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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Wednesday, July 21, 2004, Vol. 7, No. 143

                           Headlines

A U S T R A L I A

FAI GENERAL: Ex-Officials To Stand Trial
KOALA CORPORATION: Nears Restructuring's End
NATIONAL AUSTRALIA: Report Says CEO To Meet Big Shareholders
NATIONAL AUSTRALIA: Shares Drop Below $28
QANTAS AIRWAYS: Budget Airline To Post Profit This Month

QANTAS AIRWAYS: Jetstar Launches Airbus A320s
QANTAS AIRWAYS: Aircraft In Near-Miss With Jetstar Plane
SANTOS LIMITED: To Sell Operated Interest In Otway Basin
SANTOS LIMITED: Eyes Timor Sea Exploration With ConocoPhillips


C H I N A  &  H O N G  K O N G

ASIA ORIENT: Releases Unqualified Financial Results
ASIA STANDARD: Posts Net Loss of HKD142M
EURO-DECO LIMITED: Enters Winding Up Proceedings
HK PARKVIEW: Net Loss Shrinks to HKD21M
REGIONAL RESOURCES: Court Hears Winding Up Petition

UNITED PACIFIC: Posts HKD14M Net Loss
WIN EXPRESS: Creditors To Prove Debts on August 10


I N D O N E S I A

BANK PERMATA: Bank Rakyat Plans 71% Stake Buy
BANK PERMATA: Government To Meet Investors Next Week
PERTAMINA: Refuses To Honor KBC's Claim
* Cabinet Spurns 'Restructuring Clause' in New Bankruptcy Law


J A P A N

JAPAN AIRLINES: Implements Boeing/Aviall Supply-Chain Solution
MITSUBISHI MOTORS: To Cut Production At U.S. Plant


K O R E A

KOOKMIN BANK: Shares Rebound On Talks With JP Morgan
KOOKMIN BANK: Personnel To Buy Back Shares To Boost Price
LG CARD: Shares Slump Over Financial Concerns
LG CARD: Asks Creditors To Roll Over Debt
SK LIFE: HSBC Begins Due Diligence


M A L A Y S I A

AKTIF LIFESTYLE: Details Disposal Of Units Share Capital
BERJAYA GROUP: Releases Details On Proposed Disposal Of Land
BOUSTEAD HOLDINGS: Releases Update on Convertible Bonds
ECM LIBRA: Launches VSS For Its Employees
INTAN UTILITIES: Issues Update On Proposals

KEMAYAN CORPORATION: Updates Proposed Restructuring Scheme
MTD CAPITAL: Purchases 179,200 Shares On Buy Back
NALURI BERHAD: Issues Update On Proposals
SAP HOLDINGS: Details Share Purchase Agreement With TMSB
SUNRISE FACILITIES: Parent Issues Notice Of Liquidation

TANJONG PUBLIC: BMSB Grants Listing Of 108,000 Ordinary Shares
TELEKOM MALAYSIA: Issues Additional 1,806,000 Ordinary Shares
UNZA HOLDINGS: Petition Not To Delist Securities Rejected
WCT ENGINEERING: Issues Additional 5,800 New Ordinary Shares


P H I L I P P I N E S

NATIONAL STEEL: Initial Tariff Hearing Causes Uproar
NEGROS NAVIGATION: Flagship Vessel Back At Sea
PHILIPPINE LONG: Supports Cebu's Aim To Be RP's ICT Hub
PHILIPPINE LONG: Issues Additional 19,065 Shares For Listing


S I N G A P O R E

HO AIR-CONDITIONING: Winding Up Hearing Set July 30
KENWOOD LOGISTICS: Creditors Must Submit Claims on August 13
SNP CORPORATION: Back In The Black In H1
UNITED PILING: Winding Up Order Made


T H A I L A N D

BANGKOK BANK: Landmark Ruling Rescheduled On July 30
RAIMON LAND: Releases Result For Period Ended June 30

     -  -  -  -  -  -  -  -

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


FAI GENERAL: Ex-Officials To Stand Trial
----------------------------------------
The Australian Securities and Investments Commission (ASIC)
reported on its website that Timothy Maxwell Mainprize, Daniel
Wilkie and Stephen Burroughs were on Monday ordered to stand
trial in the Supreme Court of New South Wales on charges laid by
the ASIC.

Messrs Mainprize and Wilkie will each stand trial on two counts
of failing to act honestly in the exercise of their powers and
discharge of their duties as officers of FAI General Insurance
Company Limited (FAI General) and one count of providing false
and misleading information.

Mr. Burroughs will stand trial on one count of failing to act
honestly in the exercise of his powers and discharge of his
duties as an officer of FAI General.

All charges are connected with reinsurance arrangements entered
into by FAI General with General Cologne Re Australia Limited in
1998. ASIC alleges that the true substance of those arrangements
was concealed from the auditors of FAI Insurances Limited and
its subsidiaries.

The defendants were committed to trial following a one-week
committal proceeding in the Downing Centre Local Court. They
will be required to appear in the Supreme Court for arraignment
on a date to be fixed.

These matters are being prosecuted by the Commonwealth Director
of Public Prosecutions.


KOALA CORPORATION: Nears Restructuring's End
--------------------------------------------
Koala Corporation Australia Limited (Koala) announced to the
Australian Stock Exchange on Tuesday that it has now completed
the sale of all property and tourism related assets and is well
advanced in its restructuring and transition to a medical
technology company.

On completion of the restructure, Koala will be a corporation
solely focused on the rapid global commercialization of advanced
medical technology; and specifically, Medical Resonance Imaging
(MRI) technology in a current worldwide market of US$3.7 billion
p.a.

As part of the restructure, Koala will immediately seek to raise
$4 million by the issue of 10 million Converting Preference (CP)
Shares at $0.40 per CP Share.

After approval by shareholders, completion of formal agreements
between the parties and completion of a formal review of the
companies business plans, Koala will make a public offer to
raise an amount currently anticipated at between $12m and $15m
and seek the lifting of its suspension from trading on ASX.

The company intends to appoint Mr. Michael Spooner to the
position of Managing Director & CEO of the restructured company.

Koala Technology

Koala first acquired the results of a research, development and
commercialization program with UniQuest Pty Ltd. (a wholly owned
subsidiary of the University of Queensland) and the Centre for
Magnetic Resonance (CMR) at the same University, in December
2001.

The execution of the research element of this program has
resulted in the registration of a series of patents that both
UniQuest and Koala believe represent the next wave of
generational development associated with MRI technology (the
Asymmetric MRI technologies).

Asymmetric MRI:

Asymmetric MRI systems, unlike conventional designs, allow the
imaging "sweet spot" to be moved from the centre of an MRI
machine towards one end of the system. This technology addresses
the pressing industry concern of patient comfort due to the
claustrophobic nature of the systems.

The research phase of this technology development is complete.
The company is ready to finalize the engineering designs for and
build a prototype to prove the technology for both distribution
partners and to obtain the relevant regulatory approvals for
sale of this exciting and unique technology to international
markets.

Compact Magnets

The Company also holds rights in relation to a second family of
patented MRI designs. The compact magnet patents reflect the
design of significantly shorter magnets than those traditionally
used in MRI systems. This technology will permit the
construction of high fidelity MRI systems that are significantly
shorter ensuring that the patient is closer to the end of the
system, again alleviating the claustrophobic nature of the
system.

The parties have negotiated the key terms of the agreements in
order to facilitate the commercialization of the various
technologies.

Highlights of the agreement between Koala and UniQuest include:

(i) Koala will own 100 percent of the Intellectual Property in
the Asymmetric Magnets;

(ii) Koala will own an option to acquire the IP in the Compact
Magnets from UniQuest (who owns the Compact Magnets) by 30 June
2006 for $6 million.

(iii) There will be a consolidation of Koala's existing shares.

(iv) Koala will issue shares to UniQuest and related parties in
consideration for acquiring their interests in the Asymmetric
Magnets and the option referred to above.

(v) The existing option agreement with UniQuest and the loan
agreement with National Austraia Bank Limited will be wound up
and discharged.

(vi) Research and development will continue at the University in
this field of MRI technology under a research contract for
Koala.

(vii) Koala will be granted a "right of first look" at any
research proposals or intellectual property developed by the
University's Centre for Magnetic Resonance and Biomedical
Engineering group in the field of MRI magnet designs for human
medical imaging; and

(ix) Mr. Michael Spooner will be appointed as CEO of Koala with
a mandate to build the future of the business, focusing
initially on the execution of the development and
commercialization program for Koala's technology.

(x) Mr. Spooner will be issued shares subject to a vesting
regime and options commensurate with his position and the value
he brings to the company.

(xi) As agreed with the liquidators of Koala's two largest
shareholding companies, they will dispose of their holdings in
Koala in three stages and in a manner which gives them an
appropriate return, gives certainty on their exit from the
register, and maximizes the effects of the company's restructure
and future plans.

(xii) The agreements with UniQuest and Mr. Spooner are
conditional on all relevant matters being approved by Koala
shareholders and the funds being sought by Koala being received
by the company.

(xiii) At a forthcoming EGM to approve the above, it is intended
that the company will also seek to change its name so as to
properly reflect its renewed image and its new business focus.

These agreements remain subject to documentation and final
agreement by the Boards of the respective parties and Koala's
shareholders.

Management

The appointment of Mr. Michael Spooner to the position of
Managing Director & CEO of the restructured company follows Mr.
Spooner's outstanding track record in the rapid international
commercialization of high growth companies including within the
medical application and commercial technology sectors.

Most recently, Mr. Spooner was Managing Director and CEO of
Ventracor Limited where he led the transformation of a small
Australian listed biotechnology company into the second highest
performing stock on the S&P/ASX 200 index in 2003.

Koala will appoint a Board of high profile and experienced
directors suited to the business of the company.

Koala has appointed InterFinancial Limited to advise in relation
to the restructure and the capital raising.

For further detail contact:

Peter Grogan
Chairman-Koala Corporation
peter.grogan@koalacorporation.com.au
Telephone: 02 8202 1111

Paul Rogers
InterFinancial
progers@interfinancial.com.au
Telephone: 07 3218 9100


NATIONAL AUSTRALIA: Report Says CEO To Meet Big Shareholders
------------------------------------------------------------
To personally address complaints about a lack of detail in
National Australia Bank's profit downgrade last Wednesday, Chief
Executive John Stewart will reportedly meet with the bank's
largest institutional shareholders over the next few days,
related The Age yesterday, citing a report by the Australian
Financial Review.

On Wednesday, NAB announced that it expected its cash earnings
before significant items for the six months to September 30 to
be 10 to 15 percent lower than the $1.85 billion result for the
first half. The stunning announcement triggered a downward
spiral in share price, with around $4 billion wiped off its
market capitalization.


