TCRAP_Public/040217.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, February 17, 2004, Vol. 7, No. 32

                         Headlines

A U S T R A L I A

AMP LIMITED: Denies Merger Talks With Westpac
AUSTRALIAN MAGNESIUM: Submits Business Plan to Government
COLES MYER: Dawn Robertson Keen to Take Top Role
NATIONAL AUSTRALIA: Appoints Graham Kraehe as Chairman
QANTAS AIRWAYS: Boosts Capacity in Western Australia


C H I N A  & H O N G K O N G

COMPUTER CLUB: Winding Up Petition Slated for March 3
MICHAELINK ENTERPRISE: BoC Initiates Winding Up Petition
PROFIT EAGLE: Winding Up Petition Set March 10
YESWAY INVESTMENT: Faces Winding Up Order


I N D O N E S I A

BANK LIPPO: Swissasia to Submit Income Statement Friday


J A P A N

ASHIKAGA BANK: Sets Up Panel to Probe Past Lending
FURUKAWA ELECTRIC: Books Y75.5B Loss in April-December Period
KANEBO LIMITED: Union Threatens to Derail Sale Plan
MITSUBISHI MOTORS: Expects US$948M Operating Loss
MITSUBISHI MOTORS: Aims to Sell Sheet Metal Processing Unit

MITSUI MINING: Comes Under Government Control
NISSAN MOTOR: S&P Sees Risk in Expansion Plans in China
NISSHO IWAI: JCR Revises EMTN Rating to BBB-
NISSHO IWAI-NICHIMEN: JCR Assigns BBB- Rating


K O R E A

DACOM CORPORATION: Posts Q403 W291B Loss
HYNIX SEMICONDUCTOR: Wins Patent Battle Against Rambus
KEB CREDIT: Q403 Loss Balloons on Card Crisis
LG CARD: Expects US$2.75B Loss in 2003
SSANYONG MOTOR: Creditors, Union Holds Three-Way Talks on Sale


M A L A Y S I A

GENERAL SOIL: Issues Restructuring Proposal Update
HIAP AIK: Issues Book Closure Notice
OSK HOLDINGS: Lists 79,000 New Ordinary Shares Wednesday
RNC CORPORATION: Post Investigative Audit Results


P H I L I P P I N E S

MANILA ELECTRIC: ERC Gives 1 Year to Refund Big Customers
MANILA ELECTRIC: ERC Awaits SC Decision
MUSIC CORPORATION: Changes Name to Music Semiconductors
NATIONAL BANK: Offers Php3.8B Subordinated Notes
NATIONAL STEEL: Reopening Affects Businesses in Mindanao

PHILIPPINE LONG: Elects Nazareno as President


S I N G A P O R E

ASIA PULP: New York Court Rules in Favor of APP
BETAWAN PTE: Creditors Must Submit Claims by March 15
EXCEL MACHINE: Extends Judicial Management Order to June 24
KIM TAT: Winding Up Set February 27
KYUN PTE: Releases Winding Up Order Notice

MULTI-CHEM LIMITED: Sells Stake in Hawera Precision
TAI HOCK: Faces Winding Up Petition
TAI THONG: Issues Winding Up Order Notice


T H A I L A N D

ASIA HOTEL: Unveils Business Transactions for 2003
SINO THAI: Submits Tender Offer Results

* BOND PRICING: For the week of February 16 - February 20, 2004

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Denies Merger Talks With Westpac
---------------------------------------------
Westpac Bank Chief Executive David Morgan denied that the bank
has any direct shareholding in AMP Limited, The Age reports.
Both firms are denying merger talk rumors circulating since
before National Australia Bank conducted its share market raid
on AMP Limited in August. The announcement was interpreted as
the last bit of bad news from the embattled financial services
group after three years of rolling crises resulting in write-
offs of more than $6 billion.

Meanwhile, Credit Suisse First Boston reduced the loss it
expects AMP to report on March 4 to $5.5 billion, Citigroup
Smith Barney to $5.5 billion, UBS to $5.4 billion and Morgan
Stanley to $5.3 billion.


AUSTRALIAN MAGNESIUM: Submits Business Plan to Government
---------------------------------------------------------
Australian Magnesium Corporation submitted its proposed business
plan (The Plan) to the Queensland State and the Commonwealth
Governments on Friday, a Company statement said. Delivery of the
Plan is in accordance with the Heads of Agreement (HOA)
negotiated between AMC, the two Governments and other
stakeholders in June 2003.

The Business Plan proposes future objectives and funding
initiatives for AMC beyond mid June 2004, when the funding,
under the HOA, concludes. The strategic intent is for AMC to
continue as an independent business with the three business
units described in its 2003 Annual Report:

- To finance and develop an Advanced Magnesium Technologies
(AMT) business as a profitable producer of proprietary alloys
and products.

- To refinance the QMAG business and to implement its business
plan to ensure its continued operation and growth.

- To maintain an option for primary magnesium production at
Stanwell when market and economic conditions are more suitable,
by financing the continued development of the AM Process.

The plan also proposes to continue AMC's alliance relationships
with CSIRO and CAST, to maximize the commercial returns from
ongoing technology development. The commercialization of AMC's
proprietary alloys, metal handling technologies and casting
expertise, particularly for the automotive industries, forms the
basis of business growth and development for the AMT business
unit. Commercial relationships are being progressively realized
with auto companies, Tier One suppliers and die casting
companies. It is targeted to have AMT as a self sustaining
business by the end of 2006, producing and selling proprietary
alloys by remelting pure metal feedstock.

Research work undertaken with CSIRO since June 2003 has targeted
simplification of the AM Process (the basis of the Stanwell
Magnesium Project), in order to reduce the capital intensity of
a metal production plant. Significant improvements to the
commerciality of the AM Process are achievable and research
results have indicated a potential to reduce the capital
intensity by 25 percent.

