TCRAP_Public/040205.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

         Thursday, February 5, 2004, Vol. 7, No. 24

                         Headlines

A U S T R A L I A

AMP LIMITED: CEO Andrew Mohl Resigns From Board


C H I N A  & H O N G K O N G

GOOD FAME: Faces Winding up Petition
KIN FU: Winding Up Hearing Set March 17
WING TAI: Faces Winding Up Petition


I N D O N E S I A

GAJAH TUNGGAL: IBRA Plans to Sell 78% Stake
PUTRA SURYA: Plans US$71M Bond Issue


J A P A N

MITSUBISHI MOTORS: Mitsubishi Group, Daimler AG Plans Rescue
MITSUBISHI MOTORS: Shares Up 9.5% Tuesday
MITSUBISHI MOTORS: U.S. January Vehicle Sales Off 35.9%
MITSUI & CO.: Settles US$73.5M Class Action Suit
MITSUI & CO.: Unit Files Rehabilitation Proceedings

NAGOYA RAILROAD: JCR Affirms BBB+ Rating
NISSAN DIESEL: Posts FY03 Y6.57B Net Loss
RESONA BANK: Moody's Upgrades L-T Rating to Baa2


K O R E A

HURON CORPORATION: Oil Trader Seeks Receivership
LG CARD: Koram Bank Undecided on Bailout
KOOKMIN BANK: Firing 450 Staff Members
SK CORPORATION: BB+ Rating Remains Negative, Says S&P


M A L A Y S I A

DATAMAT PUBLIC: Unveils FY03 Financial Results
HOTLINE FURNITURE: Issues Restructuring Scheme Update
NCK CORPORATION: Releases Default Status Update
NCK CORPORATION: Implements Restructuring Scheme
PILECON ENGINEERING: Strikes Off Unit

SURIA CAPITAL: Appoints New Managing Director


P H I L I P P I N E S

ACI INDUSTRIES: Enters Voluntary Liquidation
BENPRES HOLDINGS: Director Vicente Jayme Resigns
CEBU PLAZA: Pagcor Conducts Due Diligence for Possible Sale
NATIONAL POWER: Narrows FY03 9-Month Loss to Php14.99B
PHILIPPNE LONG: Confirms Appointment of Marketing VP


S I N G A P O R E

FEDERATED GARMENT: Releases Preferential Dividend Notice
NESDEX PTE: Petition to Wind Up Pending
PACIFIC BINDING: Issues Dividend Notice
SEATOWN CORPORATION: Releases Default Status Update
SENG HIN: Issues Winding Up Order Notice

YUAN GUANG: Creditors First Meeting Set March 2


T H A I L A N D

BANGCHAK PETROLEUM: Profit Rises Due to Refining Margin
EMC POWER: Unveils FY03 Financial Results
EMC PUBLIC: Clarifies Financial Results
PRASIT PATANA: Appoints Aut Thongtang as New Director
TPI POLENE: Unit Enters Liquidation

     -  -  -  -  -  -  -  -

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


AMP LIMITED: CEO Andrew Mohl Resigns From Board
-----------------------------------------------
AMP Limited Chief Executive Officer Andrew Mohl announced his
resignation from the Board of Directors of HHG PLC with
immediate effect on Wednesday, AMP said in a statement.

HHG was formed following AMP's demerger into Australasian and
U.K.-based companies in December 2003.

Mohl said his resignation from the HHG Board was now
appropriate, given the completion of HHG's capital raising and
its successful listing on both the Australian and London Stock
Exchanges.

"This move will allow me to focus completely on AMP and deliver
on the opportunities created by the demerger," he said.

Pat Handley will remain as AMP's nominated Director on the HHG
Board. AMP is entitled to nominate one non-executive director to
the HHG Board while it holds a stake of at least 5 per cent in
HHG.

The AMP shareholder interest in HHG resulting from the demerger
is 11.04 per cent. AMP is restricted from selling any of this
holding until after the announcement of HHG's financial results
for the half year ended 30 June 2004. Half its shareholding can
be sold any time after this results announcement, while the
balance can be sold after the announcement of HHG's annual
results for the year ended 31 December 2004.

Manager Manager
Company Announcements Office
Australian Stock Exchange
Level 4, 20 Bridge Street
Sydney NSW 2000

Manager
Market Information Services Section
New Zealand Stock Exchange
Level 9, ASB Tower, 2 Hunter Street
Wellington New Zealand



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


GOOD FAME: Faces Winding up Petition
------------------------------------
The High Court of Hong Kong will hear on February 25, 2004 at
9:30 A.M. the petition seeking the winding up of Good Fame
Enterprise Limited.

The Bank of China (Hong Kong) Limited located at the 14th Floor,
Bank of China Tower, No. 1 Garden Road, Central, Hong Kong filed
the petition on December 10, 2003. Ford Kwan & Company
represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Ford Kwan &
Company at Rooms 1202-1206, 12th Floor, Wheelock House, Central
Hong Kong.


KIN FU: Winding Up Hearing Set March 17
---------------------------------------
The High Court of Hong Kong will hear on March 30, 2004 at 9:30
A.M. the petition seeking the winding up of Kin Fu Garment
Factory Limited.