NATIONAL AUSTRALIA: Shares Drop Below $28
-----------------------------------------
For the first time since the September 11 attacks in the United
States, the shares of National Australia Bank on Monday hit a
low of $27.96 before closing 34> weaker at $28, reported The Age
on Tuesday.

The share drop came as NAB announced it has engaged the services
of Ernst & Young to replace KPMG as the bank's auditor for the
fiscal year ending September 30, 2005.

According to one broker, a huge number of options were traded
Monday, which pushed volume to almost 16 million shares
changing hands. Monday's selling, said CommSec banking analyst
Vanessa Beenders, could have been prompted by poor sentiment
related to last Wednesday's downgrade.

NAB announced on Wednesday that it expected its cash earnings
before significant items for the six months to September 30 to
be 10 to 15 percent lower than the first half result of $1.85
billion. The announcement triggered a downward spiral in share
price, with around $4 billion wiped off its market
capitalization.


QANTAS AIRWAYS: Budget Airline To Post Profit This Month
--------------------------------------------------------
After only two months of operation, Qantas Airways' budget
airline Jetstar is expected to post a profit for July, reports
The Age.

The sales of Jetstar, which will carry its 500,000th passenger
on Thursday, were "meeting expectations" according to chief
executive Alan Joyce.

A spokesman for the airline said that after flights began on May
25, Jetstar's load capacity, which counts the percentage of
seats sold per plane, was in the "high 60s". In June, the figure
climbed to the "early 70s", and is now at 76 percent. "We think
we will get them up to 78 percent at the end of the month," the
spokesman said.

In its first six weeks of operation, Jetstar sold a fifth of its
fares, or some 100,000 tickets, for $29.


QANTAS AIRWAYS: Jetstar Launches Airbus A320s
---------------------------------------------
Qantas Airways' budget airline Jetstar launched on Monday the
first of its Airbus A320s at the Melbourne Airport, The Age
reports.

In a move that would allow the Qantas subsidiary to boost
seating capacity over the next two years, Jetstar's fleet of
Boeing 717s was set to be supplemented by two new Airbuses
yesterday, confirmed Jetstar chief executive Alan Joyce. A third
A320 will also be introduced next month, which will fly from
Melbourne to the Gold Coast from August 15.

The Civil Aviation Safety Authority issued Jetstar its
operator's certificate late on Friday, allowing it to bring in
23 of the A320s. "We are going to be adding more capacity in the
next few weeks on a wide range of routes," Mr. Joyce said.

The Airbus A320, which has 52 more seats than the current fleet
of 14 Boeing 717s, will allow Jetstar to increase daily flights
from 98 a day to about 110. Initially, the new aircraft will
operate on the routes from Sydney to the Gold Coast, Sunshine
Coast, Hamilton Island and Avalon.


QANTAS AIRWAYS: Aircraft In Near-Miss With Jetstar Plane
--------------------------------------------------------
A near-miss between two Qantas Airways Ltd. aircraft over
Queensland state is now the subject of an investigation by
Australia's Transport Safety Bureau, relates Bloomberg on
Monday, citing a report by The Age.

The incident occurred when an aircraft operated by Qantas's own
budget airline Jetstar took off from Hamilton Island, off the
Queensland coast Saturday. The newspaper said the aircraft was
forced to bank steeply to avoid another Qantas plane.

According to the report, a spokesman for the bureau said the
agency will review radar tapes before deciding whether to
undertake a complete investigation.


SANTOS LIMITED: To Sell Operated Interest In Otway Basin
--------------------------------------------------------
In a disclosure to the Australian Stock Exchange, Santos Limited
announced that it has agreed to sell its operated interest in
the onshore Otway Basin in western Victoria to Origin Energy
Resources Limited which interests are held through its wholly
owned subsidiary Santos (BOL) Pty Ltd.

The sale includes a 90 percent interest in the exploration
permit EP 154(a) and (b), a 100 percent interest in the
exploration permit EP153 and commensurate interests in several
production permits, all pipeline infrastructure and the
Heytesbury processing facility.

Consideration for the assets is $25.75 million, with an
effective date of 1 April 2004. The sale is subject to the
waiver of certain pre-emptive rights in respect of EP 154(a) and
(b) and associated petroleum production licenses by the other
joint venture participant, final completion and government
approvals.

Santos has been producing natural gas from the onshore Otway
Basin for Victorian industrial, commercial and residential
customers since 1999.

The divestiture of these assets is in line with Santos' strategy
to sell non-core assets in order to focus on growth areas such
as offshore Otway, offshore Western Australia, Indonesia, Timor
Sea, the USA, the Middle East and North Africa.

Santos has in recent weeks announced several new ventures as
part of its international growth strategy. Last week, the
Company unveiled details of its first North African exploration
venture and last month announced an expansion of its Indonesian
and USA exploration acreage and prospects and the agreement to
acquire additional Indonesian oil and gas assets, following PT
Medco's bid for Novus Petroleum.

CONTACT:

Media Enquiries:
Kathryn Mitchell
Santos Limited
Telephone: (08) 8218 5260/0407 979 982

Investor Enquiries:
Graeme Bethune
Santos Limited
Telephone: (08) 8218 5157/0419 828 617


SANTOS LIMITED: Eyes Timor Sea Exploration With ConocoPhillips
--------------------------------------------------------------
Santos Limited and ConocoPhillips, already joint venturers in
the giant Bayu-Undan liquids and LNG projects,have joined forces
to explore another Timor Sea prospect.

Santos announced to the Australian Stock Exchange on Tuesday
that its subsidiary, Santos Offshore Pty Ltd, has concluded a
farmout agreement with ConocoPhillips' subsidiary,
ConocoPhillips Australia Exploration Pty Ltd, to jointly
participate in exploring a major gas prospect in the NT/P61
license area in the Timor Sea.

ConocoPhillips will earn 60 percent equity and become Operator
of the NT/P61 exploration permit area under the terms of the
arrangement. It will fund elements of the permit area work
program including the Caldita 1 well (previously shown by Santos
as the Melville prospect).

Santos, which was granted the NT/P61 exploration permit in 2001
as 100 percent equity holder and Operator, will retain a 40
percent interest in the permit area. The agreement is subject to
approval by relevant authorities.

The NT/P61 permit area covers over 5,300 square kilometers and
is adjacent to the Evans Shoal gas field in which Santos holds
40% equity and is the Operator.

It is approximately 390 kilometres from the Bayu-Undan Liquids
and LNG fields in which Santos and ConocoPhillips have an
existing joint venture relationship. Bayu0Undan is already
producing gas liquids and will commence exporting LNGH early in
2006.

"Santos and ConocoPhillips have reached an understanding with
respect to the use of existing infrastructure in the event of a
significant gas discovery," Santos Managing Director, Mr. John
Ellice-Flint, said on Tuesday.

"This is a most pleasing extension of Santos' business
endeavours with ConocoPhillips," Mr. Ellice-Flint said.

"The Timor Sea region is developing as an important gas province
and both companies are very familiar with the geology and the
domestic and export gas market opportunities in the area.

"We look forward to working closely with ConocoPhillips to add
further large reserves that may add to the encouraging outlook
for this region."

Interest holders in the NT/P61 exploration licence will be:

ConocoPhillips Australia Exploration Pty Ltd (operator)  60%
Santos Offshore Pty Ltd                                  40%

CONTACT:

Media Enquiries:
Kathryn Mitchell
Telephone: (08) 8218 5260/0407 979 982

Investor Enquiries:
Graeme Bethune
Telephone: (08) 8218 5157/0419 828 617

To view full copy of the Map, click
http://bankrupt.com/misc/santoslimited072004.pdf


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


ASIA ORIENT: Releases Unqualified Financial Results
---------------------------------------------------

Asia Orient Holdings Limited announced on July 19, 2004.

Year-end date: March 31, 2004
Currency: HKD
Auditors' Report: Unqualified

                                                  (Audited)
                                  (Audited)         Last
                                   Current       Corresponding
                                   Period           Period
                                from 1/4/2003      from 1/4/2002
                                to 31/3/2004       to 31/3/2003
                               Note  ($)                ($)
Turnover                           : 767,390,000   1,214,263,000
Profit/(Loss) from Operations      : (27,483,000)  (155,999,000)
Finance cost                       : (117,843,000) (139,139,000)
Share of Profit/(Loss) of
  Associates                       : (111,486,000) (150,170,000)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : (45,296,000)  (59,873,000)
Profit/(Loss) after Tax & MI       : (228,245,000) (373,654,000)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (1.49)           (2.49)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (228,245,000) (373,654,000)
Final Dividend                     : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)

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

B/C Dates for Other
  Distribution                     : N/A

Remarks:

Explanation notes

(1) Changes in comparative figures

During the year, the Group adopted the revised Statement of
Standard Accounting Practice 12 "Income Taxes" issued by the
Hong Kong Society of Accountants, which is effective for
accounting periods commencing on or after 1st January 2003.

In prior years, deferred taxation was accounted for at the
current taxation rate in respect of timing differences between
profit as computed for taxation purposes and profit as stated in
the accounts to the extent that a liability or an asset was
expected to be payable or recoverable in the foreseeable future.
The adoption of the revised SSAP 12 represents a change in
accounting policy, which has been applied retrospectively so
that the comparatives presented have been restated to conform to
the changed policy. This change has resulted in the reduction of
loss for the year ended 31st March 2003 by HK$1,701,000.

2. Included under operating loss are provisions and other
charges more specifically described below:

                                                2004        2003
                                              HK$'000    HK$'000

Net provision for diminution in value of
Properties under development / held for sale  (20,074) (136,048)
  Other properties                              -       (5,307)
Revaluation surplus / (deficit) on investment
properties                                    34,990    (59,010)
Unrealized losses on other investments        (25,436)  (64,994)
Provision for doubtful debts                  (51,400)  (5,117)
Loss on disposal of an associated company     (9,129)      -
Negative goodwill recognized                   1,031       -
Loss on disposal of interest in a listed
subsidiary                                    (8,220)      -
Amortization of goodwill                      (6,413)   (4,413)
                                             --------   --------
                                            (84,651)   (274,889)
                                              ======     ======

(3) Loss per share

The calculation of loss per share is based on loss attributable
to shareholders of HK$228,245,000 (2003: HK$373,654,000) and on
the weighted average of 153,152,913 (2003: 149,826,429) shares
in issue during the year.

No diluted loss per share is presented as the exercise of
subscription rights attached to the share options and the
conversion of the convertible notes would not have a dilutive
effect on the loss per share.


ASIA STANDARD: Posts Net Loss of HKD142M
----------------------------------------
Infocast News reported that Asia Standard International Group
Limited posted a net loss of HKD140.002 million for the
financial year ended March 31, compared with a net loss of
HKD276.631 million (restated) for the preceding financial year.
Loss per share was $0.0346. No final dividend was declared.


