Bankruptcy Order
WONG WAI: Bankruptcy Order Issued


I N D O N E S I A

BANK PERMATA: Maybank Plans to Merge Indon Unit
GARUDA INDONESIA: Mulls India, U.S., Philippine Flights


J A P A N

ALL NIPPON: JCR Affirms BBB+/J-2 on bonds/CP
ITOHEI KOUSAN: Enters Bankruptcy
JAPAN AIRLINES: R&I Downgrades Ratings to BBB-
MITSUBISHI FUSO: Comments on First Clutch Accident Trial
TOYO KOSAN: Faces Insolvency

UFJ HOLDINGS: SMFG Buys Shares To Gain Proposal Rights
UFJ HOLDINGS: FSA May File Complaint This Week
UFJ HOLDINGS: Issues Statement Regarding Media Report


K O R E A

HYNIX SEMICONDUCTOR: Completes Sale of Non-Memory Division
KOREA EXCHANGE: Bags 2004 Best Domestic FX Bank Award


M A L A Y S I A

ANCOM BERHDAD: Issues Shares Buy Back Notice
GADANG HOLDINGS: Posts Directors' Dealings in Shares
GULA PERAK: Issues Additional Listing of 29,000 Ordinary Shares
MTD CAPITAL: Purchases 197,000 Ordinary Shares on Buy Back
NAIM INDAH: Lists 140,000 Additional Shares

PSC INDUSTRIES: Seeks To Revise Restructuring Scheme
SUNWAY HOLDINGS: Granted Listing of 15,000 Ordinary Shares
TAP RESOURCES: AGM Set for October 29
TENAGA NASIONAL: Releases Book Closure Notice
UNITED CHEMICAL: Posts Default Status Update

* Legal Development Conference Set October 12


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Unveils Changes in Beneficial Securities
MAYNILAD WATER: Advocacy Group Aims to Stop Rehab Plan
NEGROS NAVIGATION: Clarifies "Court OKs Rehab Plan" Report
PHILIPPINE LONG: Issues Additional Listing Of Shares
PHILIPPINE LONG: Appoints Banez as Chief Governance Officer

UNIWIDE GROUP: SEC Defers Decision on Rehab Proposal
* Rising External Vulnerabilities May Stress Philippine Ratings


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Launches New Products
PANPAC MEDIA: Quantum Converts SG$1.0Mln in Tranche 1 Notes
STA ELEMENTS: Enters Winding Up Proceedings
TRANS-UNITED CORPORATION: Creditors to Prove Debts by October 15
WEE POH: Two Directors Temporarily Relieved from Duties

WILLIAMSON & KING: Court Issues Winding Up Notice


T H A I L A N D

BANGKOK STEEL: Tallies 2Q Net Loss of THB1.846 Mln
PACIFIC ASSETS: Board Approves Sale of Subsidiary
POWER-P: Reaps THB598.25 Mln From Sale of Shares
SRITHAI FOOD: Reveals Why Auditor Failed to Give Opinion
TONGKAH HARBOUR: Transfers Sapan Land to Siam Commercial Bank

* Michael Good Moves Restructuring Practice to Coudert Brothers
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


AUSTIND INTERNATIONAL: Final Meeting Slated for October 15
----------------------------------------------------------
Notice is hereby given that a meeting of the members of Austind
International Holdings Pty Limited (In Liquidation) will be held
at Hall Chadwick Level 29, 31 Market Street, Sydney NSW 2000 on
Friday, 15 October 2004 at 3:00 p.m.

The meeting will be a Final Meeting in accordance with Section
509 of the Corporations Act 2001.

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on 15 October 2004.

(2) That subject to any provisions under the Corporations Act
2001 to the contrary, the Liquidator be empowered to destroy all
books and records of the company on completion of all duties.

(3) Any other business.

Dated this 3rd day of September 2004

Geoffrey McDonald
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


BE CAMPBELL: Winds Up Voluntarily
---------------------------------
Notice is hereby given that at a meeting of members of Be
Campbell Property Investments Pty Limited (In Liquidation) held
on Wednesday, the 1st of September 2004, it was resolved that
the company be wound up voluntarily and that Peter William
Marsden and David John Kerr of RSM Bird Cameron Partners, Level
12, 60 Castlereagh Street, Sydney NSW, be appointed joint and
several liquidators for the purposes of the winding up.

Dated this 2nd day of September 2004

Peter W. Marsden
Liquidator
c/- RSM Bird Cameron Partners
Level 12, 60 Castlereagh Street,
Sydney NSW 2000
Telephone: 9233 8933


BLUE CLOSE: Voluntarily Winds Up
--------------------------------
Notice is hereby given that at a creditors meeting of Blue Close
Pty Limited (In Liquidation) trading as Mortar And Pestle Cafe
Restaurant held on 30 August 2004, it was resolved that the
company be wound up voluntarily and for such purpose Roderick
Mackay Sutherland of Jirsch Sutherland Chartered Accountants was
appointed Liquidator.

Dated this 31st day of August 2004

R.M. Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000.
Telephone: (02) 9233 2111,
Facsimile: (02) 9233 2144


BRAYSIDE PTY: Court Issues Winding Up Order
-------------------------------------------
On 2 September 2004 the Supreme Court of New South Wales made an
Order that Brayside Pty Limited (In Liquidation) be wound up and
appointed Gavin Thomas to be Official Liquidator.

Gavin Thomas
Gavin Thomas & Partners
Level 9, 31 Market Street,
Sydney NSW 2000


CEL DEVELOPMENTS: Sets October 8 as Date of AGM
-----------------------------------------------
Notice is hereby given that pursuant to Section 508 of the
Corporations Act 2001, an Annual General Meeting of the members
of Cel Developments Print Pty Ltd will be held at Hall Chadwick
Level 29, 31 Market Street, Sydney NSW 2000 on the 8th of
October 2004 at 12:00 noon.

Richard Albarran
Liquidator
Hall Chadwick
Chartered Accountants
Level 29, 31 Market Street,
Sydney NSW 2000


CHEMEQ LIMITED: Wins 2020 US Patent; Distribution Begins
--------------------------------------------------------
Pharmaceutical company Chemeq Limited (ASX:CMQ) announced that
it has been granted an additional US patent (previously pending
only), which extends the company's exclusive protection in
manufacture and marketing of its veterinary products in this
country, to the year 2020; and has dispatched to South Africa ,
its first (small) consignment of CHEMEQ polymeric antimicrobial
(for poultry).

US Patent

Granting of this patent means that no other party may
manufacture or market Chemeq's polymeric antimicrobials in the
large US market. Already, Chemeq has been given expedited review
status for the approval process of its drug (for pigs) in the US
market.

Chemeq's technologies are protected by granted patents in 80
countries, plus approximately 175 patents pending. The safety
and efficacy of Chemeq 's technologies have been established
over several years, in registered independent international
laboratories and successful R&D and commercial field trials in a
number of countries.

Distributed Sales Order

The product was consigned, through Chemeq's logistics company,
following a small additional sale in South Africa (as well as
the previously announced sale of AU$1.5m).

The product was manufactured, due to the priority, in Chemeq's
APVMA approved pilot facility.

Since the beginning of this financial year, Chemeq has achieved
the following, placing it in a strong position to commercialize
its unique drugs, designed to supersede the use of antibiotics
in animals for growth purposes:

Chemeq 's world-first manufacturing facility has been
successfully constructed. The manufacturing facility has
successfully produced the CHEMEQ polymeric antimicrobials in
their finished formulated forms.

Conditional contracts or Memoranda of Understanding have been
signed for distribution of these drugs in Australia, New
Zealand, South Africa and Thailand - albeit subject to audit
processes by the APVMA of the manufacturing facility, scheduled
this month.

Regulatory approval for the drug in the South African poultry
market (following regulatory approval for sale of CHEMEQ
polymeric antimicrobial (for pigs) in South Africa and New
Zealand).

Chemeq is poised to become a leading Australian pharmaceutical
drug manufacturer, taking its own major drug through invention,
patents, development, registration, manufacture and now sales.
It is projected that these sales will have profit margins
commensurate with pharmaceutical drug manufacture.

CONTACT:

Chemeq Limited
Suite 8 Petroleum House
3 Brodie Hall Drive, Technology Park
Bentley, Australia, 6102
Telephone: 08 9362 0100
Fax: 08 9355 0199
Web site: http://www.chemeq.com.au/


DCB CONSULTING: To Hold Final Meeting on October 14
---------------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of Members and Creditors of DCB
Consulting Services Pty Limited (In Liquidation) will be held at
Frasers Insolvency Advisory, Level 9, 99 Elizabeth Street,
Sydney NSW 2000 on Thursday, 14 October 2004 at 2:00 p.m.

AGENDA

(1) To consider the Liquidator's final account; and
(2) To consider any other business brought before the meeting.

Dated this 13th day of September 2004

M.F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street,
Sydney NSW 2000


DJ & SC: Sets Final Meeting October 14
--------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of DJ & SC
Marshall Pty Limited (In Liquidation) will be held at the
offices of Lawler Financial Services, Level 1, 1 National Park
Street Newcastle West on Thursday, 14 October, at 10:00 a.m.,
for the purpose of having an account laid before them showing
the manner in which the winding up has been conducted and the
property of the company disposed of, and of hearing any
explanations that may be given by the Liquidator.

Dated this 6th day of September 2004

P.W. Gidley
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


HMA BUILDING: Court Appoints Mark Roufeil as Liquidator
-------------------------------------------------------
On the 31st of August 2004 the Supreme Court of New South Wales
made an Order that HMA Building & Construction Pty Limited (In
Liquidation) be wound up and appointed Mark Roufeil to be
Official Liquidator.

Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street,
Sydney NSW 2000


INFONET MEDIA: To Convene Final Meeting October 14
--------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of Infonet
Media Group Pty Limited (In Liquidation) will be held at the
offices of Lawler Financial Services, Level 1, 1 National Park
Street, Newcastle West on 14th of October at 2:00 p.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the company disposed of, and of hearing any explanations that
may be given by Liquidator.

Dated this 6th day of September 2004

R.G. Tolcher
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


INTELLECT HOLDINGS: Directors Report Full-year Accounts
-------------------------------------------------------
The Directors presented their report together with the
consolidated financial statements of Intellect Holdings Limited
being the Company and its controlled entities for the year ended
June 2004.

The principal activities of the consolidated entity are
electronic product development and distribution. The
consolidated entity has established significant local and
international markets for unique products that ensure the
confidential and safe of money and financial information between
consumers, retailers and banks. The consolidated entity has
continued to develop its special expertise in the areas of
Secure Data Transmission, Electronics Funds transfer and Smart
Card technology.