Letfine Industries Limited whose registered office is located at
Flat A, 26th Floor, Shield Ind. Centre, 84-92 Chai Wan Kok
Street, Tsuen Wan, New Territories, Hong Kong filed the petition
on January 19, 2004. Josep Mok & Co. represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Josep Mok &
Co. at Rooms 1504-6 Unicorn Trade Centre, 127-131 Des Voeux
Road, Central Hong Kong.


WING TAI: Faces Winding Up Petition
-----------------------------------
The High Court of Hong Kong will hear on February 25, 2004 at 10
A.M. the petition seeking the winding up of Wing Tai Hong (H.K.)
Limited.

Carter & Spencer International (Brisbane) Pty. Limited whose
principal place of business is located at 38 Walker Street,
Tennyson, QLD 4105, Australia filed the petition on December 17,
2003. Fred Kan & Co. represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Fred Kan & Co.
at 31st Floor, Central Plaza, 18 Harbour Road, Wanchai, Hong
Kong.


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


GAJAH TUNGGAL: IBRA Plans to Sell 78% Stake
-------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) plans to sell
its 78 percent stake in PT Gajah Tunggal, a widely diversified
Company whose core businesses include tires, chemicals and
shrimp breeding, Asia Pulse reports. Garibaldy Venture Fund
Limited was among the investors showing interest in the stake.
IBRA took control of the holding Company of the Gajah Tunggal
Group due to its large debt to the state totaled US$550 million
in 2003. Creditors also agreed to restructure its debt by
rolling over the repayment for six years to 2009.


PUTRA SURYA: Plans US$71M Bond Issue
------------------------------------
PT Putra Surya Perkasa wants to issue bonds valued at Rp600
billion (US$71.4 million) to raise funds to finance new property
projects and repay debt, according to Asia Pulse. Company
Director Handoko Gunawan hopes to be able to get new loans to
finance its projects. The report did not give further details
about the bond to be issued. The Company has sold interests in
four units to improve its financial condition. In the first
three quarter of 2003, the Company posted an operating loss of
Rp12.06 billion.


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


MITSUBISHI MOTORS: Mitsubishi Group, Daimler AG Plans Rescue
------------------------------------------------------------
The Mitsubishi group and DaimlerChrysler AG are designing a 300
billion yen rescue package for Mitsubishi Motors Corporation,
according to Japan Times on Wednesday. DaimlerChrysler,
Mitsubishi Corp., Mitsubishi Heavy Industries Ltd., Bank of
Tokyo-Mitsubishi and other group firms will buy preferred shares
to be issued by MMC, the report added.

The plan centers on a 200 billion yen capital infusion into the
struggling automaker. The initial plan called for a 100 billion
yen infusion, but the figure was doubled to cover the costs of
developing new models. Part of the proceeds from the capital
infusion may be used to help the automaker cut its interest-
bearing debts. In the April-September first half of fiscal 2003,
the automaker booked a group net loss of 80.2 billion yen.


MITSUBISHI MOTORS: Shares Up 9.5% Tuesday
-----------------------------------------
Shares of Mitsubishi Motors Corporation (MMC) increased 9.5
percent to 287 yen on Tuesday following reports that it would
receive 200 billion yen (US$1.89 billion) in financial aid from
shareholders DaimlerChrysler and parent group Mitsubishi
Corporation, the Financial Times reports.

The automaker will sell 70 billion in preferred shares to
DaimlerChrysler, which owns 33 percent of MMC, and an additional
70 billion in shares to Mitsubishi Corporation, Mitsubishi Heavy
Industries, and Mitsubishi Tokyo Financial Group's Bank of
Tokyo-Mitsubishi. Other companies in the Mitsubishi group would
provide the remaining capital by March 31.


MITSUBISHI MOTORS: U.S. January Vehicle Sales Off 35.9%
-------------------------------------------------------
Following are Mitsubishi Motors Corp. U.S. sales of cars and
light trucks in January 2004 versus the same year-earlier month
and for the year to date, according to Reuters.

                           Jan 2004       Jan 2003    % Change

All Vehicles                15,821         23,727      -35.9%
Domestic Car                 5,813         11,311      -50.6%
Domestic Truck               2,436              0      100.0%
Import Car                   3,964          4,908      -22.3%
Import Truck                 3,608          7,508      -53.8%
Dom+Imp Cars                 9,777         16,219      -42.0%
Dom+Imp Trucks               6,044          7,508      -22.6%
Domestic Vehicles            8,249         11,311      -29.9%
Imported Vehicles            7,572         12,416      -41.4%

                          Yr-to-Date      Prev Year    % Change

All Vehicles                15,821         23,727      -35.9%
Domestic Car                 5,813         11,311      -50.6%
Domestic Truck               2,436              0      100.0%
Import Car                   3,964          4,908      -22.3%
Import Truck                 3,608          7,508      -53.8%
Dom+Imp Cars                 9,777         16,219      -42.0%
Dom+Imp Trucks               6,044          7,508      -22.6%
Domestic Vehicles            8,249         11,311      -29.9%
Imported Vehicles            7,572         12,416      -41.4%

Percent changes are based on the daily sales rate, and reflect
26 selling days this month vs. 25 in the month last year, and 26
this year to date vs. 25 last year to date

The Company is 37 percent owned by DaimlerChrysler AG.


