/raid1/www/Hosts/bankrupt/TCRAP_Public/040127.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Tuesday, January 27, 2004, Vol. 7, No. 18

                            Headlines

A U S T R A L I A

BONLAC FOODS: Cadbury Schweppes Demands AU$41 Million in Damages
METABOLISM CENTRE: Enters Administration 7 Weeks after Listing
METABOLISM HEALTH: Appoints Voluntary Administrator
NATIONAL AUSTRALIA: AA Rating Outlook Revised to Negative
NATIONAL AUSTRALIA: Forex Clients Bare Unauthorized Trades

NOVUS PETROLEUM: Medco Takes Time to Reconsider Failed Bid
VILLAGE ROADSHOW: Investors Appear to Reject Buyback in 2nd Vote


C H I N A  &  H O N G  K O N G

CHINA CONSTRUCTION: Getting Ready for US$7 Billion IPO


J A P A N

ASHIKAGA FINANCIAL: Delisted from Tokyo Stock Exchange
JAPAN AIRLINES: To Issue JPY10 Billion, Seven-year Bonds
JAPAN AIRLINES: Cancels 83 Domestic Flights Weekend
NIPPON SHINPAN: UFJ Bank, Nippon Shinpan Form Alliance
SUMITOMO MITSUI: Lenders Back Preferred Shares Float


K O R E A

HYNIX SEMICONDUCTOR: Faces 20-40% Duties in Japan
HYNIX SEMICONDUCTOR: WTO Reviews U.S., E.U. Anti-dumping Duties
LG INVESTMENT: Morgan Stanley Ups Shareholding, Motives Unknown

* Fewer Korean Firms Filed for Bankruptcy in December
* 'D' Financial Strength Rating of Local Banks Remains Unchanged


M A L A Y S I A

ACTACORP HOLDINGS: Restraining Order Extended Another 30 Days
PSC INDUSTRIES: BFC Buyout of Banking Facility Almost Complete


P H I L I P P I N E S

FORTUNE CEMENT: Sets Special Stockholders' Meeting February 26
MANILA ELECTRIC: Scraps 4th Quarter Dividend of Preferred Shares
PHILIPPINE NATIONAL: Receives Approval for Peso Bond Float
PHILIPPINE NATIONAL: Names Market Makers for PHP2B Fundraising


S I N G A P O R E

GUL TECHNOLOGIES: Details Changes in Shareholder's Interest
GUL TECHNOLOGIES: Michelle Liem Mei Fung Assumes Father's Stake
RAFFLES HOLDINGS: To Release Full Year Results January 28


T H A I L A N D

DATAMAT PCL: Completes Reduction of Registered, Paid up Capital
THAI DURABLE: Posts Results of Board Meeting
THAI PETROCHEMICAL: Prefers PTT as Strategic Partner

* BOND PRICING: For the week of January 26 - January 30, 2004

     -  -  -  -  -  -  -  -

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


BONLAC FOODS: Cadbury Schweppes Demands AU$41 Million in Damages
----------------------------------------------------------------
Bonlac Foods Limited (BFL) has been served with proceedings in
the Federal Court by Cadbury Schweppes Pty Ltd (CSPL).

The proceedings relate to alleged breaches of agreements in
connection with the negotiation and sale of BFL's Wave brand to
CSPL in 2000/2001 and the associated supply of BFL of UHT
flavored milk products to CSPL.

The amount claimed by CSPL is approximately AU$41 million,  
claimed by CSPL to be its calculation of consequential and
prospective loss arising from BFL's alleged breach of contract.

Based on the information currently available to it, BFL believes
CSPL's claim is without merit and BFL intends to vigorously
resist the claim.

The announcement regarding the suit was issued by Simon Gell,
Company Secretary, Bonlac Foods Limited.

                              
In a separate report, The Age said details of the suit remains
unclear, although it relates to the contract the two companies
signed in November 2000, a year after Bonlac built the UHT
(ultra-heated treatment) plant at Cobden, southwest of
Melbourne, which produced the flavored milk.

In an interview with The Age, Cadbury Schweppes chief operating
officer, John Brock, said the transaction "[was] a brand
purchase and therefore the existing premises, contracts,
production facilities and employees remain[ed] with Bonlac
Foods."

In September 2003, Bonlac sold the Cobden UHT plant to National
Foods for a reported AU$20 million, less than the AU$30 million
it cost Bonlac to build it, The Age said.  The purchase has
allowed National Foods to strengthen its No.1 position in the
flavored milk market.

The Age says "it is unclear whether the Cadbury legal action is
related to last year's sale of the Cobden plant.  The plant is
one of Bonlac's final asset sales as the company undergoes
restructuring after suffering financial damage caused by out-of-
favor hedging contracts."

Under its restructuring plan, Bonlac's farmer shareholders
agreed to a proposal by New Zealand dairy co-operative Fonterra
to increase its shareholding from 25 percent to 50 percent in
exchange for new sales and marketing arrangements, The Age said.


METABOLISM CENTRE: Enters Administration 7 Weeks after Listing
--------------------------------------------------------------
Metabolism Centre Administrator Mark Reilly announced Friday the
company had insufficient cash to keep its 17 clinics nationwide
open, according to The Age.

Mr. Reilly made the announcement during the first creditors'
meeting on Friday.  Currently, he said, the company had about
AU$1.3 million in plant and equipment assets, between AU$15,000
and AU$16,000 in intangible assets and AU$100,000 owed by
debtors.  He said it was unlikely these debts would be
recovered.  

The company owes the Australian Tax Office between AU$6 million
and AU$7 million, in addition to still undetermined amounts of
employees' wages, he added.  He also told creditors he is now
looking into the possibility that the company may have traded
while insolvent.

The company listed on the Australian bourse via the backdoor
seven weeks ago, promising to sweep the country with its weight-
loss clinics, the Age said.  Metabolism Health, the company's
parents, also appointed administrators Monday last week.  Brian
McMaster of Ernst & Young is now running the company.