The consolidated net profit/(loss) for the consolidated entity
for the year ended June 30, 2004 before income tax is
AU$33,058,547 (2203 AU$26,685,212). The income tax
expense/(benefit) for the year ended June 30, 2004 id
AU$7,873,093 (2003 AU$8,750,001).

The Directors recommend that no dividend be declared or paid.

To view the full report, click on:
http://bankrupt.com/misc/INTELLECTHOLDINGS100104.pdf

CONTACT:

Intellect Holdings Limited
Level 3 , 554 Church Street ,
Richmond , Victoria,
Australia, 3121  
Telephone: (03) 9426 9000  
Fax: (03) 9426 9099  
Web site: http://www.intellect.com.au/


INTELLECT HOLDINGS: Says It's Not Out of Trouble Yet
----------------------------------------------------
Intellect Holdings Limited (ASX: IHG) has published its
financial statements for the 12 months ended 30 June 2004. As is
evident from the financial statements, it has been a very
difficult year for the Company and it ends with the Company
still facing a number of hurdles, although with greater
confidence than earlier this calendar year, before being fully
back to a healthy financial position.

The low point of the year was the outcome a broad review
undertaken by the Board in April 2004 of the business operations
and management of the Company. The review revealed several
fundamental issues including the inability of management to turn
a strong order book into revenue, material delays in the
deployment (i.e. application development and certification) of
Intellect terminals in the new developing markets and
insufficient management of employee numbers, manufacturing
operations, margins and cash flows. While there were material
issues concerning the information flow to the Directors, the
Board accepted its responsibility for those management failures
and acted immediately.

As announced earlier, in response, the Board authorized sweeping
changes. The services of the Chief Executive Officer, Mr. de
Smet, were terminated and the Chairman, Dr. Jos Haag, was
appointed to the role of Executive Chairman. Further, Dr. Haag
was mandated by the Board to implement an immediate restructure
of the Company's business operations with the principal aim of
reducing expenditure to levels commensurate with the materially
revised sales estimates. Further, to raise the capital
immediately needed, the restructure and sale of the TAFMO
business, planned for 2005, was brought forward to July / August
2004.

The restructure of the Company's business operations has since
been finalized. It has resulted in a headcount drop of 60,
covering all departments and worldwide operations. Consequently
a reorganization of staff has taken place in order to improve
efficiencies and to ensure a greater focus on margins and cash
flows.

The restructure has resulted in total annualized savings in
operating costs of approximately $11million (which corresponds
to a reduction of approximately 40% in operating expenditure).

While these steps (and others) have addressed the primary
problems uncovered earlier this year, the Company is still
suffering from the cash flow effects induced by the lack of
proper management of its business. Cash remains very tight.
Further, the Company has been reliant on the support of its
financiers, major creditors and larger shareholders and will
continue to be reliant on that support until the remaining plans
of the Board to restore the business operations to full health
and the Company's capital base are put into place over the next
couple of months.

In the Directors Report accompanying the financial statements,
the Directors highlighted the current focus on raising further
capital to fund the future business plans of the Company. This
is essential to the Company's future. There have been detailed
discussions on clear and tailor-made propositions with
interested parties in recent weeks. The Directors are confident
those discussions will culminate in the near future in the
announcement of a significant capital injection for the Company,
likely in the form of an underwritten rights issue.

"With a much leaner and more focused organization, supported by
the anticipated capital injection, the Board believes that the
organization will be able to regain focus and capitalize -next
to our traditional customer base - on the substantial potential
of the new markets, including South Africa, Brazil and China,
where Intellect has won breakthrough orders in the past year"
said Dr. Haag.

As the Company's plans for the capital injection are finalized,
the Company will make further announcements to the market. In
the interim, the Directors will continue their work to restore
the Company to full financial health.

Dr. J E Haag
Executive Chairman
Intellect Holdings Limited


JAMES HARDIE: Delays Filing of Form 20-F
----------------------------------------
James Hardie Industries N.V. announced Thursday that it would
delay the filing of its annual report on Form 20-F for the year
ended 31 March 2004. The Company expects to file a notification
of late filing with the United States Securities and Exchange
Commission under Rule 12b-25 on 1 October 2004.

On 21 September 2004, the Commissioner of a Special Commission
of Inquiry, established by the Government of New South Wales,
Australia to investigate the Company's establishment of the
Medical Research and Compensation Foundation, issued his report
on the results of the inquiry.

The Company has delayed the filing of its Form 20-F to give the
Company's supervisory board and its committees and independent
legal advisors sufficient time and opportunity to analyze the
Commissioner's report and its findings, to assess allegations of
illegal acts and any potential impacts on the Company and its
financial statements, and to provide the Company's independent
auditor with sufficient opportunity to consider these matters.

This notice is consistent with the Company announcement dated 10
September 2004, advising of a possible delay to the Form 20-F
filing.

CONTACT:

For corporate and media enquiries only, please contact:

James Hardie Industries
Web site: http://www.jameshardie.com.au/

Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368

Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011

Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643

All other inquires to CustomerLink Service Centre on 13 1103.


NMP AUSTRALIA: Sets Members Meeting on October 14
-------------------------------------------------
Notice is given that a meeting of the members of NMP Australia
Pty Limited (In Liquidation) will be held at Level 8, 201 Sussex
Street, Sydney, NSW, 1171 on 14 October 2004 at 10:00 a.m.

AGENDA

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

(ii) Any other business.

Dated this 3rd day of September 2004

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


PARMALAT AUSTRALIA: Warwick Works To Keep Cheese Factory Open
-------------------------------------------------------------
A group of dairy farmers and businesses in Warwick is working to
keep the town's cheese factory going, ABC Regional Online
relates.

The group is considering a buy-out or a joint venture to save
the jobs of more than 40 people. The move was decided amid
Parmalat Australia's plan to close down the Warwick facility
because it is not economically viable.

Around 100 people attended a meeting Tuesday night to discuss
plans to keep the factory open.

The New Country Party's Rick Benham is one of those leading the
move and says the company is receptive to the idea.

"This group has got together to try to save that situation
either by reforming with a cooperative, with a joint venture or
even on a greenfields site," he said.

"There's a working party been formed, they're due to meet at
another public meeting in six weeks time with a business plan."

However, Parmalat Australia has earlier issued a statement
saying the plant will not be sold and will be kept as an asset.
The firm, likewise, denied it is in any negotiations regarding
the factory.

Meanwhile, the state government has offered support to the
retrenched factory staff, saying it will pay up to AU$1,000 to
retrain each worker.

CONTACT:  

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


PETER HOWARTH: To Face Winding Up Proceedings
---------------------------------------------
Notice is hereby given that at a general meeting of members of
Peter Howarth & Associates (Management) Pty Limited (In
Liquidation) held on 2 September 2004 it was resolved that the
company be wound up voluntarily and that for such purposes Mr.
John Frederick Taylor of Level 15, 309 Kent Street, Sydney was
appointed as liquidator.

Dated this 2nd day of September 2004

J.F. Taylor
Liquidator
c/- WHK Greenwoods


PILLON ENTERPRISES: Final Meeting Slated for October 15
-------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Pillon Enterprises Pty Ltd (In Creditors' Voluntary
Liquidation) will be held at The Conference Room, Level 14, 25
Bligh Street, Sydney, New South Wales on Friday, 15 October 2004
at 10:00 a.m. for the purpose of having an account laid before
them showing the manner in which the winding up has been
conducted and the property of the company disposed of, and of
hearing any explanations that may be given by the Liquidator.

Dated this 14th day of September 2004

G.G. Woodgate
Liquidator
Woodgate & Co
Telephone: (02) 9233 6088,
Facsimile: (02) 9233 1616


PRICE WATERHOUSE: Members Resolve to Voluntarily Wind Up
--------------------------------------------------------
At a general meeting of the members of Price Waterhouse
Properties Limited (In Liquidation) held at Darling Park Tower
2, Level 1, 201 Sussex Street, Sydney, NSW, 2000 on 2 September
2004 a special resolution that the company be wound up
voluntarily was passed.

Timothy James Cuming
Simon John Cathro
Liquidator
Level 8, 201 Sussex Street,
Sydney NSW 1171


SOFISA PTY: Final Meeting Scheduled October 21
----------------------------------------------
Notice is given that a final meeting of members of Sofisa Pty
Limited (In Voluntary Liquidation) will be held at Level 9, 10
Shelley Street, Sydney NSW on 21 October 2004 at 10:00 a.m.

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

Dated this 6th day of September 2004

M.C. Smith
Liquidator
McGrathNicol&Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
Telephone: 9338 2666


PRIMELIFE CORPORATION: Intends to Resolve Investment Issues
-----------------------------------------------------------
Primelife Corporation Limited announced in a disclosure to the
Australian Stock Exchange its intention to work to resolve
issues surrounding the investment schemes which are subject to
the current Federal Court action.

Three of these schemes are affected by recent developments as
set out below:

- Elsternwick Primelife is pleased to announce that it has
entered into an agreement to sell its facility in Elsternwick
(Victoria by the Park).  The sale has been made under a
Tripartite Agreement, which includes fully informed releases
from the investment syndicate which originally entered into
agreements to purchase the facility from Primelife.  The sale is
unconditional and it is intended to settle within the next 45
days. The impact of this transaction is to effect a small
accounting loss (provided at 30 June 2004), and a positive
cashflow to the Company.

- Mt Evelyn At the same time Primelife has come to an agreement
with investors to terminate the transaction documents and make a
payment of $6.8 million. This agreement is subject to
documentation which shall reflect informed releases from all
parties. Primelife intends to develop this project, a profitable
120 unit retirement village, itself. The project is due to
commence in the first quarter of 2005. There is no profit and
loss impact on the termination.

- Kew
As reported in Thursday's Age, two investor groups have served a
writ on Primelife and Madden Grove Developments Pty Ltd (Madden
Grove) in relation to the Carrington Square retirement village
project in Kew, Victoria.  The investor groups, Civoken Pty Ltd
and Stones Sharp Financial Services are seeking damages of
approximately $10 million against Primelife and Madden Grove (a
joint venture between Primelife and the interests of Mr. Andrew
Sudholz), in relation to the proposed 98-unit village.

Whilst Primelife believes it has a strong defense to this
matter, it will endeavor to discuss all relevant issues with the
investor groups to achieve the best possible outcome for all
parties involved. Should Primelife be required to refund this
deposit it may be funded by the sale of the property (expected
to bring between $6.5-$8 million) and the remainder of the
original deposit held by the Joint Venture of $2 million.

Primelife will be responsible for 50 percent of any remaining
shortfall. This is expected to have a minimal cash flow and
profit and loss impact.