EURO-DECO LIMITED: Enters Winding Up Proceedings
------------------------------------------------
Notice is given that a Petition for the Winding up of Euro-deco
Limited by the High Court of Hong Kong was, on July 2, 2004,
presented to the said Court by Ho Kin Por of Room 1207, Heng
Shan House, Heng On Estate, Shatin, New Territories, Hong Kong.

The said Petition will be heard before the Court at 10:00 am on
August 4, 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.

SIMON CHEUNG & CO.
Solicitors for the Petitioner,
5th Floor, Two Chinachem Plaza
135 Des Voeux Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 3rd day of August
2004.


HK PARKVIEW: Net Loss Shrinks to HKD21M
---------------------------------------
Infocast News reported that the Hong Kong Parkview Group Limited
posted a net loss of HKD21.015 million for the financial year
ended March 31, compared with the net loss of HKD56.689 million
for the preceding year. LPS was HKD0.0393. No final dividend was
declared.


REGIONAL RESOURCES: Court Hears Winding Up Petition
---------------------------------------------------
Notice is given that a Petition for the Winding up of Regional
Resources Agencies Limited by the High Court of Hong Kong was,
on July 2, 2004, presented to the said Court by Chan Mei Chu
Marianna, whose address of 19A, Comfort Gardens, 60 King's Road,
North Point, Hong Kong.

The said Petition will be heard before the Court at 9:30 am on
August 4, 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.

DARIN LEUNG & PARTNERS
Solicitors for the Petitioner,
Suite B, 14th Floor Wing Lung Bank Building
45 Des Voeux Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 3rd day of August
2004.


UNITED PACIFIC: Posts HKD14M Net Loss
-------------------------------------
According to Infocast News, United Pacific Industries Limited
posted a net loss of HKD13.727 million for the financial year
for March 31, compared with the net loss of HKD17.816 million
for the preceding financial year. Loss per share was HKD0.025. A
final dividend of $0.02 was declared.


WIN EXPRESS: Creditors To Prove Debts on August 10
--------------------------------------------------
Notice is given that creditors of Win Express Development
Limited, which is being wound up voluntarily, are required on or
before August 10, 2004 to send particulars of their debts or
claims and the names and addresses of their solicitors, if any,
to the undersigned and if so required by notice in writing from
the liquidators to come in and prove their said debts or claims
by themselves or their solicitors at such time and place as
shall be specified in the notice. In default thereof, they will
be excluded from the benefit of any distribution before such
debts or claims are proved.

LUI WAN HO
HA MAN KIT, MARCUS
Joint and Several Liquidators
Room 1701, Olympia Plaza
255 King's Road, North Point
Hong Kong.

This announcement is dated July 20, 2004.


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


BANK PERMATA: Bank Rakyat Plans 71% Stake Buy
---------------------------------------------
State-owned PT Bank Rakyat Indonesia (BBRI.JK) plans to join the
bid for PT Bank Permata (BNLI.JK) through a consortium, Dow
Jones reports.

BRI president Rujito claimed that the bank has enough funds to
purchase 71% of Permata, which the state plans to divest by the
end of this year through a strategic sale. A block sale or a
secondary offering of another 26.17% stake in Permata will then
follow next year.

The Permata sale is being managed by Perusahaan Pengelola
Aset (PPA), the state-owned asset management company.

Local banks such as PT Bank Mandiri (BMRI.JK), PT Bank Central
Asia (BBCA.JK), PT Bank Danamon (BDMN.JK), PT Bank Buana
Indonesia (BBIA.JK), and PT Panin Bank (PNBN.JK) and unlisted PT
Bank Artha Graha have expressed interest to buy Bank Permata, as
well as foreign firms Standard Chartered (STAN.LN) and
Singapore's Temasek Holdings.


BANK PERMATA: Government To Meet Investors Next Week
----------------------------------------------------
In line with its goal to complete the first part of Bank
Permata's stake sale this year, the government will convene with
investors to gauge sentiment towards the bank, The Jakarta Post
reports.

The meetings, which are scheduled to start next week, will be
held in Singapore, Hong Kong, Kuala Lumpur and London.

The government, which owns 97 percent of Bank Permata, expects
to reap IDR5.7 trillion from the divestment of 71 percent stake
given the current price of IDR950 per share, which is about four
times its book value. Part of the proceeds will be used to plug
the state's IDR24.5 trillion budget deficit.

State-run asset management company PT Perusahaan Pengelolaan
Aset (PPA), which currently handles the Permata sale, hopes to
complete the sale-off by the third week of December.

Several local and foreign investors, including Bank Central
Asia, Bank Mandiri, Bank Danamon, Bank Panin, Bank Artha Graha,
Uk-based Standard Chartered Bank and Singapore's Temasek
Holdings, are currently eyeing the Permata sale.

Just recently, Bank Buana has unveiled its plan to join the
bidding through a consortium, which would possibly include
Singapore-based United Overseas Bank.


PERTAMINA: Refuses To Honor KBC's Claim
---------------------------------------
State oil firm PT Pertamina has refused to pay a US$15 million
to US$20 million claim made by Karaha Bodas Company (KBC), Asia
Pulse revealed.

KBC has demanded the remuneration from Pertamina in exchange for
dropping a lawsuit to confiscate Pertamina's Hong Kong assets,
including PT Pertamina Trading Ltd (Petral), which handles 60
percent of Pertamina's oil imports.

Pertamina President Director Ariffi Nawawi maintained that
Pertamina refuses to meet KBC's demand because it "does not have
an obligation to pay the claim." He added that they have already
authorized the Indonesian government to settle the case. He,
however, acknowledged that the problem has to be resolved
conclusively so that Petral could resume its normal operations.

The government earlier sent a team to make out-of-court
negotiations with KBC in order to evade seizure of Pertamina's
assets in Hong Kong, United States and Singapore. KBC seeks to
sequester the said assets to recover the US$300 million it
claims is owed by Pertamina due to its unilateral cancellation
of a geothermal project in West Java during the 1997 economic
crisis.

The oil firm is currently taking legal action to counter the
March 2003 Hong Kong ruling in favor of Karaha Bodas to seize
its Hong Kong assets.


* Cabinet Spurns 'Restructuring Clause' in New Bankruptcy Law
-------------------------------------------------------------
Legislators are likely to drop the so-called restructuring
clause in the proposed bill that seeks to revise Indonesia's
Bankruptcy Law.

Minister of Justice and Human Rights Yusril Ihza Mahendra told
the Jakarta Post several cabinet members are not in favor of the
clause that would allow firms to undergo restructuring first
before being declared bankrupt.  The cabinet, however, has not
yet formed a firm decision on the matter.  He said the ministers
are more inclined to focus amendments on the administration of
the commercial court, such as on the conditions to file for
bankruptcy.

The proposed amendments seek to shield firms from immediate
closure by requesting protection from the commercial court.  The
protection consists of allowing companies that have a positive
chance of survival to restructure debts for a period mutually
agreed upon with creditors.  Pending the conclusion of the
restructuring, the qualified company will be immune from
bankruptcy suits.  On the other hand, should the rehab plan
fail, the courts could declare distressed firms bankrupt without
the possibility of appeal.

The rumored omission of the "restructuring clause" sparked
speculations of a strong lobby by foreign creditors, who believe
the new system will make it difficult for them to reclaim their
money.  Mr. Yusril denied this saying, "the government has never
been dictated by foreigners and there is no pressure from donors
regarding the revision of the law."

The Parliament started working on an amendment in May after
commercial courts declared bankrupt two solvent insurance
companies -- Canadian Asuransi Jiwa Manulife Indonesia in 2002
and British PT Prudential Life Insurance in March.  The Supreme
Court, however, overturned both rulings on appeal.


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


JAPAN AIRLINES: Implements Boeing/Aviall Supply-Chain Solution
--------------------------------------------------------------
Aviall Services, Inc. announced on Monday that Japan Airlines
(JAL) has become the first airline to implement an innovative,
new supply-chain solution partnered by Aviall and Boeing. The
program will allow JAL and other airlines to significantly
reduce maintenance-related costs by avoiding the cost of holding
inventory, eliminating spare-parts obsolescence, and improving
overall materials management productivity.

The program allows Aviall to maintain JAL's inventory of
maintenance supplies, including spare parts, and provide items
to JAL as needed. As an airline reduces its inventory, it
reduces its cost of doing business. JAL and Aviall have
participated in special "total-cost" focused programs with each
other in the past.  The Aviall and Boeing partnership, a part of
Boeing's Integrated Materials Management Initiative, was
originally announced June 16.

"We expect great benefits in our global airline inventory
network due to substantial cash flow improvement and enhanced
efficiencies in our supply-chain management," said Masaaki Haga,
executive officer and deputy general manager of Japan Airlines'
Engineering and Maintenance Division. "Aviall will make us more
productive."

"Japan Airlines completed implementation marks the beginning of
a program with great potential for many airlines, and Aviall
too," said Dan Komnenovich, Aviall Services, Inc.'s president
and chief operating officer. "Not only is it a true, measurable
cost-savings program for customers, it allows us to expand the
offerings of major manufacturers previously outside our market
basket. It underscores Aviall's commitment to the global airline
community and is another example of the significant supply-chain
efficiencies and value we bring to aviation customers and
suppliers every day."

About Aviall, Inc.

Aviall, Inc. (NYSE: AVL) is a leading solutions provider of
aftermarket supply-chain management services for the aviation
and marine industries. As the world's largest independent
provider of new aviation parts and related aftermarket services,
the Aviall Services business unit markets and distributes
products for approximately 215 manufacturers and offers
approximately 400,000 catalog items to over 17,500
government/military, commercial and general aviation operators,
including over 290 airlines, from customer service centers
located in North America, Europe, and Asia-Pacific. Aviall
Services also offers a full line of related services for
battery, wheel and brake, oxygen, hose and paint products.  The
Inventory Locator Service (ILS) business unit, headquartered in
Memphis, Tennessee, provides information and facilitates
commerce via its global electronic marketplace to enable
subscribers to buy and sell commercial aviation and marine
parts, equipment and services.  With 24-hour availability via
both the Internet and traditional dial-up, the ILS database is
accessed more than 45,000 times each business day and serves
over 3800 subscribing companies and 13,400 individual users in
more than 82 countries. Additional information on Aviall is
available via the Internet at http://www.aviall.com.


MITSUBISHI MOTORS: To Cut Production At U.S. Plant
--------------------------------------------------
A spokesman for Mitsubishi Motors Corp. said Monday the
automaker will cut the output of its plant in Normal, Illinois,
reports The Associated Press. He said MMC will not yet decide on
the extent of the cuts until September.

