TCRAP_Public/040223.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

         Monday, February 23, 2004, Vol. 7, No. 36



AMP LIMITED: ASIC Bans Former AMP Superannuation Agent
NATIONAL AUSTRALIA: Unveils Monthly Business Survey
SOUTHCORP LIMITED: Six Months Performance Adequate, Says S&P
WOODSIDE PETROLEUM: Posts FY03 A$526.7 Profit
WOODSIDE PETROLEUM: Appoints Don Voelte as CEO

C H I N A  & H O N G K O N G

BON EAGLE: Cheng Pui King Initiates Winding Up Petition
MONEYLINK INVESTMENT: Winding Up Hearing Set March 10
PROSPER WIN: Winding Up Hearing Slated for March 31


ALL NIPPON: Unveils Group Mid-term Corporate Plan
MITSUBISHI MOTORS: Unveils Q303 Financial Results
MITSUBISHI MOTORS: Renschler Prepares Rescue Plan
MITSUBISHI MOTORS: Sales Down to Y1.83Tr in 9 Months to December
MITSUBISHI MOTORS: May Sell Proton Stake to Malaysia's Khazanah

RIKKO KENSETSU: Engineering Firm Enters Bankruptcy
SOFTBANK CORPORATION: Issues Euro-denominated Senior Notes


HYNIX SEMICONDUCTOR: Aims to Double 2004 Capex to US$1.2B
HYNIX SEMICONDUCTOR: Unveils 4Q03 Financial Results
HYNIX SEMICONDUCTOR: Inks Memory Deal With ProMos Technology
LG CARD: Shares Down 10% on Massive Capital Write-Down Fears
SSANGYONG MOTORS: Enters Alliance With American Axle

* South Korean Bankruptcies Down 26.6% in January


FABER GROUP: Issues Debt Restructuring Update
HIAP AIK: Extends Restructuring Scheme to March 6
LONG HUAT: Court OKs Proposed Scheme Extension
OMEGA HOLDINGS: Submits Restructuring Plan on August 27

PANCARAN IKRAB: Sells Dormant Subsidiary
PARIT PERAK: KPMG Extends Investigative Audit to March 12
PROMET BERHAD: SC Rejects Restructuring Scheme


ATLAS CONSOLIDATED: Unveils Board Meeting Attendance Report
NATIONAL STEEL: New Owner Seeks Tariff Increase
PHILIPPINE LONG: Unveils Personnel Promotions
PHILIPPINE LONG: Signs 3-Year Agreement With Fixed Line Workers

PHILIPPINE LONG: Post Changes in Board Members


ASIA PULP: Risks Losing Customers Over Environment Concerns
BAK HONG: Issues Intended Dividend Notice
BBR GEOTECHNIC: Issues Dividend Notice
BLUESTONE CAPITAL: Issues First & Final Dividend
BUAN HUAT: Releases Winding Up Order Notice



BANGKOK BANK: Offers Option to Hybrid Sec Holders
KRUNG THAI: Expects 12% Loan Growth In 2004
MILLENNIUM STEEL: SET Grants Securities Trading

     -  -  -  -  -  -  -  -


AMP LIMITED: ASIC Bans Former AMP Superannuation Agent
The Australian Securities and Investments Commission (ASIC) has
permanently banned Harold Frederick Baxter Moses, a former AMP
Superannuation agent, from providing any financial services or

ASIC made the order following Moses' conviction on offences
under the NSW Crimes Act, in November 2003.

Moses, of Vaucluse in Sydney, was convicted of two counts of
cheating and defrauding two of his former clients, and sentenced
to two years and 10 months imprisonment on the first count and
12 months imprisonment on the second count, with a non-parole
period of 15 months.

An ASIC investigation found that between 1993 and 1997, Mr Moses
accepted compulsory employer superannuation contributions from
two of his former clients but failed to remit $339,526 to the
relevant superannuation funds, including AMP, Mercantile Mutual
and Host-Plus.

Instead, Moses used the funds largely in the form of payments to
others for his personal benefit.

AMP and Mercantile Mutual have subsequently compensated Mr
Moses' clients for the losses suffered.

As a result of Moses' conviction of a serious fraud, ASIC formed
the view that Moses should be permanently banned from acting as
representative of a dealer or investment adviser.

'ASIC will take action to ensure that dishonest investment
advisers, who cheat their clients out of their retirement
income, are permanently removed from the industry', ASIC
Director of Enforcement, Allen Turton said.

NATIONAL AUSTRALIA: Unveils Monthly Business Survey
Undoubtedly, the most striking feature of the National Australia
Bank's January Monthly Business Survey is the very sharp and
unexpected fall in business conditions that it portrays, a
Company statement said. That result, however, needs to be
interpreted with care.

First, not too much weight should be placed on one month's
reading. Second, there is almost certainly an element of
seasonality involved - which will overstate the fall recorded in
January. Third, the level of business conditions reported in
January is still consistent with strong on-going growth -
broadly consistent with domestic demand of around 4 per cent.

Also, this is the second month in a row where business
conditions have dropped. The levels reported in January are now
broadly in line with other leading indicators, such as forward
orders, which have dropped sharply over recent months.
Significant falls in capacity utilization at the same time also
point to something more than just data volatility. On balance,
the best interpretation of the results is that over the past few
months some of the heat has come out of a previously very rapid
rate of growth in domestic demand.

This weakening in the strength of business conditions was, as
noted previously, both broadly based and of sufficient magnitude
to move the trend estimates down in most industries. This is
apparent from the following chart - as is the more marked
weakening in domestically orientated sectors. In that context,
the chart provides further evidence that the peak in the
construction industry past some time ago.

Elsewhere in the Survey, and somewhat more reassuring, was the
fact that readings for forward orders and investment were
broadly unchanged, while exports improved significantly.
Business confidence also improved somewhat - a result not in
keeping with further significant expected falls in the pace of
activity. On confidence, it was also interesting to see that the
improvement in January was primarily driven by the retail,
personal & recreational, and construction sectors. Also
reassuring was the finding that house price expectations over
the next 12 months remained relatively unchanged.

Once again, the Survey provides evidence of relatively low
overall levels of price inflation - especially in the tradeable
(ie exchange rate sensitive) sectors. Retail prices, after
falling last month, were essentially flat in January and only up
1.4% over the past year. Interestingly, and consistent with a
slowing construction sector, prices in that sector fell
marginally - the first fall since September 2001. Labor costs
remained moderate but in trend terms are now running somewhat
higher than in recent quarters - again, labor costs in
domestically orientated sectors such as retail and construction
are higher.

Despite the fall in business conditions in January, the Company
is maintaining its Australian GDP forecast of 4 per cent in 2004
- with stronger global conditions and the breaking of the
drought more than expected to offset a weakening in domestic
demand. Looking at the balance of risks, recent data would
suggest that there is now some potential upside to its global
expectations (especially in the US) but possibly some downside
risks to its local demand expectations.