Yours faithfully
Primelife Corporation Limited
Jim Hazel
Managing Director

CONTACT:

Primelife Corp. Ltd.
210 Kings Way,
South Melbourne, Victoria,
Australia, 3205
Head Office Telephone: (03) 8699 3300
Head Office Fax: (03) 8699 3414
Web site: http://www.primelife.com.au/


SOFTLAW CORPORATION: SLC Capital Eyes Majority Shareholding
-----------------------------------------------------------
Softlaw Corporation Limited (Softlaw) has posted a Bidder's
Statement in relation to its shareholders' securities in the
company.

The Bidder's Statement sets out the offers by SLC Capital
Limited (SLC) to acquire all of the shareholders':

- converting preference shares in SoftLaw (CP Share Offer); and

- ordinary shares in SoftLaw (Share Offer).

The CP Share Offer and Share Offer are separate offers. Each
shareholder is entitled to accept or reject any one or both of
them.

CP Share Offer

For every 1 converting preference share in SoftLaw (SoftLaw CP
Share), SLC is offering:

- AU$2.20 in cash; or

- 1 SLC convertible perpetual non-cumulative preference share
with an issue price of AU$2.60 (SLC CP Share).

Based on the closing price of SoftLaw CP Shares traded on the
ASX on 1 October 2004 (being the last date that Softlaw CP
Shares traded on the ASX immediately prior to the announcement
of the Offers) the cash alternative of the CP Share Offer
represents a:

- 10% premium to the closing price for SoftLaw CP Share last
traded on the ASX as at 1 October 2004; and

- 8.4% premium to AU$2.03 being the volume weighted average
price at which SoftLaw CP Shares have traded on the ASX during
the 3 months to 1 October 2004.

Share Offer

For every 2 ordinary shares in SoftLaw (each a SoftLaw Share),
SLC is offering:

- AU$2.20 in cash; or

- 1 SLC CP Share with an issue price of AU$2.60. Based on the
closing price of SoftLaw Shares traded on the ASX on the last
date that Softlaw Shares traded on the ASX immediately prior to
the announcement of the Offers) the cash alternative of the
Share Offer represents a:

- 10% premium to the closing price for SoftLaw Shares last
traded on the ASX as at 1 October 2004; and

- 10% premium to AU$1.00 being the volume weighted average price
at which SoftLaw Shares have traded on ASX during the 3 months
to 1 October 2004.

For more information, click
http://bankrupt.com/misc/SOFTLAWCORPORATION100104.pdf

CONTACT:

Softlaw Corporation Limited
Corner of National Circuit & Bligh St,
Barton , Australian Capital Territory,
Australia, 2600  
Telephone: 02 6270 3200  
Fax: 02 6270 3299  
Web site: http://www.softlaw.com.au/


YORK CONSULTANTS: Receivers and Managers Appointed
--------------------------------------------------
CDJ (Australia) Pty Limited, c/- Baker & McKenzie, Level 26, 50
Bridge Street, Sydney NSW 2000, give notice that on 2 September
2004 appointed John Maxwell Morgan of PKF, Chartered
Accountants, Level 10, 1 Margaret Street, Sydney NSW 2000, as
Receiver and Manager of the whole of the assets and undertaking
of York Consultants Pty Limited (In Liquidation).

The appointment was made under the terms of a debenture charge
deed given to the undersigned on 2 November 1999 registered
number 723199.

Dated this 2nd day of September 2004

John Morgan
Receiver and Manager
c/- PKF
Level 10, 1 Margaret Street,
Sydney NSW 2000.
Telephone: 02 9251 4100


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


INCORPORATED OWNERS: Undergoes Winding Up Proceedings
-----------------------------------------------------
Notice is hereby given that a Petition for the winding up of The
Incorporated Owners Of Albert House (also known as The Owners
Incorporation Of Albert House) by the High Court of Hong Kong
Special Administrative Region was on the 30th day of September
2004 presented to the said Court by Aberdeen Winner Investment
Company Limited whose registered office is situate at 4/F.,
Repulse Bay Garden, 28 Belleview Drive, Hong Kong.  

The said Petition will be heard before the Court at 9:30 am on
the 3rd day of November 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.

Wilson Yeung & Co.
Solicitors for the Petitioner
Unit 6, 10th Floor, Lippo Centre
Tower 1
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 2nd day of
November 2004.


LIN SHU: Enters Bankruptcy Proceedings
--------------------------------------
Notice is hereby given that a Bankruptcy Order against Lin Shu
Huen trading as Royalrich Industries Company was made on 20
September 2004.

All debts due to the estates should be paid to the undersigned.

E T O'CONNELL
Official Receiver

This notice was issued through The Standard dated September 30,
2004.


TUNG LIU: Receives Bankruptcy Order
-----------------------------------
Notice is hereby given that a Bankruptcy Order against Tung Liu
Pok trading as Tung's Scaffolding was made on 20 September 2004.

All debts due to the estates should be paid to the undersigned.

E T O'CONNELL
Official Receiver

This notice was issued through The Standard dated September 30,
2004.


WONG WAI: Bankruptcy Order Issued
---------------------------------
Notice is hereby given that a Bankruptcy Order against Wong Wai
Biu trading as Swatow Linen Company was made on 20 September
2004.

All debts due to the estates should be paid to the undersigned.

E T O'CONNELL
Official Receiver

This notice was issued through The Standard dated September 30,
2004.


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


BANK PERMATA: Maybank Plans to Merge Indon Unit
-----------------------------------------------
A consortium led by Malayan Banking Bhd (Maybank) is considering
merging PT Bank Permata with its Indonesian subsidiary PT
Maybank Indocorp if it wins the bid for a 51-percent in the
Indon bank, AFX-News says.

The consortium, which includes Khazanah Nasional Malaysia and PT
Jamsostek, disclosed the plan to the state-owned Asset
Management Company (PPA).

PT Jamsostek Director A Djunaidi Ak said the merger proposal
between the two banking units is aimed to make operations more
efficient.

Mr. Djunaidi said Permata will concentrate on the retail sector
and Islamic shariah banking to follow the lead of Maybank in
Malaysia, adding that shariah banking has a high potential in
Indonesia being the world's largest Muslim country.

A business plan is just one of the criteria set by PPA to select
the winning bidder. Other criteria include the quality of the
bidder and the bidding price.

Based on the prices offered by the bidders in the preliminary
round, PPA has set the minimum price for final bids at 2.39
times Bank Permata's book value of IDR258 a share as of June
2004, or IDR616.62.  

CONTACT:

PT Bank Permata Tbk.
Gedung Bank Bali
Jalan Jendral Sudirman Kav. 27
Jakarta 12920
Telephone: 021-52377899 (hunting)
Fax: 021-5237206/8


GARUDA INDONESIA: Mulls India, U.S., Philippine Flights
-------------------------------------------------------
Garuda Indonesia plans to fly to India, the United States and
the Philippines to meet robust demand, reports The Jakarta Post.

The national flag carrier is currently conducting a feasibility
study for the three routes in order to gain optimum results in
the investment for the routes.

"We are studying the possibility of flying to India, the United
States and the Philippines next year because the destinations
are deemed potential, due to growing business activities between
Indonesia and the three countries," Garuda commercial and
marketing director Bachrul Hakim said.

"We are still studying whether the passenger load for the routes
can consistently maintain 60 percent per flight, at least, for
Garuda to feasibly serve them," he added.

Garuda once flew to the United States but scrapped the flight in
1994 due to low passenger volume, which resulted to losses for
the airline. The same thing happened to Manila-destined flights,
which was terminated in 1998.

Garuda spokesman Pudjobroto said the airline does not need to
gain licenses to start serving the routes, as Indonesia had
already inked agreements with the three countries for the
commercial flight licenses.

"The licenses are already available with the three countries.
But for the United States, we still need licenses from other
countries, such as Japan, for the stopover because its a long
flight," said Mr. Pudjobroto.

Garuda's current fleet comprises 54 aircraft serving 21 domestic
and 22 international destinations. International operations
account for 55 percent of Garuda's revenue, while domestic
operations account for 45 percent.

CONTACT:

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


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


ALL NIPPON: JCR Affirms BBB+/J-2 on bonds/CP
--------------------------------------------
The Japan Credit Rating Agency (JCR) has affirmed the BBB+ and
the J-2 ratings on the bonds and CP program of All Nippon
Airways Co., Ltd., respectively. It has also assigned a
preliminary BBB+ rating to the shelf registration of the issuer.

Rationale:

Measures to improve the earnings are now paying off. Earnings
from domestic lines improved while demand for international
flights is on a track to recovery. All Nippon Airways (ANA) has
established a management structure that can limit the impact of
emergency to the minimum. It has also improved the cost
structure well. ANA has been covering the rise of price of fuel
with hedge and raise in charge for international flights to
date. Trend of fuel price should be carefully observed.

Improvement in the financial structure has been progressed again
since fiscal 2003. Financial stability has improved with the
unfunded pension obligations being reduced.

To view the full document, click:
http://bankrupt.com/misc/TCRAP_ALLNIPPON100704.pdf

CONTACT:

All Nippon Airways Co., Ltd.
Shiodome City Center,
1-5-2 Higashi-Shimbashi, Minato-ku
Tokyo, 105-7133, Japan
Phone: +81-3-6735-1000
Fax: +81-3-6735-1005
Web site: http://www.ana.co.jp


ITOHEI KOUSAN: Enters Bankruptcy
--------------------------------
Itohei Kousan K.K. has entered bankruptcy with total liabilities
of US$61.67 million, according to Teikoku Databank America. The
firm, engaged in the real estate, tourist and construction
business, is based in Chuo-ku, Tokyo 103-0026.

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


JAPAN AIRLINES: R&I Downgrades Ratings to BBB-
----------------------------------------------
Rating and Investment Information, Inc. (R&I), has downgraded
the following ratings:

ISSUER: Japan Airlines Corp. (Sec. Code: 9205)
Senior Long-term Credit Rating
Long-term Debt (3 Series)
Preliminary Rating for the Shelf Registration scheme
R&I RATING: BBB- (Downgraded from BBB)

ISSUER: Japan Airlines International Co., Ltd. (Sec. Code:
Unlisted)
Senior Long-term Credit Rating
Long-term Debt (7 Series)
R&I RATING: BBB- (Downgraded from BBB)

RATIONALE:

The Japan Airlines (JAL) Group posted substantial consolidated
net losses for fiscal 2003 and financial resilience decreased
considerably. After carefully examining cost reduction and other
effects anticipated under the group's plan to improve management
efficiency, R&I decided that in the current operational
environment there is a strong likelihood the company will not be
able to enhance its financial resilience sufficiently to weather
fluctuations in demand. Consequently, R&I has downgraded the
Senior Long-term Credit Rating of the holding company Japan
Airlines Corp. (JAL) and its core subsidiary Japan Airlines
International Co., Ltd.(JALI), which operates the group's
international airlines and freight business, by one notch
respectively from BBB to BBB-.

