TCRAP_Public/040218.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

         Wednesday, February 18, 2004, Vol. 7, No. 33

                         Headlines

A U S T R A L I A

NATIONAL AUSTRALIA: Launches A$500M Note Issue for BOS
NATIONAL AUSTRALIA: May Sell European Operations
QANTAS AIRWAYS: Commence Services to Mumbai, Shanghai
VILLAGE ROADSHOW: Seeks Trading Halt


C H I N A  & H O N G K O N G

E & FAR: Winding Up Petition Set for March 3
GAINWINSON ENTERPRISE: Winding Up Petition Slated for March 24
RICH SIGHT: Faces Winding Up Petition
SINO SCORE: Cheng Cheuk Initiates Winding Up Petition


I N D O N E S I A

BANK LIPPO: Central Bank Blocks Takeover
EXCELCOMINDO PRATAMA: China Telecom Halts Takeover Plan
GARDUDA INDONESIA: Set to Name New President


J A P A N

KANEBO LTD.: SMBC Ratings Unaffected by Restructuring Plan, S&P
KANEBO LIMITED: Scraps Plan to Sell Cosmetics Unit to Kao
MITSUBISHI MOTORS: Restructures Entire Production System
NISSHO IWAI: R&I Evaluates Merger Plan


K O R E A

HANARO TELECOM: Unveils Operational Business Plan for 2004
HANARO TELECOM: Discloses 4Q03 Operating Costs
HANBO IRON: Sale Negotiations Resume
KIA STEEL: KTIC Sells Stake to Hong Kong Firm


M A L A Y S I A

BERJAYA GROUP: SC OKs Restructuring Proposal
DISCCOMP BERHAD: Issues Material Litigation Status
GENERAL SOIL: Submits Restructuring Plan Proposal
MBF HOLDINGS: Unit Enters Voluntary Liquidation
PAN PACIFIC: Default Status Remains Unchanged

PWE INDUSTRIES: Issues Restructuring Scheme Proposal
SIN HENG: SC OKs Revised Scheme Proposal


P H I L I P P I N E S

MANILA ELECTRIC: Clarifies Refund Report
NATIONAL STEEL: Creditors Require GIHL to Issue Bonds
PHILIPPINE LONG: Post Changes in Investor's Briefing Venue


S I N G A P O R E

CAPITALAND LIMITED: Dormant Units Enter Liquidation
EASTPAC CONSTRUCTION: Issues Winding Up Petition Order
FORLUK TOBACCO: Creditors Must Submit Claims by March 15
HOTEL GRAND: Units Appoint Wu Wai Hong as Liquidator
ISOFTEL LTD: Swings to Profit in Second Half of 2003

MERCATELA (PTE): Creditors Meeting Set for March 16
PROTECTION & INDEMNITY: Issues Final Dividend Notice
SIMSCI ASIA: Releases Debt Claim Notice to Creditors


T H A I L A N D

SUN TECH: Submits Q203 Financial Results on February 23
SUN TECH: Posts Update on Restructuring Plan

     -  -  -  -  -  -  -  -

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


NATIONAL AUSTRALIA: Launches A$500M Note Issue for BOS
------------------------------------------------------
The National Australia Bank (NAB) and Commonwealth Bank
announced that they have launched a $A500 million ($US393.35
million) five-year Medium Term Note (MTN) issue for BOS
International (Australia) Limited, Asia Pulse reports. The issue
comprises a A$150 million minimum fixed rate tranche and an
unspecified floating rate tranche. The MTNs will be marketed at
19 basis points to 20 basis points over the five-year mid swap
rate/three month BBSW mid benchmark. Pricing will take place on
February 17 at about 1500 AEDT.


NATIONAL AUSTRALIA: May Sell European Operations
------------------------------------------------
John Stewart, the new Chief Executive of National Australia Bank
(NAB) will consider selling the bank's U.K. and Irish
operations, National Irish Bank (NIB), Northern Bank, Clydesdale
Bank and the Yorkshire Bank, FML Exchange reports. Stewart, the
former head of NAB's UK and Irish banks, succeeded Frank Cicutto
as Chief Executive earlier this month after Cicutto resigned in
the wake of a currency trading scandal that cost the bank A$360
million.


QANTAS AIRWAYS: Commence Services to Mumbai, Shanghai
-----------------------------------------------------
Qantas Airways said it applied to the International Air Services
Commission for the rights to commence non-stop services from
Australia to Mumbai in India and Shanghai in China, a Company
statement said.

The Executive General Manager of Qantas Airlines, John
Borghetti, said the Mumbai services would operate three times
per week beginning 1 September 2004 using two class Boeing 747-
300 aircraft.

"These new services will, for the first time, operate non-stop
to Mumbai, leaving Sydney on Wednesdays, Fridays and Sundays and
landing in Mumbai 11.5 hours later," he said.

Mr. Borghetti said Qantas was also finalizing plans to fly to
Shanghai by the end of 2004.

"India is one of the fastest growing economies in the world and
the burgeoning trade relationship between Australia and India
has increased demand for business travel between our two
countries," Mr. Borghetti said.

"In total, inbound passenger numbers from India to Australia are
on the rise.

"We are very excited about renewing our long-standing
relationship with India which began in the 1940s, when our
services stopped over in Calcutta."

Mr. Borghetti said the new services highlighted the fact that
Qantas' international operations were recovering from the
devastating impact of the Iraq war and SARS.

"While we have been adding capacity to routes we currently serve
through more flights and larger aircraft, Qantas is particularly
pleased to be able to add new destinations to the Qantas network
and provide more opportunities for tourists to come to
Australia."

Qantas has recently announced it will:

- Commence direct flights between Brisbane and Los Angeles from
14 June, the first time any airline has offered non-stop
scheduled services on the route;

- Fly non-stop between Perth and Hong Kong, and increase
Brisbane-Hong Kong services, from next month; and

- Increase capacity from Heathrow following the acquisition of
two additional daily slots.

Issued by Qantas Corporate Communication (3034)
Media Contact: Corporate Communication
Email: qantasmedia@qantas.com.au


VILLAGE ROADSHOW: Seeks Trading Halt
------------------------------------
Village Roadshow Limited requested on Tuesday an immediate
trading halt on its securities pending an announcement by the
Takeovers Panel in respect of the Company's application before
it. In addition, the Company will shortly thereafter make its
own announcement to the market. It is anticipated that both
announcements will be made later on February 17, 2004.

The Company is not aware of any reason why the trading halt
should not be granted.

Shaun Driscoll
Co Company Secretary

For more information, go to
http://bankrupt.com/misc/tcrap_village0217.pdf


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


E & FAR: Winding Up Petition Set for March 3
--------------------------------------------
The petition to wind up E & Far Development Company Limited is
set for hearing before the High Court of the Republic of
Singapore on March 3, 2004 at 9:30 in the morning. China
Merchants Bank, a creditor, whose registered office is situated
at 7088, Shennan Road, Shenzhen, the People's Republic of China,
filed the petition on November 21, 2003.

The Petitioners' solicitors are Chiu, Szeto & Cheng of 17th
Floor, C.M.A. Building, No. 64 Connaught Road Central, Hong
Kong. Any person who intends to appear on the hearing of the
petition must serve on or send by post to Chiu, Szeto & Cheng a
notice in writing not later than twelve o'clock noon of the 2nd
day of March 2004 (the day before the petition hearing).