For more information, contact:

Ms. Paula Cowan
Ernst & Young
Level 34 Central Park
152 St. Georges Tee
Perth WA 6000
Phone: (08) 9429 2495
Fax:   (08) 9429 2457
Email: paula.cowan@au.ey.com


METABOLISM HEALTH: Appoints Voluntary Administrator
---------------------------------------------------
On January 19, 2004, the Board of Directors of Metabolism Health
Limited (MHL) appointed Brian McMaster of Ernst and Young as
Voluntary Administrator. In addition, on the January 16, 2004,
the Board of Directors of The Metabolism Centre Pty Ltd
appointed Messrs Mark Reilly and Glen Featherby of Featherby
Reilly as Voluntary Administrators.

The Metabolism Centre Pty Ltd is a 100% owned subsidiary of MHL.  
Based on the preliminary investigation of the Administrator of
MHL it appears that all of the trading business (known as
Metabolism Centre) was operated through MHL's subsidiary and not
directly by MHL.  Accordingly, any inquiries in relation to the
business operations should be directed to Messrs Featherby
Reilly in the first instance.

The contact details for the Administrators are as follows:

Administrator of MHL
Mr. Brain McMaster
Administrator of Metabolism Health Limited
Ernst & Young
Level 34, Central Park
152 St Georges Terrace
Perth WA 6000
Phone: (08) 9429 2495
Fax:   (08) 9429 2457
Email: brian.mcmaster@au.ey.com

Administrator The Metabolism Centre Pty Ltd
Mr. Mark Reilly
Featherby Reilly
2 Centro Avenue
Subiaco WA 6008
Phone: (08) 9381 4711
Fax:   (08) 9381 4722
Email: reilly@featherbyreilly.com.au


NATIONAL AUSTRALIA: AA Rating Outlook Revised to Negative
---------------------------------------------------------
Standard & Poor's revised to negative the outlook of National
Australia Bank's AA counterparty credit rating on Friday, Asia
Pulse has learned.

"The negative rating outlook reflects increasing uncertainty
surrounding the robustness of risk management systems and
procedures and the extent to which risk management deficiencies
contributed to the recently identified unauthorized foreign
exchange option trades," S&P said in a statement explaining the
rating action.

"Although NAB has actively responded to the breaches by
undertaking internal and external reviews and bolstering its
procedures, market confidence has been eroded somewhat, which
reduces its strategic and financial flexibility -- at least in
the near term," S&P said.

"The trading breaches have questioned the integrity of the banks
risk management system, and if the risk management breakdowns
are deemed serious, this could result in a lowering of the banks
rating," Standard & Poor's credit analyst, Craig Bennett, said.

NAB's AA rating reflects the banks strong balance sheet,
characterized by excellent asset quality and supportive capital,
along with strong and diversified earnings streams.


NATIONAL AUSTRALIA: Forex Clients Bare Unauthorized Trades
----------------------------------------------------------
Erimus International is considering suing National Australia
Bank over alleged unauthorized foreign exchange trades that
eventually led to its demise.

Lawyer Martin Bennett, who represents Brian Lloyd and Barry
Hill, directors of Erimus International, said his clients had
opened foreign exchange accounts with NAB to prevent currency
fluctuations from jeopardizing its trading deals with a client
in the Philippines.  In 1999, a NAB sales representative
allegedly approached Misters Lloyd and Hill to enter into
complex contracts known as variable forward exchange contracts.  

Thereafter, Erimus suffered huge losses when the Australian
dollar fell in mid-2000, according to Mr. Bennett who talked to
the Sydney Morning Herald.  He said his clients also discovered
that the Philippine client had called NAB and booked foreign
exchange orders without their authority.  

Mr. Bennett said the losses amounted to AU$1.6 million,
equivalent to the claim of NAB, which one of the company's
creditors.  He said what's even more appalling was NAB's move to
allow Erimus to work-out the foreign exchange debt, only to
scrap it in December; this despite the promise of the Philippine
client to pay back half of the losses.

Erimus' creditors, including NAB, voted to wind up the company
on Friday and appointed Geoff Totterdell, of
PricewaterhouseCoopers in Perth, as liquidator.  NAB appointed
Mr. Totterdell as administrator of Erimus on December 4 and it
ceased trading on December 11, The Sydney Morning Herald said.

The Erimus case appears similar to Bill Meeke's counter-suit now
pending before the West Australian Supreme Court.  According to
The Sydney Morning Herald, NAB is pursuing Mr. Meeke for AU$2.7
million over guarantees for loans to the company.

"[But Mr. Meeke] has counter-sued, claiming the tile operation
failed because of foreign exchange losses incurred after his
office manager entered what he alleges were unauthorized
currency deals," The Sydney Morning Herald said.


NOVUS PETROLEUM: Medco Takes Time to Reconsider Failed Bid
----------------------------------------------------------
PT Medco Energi International, the Indonesian group that offered
a hostile bid for Novus Petroleum Ltd on December, will decide
whether to offer a higher bid early next month, IndoExchange
said Friday.

Novus' independent directors rejected the group's AU$1.74-a-
share offer following an independent expert's opinion that the
offer grossly undervalues the Novus.  The expert values Novus in
the range of AU$1.96-AU$2.75 a share.  He called Medco's offer
neither fair nor reasonable.

"We will decide whether or not we will raise the bid or go ahead
with our plan to take over Novus early next month," IndoExchange
quoted Medco Finance Director Sugiharto as saying.


VILLAGE ROADSHOW: Investors Appear to Reject Buyback in 2nd Vote
----------------------------------------------------------------
Village Roadshow failed to get the required vote to go ahead
with its AU$360 million plan to buy back preference shares, The
Age said Saturday.  Accordingly, only 70.44% voted favorably,
less than the required 75%.

The initial result of the ballot contrasts the 97% affirmative
vote in November.  Despite this near-unanimous support for the
plan, a German company successfully asked the Victorian Supreme
Court to block its execution.  This decision is now on appeal.  

"The good news about the appeal is we just learned [Friday] that
the Supreme Court of Victoria has granted an expedited hearing,
which means the appeal will be heard some time in February," the
company said in a statement, updating the Australian Stock
Exchange.

On Friday, Managing Director Graham Burke confirmed that 77.4
percent of all shares and 82.53 percent of shareholders
supported the scheme in the second vote, but only 70.44 percent
of shares approved the buyback itself.