With effective debt including lease payables remaining at a high
level, there is ample room for improvement in financial
composition. However, the lack of equity capital in particular
is becoming increasingly acute and in conditions where the
operational risk of international airlines must be seen as
having become more severe, the fact that financial resilience
has been greatly impaired must be given serious consideration in
the rating.

In addition to strong competition from the U.S. and European
international airlines, JAL is subject to the significant impact
of fluctuations in fuel prices and currency exchange rates. In
addition to these negative influences, unexpected international
occurrences such as terrorism, the outbreak of war, and
infectious disease epidemics cause huge numbers of customers to
refrain from flying. Although year on year international
passenger demand has been rising significantly since the
beginning of the 2004 fiscal year, the pace of recovery to
levels that could have been previously anticipated is slow.
Pressure on earnings as a result of surges in fuel costs
continues and R&I believes that if JAL is to succeed in bringing
about the early recovery of its financial base and in securing
an earnings base that can cope with the increase in operational
risk, further reduction of fixed costs is essential.

Due to the existence of restrictions on landing capacity for
domestic airlines and the further monopolization of certain
routes accompanying management integration, JAL's operational
base as Japan's largest domestic airlines company remains solid.
Continued support from the government can also be expected in
the future, particularly in dealing with unforeseen situations
whereupon emergency financing systems of government financial
organizations come into operation.

Consequently, there is little concern regarding fundraising.
Such factors will continue to underpin the creditworthiness of
the JAL group.

Taking into consideration that unity with its subsidiary is
strong in areas such as business planning and fund raising and
that the new bonds the company is issuing carry a guarantee of
obligation by JALI and JAL, R&I has placed the holding company
JAL at the same level as JALI and simultaneously adjusted both
ratings downwards.

To view the full release, click on:
http://bankrupt.com/misc/TCRAP_JAPANAIRLINES100704.pdf

CONTACT:

Japan Airlines Corporation
4-11, Higashi-shinagawa 2-chome,
Shinagawa-ku
Tokyo, 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929
Web site: http://www.jal.co.jp


MITSUBISHI FUSO: Comments on First Clutch Accident Trial
--------------------------------------------------------
On its web site, Mitsubishi Fuso Truck and Bus Corporation
issued a comment on the first trial on professional negligence
heavy-duty truck clutch housing breakage accident.

"Mitsubishi Fuso would like to express its sincerest apologies
to the general public for the disturbances and worries caused by
the clutch-housing accident happened in 2002. We take the
indictment of former MFTBC executives in this matter very
seriously. At the same time, we would like to express our
deepest apology and condolence to the family of the deceased.

"The first session of the trial on four former executives of
MFTBC and MMC was held at the Yokohama District Court on
(Wednesday). We believe the fact presented in the indictment
will be clarified through the trial, and we will wait for the
result of the court proceedings.

"We take this issue very seriously and are determined to
continue with our company-wide utmost efforts for top quality
and utmost compliance with strict ethical norms. We will
continue to speed up our field actions and corporate cultural
reforms to further enhance quality improvements in order to
regain the trust of our customers and the society."

Wilfried Porth
President and CEO
Mitsubishi Fuso Truck and Bus Corporation

CONTACT:

Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com


TOYO KOSAN: Faces Insolvency
----------------------------
Pachinko parlor operator Toyo Kosan K.K. is facing insolvency,
Teikoku databank America says. The company, located in Fukuoka-
shi, Fukuoka 814-0022, left a total of US$175.83 million in
liabilities.

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


UFJ HOLDINGS: SMFG Buys Shares To Gain Proposal Rights
------------------------------------------------------
Sumitomo Mitsui Financial Group Incorporated (SMFG) said it has
acquired 300 shares in UFJ Holdings Incorporated so it could
make proposals at UFJ shareholder meetings, Reuters reports.

The latest move by SMFG underscores its intention to continue
its fight to take over UFJ amid news of UFJ's upcoming merger
with Mitsubishi Tokyo Financial Group (MTFG).

The Asahi newspaper reported earlier that SMFG had purchased the
stake last month for JPY100 million (US$900,000), aiming to
propose an SMFG-UFJ merger at a shareholder meeting next year.

SMFG has offered UFJ a one-for-one share swap in the takeover
battle, while rival MTFG has yet to put a price tag on its
offer.

However, despite SMFG's advances, UFJ still plans to pursue its
integration with MTFG to create the world's top banking unit.

CONTACT:

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


UFJ HOLDINGS: FSA May File Complaint This Week
----------------------------------------------
The Financial Services Agency is set to lodge a criminal
complaint against UFJ Holdings Incorporated and some former
executives for allegedly violating Banking Laws by blocking FSA
inspections, relates The Japan Times.

Sources said that a special investigative team from the Tokyo
District Public Prosecutor's Office is expected to conduct a
probe into the case after the FSA files the complaint this week.

The regulator claimed its inspectors found, during inspections
carried out from August 2003 to May, the bank hid important
documents that would affect the classification of the borrowers.
The inspectors also discovered the bank transferred essential
data.

The FSA alleged that UFJ's management was involved in the
"systematic obstruction" of FSA inspections by sending e-mail
messages instructing employees to hide documents.

Initially, UFJ insisted it did not deliberately block FSA
inspections but later acknowledged management had been aware of
dubious practices.
  

UFJ HOLDINGS: Issues Statement Regarding Media Report
-----------------------------------------------------
UFJ Holdings Incorporated (UFJ) and UFJ Bank Limited (UFJ Bank),
a subsidiary of UFJ, issued the following statement in response
to media reports.

"Although some media reported that Financial Services Agency
will accuse UFJ bank Limited and three former executive officers
within this week, we have not been notified of it. The UFJ Group
will continue to strive to restore confidence as quickly as
possible by strengthening compliance measures and internal
control systems."


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


HYNIX SEMICONDUCTOR: Completes Sale of Non-Memory Division
----------------------------------------------------------
Hynix Semiconductor Inc. announced in a press release Wednesday
that it has completed the sale of its non-memory semiconductor
operations to Citigroup Venture Capital for KRW 954.3 billion.

The non-memory division starts its business as MagnaChip
Semiconductor (www.MagnaChip.com) which is established by
Citigroup Venture Capital (CVC) Equity Partners, L.P., CVC Asia
Pacific Ltd. Citigroup Venture Capital, and Francisco Partners.

Through the sale, Hynix's financial structure is expected to
improve, as its debt-to-equity ratio will be reduced down to
approximately 80 percent from 110 percent level as of the end of
June.

Hynix Semiconductor has been successfully restructuring its
business through continued asset sales and spin-offs since 1997.
Hynix further aims to focus on its core memory business, which
includes DRAM, Flash memory and Pseudo SRAM products, and
further extend its leading position in the semiconductor market.

With projected sales of US$1 billion for the full year 2004, the
newly founded MagnaChip Semiconductor is expected to
strategically concentrate on value added products such as CIS
(CMOS Image Sensor), DDI (Display Driver IC), and ASP
(Application Solution Processor), and maximize its profitability
in the foundry market by focusing its resources on its
competitive technology such as high voltage process technology.

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


KOREA EXCHANGE: Bags 2004 Best Domestic FX Bank Award
-----------------------------------------------------
In a press release, Korea Exchange Bank (KEB) announced that it
topped the 2004 foreign exchange poll of Asiamoney as Best
Domestic Foreign Exchange (FX) Bank in Korea.    

This time Asiamoney assessed competitiveness of each bank in
terms of foreign exchange business over the last 14 years to
select top 5 candidate banks and, finally, a winner bank in each
country.

Other banks polled as the best foreign exchange banks include:
Citibank (Asia), Bank of Tokyo Mitsubishi (Japan), HSBC (Hong
Kong) and DBS (Singapore).

A source of KEB said, "This award reconfirms our solid market
leadership as the best bank in foreign exchange and trade
finance. We topped Asiamoney's Trade Finance poll in the Korean
market in early September. Furthermore, other track records that
we were selected as the Best Foreign Exchange Bank and the Best
Trade Finance Bank in Korea by Global Finance for the recent
three years and four years in a row, respectively, attest to our
unrivalled market reputation."

Launched in 1989 by then Euromoney Group, Asiamoney provides its
global readers in Asia, Europe, The Americas, Africa and the
Middle East with global insights, incisive reporting and clear
analysis of the Asia-Pacific's diverse financial markets.

CONTACT:

Korea Exchange Bank (Exchange: Korea)
181 2-ga Ulchiro, Chung-gu
Seoul, 100-793, South Korea
Phone: +82-2-729-8000
Fax: +82-2-752-3141
Web site: http://www.keb.co.kr/english/index.htm


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


ANCOM BERHDAD: Issues Shares Buy Back Notice
--------------------------------------------
Ancom Berhad disclosed the details of its shares buy back on
October 6, 2004.
   
Date of buy back: 06/10/2004

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

Total number of shares purchased (units): 5,000

Minimum price paid for each share purchased (RM): 0.800

Maximum price paid for each share purchased (RM): 0.800

Total consideration paid (RM):  

Number of shares purchased retained in treasury (units): 5,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 5,051,000

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


GADANG HOLDINGS: Posts Directors' Dealings in Shares
----------------------------------------------------
Gadang Holdings Berhad announced that Dato' Kok Onn, the
Managing Director cum Chief Executive Officer of Gadang Holdings
Berhad has given notice on 6 October 2004 of his dealings in the
ordinary shares of the Company during the closed period as
follows:

Date      No. of    % of the   Price      Nature    No. % of the
Acquired  shares of Company's  Transacted of interest Shares
          RM1.00    issued capital        after      issued
                                          disposal    capital

5/10/2004 2,000,000  2.23     RM1.55   Deemed   24,872,000 27.7
                                       interest

CONTACT:

Gadang Holdings Berhad
52, Jalan Tago 2
Jalan Persiaran Utama
Sri Damansara
52200 Kuala Lumpur, WP
Malaysia
Tel no: 603-6356888
Fax no: 603-6365560


GULA PERAK: Issues Additional Listing of 29,000 Ordinary Shares
---------------------------------------------------------------
Gula Perak Berhad's additional 29,000 new ordinary shares of
RM1.00 each issued pursuant to the conversion of 29,000
irredeemable convertible secured loan stocks 200/2005 into
29,000 new ordinary shares will be granted listing and quotation
with effect from 9 a.m., Friday, 8 October 2004.