MITSUI & CO.: Settles US$73.5M Class Action Suit
------------------------------------------------
Mitsui & Co., Ltd., and its wholly owned U.S. subsidiaries
Mitsui & Co. (U.S.A.), Inc. and Bioproducts Inc. (headquarters:
Ohio, U.S.A.), which in October 2003, subject to court approval,
entered into the settlement agreement for the class action
antitrust lawsuit pending in the Federal District Court of the
District of Columbia relating to the sales of choline chloride,
an ingredient used in animal feed and pet foods, have now
reached agreements for settlement with the vast majority of the
plaintiffs who opted out of the class action lawsuit.

Under the terms of the agreements, Bioproducts will pay as a
settlement US$73.5 million in total (approximately Y7.8 billion)
to such opt-out plaintiffs.

The settlement amount will be reflected in the Company's
consolidated results of operations for the fiscal year ending
March 31, 2004. However, it will not require revision of the
forecast of consolidated operating results for the fiscal year
ending March 31, 2004, which is disclosed in the Company's 6-K
filing for the consolidated semiannual results of the six-month
period ended September 30, 2003.

About Mitsui and Co., Ltd.

Mitsui and Co., Ltd. is one of the largest trading houses in the
world and is active in a wide range of trading activities, along
with the development of energy sources and other natural
resources for various industries. These include export, import,
domestic and offshore transactions in such industrial materials
as steel, non-ferrous metals and chemicals as well as in
machinery, electronic and industrial products and lifestyle-
related products, including foodstuffs, textiles and general
merchandise. Mitsui is also involved in various businesses
related to the aforementioned activities, as well as
telecommunications and IT, service businesses and regional
development. For further information, please visit the Mitsui
and Co., Ltd. home page at: www.mitsui.co.jp/tkabz/english/

Inquiries should be addressed to:

Masaru Nishimura
Corporate Communications Division
Mitsui & Co., Ltd.
Telephone: 3-3285-7564, Facsimile: 3-3285-9819
E-mail Mas.Nishimura@mitsui.com


MITSUI & CO.: Unit Files Rehabilitation Proceedings
---------------------------------------------------
Shirasagi Golf Club Co. Ltd., a unit of Mitsui & Co. Limited,
filed for civil rehabilitation proceedings with the Osaka
District Court on January 16, 2004

1.   Reason for the petition

Shirasagi is engaged in the operation of Shirasagi Golf Club
located in Himeji city in Hyogo Prefecture, which opened for
business in 1996. Amidst the prolonged severe economic
conditions that followed the collapse of the bubble economy in
Japan, business conditions surrounding the golf club industry
have not shown any sign of bottoming out as the number of
customers and average sales per customer continue to decline.
Against this background, Shiragasi has reported consecutive
losses since the opening of the said golf club. In this tough
business environment, it is very unlikely that Shiragasi will be
able to improve its earnings and pay off its debt in the future.
Therefore, Mitsui has determined that it has no other choice but
to withdraw its support of Shiragasi, and as a result Shiragasi
has made the decision to file the petition to commence civil
rehabilitation proceedings.

2.   Total amount of liabilities (as of November 30, 2003):
     18.7 billion yen

3.   Description of Shirasagi Golf Club Co., Ltd.

     Location of the head office:      Kita-ku Osaka City
     Establishment:                    November 13, 1970
     Type of business:                 Operation of a golf club
     Number of issued shares:          2,960,000 shares
     Amount of capital:                1.48 billion yen
     Major shareholder:                Mitsui & Co., Ltd. (100%
                                       shareholder)
     Number of employees:              47 (as of Nov. 30, 2003)

4.   Historical business results (Unit: Million yen)

                   -----------------------------------
             FY ended    FY ended     FY ended    FY ended
             March 31,   March 31,    March 31,   March 31,
               2003        2002         2001        2000
                  --------------------------------------
Sales                  426         103          436         475
Net Income            -498        -119         -572        -643
                   ----------------------------------

5.   Description of Shirasagi Golf Club

     Location:            Himeji city, Hyogo Prefecture, Japan
     Opening date:        October 14, 1996
     Course:              18 holes, par 72, 6,804 yards in
                          total length
6.   Future plan

The Shirasagi Golf Club will continue to operate its business as
usual. A rehabilitative plan will be proposed which may include
a possible transfer of ownership of the golf club.

7.   Influence on MITSUI's consolidated results

Since MITSUI recognized the losses on this transaction by the
last term, the Company expects that the influence on the
consolidated results will be insignificant.

For inquiries, please contact:
Masaru Nishimura, Corporate Communications Division, Mitsui &
Co., Ltd.
Telephone: 03-3285-7564


NAGOYA RAILROAD: JCR Affirms BBB+ Rating
----------------------------------------
Japan Credit Rating Agency (JCR) has affirmed the preliminary
BBB+ ratings on the shelf registration and bonds of Nagoya
Railroad Co., Ltd.

