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: ST Assembly Test Services Ltd
                                               Commission File Number: 000-29103
                                                         Date: February 10, 2004


Conference call, Singapore, 3.15pm, February 10, 2004.


OPERATOR INTRO:

Good afternoon [or good morning],(1) ladies and gentlemen, and welcome to the ST
Assembly Test Services Ltd and ChipPAC, Inc. joint conference call. At this
time, all lines have been placed on mute to minimize any background noise. We
are joined by Mr Tan Lay Koon, President and Chief Executive Officer of ST
Assembly Test Services Ltd, or STATS, and Mr Dennis McKenna, President and Chief
Executive Officer of ChipPAC Inc, as well as by other members of senior
management from both companies. Following brief prepared comments from both
chief executives, we will be taking questions. After remarks by each of the
speakers, there will be a question and answer period. If you would like to ask a
question during this time, simply press the 1 key followed by the pound, or
hatch key, on your telephone keypad.

[TO BE READ BY OPERATOR OR STATS/CHIPPAC IR PERSONNEL]

Before we begin, on behalf of both companies, we must make a disclaimer
regarding forward-looking statements. During this call, we will make
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 call 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 are included in STATS' Annual Report on Form 20-F for the
fiscal year ended December 31, 2002, and in its Report on Form 6-K disclosing
its results of operations for the quarterly period ended September 30, 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. 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, 2002 and in its Report on
Form 10-Q for quarterly period ended September 30, 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

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(1)  Depending on whether Asia call (afternoon) or US call (morning)


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 call.

In connection with our proposed merger, STATS and ChipPAC will file a proxy
statement/prospectus with the SEC. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO
READ THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL
CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain a free
copy of the proxy statement/prospectus (when available) and other documents
filed by STATS and ChipPAC at the SEC's web site at www.sec.gov. The proxy
statement/prospectus and such other documents may also be obtained for free from
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 and from ChipPAC by contacting
ChipPAC Investor Relations at telephone (510) 979-8220 or email ir@chippac.com.

STATS, ChipPAC and certain of each of their 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. Certain of 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 such persons involved in the solicitation by reading the proxy
statement/prospectus when it becomes available.

Following the presentation, we will have a Q&A session. Please limit yourself to
one question and one follow-up question.

I would now like to turn the conference over to Mr. Dennis McKenna, Chief
Executive Officer and President of ChipPAC. Please go ahead sir.


DENNIS MCKENNA :

Good morning [and good afternoon], and this is Dennis McKenna. Thank you for
joining us on such short notice today.

AS YOU HAVE SEEN IN OUR PRESS RELEASE, STATS AND CHIPPAC HAVE SIGNED A
DEFINITIVE AGREEMENT TO MERGE IN A STOCK-FOR-STOCK TRANSACTION VALUED AT
APPROXIMATELY US$1.6 BILLION. THIS IS A VERY POWERFUL COMBINATION OF TWO OF THE
WORLD'S LEADING COMPANIES IN THE SEMICONDUCTOR TEST AND ASSEMBLY INDUSTRY, AND
WILL CREATE ONE OF THE WORLD'S PREMIERE PROVIDERS OF FULLY INTEGRATED TEST AND
ASSEMBLY SOLUTIONS.

o    The combined company expects to have over US$1 Billion in revenues in 2004

o    It will be the 2nd largest test house and will have leadership in mixed
     signal test

o    It will also have one of the broadest portfolios of assembly products and
     leadership in advanced packing technologies such as stacked die, SiP and
     wafer level packaging



o   The new company will have a global blue-chip roster of major semiconductor
    customers and a global manufacturing footprint spanning China, Korea,
    Malaysia, Singapore, Taiwan, and the United States with close proximity to
    the major hubs of wafer fabrication, providing customers with total supply
    chain solutions

o   It will also be able to combine exposure to the fastest growing end user
    segments, such as communications and digital consumer electronics with one
    of the strongest balance sheets in the industry

o   STATS and ChipPAC shareholders will own approximately 54% and 46% of the
    combined company respectively on a fully-converted basis. Charles Wofford,
    Chairman of STATS, will remain Chairman of the Board of the combined
    company. I, Dennis McKenna, will be the Vice-Chairman, and Tan Lay Koon will
    be the President and Chief Executive Officer of the combined company

o   The proposed name of the new company is STATS ChipPAC Ltd and will be
    headquartered in Singapore

o   It is now my pleasure to turn the call over to Tan Lay Koon, President and
    Chief Executive Officer of STATS


TAN LAY KOON :

o    Thank you, Dennis. We are clearly excited about this combination given the
     compelling benefits to our customers, employees and shareholders. In terms
     of a timeline, we are targeting to close this by the end of the second
     quarter 2004

o    The strategic rationale for the merger is multi-fold:

     o    We are building a robust platform for growth as one of the world's
          leading independent suppliers of high end packaging design, assembly
          and test solutions, with the scale structure and financial position to
          invest in our customers' future growth

     o    STATS ChipPAC Ltd will be able to be a global player who can provide
          fully integrated, multi-site, unparalleled end to end assembly and
          testing solutions by combining the testing excellence of STATS with
          the package development and manufacturing assembly excellence of
          ChipPAC, - We believe this a powerful differentiating factor and a
          compelling value proposition for our customers

     o    We will be a leader in the fastest growing markets - communications,
          consumer and multi-applications with significant exposure to the
          important computing and industrial segments. Our product portfolio
          will include the most advanced test and assembly technologies, such as
          mixed signal test, strip test, chip-scale, stacked die, flip-chip,
          wafer level and system-in-package technologies, and wafer bumping
          capabilities

     o    We will have greater breadth and diversity of customers, with a
          well-positioned and balanced customer base of IDMs, fabless and
          foundry customers. Nearly every major semiconductor company will be
          our customer

     o    In addition, we will be able to leverage our collective R & D base of
          over 250 engineers, one of the largest in the industry, and ensure
          continued leadership in advanced semiconductor packaging and test.
          This will allow STATS ChipPAC to effectively pursue adjacent markets
          for electronic component integration



     o    Due to the complementary nature of this merger, we believe that the
          integration will be straightforward, and will have minimal impact on
          employees and the operations of our existing plants

     o    We expect US$25 million to US$30 million in annual cost savings and
          further savings from capital avoidance, interest savings and longer
          term revenue synergies are also expected

Operator, that concludes our prepared remarks. We can now take questions.

[HAVE OPERATOR REMIND CALLERS OF PROCEDURE FOR SUBMITTING [AND WITHDRAWING]
QUESTIONS.]

END

Operator:  And there are no further questions at this time.

     Mr. Tan and Mr McKenna, I'll turn the conference back to you for any
     closing comments.


Operator:

     Ladies and gentlemen, that concludes today's conference call. Thank you
     very much for participating in this(2) conference call.


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(2)  Do not use combined company name in current tense. This is not the
     company's name until closing, if closing occurs.