CONTACT:

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


MTD CAPITAL: Purchases 197,000 Ordinary Shares on Buy Back
----------------------------------------------------------
MTD Capital Berhad announced the details of its shares buy back
on October 6, 2004.
   
Date of buy back: 06/10/2004

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

Total number of shares purchased (units): 197,000

Minimum price paid for each share purchased (RM): 2.540

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

Total consideration paid (RM): 501,877.20

Number of shares purchased retained in treasury (units): 197,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 3,894,200

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

CONTACT:

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


NAIM INDAH: Lists 140,000 Additional Shares
-------------------------------------------
Naim Indah Corporation Berhad 's additional 140,000 new ordinary
shares of RM0.20 each arising from the conversion of 140,000
nominal value of RM0.20 irredeemable convertible unsecured loan
stocks into 140,000 new ordinary shares will be granted listing
and quotation with effect from 9.00 a.m., Monday, 11 October
2004.

CONTACT:

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

PSC INDUSTRIES: Seeks To Revise Restructuring Scheme
----------------------------------------------------
PSC Industries Berhad seeks a revision of its debt restructuring
scheme and sale offer. For more information go to
http://bankrupt.com/misc/tcrap_psc100704.doc

CONTACT:

Psc Industries Berhad
Jalan Bukit Nanas
Kuala Lumpur, 50250
Malaysia
Tel: +60 3 201 6516
Tel: +60 3 232 6214

This announcement is dated 6 October 2004.


SUNWAY HOLDINGS: Granted Listing of 15,000 Ordinary Shares
----------------------------------------------------------
Sunway Holdings Incorporated Berhad's additional 15,000 new
ordinary shares of RM1.00 each issued pursuant to employees'
share option scheme will be granted listing and quotation with
effect from 9 a.m., Friday, 8 October 2004.

CONTACT:

Sunway Holdings Incorporated Berhad
Level 16, Menara Sungei Way
Jalan Lagun Timur, Bandar Sunway
46150 Petaling Jaya,
Selangor
Tel: 03-5635 8889
Fax: 03-5634 1349


TAP RESOURCES: AGM Set for October 29
-------------------------------------
Notice is hereby given that the Ninth Annual General Meeting of
TAP Resources Berhad (TA) will be held at Function Rooms 2 & 3,
Level 2, Hotel Sri Petaling Kuala Lumpur, 30 Jalan Radin Anum,
Bandar Baru Sri Petaling, 57000 Kuala Lumpur on Friday, 29
October 2004 at 10 o'clock in the morning.

For more information, go to
http://bankrupt.com/misc/tcrap_tapresources100704.doc


TENAGA NASIONAL: Releases Book Closure Notice
---------------------------------------------
Tenaga Nasional Berhad disclosed to the Bursa Malaysia
Securities Berhad a notice of its Book Closure relating to its
first interest payment of the 3.05% per annum for 5 year
Unsecured Convertible Redeemable Income Securities 2004-2009
(CRIS).

Period of interest payment: 11/05/2004 to 09/11/2004

Financial Year End:

Share transfer book & register of members will be closed from
(both dates inclusive) for the purpose of determining the
entitlements: to Registrar's name, address, telephone no:

Bina Management (M) Sdn. Bhd.
Lot 10, The Highway Centre
Jalan 51/205, 46050 Petaling Jaya
Selangor Darul Ehsan
Tel: 03-77843922
Faxs: 03-77841988

Payment date: 10/11/2004

a) Securities transferred into the Depositor's Securities
Account before 4:00 pm in respect of transfers :01/11/2004

b) Securities deposited into the Depositor's Securities Account
before 12:30 pm in respect of securities exempted from mandatory
deposit:

c) Securities bought on the Exchange on a cum entitlement basis
according to the Rules of the Exchange.

Number of new shares/securities issued (units) (If applicable):  
Entitlement indicator: Percentage

Entitlement in percentage (%): 3.05

CONTACT:

Tenaga Nasional Berhad
129 Jalan Bangsar
Kuala Lumpur, 59200
Malaysia
+60 3 2296 5566
+60 3 2283 3686


UNITED CHEMICAL: Posts Default Status Update
--------------------------------------------
The Board of Directors of United Chemical Industries Berhad
(UCI) wishes to inform that further to the announcement made on
6 September 2004, there are no new significant developments in
relation to the various defaults in payment.

The Board of Directors of UCI would like to further provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note No. 1/2001.

For more details, go to
http://bankrupt.com/misc/tcrap_unitedchemical100704.xls

CONTACT:

United Chemical Industries Berhad
10th Floor, Wisma MCA
Jalan Ampang
50450 Kuala Lumpur, WP
Malasia
Telephone: 603-2619055
Fax: 603-2610502

This announcement is dated 6 October 2004.


* Legal Development Conference Set October 12
---------------------------------------------
Malayan Law Journal (MLJ) announced that it will hold a full day
conference that will highlight important and related issues
regarding winding up and receivership. Participants will benefit
from the knowledge and practical insights of the distinguished
panel of speakers. A full checklist and comprehensive notes will
also be provided to all participants to further equip them in
this area.

SCHEDULE:

Tuesday, 12 October 2004, 9 a.m. - 5:30 p.m.,
Prince Hotel, Kuala Lumpur
Conference Fee RM790

SPEAKERS:

Lim Tuck Sun, Advocate &
Solicitor, Partner, Chooi & Co
  
Goh Cheoi Ling, Senior Manager,
PricewaterhouseCoopers Advisory
Services
  
Paul Subramaniam, Advocate &
Solicitor, Partner,
Zaid Ibrahim & Co
  
Adrian Hii, Advocate & Solicitor,
Partner, Shook Lin & Bok
  
Ng Sai Yeang, Advocate &
Solicitor, Partner, Raja Darryl & Loh
  
Mark Ho, Advocate & Solicitor,
Partner, Chellam Wong
  
WHO SHOULD ATTEND:

Loan and Debt Recovery
Officers
Accountants and Auditors
Legal Practitioners
Company Secretaries
Corporate & Legal Advisers
Management and Corporate
Consultants
Finance Managers
General Managers

3 ways to register:

(1) Fax: (603) 7718 6803
(2) Email: conferences@mlj.com.my

Register online at www.mlj.com.my

(3) Post: Malayan Law Journal Sdn Bhd
Level 12A (Tower 2),
Kelana Brem Tower,
Jalan SS 7/15 (Jalan Stadium),
47301 Kelana Jaya,
Selangor Darul Ehsan.
T: 03 7718 6862 / 63 / 64

About Malayan Law Journal

Malayan Law Journal (MLJ) has served the Malaysian legal market
since 1932 and is the premier legal publisher in the country.  
Over 70 years, we have built a reputation for dependability and
innovation.

MLJ is a Member of the LexisNexis Group.  LexisNexis is the
global leader in providing comprehensive and authoritative news,
business and legal information solutions to academic, corporate,
government and legal markets, and is a member of Reed Elsevier.

MLJ's aim is to offer you the most comprehensive and current
collection of legal materials available in a choice of formats.
Our product range includes both local and international
practitioner books, subscriptions and a substantial family of
electronic works. We pride ourselves on our reputation for
accuracy, clarity and dependability.

For more information please contact: conferences@mlj.com.my


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


BACNOTAN CONSOLIDATED: Unveils Changes in Beneficial Securities
---------------------------------------------------------------
Mr. Albarracin Jr. Magdaleno, a Director and Officer of Bacnotan
Consolidated Industries, Inc. (BCI) furnished the Philippine
Stock Exchange a copy of his SEC Form 23-B (Statement of Changes
in Beneficial Ownership of Securities).

A copy of the said document shall be made available for
reference at http://bankrupt.com/misc/tcrap_bacnotan100704.pdf

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

JURISITA M. QUINTOS
Senior Vice President - Operations Group

CONTACT:

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


MAYNILAD WATER: Advocacy Group Aims to Stop Rehab Plan
------------------------------------------------------
Advocacy group Freedom from Debt Coalition (FDC) is urging the
government to reject the court-approved rehabilitation plan of
Maynilad Water Services, Inc. and cease the firm's concession
deal, the Business World reports.

"An early contract termination will necessitate MWSS to pay
Maynilad PhP4.5 billion (75% of depreciated value of its assets)
-- a small amount compared to what it will lose when it blindly
concurs with the rehabilitation plan. An early contract
termination will mean that MWSS would own 100% of the west zone
concession without assuming Maynilad's liabilities," the group
said.

The group claimed that the revised plan will allow its creditor
Metropolitan Waterworks and Sewerage System (MWSS) to receive up
front only 80% of the PhP8.538 billion that Maynilad owes the
government as of 2003, which will be done through a full draw on
Maynilad's US$120-million performance bond.

Apart from that, only fractions of concession fees due and
demandable for 2004 up to 2007 will be paid on time, 50% in
2004, 65% in 2005, 70% in 2006 and 70% in 2007, while the
balances will be restructured at 9% yearly interest rate on a
staggered basis starting 2008 to 2010, the group added.

"MWSS will have to resort to new borrowings at a time when the
nation is currently smarting from a looming fiscal crisis," the
group said.

Meanwhile, Asia Pulse reported that the Metropolitan Waterworks
and Sewerage Systems (MWSS) would still suffer from a Php10-
billion deficit by 2011 owing to the government's plan of
acquiring the 71.1-percent stake in Maynilad Water Services Inc.
worth US$60 million, and interest payments on a maturing US$150-
million bridge loan.

CONTACT:

Maynilad Water Services Inc
Building G/F MWSI Building Street Katipunan Road
Area MWSS Compound, Balara
Town Quezon City
Philippines


NEGROS NAVIGATION: Clarifies "Court OKs Rehab Plan" Report
----------------------------------------------------------
Negros Navigation Co. Inc. clarified the news article entitled
"Nenaco rehab plan OK'd as court rejects asset sale" published
in the October 6, 2004 issue of the BusinessWorld.

The article reported, "(a) Manila court yesterday approved the
10-year corporate rehabilitation plan of debt-ridden shipping
firm Negros Navigation Corp. (Nenaco). Noting receiver Monico V.
Jacob's rehabilitation map to be `exhaustive, impartial, and
most reliable,' Judge Artemio S. Tipon of Branch 46 ruled that
the firm would be in a better position to pay its debts if it
follows the 10-year plan rather than liquidating all its assets.
Mr. Tipon said the liquidation scenario will only account for
80% of the shipping firm's debts, lead to the loss of more than
1,000 jobs, and permit one shipping firm to monopolize the
domestic shipping industry."