Shelf Registration:
Maximum: Y80 billion
Valid: two years effective from July 11, 2002

Issues Amount (billion) Issue Date Due Date Coupon
Convertible

Bonds no.7 Y20 Dec. 12, 1996 Mar. 31, 2006 1.050%
Bonds no.24 Y15 May 23, 2000 May 23, 2007 1.700%
Bonds no.25 Y15 May 23, 2001 May 23, 2008 1.150%
Bonds no.26 Y10 May 23, 2001 May 23, 2011 1.710%
Bonds no.27 Y10 Aug. 27, 2002 Aug. 27, 2007 0.94%
Bonds no.28 Y15 Aug. 27, 2002 Aug. 27, 2009 1.40%
Bonds no.31 Y10 Sept. 11, 2003 Sept. 11, 2008 1.33%

RATIONALE:

Nagoya Railroad is considered to have completed the group
restructuring by incurring large restructuring charge in the
previous fiscal year. On the other hand, the group's earnings
power has been on the rise. However, there remain businesses
requiring careful examination on the profitability. Given the
impending introduction of accounting for impairment of long-
lived fixed assets, impact of it should be also examined
thoroughly. Although extension of the railway lines in line with
opening of Chubu International Airport will increase burden of
capital spending in the short run, it will enlarge revenue of
Nagoya Railroad sharply in and after fiscal 2005. It is
important that Nagoya Railroad cap the group restructuring,
taking this opportunity.

It should improve the impaired equity capital swiftly. The
supervisory authorities prohibited Nagoya Railroad from opening
new bus routes for 2 years due to the misconduct in the bus
operation last year. Thorough compliance with the laws as a
public transportation company is required. The prohibition may
place constraint on the business. On the other hand, competition
in retail business in the vicinity of Nagoya Station
intensified. Therefore, it is also important that Nagoya
Railroad implement restructuring of retail business speedily. It
announced the restructuring plan for the retail business last
fall.


NISSAN DIESEL: Posts FY03 Y6.57B Net Loss
-----------------------------------------
Nissan Diesel Motor Co. incurred a net loss of 57 billion yen in
the nine-month period ending December 31, Japan Times reported
on Wednesday. The firm incurred a net loss of 6.07 billion yen a
year earlier. It attributed the loss to reorganization charges,
including plant closures.


RESONA BANK: Moody's Upgrades L-T Rating to Baa2
------------------------------------------------
Moody's Investors Service has upgraded its long-term and short-
term deposit ratings of Resona Bank, Ltd. (RSBK) and Saitama
Resona Bank, Ltd. (SRBK) to Baa2 and Prime-2 from Baa3 and
Prime-3, respectively. The credit rating outlooks of both banks
are positive.

The upgrade of the debt and deposit ratings is prompted by
Moody's view that the credit risk associated with debt
instruments of the banks has considerably decreased. Positive
outlook for the credit ratings of RSBK and SRBK reflects Moody's
expectation that balance sheet risk reduction initiatives of
RSBK may be implemented as projected, and would lead to recovery
in their franchises.

In Moody's view, SRBK is better capitalized, with lower level of
concentration risk excepting exposure to local municipalities
and affiliated credits. However, SRBK's credit profile remains
directly linked to RSBK due to SRBK's short-term fund placement
with RSBK, and indirectly affected by KOBK due to the necessary
capital reliance of KOBK on RSBK.

Resona Holdings, which controls Resona Bank and Saitama Resona
Bank, received 18 billion dollars of taxpayers' money in June
after its capital adequacy ratio fell below the required 4
percent level due to its auditor's objection to a plan to book
tax refunds as tax-deferred assets on its balance sheet. The
government owns a majority stake in Resona and thus controls its
management.

The following ratings were upgraded:

Resona Bank Ltd.: long-term deposit rating to Baa2 from Baa3;
short-term deposit rating to Prime-2 from Prime-3; senior
unsecured debt rating to Baa2 from Ba1, senior subordinated debt
rating to Baa3 from Ba2, junior subordinated debt rating to Baa3
from B1.

Saitama Resona Bank Ltd.: long-term deposit rating to Baa2 from
Baa3, and short-term deposit rating to Prime-2 from Prime-3

Asahi Finance (Cayman) Ltd.: senior subordinated debt rating to
Baa3 from Ba2, and junior subordinated debt rating to Baa3 from
B1

Daiwa International Finance (Cayman) Ltd.: senior subordinated
debt rating to Baa3 from Ba2.

Daiwa PB Limited: junior subordinated debt rating to Baa3 from
B1

The following ratings were confirmed with a stable outlook:

Resona Bank Ltd.: E bank financial strength rating

Saitama Resona Bank Ltd.: E bank financial strength rating

The following ratings were affirmed with a stable outlook:

AB International Cayman Trust: Caa1 preferred stock rating

Resona Trust & Banking Co., Ltd.: C bank financial strength
rating, A3 and Prime-1 long and short-term deposit ratings


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


HURON CORPORATION: Oil Trader Seeks Receivership
------------------------------------------------
Huron Corporation has suspended operations and sought court
receivership on January 21 after defaulting on maturing debts,
according to Reuters. The Company declined to disclose the size
its debt. The South Korean oil trader was previously trading
about 30,000 kilolitres of high- and low-sulfur fuel oil and
some asphalt locally and internationally every month, and
operated branches in Singapore and Shanghai.