GAINWINSON ENTERPRISE: Winding Up Petition Slated for March 24
--------------------------------------------------------------
The petition to wind up Gainwinson Enterprise Limited is set for
hearing before the High Court of the Republic of Singapore on
March 24, 2004 at 9:30 in the morning. Bank of China (Hong Kong)
Limited, a creditor, situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong, filed the petition on
December 31, 2003.

The Petitioners' solicitors are OR, Ng & Chan of 11/F., Wings
Building 110 Queen's Road Central, Hong Kong. Any person who
intends to appear on the hearing of the petition must serve on
or send by post to OR, Ng & Chan a notice in writing not later
than twelve o'clock noon of the 23rd day of March 2004 (the day
before the petition hearing).


RICH SIGHT: Faces Winding Up Petition
-------------------------------------
The petition to wind up Rich Sight Limited is set for hearing
before the High Court of the Republic of Singapore on March 10,
2004 at 9:30 in the morning.  Bank of China (Hong Kong) Limited,
a creditor, situated at 14th Floor, Bank of China Tower, 1
Garden Road, Central, Hong Kong, filed the petition on December
31, 2003.

The Petitioners' solicitors are K.W. Ng & Co. of 11/F., Wings
Building 110 Queen's Road Central, Hong Kong. Any person who
intends to appear on the hearing of the petition must serve on
or send by post to Arthur K.W. Ng & Co. a notice in writing not
later than twelve o'clock noon of the 9th day of March 2004 (the
day before the petition hearing).


SINO SCORE: Cheng Cheuk Initiates Winding Up Petition
-----------------------------------------------------
The petition to wind up Sino Score Investments Limited is set
for hearing before the High Court of the Republic of Singapore
on March 3, 2004 at 9:30 in the morning.  Cheng Cheuk Hang, a
creditor, situated at Room 1127, 11/F., Chui King House, Choi
Hung Estate, Kowloon, Hong Kong, filed the petition on December
24, 2003.

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 Arthur K.H. Chan & Co.
a notice in writing not later than twelve o'clock noon of the
2nd day of March 2004 (the day before the petition hearing).


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


BANK LIPPO: Central Bank Blocks Takeover
----------------------------------------
Indonesia's central bank has refused to give final approval to
the US$142 million sale of Lippo Bank to a consortium that
includes Austria's Raiffeisen Zentralbank, the Financial Times
reports. Bank Indonesia (BI) was withholding its approval until
the "ultimate shareholders" of two investment funds included in
the winning Swissasia Global consortium came forward.

Under new regulations, those shareholders must sign letters
promising to take responsibility for the bank. The move is seen
as an attempt by the central bank to draw out Indonesia's Riady
family, the bank's former owners, who many analysts believe are
involved in the bid. The report said the central bank would not
block the sale should the Riady's prove to be involved in the
Swissasia consortium.


EXCELCOMINDO PRATAMA: China Telecom Halts Takeover Plan
-------------------------------------------------------
China Telecom Group has halted a plan to buy shares in cellular
firm PT Excelcomindo Pratama (Excelcom) and may abandon the plan
entirely, according to Dow Jones on Monday.

"In full consideration of Indonesia's long-term political
instability, as well as various risks arising from war and
racial conflict, China Telecom finally halted this acquisition
plan," the report said, citing an unnamed source familiar with
the matter. Officials from China Telecom Group weren't
immediately available for comment.


GARDUDA INDONESIA: Set to Name New President
--------------------------------------------
Garuda Indonesia Airways plans to appoint Samudra Sukardi as its
new President this week replacing Indra Setiawan, according to
Asia Pulse. Samudra Sukardi is now President of PT Abacus
Distribution Systems Indonesia, a subsidiary of the Indonesian
airline. Setyawan was to end his term in June 2003 to finish the
remaining term of his predecessor Robby Djohan, but the
government decided to keep him in his office until June this
year.

A factor affecting the Company's cash flow was repayment of
debts under its debt-restructuring program that started in
2001 and is slated for completion in 2010, TCR-AP reported
recently. Garuda had paid off a debt totaling US$111.8 million
last year, for both the principal and interest. That leaves the
Company's debt as of December last year at US$928.9 million. The
carrier embarked on a massive debt-restructuring program in 2001
to get out of a debt trap -- resulting from years of what was
deemed as inefficient operation.


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


KANEBO LTD.: SMBC Ratings Unaffected by Restructuring Plan, S&P
---------------------------------------------------------------
Standard & Poor's Ratings Services said the restructuring plan
announced by Kanebo Limited would have no impact on the rating
of the Company's main creditor bank, Sumitomo Mitsui Banking
Corporation (SMBC, BBB/Stable/A-2). Under the plan, Kanebo
requested support from the Industrial Revitalization Corp. of
Japan (IRCJ), and did not ask its creditor banks for debt
forgiveness. As a result, SMBC will provide the company with
only liquidity support, and will incur no sizable losses or
damage to its business performance.

Kanebo's other creditor banks are also unlikely to incur
substantial losses, since IRCJ will purchase the firm's massive
debt at face value from the entity that succeeds Kanebo's
cosmetics unit. Some creditor banks, however, may need to revise
their classifications of borrowers or increase their loan loss
provisions. The accelerated restructuring of financially weak
companies under the IRCJ scheme is a positive factor for SMBC
and other Japanese banks. However, if the restructuring of these
firms does not proceed smoothly, banks could still be requested
to provide financial support such as debt-for-equity swaps. In
Kanebo's case, despite the high profitability of its cosmetics
business, the company's restructuring process may be hindered by
the uncertain earnings prospects for its other operations,
together with its huge debt burden.


KANEBO LIMITED: Scraps Plan to Sell Cosmetics Unit to Kao
---------------------------------------------------------
Struggling cosmetics maker Kanebo Limited has decided to scrap a
plan to sell its core cosmetics business after facing strong
opposition from employees, Channel News reported on Monday.
Instead, Kanebo will seek the help of the government's
Industrial Revitalization Corporation in order to restructure
its operations. Kanebo officials declined to comment on the
reports.

The company had intended to sell its cosmetics division for more
than 400 billion yen (3.8 billion dollars) to reduce its
interest-bearing debts, which totaled some 520 billion yen at
the end of September.


MITSUBISHI MOTORS: Restructures Entire Production System
--------------------------------------------------------
Struggling Mitsubishi Motors Corporation will restructure its
entire production system in a bid to rebuild itself, Channel
News Asia reports. President Rolf Eckrodt is expected to resign
as early as April to take management responsibility since the
initiative will lead to large financial and job losses.

The carmaker plans to transfer production of its Pajero line to
China, consolidate domestic operations and consider the sale of
Southeast Asian joint ventures as part of the restructuring
scheme. DaimlerChrysler AG, which owns 36.97 percent in the
carmaker, will craft a new business plan based on the revamped
production structure by the end of April and plans to carry out
the realignment in three years. Eckrodt's successor will be sent
from DaimlerChrysler as early as April.