Negros Navigation Co., Inc. (NN), in its letter to the
Philippine Stock Exchange dated October 6, 2004, confirmed that:

"The above-mentioned newspaper reports that the Regional Trial
Court of Manila, Branch 46, issued an Order approving our
proposed Rehabilitation Plan, a copy of which we received only
this morning."

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

JURISITA M. QUINTOS
Senior Vice President - Operations Group

CONTACT:

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


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

In this connection, please be advised that a total of 2,100
common shares have been availed of and fully paid by the
optionee under the Company's ESOP. In view thereof, the listing
of the 2,100 common shares is set for Friday, October 8, 2004.

This brings the number of common shares listed under the ESOP to
a total of 279,900 common shares.

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

For your information and guidance.
MARIA ISABEL T. GARCIA
Head, Listings Department

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

CONTACT:

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


PHILIPPINE LONG: Appoints Banez as Chief Governance Officer
-----------------------------------------------------------
In compliance with Section 17.1 (b) of the Securities Regulation
Code, Philippine Long Distance and Telephone Co. submitted a
copy of a Current Report regarding the appointment of Mr. Rene
G. Banez as Chief Governance Officer of the Company effective
October 5, 2004.

Ma. Lourdes C. Rausa-Chan
Corporate Secretary


UNIWIDE GROUP: SEC Defers Decision on Rehab Proposal
----------------------------------------------------
The Securities and Exchange Commission (SEC) has deferred action
on a proposal to amend the rehabilitation plan of the Uniwide
Group of Companies to allow the parties to settle the matter,
the Business World reports, citing Marie-Rose Lim, a member of
the SEC hearing panel for Uniwide.

Ms. Lim said there was a proposal to alter the second amendment
to the rehabilitation program as Uniwide, Philippine National
Bank (PNB) and Allied Banking Corporation failed to agree on
some of the details for a dacion en pago or payment in kind
arrangement.

The Uniwide group owes banks some PhP3.68 billion. The debts had
been trimmed as the company paid almost half of its debts to
banks by assigning its properties to them.

Uniwide is seeking to restructure PhP2.15 billion owed to
unsecured creditors. Under its plan, half of the exposure or
about PhP1.08 billion would be settled by issuing convertible
notes while the remaining balance would be paid through cash
flows from retail operations.

The Uniwide group is composed of Uniwide Sales, Inc., Uniwide
Holdings, Inc., Naic Resources and Development Corp., Uniwide
Sales Realty & Resources Corp., First Paragon Corp., and Uniwide
Sales Warehouse Club, Inc.

CONTACT:

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


* Rising External Vulnerabilities May Stress Philippine Ratings
---------------------------------------------------------------
The ratings on the Republic of the Philippines (foreign currency
BB/Stable/B, local currency BBB- /Stable/A-3) could come under
increased stress due to the lack of progress on key revenue
measures needed for fiscal adjustment, coupled with increasing
external vulnerability on account of rising global interest
rates. Nevertheless, speedier legislative action on specific
revenue measures may still reduce these pressures.

Standard & Poor's Ratings Services said that the next two to
three months will be crucial in determining the country's near-
term fiscal outlook, and with it, perceptions about the new
administration's capacity to initiate and implement reform. If
key tax measures are passed, and a tariff hike of state-owned
power company NAPOCOR is made permanent, investors should
breathe easier. On the other hand, the failure to pass these tax
measures will risk the entire tax reform initiative losing
momentum and getting bogged down in endless negotiations in
Congress. Perhaps more damaging in the longer run is the signal
that despite a clear and urgent need for comprehensive fiscal
remedy, the political class is unwilling to swallow the bitter
medicine, and that even a solid mandate and majority in both
houses of parliament do not sufficiently equip the president to
administer it.

Since the return to office of President Gloria Macapagal-Arroyo
in May 2004, there has been a mounting sense of urgency to
reverse the country's deteriorating fiscal position and
attendant rise in public debt. Rarely a day goes by without a
comment in the Philippines media from members of the
administration, business, academia, and commentators, on the
need to finally grasp the nettle on the fiscal question after
years of complacency. The President drove the point home with
her "fiscal crisis" remark in August, which came on the heels of
a similar warning from several of the country's top economists.
However, progress on delivering remedial measures is slow,
frustrated, as on past occasions, by political imperatives and
lack of consensus in Congress. As a result, there are concerns
about the country's ability to withstand pressures posed by the
upswing in the global interest rate cycle and as oil prices
reach record levels.

The extent of the Philippines' fiscal and debt problems, as well
as its causes and solutions, are generally well understood. Due
to perennial revenue weakness and continual losses racked up by
the country's 14 public sector companies (about 80% of which is
by the state power monopoly NAPOCOR), public sector deficits
averaged 4.7% of GDP over the past five years and are rising. As
a result, the Philippines' consolidated public debt stock is set
to reach 135% of GDP by year-end 2004, with interest expense
close to 40% of revenues (from 22.5% in 1999) and 33% of
expenditure, squeezing already critically low capital spending.

On resuming the presidency in May--empowered with a freedom of
action engendered by her popular mandate and her majority in
both houses, and freed from the political restraints of seeking
re-election in 2009--hopes were high that Mrs. Arroyo would
pursue key fiscal measures with vigor, and that many could be
implemented before year-end 2004.

The measures, which were outlined in her state of the nation
address following her inauguration, consist of eight new tax
measures--five new taxes, and three initiatives to improve tax
collection. The other important element in regaining fiscal
soundness would be to speed up the privatization of NAPOCOR, a
recondition for which is for it to operate on a commercially
viable basis. Nevertheless, at the time of writing, none of the
eight proposed tax measures, with combined additional annual
revenue of Philippine peso (PHP) 83 billion (US$1.5 billion), or
1.8% of GDP, has been passed.

Given that Congress is in recess until November, initial hopes
of passing four out of the eight tax measures before year-end
2004 have withered away. It is likely that only two measures
will be passed, one of which is a tax amnesty. If a provisional
40% rise in NAPOCOR's tariffs is made permanent, this will
reduce its losses by about PHP35 billion a year. However, a
further rise in the tariff is needed to make its operations
commercially viable, thus bringing it closer to privatization.
The government has not set a time frame for NAPOCOR's
privatization.

The budget for the fiscal year ending Dec. 31, 2005, targets a
lower deficit at 3.6% of GDP, based on existing revenue
measures. At the same time, the government plans to assume
NAPOCOR's debt of about PHP500 billion beginning in 2005. This
will entail an additional interest burden of PHP36 billion (1.3%
of GDP). In the absence of new revenues, this will push the
total interest expense to nearly 45% of revenues.

Hence, implementing higher electricity tariffs is important in
order to avoid further constraining the government's fiscal
flexibility. These uncertainties tend to overshadow some
positive economic and fiscal developments. There have
been tangible successes on the fiscal front with a rise in
revenue collection by all three revenue agencies. This year's
budget deficit target of 4.2% of GDP is likely to be met. The
balance of payment for the first half of 2004 revealed a year-
on-year doubling of the current account surplus to US$1.9
billion, mostly on the strength of exports, and an overall
balance-of-payment surplus compared with a deficit of U$609
million in the year-ago period.

As the President's new term approaches the six-month mark,
investors are increasingly focused on what appears to be a
continued inability to effect fundamental changes, and
specifically, the difficulty of garnering support for tough and
unpopular measures among the country's lawmakers. Moreover, high
oil prices appear to have put paid to a proposed petroleum tax,
which would have offered the largest potential source of
recurring revenue at an estimated PHP20 billion a year. The
Department of Finance is devising alternative tax measures, as
the Senate's tax committee has poured cold water on several
original tax proposals, leading to further delays in securing
new revenue sources.

As parliamentarians grapple with the new tax initiatives, the
window of opportunity to avert more downward pressure on the
currency and, ultimately on the country's credit rating may be
narrowing. Given its considerable external exposure by way of
its US$56.3 billion foreign currency denominated debt (just
under 50% of total debt), and dependence on imported oil, the
country's vulnerability to shocks and negative sentiment is set
to rise, as the external environment turns less benign.

According to Standard & Poor's analysis, the Philippines is the
most vulnerable to the potential effect of U.S. rate rises among
eight emerging market sovereigns, due to its weak fiscal
position and high debt stock (see "Interest Rate Hike Won't
Spike Sovereign Ratings," published on Sept. 29, 2004, on
RatingsDirect, Standard & Poor's Webbased credit research and
analysis system). The peso, susceptible as always to negative
external perceptions, appears to reflect the change in
sentiment, continuing to depreciate despite the robust balance-
of-payment figures and strong external liquidity.

CONTACTS:

Primary Credit Analyst(s): Agost Benard, Singapore (65) 6239-
6347; Agost_Benard@standardandpoors.com
Secondary Credit Analyst(s): Paul Coughlin, Singapore (65) 6239-
6398; paul_coughlin@standardandpoors.com


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


CHARTERED SEMICONDUCTOR: Launches New Products
----------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, recently announced in a
press release that it has achieved functional 0.13-micron 300-
millimeter (mm) wafers from its Fab 7, demonstrating silicon
results which exceeded internal targets within five months of
the first equipment installation. Additionally, Chartered has
launched engineering 300-mm wafers at Fab 7 for its 0.11-micron
process, as well for the 90-nanometer (nm) platform it is
jointly developing with IBM.

For 200-mm and 300-mm manufacturing, Chartered is already
engaging with customers on its 0.13-micron and 0.11-micron
solutions, as well as on the landmark 90-nm cross-foundry
platform that will be available at both Chartered's Singapore-
based Fab 7 and IBM's East Fishkill, New York fab.

"Chartered continues to make progress in readying production and
lining up customers for Fab 7, our first 300-mm facility," said
Kay Chai "KC" Ang, senior vice president of fab operations at
Chartered. "Our design-ready 0.13-micron solutions and the
growing industry participation on the Chartered and IBM platform
increase customers' confidence that our approach will enable a
shorter learning curve to adopt new technologies, greater
efficiencies through 300-mm manufacturing, and a cost-effective,
flexible model for all their manufacturing needs."

Customers are utilizing Chartered's 0.13-micron solutions from
Fab 6, a 200-mm facility, to deliver a broad variety of leading
edge and next-generation system-on-chip (SoC) products, such as
high-performance graphics chips, storage and networking
products, wireless local area network (WLAN) products, PC
peripherals and optical drives.

Additionally, Chartered is offering its 0.11-micron process as
an intermediary node to 0.13 micron from its Fab 6 and Fab 7.
Chartered's 0.11-micron process offerings are achieved with a 10
percent shrink of Chartered's 0.13-micron design rule, and
therefore, reduce implementation risks while lowering the cost
per die. Chartered's 0.11-micron solutions support faster speed
and enhanced performance, and are targeted for today's fast-
moving products such as graphic chips, optical drives and high-
speed SRAMs.