It is one of leading independent oil importers in South Korea,
which is totally dependent on imported oil. Huron's major
clients include British oil giant BP Plc, U.S. oil major
ChevronTexaco Corporation, U.S. major ConocoPhilips, Mitsubishi
and Japan's largest oil refiner Nippon Oil Corporation.

Huron owns a fuel oil terminal in Kunsan, southwest of the
capital Seoul, but nothing had been decided on what would happen
to the facility.


LG CARD: Koram Bank Undecided on Bailout
----------------------------------------
KorAm Bank failed to decide whether to participate in the
government-led bailout package for LG Card Co., according to
Asia Pulse. The bank will hold a board meeting again next week
to discuss the matter. KorAm directors held their inconclusive
meeting on the issue last week.

Early last month, 16 LG Card creditors, LG Group and the
government agreed on the bailout of the nation's largest credit
card issuer. The package calls for creditors and LG Group to put
a total of 5 trillion won (US$4.28 billion) into the near-
bankrupt card firm. The 16 creditors are also to extend an
additional 3.65 trillion won in a debt-for-equity swap to the
ailing company.


KOOKMIN BANK: Firing 450 Staff Members
--------------------------------------
Kookmin Bank will cut 450 employees or 2.3 percent of its full-
time workforce under an early retirement program, according to
Reuters, citing Kookmin spokesman Yoo Jeong-yoon. The job cuts
follow a recent shake-up of Kookmin's top management under which
the number of Vice Presidents was cut to nine from 12. The
departing employees will be given an upfront 18-month salary on
top of severance pay, as well as child tuition fees for four
semesters and help on retraining. The bank is expected to post a
net loss of 479 billion won (US$409.4 million) in 2003.


SK CORPORATION: BB+ Rating Remains Negative, Says S&P
-----------------------------------------------------
Standard & Poor's Ratings Services said its long-term 'BB+'
rating on SK Corporation remains on Credit Watch with negative
implications. The rating was placed on Credit Watch on December
22, 2003, after the company announced a complex scheme to
provide financial support to troubled affiliate SK Shipping, and
plans to expand its business to include power generation
facilities.

The Credit Watch status will be resolved after the appointment
of a new independent board of directors in March 2004. The
current rating on SK Corporation could be maintained if the
company outlines a clear business plan and financial strategy
that focuses on its core oil refining and marketing business.
However, in the absence of clear resolutions to distance itself
from supporting other SK group companies, or if SK Corporation
continues with questionable and aggressive business plans, the
rating could be lowered by one or more notches.


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


DATAMAT PUBLIC: Unveils FY03 Financial Results
----------------------------------------------
Datamat Public Company Limited (DTM) announced its quarterly
financial statements as follows:


Reviewed         Ending  September 30,
                   (In thousands)

Quarter 3          For 9 Months

Year              2003        2002          2003        2002

Net profit (loss) (17,088)    (41,716)      (41,791)    (47,987)
EPS (baht)        (0.03)      (0.07)        (0.06)      (0.08)
The Company has already reported and disseminated its financial
statements in full via the SET Electronic Listed Company
Information Disclosure (ELCID) and has also submitted the
original report to the Securities and Exchange Commission.

Kusol Sangkananta
Position Director and Secretary to the Board


HOTLINE FURNITURE: Issues Restructuring Scheme Update
-----------------------------------------------------
Hotline Furniture Berhad is in the midst of implementing its
proposed restructuring scheme (PRS). The Company will also hold
a court-convened meeting for shareholders and an Extraordinary
General Meeting (EGM) on February 9, 2004 in relation to the
scheme.


NCK CORPORATION: Releases Default Status Update
-----------------------------------------------
NCK Corporation Berhad announced the status of credit facilities
on which the NCK Group has defaulted in payment since the
Company's previous announcement dated 2 January 2004. Total
borrowings on which the NCK Group has defaulted in payment stood
at RM 174,996,726 as of 31 January 2004, compared to RM
173,627,799 as of 31 December 2003, an increase of RM 1,368,927
due to interest accrued for the month of January 2004.


NCK CORPORATION: Implements Restructuring Scheme
-------------------------------------------------
NCK Corporation Berhad announced the following:

1. PRACTICE NOTE 4/2001 (PN 4)

Further to an application made by Alliance Merchant Bank Berhad
on 5 May 2003, the Securities Commission had on 22 May 2003
approved an extension of six (6) month to 15 November 2003, for
the Company to implement the Proposed Restructuring Scheme.

In addition, further to an application made by Alliance Merchant
Bank Berhad on 30 June 2003 on behalf of the Company, the
Securities Commission had on 3 July 2003 approved for an
additional two (2) months to 13 September 2003 to complete the
investigative audit by Messrs Horwath. Two (2) sets of the
investigative audit reports were submitted to the Securities
Commission on 15 September 2003. The audit findings of the
report will be announced in due course.

On 3 October 2003, Encik Megat Abdul Munir bin Megat Abdullah,
one of the potential Bumiputera investors in relation to the
special issue which forms part of the Proposed Restructuring
Scheme, filed a Writ of Summons, Statement of Claim and Summons
in Chambers dated 1 October 2003 in the High Court of Malaya at
Kuala Lumpur against both APB Resources Berhad (formerly known
as Lamquest Holdings Berhad and previously known as Kekal
Sepakat Berhad) (APB) and Alliance Merchant Bank Berhad
(Alliance), being the white knight and the Adviser respectively
in respect of the Proposed Restructuring Scheme of NCK. The High
Court has adjourned the hearing of the Summons in Chambers from
the earlier date fixed on 12 November 2003 to 26 January 2004.