Further reductions in the capital intensity are targeted in the
next stage of research to ensure that the AM Process is the most
competitive electrolytic production method. The AM Process
continues to be the most environmentally responsible method for
the electrolytic production of magnesium metal.

Despite the potential significant reduction in capital
intensity, international economic conditions (persistent low
magnesium metal and alloy prices, high value of the Australian
dollar and the competitive position of Chinese magnesium
production) are not conducive to investment in new electrolytic
production of magnesium in the western world at this time. The
Company will continue to monitor the timing of the future
investment in primary metal production.

Funding alternatives will be pursed with existing stakeholders
and new investors with a strategic interest in the emerging
magnesium technology industry. Interest in the business
opportunity is emerging and potential investors in the business
are being engaged in parallel with stakeholder consideration of
the Plan.

The Company acknowledges the consideration of the Stakeholders
in allowing the ongoing operations of the organization, while
the Company prepared a plan to take the business forward in a
sustainable manner. The details of the Plan are confidential to
the Government Stakeholders who are obliged to consider AMC's
proposals and respond by mid March 2004.

For a copy of the press release, go to
http://www.austmg.com/html/investor_news.htm


COLES MYER: Dawn Robertson Keen to Take Top Role
------------------------------------------------
Myer Grace Bros' Managing Director Dawn Robertson has expressed
interest in taking over as chief executive of Coles Myer if John
Fletcher steps down next year, the Syndey Morning Herald
reports. Robertson was Coles Myer's second highest paid
executive in 2002-2003 after Fletcher, having picked up $3.18
million in total remuneration for the 12 months to June 30,
2003.


NATIONAL AUSTRALIA: Appoints Graham Kraehe as Chairman
------------------------------------------------------
National Australia Bank Ltd. (NAB) has appointed Graham Kraehe
as its new Chairman, replacing Charles Allen, who has resigned,
Yahoo Finance Australia reported on Monday. This follows the
recent resignation Frank Cicutto as Chief Executive and his
replacement by John Stewart, who had been running the bank's
U.K. and Irish operations.


QANTAS AIRWAYS: Boosts Capacity in Western Australia
----------------------------------------------------
Qantas Airways will significantly boost capacity to six Western
Australian destinations, adding 700 seats each week from 23
February and a further 1,000 seats from 28 March by using larger
aircraft, a Company statement said.

Executive General Manager Qantas Airlines John Borghetti said
the airline would use larger series BAe-146 and two-class Boeing
737 aircraft to operate services from Perth to Kalgoorlie,
Karratha, Broome, Port Hedland, Paraburdoo and Newman.

"These larger aircraft provide extra seats that will stimulate
the leisure and business markets and boost the state's tourism
industries," he said.

Mr Borghetti said this latest increase in capacity followed a
series of other Qantas initiatives in Western Australia.

"From 1 May, Qantas will introduce weekly services between Perth
and Kununurra, catering for a very busy tourist trade.

"These services will operate during the seasonal peak period
between May and September - a perfect time for holiday travelers
to explore the unique beauty of the East Kimberley Region,
including the Ord River, Bungle Bungle and East Kimberley
ranges," Mr Borghetti said.

"Earlier this month Qantas also launched non-stop services
between Canberra and Perth and Perth and Cairns, reducing travel
times by up to an hour and boosting tourism in both cities as
well as meeting the needs of business travelers.

"From next month, we plan to add 800 seats each week on our
routes between Broome to Alice Springs, Sydney and Melbourne,"
he added.

Mr Borghetti said these moves demonstrated the airline's
continued commitment to Western Australia.

"We will continue to look for ways of better serving our Western
Australian customers, and ensuring that our services support the
state's tourism needs," he said.

Issued by Qantas Corporate Communication (3031)
Email: qantasmedia@qantas.com.au


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


COMPUTER CLUB: Winding Up Petition Slated for March 3
-----------------------------------------------------
The petition to wind up Computer Club (HK) Limited is set for
hearing before the High Court of the Republic of Singapore on
March 3, 2004 at 9:30 A.M.  Yu Yuen Ling, a creditor, situated
at Room 819, Yiu Sin House, Upper Wong Tai Sin Estate, Kowloon,
Hong Kong, filed on December 22, 2004.

The Petitioners' solicitors are Tam Lee Po Lin, Nina of 34th
Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong
Kong. Any person who intends to appear on the hearing of the
petition must serve on or send by post to Tam Lee Po Lin, Nina a
notice in writing not later than twelve o'clock noon of the 2nd
day of March 2004 (the day before the petition hearing).


MICHAELINK ENTERPRISE: BoC Initiates Winding Up Petition
--------------------------------------------------------
The petition to wind up Michaelink Enterprise (Far East) Limited
is set for hearing before the High Court of the Republic of
Singapore on March 17, 2004 at 9:30 A.M.  Bank of China (Hong
Kong) Limited (BoC), a creditor, situated at 14th Floor, Bank of
China Tower, 1 Garden Road, Central, Hong Kong, filed on January
14, 2004.

The Petitioners' solicitors are Arthur K.H. Chan & Co. of Unit
C1, 15th Floor, United Centre, 95 Queensway, Hong Kong. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Arthur K.H. Chan & Co. a notice in
writing not later than twelve o'clock noon of the 16th day of
March 2004 (the day before the petition hearing).


PROFIT EAGLE: Winding Up Petition Set March 10
----------------------------------------------
The petition to wind up Profit Eagle International Limited is
set for hearing before the High Court of the Republic of
Singapore on March 10, 2004 at 9:30 A.M.  Bank of China (Hong
Kong) Limited (BoC), a creditor, whose address is situated at
14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong
Kong, filed on January 14, 2004.