In regard to interest rates, the exact timing of any future RBA
move has become more clouded following their non-decision in
February - a subsequent "hawkish" Monetary Policy Statement
notwithstanding. With question marks now being raised as to the
pace of demand growth (such as contained in this Survey), some
slowing in the property sector and a stronger $A, the RBA
clearly has more time to sit and watch. Indeed, the case to
watch for a while is stronger now than when the RBA last met in
early February. Fundamentally:

- the Company still expects strong domestic demand and stronger
global growth will see the RBA move interest rates a touch
higher in the next few months;

- however, to the extent that the $A remains near the top of its
$A model valuations (ie around $US0.80), the case for further
tightening weakens;

- there is also a case to be made to wait a little longer to
assess just what is happening locally (domestic demand, the
property market and inflation);

- at present, while it will be very data dependent, the Company
see the most likely timing of any RBA action (25 points up) as
around April/May; and

- thereafter, the Company expect the RBA to "sit and watch",
bringing the current rate tightening cycle to an end. While
further upward adjustments are still possible in late 2004, they
would only be necessary if domestic and global activity prove
stronger than the Company currently expect.

Turning in more detail to the Survey, the key results for
January were:

- the business conditions index fell 15 index points to an
overall reading of +3 points (taking the index back to levels
last reported in early 2003). Although a very large fall and
clearly unexpected, that still implies growth in non-farm GDP
and/or domestic demand of around 4 percent;

- all components of the business conditions index fell, with the
most significant falls in the trading and profitability indices
- down 24 and 18 points, to overall readings of +4 and +1 index
points, respectively. The employment index moved only marginally
lower - down 2 points to an overall reading of +5 index points;

- the falls in business conditions were broadly based - with
only the construction (after large falls in recent months) and
electricity sectors not falling. The largest falls in the month
were in wholesale (-20 index points), retail (-19 points)
manufacturing (-19 points) and mining (-26 points);

- in contrast to business conditions, forward orders increased
by 2 points to an index level of +4 index points (albeit this
index fell 13 points in December) - with still considerable
strength in mining, construction and transport orders.

Capex spending was broadly unchanged (down 1 point to +1 index
point), while exports strengthened to +5 index points (up 15
points) - presumably on the back of strengthening global demand.
Stocks were also broadly unchanged at -1 index points, with a
seasonal run down in retail stocks offset by a seasonal build up
in manufacturing stocks;

- consistent with the large falls in trading conditions, the
level of capacity utilisation declined significantly (by 1.8
Embargoed until 11.30 am, Tuesday 17th February, 2004 percentage
points) to a reading of 80.7 percent to be well below the rates
reported in late 2003 - albeit still a bit higher than a year

- price pressures remained very subdued - with overall prices
increasing by 0.2 percent on a quarterly basis, marginally
lower than 0.3 percent in December and only 1.4 per cent higher
during the past year. Within that industry-wide reading,
however, there were significant variations with wholesale prices
declining (-0.5 percent) and retail prices flat in the face of
lower purchase costs brought about by the higher $A. Also, for
the first time since September 2001, construction prices fell
marginally (-0.1 percent). Against that, the strongest price
rises were in mining and electricity (+2.8 and +2.5 percent,

- wage increases were up 0.8 percent in the month (on a
quarterly basis) - while down on last month's 1.4 per cent,
labour costs have been trending higher in recent months mainly
due to pressures from construction and services sectors; and

- business confidence increased by 6 index points to an overall
reading of +19 index points (still significantly down on the pre
RBA tightening levels of October - where the confidence index
reached a reading of +23 index points). Most sectors reported
higher levels of confidence - with the largest improvements in
construction, retail and personal/recreational sectors.

For more details contact: Alan Oster, Chief Economist Phone 03
8641 3464

For a copy of NAB's Monthly Business Survey - January, 2004, go

SOUTHCORP LIMITED: Six Months Performance Adequate, Says S&P
Standard & Poor's Ratings Services (S&P) said Friday that
Southcorp Ltd.'s (BB+/Negative/B) results for the first six
months of fiscal 2004 were adequate, with positive earnings
momentum in the Australian and U.K operations offsetting weaker
earnings in the U.S.

These results have no immediate impact on the rating or outlook
on the Company, with management still facing considerable
challenges in restoring earnings and margins to more
satisfactory levels--especially in export markets, where
industry conditions remain difficult--and the prospect of a
larger wine crush in 2004 (and therefore higher wine
inventories) inhibiting its debt reduction strategy.

Nevertheless, further earnings improvement in the second half
should ensure the company's funds from operations to debt ranges
15%-20%, and leverage, as measured by debt to EBITDA, is in the
mid-3x area.

Contact: Jeanette Ward, Melbourne (61) 3-9631-2075
Brenda Wardlaw, Melbourne (61) 3-9631-2074

WOODSIDE PETROLEUM: Posts FY03 A$526.7 Profit
Woodside Petroleum Ltd.'s 2003 net profit after tax was A$526.7
million, a Company statement said. This is 19.9% lower than the
comparable underlying profit in 2002 largely due to lower oil
sales volumes, a negative translation effect with the stronger
Australian dollar and increased exploration expense. Earnings
per share were 79 cents, down 19.9% on the underlying result of
98.7 cents in 2002.

The 2003 result was not affected by significant items however
the 2002 reported loss of $92 million, as stated last year, had
been significantly reduced by the $106 million write-down of the
Company's investment in Oil Search Limited and a $715.3 million
adjustment due to the adoption of the 'Successful Efforts'
accounting approach. Of this $715.3 million after tax
adjustment, $71.6 million related to successful Efforts
adjustments in 2002 while $643.7 million related to the prior
period adjustments. To make meaningful comparisons between
2002 and 2003, the 2002 underlying result is $657.7 million and
includes the $71.6 million of Successful Efforts adjustments
specific to 2002 (i.e. both years now account for successful

The 2003 result was negatively affected by a higher level of
exploration expense totaling $295.5 million compared to a total
$166.8 million in 2002. The higher expense arose from the higher
overall spend in 2003, the requirement to amortize exploration
permit acquisitions made during the year, the high proportion of
pre-drill expenditure and the lower drilling success rate in

The effective tax rate in 2003 of 36.4% was higher compared to
33.3% for 2002 (excluding significant items). The rise in tax
rate was due to a greater exploration spend in international
areas, where potential taxation credits will not be accounted
for until the development of offsetting revenues.


Interest bearing debt at the end of 2003 was US$800 million, a
decrease of US$10 million compared with 2002. Gearing (net debt
as a proportion of net debt plus equity) at the end of the year
reduced to 26.8% compared with 35.5% at the end of 2002 largely
due to the higher A$/US$ exchange rate resulting in a
significantly lower A$ debt level.

According to Wright Investor's Service, at the end of 2003,
Woodside Petroleum Limited had negative working capital, as
current liabilities were A$578.59 million while total current
assets were only A$536.95 million.

A copy of Woodside's Financial Report and analyst presentation
will be available on the company's web site at

WOODSIDE PETROLEUM: Appoints Don Voelte as CEO
The Board of Directors of Woodside Petroleum Ltd. has appointed
Don Voelte as Managing Director and Chief Executive Officer of
the Woodside Group of Companies, a Company statement said. The
Board has also announced the appointment of Mr Keith Spence as
Chief Operating Officer of Woodside Energy Ltd., the operating
arm of the Woodside Group.