German company Boswell Filmgesellschaft holds 1000 ordinary
shares and 1000 preference shares in Village Roadshow, according
to The Age. Film businessman Hans Brockmann is Boswell's
managing director.  Mr. Brockmann has helped finance high-
profile films including The Usual Suspects in 1995 and Sirens in
1994.


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


CHINA CONSTRUCTION: Getting Ready for US$7 Billion IPO
------------------------------------------------------
Citigroup, Morgan Stanley and China International Capital Corp.
reportedly have been chosen as the lead underwriters of China
Construction Bank's initial public offering in Hong Kong, The
Standard said yesterday.

Citing a source close to the bank, the paper said Citigroup will
also buy a stake apart from underwriting what could be a US$7
billion public offering.  Local Citigroup Spokeswoman Katherine
D'Arcy would not comment on the report when asked by The
Standard.  CICC is a joint venture of Morgan Stanley and China
Construction Bank, according to the report.  Merrill Lynch and
HSBC are bidding to become financial adviser, The Standard
source said.

The source also said the listing will involve the bank's entire
operations rather than its best assets.

"Th[is] move to sell the assets as a single entity appears to
reflect the bank's much-improved asset quality and reduced bad
debt ratio after aggressive write-offs last year.  It also
reflects the government's decision to inject US$45 billion in
currency reserves last month to reduce non-performing loans of
Construction Bank and Bank of China to spruce up the banks
before their planned listings," The Standard said.

Before the recent cash injections, credit rating agency Standard
& Poor's estimated non-performing assets in Mainland's banking
system at as high as 45 percent of gross assets, or RMB7
trillion, the report said.


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


ASHIKAGA FINANCIAL: Delisted from Tokyo Stock Exchange
------------------------------------------------------
Ashikaga Financial Group Inc. was delisted from the Tokyo Stock
Exchange yesterday.  The group had been on the "liquidation
post" of the bourse since December 26, according to Japan Today.

Ashikaga Financial is the holding company of the recently
nationalized Ashikaga Bank.  The delisting follows the
nationalization of the bank, which is the group's core business,
according to Morgan Stanley Capital International Inc.  The
Group ended its final trading day on Friday at JPY1, the Japan
Today said.


JAPAN AIRLINES: To Issue JPY10 Billion, Seven-year Bonds
--------------------------------------------------------
Mizuho Securities Co. Ltd. will lead-manage the seven-year,
unsecured bond issuance of Japan Airlines System Corp., FML
Exchange learned recently.  The carrier hopes to raise JPY10
billion out of the bonds that carry a coupon of 1.92%.


JAPAN AIRLINES: Cancels 83 Domestic Flights Weekend
---------------------------------------------------
Japan Air Systems inconvenienced another 3,500 passengers
Saturday after aborting 43 domestic flights to replace cracked
engines of its MD-81 and MD-87 fleet.  The cancellation followed
the 40 flights that were similarly cancelled on Friday,
affecting about 4,100 passengers, Japan Today said.


NIPPON SHINPAN: UFJ Bank, Nippon Shinpan Form Alliance
------------------------------------------------------
Since the announcement of the basic agreement in November 2003,
UFJ Bank Limited ("UFJ Bank") and Nippon Shinpan Co., Ltd.
("Nippon Shinpan") have discussed the details of the strategic
alliance and its swift implementation in order to become the
best financial group in the retail finance market in Japan. As a
result, we have reached a final agreement as described below.
In addition, Nippon Shinpan and UFJ Card Co., Ltd. ("UFJ Card")
have today reached a basic agreement in relation to the two
companies.

(1) Outline of the final agreement

    (a) Shortly after becoming a consolidated subsidiary of UFJ
        Bank, Nippon Shinpan will aim to merge with UFJ Card.
        The new company will dramatically increase profitability
        by growing certain businesses and rationalizing
        overlapping businesses.

    (b) The UFJ Group and Nippon Shinpan will pursue synergies.
        By maximizing the strengths of both companies and
        complementing functions of one another, we will provide
        one-stop financial services to our customers.

    (c) Nippon Shinpan and UFJ Card will seek to enhance cost
        competitiveness through cooperation with JCB Co., Ltd.
        ("JCB") in the areas of administration and information
        systems.

    (d) In March 2004, Nippon Shinpan will issue Yen 200 billion
        of class shares to UFJ Bank by third-party allotment. As
        we announced in November 2003, by March 2005, UFJ Bank
        plans to convert Nippon Shinpan into a consolidated
        subsidiary through the conversion of the class shares
        into common shares, subject to satisfying necessary
        conditions under appropriate laws and ordinances. After
        conversion, UFJ Bank will have more than two-thirds of
        the voting rights of Nippon Shinpan.

(2) Schedule (plan)

Jan. 20, 2004 Final agreement of the strategic alliance Mar.
2004 Nippon Shinpan will issue new class shares to UFJ Bank by
third-party allotment.

From Apr. 2004 Nippon Shinpan will start preparation to become a
consolidated subsidiary of UFJ Bank. Around Mar. 2005 Shortly
after Nippon Shinpan will become a consolidated subsidiary of
UFJ Bank, Nippon Shinpan will aim to merge with UFJ Card.

(3) Main specific action plans

    (a) Creation of the largest credit card company in Japan

        This merge of Nippon Shinpan and UFJ Card is the first
        merger in the card industry between a credit-related
        card company and a bank-related card company. The new
        company will aim to become the leading company in the
        retail financial industry by integrating operating bases
        and expertise of both companies.

        Details of the business plan of the new company will be
        determined in due course through discussions between the
        two companies.

        The summary overview of the new company is as follows.

             (i) Number of credit card members (as of March 31,
                 2003): over 23 million, the largest in the
                 industry

            (ii) Transaction volume (as of March 31, 2003): over
                 Yen 4 trillion, also the largest in the
                 industry

           (iii) The outstanding balance of cashing and card
                 loans (as of March 31, 2003): approx. Yen 1
                 trillion, resulting in an overwhelming presence
                 in lending business

            (iv) Consolidated Ordinary Profit (simple aggregate
                 of plan for FY2006): approx. Yen 72 billion

             (v) Possesses various customer channels including
                 UFJ Bank branches, member stores, and business
                 partners.