The Petitioners' solicitors are Arthur K.H. Chan & Co. of Unit
C1, 15th Floor, United Centre, 95 Queensway, Hong Kong. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Arthur K.H. Chan & Co. a notice in
writing not later than twelve o'clock noon of the 9th day of
March 2004 (the day before the day appointed for the hearing of
the petition).


YESWAY INVESTMENT: Faces Winding Up Order
-----------------------------------------
The petition to wind up Yesway Investment Limited is set for
hearing before the High Court of the Republic of Singapore on
March 17, 2004 at 9:30 A.M.  Wing Lung Bank Limited, a creditor,
whose address is situated at No. 45 Des Voeux Road Central, Hong
Kong, filed the petition with the court on January 13, 2004.

The Petitioners' solicitors are Rowland Chow, Chan & Co. of 15th
Floor, Wing Lung Bank Building, 45 Des Voeux Road Central, Hong
Kong. Any person who intends to appear on the hearing of the
petition must serve on or send by post to Rowland Chow, Chan &
Co., Nina a notice in writing not later than twelve o'clock noon
of the 16th day of March 2004 (the day before the day appointed
for the hearing of the petition).



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


BANK LIPPO: Swissasia to Submit Income Statement Friday
-------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has not started
the evaluation of Swissasia Global as the potential buyer of PT
Bank Lippo Tbk failed to submit a "letter of comfort and income
statement of the members of the consortium," Dow Jones reported
on Friday, citing Bank Indonesia Senior Deputy Governor Anwar
Nasution. Swissasia is a consortium led by Austria's Raiffeisen
Zentralbank Oesterreich AG.  Swissfirst Bank, a unit of Swiss
financial group Swissfirst A.G., is also a member of the
consortium. Swissasia was expected to supply the central bank
with the necessary documents by Friday.


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


ASHIKAGA BANK: Sets Up Panel to Probe Past Lending
--------------------------------------------------
Ashikaga Bank has established a third-party panel to investigate
whether the bank's former executives committed any illegal acts
leading to its bankruptcy, according to Kyodo News. The panel
consists of two lawyers and one public accountant. They are
Hiroshi Kasuga, Michihiko Takabe, who both belongs to bar
associations in Tokyo, and Sakae Morishige, a registered
accountant.


FURUKAWA ELECTRIC: Books Y75.5B Loss in April-December Period
-------------------------------------------------------------
Furukawa Electric Co. booked a loss of 75.50 billion yen in the
April-December period, versus a loss of 110.75 billion yen in
the same period a year earlier, due to cost cuts at its ailing
U.S. optical fiber unit and other group companies, AFX Asia said
on Friday. The Company sees a net loss of 102.2 billion yen for
the year to March, compared with the earlier loss forecast of
72.5 billion, citing the adverse impact of a stronger yen and
weaker-than-expected sales of optical fibers and other optical
equipment.

Standard & Poor's Ratings Services reaffirmed its "BB" long-term
corporate credit rating on Furukawa Electric after the company
announced its revised forecast for the full year, but retained a
negative outlook.


KANEBO LIMITED: Union Threatens to Derail Sale Plan
---------------------------------------------------
Labor union members are threatening to derail Kanebo Ltd.'s plan
to sell its key cosmetics operations to rival Kao Corporation
and buoy its foundering financial condition, the Asahi Shimbun
reports. Both parties intended to integrate their cosmetics
businesses under a joint company, but talks ran aground in
January after they failed to agree on the worth of Kanebo's
cosmetics operations. It is unclear whether the companies would
reconsider the merger option.

Kanebo had a negative net worth of 62.9 billion yen as of the
end of last September, largely due to losses on its textile
operations, and is buried under more than 500 billion yen in
debts. The company is hoping to strike a deal for its cosmetics
operations before closing its books at the end of March.


MITSUBISHI MOTORS: Expects US$948M Operating Loss
-------------------------------------------------
Mitsubishi Motors Corporation expects a group operating loss of
100 billion yen (US$948 million) for the year to March due to
poor sales in North America, AFP Online reports. The carmaker
booked an operating profit of 82.7 billion yen a year earlier
and had estimated a loss of 45 billion yen for the current
fiscal year.

An increase in defaults on past loans that the automaker offered
in the United States raised its estimated amount of bad loans to
more than 40 billion yen, which the firm will post as a one-time
loss this fiscal year.


MITSUBISHI MOTORS: Aims to Sell Sheet Metal Processing Unit
-----------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced plans to sell its
unit Ryowa Sheet and Metal Processing Co. Ltd. to Futaba
Industrial Co. Limited, a Company statement said. The
transaction is for all 300,000 outstanding shares and will take
place during the current fiscal year ending March 31, 2004.

The sale is part of MMC's procurement strategy calling for a
renewed focus on cost and quality performance in all areas of
purchasing. By aligning itself with Futaba - a major supplier to
the auto industry - Ryowa expects to be able to more effectively
concentrate resources on increasing overall competitiveness. MMC
will directly benefit from this increased competitiveness, as
Ryowa is MMC's main supplier for stamping, welding and body
parts in the Nagoya area.

Ryowa, established in 1964 in Aichi, Japan, is capitalized at
6.9 billion yen and had sales of 150 million yen in fiscal 2002.


MITSUI MINING: Comes Under Government Control
---------------------------------------------
Struggling Mitsui Mining Co. has come under the control of the
Industrial Revitalization Corporation of Japan (IRCJ) as it sold
a 52 percent stake to the governmental corporate revival body on
Friday, according to Kyodo News. This is the first specific step
taken by the Company in line with a rehabilitation plan it
agreed upon last year with the IRCJ and its creditor banks,
including Sumitomo Mitsui Banking Corporation.