NISSHO IWAI: R&I Evaluates Merger Plan
--------------------------------------
Rating and Investment Information Inc. (R&I) has assigned a
Senior Long-term Credit Rating of BB+ and BB- to Nichimen and
Nissho Iwai respectively and has been placing on a Rating
Monitor scheme. Nichimen/Nissho Iwai Holdings is yet to be
rated. Nichimen/Nissho Iwai Holdings announced on February 10 a
merger between its consolidated subsidiaries Nissho Iwai and
Nichimen, which is planned for April 1, 2004.

The April merger takes place within the consolidated group so
will have a neutral effect on the consolidated base
creditworthiness of the Nichimen/Nissho Iwai Holdings. However,
the merger will have a significant impact on the
creditworthiness of Nichimen and Nissho Iwai, which are
individually rated by R&I. With the merger of the two companies,
a uniform credit rating will be assigned to the new corporation.

Clear differences are becoming apparent in the profits and
financial situations of blue chip and second tier companies in
the general trading industry in Japan. Accordingly, R&I will
assign a new rating to the new corporation based on its asset
portfolio and financial base, in light of possible unrealized
losses. R&I will also consider the ongoing stability of earnings
and finance raising in its evaluation.


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


HANARO TELECOM: Unveils Operational Business Plan for 2004
----------------------------------------------------------
In 2004, through the strengthening of its management and the
improvement of its financial structure, Hanaro Telecom Inc.
plans to achieve KRW 1.5 trillion in revenues and its first net
profit since the commencement of its commercial services, and to
prepare for a second leap in continuous development.

In order to achieve these goals, Hanaro is enhancing its
management team and improving its financial structure by 1)
solidifying its competitive position in the broadband Internet
market and improve its profitability, 2) increasing its market
share in the local telephony market, and 3) increasing
investment efficiency in its corporate leased line business.

EXTRAORDINARY EXPENSES

A large sum of expenses was increased due to the extraordinary
cost relating to the company's preparations for the
Extraordinary General shareholders' Meetings (EGM) and the
closing cost for foreign equity infusion. Additionally, there
was a slight decrease in revenue due to fierce price competition
with SOs and small ISPs, which also contributed to a decrease in
operating profit and EBITDA compared to the previous quarter.

For additional information, please visit Hanaro Telecom's
Investor Relations website: http://ir.hanaro.com/eng

Investor Relations:

Soon-Yub Samuel Kwon, 822-6266-2200-1
skwon@hanaro.com
or
Taylor Rafferty, New York
Brian Rafferty, 212-889-4350
or
Taylor Rafferty, London
Noah Schwartz, 44-20-7936-0400
hanaro@taylor-rafferty.com


HANARO TELECOM: Discloses 4Q03 Operating Costs
----------------------------------------------
Hanaro Telecom Inc. announced that its total operating costs in
the fourth quarter of 2003 was 327.8 billion won, which included
depreciation and amortization, commissions to Customer Care
Centers and sales agents, telecommunication equipment lease
expenses, interconnection fees, wages and salaries, and
advertising. Despite the reduction of commission due to the
decrease in subscriber numbers, costs increased by 5.6% compared
to 3Q03 mainly due to the increase in advertising costs and
extraordinary expenses for the EGM held in October and foreign
equity infusion.

Depreciation and amortization in 4Q03 increased to KRW 110.9
billion, up 1.7%, compared to KRW 109.0 billion in 3Q03.

Commissions in 4Q03 totaled KRW 62.7 billion, down 5.9% from KRW
66.6 billion in 3Q03. A drop in commissions is attributable to
slowdown of the subscriber growth and the downward adjustment of
costs of customer management centers.

Wages and Salaries amounted to KRW 20.9 billion in 4Q03, up
20.6% from KRW 17.4 billion in 3Q03. The increase came from KRW
2.8 billion of extraordinary severance and retirement payments
made in connection with the restructuring of the management
team.

Telecommunications equipment lease expense was KRW 41.5 billion,
up 1.8% from KRW 40.8 billion in 3Q03. This includes
international telephony network lease expense of KRW 3.7
billion.

Interconnection fees amounted to KRW 31.9 billion, down 5.3%
from KRW 33.6 billion in 3Q03.

Advertising expenses totaled KRW 8.7 billion, up 133.8% from KRW
3.7 billion in 3Q03.

Repairs and maintenance expense was KRW 16.5 billion, up 20.5%
from KRW 13.7 billion in 3Q03. Repairs and maintenance expenses
included telecommunications facilities maintenance costs and
costs for system upgrading/revamping.

Bad debt expenses were KRW 10.5 billion, up 99.3% from KRW 5.3
billion in 3Q03. The increase attributable to bad debts expense
of bad sales credit in 4Q03.

OPERATING PROFIT (LOSS)

Hanaro recorded an operating profit in 4Q03 amounting to KRW
21.3 billion, down 49.5% from KRW 42.2 billion in 3Q03. EBITDA
in 4Q03 decreased to KRW 132.2 billion, down 12.6%, from KRW
151.3 billion in 3Q03, with an EBITDA margin of 37.9% in 4Q03.

NON-OPERATING INCOME (EXPENSES)

On the non-operating side, the Company recorded a net loss of
KRW 125.0 billion in 4Q03, up 242.6% from KRW 30.5 billion in
3Q03. The expenses increased due to the extraordinary costs
associated with the foreign equity infusion and the one-time KRW
61.1 billion loss due to write off of obsolete property and
equipment.

NET PROFIT BEFORE INCOME TAXES

The Company recorded a net loss of KRW 103.7 billion from net
income KRW 5.7 billion largely due to a one-time substantial
increase in non-operating expenses.

DILUTED NET LOSS PER SHARE

Basic net loss per share was KRW 286 in 4Q03, compared to net
earnings of KRW 21 per share in 3Q03. Diluted net loss per share
was KRW 274 in 4Q03 since there was new share issuance of
182,812,500 shares during the third quarter.

For additional information, please visit Hanaro Telecom's
Investor Relations website: http://ir.hanaro.com/eng

Investor Relations:

Soon-Yub Samuel Kwon, 822-6266-2200-1
skwon@hanaro.com
or
Taylor Rafferty, New York
Brian Rafferty, 212-889-4350
or
Taylor Rafferty, London
Noah Schwartz, 44-20-7936-0400
hanaro@taylor-rafferty.com


HANBO IRON: Sale Negotiations Resume
------------------------------------
Negotiations over the sale of Hanbo Iron & Steel have resumed
for the first time since creditors failed to sell off the
troubled steel maker to an AK Capital-led consortium in
November, Yonhap News reports. Hanbo has been on the block since
its bankruptcy in January 1997.


KIA STEEL: KTIC Sells Stake to Hong Kong Firm
---------------------------------------------
Korea Technology Investment Corporation (KTIC) has completed a
deal to sell a 6.84 percent stake in Kia Steel Co. to Hong Kong-
based Asia Infrastructure Funds Ltd., Dow Jones reported on
Monday. Asia Infrastructure is scheduled to complete the payment
by February 23. In December, KTIC invested 70 billion won for a
32 percent stake in the steel maker, which went bankrupt in 1997
during the regional financial crisis. Kia Steel specializes in
specialty steel and auto parts.

The report did not elaborate on the financial terms of the deal.