    (b) Cooperation with JCB in the areas of administration and
        information systems

        Nippon Shinpan and UFJ Card will consider reductions of
        future IT investments and information system support and
        operation cost by tens of billion yen through
        cooperation with JCB. The three companies will set up a
        task force for this purpose.

    (c) Nippon Shinpan to issue JCB-brand credit cards

        Nippon Shinpan plans to issue credit cards under the JCB
        brand, in addition to Visa and MasterCard brands, to
        satisfy customer needs.

(4) Overview of Nippon Shinpan's new medium-term business plan

    (a) Strengthening sales

        By concentrating company resources into credit card and
        financing businesses, Nippon Shinpan will increase the
        number of card members and promote more use of its
        cards.

    (b) Improving asset quality

        By increasing reserves and further strengthening debt
        collection and credit screening processes, Nippon
        Shinpan will reduce its credit cost.

    (c) Stabilizing fund raising

        By reducing interest-bearing liabilities through large
        securitizations and improving its credit, Nippon Shinpan
        will reduce its financing cost.

(d) Increasing cost efficiency

    By outsourcing and enhancing business efficiency, Nippon
    Shinpan will make further cost reductions.

Nippon Shinpan's financial targets for the FY 2006
(Consolidated)
        
        (Reference)
     FY 2006 Forecasts       FY 2003 Actuals
     

Ordinary profit    60.0    20.1
(Yen billion)

Interest-bearing
liabilities (yen billion)  1,032.0   1,724.3


Shareholders'     5.2%    2.6%
equity ratio

Ordinary profit/    20.0%   6.5%
Operating profit


* The new company's business plan, which includes integration
effects, is planned to be announced at a later date.


SUMITOMO MITSUI: Lenders Back Preferred Shares Float
----------------------------------------------------
Creditors of Sumitomo Mitsui Construction Co. have committed to
fully subscribe to its capital hike via a preferred shares
issuance worth around JPY80 billion, FML Exchange said Saturday.

"The lenders of the struggling general contractor have already
entered final negotiations on coordinating the capital
increase," sources told the newswire.

The company's creditors include Sumitomo Mitsui Banking Corp.


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


HYNIX SEMICONDUCTOR: Faces 20-40% Duties in Japan
-------------------------------------------------
Countervailing duties could be imposed on Hynix Semiconductor's
dynamic random access memory chips that enter Japan as early as
this summer, The Chosun Ilbo said yesterday.

Citing a Japanese daily, the paper said the Japanese government
is leaning towards the imposition of between 20% and 40% in
duties beginning this summer as a response to alleged government
subsidies being received by Hynix.  Although a formal inquiry
into Hynix's financing could take one year, the Japanese paper
said the government may impose the duties on a provisional
basis.

Japanese semiconductor producers such as Elpida Memory Inc. have
accused a state-owned financial institution in Korea of
illegally subsidizing Hynix.  They urged the Japanese government
to impose the countervailing duties as a way of leveling the
playing field.


HYNIX SEMICONDUCTOR: WTO Reviews U.S., E.U. Anti-dumping Duties
---------------------------------------------------------------
The anti-dumping duties imposed by United States and European
Union on the dynamic random access memory chips of Hynix are now
under review, according to The Korea Times.

The World Trade Organization (WTO) on Friday created a panel to
rule on the request by South Korea in August to intervene,
citing breaches of WTO global trade rules.  In April 2003, the
E.U. levied a provisional 33 percent penalty on imported
computer memory chips made by Hynix Semiconductor, accusing the
South Korean chipmaker of receiving subsidies. It later hiked
the duty to 34.8 percent.  In June, the U.S. slapped Hynix with
a 44.71 percent import tariff.

The chips are Korea's biggest export item, according to the
paper. In 200, the country exported US$5.97 billion worth of
chips.  


LG INVESTMENT: Morgan Stanley Ups Shareholding, Motives Unknown
---------------------------------------------------------------
Morgan Stanley has been quietly increasing its stakes in LG
Investment & Securities and Daishin Securities, The Korea Times
learned recently.

The U.S. investment bank reportedly upped its stakes in LG to
5.47 percent and 7.82 percent in Daishin.  It is not clear
whether the bank will seek management rights in the two
brokerage firms.  A subsidiary of the bank has claimed it is now
the second-largest shareholder in both companies.

An analyst told the paper it is unlikely that Morgan will
attempt a takeover: "Morgan Stanley's subsidiary bought the
Daishin and LG shares through mutual funds and the investment
may be irrelevant to moves such as hostile takeovers."

Creditor banks are the major shareholders of LG Investment &
Securities with a combined stake of 21.29 percent.  Daishin
Securities Chairman Yang Hye-moon is the biggest shareholder of
the Daishin brokerage with an 8.55 percent stake.


* Fewer Korean Firms Filed for Bankruptcy in December
-----------------------------------------------------
The default by SK Network, formerly SK Global, caused the
nationwide insolvency ratio to shoot up to 0.08% in December,
according to The Chosun Ilbo.  This was slightly higher than the
0.06% recorded in November.

The paper said "the total amount of defaults on bonds and
promissory notes rose to KRW838.6 billion from KRW509.6 billion
a month earlier, with repayment calls growing to KRW1,095
trillion from KRW889.7 trillion."

Data from the Bank of Korea also showed fewer number of
corporate failures in December.  From 440 in November, the
number dropped to 432.


* 'D' Financial Strength Rating of Local Banks Remains Unchanged
----------------------------------------------------------------
The financial strength ratings of Korean banks remained poor,
according to Moody's Investors Service, which released recently
its latest ranking of banks worldwide.

Moody's gave Korean banks a "D-" financial strength rating at
the end of last year and placed them 65th among lenders in 82
countries, a slight improvement from the 70th position the year
before.

"Last year's ranking held by Korean banks matched the
Philippines, Turkey, Romania and Kazakhstan, who placed 63rd,
64th, 66th and 67th, respectively," according to the Korea
Herald yesterday.  