NISSAN MOTOR: S&P Sees Risk in Expansion Plans in China
-------------------------------------------------------
Nissan Motor Co. is most at risk in China among Japan's top
three auto makers given its relatively large $1 billion
investment in the country's booming but uncertain auto sector,
Standard & Poor's said on Thursday. S&P analyst Chizuko
Satsukawa noted that Nissan's local 50-50 joint venture,
Dongfeng Motor Co., had a big workforce, adding it would be
difficult for it to cut China's notoriously high production
costs.


NISSHO IWAI: JCR Revises EMTN Rating to BBB-
--------------------------------------------
Japan Credit Rating Agency (JCR) has revised the rating on the
Euro Medium Term Note Programme of Nissho Iwai Corporation,
Nissho Iwai HK (Cayman) Ltd., and Nissho Iwai International
Finance (Cayman) Limited, from BB+ to BBB-, removing it from
Credit Monitor.

Program Euro Medium Term Note Programme
Amount equivalent of US$3 billion
Program Established August 16, 2000
Maturities To be decided for each issue.

Status Unsecured and unsubordinated obligations ranking pari
passu with other unsecured and unsubordinated indebtedness of
issuer.

Credit Enhancement Guaranteed by Nissho Iwai Corporation
Covenants Negative Pledge & Cross Default

RATIONALE:

This program is established jointly by Nissho Iwai Corporation,
Nissho Iwai HK (Cayman) Ltd., and Nissho Iwai International
Finance (Cayman) Limited. Nissho Iwai HK (Cayman) Ltd. and
Nissho Iwai International Finance (Cayman) Limited are directly
or indirectly wholly owned subsidiaries of Nissho Iwai
Corporation. The debt service capabilities of subsidiaries
concerning the issues under this program are considered the same
as that of the parent company because of the guarantee by it.
JCR rates the parent company as BBB-. The rating on this program
reflects the rating on the parent company.


NISSHO IWAI-NICHIMEN: JCR Assigns BBB- Rating
---------------------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB- rating to
senior debts of Nissho Iwai-Nichimen Holdings Corporation.

RATIONALE:

Nissho Iwai-Nichimen Holdings (NNH) is a pure holding company
for Nichimen and Nissho Iwai. NNH has been restructuring the
operations. It is expected to attain a pretax profit before
extraordinary items amounting to 48 billion yen for fiscal 2003.
However, NNH would incur a net loss of 29 billion yen, recording
restructuring charge continually. It is probable that NNH would
fail to attain the earnings goals, although it would push for
restructuring. The restructuring will take time to pay off. NNH
carries unrealized loss on real estate. Purchase method of
accounting treatment at time of merger might realize the
unrealized loss.

Further deterioration in assets and additional incurrence of
loss in the process of business reorganization should be also
taken into account to evaluate the equity capital
conservatively. However, financial strength improved by capital
increase through issue of shares. Concerning the fundraising,
JCR evaluates highly the good transactions with main banks. On
the other hand, JCR considers that NNH should improve the
balance between the short-term and long-term borrowings. JCR
believes that subordinated structure should not be reflected in
the rating for NNH, given the strong unity of the group as a
whole.


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K O R E A
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DACOM CORPORATION: Posts Q403 W291B Loss
----------------------------------------
Fixed-line carrier Dacom Corporation incurred a loss of 201
billion won in the fourth quarter ended December 31, versus a
3.7 billion won loss a year earlier, according to Reuters.
"Revenues from fixed-line operations decreased, hit by price
cuts in international calls and aggressive marketing," Dacom
said in a statement.

The Company expects to return to profit this year, targeting 9.5
billion won ($8.2 million) in net profit, and aims to boost
sales by seven percent to 1.07 trillion won by focusing more on
value-added services.


HYNIX SEMICONDUCTOR: Wins Patent Battle Against Rambus
------------------------------------------------------
Hynix Semiconductor Inc. has won a victory in the first round of
a patent battle against Los Altos, California-based Rambus Inc.,
Digital Chosun reports. The European Patent Office revoked
Rambus Inc.'s patent on designing DDR DRAMs and SDRAMs on
February 13. The U.S. semiconductor designer brought the case
against Hynix and other global chipmakers to a European court in
2000, claiming that they violated its patent by manufacturing
memory chips using its technology without paying royalty fees.


KEB CREDIT: Q403 Loss Balloons on Card Crisis
---------------------------------------------
KEB Credit Service Co. posted a 1.02 trillion won (US$879.2
million) net loss in the three months ended in December,
according to Reuters. The Korea Exchange Bank will absorb the
Company by the end of February in an effort to end a cash flow
crisis. The restructuring plan involves massive job cuts at KEB
Credit and its labor union has been on strike to protest the
plan. Last year, KEB Credit posted a 1.43 trillion won net loss,
compared with a 52.4 billion won net loss in 2002.


LG CARD: Expects US$2.75B Loss in 2003
--------------------------------------
Debt-ridden LG Card Co. expects to post an estimated loss of
more than 3.2 trillion won (US$2.75 billion) in 2003, Asia Pulse

reports. The creditors will order the credit card firm to make
allowances for bad debts within the limit of its management in
an effort to get over its insolvency.

After agreeing on a 3.49-trillion-won (US$3 billion) rescue
plan, LG Card's creditors commissioned the KDB to run the
company on their behalf. Hit by increasing defaults, LG Card has
been floundering under debts of more than 23 trillion won.


SSANYONG MOTOR: Creditors, Union Holds Three-Way Talks on Sale
--------------------------------------------------------------
The creditors, management and union of Ssangyong Motors Co. will
hold a second round of talks on Friday to discuss the proposed
sale of the carmaker to a leading Chinese petrochemical company
China National Bluestar Group Corporation, according to Asia
Pulse. The three parties held their first talks Sunday, with the
union agreeing to call off its planned partial strike and come
to the negotiating table.