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


BERJAYA GROUP: SC OKs Restructuring Proposal
--------------------------------------------
The Board of Directors of Berjaya Group Berhad (Bgroup)
announced that the Securities Commission (SC), via its letter
dated February 9, 2004 (Approval Letter) which was received by
the Company on February 13, 2004, approved the Proposed BGroup
Restructuring Exercise subject to, amongst others, the
following:

(i) BGroup/BCSB/BTR is required to obtain all approvals from the
relevant authorities before implementing the Proposed BGroup
Restructuring Exercise;

(ii) BCSB is required to convert to a public company before the
implementation of the Proposed BGroup Restructuring Exercise;

(iii) The proposed Directors of BCSB who are involved full-time
in the operation/management of BGroup/BCSB Group are not allowed
to be involved full-time in the operation/management of their
other personal businesses, if any;

(iv) The proposed Directors and substantial shareholders of BCSB
are not allowed in the future, to undertake any business which
will compete, directly or indirectly and resulting in a
situation of conflict of interest with the businesses of
BGroup/BCSB Group;

(v) Any transaction in the future between BGroup/BCSB Group and
the proposed Directors, substantial shareholders of BCSB or
companies which the proposed Directors and substantial
shareholders of BCSB have an interest/related to are required to
be made on "arm's-length" basis and not based on terms that that
are unfavourable to BGroup/BCSB Group. In connection with this,
the Audit Committee of BCSB is required to monitor, and the
proposed Directors of BCSB are required to report, any of such
transaction, if any, in the Annual Report of BCSB;

(vi) BGroup/BCSB is required to appoint an independent auditor
within two (2) months from the date of the Approval Letter to
carry out an investigative audit on past losses. BCSB is
required to take the necessary/relevant steps to recover the
losses it suffered.

Based on the investigative audit results, BCSB is required to
report to the relevant authorities if there is any breach of any
relevant laws, regulations, guidelines and memorandum and
articles of associations of the companies which relate to the
Board and/or any other parties who have caused the said losses
of BGroup. The investigative audit is required to be completed
within six (6) months from the date of appointment of the
independent auditor and appropriate announcement is required to
be made on the findings of the investigative audit;

(vii) BGroup/BCSB is required to ensure the leisure businesses
of B-Land and BTR are complementary and are not competing with
each other after the Proposed BTR Acquisition;

(viii) CIMB/BGroup/BCSB is required to submit written
confirmation to the SC before the Proposed BGroup Restructuring
Exercise is implemented, that the net tangible assets
(NTA) per share of BCSB after the implementation of the Proposed
BGroup Restructuring Exercise will be at least of 33% of the par
value of the ordinary shares of BCSB;

(ix) BGroup/BCSB is required to disclose in full the following
in the circular to shareholders and abridged prospectus for the
Proposed Rights Issue:

(a) Risk management plan and insurance to mitigate the risks
related to business operations of BGroup/BCSB Group, including
risks relating to fire, electricity crisis and other risks that
may hinder the smooth operations of BGroup/BCSB Group;

(b) Views and comments of the Director of BGroup on the level of
business viability of BTR and steps taken/to be taken to achieve
the said level of business viability;

(c) Impact of the acquisition of BTR on the performance of
BGroup/BCSB Group and steps taken/to be taken to achieve the
said performance;

(d) Views and comments of the Directors of BGroup on the
potential conflict of interests between B-Land and BTR whereby
both are involved in the leisure businesses and the steps
taken/to be taken to address the said conflict of interests;

(e) Indemnity by BGroup to B-Land and/or B-Land's subsidiaries
to take over the put option of B-Land to the lenders of B-Land
in relation to the B-Toto ICULS and BGroup/BCSB's plans to
fulfil the said obligation;

(f) All interests, transactions and business dealings related to
Directors and substantial shareholders of BGroup and steps
taken/to be taken to address the conflict of interest (if any);

(g) Detailed explanation on the rationale of the Proposed BGroup
Restructuring Exercise, including basis for exchange ratio for
securities under the Proposed BGroup Schemes; and

(h) Detailed explanation on the effects arising from the
execution of the Proposed BGroup Restructuring Exercise,
including the effects on the total bank borrowings and gearing
of BCSB.
(x) In respect of the trade debtors of BTR Group:

(a) BGroup/BCSB is required to disclose in full in the circular
to shareholders and the abridged prospectus the total amount and
the ageing analysis of the trade debtors of BTR Group. In
addition, Directors of BGroup/BCSB is required to give/make
comments/ statements relating to the recoverability of trade
debtors, which exceeded the credit period;

(b) Provision for doubtful debts for the trade debtors of BTR
Group is required to be made in accordance with the SC's
requirements;

(c) The Directors of BGroup/BCSB are required to submit written
confirmation to the SC that the trade debtors of BTR Group which
have exceeded the credit period are recoverable and provision
for doubtful debts/bad debts of BTR Group have been accounted
for in the financial statements and financial estimate/forecast
of BGroup/BCSB Group; and

(d) BTR is required to have a comprehensive collection system to
improve the collection period of its trade debtors;

(xi) The vendors of BTR are required to compensate in cash
before the implementation of the Proposed BTR Acquisition, in
the event the value of the adjusted NTA of BTR Group falls below
the level of purchase consideration that has been approved as a
result of the implementation of condition as set out in
paragraph (x) above;

(xii) BCSB is required to have 30% Bumiputera shareholding
within three (3) years after the implementation of the Proposed
BGroup Restructuring Exercise;

(xiii) BGroup/BCSB is to notify the SC in respect of every
announcement made; and

(xiv) CIMB/BGroup/BCSB are required to fully comply with all the
requirements relating to the Proposed BGroup Restructuring
Exercise as stipulated under the Policy and Guidelines on
Issue/Offer of Securities.

In relation to the Guidelines on the Offering of Private Debt
Securities, the SC has approved the proposed issuance of BCBS
ICULS, subject to, amongst others, the following conditions:

(i) CIMB and BCSB are required to seek the SC's approval on any
revision on the terms and conditions of the issuance of the BCSB
ICULS;

(ii) Before the issuance of the BCSB ICULS, CIMB is required to
submit the following information or documents to the SC:

(a) Date of issue, tenure and size of issue of the BCSB ICULS;

(b) A certified true copy of the trust deed that has been
executed;

(c) Extract of the resolution of the new Board of BCSB, when the
new Board is set up, to confirm the ratification by the Board on
the declaration letter of BCSB made by the present Board of BCSB
dated 4 February 2004;

(d) List of subscribers for the BCSB ICULS and the amount
subscribed;

(e) List of underwriters for the rights issue of the BCSB ICULS
and the amount underwritten;

(f) Declaration letter from each BCSB Directors, when the new
Board is set up, under Schedule 16.02(3) of Policy and
Guidelines on Issue/Offer of Securities;

(g) The final terms of the put and call options of BCSB ICULS
together with the names of parties who are involved in the said
put and call options; and

(h) One copy of the completed principal terms and conditions in
hardcopy and in diskette; and

(iii) BCSB is required to notify the SC upon the execution of
the BCSB put and call options;

The Board of BGroup will deliberate on the SC's approval and
appropriate announcement will be made on the decision of the
Board of BGroup in due course, if required.

Additionally, CIMB on behalf of the Board of BGroup would like
to inform that the valuation of BTR has been revised to RM1,350
million from RM1,475 million, as announced earlier, based on a
supplemental valuation letter by Messrs. Colliers Jordan Lee &
Jaafar Sdn Bhd as set out in the Approval Letter. However, there
will be no change to the purchase consideration previously
announced.