Topping the list was the Netherlands, followed by Britain,
Denmark, Spain and the United States, the paper said.  Broken
down by bank, Kookmin Bank had the highest rating of "D+," while
Hana Bank, KorAm Bank, Korea First Bank and Shinhan Bank came in
second with "D."  Korea Exchange Bank and policy banks,
including Korea Development Bank, held the lowest "E+" rating,
the paper added.

"Although local banks tried to improve their financial health
amid the privatization movement, they have a long way before
they meet the global standard," a financial analyst told The
Korea Herald.


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


ACTACORP HOLDINGS: Restraining Order Extended Another 30 Days
-------------------------------------------------------------
Further to the Company's announcement dated December 15, 2003
the Board of Directors wishes to inform the Exchange that the
Company on January 21, 2004 obtained an extension of the
Restraining Order from the Kuala Lumpur High Court via Suit
No: D6-24-86-2003 for further thirty (30) days until February  
20, 2004 pursuant to Section 176 (1) and Section 176 (10A) of
the Companies Act 1965.


PSC INDUSTRIES: BFC Buyout of Banking Facility Almost Complete
--------------------------------------------------------------
The Board of Directors of PSC Industries Bhd (PSCI) wishes to
announce that it has received a notice from Business Focus
Capital Sdn Bhd (BFC) in respect of BFC arrangement on the
purchase of all of PSCI and its wholly owned subsidiary, Penang
Shipbuilding & Construction Sdn Bhd (PSC) banking facilities
including the rights, title and interest from Affin Bank Berhad
(ABB).

BFC arrangement to purchase PSCI and PSC debts with ABB is for
the total of RM382,011,382.33. Included in the arrangement is
the assignment of rights, title, interest and benefits of ABB
pursuant to a Restated Debt Restructuring Agreement dated 6
December 2000 to be assigned to BFC which entitles BFC, inter
alia, to receive Redeemable Convertible Loan Stocks of the
Company as repayment towards the banking facilities of PSCI and
PSC.

BFC has executed the relevant agreement in relation to the above
on 20 January 2004 in the presence of ABB's solicitor and the
same have been delivered to ABB for their execution.

Further details on the implementation of the proposed debt-
restructuring scheme by PSCI in respect of the above arrangement
between BFC and ABB will be announced as soon the same have been
executed by ABB.


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


FORTUNE CEMENT: Sets Special Stockholders' Meeting February 26
--------------------------------------------------------------
Further to Circular for Brokers No. 139-2004 dated January 14,
2004, Fortune Cement Corporation ("FCC") furnished the Exchange
a copy of its SEC Form 17-IS (Preliminary Information Statement)
in connection to its Special Stockholders' Meeting, which will
be held on February 26, 2004, at 9:00 a.m. at the 18th Floor,
PBCom Tower, 6795 Ayala Avenue corner Herrera Street, Makati
City.

As previously announced, "All stockholders of record at the
close of business day on January 28, 2004 are entitled to notice
and to vote at the Special Stockholders' Meeting on February 26,
2003."

A copy of FCC's Preliminary Information Statement shall be made
available for reference at the PSE Centre and PSE Plaza
libraries.

For your information,
Jose G. Cervantes
Senior Vice President, Philippine Stock Exchange


MANILA ELECTRIC: Scraps 4th Quarter Dividend of Preferred Shares
----------------------------------------------------------------
Manila Electric Co. suspended fourth quarter dividend payment on
its 10% cumulative preferred stock, AFX-Asia said yesterday.

"The power distributor, which is undertaking a refund of PHP30.5
billion in overcharges to customers, did not give any reason for
deferring the payment or the amount involved, or when the
dividend will now be paid," the newswire said.

Meanwhile, the board of directors has scheduled its annual
meeting on May 25.

To view Meralco's press release, click
http://bankrupt.com/misc/MERALCO.pdf


PHILIPPINE NATIONAL: Receives Approval for Peso Bond Float
----------------------------------------------------------
The Banko Sentral ng Pilipinas last week allowed the PHP2.8
billion tier-two capital raising of state-owned bank, Philippine
National Bank.

The fundraising is necessary to shore up the capital adequacy
ratio of the bank, which is currently 7.5%.  Under local laws,
banks are required to maintain a capital adequacy ratio of at
least 10 percent.

BSP Deputy Governor Alberto Reyes told the Philippine Daily
Inquirer PNB had tapped JP Morgan Securities to underwrite the
bond issue.  The 10-year bonds can yield about 10-13 percent,
the paper said.

The bank had earlier opted for a US$140 million bond issue but
decided to pursue a peso-denominated bond float to avoid foreign
exchange risks, the report said.  Bank officials said the
widening spreads on dollar-denominated bond issues partly
discouraged PNB from doing a dollar float.


PHILIPPINE NATIONAL: Names Market Makers for PHP2B Fundraising
--------------------------------------------------------------
This is in reference to Circular for Brokers No. 003-2004 dated
January 5, 2004 pertaining to the terms and conditions of
Philippine National Bank's ("PNB" or the "Bank") Tier 2 Capital
Raising Activity.

In relation thereto, PNB, in a letter dated January 23, 2004,
advised the Exchange that:

"x x x During the Board of Directors meeting today, January 23,
2004, the Board approved and confirmed the designation of the
Multinational Investment Bancorporation and ATR- King Eng
Capital Partners, Inc. as Market Makers* for PNB's PHP2.2
Billion Tranche. x x x"

For your information,  
Jose G. Cervantes
Senior Vice President, The Philippine Stock Exchange

--------
Footnote

* A market maker is one that provides liquidity to the market by
posing both bid and asked prices for certain issues [Source:
Philippine Stock Exchange]


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


GUL TECHNOLOGIES: Details Changes in Shareholder's Interest
-----------------------------------------------------------
PART I

1. Date of notice to issuer: 21/01/2004
  
2. Name of Substantial Shareholder: Go Giok Lian

3. Please tick one or more appropriate box(es):

[x] a Change in the Percentage Level of a Substantial
Shareholder's Interest or Cessation of Interest. [Please
complete Parts III and IV]

PART II

1. Date of change of interest:  
  
2. Name of Registered Holder:  
  
3. Circumstance(s) giving rise to the interest or change in
interest:  

4. Information relating to shares held in the name of the
Registered Holder: -

No. of shares held before the change:  
As a percentage of issued share capital:  
  
No. of shares which are the subject of this notice:  
As a percentage of issued share capital:  
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:  
  
No. of shares held after the change:  
As a percentage of issued share capital:  

PART III

1. Date of change of interest: 21/01/2004
  
2. The change in the percentage level: From 60% to 0%
  
3. Circumstance(s) giving rise to the interest or change in
interest: Others

Please specify details: Transfer of interests in Nuri Holdings
(S) Pte Ltd (which holds 45.55% shares in Tuan Sing Holdings
Limited, which in turn holds 100% of TS Technologies Pte Ltd and
which in turn holds 60.25% of Gul Technologies Singapore Ltd)
from Go Giok Lian to her daughter Liem Mei Kim on 21/01/2004
pursuant to a succession plan.  