On 31 October 2003, Alliance Merchant Bank Berhad gave notice to
the Special Administrators of NCK of withdrawal of its services
to NCK and consequently, termination of its appointment as the
advising merchant banker to NCK for the Proposed Restructuring
Scheme, with immediate effect. The Special Administrators of
NCK, had on 3 November 2003, appointed OSK Securities Berhad
(OSK) as the new corporate adviser to replace Alliance Merchant
Bank Berhad for the Proposed Debt Restructuring Scheme.

Further, there were some modifications made to the Proposed
Scheme as announced by OSK on 3 November 2003. Thereafter OSK,
on behalf of the Special Administrators of NCK, has already
submitted an application to the Securities Commission on 5
November 2003 for a further extension of time for the
implementation of the Proposed Scheme for a six (6) months
period to 15 May 2004, and the Securities Commission had on 19
November 2003 approved the application.

On 4 November 2003, Encik Abu Kassim bin Haji Alias, one of the
potential Bumiputera investors in relation to the special issue
which forms part of the Proposed Restructuring Scheme, filed a
Writ of Summons dated 4 November 2003, Statement of Claim dated
31 October 2003 and Summons in Chambers dated 4 November 2003 in
the High Court of Malaya at Kuala Lumpur against both APB
Resources Berhad (formerly known as Lamquest Holdings Berhad and
previously known as Kekal Sepakat Berhad) (APB) and Alliance
Merchant Bank Berhad, being the white knight and the previous
Adviser respectively in respect of the Proposed Restructuring
Scheme of NCK. The High Court has fixed 11 November 2003 for the
hearing of the Summons in Chambers dated 4 November 2003. The
hearing was subsequently adjourned from the earlier date fixed
to 26 February 2004.

Thereafter, there were some developments on the proposed
restructuring scheme as announced by OSK Securities Berhad on 4
December 2003, 15 December 2003 and 18 December 2003.

On 10 November 2003, Cik Hajar Roslin Binti Mohamad, one of the
potential Bumiputera investors in relation to the special issue
which forms part of the Proposed Restructuring Scheme, filed a
Writ of Summons dated 10 November 2003, Statement of Claim dated
10 November 2003 and Summons in Chambers dated 10 November 2003
in the High Court of Malaya at Kuala Lumpur against both APB
Resources Berhad (formerly known as Lamquest Holdings Berhad and
previously known as Kekal Sepakat Berhad) (APB) and Alliance
Merchant Bank Berhad, being the white knight and the previous
Adviser respectively in respect of the Proposed Restructuring
Scheme of NCK. The High Court has fixed 26 February 2004 for the
hearing of the Summons in Chambers dated 10 November 2003.

On 2 December 2003, Cik Shaliza Binti Sabtu, one of the
potential Bumiputera investors in relation to the special issue
which forms part of the Proposed Restructuring Scheme, filed a
Writ of Summons dated 2 December 2003, Statement of Claim dated
2 December 2003 and Summons in Chambers dated 2 December 2003 in
the High Court of Malaya at Kuala Lumpur against both APB
Resources Berhad (formerly known as Lamquest Holdings Berhad and
previously known as Kekal Sepakat Berhad) (APB) and Alliance
Merchant Bank Berhad, being the white knight and the previous
Adviser respectively in respect of the Proposed Restructuring
Scheme of NCK. The High Court has fixed 11 December 2003 for the
hearing of the Summons in Chambers dated 2 December 2003. The
hearing was subsequently adjourned to 17 February 2004.

2. PRACTICE NOTE 10/2001 (PN 10)

On 2 January 2004, NCK announced to the Exchange that NCK is
deemed an affected listed issuer pursuant to Paragraph 2.1(c) of
PN 10.

Since NCK is also an affected issuer under PN 4, the
requirements and obligations of PN 4 would prevail over those of
PN 10. It is expected that NCK's regularization plan would
address both its financial condition (PN 4) and the level of
operations (PN 10) to maintain a continuing listing on the
Official List.


PILECON ENGINEERING: Strikes Off Unit
-------------------------------------
Pilecon Engineering Berhad (PEB) announced that its unit
Castcrete Industries Sdn Bhd has been struck off from Companies
Commission of Malaysia pursuant to the powers conferred by
subsection 308(4) of the Companies Act, 1965 and accordingly
dissolved. Cascrete has ceased operations since 1999.


SURIA CAPITAL: Appoints New Managing Director
---------------------------------------------
Suria Capital Holdings Berhad announced that Tuan Hj Abu Bakar @
Wahab Hj Abas has assumed the duties of Managing Director of the
Company with effect from February 1, 2004.

Announcement Authorized By:
ZAINIE ABDUL AUCASA
General Manager



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


ACI INDUSTRIES: Enters Voluntary Liquidation
--------------------------------------------
The Board of Directors of Asian Micro Holdings Limited (AMHL)
announced that ACI Industries, Inc., (ACII) has completed its
voluntary liquidation on January 26, 2004.