This announcement is dated 16 February 2004.


DISCCOMP BERHAD: Issues Material Litigation Status
--------------------------------------------------
The following announcement is released on behalf of Disccomp
Berhad:

Plaintiff: Optical Disc Technology Sdn Bhd (ODT), a 51% owned
subsidiary of Disccomp

Defendant: Disccomp

Civil Suit: Recovery of damages of RM5,267,282.45 due to fire at
Lot 1651, Kawasan Perindustrian Nilai, Negeri Sembilan on 15
November 1996

Further to the earlier announcement dated November 21, 2003, the
Board of Directors of Disccomp Berhad announced that the Court
of Appeal had on February 16, 2004 disallowed Disccomp's appeal
for conditional stay of execution of the judgment.

Disccomp had immediately instructed its solicitors to file a
restraining injunction against any winding-up proceedings
against the Company.

This announcement is dated 16 February 2004.


GENERAL SOIL: Submits Restructuring Plan Proposal
------------------------------------------------
The Board of Directors of General Soil Engineering Holdings
Berhad (Gensoil) announced that the applications in relation to
the Proposed Restructuring Scheme have been submitted to the
Securities Commission (SC) and the SC (on behalf of Foreign
Investment Committee) on February 14, 2004.

The proposed restructuring scheme is 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

This announcement is dated 16 February 2004.


MBF HOLDINGS: Unit Enters Voluntary Liquidation
-----------------------------------------------
MBf Holdings Berhad (MBfH) announced that MBf Unit Trust
Managers Limited (MBfUTM), a wholly-owned subsidiary has been
placed under members' voluntary winding up and that Messrs Wong
Poh Weng and Bruce Dunlop were appointed the Liquidators of
MBfUTM.

Information on MBfUTM

MBfUTM was incorporated on 27 September 1983 in Hong Kong and
the principal activity was to manage investment funds and unit
trusts. The authorised and paid-up capital is HKD12,156,000.
MBfUTM has a shareholders' fund of HKD1,316.03 as at 31 December
2003. MBfUTM ceased its operation in 1999.

Rationale for the Winding-Up

The winding up exercise of MBfUTM is part of the rationalisation
and streamlining exercise of MBfH Group.

Financial Effect of the Winding-Up

The winding up of MBfUTM will not have any material effect to
MBfH Group.

Interests of Directors, Substantial Shareholders and Persons
connected to the Directors and Substantial Shareholders

None of the directors, substantial shareholders and persons
connected to the directors and substantial shareholders of MBfH
have any interest, direct or indirect in the said exercise.


PAN PACIFIC: Default Status Remains Unchanged
---------------------------------------------
The Board of Directors of Pan Pacific Asia Bhd (PPAB) announced
that that there have been no material changes in the Company's
status of default from the date of the last announcement until
January 31, 2004.

For a summary of borrowings in default as of January 31, 2004,
go to http://bankrupt.com/misc/ppab_tcrap021704.xls  


PWE INDUSTRIES: Issues Restructuring Scheme Proposal
----------------------------------------------------
PM Securities Sdn Bhd refer to the requisite announcement dated
July 16, 2003 and the subsequent announcements dated October 10,
2003 and January 20, 2004 in relation to the Proposed Corporate
Restructuring of PWE Industries Berhad (PWE).

Pursuant to the requirements of Malaysia Securities Exchange
Berhad (MSEB) under Paragraph 6.1(c) of Practice Note No.
10/2001 of the Listing Requirements of MSEB, PWE is obliged to
obtain the approvals of all relevant authorities which are
necessary for the implementation of the Proposed Corporate
Restructuring of PWE within four (4) months from the date of
submission i.e. on or before 14 February 2004.

In connection thereto, PM Securities Sdn Bhd, on behalf of the
Board of Directors of PWE had sought the approval of MSEB for an
extension of time of two (2) months from 14 February 2004 to
obtain the approvals of the relevant regulatory authorities
namely the Securities Commission and Foreign Investment
Committee.

As of to-date, the decision of MSEB is still pending and
announcement on the outcome of the application shall be made in
due course.

This announcement is dated 16 February 2004.

Copy to: Securities Commission
Attn: Mr Wong Wing Seong


SIN HENG: SC OKs Revised Scheme Proposal
----------------------------------------
Sin Heng Chan (Malaya) Berhad announced that the Securities
Commission (SC) had via its letter dated February 10, 2004,
which was received by Southern Investment Bank Berhad (SIBB) on
February 13, 2004, approved the Proposed Revised Scheme, as
proposed, which involves the following:

(i) The proposed debt restructuring of SHCM involving:

(a) The renounceable rights issue of up to 37,988,750 new
ordinary shares of RM1.00 each (Rights Shares) at an issue price
of RM1.00 per Rights Share with the minimum subscription level
of 30,000,100 Rights Shares (Minimum Subscription Level) on the
basis of two (2) Rights Shares for every one (1) existing
ordinary share of RM1.00 each (Share) held in SHCM (Proposed
Rights Issue);

(b) The issuance of up to 7,988,650 new SHCM Shares at an issue
price of RM1.00 each on the basis of one (1) new SHCM Share to
be credited as fully paid-up for every RM1.00 debt to be settled
if the level of subscription for the Rights Shares is at the
Minimum Subscription Level, i.e. 30,000,100 Rights Shares
(Proposed New Shares Issue);

(c) The issuance of 3,016,875 new SHCM Shares at an issue price
of RM1.00 each to Alor Setar Industry Holdings Sdn Bhd (ASIH) as
settlement of debt amounting to RM3,016,875 by ASIH, on behalf
of SHCM, to the unsecured scheme creditors of SHCM and its
subsidiaries (Unsecured Scheme Creditors);

(d) The issuance of RM19,192,125 nominal value of Irredeemable
Convertible Unsecured Loan Stocks (ICULS) at 100% of its nominal
value together with 30,000,000 free detachable warrants
(Warrants) to the Unsecured Scheme Creditors on the basis of 156
new Warrants for every RM100 nominal value of ICULS (Proposed
ICULS with Warrants Issue);

Upon allotment and issue of the ICULS and Warrants, the
Unsecured Scheme Creditors will sell the 30,000,000 Warrants to
ASIH via a trustee for a total consideration of RM1,720,900 or
RM0.06 per Warrant.

(e) The disposals of land and buildings by SHCM and Sin Heng
Chan (East Coast) Sdn Bhd (SHCEC), a wholly-owned subsidiary of
SHCM, within three (3) years from 2003 to 2005 (Proposed
Disposals), as previously approved;

(f) The transfer of 1,988,548 Shares in Mauri Fermentation Sdn
Bhd by SHCM to Southern Farms Sdn Bhd (SFSB), a wholly-owned
subsidiary of SHCM, for a consideration of RM591,070, as
previously approved; and

(g) The listing of and quotation for the new SHCM Shares, ICULS,
Warrants and new SHCM Shares to be issued pursuant to conversion
of the ICULS and exercise of the Warrants on the Malaysia
Securities Exchange Berhad (MSEB);

(ii) The establishment of an employees' share option scheme
(ESOS) which involves the granting options to subscribe up to
10% of the issued and paid-up share capital of the Company, as
previously approved; and

(iii) The listing of and quotation for the new SHCM Shares to be
issued pursuant to the exercise of the ESOS on the MSEB.
The SC had also approved the utilization of the proceeds arising
from the Proposed Rights Issue as set out in Table 1 below, as
proposed.