Voelte, 51, brings to Woodside 28 years of extensive experience
in the global oil and gas business, starting with Mobil
Corporation in 1975.  During his 22 years with Mobil, he held a
variety of executive roles, including Producing Manager, US
Exploration and Production; General Manager, Corporate Planning;
Vice President, US Supply and Logistics; and Vice President and
General Manager, US Marketing.

His final role with Mobil was as President, New Exploration and
Producing Ventures, with responsibility for worldwide
exploration and building and implementing Mobil's corporate
upstream global growth strategy, reporting to the Chairman and
Chief Executive Officer.

Voelte left Mobil in 1997 to join Atlantic Richfield Company
(ARCO) as the head of Corporate Planning responsible for
redeveloping global growth and risk management strategy.  In
1998, as Executive Vice President, Exploration and Production,
he was responsible for a worldwide exploration and production
portfolio, remaining in that position until BP's acquisition of
ARCO in 2000.

Most recently, Voelte has been the CEO of Chroma Energy, a
private exploration and production company specializing in
proprietary seismic pattern recognition technology.

Woodside's Chairman, Charles Goode, said: "Voelte brings to the
position extensive experience gained from holding a range of
senior executive positions in the international oil and gas

"This experience means he will bring to Woodside the strategic
leadership to plan and lead the company's continued development
after the current large suite of projects come into production.

"Voelte's appointment follows an extensive global search and
meets the Board's criteria to engage a person with strong
international, and senior management and operational experience.

"He has experience across the world in the oil and gas business
and he brings with him a broad international network within the

Spence was Director of Woodside's Oil Business Unit and, in
September 2003, following the departure of the-then Managing
Director and CEO, John Akehurst, was appointed acting CEO.

In his new role as Chief Operating Officer, Spence will have
responsibility for the company's oil and gas operations and for
developing projects.

Goode said Spence's appointment should ensure a continuity of
operational and technical focus on Woodside's existing
businesses and emerging new projects.

"The appointments give Woodside the best of both worlds in that
they recognize the visionary and strategic role of the CEO and
the management and operational role of the Chief Operating
Officer," he said.

"The Board wishes to acknowledge the role Keith has played as
acting CEO.  In this role, he has provided strong support to the
Board and clear leadership to the organization that has enabled
the company to continue its drive to performance improvement."

Voelte said he was attracted to Woodside because of its
excellent global reputation and suite of opportunities.

"Woodside has a superb long-life asset base, excellent
operational performance, and emerging opportunities that point
to an exciting future," Voelte said.

"I also look forward to working with Keith whose operational
experience with Woodside will remain invaluable as we grow the

Voelte will begin his engagement on Monday, 5 April 2004, and
will reside in Perth.

For more information, go to

C H I N A  & H O N G K O N G

The petition to wind up Ambassador Investments (HK) Limited is
set for hearing before the High Court of the Republic of
Singapore on March 17, 2004 at 9:30 in the morning. Technology
and Development Limited whose registered office is situated at
10 Collyer Quay #21-01 Ocean Building Singapore 049315, filed
the petition on January 15, 2004.

The Petitioners' solicitors are Johnson Stokes & Master of 18th
Floor, Prince's Building, 10 Chater Road, Central, Hong Kong.
Any person who intends to appear at the hearing of the petition
must serve on or send by post to Johnson Stokes & Master a
notice in writing not later than twelve o'clock noon of the 16th
day of March 2004 (the day before the petition hearing).

BON EAGLE: Cheng Pui King Initiates Winding Up Petition
The petition to wind up Bon Eagle Development Limited is set for
hearing before the High Court of the Republic of Singapore on
March 10, 2004 at 10 in the morning. Cheng Pui King whose
registered office is situated at Flat E, 23/F, Block 9, Saddle
Ridge Garden, Ma On Shan, New Territories, Hong Kong, filed the
petition on January 5, 2004.

The Petitioners' solicitor is Tam Lee Po Lin, Nina of 34th
Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong
Kong. Any person who intends to appear at 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 9th
day of March 2004 (the day before the petition hearing).

MONEYLINK INVESTMENT: Winding Up Hearing Set March 10
The petition to wind up Moneylink Investment Consultant Limited
is set for hearing before the High Court of the Republic of
Singapore on March 10, 2004 at 10 in the morning. Lee Pui Yin
whose registered office is situated at Room 2611, 26/F., Yiu
Hing House, Yiu Tung Estate, Shaukeiwan, Hong Kong, filed the
petition on January 2, 2004.

The Petitioners' solicitor is Tam Lee Po Lin, Nina of 34th
Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong
Kong. Any person who intends to appear at 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 9th
day of March 2004 (the day before the petition hearing).

PROSPER WIN: Winding Up Hearing Slated for March 31
The petition to wind up Prosper Win Development Limited is set
for hearing before the High Court of the Republic of Singapore
on March 31, 2004 at 9:30 in the morning. Sham Wai Yuen whose
registered office is situated at Rooftop, 259 Cheung Sha Wan
Road, Shamshuipo, Kowloon, Hong Kong, filed the petition on
January 30, 2004.

The Petitioners' solicitor is Tam Lee Po Lin, Nina of the 34th
Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong
Kong. Any person who intends to appear at 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 30th
day of March 2004 (the day before the petition hearing).


ALL NIPPON: Unveils Group Mid-term Corporate Plan
The ANA Group, consisting of ANA (All Nippon Airways),
Air Nippon (ANK), Air Nippon Network (A-Net) and Air Japan,
announced its Mid-term Corporate Plan for the three year period
commencing April 1, 2004 through March 31, 2007.

The next three fiscal years will see the Group pushing forward
with measures implemented under the previous Mid-term Corporate
Plan (FY 1999-2002), and with those introduced in response to
changes in the operating environment brought about by unforeseen
events such as the September 2001 terrorist attacks in the
United States, and the outbreak of SARS. These measures include
the continued rationalization of the ANA fleet and network, and
the continued implementation of the previously announced Three
Year Cost Reduction Plan for FY 2003-2005, which aims to shave
30 billion yen off costs.

The new Mid-term Corporate Plan is set against the background of
a still sluggish Japanese economy and increasingly fierce
competition within the domestic transportation sector. However,
in spite of this and the very negative impact of SARS and the
Iraq war at the start of the present financial year, the ANA
Group intends to make its first dividend payment in seven years
at the end fiscal 2003. This is the culmination of cost savings,
principally in the area of personnel costs, fare policy in the
domestic sector and the swift return of international passenger

The first of the three years covered by the Mid-Term Strategy,
fiscal 2004, will see the increase of services between China and
Japan and the creation of short-haul Asian services at Central
Japan International Airport when it opens in February 2005, as
part of the Group's international strategy. Domestically, from
April this year ANA Group airlines will fly under a unified ANA
brand, and in December move to a new terminal at Haneda Airport,
both measures designed to improve passenger convenience. The
corporate plan for fiscal 2004 was announced on January 24.