Early this month, Ssangyong's unionized workers threatened to
stage a half-day strike every Wednesday to protest the proposed
sale, which they claim would lead to mass layoffs, and vowed to
launch a general strike if there was significant progress in the
talks with Chinese firm Lanxing. On December 22, Ssangyong
creditors and the Chinese firm signed a memorandum of
understanding on the sale of the ailing automaker.


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


GENERAL SOIL: Issues Restructuring Proposal Update
--------------------------------------------------
General Soil Engineering Holdings Berhad refers to the
announcement dated October 14, 2003 in relation to the proposed
restructuring scheme wherein the Company had on even date
entered into a supplemental restructuring agreement
(Supplemental RA) with (a) Dr Chin Mee Leen, Lok Kau Lin,
Mohammad Azaham Wahab and Pembangunan K.T.I Sdn Bhd (KTI
Vendors); and

(b) Che Ah Ha, Wong Min Teck and Leong Kok Kee (DJM Vendors)
to supplement and vary certain terms and conditions of the
restructuring agreement dated 23 May 2003 (Restructuring
Agreement) for the Proposed Restructuring Scheme. Avenue
Securities Sdn Bhd on behalf of Gensoil wishes to announce that
the Company had on 13 February 2004 entered into a second
supplemental agreement (Second Supplemental RA) with the KTI
Vendors and DJM Vendors to further modify and supplement the
terms of the Restructuring Agreement and the Supplemental RA.

The salient amendments made pursuant to the Second Supplemental
RA are as shown in Table 1 below.

Save as disclosed above, the remaining salient terms and
conditions of the Restructuring Agreement and Supplemental RA
remains unchanged.

A copy of the Second Supplemental RA may be inspected at the
registered office of Gensoil at 346, Jalan Tuanku Abdul Rahman,
50100 Kuala Lumpur during normal business hours from Mondays to
Fridays (except public holidays) for a period of three (3)
months from the date of this announcement.

Collectively known as the proposed restructuring scheme are as
follows:

- Proposed Capital Reconstruction;
- Proposed Debt Restructuring;
- Proposed Kti Acquisition;
- Proposed Djm Acquisition;
- Proposed Exemption;
- Proposed Newco Share Placement;
- Proposed Private Placement; And
- Proposed Listing Transfer


HIAP AIK: Issues Book Closure Notice
------------------------------------
Hiap Aik Construction Berhad (HACB) has obtained approval from
Malaysia Securities Exchange Berhad on January 27, 2004, for the
shortening of the notice period from not less than one (1) month
prior to maturity date as required under paragraph 8.29 of the
Listing Requirements to three (3) clear market days.

Further notice is hereby given that arrangement of 8%
Irredeemable Convertible Unsecured Loan Stocks 2001/2006 (HACB
ICULS) holders whose names appear in the Record of Depositors of
HACB at the close of business at 5.00 p.m. on 20th February 2004
shall be subject to the Arrangement of HACB ICULS in respect of
the following:

(i) Depositors shall qualify for entitlement to the Arrangement
of HACB ICULS only in respect of HACB ICULS transferred into the
respective depositors' securities accounts before 4.00 p.m. on
20th February 2004 (in respect of transfers).

NOTICE OF HACB WARRANT RECALL AND MATURITY FOR WARRANT HOLDERS
OF HACB

NOTICE IS HEREBY GIVEN that Warrant holders of HACB are advised
that all HACB Warrants which the subscription rights of HACB
Warrants have not been exercised by the warrant holders by 5.00
p.m. on 20th February 2004 will be terminated without any
further notice and/or approval by the warrant holders of HACB.
The subscription rights of HACB Warrants will lapse and cease to
be exerciseable thereafter.

Any outstanding HACB Warrants not exercised by 5.00 p.m. on 20th
February 2004 will lapse and become null and void. Accordingly,
the subscription rights of HACB Warrants held by the warrant
holders in respect of the outstanding HACB Warrants shall cease
after 5.00 p.m. on 20th February 2004.

NOTICE OF HACB ICULS RECALL AND MATURITY FOR ICULS HOLDERS OF
HACB

In view that the special administrators of HACB have been
appointed under the Act, irrespective of whether the trustee of
HACB ICULS, being AmTrustee Sdn Bhd (Trustee), has declared that
the outstanding HACB ICULS is immediately due and repayable, and
the outstanding HACB ICULS shall become immediately due and
repayable at their nominal amounts of RM1.00 each together with
accrued interest up to the Cut-off Date. As provided in the SA
Proposal, any accrued interest after the Cut-off Date will be
waived and the holders of the HACB ICULS shall rank as unsecured
creditors with the debts to be settled via the Debt Settlement.

If you are a holder of CDS account, holding HACB ICULS at or
before 5 P.M. on 20th February 2004, you are not required to
take any action.

Your attention is also drawn to HACB's Circular to Shareholders
dated 26th January 2004 to Shareholders, ICULS holders and
Warrant holders in relation to the Restructuring Scheme.


OSK HOLDINGS: Lists 79,000 New Ordinary Shares Wednesday
--------------------------------------------------------
OSK Holdings Berhad's additional 79,000 new ordinary shares of
RM1.00 each issued pursuant to the OSK-Executive Share Option
Scheme will be granted listing and quotation with effect from 9
A.M., Wednesday, February 18, 2004.


RNC CORPORATION: Post Investigative Audit Results
-------------------------------------------------
Further to the announcement dated February 10, 2004 in relation
to the exemption on the requirement to appoint an independent
audit firm to conduct an investigative audit on the past losses
of RNC Corporation Berhad (RN), the Special Administrators (SA)
are also required to make appropriate announcements on the
findings of the report that was submitted to the Securities
Commission (SC) on September 12, 2000.