The SC imposed the following conditions to be complied with in
relation to the utilization of proceeds from the Proposed Rights
Issue:

(i) The SC's approval must be obtained for any variation
pertaining to the original utilization of proceeds if the said
variation involves the utilization of the proceeds for non-core
business activities of SHCM;

(ii) The SHCM shareholders' approval must be obtained for any
variation of 25% or more from the original utilization of
proceeds. If the deviation is less than 25%, appropriate
disclosures must be made to the shareholders of SHCM;

(iii) Any extension of time frame for the utilization of the
proceeds from the period determined by SHCM should be approved
via a resolution by the Board of Directors of SHCM and should be
fully disclosed to the MSEB; and

(iv) Appropriate disclosure pertaining to the status of the
utilization of proceeds should be made in the quarterly report
and annual report of SHCM until the proceeds are fully utilized.

The SC's approval is also subject to the following conditions:

(i) SIBB must fully inform all parties related to the issuance
of ICULS, including the Unsecured Scheme Creditors who are
involved in the restructuring scheme of SHCM and the trustee. If
necessary, the approvals from the relevant parties have to be
obtained for the said proposal;

(ii) SIBB is required to submit to the SC a completed and
updated Term Sheet and Principal Terms and Conditions, i.e. that
contains all terms and conditions on the issue of ICULS that
were revised and approved by the SC in hard copy and in
diskette; and

(iii) SIBB is required to furnish a written confirmation to the
SC in relation to the compliance with the conditions stated
above.

SIBB and SHCM are reminded that the conditions imposed by the SC
for the proposed rights issue, debt restructuring scheme and
ESOS, as contained in the letters from the SC dated 27 December
2002 (i.e. paragraphs 5 and 8) and letter dated 7 March 2003,
remain valid. The said conditions, which have been announced on
3 January 2003, are re-produced below:

(i) SIBB is required to confirm to the SC that Dato' Choo Keng
Weng and ASIH have sufficient financial resources to subscribe
for the Rights Shares allocated to them and to subscribe for any
un-subscribed portion of the Rights Shares;

(ii) SHCM must submit the valuation reports of the SHCM Group's
properties which are subject to the Proposed Disposals for the
review and approval of the SC prior to the Proposed Disposals;

(iii) SHCM can only utilise the proceeds arising from the
Proposed Disposals as working capital for the SHCM Group;

(iv) SHCM must ensure that 25% of SHCM's issued and paid-up
share capital is held by public shareholders pursuant to the
implementation of the proposals;

(v) SHCM is required to appoint an independent audit firm (which
is experienced in investigative audit and is not the existing or
previous auditors of SHCM Group) within two (2) months from the
date of the SC's approval letter to conduct an investigative
audit on the Company's previous losses. The Company is also
required to take the necessary/appropriate measures to recover
the said losses. Based on the findings of the investigative
audit, the Company is required to report to the relevant
authorities in the event of any breach of laws, regulations,
rules, guidelines and the Company's memorandum and articles of
association by any member of the Company's Board of Directors
and/or any other party that had caused such losses in the
Company. Further, SHCM is required to improve its corporate
governance. The investigative audit is to be completed within
six (6) months from the date of appointment of the independent
audit firm and appropriate announcement should be made to the
MSEB in respect of the findings of the investigative audit. Two
(2) copies of the said investigative audit report must be
forwarded to the SC after the completion of the investigative
audit. On 25 March 2003, Messrs. Monteiro & Heng (MH) was
appointed by SHCM as the independent auditors to carry out the
investigative audit of SHCM. On 28 November 2003, MH had
submitted the investigative audit report to the SC;

(vi) SIBB/SHCM is required to disclose in the information
circular to shareholders and prospectus the risks in relation to
the debt restructuring scheme of SHCM together with all the
business and financial risks of SHCM upon the completion of the
said restructuring scheme;

(vii) SIBB/independent placement agent must submit the final
list of investors/creditors who subscribe for the new SHCM
Shares pursuant to the Proposed New Shares Issue for the SC's
information and furnish a written confirmation that the shares
placement has complied with all the relevant requirements under
the SC's Policies and Guidelines on Issue/Offer of Securities
which were effective until 1 May 2003 (Old SC Guidelines);

(viii) the SC's approval must be obtained for any variations
made to the terms and conditions for the issuance of the ICULS
with detachable Warrants;

(ix) before the issuance of the ICULS with detachable Warrants,
SIBB must furnish the following:

(a) the FMF/JPB (Facility Maintenance File) form to the SC and
Bank Negara Malaysia; and

(b) a certified true copy of the trust deed which has been duly
executed to the SC;

(x) SIBB and SHCM must obtain approvals from other relevant
authorities before the implementation of the proposals and
comply with the conditions imposed (if any);

(xi) SIBB and SHCM must fully comply with the SC's requirements
and guidelines in relation to the issuance of Warrants save and
except for the exercise price of the Warrants that has been
fixed at RM1.00; and

(xii) SIBB and SHCM are required to fully comply with the
relevant requirements in relation to the implementation of the
proposals as stated in the Old SC Guidelines and including the
SC Guidelines on ESOS dated 24 October 2002 and the SC
Guidelines on Offer of Private Debt Securities.

In addition, the SC has also approved the Company's application
for a further extension of time of six (6) months from the date
of approval of the SC (i.e. 10 February 2004) to implement the
Proposed Revised Scheme, as proposed.

However, the SC is not able to consider the proposed disposals
of 100% equity interest in SFSB, 100% equity interest in
Universal Goldquest (M) Sdn Bhd and 51% equity interest in Excel
Food Sdn Bhd until SIBB/SHCM makes an application for the above
proposals based on:

(i) The SC's Policies and Guidelines on Issue/Offer of
Securities which were issued on 1 May 2003 (SC Guidelines); and

(ii) The SC's Format and Contents for Application pursuant to
the SC Guidelines, which were effective on 1 May 2003.

Utilization of Proceeds   Minimum Scenario     Maximum Scenario
                           RM                     RM

Settlement to unsecured   6,745,350            17,734,000
scheme creditors          4,500,000             4,500,000
Expansion expenditure     7,041,000             7,041,000
Repayment of inter-       2,000,000             2,000,000
company advances        
Working capital           8,213,750             8,213,750
Estimated expenses        1,500,000             1,500,000
for the proposals      
                       
                         30,000,100            37,988,750

This announcement is dated 16 February 2004.




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


MANILA ELECTRIC:  Clarifies Refund Report
-----------------------------------------
Manila Electric Company (Meralco) clarified the news article
entitled "Meralco given 1 year to refund big customers"
published in the February 16, 2004 issue of the BusinessWorld
(Internet Edition).  

The article reported "The Energy Regulatory Commission (ERC) has
given the Manila Electric Company (Meralco) 12 months, instead
of just six, to refund overcharges to big residential customers,
in effect giving the Lopez-controlled electric company some
respite from its financial difficulties.  And while this is good
news for Meralco, it also means big industrial customers will
have to wait until next year-instead of the second semester--to
get their refund.

Manila Electric Company, in its letter dated February 16, 2004,
stated that:

Meralco confirmed the information that the Company was given 12
months by the ERC to refund the rolled-back charges to big
residential customers.