The spokesman, who spoke on condition of anonymity, said a
review of the MMC's Normal plant is continuing. The plant, which
employs some 3,100 people, is capable of producing 180,000 cars
a year. In the fiscal year that ended in March, the plant
churned out a total of 156,800 vehicles.

The plant produces the Galant, Eclipse and Endeavor for
Mitsubishi and, until 2005, the Dodge Stratus and Chrysler
Sebring.


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


KOOKMIN BANK: Shares Rebound On Talks With JP Morgan
----------------------------------------------------
News that Kookmin Bank is in talks with JP Morgan (JPM.N) for
the formation of a strategic partnership in asset management has
boosted the South Korean bank's shares, rebounding 2.05 percent
to KRW32,400, Reuters relates.

The chief financial officer of South Korea's largest lender also
told Reuters that the bank was forced to put talks to sell
shares in itself on hold due to a 28-percent fall in its share
price this year. The shares, worth KRW960 billion (US$825
million) at current market prices, represents 8.9 percent of its
total issued capital to overseas investors, and is now intended
to be sold by the bank by the end of June 2005.


KOOKMIN BANK: Personnel To Buy Back Shares To Boost Price
---------------------------------------------------------
In an effort to bolster its stock price, Kookmin Bank said
Tuesday its executives and employees will buy back 1.1 million
bank shares, reveals Yonhap News.

To that end, the employees of South Korea's largest lender will
contribute cash to an in-house cooperative for employee stock
ownership till Thursday. Over the next two to three months,
Kookmin will repurchase its own shares using the cash.


LG CARD: Shares Slump Over Financial Concerns
---------------------------------------------
With investors viewing LG Card Co. Ltd.'s stock as overvalued
given its shaky financial structure and uncertainties over
future support by creditors, shares of South Korea's No. 2
credit card issuer dropped 8.4 percent to KRW6,450, Reuters
reveals, citing analysts.

"The current price is not justifiable, given its structural
problems," according to one financial analyst. "There was brief
hope that creditors' help could turn it around but people are
starting to realize there is a long way to go".

Last week, creditors agreed to push through with a KRW2.5
trillion debt-for-equity swap for LG Card, which narrowly
escaped bankruptcy in January after a US$4.5 billion bailout.


LG CARD: Asks Creditors To Roll Over Debt
-----------------------------------------
LG Card Co. is seeking for more financial support from its
creditors, reported Yonhap News Tuesday, citing market sources.

South Korea's No. 2 credit card issuer asked its creditors in a
management normalization plan submitted last month to roll over
KRW7.1 trillion (US$6.1 billion) of debts coming due next year.


SK LIFE: HSBC Begins Due Diligence
----------------------------------
In a move that heralded the start of the process of selling
South Korean insurer SK Life Insurance, British banking giant
HSBC on Monday began its due diligence on the troubled insurer,
reports Yonhap News.

Two other prospective buyers, namely U.S. firm Metlife and
Canada's Manulife, will begin auditing SK Life's finances next
month, according to market sources.

"When the three preferred bidders present their final bids in
September, we will conclude a contract with one of them," an
official from one of SK's creditors said.

SK Group, which has a 97.37 percent stake in SK Life, agreed
last year with creditors led by Hana Bank to sell the insurer in
exchange for financial support. Market sources estimated the
Group's entire stake in SK Life, which posted a net profit of
KRW16.6 billion in fiscal 2003 that ended in March, would be
sold for about KRW400 billion (US$344 million).


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


AKTIF LIFESTYLE: Details Disposal Of Units Share Capital
--------------------------------------------------------
Aktif Lifestyle Corporation Berhad (Aktif) disclosed to Bursa
Malaysia Securities Berhad the proposed disposal of the entire
issued and paid-up share capital of Aktif Lifestyle Stores Sdn
Bhd of RM31,000,000 comprising 31,000,000 ordinary shares of
RM1.00 each to CP Properties Sdn Bhd (CP), a wholly-owned
subsidiary of Lion Diversified Holdings Berhad (formerly known
as Chocolate Products (Malaysia) Berhad for a nominal cash
consideration of RM1.00 (proposed disposal).

Further to our announcement dated 21 June 2004, the Board of
Directors of Aktif wishes to announce that Aktif and CP have
mutually agreed to extend the expiry of the completion period of
the Proposed Disposal from 17 July 2004 to 23 July 2004 to
facilitate the finalization of documentation for completion
under the Sale and Purchase of Shares Agreement dated 31 October
2003 in respect of the Proposed Disposal.

This announcement is dated 19 July 2004.


BERJAYA GROUP: Releases Details On Proposed Disposal Of Land
------------------------------------------------------------
Berjaya Group Berhad (BGroup) disclosed to Bursa Malaysia
Securities Berhad an update on the Proposed disposal of
approximately 750.0 acres of freehold land located in Sungai
Tinggi by BerjayaCity Sdn Bhd (formerly known as Eminent Capital
Sdn Bhd) (BCSB) to Selat Makmur Sdn Bhd (SMSB) and the proposed
appointment of BCSB as the turnkey contractor to carry out the
construction of the New Turf Club (as defined below) for a total
consideration of RM605.0 million (Proposed Sungai Tinggi Land
Transaction)

(1) INTRODUCTION

The Board of Directors of BGroup (Board) announces that, on 19
July 2004, BCSB has received an offer from SMSB (Offer) and
accepted SMSB's offer to acquire 2 parcels of freehold land
measuring a total area of approximately 750.0 acres located in
Sungai Tinggi (Sungai Tinggi Land) from BCSB and for BCSB to
construct thereon a new racecourse and the ancillary buildings
(including an equestrian sports centre and infrastructure
amenities) on a turnkey basis (New Turf Club) for a total cash
consideration of RM605.0 million.

BCSB is effectively a wholly owned subsidiary of BGroup.
SMSB is effectively a wholly owned subsidiary of Berjaya Land
Berhad (B-Land), which in turn is a 61.53% owned subsidiary of
BGroup as at 30 June 2004.

(2) DETAILS OF THE PROPOSED SUNGAI TINGGI LAND TRANSACTION

(2.1.1) Salient terms and conditions

Mode of payment

The Sungai Tinggi Land and the New Turf Club to be erected there
on, shall be disposed free of all encumbrances to SMSB for a
total cash consideration of RM605.0 million where it is agreed
that:

(i) An amount of RM6.0 million is payable by SMSB to BCSB upon
the execution of the Works Contract to be entered into between
SMSB and BCSB; and

(ii) The remaining sum shall be progressively billed by BCSB to
SMSB as progress payment for the portion of construction works
completed and certified as such by the appointed architect,
engineer or such other consultant in charge of the construction
works for the New Turf Club within a period of 33 months from
the date when the last condition precedent stated in the Offer
is being fulfilled subject to and shall include the provisions
of extension of time set out in the Offer or such longer period
as the parties may mutually agree upon in writing (Completion
Period for the Offer).
Conditions precedent

The Offer shall be conditional upon, inter-alia, the following
being satisfied within 6 months from the date of the acceptance
of the Offer by BCSB, which shall be automatically extended for
another 3 months if any of the conditions precedent is still
pending after affirmative steps to procure the same have been
taken:

(i) The approval of the Foreign Investment Committee (FIC) for
the proposed acquisition of the Sungai Tinggi Land to be
obtained by SMSB;

(ii) The approvals of the shareholders of BCSB and BGroup at
extraordinary general meetings (EGMs) to be convened for the
Proposed Sungai Tinggi Land Transaction;

(iii) The approval of the shareholders of SMSB and B-Land at
EGMs to be convened for the Proposed Sungai Tinggi Land
Transaction; and

(iv) The approval, permit or consent of any other relevant
authorities or such other parties as may be required by
applicable laws.

Construction, completion and delivery

BCSB shall perform and complete the construction of the New Turf
Club and obtain a Certificate of Practical Completion as
certified by the appointed architect for the New Turf Club and
hand over vacant possession of the Sungai Tinggi Land and
deliver the completed New Turf Club within Completion Period for
the Offer.

(2.1.2) Information on the Sungai Tinggi Land and the New Turf
Club

The Sungai Tinggi Land comprises 2 parcels of freehold land
measuring a total area of approximately 750.0 acres held under:
(i) Geran 46261, Lot 15, Mukim of Sungai Tinggi, District of
Hulu Selangor, Selangor Darul Ehsan; and

(ii) Geran 39947, Lot 26, Mukim of Sungai Tinggi, District of
Hulu Selangor, Selangor Darul Ehsan.

BCSB is the registered and beneficial owner of the Sungai Tinggi
Land. The Sungai Tinggi Land, which forms part of the central
east portion of the Socfin Estate, is currently approved for
homestead, medium density housing and commercial development.
The Socfin Estate, which comprises the Sungai Tinggi, Minyak and
Nigel Gardner/Bukit Tagar Estates, is located off the west side
of the North-South Expressway at about 10 kilometres north-west
of the Bukit Beruntung Township, 25 kilometres north-east of the
town of Batang Berjuntai.

For the purpose of the construction of the New Turf Club, BCSB
will take the necessary steps to convert the Sungai Tinggi Land
to a racecourse for horse racing as well as other related
commercial and residential developments and to bear the related
conversion premium arising thereon.

Pursuant to the Offer, BCSB is required to construct the New
Turf Club on the Sungai Tinggi Land and the commencement of the
construction is expected to take place in last quarter of 2004.
The construction of the New Turf Club on the Sungai Tinggi Land
comprised of:

Type of development Acres

A Racecourse, consisting of a grandstand building, car park,
racetracks, stables, administrative offices, equine services and
staff accommodation 300.0

Equestrian sports centre 100.0

Vacant lots (residential development comprising bungalows,
medium cost, low medium cost and low cost) 300.0

Reserve land for future expansion and growth 50.0

Total 750.0

As at the date of this announcement, the proposed development
layout plans for the intended development of the New Turf Club
has yet to be submitted to the relevant authorities.

The construction of the New Turf Club is expected to be complete
within the Completion Period for the Offer. Upon the completion
of the construction of the New Turf Club, the Selangor Turf Club
(STC) will be relocated to its new site in Sungai Tinggi to
conduct its horse racing and other related activities.

The net book value of the Sungai Tinggi Land as at 31 May 2004
was RM36.56 million. The original cost of investment of the
Sungai Tinggi Land to BCSB was RM27.61 million and the
investment was made in 1995.