OSK Securities Berhad (OSK), on behalf of the SA of RNC,
announced that the investigative report that was submitted to
the SC on 12 September 2000 has identified various transactions
that led to the losses suffered by RNC. Among these transactions
are the shortfall in the Profit Guarantee that was given by the
guarantors in relation to the profit guarantee agreement,
provisions for doubtful debts, non-performing loans made by a
subsidiary of RNC, and various unprofitable investments, in
addition to losses in the operations of its core plastic
businesses.

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


MANILA ELECTRIC: ERC Gives 1 Year to Refund Big Customers
---------------------------------------------------------
The Energy Regulatory Commission (ERC) has allowed Manila
Electric Co. (Meralco) to implement the third phase of its
refund program in twelve months, longer than the six-month
period earlier imposed by the regulator, BusinessWorld newspaper
reported. ERC Chairman Rodolfo Albano said the commission
approved Meralco's petition because it already paid 82 percent
of the low-income end-users. This refund was estimated to have
already cost Meralco some 3 billion pesos.

The third phase of the refund, which covers residential
customers with electricity consumption of over 300 kWh, will
cost 4.9 billion pesos. The company's four-phase refund of
overcharges dating back to 1994 will cost more than 30 billion
pesos.


MANILA ELECTRIC: ERC Awaits SC Decision
---------------------------------------
The Energy Regulatory Commission (ERC) will await the decision
of the Supreme Court before it can proceed with the public
hearing on the provisional authority (PA) of the Manila Electric
Co. (Meralco)'s 12-centavo power rate hike, the Philippine Star
reports. Albano explained that the commission could only proceed
with the public hearing if the oppositors of the Meralco's PA
can submit some documents.

The ERC had said it would follow the Supreme Court's order,
which stopped Meralco from increasing its power rate by 12
centavos per kilowatthour (kWh).


MUSIC CORPORATION: Changes Name to Music Semiconductors
-------------------------------------------------------
This in reference to Circular for Brokers Nos. 3307-2003 dated
October 16, 2003 and 4018-2003 dated December 18, 2003
pertaining to the approval by the Board of Directors and
stockholders of Music Corporation (MUSX) of the amendment of the
Company's Articles of Incorporation.

In relation thereto, the Company, in a letter dated February 13,
2004, through its legal counsel, Soo Gutierrez Leogardo and Lee,
stated that:

The Philippine Stock Exchange, on behalf of Music Semiconductors
Corporation advises that the Securities and Exchange Commission
(SEC) has approved the Amendment of the Articles of
Incorporation of MUSX, more particularly,

(a) The change in its name from Music Corporation to Music
Semiconductors Corporation, amending Article I of its Articles
of Incorporation for the purpose; and

(b) The change in its primary purpose from that of a holding
company to that of a semiconductor manufacturing company,
amending Article II of its Articles of Incorporation for the
purpose.

The PSE will submit next week SEC certified copies of the
Certificates evidencing the foregoing.

In view thereof, the change in corporate name of the Company
from Music Corporation to Music Semiconductors Corporation and
the change in primary purpose from a Holding Company to a
Manufacturing Company shall be reflected in the Exchange's
computer system upon receipt of the Company's Procedures in
Updating of Stock Certificates.

However, the trading of Music Corporation's shares shall remain
suspended pending compliance with Listing and Disclosure
requirements.

The PSE shall inform the Trading Participants and the investing
public of further developments on the aforementioned matter.

The company had significantly reduced its capital deficiency to
102 million pesos as of September 30 from 344 million at end-
2001, but intends to raise funds to wipe out the deficit
totally.


NATIONAL BANK: Offers Php3.8B Subordinated Notes
------------------------------------------------
Philippine National Bank (PNB) has received approval from the
Bangko Sentral ng Pilipinas (BSP or central bank) to offer up to
PhP3.8 billion in subordinated notes that would qualify as Tier
2 capital--or capital outside common equity, Business World
reports. The increase was due to higher demand against the
original issue size of 2.2 billion pesos.

The report said should the bank expand the issue size to 3
billion pesos, this would improve the parent bank's capital
adequacy ratio to 11.9 percent from the present 9.6 percent of
total capital. The ratio serves as a barometer to determine a
bank's ability to cover for risks.

In an earlier disclosure to the Philippine Stock Exchange, the
bank said the pricing of its peso-based lower Tier 2 debt has a
yield of 12.5% or higher by 126.83 basis points over the five-
year MART 1 FXTN (fixed rate treasury notes).


NATIONAL STEEL: Reopening Affects Businesses in Mindanao
--------------------------------------------------------
The reopening of the National Steel Corporation (NSC) in Iligan
City is expected to cause a power shortage in the Mindanao area,
affecting other businesses and residents in the surrounding
provinces, the Philippine Star reports.

According to the National Economic and Development Authority
(NEDA) in Northern Mindanao, NSC would require megawatts (MW) of
power that would not be met by the existing power source, mostly
from the Ma. Cristina Falls Hydroelectric power facility. Local
officials and business leaders are wary that the steel plant
would disrupt power supply because there was no facility to fill
its power demand.

When this power plant becomes commercially operational, NEDA
regional director Casimira V. Balandra said it would supply at
least 20 MW of NSC's requirement. Until then, however, the steel
plant would have to get power from the existing power grid
already limited by current demand. Local businessmen were
already complaining about the region's periodic power
interruptions, which they say have grown worse over the last few
months.


PHILIPPINE LONG: Elects Nazareno as President
---------------------------------------------
The Board of Directors of the Philippine Long Distance Telephone
Co. (PLDT) is set to elevate Company President and Chief
Executive Manuel Pangilinan to Chairman and name Napoleon
Nazareno as its new President, the Philippine Star reports.
Nazareno is currently President of PLDT unit Smart
Communications Incorporated.