With this new Mid-term Corporate Plan, the ANA Group intends to
build an increasingly solid base as it looks forward to the
expansion of Haneda Airport in 2009 and the new opportunities
that increased capacity and the start of international
operations will bring.

In outline, the Plan is as follows:

1. Positioning

The ANA Group aims to be Asia's top airline in terms of quality,
customer satisfaction and value creation.

2. Strategy

Secure competitive advantage in terms of costs

a. Reform the cost structure and reduce costs by 30 billion yen
during the period of fiscal 2003 - 2005, thus establishing a
firm, profitable base from which the Group can respond rapidly
to changes in the operating environment, and maintain
competitive advantage.

b. Minimize the financial risk from a potential economic
downturn or fall in demand by restructuring the fleet to one
centered on medium-sized and small aircraft deployed with
greater frequency to ensure flexibility. Large aircraft will
continue to be deployed in line with demand.

c. Reform personnel costs across the Group, in all areas of
operations, to levels that create a competitive edge.

d. Utilize the economies of scale, joint purchasing and
bargaining power of Star Alliance, in conjunction with our own
marketing strategy, eg, in the areas of fuel purchasing, e-
ticketing and other Star standardized products, to secure
increased convenience and efficiency.

Improve marketing and sales strength

a. International

Expand the Chinese network; increase the global network through
Star Alliance; remove the international/ domestic distinction in
the deployment of medium sized and small aircraft to facilitate
the development of domestic and short-haul Asian operations at
Central Japan International Airport; make short-haul
international travel as easy as domestic travel from the
customer's point of view.

b. Domestic

Secure greater passenger convenience and amenity by: uniting
under one brand; simplifying the schedule; increase propeller
aircraft operations; promoting internet bookings; improving
connection times between Star Alliance partner international
flights and ANA domestic flights.

Differentiate ANA from competitors

Stressing the key words `Simple', `Convenient' and `Individual'
introduce new products and innovations that increase customer
satisfaction. In turn this will improve profitability, raise the
ANA brand value, and set ANA apart from its rivals.

3. Management Aim

By matching aircraft type with demand, improving profitability,
and reducing costs, the following consolidated ANA Group airline
results are forecast.

Unit: 100 million yen i% denotes year-on-year comparison

                       2003 2004 2005  2006
Operating Profit       210   500  630   740
Recurring profit       140   270  500   610
ASK Domestic            -     96%  101%  101%
ASK International       -    102%  100%  101%

MITSUBISHI MOTORS: Unveils Q303 Financial Results
Mitsubishi Motor Corporation announced on Thursday the results
for its third quarter of fiscal year 2003 and its estimate for
the full fiscal year 2003, according to which its loss will be
higher than previously expected. For this reason and in addition
to the ongoing restructuring and Turnaround Plan announced in
2001, the management of MMC is currently working on a new mid-
term business plan, which covers all operational and financial
areas of the company in and outside of Japan.

DaimlerChrysler AG as strategic partner and major shareholder of
MMC welcomes these efforts and supports the team setting up a
new mid-term business plan including the development of the
global Alliance with DaimlerChrysler. Already today there is a
strong cooperation between MMC and DaimlerChrysler. A number of
successful alliance projects are already implemented, for
example a joint B-segment platform development and production
with Smart, a joint engine factory in Germany, a joint platform
for C- and D-segment cars with Chrysler Group, the world engine
project, joint purchasing and volume bundling activities and
joint distribution activities such as in China, Canada or
Mexico, all of which MMC considers to be key to the
reestablishment of MMC's profitability.

Mitsubishi Heavy Industries Ltd., Mitsubishi Corporation and the
Bank of Tokyo-Mitsubishi Ltd. (the 'Mitsubishi Group Companies')
also welcome MMC's actions as well as DaimlerChrysler's support
and will also continue to support MMC's management. In order to
reinforce MMC's management, MMC will - after confirmation
through a shareholder meeting, to be held end of April - appoint
the current managing director of MHI, Mr.Yoichiro Okazaki, as
the new Chairman from the Mitsubishi Group Companies.

Both major shareholders will actively cooperate with MMC in its
establishing a new mid-term business plan as soon as possible.

The new mid-term plan will consist of complementary operational
and financial plans to assure a solid financial foundation for
MMC's business. It is scheduled to be finalized and announced
directly following the shareholder meeting April 30th 2004 for
immediate implementation. This will also provide a solid basis
for a decision on capital enhancement measures to be considered
by MMC and its two major shareholder groups.


Mitsubishi Motors Corporation was established in 1970 and is one
of the few automobile companies in the world that produces a
full line of automotive products ranging from 660-cc mini cars
and passenger cars to commercial vehicles and heavy-duty trucks
and buses. The company also operates consumer-financing services
and provides this to its customer base. Automobile operations
accounted for 98% of fiscal 2000 revenues and financing
business, 2%. The company has one hundred and eighty nine
consolidated subsidiaries worldwide. Overseas sales accounted
for 56.8% of fiscal 2000 revenues. Mitsubishi Heavy Industries,
Ltd. is the major shareholder with 25.62% of issued stock. For
further information, please visit the Mitsubishi Motors
Corporation home page at:

Mitsubishi Motors Corporation
Fumio Nishizaki

MITSUBISHI MOTORS: Renschler Prepares Rescue Plan
Andreas Renschler, head of DaimlerChrysler's Smart cars
division, will prepare a rescue plan for Mitsubishi Motors
Corporation (MMC) but this did not mean he would replace MMC
Chief Executive Rolf Eckrodt, according to Reuters.
DaimlerChrysler may be forced to pump up to 70 billion yen ($655
million) into Mitsubishi Motors as part of a 200 billion-yen

Mitsubishi Motors said it will come up with a new business plan
by the end of April and that it will seek shareholders' approval
in that month for a capital increase. DaimlerChrysler has said
it has yet to decide what part it will play.

MITSUBISHI MOTORS: Sales Down to Y1.83Tr in 9 Months to December
Mitsubishi Motors Corporation said sales in the nine months to
December fell to 1.83 trillion yen from 1.91 trillions a year
earlier and widened its loss forecast for the full year to
March, according to AFX Asia. The company did not provide profit
figures for the period. Current loss for the full year is
expected to widen to 115 billion yen from 62 billion forecast
earlier with revenue seen at 2.47 trillion from 2.60 trillion.

MITSUBISHI MOTORS: May Sell Proton Stake to Malaysia's Khazanah
Mitsubishi Motors Corporation (MMC) and Mitsubishi Corporation
and are in talks to sell their combined 15.8 percent stakes of
Perusahaan Otomobil Nasional Bhd to the Malaysian government's
investment unit Khazanah Nasional Bhd, Bloomberg New reports.
Mitsubishi Corporation and its unit Mitsubishi Motors each own
7.9 percent of Proton, as the Malaysian carmaker is also known.
The report did not provide further details.