(2.1.3) Basis of consideration

The consideration of RM605.0 million was based on a public
tender price made by SMSB to STC in its proposal for the
relocation of STC and was subsequently offered to BGroup/BCSB as
the consideration of the Proposed Sungai Tinggi Transaction. It
is noted that the total consideration for the Proposed Sungai
Tinggi Land Transaction of RM605.0 million is supported by:

(i) The market value of the Sungai Tinggi Land as assessed by M.
Nawawi & Co Sdn Bhd, an independent professional valuer, on 17
March 2004 on the assumption, inter-alia, that the category of
land use is converted for use as a racecourse for horse-racing
and related commercial and residential developments of RM196.0
million. The land valuation was arrived at using the Comparison
Method of Valuation; and

(ii) The overall infrastructure and construction costs for the
New Turf Club as assessed by Yong Dan Mohamad Faiz Sdn Bhd, an
independent chartered quantity surveyor and construction cost
consultant, on 17 May 2004, to be not more than RM409.0 million.

(2.1.4) Liabilities to be assumed

There are no liabilities to be assumed by BCSB or BGroup
pursuant to the Proposed Sungai Tinggi Land Transaction.

(2.1.5) Utilization of proceeds

The total consideration of the Proposed Sungai Tinggi Land
Transaction of RM605.0 million in cash will be utilized to
defray the infrastructure and construction cost of the New Turf
Club and to reduce part of the BGroup's borrowings (which as at
30 April 2004 amounted to RM3.687 billion).

(2.1.6) Expected gain or loss arising from the Proposed Sungai
Tinggi Land Transaction

Barring unforeseen circumstances, BGroup is expected to earn a
gross gain of at least RM140.0 million from the Proposed Sungai
Tinggi Land Transaction after accounting for, inter-alia,
payment of the premium for the category of the land use for the
Sungai Tinggi Land to be converted for use as a racecourse for
horse-racing and related commercial and residential
developments.

(2.1.7) Estimated timeframe for completion

The Proposed Sungai Tinggi Land Transaction (which include the
New Turf Club built thereon) is expected to be completed within
a period of 33 months from the date when the last condition
precedent stated in the Offer is being fulfilled (subject to the
provision of extension of time set out in the Offer).

(3) INFORMATION OF PURCHASER - SMSB

SMSB is a private company incorporated in Malaysia under the
Companies Act, 1965 on 23 November 1989. It is effectively a
wholly-owned subsidiary of B-Land which in turn is a 61.53
percent owned subsidiary of BGroup as at 30 June 2004. SMSB is
principally involved in property development.

As at 30 June 2004, the authorized share capital of SMSB is
RM25,000,000 comprising 25,000,000 ordinary shares of RM1.00
each, of which RM1,000,000 comprising 1,000,000 ordinary shares
of RM1.00 each have been issued and fully paid-up.

(4) RATIONALE

The proposed disposal of the Sungai Tinggi Land with the
agreement to construct thereon the New Turf Club on a turnkey
basis, will enable BGroup to realise the enhanced value on the
disposal on the Sungai Tinggi Land.

The Sungai Tinggi Land is a part of the Socfin Estate owned by
the BGroup comprising approximately 15,021.36 acres of
plantation land. The Directors of BGroup note the relocation of
the STC (which operates the STC Equestrian Club and provides
leisure activities such as horse-racing, equestrian sports and
cricket and other sporting attractions) to the Sungai Tinggi
Land, would have potential to enhance the value of the remaining
land owned by BCSB within the Socfin Estate.

(5) FINANCIAL EFFECTS OF THE PROPOSED SUNGAI TINGGI LAND
TRANSACTION

(5.1) Share capital

The Proposed Sungai Tinggi Land Transaction will not have any
effect on the share capital of BGroup.

(5.2) Major shareholding

The Proposed Sungai Tinggi Land Transaction will not have any
effect on the major shareholding in BGroup.

(5.3) Net liabilities (NL)

The Proposed Sungai Tinggi Land Transaction is expected to
improve the NL of BGroup by the same quantum as the increase in
earnings upon completion of the Proposed Sungai Tinggi Land
Transaction.

For illustrative purposes only, the NL of BGroup is expected to
improve by 9.93 sen per share upon completion of the Proposed
Sungai Tinggi Land Transaction.

(5.4) Earnings

The Proposed Sungai Tinggi Land Transaction is not expected to
have any material effect on the consolidated earnings of BGroup
for the financial year ending 30 April 2005 as the completion of
the Proposed Sungai Tinggi Land Transaction is expected to take
place in the financial year ending 30 April 2008.

Barring any unforeseen circumstances, BGroup is expected to
record approximately RM140.0 million arising from the expected
gross gain from the Proposed Sungai Tinggi Land Transaction as
well as RM8.76 million per annum arising from the interest
savings due to repayment of BGroup's bank borrowings upon
completion of the Proposed Sungai Tinggi Land Transaction.

(6) APPROVALS REQUIRED

The Proposed Sungai Tinggi Land Transaction is subject to
approvals being obtained from various parties as set out in
Section 2.1.1 of this announcement.

In addition, the Proposed Sungai Tinggi Land Transaction is also
subject to a waiver being granted by the SC as particularized in
Section 10 hereafter.

(7) DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

Save as disclosed below, the Company is not aware of any other
Directors and/or major shareholders of BGroup and/or persons
connected with them who have any interest, direct or indirect,
in the Proposed Sungai Tinggi Land Transaction:

(i) Tan Sri Dato' Seri Vincent Tan Chee Yioun (TSVT), being the
Chairman and Chief Executive Officer and a major shareholder of
BGroup as well as a deemed major shareholder of B-Land;

(ii) Tan Sri Dato' Danny Tan Chee Sing (TSDT) and Datuk Robert
Yong Kuen Loke (DRYKL), being the Directors and shareholders of
BGroup and B-Land;

(iii) Rayvin Tan Yeong Sheik (RTYS), being a son to TSVT and a
Director as well as shareholder of BGroup; and

(iv) Dato' Robin Tan Yeong Ching (DRTYC), being a son to TSVT
and the Chief Executive Officer/Executive Director of B-Land.
In view of the above, the Proposed Sungai Tinggi Land
Transaction is deemed to be a related party transaction under
Chapter 10 of the Listing Requirements of Bursa Malaysia
Securities Berhad. Accordingly, BGroup has appointed Avenue
Securities Sdn Bhd, as the independent adviser, to provide the
shareholders of BGroup with an independent evaluation of the
impact of the Proposed Sungai Tinggi Land Transaction.

TSVT, TSDT, DRYKL and RTYS (collectively referred to as the
Interested Directors) have abstained and will continue to
abstain from all Board deliberations and votings pertaining to
the Proposed Sungai Tinggi Land Transaction.

BGroup shall procure the Interested Directors to undertake to
ensure that all persons connected to them (if any) and having
interest in BGroup, shall abstain from voting in respect of
their direct and/or indirect shareholdings in BGroup at the EGM
to be convened in respect of the Proposed Sungai Tinggi Land
Transaction.

TSVT (Interested Major Shareholder) will abstain from voting in
respect of his direct and/or indirect shareholdings in BGroup at
the EGM to be convened in respect of the Proposed Sungai Tinggi
Land Transaction. BGroup shall procure the Interested Major
Shareholder to undertake to ensure that persons connected to him
(if any) and having interests in BGroup, shall abstain from
voting in respect of their direct and/or indirect shareholdings
in BGroup at the EGM to be convened in respect of the Proposed
Sungai Tinggi Land Transaction.

Please refer to Table A for details of the Interested Directors'
directorships in B-Land and BGroup, Table B for details of the
Interested Directors' and Interested Major Shareholder's
shareholdings in B-Land and BGroup as at 30 June 2004 and Table
C for the details of the shareholdings of BGroup in B-Land as at
30 June 2004.

(8) DIRECTORS' STATEMENT

The Board (save for the Interested Directors who have abstained
from deliberation in respect of the Proposed Sungai Tinggi Land
Transaction) is of the opinion that the Proposed Sungai Tinggi
Land Transaction is in the best interests of the BGroup.

(9) ADVISER AND INDEPENDENT ADVISER

RHB Sakura has been appointed as the Adviser for the
implementation of the Proposed Sungai Tinggi Land Transaction.

Avenue Securities Sdn Bhd has been appointed as the independent
adviser to BGroup in respect of the Proposed Sungai Tinggi Land
Transaction.

(10) COMPLIANCE WITH THE POLICIES AND GUIDELINES ON ISSUE/OFFER
OF SECURITIES ISSUED BY THE SECURITIES COMMISSION (SC) (SC
GUIDELINES)

Paragraph 12.02 of the SC Guidelines specifies that any
proposals, which result in significant changes in the business
direction of a listed company, shall be subject to the prior
approval of the SC. Further, Paragraph 12.11 of the SC
Guidelines stipulates that any such disposal of assets resulting
in a significant change in business direction must be done on
terms and conditions which are fair to the divesting listed
company and the proceeds from the said disposal must be used for
the benefit of the company.

Paragraph 12.05 of the SC Guidelines defines "a significant
change in business direction" as, inter alia, in the case of a
listed company with negative net tangible assets, the
acquisition or disposal is more than RM1 million in size per
transaction.

As the consideration of the Proposed Sungai Tinggi Land
Transaction is above RM1 million and BGroup had recorded a net
tangible liabilities position as at 30 April 2003, the Proposed
Sungai Tinggi Land Transaction would trigger a significant
change in business direction of BGroup under the SC Guidelines.

However, the Directors of BGroup are of the opinion that the
Proposed Sungai Tinggi Land Transaction does not result in a
significant change in business direction of the BGroup and
BGroup will seek a waiver from the SC accordingly.

Other than the aforementioned waiver to be sought from the SC,
the Proposed Sungai Tinggi Land Transaction does not depart from
the SC Guidelines.

(11) DOCUMENTS FOR INSPECTION

The SPA dated 19 July 2004, the Offer dated 19 July 2004, the
valuation reports prepared by M. Nawawi & Co Sdn Bhd dated 17
March 2004, and the letter from Yong Dan Mohamad Faiz Sdn Bhd
dated 17 May 2004 are available for inspection at the registered
address of BGroup at 11th Floor, Menara Berjaya, KL Plaza, 179
Jalan Bukit Bintang, 55100 Kuala Lumpur during normal office
hours from Monday to Friday (except on public holidays) for a
period of three (3) months from the date of this announcement.

This announcement is dated 19 July 2004.

For more information, click
http://bankrupt.com/misc/berjayagroup072004.pdf


BOUSTEAD HOLDINGS: Releases Update on Convertible Bonds
-------------------------------------------------------
Boustead Holdings Berhad (Boustead) announced to Bursa Malaysia
Securities Berhad an update on the Proposed Issuance of Bank
Guaranteed Redeemable Convertible Bonds of up to RM100 Million
(Proposed RCB).