After PLDT Chairman Antonio Cojuangco resigned in November to
focus on the Associated Broadcasting Corp. television network,
his latest acquisition, PLDT's board is expected to elevate
Pangilinan to the chairmanship position.


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

ASIA PULP: New York Court Rules in Favor of APP
-----------------------------------------------
In another round in what is beginning to resemble a legal
heavyweight bout, the New York court with jurisdiction over $277
million in bonds purchased by American investors in Asia Pulp &
Paper (APP) and its affiliates granted a temporary restraining
order preventing the company from taking further action in an
Indonesian suit to nullify certain of these bonds, PR Newswire
reports. The Indonesian suit was brought by APP affiliate P.T.
Lontar Papyrus Pulp & Paper. Sunday's order is the second
temporary restraining order granted by the New York Supreme
Court in the last three months against APP.

Justice Helen Freedman previously issued a similar order (which
is still in effect) restraining litigation of an Indonesian
lawsuit brought by APP affiliate Indah Kiat Pulp & Paper. Both
Indonesian lawsuits were filed after Justice Freedman granted
investors' summary judgment motion against APP in their lawsuit
to collect on their bonds. APP and its affiliates issued the
bonds under New York law pursuant to a registration statement
filed with the SEC and granted jurisdiction to the courts in New
York.

"We hope that the New York court's commitment to the
accountability demanded by the modern day financial system will
move APP in a different direction," said Robert Rauch, Managing
Director of Gramercy Advisors. "Rather than suing their
creditors and seeking to invalidate their debts, we continue to
believe the company should come to the bargaining table and
negotiate in good faith with its creditors."

The two lawsuits filed by these APP affiliates in Indonesia seek
to: declare the bonds were issued deceptively and as such are
unenforceable; obtain more than $2 billion in damages from the
bondholders and parties involved in the bond issuance; and,
enjoin American bondholders and other financial institutions
from further attempting to enforce the bonds. APP, the world's
10th largest paper company, owes various public and private
investors over $14 billion.

Melissa Obegi, Associate General Counsel for Oaktree Capital,
reiterated her concern for the impact of APP's actions on future
investment in Indonesia: "APP's continued attempts to avoid its
corporate obligations through the Indonesian courts have to
stop. American investors bought New York bonds governed by New
York law to assure predictability of their treatment. APP's
filing suit after frivolous suit against the investors,
underwriter, indenture trustee, and clearinghouse doesn't help
the country attract much-needed investment capital."

Richard Cooper, a partner at Cleary, Gottlieb, Steen & Hamilton,
representing these secured creditors, said: "Today's ruling is
important because it further demonstrates the New York court's
commitment to ensuring that APP meets its contractual
obligations. Indonesia is the only emerging market country where
you regularly see large private sector corporations using the
legal system to nullify international financings and sue their
creditors. It is very destructive to the country's long-term
interests."

For more information or to schedule an interview, please contact
Dan Rene at 202-448-3127 or drene@qorvis.com


BETAWAN PTE: Creditors Must Submit Claims by March 15
-----------------------------------------------------
The creditors of Betawan Pte Ltd (In Members' Voluntary
Liquidation), which is being wound up voluntarily are required
on or before 15th March 2004 to send in their names and
addresses and the particulars of their debts or claims and the
names and addresses of their solicitors (if any) to the
undersigned, the Liquidators of the said Company, and, if so
required by notice in writing from the said Liquidators, are by
their solicitors, or personally, to come in and prove their said
debts or claims at such time and place as shall be specified in
such notice or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

Dated this 13th day of February 2004.

CHIA SOO HIEN
NG GEOK MUI
Liquidators.
c/o BDO International
5 Shenton Way
#07-00 UIC Building
Singapore 068808.


EXCEL MACHINE: Extends Judicial Management Order to June 24
-----------------------------------------------------------
The judicial managers of Excel Machine Tools Limited announced
that pursuant to the Order of Court dated November 19, 2003, the
Judicial Management Order has been extended to June 30, 2004.
Additionally, the Judicial Managers were granted an extension of
time till 30 June 2004 to comply with the requirements set out
in section 227M of the Companies Act, in particular to lay
before the creditors of the Company a statement of proposals for
achieving the objectives of the Judicial Management Order made
herein on 5 May 2003.

Submitted by Ramasamy Subramaniam Iyer, the Judicial Manager on
February 12, 2004.


KIM TAT: Winding Up Set February 27
-----------------------------------
The petition to wind up Kim Tat Seng Group Pte Ltd is set for
hearing before the High Court of the Republic of Singapore on
February 27, 2004 at 10 o'clock in the morning. Kwangtung
Provincial Bank, a creditor, whose address is situated at 4
Battery Road, Bank of China Building, Singapore 049908, filed
the petition with the court on January 30, 2004.

The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-00 Bank of China Building, Singapore 049908. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs Rajah & Tann a notice in
writing not later than twelve o'clock noon of the 26th day of
February 2004 (the day before the day appointed for the hearing
of the petition).


KYUN PTE: Releases Winding Up Order Notice
------------------------------------------
Kyun Pte Limited issued a notice of winding up order made on
January 30, 2004.

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

TAN PENG CHIN LLC
Solicitors for the Petitioner.


MULTI-CHEM LIMITED: Sells Stake in Hawera Precision
---------------------------------------------------
The Board of Directors of Multi-Chem Limited announced that its
35 percent owned associated company, Hawera Precision Tec Pte
Ltd has sold its 100 percent equity interest in Hawera Precision
Tec (Suzhou) Co., Ltd to HPTec GmbH, the 65 percent shareholder
of Hawera Precision Tec Pte Ltd on 31 December 2003.

Hawera Precision Tec (Suzhou) Co., Ltd is incorporated in Suzhou
of Jiangsu Province, the People's Republic of China ("PRC") and
its principal activities are those relating to the distribution
of precision tools and the provision of regrinding services.