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

The change in the percentage level is the result of a
transaction.

PART IV

1. Holdings of Substantial Shareholder, including direct and
deemed interest:

                                    Direct     Deemed
No. of shares held before change:      0      193,431,996
% of issued share capital:             0         60.25
-   
No. of shares held after change:       0            0
% of issued share capital:             0            0


GUL TECHNOLOGIES: Michelle Liem Mei Fung Assumes Father's Stake
---------------------------------------------------------------
Gul Technologies issued a notice regarding a change in
shareholders' interest:

PART I

1. Date of notice to issuer: 21/01/2004
  
2. Name of Substantial Shareholder: Lim Tek Siong (formerly
known as Liem Tek Siong)

3. Please tick one or more appropriate box(es):

[x] a Change in the Percentage Level of a Substantial
Shareholder's Interest or Cessation of Interest. [Please
complete Parts III and IV]

PART II

1. Date of change of interest:  
  
2. Name of Registered Holder:  
  
3. Circumstance(s) giving rise to the interest or change in
interest:  

4. Information relating to shares held in the name of the
Registered Holder: -

No. of shares held before the change:  
As a percentage of issued share capital:  
  
No. of shares which are the subject of this notice:  
As a percentage of issued share capital:  
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:  
  
No. of shares held after the change:  
As a percentage of issued share capital:  

PART III

1. Date of change of interest: 21/01/2004
  
2. The change in the percentage level: From 60% to 0%
  
3. Circumstance(s) giving rise to the interest or change in
interest: Others

Please specify details: Transfer of interests in Nuri Holdings
(S) Pte Ltd (which holds 45.55% shares in Tuan Sing Holdings
Limited, which in turns holds 100% of TS Technologies Pte Ltd
and which in turn holds 60.25% of Gul Technologies Singapore
Ltd) from Lim Tek Siong (formerly known as Liem Tek Siong) to
his daughter Michelle Liem Mei Fung on 21/01/2004 pursuant to a
succession plan.

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

The change in the percentage level is the result of a
transaction.

PART IV

1. Holdings of Substantial Shareholder, including direct and
deemed interest: -

                 Direct     Deemed
No. of shares held before change:      0       193,431,996
% of issued share capital:             0          60.25
-   
No. of shares held after change:       0            0
% of issued share capital:             0            0


RAFFLES HOLDINGS: To Release Full Year Results January 28
---------------------------------------------------------
Raffles Holdings Limited (the "Company") wishes to announce that
the Company will release its financial results for the full year
ended 31 December 2003 on Wednesday, 28 January 2004. A Web cast
of the results briefing will be available via the Company's Web
site (http://www.rafflesholdings.com)later, on the same night.

By Order of the Board
Emily Chin
Company Secretary


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


DATAMAT PCL: Completes Reduction of Registered, Paid up Capital
---------------------------------------------------------------
Datamat Public Co., Ltd. (DTM) has informed the Stock Exchange
of Thailand that is has completed the legal process required for
decreasing of the company's registered capital and paid-up
capital, by decreasing the par value from 10 baht to 2.50 baht
without any changes in number of shares.  As a result of actions
taken, there will be a subsequent decrease in the Company's
registered and paid-up capital in the trading system, effective
from January 28, 2004 onwards.


THAI DURABLE: Posts Results of Board Meeting
--------------------------------------------
Thai Durable issued these Board Meeting results:

To: Managing Director
    The Stock Exchange of Thailand
            
Thai Durable Textile Public Company Limited hereby informs you
of the resolutions of the Board of Directors Meeting No. 1/2004
held on 23 January 2004 at 16.00 p.m. as follows:

(1) The Meeting unanimously approved an amendment to the  
resolution No. 1 of Agenda 11 regarding the allocation of up  
to 240,000,000 newly-issued ordinary shares according to the  
resolution of the Extraordinary Meeting of Shareholders No.  
2/2003 on 29 September 2003 as follows:

     No. 1. To allocate up to 240,000,000 newly-issued ordinary
     shares, at the par value of Baht 7.10 each, at the offering
     price lower than the par value, and offer them, in whole or
     part, to specific investors and/or institutional investors
     or investors with special characteristics, both domestic
     and/or international, in which the offer may be made once
     or several times." The offering price is to be set and all  
     those matters are to be proposed to the shareholders'
     meeting for further consideration and approval.

(2) The Meeting approved the appointment Pol.Maj.Gen.Thavich
Kanchanaporn to be as the Company's director to help manage the
Company's businesses.

(3) The Meeting unanimously approved the convening of the
Extraordinary Meeting of Shareholders No. 1/2004 to be held on
20 February 2004 at 10.30 a.m. at Chao Praya 2-3 Room Montien
Riverside Hotel 372 Rama III Road, Bangklo, Bangcholeam, Bangkok
10120. To consider the following agenda:

     (i) Consideration and certification of the minutes of the
         Extra Ordinary Meeting of Shareholders No.2/2003
    (ii) Consideration and approval of the amendment to the   
         resolution regarding allocation of newly-issued  
         ordinary shares of the Company, according to the   
         resolution of the Extraordinary Meeting of Shareholders  
         No. 2/2003 on 29 September 2003 Agenda 11 No. 1;
   (iii) Other matters, if any.

Furthermore, the Company also scheduled the closing period for
the register book to suspend any transfer of shares and reserve
rights to participate in the Extraordinary Meeting of
Shareholders No.1/2004 on 6 February 2004 from 12 p.m. until the
Meeting ends.