ACII was incorporated in Philippines on 2 September 1997 to
carry on the business in trading of clean room supplies for the
electronic and hard disk drive industries. AMHL had held 40
percent equity in ACII with majority representation on the Board
of Directors.

Following the AMHL's cost cutting measures, the Group's overseas
trading business have been streamlined and consolidated in
Singapore and ACII has remained inactive since June 2002. The
Board of Directors of both joint-venture partners have mutually
agreed and passed a resolution to place ACII into voluntary
liquidation.

The above transaction will not have a material impact on the
earnings per share and the net tangible assets per share of
Asian Micro Holdings Limited for the current financial year.

None of the directors or substantial shareholders of AMHL has
any interest, direct or indirect in ACII.

On behalf of the Board
Victor Lim
Group Managing Director


BENPRES HOLDINGS: Director Vicente Jayme Resigns
------------------------------------------------
The Board of Directors of Benpres Holdings Corporation (BPC)
accepted the resignation of independent Director Vicente Jayme,
who is leaving his post for personal reasons, according to Dow
Jones. Vicente Paterno, a former senator, will replace him.

Benpres Holdings reported a widened net loss of 1.14 billion
pesos for the nine months to September 2003, TCR-AP reported
recently. The Company's third quarter net loss widened to 1.19
billion pesos from 370 million pesos a year earlier, due to
higher financing costs and expenses.


CEBU PLAZA: Pagcor Conducts Due Diligence for Possible Sale
-----------------------------------------------------------
The state-run Philippine Amusement and Gaming Corporation
(PAGCOR) said it is conducting a due diligence for the possible
purchase of the idle Cebu Plaza Hotel, Yehey News reports.
Metropolitan Bank and Trust Co. (Metrobank) now owns the hotel
after its previous owners failed to pay maturing debts.
Metrobank is reportedly asking for 1.2 billion pesos for the
foreclosed hotel.

Cebu Plaza ceased operations in March 2003 after its owner,
Pathfinder Holdings Phils. Inc., was forced to turn the facility
over to Metrobank under a dacion en pago or payment-in-kind
arrangement. The first class hotel has 383 guest rooms and
suites and is a recognized pioneer of Cebu City's hospitality
industry.


NATIONAL POWER: Narrows FY03 9-Month Loss to Php14.99B
------------------------------------------------------
National Power Corporation (Napocor) posted a net loss of 14.99
billion pesos during the first nine-months of 2003, versus a net
loss of 17.85 billion pesos in the same period a year earlier,
Yehey News reports. The Company's operating costs, which include
personnel and maintenance expenses, grew to 8.08 billion pesos
from 7.5 billion pesos during the review period.

This year, Napocor needs to generate at least $2.4 billion
(PhP134 billion) to pay maturing debts, sinking the company into
a cycle of borrowing and increasing obligations.


PHILIPPNE LONG: Confirms Appointment of Marketing VP
----------------------------------------------------
The Board of Directors of Philippine Long Distance Telephone Co.
(PLDT) has confirmed the appointment of Jose Antonio Valdez as
Vice President for Marketing, Dow Jones reports. Valdez was
appointed to the position in December.


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


FEDERATED GARMENT: Releases Preferential Dividend Notice
--------------------------------------------------------
Federated Garment Factory Pte Ltd. issued a notice of
preferential dividend as follows:

Address of Registered Office: Formerly of 10 Anson Road, #20-05
International Plaza, Singapore 079903.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 238 of 1992.

Amount Per Centum: 28%.

First and Final or otherwise: First & Final Dividend.

When Payable: 9th January 2004.

Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

Dated: 30th January 2004.

KAMALA PONNAMPALAM
Assistant Official Receiver.


NESDEX PTE: Petition to Wind Up Pending
---------------------------------------
The petition to wind up Nesdex Pte Ltd. is set for hearing
before the High Court of the Republic of Singapore on February
13, 2004 at 10 o'clock in the morning. Hitachi Credit Singapore
Pte Ltd., a creditor, whose address is situated at 268 Orchard
Road #11-01, Singapore 238856, filed the petition with the court
on January 20, 2004.

The Petitioner's Solicitors are Messrs Guan Teck & Lim of 139
Cecil Street, #03-02 Cecil House, Singapore 069539. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Messrs Guan Teck & Lim a notice in writing
not later than twelve o'clock noon of the 12th day of February
2004 (the day before the day appointed for the hearing of the
petition).


PACIFIC BINDING: Issues Dividend Notice
---------------------------------------
Pacific Binding Pte Ltd. issued a notice of intended
preferential dividend as follows:

Address of Registered Office: Formerly of 10 Collyer Quay, #23-
01 Ocean Building, Singapore 049315.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 73 of 1994.

Last Day for Receiving Proofs: 13th day of February 2004.

Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

Dated : 30th day of January 2004.

KAREN LOH PEI HSIEN
Assistant Official Receiver.


SEATOWN CORPORATION: Releases Default Status Update
---------------------------------------------------
The Board of Directors of Seatown Corporation Ltd. refers to the
announcements released by the Company on 1 July 2003, 5 August
2003, 3 September 2003, 7 October 2003, 5 November 2003, 2
December 2003 and 5 January 2004 regarding the state of the
banking facilities obtained by the Company's subsidiaries and,
which are currently in default. The Directors make this
announcement to confirm that there have been no further
developments since the date of the earlier announcements.