NATIONAL STEEL: Creditors Require GIHL to Issue Bonds
-----------------------------------------------------
Fearing another possible backlash, major creditor banks of the
National Steel Corporation (NSC) are requiring Indian steel
giant Global Infrastructure Holdings Limited (GIHL) to issue
10.25 billion pesos worth of bonds to make sure that the new
investor would not default on its payments, ABS-CBN News
reports. The issuance of bonds was one of the rigid conditions
set by creditors to make sure that they would not be
shortchanged in case GIHL fails to settle its financial
obligations.

The report added that GIHL would have to secure a standby letter
of credit amounting to 1 billion pesos as part of its total
payment for the acquisition of the erstwhile steel giant whose
facilities in Iligan City were mothballed in 1999.


PHILIPPINE LONG: Post Changes in Investor's Briefing Venue
----------------------------------------------------------
In connection with the Philippine Long Distance and Telephone
Co. (PLDT)'s investors briefing scheduled on Thursday, February
19, 2004, at 4 P.M., the Company announced that the venue of the
aforesaid briefing has been changed from Manila A&B Function
Rooms to Makati A&B function Rooms, of the Makati Shangri-La
Hotel, Makati City.


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


CAPITALAND LIMITED: Dormant Units Enter Liquidation
---------------------------------------------------
CapitaLand Limited's subsidiary, The Ascott Group Limited
(Ascott), has issued an announcement regarding the liquidation
of its dormant subsidiaries, as follows:

Board of Directors of Ascott Group Limited announced that the
Company's following wholly/partially owned dormant subsidiaries
have been liquidated: (1) Ascott 1989 (Thailand) Limited
(Thailand) (2) Palm Courtt Serviced Apartment Limited (Thailand)
(3) Profit Kingdom International Limited (Hong Kong) The
liquidation of the above companies is not expected to have any
material impact on the net tangible assets or earnings per share
of the Group for the financial year ending 31 December 2004.


EASTPAC CONSTRUCTION: Issues Winding Up Petition Order
------------------------------------------------------
Eastpac Construction Pte Ltd issued a notice of winding up order
made on the 30th day of January 2004.

Name and address of Liquidator: The Liquidator
Mr Timothy James Reid, of
Messrs Ferrier Hodgson
50 Raffles Place
#44-05 Singapore Land Tower
Singapore 048623.

Dated this 5th day of January 2004.
Solicitors for the Petitioner
Messrs STRAITS LAW PRACTICE LLC.


FORLUK TOBACCO: Creditors Must Submit Claims by March 15
--------------------------------------------------------
The creditors of Forluk Tobacco 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 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.


HOTEL GRAND: Units Appoint Wu Wai Hong as Liquidator
----------------------------------------------------
Pursuant to Rule 703(19) of the Stock Exchange of Singapore
Limited Listing Manual, Hotel Grand Central Limited (the Group)
announced that the following wholly owned dormant subsidiaries,
Centaur Pte Ltd and Grand Property Development Pte Ltd,
commenced voluntary liquidation on 05 February 2004 respectively
and Mr. Wu Wai Hong has been appointed as liquidator for both
the subsidiaries.

The voluntary liquidations, which are expected to take between
six to twelve months to finalise, will not have any effect on
the financial position of the Group for the current financial
year.


ISOFTEL LTD: Swings to Profit in Second Half of 2003
----------------------------------------------------
Reflecting a major transformation in its business following
significant restructuring, Isoftel Limited heralded the first
step in the company's return to prominence in announcing it had
posted a small but significant net profit of $418,000 in the
second half (as opposed to a $9.2 million loss in the first
half). For the full year, the company more than halved its net
loss after tax to $8.75m ($20.9m in 2002). Significantly, the
group's gross margin also improved markedly from 24% to 38%.

Commenting on the turnaround, iSoftel's Chief Executive Officer
David Fraser said, "We are very pleased to be able to report to
shareholders that the first steps taken in restructuring the
business are already beginning to show positive results in both
profit and gross margin. Not withstanding an improved business
climate, this turnaround was made possible by a significant re-
focus of the business and its operations away from the capital
intensive, low margin hardware business towards higher margin
software development and licensing sales."

The company appointed a new Chief Executive and Director of
finance in July 2003 after several years of lack lustre
performance and accumulated losses. Since joining iSoftel, Mr
Fraser, previously Managing Director of Microsoft UK & Europe
has led a complete restructuring of the company - resulting in a
more streamlined business with two operating divisions both set
to benefit from strong products which deliver much needed
software solutions to the telecom operator and digital
publishing industries respectively.

"Considerable effort has been made in simplifying the company's
corporate structure leading to cost savings and added
transparency," added Mr Fraser. "This resulted in the winding up
of non essential operations in Hong Kong, Thailand and Mauritius
and the sale of non performing businesses in China. The new
company is far more focused, with two distinct operating
divisions, both of which are well-placed to post significant
growth in the year ahead."

Acquisition of 100% of Digital Publishing Solutions adds
significant value to business

The acquisition of Digital Publishing Solutions ("DPS") was
completed in July 2003, with DPS's results being fully
consolidated into the accounts for the first time as at December
2003. The DPS acquisition involves operations in Singapore, USA,
Europe and India, and adds a very strong operating business
alongside iSoftel's telecom software business, providing the
listed company with a second growth vehicle and adding to the
company's balance sheet to the tune of $7m.

With control now established, DPS is expected to show
considerable growth in revenue and profits in the year ahead and
to make a significant contribution to group performance as
demand for cost effective digital capture, formatting, archiving
and reproduction of traditional printed content into digital
format accelerates. The company is already the chosen digital
publishing software and service provider for many of the world's
leading publishing companies (including Cambridge University
Press, Cavendish and Taylor & Francis). Its software solutions
allow customers to dramatically reduce storage and reproduction
costs and to generate new lines of revenue by utilising existing
libraries of material in a whole range of new and innovative
electronic ways.

"DPS was a timely and important acquisition," noted Mr Fraser.
"The whole publishing business is undergoing significant change,
necessitating the need for exactly the type of innovative
solutions which DPS offers. We look forward to benefiting from
the growing global shift to digital content and to delivering
solutions to meet the issues relating to the management of
digital rights which arise."

iSoftel benefits from telecom upswing and move towards 'Voice
over IP'

iSoftel has also shown positive signs of recovery over the last
six months - benefiting from the upswing in telecom markets
around the region and a growing move by customers towards VOIP
("Voice over IP") and the resulting software needs in managing
this new area of business.

Employing over 300 staff in Singapore, China and India, iSoftel
develops and licenses innovative billing and routing software to
many of the Asia Pacific's leading telecom operators (including
Chunghwa, OneTel, Singtel, Bharti, China Telecom and Vodafone) -
enabling customers to provide innovative services to their
customers - in turn enabling them to retain and attract
customers, reduce selling and operational costs, better utilise
existing infrastructure and ultimately to grow new lines of
revenue.

iSoftel's billing software enables customers to deliver more
cost competitive, innovative and comprehensive billing
information to customers as well as enabling operators to ensure
all services delivered are fully accounted for and are actually
billed to customers. iSoftel's routing software enables
customers to manage routing across a range of mixed vendor
switches, offering the ability to cost effectively route calls
over TDM and IP switches.

