This communication is filed pursuant to Rule 425 under the Securities Act of
1933, as amended, and deemed filed pursuant to Rule 14a-12 under the Securities
Exchange Act of 1934, as amended.

                                                  Subject Company: ChipPAC, Inc.
                                               Commission File Number: 000-31173
                                                            Date: March 23, 2004

The following is a press release, dated March 23, 2004, to be issued by ST
Assembly Test Services Ltd and ChipPAC, Inc. announcing the early termination
of the Hart-Scott-Rodino waiting period.

March 23, 2004

JOINT PRESS RELEASE



                 STATS, CHIPPAC MERGER CLEARS ANTITRUST REVIEW

March 23, 2004 - ST Assembly Test Services Ltd ("STATS" - Nasdaq: STTS and SGX:
ST Assembly) and ChipPAC, Inc. ("ChipPAC" - Nasdaq: CHPC) today announced that
they received early termination of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with the
pending merger between the two companies. STATS is a leading semiconductor test
and advance  packaging service provider and ChipPAC is one of the largest and
most  diversified providers of semiconductor assembly and test services.

On February 10, 2004, the two companies announced that they had entered into a
definitive merger agreement for the companies to merge in a stock-for-stock
transaction to create one of the world's premier independent semiconductor
assembly and test solutions companies. Under the terms of the merger agreement,
ChipPAC stockholders will receive 0.87 STATS American Depositary Shares for each
share of ChipPAC common stock. Consummation of the merger is subject to certain
conditions, including approval of the STATS and ChipPAC shareholders, receipt of
a private letter ruling from U.S. tax authorities relating to the tax treatment
of the merger for ChipPAC stockholders and other customary conditions.

ABOUT ST ASSEMBLY TEST SERVICES LTD (STATS)

STATS is a leading semiconductor test and assembly service provider to fabless
companies, integrated device manufacturers and wafer foundries. With its
principal operations in Singapore and global operations in the United States,
United Kingdom, Japan, China and Taiwan, STATS offers full back-end turnkey
solutions to customers worldwide. STATS' expertise is in testing mixed-signal
semiconductors, which are extensively used in fast growing communications
applications, such as data networking, broadband and mobile communications.
STATS also offers advanced assembly services and has developed a wide array of
traditional and advanced leadframe and laminate based products, including
various ball grid array packages to serve some of the world's technological
leaders. STATS was listed on the Nasdaq National Market and The Singapore
Exchange in January 2000 and is in the Morgan Stanley Capital International
(MSCI) Index and the Straits Times Industrial Index. Further information is
available at www.stts.com.

ABOUT CHIPPAC, INC.

ChipPAC is a full portfolio provider of semiconductor packaging, design,
assembly, test and distribution services. The company is a leader in advanced
packaging services that address the needs of semiconductors used in wireless
communications, including flip-chip, chip-scale and stacked die technologies.
The company combines a history of innovation and service with more than a decade
of experience satisfying some of the largest customers in the industry. With
advanced process technology capabilities and a global manufacturing presence
spanning Korea, China, Malaysia and the United States, ChipPAC has a reputation
for providing dependable, high quality packaging solutions. ChipPAC is publicly
traded on the Nasdaq National Market under the symbol CHPC. For more
information, visit the company's Web site at www.chippac.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements that involve risks and
uncertainties concerning the proposed merger involving STATS and ChipPAC, the
expected financial performance of STATS and

ChipPAC, as well as the strategic and operational plans of STATS and ChipPAC.
Actual events or results may differ materially from those described in this
press release due to a number of risks and uncertainties. The potential risks
and uncertainties include, among others, the possibility that the transaction
will not close; that the closing may be delayed; the reaction of customers of
STATS and ChipPAC to the transaction; the ability of STATS and ChipPAC to
successfully integrate their operations and employees; the introduction of new
products by competitors or the entry of new competitors into the markets for the
products of STATS and ChipPAC; and economic and political conditions in the U.S.
and abroad. More information about potential factors that could affect STATS'
business and financial results is included in STATS' Annual Report on Form 20-F
for the fiscal year ended December 31, 2003, including (without limitation)
under the captions, "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations," which are on file with the
Securities and Exchange Commission (the "SEC") and available at the SEC's
website at www.sec.gov. More information about potential factors that could
affect ChipPAC's business and financial results is included in ChipPAC's Annual
Report on Form 10-K for the fiscal year ended December 31, 2003, including
(without limitation) under the captions, "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of Operations," which
are on file with the SEC and available at the SEC's website at www.sec.gov.
Neither STATS nor ChipPAC undertakes any obligation to update these
forward-looking statements to reflect events or circumstances after the date of
this press release.

ADDITIONAL INFORMATION ABOUT THE PROPOSED MERGER AND WHERE TO FIND IT

STATS and ChipPAC intend to file with the SEC a proxy statement/prospectus and
other relevant materials in connection with the proposed merger (the "Merger")
involving STATS and ChipPAC pursuant to the terms of an Agreement and Plan of
Merger and Reorganization among STATS, Camelot Merger, Inc., a wholly owned
subsidiary of STATS, and ChipPAC. A shareholders' circular to be issued by STATS
will be mailed to the shareholders of STATS and the proxy statement/prospectus
will be mailed to the stockholders of ChipPAC respectively. Investors and
security holders of STATS and ChipPAC are urged to read the STATS shareholders'
circular and the ChipPAC proxy statement/prospectus and the other relevant
materials when they become available because they will contain important
information about STATS, ChipPAC and the proposed Merger. The proxy
statement/prospectus and other relevant materials (when they become available),
and any other documents filed by STATS or ChipPAC with the SEC, may be obtained
free of charge at the SEC's web site at www.sec.gov. In addition, investors and
security holders may obtain free copies of the documents filed with the SEC by
STATS by contacting STATS Investor Relations in the United States at telephone
(408) 586-0608 or email daviesd@statsus.com or in Singapore at telephone (65)
6824-7705 or email angelaine@stats.st.com.sg. Investors and security holders may
obtain free copies of the documents filed with the SEC by ChipPAC by contacting
ChipPAC Investor Relations, ChipPAC Incorporated, 47400 Kato Road, Fremont, CA
94538, telephone (510) 979-8220 or email ir@chippac.com or David Pasquale at
telephone (646) 536-7006 or email dpasquale@theruthgroup.com. Investors and
security holders of STATS and ChipPAC are urged to read the STATS shareholders'
circular, the proxy statement/prospectus and the other relevant materials when
they become available before making any voting or investment decision with
respect to the proposed Merger.

STATS, Mr. Tan Lay Koon, STATS' President and Chief Executive Officer, and
certain of STATS' other executive officers and directors may be deemed to be
participants in the solicitation of proxies of ChipPAC's stockholders in
connection with the proposed Merger. Investors and security holders may obtain
more detailed information regarding the names, affiliations and interests of Mr.
Tan and certain of STATS' other executive officers and directors in the
solicitation by reading the proxy statement/prospectus statement when it becomes
available.

ChipPAC, Mr. Dennis McKenna, ChipPAC's President and Chief Executive Officer,
and certain of ChipPAC's other executive officers and directors may be deemed to
be participants in the solicitation of proxies of ChipPAC's stockholders in
connection with the proposed Merger. Such individuals may have interests in the
proposed Merger, including as a result of holding options or shares of ChipPAC
common stock. Investors and security holders may obtain more detailed
information regarding the names, affiliations and interests of Mr. McKenna and
ChipPAC's other executive officers and directors in the solicitation by reading
the proxy statement/prospectus when it becomes available.