RIKKO KENSETSU: Engineering Firm Enters Bankruptcy
Rikko Kensetsu K.K. has been declared bankrupt, according to
Teikoku Databank America. The engineering works firm located at
Osaka-shi, Osaka, Japan, has total liabilities of US$212.50

SOFTBANK CORPORATION: Issues Euro-denominated Senior Notes
The Board of Directors of Softbank Corporation has resolved on
Thursday the issue of its euro-denominated Senior Notes due year

1. Issue name:  Softbank Corporation euro-denominated Senior
Notes due year 2011 (the Notes)

2. Aggregate amount of issue:  To be determined (350 million
euro or more / Yen equivalent:  Approximately 48 billion yen or

3. Closing date:  March 3, 2004

4. Interest rate:  To be determined

5. Interest payment:  To be paid semi-annually

6. Maturity date:  March 15, 2011 (7- year notes)

7. Collateral:  None

8. Rating:  To be acquired

9. Lead underwriter:  Deutsche Bank AG London

10. Offering region:  Offshore market mainly in Europe,
excluding the United States

11. Listing:  Luxembourg Stock Exchange

12. Use of proceeds:  Primarily, reducing of our short-term

The issue of the Notes will have negligible impact on the
results of the Company for the fiscal year ending March 2004.

The aggregate amount of issue may be increased, and/or the
issuance may be postponed or canceled due to the circumstances.

Internet investor Softbank Corporation incurred a group net loss
of 16.3 billion yen (US$155 million) in the third-quarter of
2003 because of marketing costs, TCR-AP reported recently. This
was the first time Softbank posted third-quarter results, and it
did not provide a year-ago comparison. However, its net loss was
considerably narrower than the second-quarter's loss of 42.60
billion yen.

This press release does not constitute an offer of securities
for sale in any region, including the United States. There is no
offering or secondary sale of the Notes in Japan. Securities may
not be offered or sold in the United States absent registration
under the U.S. Securities Act of 1933 or an exemption from


HYNIX SEMICONDUCTOR: Aims to Double 2004 Capex to US$1.2B
Hynix Semiconductor Inc. plans to double capital spending
(capex) to 1.4 trillion won (US$1.21 billion) this year to boost
sales revenue by around a third to 5.2 trillion won, according
to Reuters. The chipmaker invested 744 billion won in capital
spending last year.

HYNIX SEMICONDUCTOR: Unveils 4Q03 Financial Results
Hynix Semiconductor Inc. announced on the Thursday the earnings
results for its fourth quarter of 2003, ended December 31, 2003.
The company, in parent basis, had total revenues of 1,170
billion won for the quarter, an increase of 18% sequentially
from 991 billion won in the third quarter of 2003. The
sequential growth in sales was mainly attributable to the
increase of DRAM shipments and the portion of `premium
products'. The improved semiconductor market condition also
pulled up the operational results of System IC business, the
non-memory business that Hynix runs. In the fourth quarter the
sales volume of System IC business increased approximately 30%
compared to the previous quarter, which also contributed to the
increase of Hynix' sales. The sales of memory products
constituted 81% (DRAM: 78%, SRAM/Flash: 3%) of the total
revenues and System IC contributed 19% in the fourth quarter.

In the fourth quarter, Hynix generated 330 billion won of gross
profit, which is a substantial improvement compared to 152
billion won of profit in the previous quarter. In the
operational level, the Company turned to profit of 158 billion
won from 21 billion won of loss in the third quarter. Those
improvements were mainly attributable to the improvement of
productivity, which consequently improved Hynix' cost
competitiveness and profitabilities. In terms of sales, Hynix
was able to enhance its profitabilities by maintaining the high
sales portion for major OEM customers, which provided us with
the stabilized position in the sales operation.

Despite the operational progress, Hynix resulted in the ordinary
loss and net loss of 830 billion won. This was mainly because
the Company reflected the substantial amount of non-recurring
expenses, which was mainly induced by the Self-Rescue Plan for
the business normalization. The amount totaled 1,028 billion won
and it was declared as non-operating expenses, which included
the estimated loss from the sales of System IC business and the
impairment loss of PP&E, etc.

The consolidated revenues, which include the results of overseas
sales subsidiaries were 1,244 billion won with 219 billion won
of operating profit in the fourth quarter. The result in the
previous quarter was 1,081 billion won of revenue with 94
billion won of operating profit. The consolidated ordinary
income and net income have also turned to loss of 803 billion
and 809 billion won respectively. It was 103 billion won of
profit in the previous quarter for both ordinary income and net

This press release includes a summary of the unaudited results
of Hynix Semiconductor Inc. and its overseas subsidiaries for
the fourth quarter of 2003. For more up-to-date information on
Hynix, please visit our website at

HYNIX SEMICONDUCTOR: Inks Memory Deal With ProMos Technology
Hynix Semiconductor Inc. ( and ProMOS Technologies
Inc. announced Thursday the signing of a memorandum of
understanding (MOU) to initiate a long-term strategic alliance
in technology licensing, foundry service and development of new
generation memory production processes. The new alliance will
represent nearly one quarter of the world DRAM output.

According to the MOU, Hynix licenses to ProMOS certain
proprietary technology for DRAM stack process, while ProMOS
offers to Hynix its 300mm fab capacity. Hynix and ProMOS also
plan to collaborate in the development of next-generation
process technologies.

The world's third largest DRAM maker, Hynix excels in the
development, sales, marketing and distribution of high quality
semiconductor products, including DRAM, SRAM, Flash Memory, and
system IC devices, making it an industry leader, and valuable
alliance partner. ProMOS, renowned for its manufacturing quality
and high wafer output yield rate, plans on building a second
300mm fab in Taiwan, to be integrated into its existing 300mm
and 200mm fabs. In addition to technology licensing and capacity
sharing, Hynix and ProMOS have left open the possibility of more
mutually beneficial projects in the future.

"We are happy to join forces with ProMOS in sharing its premium
technology capability and manufacturing competence," said C.S.
Oh, Senior Vice President and Memory COO of Hynix Semiconductor,
"This partnership will further enhance our DRAM manufacturing
capacity, allowing us to quickly deliver high-quality products
to the market."

"Hynix has been one of the world's first-rate providers of DRAM.
Its success comes from outstanding production efficiency,
sustainable R & D investment, and a highly dedicated management
team with a clear focus on semiconductors," said Min-liang Chen,
President of ProMOS. "The alliance forged between Hynix and
ProMOS advances both parties into a new phase of viable long-
term growth. We envision enormous benefits to both our clients
and ourselves."