FUTURE PROSPECTS

"The year ahead looks promising," added Mr Fraser. "For the
first time, the company is likely to see a period of revenue
growth and increasing gross margin. We are also confident of
winning important new business across the region."

Referring to iSoftel, he commented, "The telecom slump appears
to have ended and this is reflected both in our own performance
and in that of other industry participants. Demand for iSoftel's
billing and routing solutions is expected to increase as telecom
operators' move more rapidly towards offering VoIP solutions and
have an increasing need to deliver value added solutions to
customers."

On DPS he said, "DPS has a very strong product offering and
already serves a who's who of the international publishing
industry. The business is still young, nevertheless the
endorsement of such major customers is extremely encouraging and
we believe the business is well placed to build on its position
in the year ahead."

CORPORATE LAUNCH

A launch of the restructured business will be held at Raffles
Hotel in early March to introduce the company to the media and
investment communities. If you are interested in attending this
event, please email hamish.bell@icgasia.com with cc. to
jackie_koh@isoftel.com

FOR FURTHER INFORMATION, PLEASE CONTACT:

- IR enquiries - contact Hamish Bell, Investor Consulting Group,
hamish.bell@icgasia.com

- Media enquiries - contact Foo Chin Chin, Barr & Chan, Tel 6353
0677, chinbc@singnet.com.sg

- Full details of the results are available via MasNet


MERCATELA (PTE): Creditors Meeting Set for March 16
---------------------------------------------------
Notice is hereby given, pursuant to section 308 (2) of the
Companies Act, Cap. 50, that the final meeting of the member and
of the creditors of Mercatela (Pte) Limited (In Creditors'
Voluntary Liquidation) will be held on 16th March 2004, at 4
P.M. at 3 Phillip Street, #18-00 Commerce Point, Singapore
048693 for the purposes of having an account laid before the
member and creditors showing how the manner in which the winding
up has been conducted and the property of the Company disposed
of, and of hearing any explanation that may be given by the
Liquidator and also of determining by resolution the manner in
which the books, accounts and documents of the Company and of
the Liquidator shall be disposed of.

Dated this 13th day of February 2004.

SHANKER IYER
Liquidator.

Note: Any member or creditor entitled to attend and vote at this
meeting is entitled to appoint another person (whether a member
or creditor or not) as his proxy to attend and vote in his
stead. All proxies should be deposited at the Liquidator's
office not less than forty-eight hours before the time of
holding the meeting and any adjournment thereof.


PROTECTION & INDEMNITY: Issues Final Dividend Notice
----------------------------------------------------
Protection & Indemnity Pte Ltd. issued a notice of first and
final dividend as follows:

Address of Registered Office: Formerly of 41 Middle Road #05-00
Singapore 188950.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 219 of 1996.

Amount Per Centum: 96.50%.

First and Final or otherwise: First & Final Dividend.

When Payable: 31st January 2004.

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

Dated: 13th February 2004.

SUNARI BIN KATENI
Assistant Official Receiver.


SIMSCI ASIA: Releases Debt Claim Notice to Creditors
----------------------------------------------------
Notice is hereby given that the creditors of Simsci Asia Pacific
Pte Ltd (In Members' Voluntary Liquidation), whose debts or
claims have not already been admitted, are required on or before
15th March 2004 to submit particulars of their debts or claims
and any security held by them to me.

This should be done by delivering or sending through the post to
me at my address a formal Proof of Debt in accordance with Form
77 containing their respective debts or claims.

In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

Dated this 13th day of February 2004.
LIM SAY WAN
Liquidator.
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809.


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


SUN TECH: Submits Q203 Financial Results on February 23
-------------------------------------------------------    
Due to the processing data lost in its account financial
database, Sun Tech Group Public Company Limited will extend the
submission of its second-half fiscal year ended 2003 financial
statements on or before February 23, 2004. The Company was
expecting to submit the financial statements to the Thailand
Stock Exchange on February 16, 2004.


SUN TECH: Posts Update on Restructuring Plan
--------------------------------------------
Sun Tech Group Public Company Limited has been forbidden from
trading by the Stock Exchange of Thailand because it is
currently under rehabilitation. As a result, the company has not
been submitting quarterly financial results. However, the
company is required to submit its financial report for the six
months ended June 30, 2003:

(1) Implementation of the business reorganization plan.

Pursuant to the Company's rehabilitation petition filed with the
Central Bankruptcy Court (The Court), Srisongkram Planner
Company Limited has been appointed the company's debt-
restructuring planner.  As of April 9, 2001, creditors have
resolved to approve the business reorganization plan of the
company and on May 3, 2001 the court approved the plan and
appointed Srisongkram planner Company Limited as Plan
Administrator.

The company cannot follow the plan right as it has yet to comply
with the requirements that will enable the company to withdraw
working capital of THB100 million.  

Since March 29, 2002, the company has set a series of Steering
Committee meetings to address this item.  After the first
meeting, the Plan Administrator extended the implementation of
the plan in case of precondition from March 31, 2002 to June 30,
2002, which the Steering Committee approved.  But on December
20, 2002, the Plan Administrator extended anew the
implementation of the plan from June 30, 2003 to December 31,
2003, which was again approved by Steering Committee.

So far, the Company has repaid seven creditors group (Unsecured
Creditors/Trade Creditors) in the amount of THB19,700.00.  Total
debts repaid now amount to THB23,986,006.43.

(2) Results as of June 30, 2003

Shareholders equity is -THB6,381.90 million while net loss for
the period June 30, 2002-03 is THB874.69 million, which
translates to THB5.30 per share.  The company blames this on the
44.4 percent drop in agricultural revenues.

(3) List of related parties and conflict

List of related parties:
                                               (Baht: Thousand)

Revenue from ground rental
- Sun Tech Scrap Processing Company Limited         2,400

Revenue from leasing rental
- Sun Tech Scrap Processing Company Limited         3,850

Others revenue
- Sun Tech Scrap Processing Company Limited           262       

Interest expense
- Sun Tech Scrap Processing company Limited             0
- S.T.G. international Trading company Limited        581
- Kinko Business Center (Thailand) company Limited      0
- Sriracha Harbor public Company Limited                0          

Others Expense
- S.T.G. international Trading company Limited        395       
  Short -Term loans and advance (no interest)

- Sun Tech Scrap Processing Company Limited        15,865
- Kinko Business Center(Thailand) company Limited     150
- Metal Star company Limited                          429
  Short - Term loans
- S.T.G. international Trading company Limited    5,190 rate 10%
- Kinko Business Center(Thailand) Company Limited 400 rate 11.5%
- Sriracha Harbor public Company Limited          6,358 rate  9%
      
List of related parties in normal business operation:

Type of related parties

- Sun Tech Scrap Processing Company Limited is a subsidiary
company of Sun Tech Group Public Company Limited.

- S.T.G. International Trading Company Limited is a subsidiary
company of Sun Tech Group Public Company Limited.

- Kinko Business Center (Thailand) Company Limited is a
subsidiary company of Sun Tech Group Public Company Limited.

- Sriracha Harbor Public Company Limited is connected to Sun
Tech Group Public Company Limited.

- Metal Star Company Limited is connected to Sun Tech Group
Public Company Limited.

Pleased be informed accordingly,

Dr. Chaiyaphon Horrungruang   
President








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