The consideration for the sale is US$85,380, based on Hawera
Precision Tec (Suzhou) Co., Ltd's net asset value as of 30
September 2003. The amount is payable upon the completion of the
transfer registration with the State Administration of Industry
and Commerce in PRC.

The net tangible liabilities of Hawera Precision Tec (Suzhou)
Co., Ltd as at 31 December 2003 were S$31,971.

The transaction is not expected to have any material impact on
the earnings per share and net tangible assets per share of the
Company for the financial year ending 31 December 2004.

None of the Directors or controlling shareholders of the Company
has any interest, direct or indirect, in the above transaction.
The Directors are not aware of any substantial shareholders
having any interest, direct or indirect, in the transaction.


TAI HOCK: Faces Winding Up Petition
-----------------------------------
The petition to wind up Tai Hock Textiles (Pte) Ltd is set for
hearing before the High Court of the Republic of Singapore on
February 27, 2004 at 10 o'clock in the morning. The Bank of
China, a creditor, whose address is situated at 4 Battery Road,
Bank of China Building, Singapore 049908, filed the petition
with the court on January 30, 2004.

The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-00 Bank of China Building, Singapore 049908. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs Rajah & Tann a notice in
writing not later than twelve o'clock noon of the 26th day of
February 2004 (the day before the day appointed for the hearing
of the petition).


TAI THONG: Issues Winding Up Order Notice
-----------------------------------------
Tai Thong Hung Industrial Chemicals Private Limited issued a
notice of winding up order made on the 30th day of January 2004.

Name and address of Liquidators: Mr Chee Yoh Chuang and
Mr Lim Lee Meng care of Messrs Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

Messrs CHUA HAY & PARTNERS
Solicitors for the Petitioners.


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


ASIA HOTEL: Unveils Business Transactions for 2003
--------------------------------------------------
Asia Hotel Public Company Limited (ASIA) announced the following
transactions for 2003 as follows:

1. Transaction between Asia Hotel Public Company Limited and Nam
Seng Insurance Public Company Limited

1.  Parties involved

Parties Involved: Asia Hotel Public Company Limited. "ASIA"  as
Insured, Nam Seng Insurance Public Company Limited "NSI" as
Insurer

Transaction Date: 15 February 2004

2.  Description of transaction

2.1 Fire Insurance Property Insured  - Hotel and office

Amount Insured                   600 MB
Period of Insurance              15 February 2004 to 30 May 2005

2.2 Limit of liability for third party not exceed 10 MB for loss
of life and medical payment and damage of property

Period of Insurance                 23 March 2004 to 30 May 2005

3. Size of transaction: Net premium including stamp duty and
VAT of Baht766,000 for 8 installment from March to October 2004

To view full copy of this press release, click
http://bankrupt.com/misc/asiahotel021604.htm


SINO THAI: Submits Tender Offer Results
---------------------------------------
The preliminary results of tender offer report (Form 247-6-B) to
purchase securities of Sino-Thai Resources Development Plc. are
as follows:

Mrs. Suladda Asawapayuthkul, Mr. Vichai Limpanyakul, Mrs.
Karnchana Manathamphaiboon, Mrs. Jintana Surapanich and Mr.
Kitti Cheevakittigul have an intention to purchase the ordinary
shares of Sino-Thai Resources Development Plc. through a tender
offer totaling 5,199,000 shares, representing 25.99 percent of
the total issued shares of STRD, at the offer price of Baht 10.

Sincerely yours,
Cholapan Vongsing
(Mr. Cholapan Vongsing )
Assistant Managing Director




* BOND PRICING: For the week of February 16 - February 20, 2004
-------------------------------------------------------------

Issuer                                Coupon   Maturity  Price
------                                ------   --------  -----


AUSTRALIA
---------

Advantage Group                       10.000%    4/15/06      1
Amcom Telecommunications Ltd          10.000%    10/28/07     2
APN News & Media Ltd                   7.250%    10/31/08     4
Australia Commonwealth Gov't Loans     3.000%     7/29/49    63
Australian Food & Fibre Ltd            4.000%    12/5/08     10
Bendigo Bank Ltd                       8.000%     5/29/49     9
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                  8.500%     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%    10/15/06     8
Futuris Corporation Ltd                7.000%    12/31/07     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    11
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    74
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%     5/19/10    73
Richmond Ltd                          10.750%    12/15/04     9
Salomon Smith Barney Australia         4.250%      2/1/09     8
Sky Network Television Ltd             9.300%    10/29/49     7
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     8
TrustPower Ltd                         8.300%     9/15/07     8
TrustPower Ltd                         8.500%     9/15/12     8
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   75


KOREA
-----

Korea Electric Power Corporation       7.950%      4/1/96    71
Kolon Industries Inc                   0.250%     12/31/04   52


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 Organization           2.000%      12/19/05   1
Gadang Holdings Bhd                    3.000%      10/21/07   3
Gadang Holdings Bhd                    2.000%      12/24/08   3
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   3
Yu Neh Huat Bhd                        3.000%        9/2/08   1


PHILIPPINES
-----------

Bacnotan Consolidated Industries, Inc.  5.500%   6/21/04    46
Benpres Holdings Corp.                 7.785%    12/19/02   55


SINGAPORE
---------

CSC Holdings Ltd                    6.500%     4/27/05  1
Housing and Dev. Board              3.875%     2/11/04  1
Rabobank Singapore                  1.000%     1/15/13  72
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


THAILAND
--------

Bank of Asia PCL                     3.750%    2/9/04   64
Bangkok Bank                         4.589%    3/3/04   64
Bangkok Land                         3.125%    3/31/01  18
Bangkok Land                         4.500%    10/13/03 17
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., 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.

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.

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