Hynix Semiconductor Inc., headquartered in Icheon, Korea, is the
world's leading DRAM supplier with eleven semiconductor-
manufacturing facilities worldwide, and has a production
capacity of over 360,000 wafer starts per month. Hynix as a
leader in this 21st Century digital era is committed to
enhancing the lives of everyone through digital technology. For
our shareholders our aim is ongoing value creation within Hynix
Semiconductor with improved, sustained profitability, corporate
governance and for our customers the best products and prices
allied with excellent service and response. For more
information, visit Hynix' website at


ProMOS Technologies is located at Hsinchu Science Park of
Taiwan. It manufactures high-performance and high-capacity
standard DRAMs and other niche products, including pseudo-SRAM
and low power SDRAM. ProMOS possess the most-advanced
technologies among its DRAM peers and are noted in global DRAM
industry for its outstanding technologies in process. ProMOS
owns two fabrication plants (fabs). The 8 inch (200 mm) fab
features 0.14 śm process while its 0.12śm/ 0.11śm process
commenced production in Feb. 2002. Its 12-inch (300 mm) fab is
among the first batch in the world to cross the threshold to
volume production of DRAM. Worldwide Website


Hynix Semiconductor
Corporate Communication Team
Hyun Park E-mail:
Hynix Youngdong Bldg 891
Daechi-dong Kangnam-gu
Seoul 135-738 Korea


ProMOS Technologies
Corporate Spokesperson
Dr. Albert Lin
Tel?886 3 566-3477
Fax?886 3 578-6028
3F, NO 19, Li-shin Rd. Science-based Industrial Park.
Hsinchu City. 300. Taiwan R.O.C.


Dr. Albert YC Lin / Business Operating Group Senior Director
Tel:  886-3-566-3477

LG CARD: Shares Down 10% on Massive Capital Write-Down Fears
LG Card Co. dropped more than 10 percent to 2,040 won on
Thursday as investor's dumped shares on renewed fears of a
massive capital write-down, according to Reuters. Shares of the
credit card firm, which narrowly escaped bankruptcy with a
creditor bailout, are being traded mostly by speculative retail
investors and are therefore more vulnerable to fluctuations.

"It seems that day traders suddenly realized the expected
massive write-down is not far away, and they are talking about a
high possibility of a 44:1 share write-down ratio," said an
unnamed stockbroker at Kyobo Securities.

SSANGYONG MOTORS: Enters Alliance With American Axle
American Axle & Manufacturing (AAM) has been awarded a lifetime
production contract (LPC) for new business with Korean automaker
Ssangyong Motors. This contract is expected to provide AAM with
revenues of approximately $40 million annually when fully
launched beginning in 2005. This award is the first phase of a
General Cooperation Plan between AAM and Ssangyong that is
intended to provide Ssangyong Motors with world-class driveline
technology, products and support.

Under the new contract, AAM will supply independent front and
independent rear-drive axles for multiple new Ssangyong vehicle
programs. The independent front drive axle (IFDA) incorporates
AAM's proven aluminum PowerLite(R) design for reduced weight
while providing superior noise, vibration and harshness (NVH)
performance and packaging.  The IFDA provides lower vehicle
height and weight reduction for improved fuel economy, as well
as improved road handling, performance, durability, and
operating temperature control.

The independent rear drive axle (IRDA) utilizes AAM's
PowerLite(R) aluminum carrier as well as AAM's state-of-the-art,
high technology PowerDense(TM) ring and pinion gear design.
Produced using advanced material, thermal and mechanical
processes, PowerDense(TM) gear sets are capable of carrying more
torque in a smaller package with less noise.

"This is an extremely exciting program for AAM," said Co-
Founder, Chairman & CEO Richard E. Dauch. "Ssangyong is a
leading Korean producer of SUVs and all-wheel-drive vehicles for
the Asian market.  This program represents our first penetration
into the Asian market, and demonstrates our commitment to global
expansion and diversification of our customer base.  It also
symbolizes our ability to meet our customers' quality,
technology and delivery requirements, wherever on the globe they
are located."

AAM is a world leader in the manufacture, design, engineering,
and validation of driveline systems and related components and
modules, chassis systems and forged products for trucks, sport
utility vehicles and passenger cars.  In addition to its 14
locations in the United States (in Michigan, New York and Ohio),
AAM also has offices and facilities in Brazil, England, Germany,
Japan, Mexico and Scotland.

Media relations contact           Investor Relations Contact

Carrie L.P. Gray                  Richard F. (Rick) Dauch
Director, Corporate Relations     Vice President, Investor
(313) 758-4880                    (313) 758-4767           

* South Korean Bankruptcies Down 26.6% in January
South Korea's corporate bankruptcies in January stood at 317,
down 26.6 percent from December's 432, which was the lowest
level since May 2002, according to the Korea Herald, citing The
Bank of Korea. The monthly number of corporate bankruptcies
remained above 400 throughout 2003, with the figure hitting 508
last July.

In January, the corporate debt-default ratio also fell sharply
to 0.05 percent from 0.08 percent the previous month, marking
the lowest level since January 2003. In a negative sign,
however, the number of new Company registrations in Seoul and
seven other major cities also slid from 2,835 in December to
2,529 in January. As the decline in corporate failures outpaced
that of new startups, the ratio of new companies to failed ones
rose from 14.2 in December to 17.9 last month.


Denko Industrial Corporation Berhad clarified the news report
from The Edge entitled "Denko fires up again after four years".

The Company made the following clarifications:

1) Denko's corporate and debts restructuring scheme is only
expected to be completed by financial year ending March 2004.
Hence, any impact from the scheme is only expected to be
experienced in the financial year ending 2005;

2) Denko Group is targeting a continuous improvement in its
businesses and operations; and

3) Based on the audited accounts for the financial year ended 31
March 2003, the combined profit after tax of the four acquiree
companies i.e. Winsheng Plastic Industry Sdn Bhd (15 months
accounts), Aliran Mujarab Sdn Bhd (18 months accounts), Lean
Teik Soon Sdn Bhd (15 months accounts) and Eromax Industries Sdn
Bhd (15 months accounts) are approximately RM10.0 million.

Hence, the Company is of the opinion that the above may have
been independently interpreted differently. The Company hope
that the above would clarify any doubt from the public and the
Company will advise The Edge on the clarification accordingly.

FABER GROUP: Issues Debt Restructuring Update
Faber Group Berhad (FGB) issued an update on its restructuring
scheme as follows:

(i) Proposed Transfer Of A Selection Of FGB's Subsidiaries And
Assets To Jeram Bintang Sdn Bhd, A Special Purpose Vehicle
(JBSB) (Proposed Transfer of Assets);

(ii) Proposed Waiver Of The Accreted Yield From The Date Of
Issuance To 10 April 2003 (Proposed Waiver of Accreted Yield);

(iii) Proposed Novation Of Liability Under Nominal Value
Redeemable Convertible Secured Zero Coupon 2000/2005 Bonds
(RCSB) And Proposed Issuance Of JBSB Bonds (Proposed Novation Of
Liability And Issuance Of JBSB Bonds);

(iv) Proposed Issuance Of Redeemable Convertible Preference
Shares (RCPS) And Redeemable Secured Loan Stocks (RSLS) To JBSB;

(v) Proposed Acknowledgement of Debt And Settlement Of The
Balance Sum Amounting To RM51.442 million (Proposed
Acknowledgement And Settlement Of Balance Sum);

(vi) Proposed Management Arrangement; And

(vii) Proposed Settlement By JBSB Of JBSB Bonds.
The abovementioned proposals are collectively known as the
"Proposed Restructuring Scheme"

The Company refers to the above and the announcements made by
FGB dated 18 November 2003 and by Aseambankers Malaysia Berhad
(Aseambankers) on behalf of the Company dated 18 and 19 November
2003 and 22 December 2003 pursuant to Practice Note 4/2001 of
the Malaysia Securities Exchange Berhad Listing Requirements.