Simultaneously, as part of the joint development and reciprocal
manufacturing agreement between Chartered and IBM, a team of IBM
technical experts was in Singapore to transfer the jointly
developed 90-nm technology from IBM's 300-mm facility in East
Fishkill, New York. The teams from Chartered and IBM were also
working together to qualify the equipment set at Fab 7, and
align Fab 7's equipment configuration and process flow with
those at IBM's facility to enable the industry's first dual-
source 90-nm platform. Following the launch of 90-nm engineering
wafers, Fab 7 remains on schedule to manufacture 90-nm silicon-
on-insulator (SOI) products for IBM in mid-2005, with Chartered
becoming the only dedicated foundry to have advanced SOI
capabilities.

Dr. Didier Lamouche, vice president of worldwide semiconductor
manufacturing at IBM, will address the technology transfer
methods between IBM's facility and Chartered's Fab 7 at
Chartered's upcoming Technology Forum in San Jose, Calif. on
Thursday, September 16, 2004. For registration and more details,
visit http://www.charteredsemi.com/forum.

About Chartered

Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, is forging a customized
approach to outsourced semiconductor manufacturing by building
lasting and collaborative partnerships with its customers. The
company provides flexible and cost-effective manufacturing
solutions for customers, enabling the convergence of
communications, computing and consumer markets. In Singapore,
Chartered operates four fabrication facilities and has a fifth
fab, the company's first 300mm facility, which is expected to
begin pilot production by the end of 2004.

A company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market (Nasdaq: CHRT) and on
the Singapore Exchange (SGX-ST: CHARTERED). Information about
Chartered can be found at http://www.charteredsemi.com.

Chartered Safe Harbor Statement under the provisions of the
United States Private Securities Litigation Reform Act of 1995

This news release contains forward-looking statements, as
defined in the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements, including without limitation, statements relating to
the progress of our 300-mm and 200-mm wafer production for our
0.13-micron, 0.11-micron and 90-nm processes; the impact on our
manufacturing capabilities and product offerings; our 90-nm
platform joint development activities with IBM and the progress
of the industry's first dual-sourcing 90-nm platform; and the
expected production dates for 90-nm engineering wafer production
and 90-nm SOI products for IBM in Fab 7; reflect Chartered's
current views with respect to future events and financial
performance, and are subject to certain risks and uncertainties,
which could cause actual results to differ materially from
historical results or those anticipated. Among the factors that
could cause actual results to differ materially are: changes in
market outlook and trends; the rate of semiconductor market
recovery; economic conditions in the United States as well as
globally; customer demands; unforeseen delays or interruptions
in our plans for our fabrication facilities (including Fab 7);
the performance level of and technology mix in our fabrication
facilities; changes in capacity allocation in process technology
mix, changes in our capacity plans, our progress on leading edge
products; the successful implementation of our joint development
activities and supply alliance with IBM and competition.
Although we believe the expectations reflected in such forward-
looking statements are based upon reasonable assumptions, we can
give no assurance that our expectations will be attained. In
addition to the foregoing factors, a description of certain
other risks and uncertainties which could cause actual results
to differ materially can be found in the section captioned "Risk
Factors" in our Annual Report on Form 20-F filed with the U.S.
Securities and Exchange Commission. You are cautio ned not to
place undue reliance on these forward-looking statements, which
are based on the current view of management on future events. We
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new
information, future events or otherwise.

CONTACT:

Chartered Semiconductor Manufacturing Ltd
60 Woodlands Industrial Park D, Street 2
738406 Singapore
Phone: +65-6362-2838
Fax: +65-6362-2938
Web site: http://www.charteredsemi.com


PANPAC MEDIA: Quantum Converts SG$1.0Mln in Tranche 1 Notes
-----------------------------------------------------------
Panpac Media Group Limited referred to the announcements dated
13 August 2004, 3 September 2004 and 29 September 2004 and the
Circular to shareholders dated 20 August 2004 relating to the
issue by the Company to Quantum Capital Asset Management Limited
of up to SG$10,000,000 in principal amount of unsecured SG$
notes due 2007.

All capitalized terms herein shall have the same definition as
used in the said Circular to shareholders dated 20 August 2004.

The Board of Directors of the Company announced that Quantum
Capital had on 5 October 2004 converted an aggregate amount of
SG$1.0 million of Tranche 1 Notes, being the second sub-tranche
of Tranche 1 Notes, at SG$0.1035 per share into an aggregate
number of 9,661,835 ordinary shares of SG$0.05 each in the
issued and paid-up share capital of the Company.

Pursuant to the conversion, the total number of issued and paid
up shares in the Company is 476,275,866 ordinary shares of
SG$0.05 each.

None of the Directors or the substantial shareholders has any
direct or indirect interest in the transaction.

Submitted by:
Ricky Ang Gee Hing
Group MD and CEO


STA ELEMENTS: Enters Winding Up Proceedings
-------------------------------------------
Notice is hereby given that a Petition for the winding up of STA
Elements Pte Ltd by the High Court was, on the 4th day of
October 2004, presented by Singapore Warehouse Company (Private)
Ltd.

The Petition will be heard before the Court sitting at Singapore
at 10.00 a.m. on Friday, the 29th day of October 2004.

Any creditor or contributory of the said STA Elements Pte Ltd
desiring to support or oppose the making of an order on the
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.

The Petitioner's address is at 38 South Bridge Road, Singapore
058672.

The Petitioner's Solicitors are Messrs Allen & Gledhill of One
Marina Boulevard #28-00, Singapore 018989.

Dated the 5th day of October 2004.

Allen & Gledhill
Solicitors for the Petitioner

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to Allen & Gledhill,
Solicitors for the Petitioner, a notice in writing of his
intention to do so. The notice must state the name and address
of the person or if a firm, the name and address of the firm,
and must be signed by the person or firm, or his or their
Solicitor (if any) and must be served, or, if posted, must be
sent by post in sufficient time to reach the above named not
later than twelve o'clock noon of the 28th day of October 2004.

This Singapore Government Gazette notice is dated October 7,
2004.


TRANS-UNITED CORPORATION: Creditors to Prove Debts by October 15
----------------------------------------------------------------
Trans-United Corporation Limited, under judicial management, has
issued a notice to creditors at the Singapore Government Gazette
on October 7, 2004.

Address of registered office:
50 Raffles Place
#44-05 Singapore Land Tower
Singapore 048623

Number of matter: Originating Petition No. 21 of 2003/L

Last day for receiving proofs: 15th day of October 2004

Name of Judicial Manager:
Timothy James Reid.
Address of Judicial Manager: c/o Ferrier Hodgson
50 Raffles Place
#44-05 Singapore Land Tower
Singapore 048623.

Timothy James Reid
Judicial Manager


WEE POH: Two Directors Temporarily Relieved from Duties
-------------------------------------------------------
Wee Poh Holdings Limited announced at the Singapore Stock
Exchange that on 4 October 2004, the Board of Directors resolved
that the following two directors:

(1) Chew Yin What

(2) Lee Kok Swee

be temporarily relieved from their duties in the Company and its
subsidiaries with immediate effect until further notice.
However, they will continue to remain as directors of the
Company. The Company will make further announcements if
necessary"

Submitted by:
Ng Choon Kiat
Executive Director


WILLIAMSON & KING: Court Issues Winding Up Notice
-------------------------------------------------
In the Matter of Williamson & King Pte Ltd., a winding up order
was made on the 24th day of September 2004.

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

Messrs Hin Tat Augustine & Partners
Solicitors for the Petitioners

This Singapore Government Gazette notice is dated October 4,
2004.


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


BANGKOK STEEL: Tallies 2Q Net Loss of THB1.846 Mln
--------------------------------------------------
Bangkok Steel Industry Public Company Limited submitted to the
Stock Exchange of Thailand its reviewed financial statement of
the company and subsidiaries for the 2nd quarter as at June 30,
2004.  We would like to inform that in the 2nd quarter we had
net loss of THB1.846 million compared with that of THB10.719
million in corresponding period of the prior year owing to the
following factors:

(1) Loss on foreign exchange of THB181.795 million in this
quarter compared with gain on exchange of THB109.953 million in
the same period of last year.

(2) Reversal of doubtful accounts in this quarter is THB0.952
million compared with that of THB203.749 million in the same
period of last year.

(3) Loss on impairment decreased by THB433.900 million in this
quarter while it decreased by THB27.021 million in the same
period of last year.

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

For more information, click
http://bankrupt.com/misc/BANGKOKSTEEL100404.doc
http://bankrupt.com/misc/BANGKOKSTEEL100404_2.xls
http://bankrupt.com/misc/BANGKOKSTEEL100404_3.doc

CONTACT:

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


PACIFIC ASSETS: Board Approves Sale of Subsidiary
-------------------------------------------------
Pacific Assets Public Company Limited informed the Stock
Exchange of Thailand that the Board of Directors Meeting
No.10/2004 on October 5, 2004 resolved to approve the sale of
ordinary shares of its subsidiary.

Subject to the Stock Exchange of Thailand Notification, Re:
Procedures and Disclosure Regarding Acquisition or Disposal of
Assets of Listed Companies, dated January 22, 1993, the Company
has the duty to disclose information of the aforesaid
transaction as follows:

(1) Date of transaction:

The Board of Directors or persons assigned by the Board of
Directors try to negotiate concerning the sale and transfer of
the ordinary shares of PAH at the price approved by a
shareholders meeting in accordance with guidelines and within a
period specified in the shareholding and management
Restructuring Plan.  

(2) Related parties and relationship with the listed company:

Purchaser: The proposed purchaser by Avant Resort Limited.

Seller: Pacific Meridian Resort Company Limited (PMR)

Relationship between the related parties and the listed company:
-       

(3) General characteristics of transaction:  The Seller sell the
PAH's 625,000 ordinary shares or equal to 50 percent of the
capital register of PAH to the Purchaser according to the
Shareholder Agreements re: Pacific Avant Holding.  

The size of this transaction is in accordance with the basis
used for valuation of assets under the Stock Exchange of
Thailand Notification, Re: Procedures and Disclosure Regarding
Acquisition or Disposal of Assets of Listed Companies:

(1) On the basis of disposed asset value, size of transaction
equals 25.03 percent;

(2) On the basis of net profit from normal operation, size of         
transaction equals 133.38 percent;
                          
(3) On the basis of total consideration received, size of
transaction equals 37.87 percent.

The information of PAH for the calculation above derived from
the internal financial statements of PAH which is not reviewed
as of 30 June 2004.