With reference to our announcements dated 10 December 2003, 4
June 2004 and 15 June 2004, Aseambankers Malaysia Berhad
(Aseambankers), on behalf of the Board of Directors of Boustead,
is pleased to announce that the Securities Commission (SC) had,
via its letter dated 15 July 2004 (which was received on 16 July
2004) approved the listing of and quotation for up to 51,282,051
new Boustead shares to be issued upon conversion of the issue of
up to RM100 million bank guaranteed redeemable convertible bonds
(RCB). The new Boustead shares to be issued of up to 51,282,051
new shares of RM0.50 each was computed following the
determination of the final conversion price on the price-fixing
date which was announced on 15 June 2004.

The SC also had, in the same letter, approved the proposed
variation to the wordings of the utilisation of proceeds section
in the principal terms and conditions of the RCB (Proposed
Variation) to be stated generally as partial repayment of bank
borrowings consisting of revolving credit facilities and term
loan facilities to Malayan Banking Berhad.

The SC's approval above is subject to the following terms and
conditions:

(i) Aseambankers to ensure that all relevant parties, including
but not limited to the trustee, are fully informed of the
Proposed Variation and where required, consented to the said
variation;

(ii) Aseambankers to submit a hard copy and soft copy in
diskette (in PDF format) of the complete revised principal terms
and conditions of the Proposed RCB to the SC prior to the issue
date of the Proposed RCB; and

(iii) Aseambanker to submit a written confirmation on compliance
with the above conditions prior to issue of the Proposed RCB.


ECM LIBRA: Launches VSS For Its Employees
-----------------------------------------
ECM Libra Berhad disclosed to Bursa Malaysia Securities Berhad
the details of its Voluntary Severance Scheme.

(1) Introduction

ECM Libra Berhad (formerly known as South Peninsular Industries
Berhad) (ECM) wishes to announce that its wholly-owned
subsidiary, ECM Libra Securities Sdn Bhd (formerly known as BBMB
Securities Sdn Bhd) (ECMLS) has launched a Voluntary Severance
Scheme (VSS) for its employees.

(2) Rationale for the VSS

With the completion of the purchase of ECMLS and the
restructuring exercise involving the ECM Group and
reorganization of the Group's operations, coupled with
technology convergence and changes in the current business
conditions, the ECM Group has to re-align its business units to
face future challenges. The VSS is undertaken as part of ECM
Group's efforts to improve operational efficiency and increase
the financial viability of its stockbrokerage business.

(3) Details of the VSS

The VSS is available for consideration by all permanent and
confirmed employees of ECMLS. The scheme is strictly on a
voluntary basis at the option of employees.

A VSS Committee has been established to oversee the exercise.
The Committee will review all applications and subsequently make
recommendations to the Management. The affected employees will
be offered outplacement and counseling programs to help them
obtain alternative employment.

The exercise is expected to be complete by mid-August 2004.

(4) Financial Effect

ECMLS is expected to incur an estimated amount of RM2.9 million
for the implementation of the VSS. This will not have any
material impact on the financial position of the ECM Group for
the financial year ending 31 March 2005, but is expected to have
a favorable impact in the future.

This announcement is dated 19 July 2004.


INTAN UTILITIES: Issues Update On Proposals
-------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Intan
Utilities Berhad announced the:

(1) Proposed Divestment of 630,000 ordinary shares of RM1.00
each (Shares) And 6,000,000 Redeemable Preference Shares of
RM1.00 Each (MUC Securities) in Metropolitan Utilities
Corporation Sdn Bhd (MUC), representing 30 percent of the issued
and paid-up share capital of MUC, to Compagnie Generale Des Eaux
SA (CGE), for a total cash consideration of RM36,000,000
(Proposed Divestment I);

(2) Proposed Non-Renounceable Restricted Offer for Sale of
16,062,000 Shares in Intan (ROS Shares) at an offer price of
RM2.25 per ROS Share;

(3) Proposed Bonus Issue of 42,834,402 new Shares on the basis
of four (4) new Shares for every five (5) existing Shares held
in the Company;

4) Proposed Divestment of 1,470,000 Shares and 14,000,000
Redeemable Preference Shares of RM1.00 each in MUC, representing
70 percent of the issued and paid-up share capital of MUC, to
Jauhari Harapan Sdn Bhd (JHSB) for a total cash consideration of
RM84,000,000 (Proposed Divestment II);

(5) Proposed Subscription of approximately 46.19 percent stake
in the enlarged issued and paid-up share capital of JHSB, for a
consideration of RM31,500,000 (Proposed Reinvestment); and

(6) Proposed Subscription of 99,998 Shares and 90,000,000
Redeemable Preference Shares of RM0.01 each in Premier
Merchandise Sdn Bhd (Premier), collectively representing
approximately the entire enlarged issued and paid-up share
capital of Premier, for a total cash consideration of RM99,998
and RM90,000,000 respectively.

The Board of Directors of Intan wishes to inform that the
Company was informed by JHSB, its proposed 46.19 percent
associated company pursuant to its Proposed Reinvestment, that
JHSB has today entered into a conditional share sale agreement
with CGE for the proposed acquisition of the MUC Securities for
a total cash consideration of RM36,000,000 (Proposed MUC
Acquisition).

The Proposed MUC Acquisition will be undertaken after the
completion of the Proposed Divestment I and Proposed Divestment
II. Upon the completion to the Proposed Divestment II and
Proposed MUC Acquisition, MUC will become a wholly-owned
subsidiary company of JHSB.

The Proposed MUC Acquisition will not have any effect on the
issued and paid-up share capital, consolidated net tangible
assets and shareholdings of substantial shareholders of Intan.

The Proposed MUC Acquisition will not have any effect on the
earnings of the Intan Group for the financial year ending 31
July 2004 as it is only expected to be completed by the third
quarter of 2004.

However, the Proposed MUC Acquisition is expected to contribute
positively to the future earnings of the enlarged Intan Group,
via its 46.19 percent stake in JHSB.


KEMAYAN CORPORATION: Updates Proposed Restructuring Scheme
----------------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Directors of Kemayan Corp. Berhad, wishes to announce to Bursa
Malaysia Securities Berahd that the Datuk Bandar Kuala Lumpur
(DBKL) had via its letter dated 6 July 2004, which was received
by the solicitors of Jawira Holdings Berhad (Jawira) on 9 July
2004, rejected the application by Amber Resources Sdn Bhd
(Amber) to seek approval from DBKL for the proposed disposal of
shares held by the Vendors of Amber to Jawira pursuant to the
Proposed Acquisition of Amber under the Proposed Restructuring
Scheme.

The approval sought from DBKL for the proposed disposal of
shares held by the Vendors of Amber, as required under the joint
venture agreement between DBKL and Amber, forms part of the
conditions precedent as set out in the conditional agreement
between Jawira and the Vendors of Amber dated 31 October 2002 in
respect of the Proposed Acquisition of Amber.

Pursuant thereto, Jawira had, via its solicitor's letter dated
15 July 2004 which PMBB received on 19 July 2004, requested the
Vendors of Amber to appeal against the decision of DBKL. As at
to date, the decision of the Vendors of Amber in respect of
Jawira's request for appeal is still pending.

Further developments in relation to the Proposed Restructuring
Scheme will be made to the Exchange in due course.

This announcement is dated 20 July 2004.


MTD CAPITAL: Purchases 179,200 Shares On Buy Back
-------------------------------------------------
MTD Capital Berhad disclosed to Bursa Malaysia Securities Berhad
the details of its shares buy back, dated July 19, 2004.

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

Total number of shares purchased (units): 179,200

Minimum price paid for each share purchased (RM): 2.900

Maximum price paid for each share purchased (RM): 2.900

Total consideration paid (RM): 521,639.04

Number of shares purchased retained in treasury (units): 179,200

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,098,300

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


NALURI BERHAD: Issues Update On Proposals
-----------------------------------------
Naluri Berhad disclosed to Bursa Malaysia Securities Berhad an
update of the following proposals:

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

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

(iii) Proposed acquisition of certain ordinary shares of RM1.00
each in SHB (SHB shares) and certain irredeemable convertible
preference shares of RM0.10 each in SHB from certain financial
institutions, certain trade creditors of SHB and Malaysia
airports (Sepang) Sdn Bhd (proposed SHB securities acquisition")

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

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

(vi) Proposed utilization of Malaysia Airline System Berhad
(MAS) proceeds

(hereinafter, the abovementioned proposals shall be collectively
referred to as proposals, whilst the proposed SHB subscription
and the proposed SHB securities acquisition shall together be
referred to as proposed SHB investment)

With reference to our announcements on behalf of Naluri dated 13
December 2003, 19 December 2003, 31 December 2003, 8 April 2004
and 5 July 2004 in relation to the above. (Unless otherwise re-
defined in this announcement, the definitions in the previous
announcements would apply throughout this announcement).

On behalf of the Special Administrators of Naluri (SAs),
Aseambankers Malaysia Berhad (Aseambankers) wishes to announce
that Naluri had on 2 July 2004, sought for an extension of time
from the FI Lenders from 30 June 2004 to 31 October 2004 to
complete the FI Lenders SSA. The respective FI Lenders had on or
before 16 July 2004, issued letters of consent agreeing to
Naluri's request subject to, inter alia:

(i) Naluri is required to pay the FI Lenders the accrued
interest at the rate of 6 percent per annum on daily rests
calculated on the total outstanding purchase price and
redemption amount from 1 April 2004 to 30 June 2004, amounting
to RM3.8 million; and

(ii) An additional interest of 6 percent per annum on the total
outstanding purchase price and/or redemption amount shall be
payable by Naluri, calculated from 1 July 2004 up till full
payment of the total outstanding amount on or before 31 October
2004, or termination of the FI Lenders SSA for any reasons
whatsoever, whichever is the earlier. Naluri shall be liable to
pay to the FI Lenders the said interest with effect from 1 July
2004 irrespective of whether the conditions precedent under the
FI Lenders SSA have been met or not.

Naluri had on 19 July 2004 accepted the aforesaid terms and
conditions and paid to the FI Lenders the said sum of RM3.8
million.

This announcement is dated 19 July 2004.


SAP HOLDINGS: Details Share Purchase Agreement With TMSB
--------------------------------------------------------
Kumpulan Hartanah Selangor Berhad (KSHB) disclosed to Bursa
Malaysia Securities Berhad the details on the Sale And Purchase
Agreement Between SAP and Tajuk Modal Sdn Bhd (TMSB) (Purchaser)
(Sale Shares) For The Sale of Ordinary Shares Held By SAP
Holdings Berhad (SAP) (A Wholly Owned Company Of KHSB) In PISB,
A Wholly Owned Subsidiary of SAP.

(1.0) INTRODUCTION

(1.1) KHSB wish to hereby announce that SAP, (Vendor) a wholly
owned subsidiary of KHSB had on 19 July 2004 entered into a Sale
And Purchase Agreement with the Purchaser to sell its ordinary
shares held in PISB for a price consideration of RM2.00 (Ringgit
Malaysia: Two only) (Purchase Price).