On behalf of FGB, Aseambankers announced that the applications
to the relevant authorities dated 19 February 2004 in relation
to the Proposed Restructuring Scheme have been submitted to the
relevant authorities.

In addition, with reference to Section 2.1-Proposed Transfer of
Assets of the Requisite Announcement (RA) announced on 22
December 2003, the aggregate net tangible assets (NTA)/net book
value (NBV) of the assets to be transferred to JBSB and its
wholly-owned subsidiary should be a negative RM568.947 million
as compared to a negative RM597.836 million as previously
announced. The difference of RM28.889 million is due to the
reversal of the pre-acquisition revaluation reserves of two
assets at the company level. However, there is no impact on the
purchase consideration as the purchase consideration is a
nominal value of RM1.00.

For the nine months financial period ended 30 September 2003,
FGB has booked in an impairment losses for Sheraton Imperial,
Kuala Lumpur which is owned by Inter Heritage (M) Sdn Bhd (IH),
a 51%-owned subsidiary of Faber Hotels Holding Sdn Bhd, which in
turn is a wholly-owned subsidiary of FGB. However, the proforma
NTA shown in the RA did not take into account the impact of the
said impairment. FGB has intention to dispose its equity
interest in IH and the same would not be inter-conditional with
the Proposed Restructuring Scheme and would have to be completed
before the completion of the Proposed Restructuring Scheme. As a
result of the above intention and pursuant to the Proposed
Restructuring Scheme, the effects on the proforma NTA of the FGB
Group are as shown in Table 1 as attached below.

As a result of the factors mentioned above, the effect of the
Proposed Restructuring Scheme on the proforma gearing of the FGB
Group is as shown in Table 2 at

HIAP AIK: Extends Restructuring Scheme to March 6
AmMerchant Bank, on behalf of Hiap Aik Construction Berhad
(HACB), announced that Securities Commission had approved the
extension of time to March 6, 2004 to implement the Company's
restructuring scheme.

LONG HUAT: Court OKs Proposed Scheme Extension
Long Huat Group Berhad refers to its earlier announcement dated
February 12, 2004 regarding the application for extension of
time In relation to the restraining order under Section 176(10)
of the Companies Act.

In relation to the above, the Company's solicitors, Messrs
Kadir, Andri Aidham & Partners, revealed the Court, on February
16, 2004, granted an extension of time from 3 February 2004 for
a further period of 90 days up to the date the Proposed Scheme
of Arrangement becomes effective, being the date that an
official copy of the order of the High Court of Malaya
sanctioning the Proposed Scheme of Arrangement is lodged with
the Companies Commission of Malaysia, whichever occurs earlier.

This announcement is dated 19 February 2004.

OMEGA HOLDINGS: Submits Restructuring Plan on August 27
Affin Merchant Bank Berhad (Affin Merchant), on behalf of Omega
Holdings Berhad, applied to the Supreme Court (SC) on February
10, 2004 for an extension of six (6) months to 27 August 2004
(Proposed Extension) to complete its proposed restructuring

Affin Merchant announced that the SC had, via its letter dated
17 February 2004 (which we received on 18 February 2004)
approved the Proposed Extension.

Collectively referred to as "Proposed Restructuring Scheme":

(i) Proposed Acquisition of Omega by Energro Berhad (Energro);

(ii) Proposed Scheme of Arrangement;

(iii) Proposed Transfer of Business;

(iv) Proposed Acquisition of Milan Auto Corporation (M) Sdn Bhd
by Newco;

(v) Proposed Waiver from the Mandatory General Offer;

(vi) Proposed Special Issue;

(vii) Proposed Increase in Authorised Share Capital of Energro;

(viii) Proposed Offer For Sale of Energro Shares By Scheme

(ix) Proposed Offer For Sale of Energro Shares by Milan Auto (M)
Sdn Bhd;

(x) Proposed Listing Transfer; and

(xi) Proposed Disposal of Omega Group.

PANCARAN IKRAB: Sells Dormant Subsidiary
The Board of Directors of Pancaran Ikrab Berhad (PIB) announced
that its wholly owned subsidiary Powerdrive (Penang) Sdn Bhd
(PPSB) on the February 16, 2004, entered into a Sale and
Purchase Agreement with Mr. Ng Chin Khiang (NRIC No. 701229-07-
5601) and Mr. Ng Mow Thong (NRIC No. 571225-07-5257) of No. 2080
Mukim 10, Bukit Kechil, 14000 Bukit Mertajam to dispose of that
piece of freehold land held under H.S. (D) 1944, Lot No. 3271,
Mukim 7, Daerah Sederang Perai Selatan, Penang together with a
3-storey shop office erected thereon bearing the postal address
of No. 45, Lorong Jawi Jaya 5, Taman Jaya, Seberang Perai
Tengah, Penang, for a total consideration of RM250,000.00 only.

The principal activity of the PPSB was the retail sale of
fastening products. The Company has ceased operation in year
2001 and has since remained dormant.


The sale consideration was arrived at on a willing seller and
willing buyer basis and to be paid in cash as follows:

1. A deposit of RM25, 000.00 only to be paid upon the execution
of the Sale and Purchase Agreement (S & P)

2. The balance purchase price of RM225, 000.00 only to be paid
within three (3) months from the date of S & P

3. In the event the Purchaser fail to pay the balance purchase
price within the Completion Date, PPSB shall grant the Purchaser
an extension of One (1) month from the date of expiry of the
Completion Date at interest rate of Nine per centum (9%) per
annum on a day-to-day basis.


None of the directors and substantial shareholders of PIB and
its subsidiaries or persons connected to them, have any
interest, direct or indirect, in the transaction.


The rationale for the sale of the property is as follows:

1. The property is of no further use to the PIB group.

2. To redeem the Term Loan of PPSB, which is secured by the said
property, thereby enabling the PIB Group to benefit from
interest savings of approximately RM18,000 per annum based on
prevailing interest rates.

3. The balance of the sales proceeds will be used as working
capital of the Group.


The property was purchased on 28 April 1997 for a total cash
consideration of RM350,000.00 It's Net Book Value (NBV) as at 31
December 2003 was RM242,650.00


The sales proceeds from the disposal will be utilized as

i) Repayment of term loan facility and outstanding interest in
respect of the property disposed 241,085 RM

ii) Other incidental cost (including estate agent's fees and
legal fees) 7,000 RM

iii) Working capital 1,915 RM

     TOTAL 250,000


1. Earning

The disposal of the property resulted in an extraordinary gain
of RM7, 350.00 being recorded in PPSB and PIB 's books in the
current financial year ending 31 December 2004.

PIB's consolidated Income statement for the previous financial
year ended 31 December 2002 showed a net loss of RM7.691
million. The disposal of the property will therefore not
materially impact the net results of PIB.