SENG HIN: Issues Winding Up Order Notice
----------------------------------------
Seng Hin Holdings (Singapore) Pte Ltd issued a notice of winding
up order made on the 16th of January 2004.

Name and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #06-11
The URA Centre (East Wing)
Singapore 069118.

Dated this 27th day of January 2004.

Messrs RAJAH & TANN
Solicitors for the Petitioner.


YUAN GUANG: Creditors First Meeting Set March 2
-----------------------------------------------
Yuan Guang Building Materials Pte's first meeting of creditors
will be held at Ernst & Young, 10 Collyer Quay, Turquand Room
(6th Floor), Ocean Building, Singapore 049315, at 10 A.M. on 2nd
March 2004.

AGENDA

1. To receive the liquidators' report on the progress of the
liquidation.

2. To appoint a committee of inspection, if necessary.

3. Any other matters.

To entitle you to vote thereat, your proof of debt must be
lodged with me not later than 5 p.m. on 6th February 2004. Forms
of proof and of general and special proxies are enclosed
herewith. Proxies to be used at the meeting must be lodged with
me not later than 5 p.m. on 26th February 2004.

Dated this 3rd day of February 2004.

ONG YEW HUAT
Liquidator.
Yuan Guang Building Materials Pte Ltd

Address: c/o Ernst & Young
10 Collyer Quay
#23-05 Ocean Building
Singapore 049315.



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


BANGCHAK PETROLEUM: Profit Rises Due to Refining Margin
-------------------------------------------------------
Bangchak Petroleum Plc posted a profit of 400 million baht last
month due to a sharp rise in its refining margin, according to
Bangkok Post, citing acting President Pichai Chunhavajira.

Pichai said the margin rose to US$4.27 per barrel in January
from US$1.49 due to the surge in finished oil product prices in
Singapore and crude prices in the world, along with increased
wintertime fuel demand in the United States and Europe. As well,
oil consumption in China rose with increased travel over the
Chinese New Year holiday.

Bangchak's output in January averaged 80,000 barrels per day,
compared with an average of 74,000 barrels per day for all of
last year. The company is prepared to lift daily output to
100,000 barrels to meet rising demand and the expected broader
customer base.

Pichai said the company's business and financial restructuring
plan had also started bearing fruit. Having raised its capital
by three billion baht and after issuing convertible debentures,
its interest payments will decline by 400 million baht per year.

Bangchak booked a net loss of 1.29 billion baht last year,
compared with a profit of 533.5 million in 2002. Its shares
closed Tuesday at 17.70 baht, up two baht, in trade worth 44.6
million baht.


EMC POWER: Unveils FY03 Financial Results
-----------------------------------------
EMC Public Company Limited posted results in its audited annual
financial statements as follows:

          Audited        Ending  December 31,
         (In thousands)

For year
Year                    2003         2002
Net profit (loss)       109,479      97,250
EPS (baht)              1.85         1.90

The Company has already reported and disseminated its financial
statements in full via the SET Electronic Listed Company
Information Disclosure (ELCID), and has also submitted the
original report to the Securities and Exchange Commission.


EMC PUBLIC: Clarifies Financial Results
---------------------------------------
EMC Public Co. Ltd. posted a net profit of Baht 109 million in
2003 versus a net profit of Baht 97 million a year earlier. The
company therefore clarifies the results as follows:

1. The Company sold its investment in 3 subsidiaries and
recognized a reversal of provision for possible losses on
investments in subsidiary companies and gain on investments of
Baht 68.15 million.

2. The Company has reversal of provision for doubtful debts and
others amounting to Baht 2 million in 2003.

3. The Company recognized gain on debt restructuring in 2003
amounting to Baht 20.4 million.


PRASIT PATANA: Appoints Aut Thongtang as New Director
-----------------------------------------------------
The Board of Directors of Prasit Patana Plc's recently passed a
resolution to appoint Aut Thongtang to replace its Director,
Surapong Ambhanwong.

The total number of directors is as follows:

1. Mr. Vichai Thongtang
2. Mr. Chanin Yensudchai
3. Mr. Sitthichai Sukcharoenmitr
4. Mr  Arthit Ourairat
5. Mr. Taratorn Premsoontorn
6. Mr. Saharatna Benyakul
7. Mr. Virojn Srethapramotaya
8. Ms. Panudda Varithorn
9. Mr. Darryl  Keith Maytom
10. Mr. Aut Thongtang
11. Mr  Jithasem Sangsingkeo
12. Mr. Nuttawut Phowborom

Ms. Sakara Punyashthiti
Vice President, Finance and Accounting


TPI POLENE: Unit Enters Liquidation
-----------------------------------
TPI Polene Public Company has liquidated its dormant unit TPI
Polene International Pte Ltd, a Company statement said. The
subsidiary was registered in Singapore on May 22, 1996, with an
initial registered capital of SGD 3,000,000 (or an equivalent of
Baht 53,982,000 as of the registered date) and it was
incorporated in order to be a holding Company for oversea
ventures.


                  *********


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

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

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

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