(1.2) The Vendor is the registered and beneficial owner of the
Sale Shares and hereby acknowledges and agrees to sell to the
Purchaser and the Purchaser hereby agrees to purchase the Sale
Shares with all rights and liabilities attaching thereto as at
the date of this Agreement at the Purchase Price subject to the
terms and conditions of the Sale Shares.

(1.3) PISB was incorporated on 23 November 1971 as a trading
company and thereafter diversified its business into General
Construction which holds a license issued by the Pusat Khidmat
Kontraktor, Kementerian Pembangunan Usahawan under Registration
No. 1006 A 87 0194.

(2.0) RATIONALE OF THE SALE OF SHARES

The Proposed Sale of Shares is in line with the holding
company's scheme of reconstruction that is to divest its non-
core businesses, and to streamline, re-group and concentrate on
its property development activities.

(3.0) BRIEF INFORMATION ON TAJUK MODAL SDN BHD (TMSB)

(3.1) TMSB was incorporated in Malaysia on 23 March 2004 and has
an authorized share capital of RM100,000 divided into 100,000
ordinary shares of RM1.00 each and an issued and paid-up share
capital of RM2.00 divided into 2 ordinary shares of RM1.00 each.

(3.2) The Directors and substantial shareholders of TMSB and
their respective direct and indirect shareholdings on TMSB
currently is detailed in Table 1 which is contained in the
Tables Section of this announcement.

(4.0) THE PROPOSED SALE OF SHARES

(4.1) The parties acknowledge that the approval of the Foreign
Investment Committee (FIC) shall be required for acquisition of
Sale Shares by the Purchaser and the Purchaser shall be
responsible, at their own costs and expenses, to submit and
obtain the approval of FIC for the sale and purchase of the Sale
Shares upon the terms and conditions of the Sale and Purchase
Agreement.

(4.2) The Parties however expressly agree that the obtaining of
the approval of the FIC shall not be a condition precedent to
the sale and purchase of the Sale Shares.

(5.0) OTHER CONDITION

The Purchasers shall within six (6) months from the Completion
Date execute all acts and things to change the name of the
Company to such name as the Purchasers shall so determine
Provided that the word Perangsang is omitted from such new name.

(6.0) DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the directors and substantial shareholders of KHSB or
any parties connected to them have any interest, direct or
indirect in the Proposed Sale of Shares.

(7.0) FINANCIAL INFORMATION

For the financial year ended 31 December 2003, PISB incurred a
loss of RM283,977. The Net Liabilities (NL) as at that date is
RM7,648,577.

(8.0) EFFECT OF THE PROPOSED SALE OF SHARES

(8.1) Share capital and substantial shareholders' shareholdings
There will be no effect on the Share Capital and substantial
shareholders, shareholdings of the holding company;

(8.2) Earning Per Share (EPS)

In financial year ending 31 December 2004, Holding company is
expected to incur an exceptional loss of RM14.5 million at
subsidiary company level and exceptional gain of about RM1.3
million at Group level from the Proposed Sale of Shares. The EPS
for financial year ending 31 December 2004 are expected to be
increased by RM0.003.

(8.3) Net Tangible Assets Per Share (NTA)

The NTA per share of the Group are expected to be increased by
RM0.003 on a result of the Proposed Sale of Shares.

(9.0) APPROVAL FROM SHAREHOLDERS

The Proposed Sale of Shares is not subject to or conditional
upon the approval of the shareholders of KHSB.

(10.0) DIRECTORS' RECOMMENDATION

Having considered all the above, the directors of KHSB are of
the opinion that the Proposed Sale of Shares are in the best
interest of the Company.

SHAREHOLDERS AND DIRECTOR OF TMSB

SHAREHOLDERS             SHAREHOLDERS AMOUNT OF SHARES

(1) Mr. Chong Sang        1
(2) Mr. Yap Fook Sang     1

DIRECTORS

(1) Mr Chong Sang
(2) Mr Yap Fook Sang


SUNRISE FACILITIES: Parent Issues Notice Of Liquidation
-------------------------------------------------------
Further to the previous announcement made to Bursa Malaysia
Securities Berhad on 8 April 2002, Sunrise Berhad (Sunrise)
wishes to announce that Sunrise Facilities Management Sdn. Bhd.,
a wholly-owned subsidiary of SCM Properties Sdn. Bhd. which in
turn is a wholly-owned subsidiary of Sunrise, has been duly
liquidated effective 19 July 2004.

There is no material impact on the net tangible assets and
earnings per share of the Sunrise Group for the financial year
ending 30 June 2005.

This announcement is dated 19 July 2004.


TANJONG PUBLIC: BMSB Grants Listing Of 108,000 Ordinary Shares
--------------------------------------------------------------
Kindly be informed that Tanjong Public Limited Company's
additional 108,000 new ordinary shares of 7.5 pence each issued
pursuant to the Employees Share Option Scheme will be granted
listing and quotation by Bursa Malaysia Securities Berhad (BMSB)
effective 9:00 a.m., Thursday, 22 July 2004.


TELEKOM MALAYSIA: Issues Additional 1,806,000 Ordinary Shares
-------------------------------------------------------------
Telekom Malaysia Berhad's additional 1,806,000 new ordinary
shares of RM1.00 each issued pursuant to the Employees' Share
Option Scheme will be granted listing and quotation by Bursa
Malaysia Securities Berhad effective 9:00 a.m., Thursday, 22
July 2004.


UNZA HOLDINGS: Petition Not To Delist Securities Rejected
---------------------------------------------------------
On behalf of the Board of Unza Holdings Berhad, Hwang-DBS wishes
to announce that Bursa Malaysia Securities Berhad (formerly
known as Malaysia Securities Exchange Berhad) (Securities
Exchange) had via its letter dated 16 July 2004, rejected the
Company's application for not delisting of UHB upon completion
of the conditional voluntary take-over offer by AmMerchant Bank
Berhad, on behalf of Annexe Profile Sdn Bhd (now known as Unza
Nusantara Sdn Bhd) (UNSB) to acquire 73,074,068 ordinary shares
of RM1.00 each in UHB, representing the entire issued and paid
up share capital of UHB at the offer price of RM5.00 per share.

In this respect, pursuant to Paragraphs 8.15(5) and 16.09(b) of
the Listing Requirements, the entire issued and paid-up share
capital of the Company will be removed from the Official List of
the Securities Exchange with effect from 9.00 a.m., Thursday 22
July 2004.

However, the Board of Directors (Board) of UHB wishes to state
that it has on Monday appealed against the de-listing
proceedings against UHB. The appeal is premised on the fact UHB
had on 19 May 2004 announced a proposed corporate restructuring
scheme (Proposed Corporate Restructuring Scheme), and that an
application has already been made to the Securities Commission
(SC) on 16 July 2004 to seek its approval for the Proposed
Corporate Restructuring Scheme.

The Proposed Corporate Restructuring Scheme includes a proposed
offer for sale and proposed placement of UHB Shares, the
implementation of which is expected to result in at least 25
percent of the enlarged issued and paid-up share capital being
held by public shareholders.

This announcement is dated 19 July 2004.


WCT ENGINEERING: Issues Additional 5,800 New Ordinary Shares
------------------------------------------------------------
Kindly be advised that WCT Engineering Berhad's additional 5,800
new ordinary shares of RM1.00 each issued as follows:

(i) 3,800 new ordinary shares arising from the Exercise of 3,800
warrants 200/2005; and

(ii) 2,000 new ordinary shares issued pursuant to the Employees'
Share Option Scheme.

will be granted listing and quotation by Bursa Malaysia
Securities Berhad effective 9:00 a.m., Thursday, 22 July 2004.


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


NATIONAL STEEL: Initial Tariff Hearing Causes Uproar
----------------------------------------------------
The first public hearing on the petition for tariff protection
of National Steel Corp. (NSC) on Monday caused an uproar among
downstream steel industry players, claiming "undue haste" in
granting the request of the mothballed steel maker's new owners,
The Philippine Star reports.

According to Filipino Galvanizers Institute president Salvio
Perez, the Tariff Commission (TC) gave the downstream players
such short notice in filing its counter argument, which was
scheduled on Tuesday.

Mr. Perez said that while Global Steelworks International Inc.
(GSII), the new owner of NSC submitted its petition for tariff
protection to the National Economic Development Authority (NEDA)
as early as February of this year, the request was forwarded to
the Tariff Commission only last week, the Philippine Star report
stated.  Immediately thereafter, the Department of Trade and
Industry (DTI) ordered the TC to conduct a public hearing.

Mr. Perez said the downstream steel industry is opposed to any
form of tariff protection for GSII, saying in order to be
competitive, the steel firm should improve its product and
service quality, and not through tariff protection.  The best
way for the new owners of NSC to do so is to modernize and
upgrade its facilities, Mr. Perez added.

The local galvanizers fear that with tariff cover, GSII may not
ensure quality and yet add to the cost of local downstream steel
users.

The Philippine Chamber of Commerce and Industry (PCCI) is also
against the tariff protection, saying it would raise prices of
goods that use steel as basic input or for packaging.

"PCCI welcomes government's intervention in reviving the
operations of the NSC. NSC was a significant part of the
Philippine steel industry while it was fully operational.
However, NSC is not the Philippine steel industry and is just a
part of the industry," the group said.

An estimated 65,000 workers are employed in the downstream
industry against the 2,500 personnel of NSC before it shut down
in 1999, which means the other steel companies contribution to
both revenues for government and employment are more significant
than that of the NSC.

GSII is petitioning for tariff protection for its products
comprised of steel billets, cold and hot-roiled coil and tin
plates. NSC/GSII wants tariff protection to enable it to recover
while it starts up manufacturing operations.


NEGROS NAVIGATION: Flagship Vessel Back At Sea
----------------------------------------------
Negros Navigation Co.'s  (Nenaco) flagship vessel has resumed
its operations on July 7, 2004 after scheduled dry-docking and
quality inspection, BusinessWorld reports.

The resumption of the operations of Mary, Queen of Peace
completes the debt-saddled shipping firm's seven-vessel fleet.
Mary, Queen of Peace is the fastest inter-island vessel in the
country, plying the Manila-Iloilo-Cagayan de Oro route.

Nenaco, which is currently facing corporate rehabilitation for
its PHP2.5 billion debt, did not disclose how much the said
vessel's resumption of operation would contribute in terms of
revenue.

Nenaco is currently engaged in a collection case with Japanese
firm Tsuneishi Heavy Industries Cebu, Inc. for unpaid dry-
docking and repair services amounting to PHP130 million.

Contact:

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


PHILIPPINE LONG: Supports Cebu's Aim To Be RP's ICT Hub
-------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) finds Cebu City a
strategic place to launch a wide array of telecom products and
services, according to Sun Star Cebu.