(4) Details of disposed assets:       

     Asset        Owner      Details of Assets
Shares of PAH     PMR    625,000 ordinary shares of PAH at the   
                         par value of THB100 per share and the      
                         selling price is THB2,592 per share,      
                         totaling THB1,620,000,000.


(5) Total value of consideration and payment conditions

Total value of consideration: THB1,620,000,000  
Payment: Full payment on the date of transaction

(6) Value of disposed assets: THB1,620,000,000

(7) Criteria for determining the consideration amount:

The consideration amount is the price agreed by the seller and
the purchaser. The agreed price is close to the price appraised
by the independent appraisal.

(8) Benefit which the Company will receive from the result of
the transaction:

The transaction is undertaken under the Shareholders Agreement
Re: Pacific Holding Limited of which the Stock Exchange of
Thailand was informed on 29 September 2004.

(9) Plan of using proceeds from the sale:

The Company will keep the proceeds in the form of cash that
received from the selling of PAH's shares for the shareholders
of PA in order to make payment to the shareholders of PA
pursuant to the Restructuring Plan of the Company.

(10) Transaction conditions:

This transaction is considered as a Type 1 Transaction under the
Stock Exchange of Thailand Notification, Re: Procedures and
Disclosure Regarding Acquisition or Disposal of Assets of Listed
Companies by which the Company is required to inform the
shareholders of the transaction within 21 days and request
approval from a shareholders meeting.

In addition, the aforesaid transaction shall be undertaken             
on the condition that a resolution of a shareholders meeting
with a vote of not less than three-quarters of all votes of the
shareholders participating in the Meeting and having the voting
right is given.  In this regard, votes of interested
shareholders shall be disregarded.

Please be informed accordingly.
Sincerely yours,
Pacific Assets Public Company Limited
(Mr. Alex Te-Heng Ho)
Chief Executive Officer

CONTACT:

Pacific Assets Public Company Limited   
Two Pacific Place, Floor 23,
142 Sukhumvit Road,
Khlong Toei, Bangkok  
Telephone: 0-2254-9900   
Fax: 0-2254-9909, 0-2254-9287


POWER-P: Reaps THB598.25 Mln From Sale of Shares
------------------------------------------------
Power-P Public Company Limited submitted to the Stock Exchange
of Thailand the form of report of the Results of Sale of Shares
dated July 21, 2004.

(1) Information relating to the share offering

Category of shares offered: Ordinary Shares
Number of shares offered: 199.5 Million Shares
Offered to: Group 3 Creditors in rehabilitation plan 42.0
Million Shares

New Investors 157.5 Million Shares

Price per share: THB5.0 and THB3.80 respectively.
Subscription and payment period: 21 July 2004

(2) Results of the sale of shares:

[/] totally sold out
[ ] partly sold out, with -shares remaining.

(3) Details of the sale

             Thai Investors      Foreign investors     Total
         Juristic      Natural   Juristic  Natural
         persons       persons   persons   persons

Number
of
persons      8           16        -          -          24

Number
of shares
subscribed 42,149,191   157,350,809  -        -     199,500,000

Percentage
of total
shares       21.13%       78.78%      -        -       100.00%
offered
for sale

(4) Amount of money received from the sale of shares

Total amount: THB598.5 million
Less expense (specify): -million Baht
registration fee for Capital increase: THB0.25 million
Net amount received: THB598.25 million            

The company hereby certifies that the information contained in
this report is true and complete in all respects.

Authorized director
(Mr. Veerachai Uahvilaijit)
Position: Managing Director Power-P Planner Co., Ltd.

CONTACT:

Power-P Public Company Limited   
Laopengnguan Bldg 1,
333 Vibhavadi Rangsit Road,
Chatu Chak, Bangkok    
Telephone: 0-2618-8555-7, 0-2618-8888   
Fax: 6188078, 6188140-2


SRITHAI FOOD: Reveals Why Auditor Failed to Give Opinion
--------------------------------------------------------
Srithai Food & Beverage Public Company Limited issued to the
Stock Exchange of Thailand the reasons why the Auditor did not
express the opinions on the total financial statement and
specific financial statement of the Company for 2nd Quarter of
2004.

(1) The Auditor was unable to audit and obtain sufficient
evidences relating to commercial debtors with long-time
outstanding payments totally set as potential bad debts.

(2) The Auditor was unable to verify the financial statement of
subsidiaries audited by other auditors to obtain sufficient
information relating to performances of other auditors.

(3) The Auditor was unable to verify and obtain sufficient
evidences relating to the balance brought forwards of prices
under the List of Land, Buildings, and Equipment.

(4) The Auditor was unable to verify and obtain sufficient
evidences relating to the balance brought forwards of prices
under the List of Tenancy Right over the Land, which is used as
the construction site of poultry raising buildings and
structures.

(5) The Auditor was unable to verify and obtain sufficient
evidences relating to debts under the Debt Restructuring
Contract since the Company was in default of payments with
creditors thereunder.

(6) In the financial statement, the total current liabilities
were higher than the total current assets; the Company suffered
huge amounts cumulative losses; and, on September 3rd, 2004, the
Central Bankruptcy Court issued the Order of Business Recovery
against the Company.

According to the above-said reasons, the Auditor was unable to
express the opinions on the financial statement of the Company
for 2nd Quarter of 2004 ended on June 30, 2004.   

However, the Company has disclosed the said information, in
detail, in the Notes to Financial Statement. The main reason for
over 20 percent decrease of its operating result for 2nd Quarter
of 2004 when compared to the same quarter of the previous year
is that the Company has been severely affected by the spreading
of the Bird Flu. As a result, the Company was unable to
distribute its products within the country and overseas, as
usual.       

However, the related governmental agencies are now actively
taking actions in various aspects to terminate the said problem.

Forwarded for your acknowledgement.
Respectfully Yours,
(Mr. Anan Jantranukul)
Executive Director

CONTACT:

Srithai Food & Beverage Public Company Limited   
69 Moo 4 Watkingkaew Road,
Rajadhewa, Bang Plee, Samut Prakarn    
Telephone: 0-2312-4281-4, 0-2312-4289-300   
Fax: 0-2312-4285   
Web site: www.srithaifood.thailand.com


TONGKAH HARBOUR: Transfers Sapan Land to Siam Commercial Bank
-------------------------------------------------------------
Pursuant to the Board of Directors' Meeting No. 4/2003 held on 7
August 2003, Tongkah Harbour Public Company Limited informed the
Stock Exchange of Thailand (SET), that shareholders and
investors as the transferee has transferred the land at Sapan
Hin, adjacent to the town center, totaling 6-3-51.3 Rai under
title deed # 2613 with the Siam Commercial Bank PCL.

This land transfer shall help us consolidate the Company's land
holding at the sea fronting Phuket Bay area 24-3-36.4 Rai.  This
will enable us to formulate development plan for our Phuket
project.

Please be informed accordingly.

Yours faithfully,
Mr. Chalermchai Martmuang
The Secretary to the Executive Boards of Director

CONTACT:

Tongkah Harbour Public Company Limited   
Muang Thai Phatra Office Tower 1,
Floor 7, 252/11 Rachadapisek Road, Huai Khwang Bangkok    
Telephone: 0-2695-4912-28   
Fax: 0-2695-4901   



* Michael Good Moves Restructuring Practice to Coudert Brothers
---------------------------------------------------------------
As of September 14, 2004, Michael D. Good, Esq., moved his
practice to the Los Angeles Offices of Coudert Brothers, LLP.

"My working relationship with the firm began a few years ago
when I had the opportunity to work 'across the table' from a
number of Coudert lawyers during a local Chapter 11 engagement,"
Mr. Good relates.  "At the time, I was impressed with the
consistency and depth of Coudert's legal talent, with the
sophistication of Coudert's legal practice, and with the firm's
culture of professionalism and civility.  Over time, my
relationship with the firm has grown to the place where I have
elected to forego merely working 'across the table' from
Coudert, and instead work on the same side."

"With 30 offices in 18 countries, I am excited about the
opportunities that Coudert's global platform provides for my
growing practice," Mr. Good says, "and hope to incorporate my
present relationships as an integral part of that growth."

Mr. Good's new contact information is:

          Michael D. Good, Esq.
          Coudert Brothers, LLP
          333 S. Hope Street, 23rd Floor
          Los Angeles, CA 90071
          Telephone: (213) 229-2900
          Direct Line: (213) 229-2959
          Facsimile: (213) 229-2999
          email:  goodm@coudert.com

Michael Good is resident in the Los Angeles office of Coudert
Brothers, LLP.  He practices in the firm's Financial
Restructuring and Insolvency group, and is also a member of the
firm's Asia Pacific Restructuring and Insolvency Team.  Mr. Good
has represented a wide variety of corporate debtors, creditors'
committees, individual creditors and other parties in interest
in numerous reorganization and liquidation proceedings under the
United States Bankruptcy Code, as well as in out-of-court
restructurings.

Prior to joining Coudert Brothers, Mr. Good was associated with
a prominent California bankruptcy boutique -- Winthrop Couchot
Professional Corporation, located in Newport Beach, California.  
After obtaining his J.D. from Pepperdine University, Mr. Good
completed a judicial clerkship for the Hon. Mitchel R. Goldberg
in the United States Bankruptcy Court for the Central District
of California (Riverside Division).  In private practice, Mr.
Good has authored educational materials and articles on various
aspects of bankruptcy law.  His publications include "Surviving
Seminole: How to Deal with State Tax Liabilities in Bankruptcy
without the Benefit of Bankruptcy Code Section 106(a),"
published as the lead article in the 1999 winter edition of
California Bankruptcy Journal.  In 2004, Mr. Good was named in
the "Rising Stars" edition of Super Lawyers, a publication that
ranks California practitioners, under age 40, based upon peer
voting and an independent analysis of credentials, practice, and
market reputation.

Mr. Good is a graduate of the University of Pennsylvania, with a
B.A. in European History from the University's College of Arts
and Sciences and minors in Marketing and Entrepreneurial
Management from the Wharton Business School.  He also is a
former Lieutenant in the U.S. Navy, completing his active duty
service with a tour of duty in the 1991 Persian Gulf conflict.  
He, his wife, and their two children are residents of, and
active in, Los Angeles' South Bay community.


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

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

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


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


  JAPAN
  -----

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

  MALAYSIA
  --------

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


  PHILIPPINES
  -----------

Pilipino Telephone Co.          PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46


  THAILAND
  --------

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



                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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contained herein is obtained from sources believed to be
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delivered via e-mail. Additional e-mail subscriptions for
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subscription or balance thereof are $25 each.  For subscription
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                 *** End of Transmission ***