    (iv) The Meeting unanimously approved that the closing
         period for the register book to suspend any transfer of   
         shares to determine rights to be allocated the warrants
         to purchase ordinary shares of the Company according to  
         the resolution of the Extraordinary Meeting of  
         Shareholders No. 2/2003 on September 29, 2003 Agenda 10  
         No. 1 will be on February 6, 2004 at 12 p.m.
            
Please be informed accordingly.
             
Sincerely yours,

Mrs.Phakarat Visudhimark
Managing Director


THAI PETROCHEMICAL: Prefers PTT as Strategic Partner
----------------------------------------------------
PTT Plc is emerging as the favored potential strategic partner
of Thai Petrochemical Industry Plc, according to The Nation.  
The state-owned gas company is reportedly ahead of Siam Cement,
the other strong contender being eyed to complete the group's
restructuring.

"The Siam Cement Group is also a potential strategic partner for
TPI, but at this point it looks more likely that PTT is becoming
the favored candidate," a source in the legal community told The
Nation.

A member of TPI Administration Planner, the committee
supervising the group's restructuring, confirmed this, adding
that the primary reason for PTT's favored status is its being
government-controlled.  Industry sources told The Nation, PTT is
just waiting on the wings to acquire a 35% stake in TPI.

"Once TPI has worked out its debt-restructuring its debt-to-
equity ratio will fall to 1:1," said the official who asked not
to be named. "When the new strategic partner steps in with fresh
investment of Bt10 billion to Bt20 billion the ratio will fall
even further, below 1:1. It will immediately become a healthy
company."

Contentious Rehab Plan

Following the economic crisis in 1997, TPI fell into
administration with a massive THB150 billion debt load.  Since
then it has undertaken a tedious restructuring.  A proposal
tabled by SCB Securities Co. calls for the reduction of TPI's
capital base from THB78.65 billion to THB7.8 million in order to
write off accumulated losses of THB80 billion, The Nation said.

"The creditors will then convert TPI's debt into equity to the
tune of THB70 billion, leaving the firm with a debt load of
THB70 billion, payable over a five-year period.  After the
capital reduction, TPI will raise fresh capital again by selling
new shares to the strategic partner to raise around THB20
billion. PTT will step in at this point to rehabilitate the
company," The Nation said.

This plan still needs the approval of creditors, according to
the paper.  A source at the finance ministry said that if the
creditors failed to approve the plan, which would have to be
completed before next year, TPI would have no choice but to go
into liquidation.

"A source at the creditor banks said the creditors would be
unhappy if they were asked to forgive 50 per cent of the debt,
as proposed by SCB.  TPI's foreign-currency debt amounts to
US$2.7 billion. The 50-per-cent haircut will bring its debt load
down to $1.35 billion," The Nation said.

"The creditors have no problem with reducing TPI's capital,
because the company will be increasing its capital again or
converting its debt into equity," The Nation quoted the source.
"But a 50-percent haircut proposal is not likely to be accepted
by the creditor banks."


* BOND PRICING: For the week of January 26 - January 30, 2004
-------------------------------------------------------------
Issuer                                Coupon   Maturity   Price
-----                                ------   --------   -----

AUSTRALIA
---------
Advantage Group                       10.000%   4/15/06       1
Amcom Telecommunications Ltd          10.000%  10/28/07       1
APN News & Media Ltd                   7.250%  10/31/08       4
Australia Commonwealth Gov't Loans     3.000%   7/29/49      64
Australian Food & Fibre Ltd            4.000%  12/31/08       8
Bendigo Bank Ltd                       8.000%   5/29/49       8
BIL Finance Ltd                        8.000%  10/15/07       9
BIL Finance Ltd                        8.250%  10/15/04       9
BIL Finance Ltd                        8.750%  10/15/04       9
BIL Finance Ltd                        8.750%  10/15/05       9
BIL Finance Ltd                        9.000%  10/15/04       9
BIL Finance Ltd                        9.250%  10/15/06       9
BIL Finance Ltd                       10.000%  10/15/04       9
Capital Properties NZ Ltd              8.500%   4/15/05       7
Capital Properties NZ Ltd              8.500%   4/15/07       9
Capital Properties NZ Ltd              8.500%   4/15/09       9
Consolidated Minerals Ltd             11.250%   3/31/05       1
Djerriwarrh Investments Ltd            7.500%   9/30/04       4
Evans & Tate Ltd                       8.250%  10/29/07       1
Fletcher Building Ltd                  7.800%   3/15/09       8
Fletcher Building Ltd                  7.900%  10/31/06       8
Fletcher Building Ltd                  8.300%  10/31/06       8  
Fletcher Building Ltd                  8.500%   4/15/04       7
Fletcher Building Ltd                  8.600%   3/15/08       8
Fletcher Building Ltd                  8.750%   3/15/06       8
Fletcher Building Ltd                  8.850%   3/15/10       8
Fletcher Building Ltd                 10.500%   4/30/05       7
Feltex Carpets Ltd                    10.250%   9/15/08       1
Fernz Corp Ltd                         8.560%   0/15/06       8
Futuris Corporation Ltd                7.000%   2/31/07       2
Garratts Ltd                          12.000%  12/31/03       1
Gympie Gold Ltd                        8.500%   9/30/07       1
Hy-Fi Securities Ltd                   7.000%   8/15/08       9
Hy-Fi Securities Ltd                   8.750%   8/15/08      10
Hutchison Telecoms Australia           5.500%   7/12/07       1
Infrastructure and Utility     8.500%   9/15/13       9
JB Were Capital Markets Ltd            8.750%  12/31/03      29
Macquarie Bank Ltd                     1.800%   8/15/15      66
New South Wales Treasury Corporation   0.500%   2/16/10      73
NPT Capital Ltd                        9.500%  11/30/04       9
Nuplex Industries Ltd                  9.300%   9/15/07       8
Pacific Retail Finance                 9.250%   9/15/07      10
Port Douglas Reef Resorts Limited      9.000%    4/1/04       1
Powerco Ltd                            8.150%    9/1/07       7
Powerco Ltd                            8.400%   5/22/07       7
Queensland Treasury Corporation        0.500%    5/19/1      72
Richmond Ltd                          10.750%  12/15/04       8
Salomon Smith Barney Australia         4.250%    2/1/09       8
Sky Network Television Ltd             9.300%  10/29/49       8
Straits Resources Ltd                 10.000%  12/31/03       1
Strathfield Group Ltd                 11.000%  12/31/05       1
Tower Finance Ltd                      8.750%  10/15/07       9
TrustPower Ltd                         8.300%   9/15/07       8
TrustPower Ltd                         8.500%   9/15/12       9
Vision Systems Ltd                     9.000%  12/15/08       2