With the glowing economy of the city in the past few years, PLDT
supports the city's efforts to transform itself into the ICT
(Information and Communications Technology) hub of the
Philippines. The telco will focus on delivering hi-value
broadband products and services in Cebu. To meet the growing
demands of businesses in Cebu, PLDT has strengthened its DSL
network within the city.

"PLDT is committed to supporting Mayor Tommy Osme a's plan of
making Cebu an IT hub," said Butch Jimenez, Head of PLDT's
Retail Business Group. "We intend to launch broadband services
in Cebu that are faster, more cost-effective, and definitely
more pervasive than any other telecom company in the city."

Corporate investments in Cebu have increased by almost 60
percent from PHP3.3 billion in 2002 to PHP5.2 billion in 2003.
New businesses have already invested almost 90 percent more in
initial capital last year from PHP8.6 billion in 2002 to PHP16.2
billion in 2003.

The Mactan Export Processing Zone I, Mactan Export Processing
Zone II, New Cebu Township, West Cebu Industrial Park, Cebu
Light Industrial Park and Asiatown IT Park, now have a total of
152 firms and are expected to have new locators that include
those in the call center industry and the business process
outsourcing industry.

Partnerships registered at the Securities and Exchange
Commission have also increased their investments in 2003 by 50
percent from PHP38 million in 2002 to PHP57 million. New
business establishments registered with the Department of Trade
and Industry increased from 9,412 in 2002 to 10,389 in 2003.

PLDT launched special rates at faster speeds in its DSL market.
Connections and installations to PLDT's myDSL service have also
been made simpler and faster for the subscriber.

Contact:

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


PHILIPPINE LONG: Issues Additional 19,065 Shares For Listing
------------------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000 the
application submitted by Philippine Long Distance Telephone Co.
(PLDT) 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 19,065
shares have been availed of and fully paid by the optionees
under the Company's ESOP.

In view thereof, the listing of the 19,065 common shares is set
today Wednesday, July 21, 2004.  This brings the number of
common shares listed under the ESOP to a total of 127,523 common
shares.

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

For more information, click
http://bankrupt.com/misc/philippinelong022004.pdf


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


HO AIR-CONDITIONING: Winding Up Hearing Set July 30
---------------------------------------------------
Notice is hereby given that a petition for the winding up of Ho
Air-Conditioning & Engineering Pte Ltd by the High Court was, on
the June 22, 2004, presented by Johnson Controls (S) Pte Ltd, a
company incorporated in Singapore and having its registered
office at 1 Genting Lane #03-00, Singapore 349544.

The said Petition is scheduled before the Court sitting at the
High Court in Singapore at 10:00 o'clock on July 30, 2004.

Any creditor or contributory of the said Company desiring 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 said 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 Petitioners' address is care of 7500A Beach Road, #09-
301/302 The Plaza, Singapore 199591.

The Petitioners' solicitors are Messrs Sim Mong Teck & Partners
of 7500A Beach Road, #09-301/302 The Plaza, Singapore 199591.

Messrs SIM MONG TECK & PARTNERS
Solicitors for the Petitioners.

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
Messrs Sim Mong Teck & Partners, 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 29th day of July 2004.


KENWOOD LOGISTICS: Creditors Must Submit Claims on August 13
------------------------------------------------------------
Notice is hereby given that the creditors of Kenwood Logistics
(S) Pte Ltd, whose debts or claims have not already been
admitted, are required on or before August 13, 2004 to submit
particulars of their debts or claims and any security held by
them to Liquidator.

This should be done by delivering or sending through the post to
the Liquidator's address a formal Proof of Debt in accordance
with Form 77 containing their respective debts or claims.

In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

Liquidator.
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809.

This Singapore Government Gazette announcement is dated July 16,
2004.


SNP CORPORATION: Back In The Black In H1
----------------------------------------
SNP Corporation is back on track after it reported an SGD1
million interim net revenue in the first half of the fiscal
year, Channel News Asia reports.

The profit increase, which offset a previous SGD1 million loss,
was attributed mainly to the firm's acquisition of Hong Kong-
based Leefung Holdings.

SNP is optimistic that its financial printing business will
yield more earnings in the second half due to improvement in
Hong Kong's initial public offering market.


UNITED PILING: Winding Up Order Made
------------------------------------
In the Matter of United Piling & construction Pte Ltd (formerly
known as Pacific Foundation Pte Ltd), a Winding Up Order made on
July 9, 2004.

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

Messrs LAM W. S. & CO.
Solicitors for the Petitioner.

This Singapore Government Gazette announcement is dated July 19,
2004.


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


BANGKOK BANK: Landmark Ruling Rescheduled On July 30
----------------------------------------------------
The first of the 24 high-profile cases of the alleged
embezzlement of almost THB30 billion from the Bangkok Bank of
Commerce (BBC) involving its former president has been delayed
until July 30, according to the Nation.

The landmark ruling originally scheduled for Monday has been
moved and will combine three of the 24 related cases of
embezzlement because they are related and involve the same group
of people.

The defendants in the BBC cases are Krirk-kiat; Phiset
Panichsombat; City Trading Corp, a "paper" company; Sunantha
Harnvorakiat, a former bank officer; Ekachai Athikomnantha, a
former bank senior executive; and Terry Easter, a director of
City Trading. They are accused of cooperating with Rakesh Saxena
to cheat BBC.

It was found in one of the charges filed against the defendants
that between February 1 and July 20, 1995, they embezzled THB1.6
billion from BBC by using City Trading Corp. as the borrower, in
which Mr. Saxena was found to have an interest.

The THB2-billion loan filed by City Trading was to be used
accordingly to buy stocks of three firms. The stocks of the
three firms worth THB1.27 billion, nine-land title deeds from
Phichit province and two from Prachin Buri were used as
collateral.

Accordingly, the land-title deeds from Phichit were only worth
THB26.9 million, a far cry from the given value of THB1.35
billion. The Prachin Buri land-title deeds' price was boosted to
THB185.10 million from the THB12.2 million original price.

BBC was not able to get back any money from City Trading, which
used the loan to invest in the stock market. Mr. Saxena and the
other defendants were also charged for similar offenses. Mr.
Saxena, who is now under house arrest in Vancouver, Canada, is
fighting an extradition charge against him. Mr. Easter's
whereabouts, meanwhile, are unknown.

According to Attorney-General Rewat Chamchalerm, the
ministry of Canada had ruled that Mr. Saxena should be
extradited to Thailand to stand trial in Bangkok.  Mr.
Rewat added that Mr. Saxena was entitled to appeal this ruling.

The Criminal Court altogether has held 131 hearings involving 81
witnesses and 491 documents from the prosecutors, and 10
witnesses and 252 documents from the defendants' side.


RAIMON LAND: Releases Result For Period Ended June 30
-----------------------------------------------------
Raimon Land Plc. recently announced to Seamico Securities its
consolidated unaudited (but reviewed) result for the three
months ended 30th June 2004:

3 months ended
30th June                                            Change
                        2004           2003                %

Revenue
(Baht million)          285.87         3.00           9,429%

Profit
attributable
to shareholders
(Baht million)          *198.84        (24.96)         897

Earnings per share:

Basic (Baht)*            0.21          (0.05)            520

NAV per
share (Baht)        0.93 (Par value
                          Baht 1.0)    1.68 (Par value
                                       Baht 5.0)         177

Highlights for the second quarter 2004:

The Industry and the Market

During the second quarter of 2004, a further 2,400 residential
condominiums were launched in Bangkok's central areas bringing
the supply to June 30, 2004 to approaching 5,000 new units.

Take up of residential condominium during the second quarter was
approximately 1,800 units which brings take-up for the first six
month of 2004 to approximately 2,400 units.

The continuing supply of new condominium product to the market
has resulted in slower sales as buyers' choices increase.
Demand remains strongest in the Sukhumvit, Sathorn, Silom areas.

Major Financial Achievements in the second quarter 2004

The Company raised a further THB107.26 million by way of a
rights issue and excess rights in May 2004.  Income recognition
continued for "The Lofts" Sathorn and "The Lakes" projects.
The company recorded an operating profit of THB198.84 million in
the second quarter and has now posted three quarters of
consecutive operational profits.

Return to Property Sector

Due to the completion of the major criteria in moving out from
Rehabilitation Sector by achieving 3 consecutive operating
profits for 3 quarters, the company therefore made application
to the SET to move from the Rehabilitation Sector to Property
Sector. The Company is awaiting the SET decision.

Balance Sheet and Funding

The total assets of the Company increased from THB937.08 million
as at 31 March 2004 to THB1,501.08 million as at 30 June 2004.
The major increments are the expansion of investment as project
developments of THB287.81 million and increasing of investment
(equity method) in associated company (the Lakes project)
approximately THB257.03.

As at 30 June 2004, the Company has total liabilities and total
shareholders' equity of approximately THB560.71 million and
941.12 million respectively.  The D/E ratio of the Company as at
30 June 2004 is only 0.6, which is comparatively low.  The NAV
per share of the Company increased from THB0.70 as at 31 March
2004 to THB0.93 as at 30 June 2004.

Management Comments and future prospects

During the second quarter of 2004, the company has achieved a
major milestone in recording a third consecutive operational
profit. As a result, the Company has now fully conformed with
the SET requirements to move from the Rehabilitation Sector back
to the Property Sector.

Significantly ,the THB213.00 million profit for the first half
of 2004 is the highest operational profit in Raimon Land's 10-
year history as a public company. The projects currently under
construction are all on program and further contribute to this
year's profit outlook.

Construction has recommenced on the "Northshore" Pattaya
condominium project acquired during the first half of 2004 and
it is envisaged the official launch will occur during the third
quarter. Interest in the project continues to exceed our
expectations.

Further information

Raimon's shares are listed on the Stock Exchange of Thailand and
its major shareholders include Seamico Securities Plc., one of
Thailand's largest stockbrokers. More information concerning the
Company can be obtained from its website at www.raimonland.com

ISSUED BY SEAMICO SECURITIES PRESS DISTRIBUTION SERVICE AT THE
REQUEST OF THE COMPANY

Contact:

Mr. Nigel J. Cornick
Chief Executive Officer
Raimon Land Public Company Limited
22nd Floor, The Millennia Tower
62 Langsuan Road, Pathumwan, Bangkok 10330
Telephone: +66 (0) 2651-9600 to 4
Fax: +66 (0) 2651-9614
Email: nigel@raimonland.com

Khun Kitti Tungsriwong
Senior Vice President Finance
Raimon Land Public Company Limited
22nd Floor, The Millennia Tower
62 Langsuan Road, Pathumwan, Bangkok 10330
Telephone: +66 (0) 2651-9600 to 4
Fax: +66 (0) 2651-9614
Email: kitti@raimonland.com


                            *********


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

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