CHINA & HONG KONG
----------------
China Government Bond                  2.900%   5/24/32      74
Teco Electric & Machinery Co Ltd       2.750%   4/15/04      74

KOREA
-----
Korea Electric Power Corporation       7.950%    4/1/96      70
Kolon Industries Inc                   0.250%  12/31/04      53

MALAYSIA
--------
Asian Pac Holdings Bhd                 4.000%  12/22/05       1
Artwright Holdings Bhd                 5.500%   3/05/07       1
Arus Murni Corporation Bhd             0.500%   8/24/06       1
Berjaya Group Bhd                      5.000%  10/17/09       1
Berjaya Land Bhd                       5.000%  12/30/09       1
Berjaya Sports Toto Bhd                8.000%   8/04/12       4
Camerlin Group Bhd                     5.500%   7/15/07       1
Crescendo Corporation Bhd              3.000%   8/25/07       1
Crest Builder Holdings Bhd             1.000%   2/25/08       1
Crest Builder Holdings Bhd             3.000%   2/25/06       1
Dataprep Holdings Bhd                  4.000%    8/5/05       1
Dataprep Holdings Bhd                  4.000%    8/6/07       1
Eden Enterprises (M) Bhd               2.500%   12/2/07       1
Eox Group Bhd                          4.000%   1/10/06       1
Equine Capital Bhd                     3.000%   8/26/08       1
Fountain View Development Sdn Bhd      3.500%   11/3/06       6
Furqan Business Organisation            2.000%  12/19/05       1
Gadang Holdings Bhd                    3.000%  10/21/07       3
Gadang Holdings Bhd                    2.000%  12/24/08       2
Grand Central Enterprises Bhd          5.000%   2/17/05       1
Greatpac Holdings Bhd                  2.000%  12/11/08       2
Gula Perak Bhd                         6.000%   4/23/08       1
Hong Leong Industries Bhd              4.000%   6/28/07       1
Halim Mazmin Bhd                       8.000%   6/30/04       3
I-Bhd                                  5.000%   4/30/07       1
Insas Bhd                              8.000%   4/19/09       1
Integrax Bhd                           3.000%  12/24/05       1
Kretam Holdings Bhd                    1.000%   8/10/10       1
Kumpulan Emas Bhd                      7.000%  11/15/04       1
Kumpulan Jetson                        5.000%  11/28/12       1
LBS Bina Group Bhd                     4.000%  12/31/06       1
LBS Bina Group Bhd                     4.000%  12/31/07       1
LBS Bina Group Bhd                     4.000%  12/31/08       1
Lingkaran Trans Kota Holdings          7.150%  10/23/10      10
Media Prima Bhd                        2.000%   7/18/08       1
Mutiara Goodyear Development Bhd       2.500%   1/15/07       1
MWE Holdings                           5.500%   10/7/04       1
NAM Fatt Corporation Bhd               2.000%   6/24/11       1
Orlando Holdings Bhd                   3.000%   3/16/05       1
OSK Holdings Bhd                       3.500%    3/1/05       1
OSK Holdings Bhd                       6.000%    3/1/05       1
Pahlawan Power                         5.150%   1/31/05      10
Pantai Holdings                        5.000%   3/28/07       1
Patimas Computer Bhd                   6.000%   2/19/06       1
Prinsiptek Corporation Bhd             2.000%  11/20/06       1
Puncak Niaga Holdings Bhd              2.500%  11/20/16       1
POS Malaysia & Services Holdings Bhd   8.000%  11/26/04       1
Orlando Holdings Bhd                   3.000%   3/16/05       1
Rashid Hussain Bhd                     0.500%  12/23/12       1
Rashid Hussain Bhd                     3.000%  12/23/12       1
Rhythm Consolidated Bhd                5.000%  12/17/08       1
Southern Steel Bhd                     5.500%   7/31/08       1
Tanah Emas Corporation Bhd             2.000%   12/9/06       1
Talam Corporation Bhd                  7.000%   7/19/05       1
Talam Corporation Bhd                  7.000%   4/19/06       1
Tap Resources Bhd                      2.000%   6/29/06       1
Time Engineering Bhd                   2.000%  12/25/05       1
VTI Vintage Bhd                        4.000%   8/22/06       2
Wah Seong Corporation Bhd              3.000%   5/21/12       4
Yu Neh Huat Bhd                        3.000%    9/2/08       1

PHILIPPINES
-----------
Bacnotan Consolidated Industries, Inc. 5.500%   6/21/04      42

SINGAPORE
---------
CSC Holdings Ltd                       6.500%   4/27/05       1
Tampines Assets Ltd                    5.625%   12/7/06       1
Tampines Assets Ltd           6.000%   12/7/06       1
Tincel Ltd                             5.000%   6/13/11       1
Tincel Ltd                             7.400%   6/13/11       1
Rabobank Singapore                     1.000%   1/15/13      72

THAILAND
--------
Bank of Asia PCL                       3.750%    2/9/04      64
Bangkok Bank                           4.589%    3/3/04      64
Siam Commercial Bank PCL               3.250%   1/24/04      64

Tuesday's edition of the TCR-Asia Pacific delivers a list of
indicative prices for bond issues that reportedly trade well
below par.  Prices are obtained by TCR-AP editors from a variety
of outside sources during the prior week we think are reliable.  
Those sources may not, however, be complete or accurate.  The
Tuesday Bond Pricing table is compiled on the Saturday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer or
solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR editor holds some
position in the issuers' public debt and equity securities about
which we report.


                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania USA, and Beard Group, Inc., Frederick,
Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***