Consolidated Net Liabilities / Shareholders' Deficit (NL)
PIB's consolidated NL as at 31 December 2002 amounted to
RM40.193million. The gain of RM7, 350.00 resulting from the
disposal will not have any material impact on the NL position of
the Group.

Share Capital and Substantial Shareholders' Shareholdings
The disposal will not have any effect on the issued and paid-up
share capital of PIB and its substantial shareholders'
shareholdings, as the disposal does not involve any issue of new
shares by the Company.


The directors of PIB are of the opinion that the above disposal
is in the interest of PIB Group.


The Sale and Purchase Agreement is available for inspection at
the registered office of PIB at W11-A1, 11th Floor, West Block,
Wisma Selangor Dredging, 142-C, Jalan Ampang, 50450 Kuala Lumpur
during normal office hours from Monday to Friday (except public
holidays) for the period of two (2) weeks from the date of


No approvals are required from the authorities or shareholders
for the disposal. An information circular providing the details
of the disposal will be dispatched to shareholders in due

This announcement is dated 19 February 2004.

PARIT PERAK: KPMG Extends Investigative Audit to March 12
In accordance with the terms of the Proposals, Liqua Health
Corporation Berhad (LHCB) had completed the restructuring
exercise of Parit Perak Holdings Berhad (PPHB) on November 13,
2003. On October 22, 2003, LHCB disposed of its 100% equity
interest in PPHB to Parit Perak Debt Management Sdn Bhd, a
special purpose vehicle nominated by the Special Administrators
of PPHB, for a nominal consideration of RM1.00 and PPHB's
listing status was subsequently transferred to LHCB on 13
November 2003.

This announcement is made for PPHB in relation to PPHB's
investigative audit. PPHB has been delisted from the Official
List of the Main Board of the Malaysia Securities Exchange
Berhad on 13 November 2003, with the transfer of PPHB's listing
status to LHCB.

One of the conditions stipulated by the Securities Commission in
its letter dated 10 March 2003 for its approval of the Proposals
is for PPHB to appoint an independent audit firm (which is
experienced in investigative audit and must not be the current
auditors of PPHB) within two months from the date of the letter
of approval from the SC to conduct an investigative audit on
PPHB's previous losses. PPHB is also required to take
necessary/relevant steps to recover the losses suffered by PPHB.
Based on the findings of the investigative audit, PPHB is to
report to the relevant authorities if there are any breaches of
any laws, rules, guidelines and/or memorandum and articles of
the Company involving members of the Board of Directors of the
Company and/or any other party that has caused the said losses
of PPHB. The investigative audit is to be completed within six
(6) months from the date of appointment of the independent audit
firm. Two copies of the said investigative audit report must be
made available to the Securities C after the completion of the
investigative audit.

Further to the announcement dated 11 November 2003, Alliance
Merchant Bank Berhad, on behalf of PPHB, announced that the
Securities Commission, via its letter dated 12 February 2004,
approved a further extension of time of five (5) weeks until 12
March 2004, for KPMG to complete the investigative audit on

This announcement is dated 18 February 2004.

PROMET BERHAD: SC Rejects Restructuring Scheme
On behalf of the Board of Directors of Promet Berhad, Southern
Investment Bank Berhad announced that the Securities Commission
(SC), via its letter dated 16 February 2004, which was received
on 18 February 2004, had decided not to approve the appeal on
its decision to reject the Proposed Restructuring Scheme

The SC had decided not to approve the Appeal as the
justifications provided in the Appeal letter did not
satisfactorily address the factors and issues raised by the SC
in its letter dated 29 October 2003 on the Proposed
Restructuring Scheme.

The Promet Board is currently contemplating the next course of
action in view of the above.

This announcement is dated 19 February 2004.


ATLAS CONSOLIDATED: Unveils Board Meeting Attendance Report
Atlas Consolidated Mining and Development Corporation furnished
the Philippine Stock Exchange (PSE) a copy of its Compliance
Officer's Certification on the Attendance of Directors in the
Board Meetings for the year 2003.

In 2003, Atlas Consolidated Mining and Development Corporation
completed a debt-for-equity swap for debt totaling 878.8 million
pesos, TCR-AP reported. The Company issued 87.9 million shares,
each at 10 pesos, to cover its debts to Alakor Corporation and
Minoro Mining and Exploration Corporation.

For more information, go to

The Manila Electric Co. (Meralco) affirmed its commitment to
environmental protection as it signed two memoranda of agreement
with the Department of Environment and Natural Resources (DENR)
and the Pasig City government for the creation of multipartite
monitoring teams (MMT) in Pasig City, ABS-CBN reports.

The monitoring teams are composed of representatives from the
DENR, Pasig City government, Meralco, homeowners and other
private groups. The teams will be monitoring two Meralco
projects in Pasig -- the soil remediation/final waste disposal
project at Meralco's Pasig Sector in San Joaquin and Hillcrest
Substation -- that were initially thought to pose harm to the
environment but were later proven to be safe.

Meralco observes proper hauling and disposal of waste throughout
its franchise and has assigned a pollution control officer to
oversee all environmental requirements. The company also
conducts tree-planting projects on a regular basis and has
established a solid waste management program as guide in the
effective implementation of environmental efforts.

NATIONAL STEEL: New Owner Seeks Tariff Increase
India's Global Infrastructure Holdings, Inc., which has won the
bid to operate National Steel Corporation's steel mill in Iligan
City, Central Mindanao, wants the Philippine government to raise
tariffs to a range of 20 percent to 30 percent, Yehey Finance
reports. An unnamed tariff committee member said Global wanted a
20% tariff on imported hot-rolled coils and cold-rolled coils,
and 30% on imported tinplates.

NEDA has already formed a working group -- composed of technical
staff from the Tariff and Related Matters committee as well as
from the National Economic and Development Authority (NEDA) and
the Tariff Commission -- to study the request. NSC closed its
plant in 1999 after it failed to pay about PhP16 billion in
debts. Its former owner blamed cheap steel billets from Russia
as a major cause of the company's woes.

PHILIPPINE LONG: Unveils Personnel Promotions
The Philippine Long Distance and Telephone Co. on Thursday
approved the promotion of the following persons to the positions
indicated opposite their respective names, effective February
19, 2004:


Cesar M. Enriquez   From Vice President to First Vice
     President, Corporate Business

Menardo G. Jimenez, Jr.  From Vice President to First Vice
     President, Corporate
     and Public Affairs

Florentino D. Mabasa, Jr. From Vice President to First Vice
     President, Legal Center

Raymond S. Relucio  From Vice President to First Vice
     President, Core Network Operations

Emeraldo L. Hernandez  From Assistant Vice President to
                              Vice President GMM Network

Joseph Nelson M. Ladaban From Assistant Vice President to
                              Vice President, Retail Billing and
                              Credit Support

PHILIPPINE LONG: Signs 3-Year Agreement With Fixed Line Workers
The Philippine Long Distance Telephone Co. (PLDT) announced
Thursday that it has signed a new three-year collective
bargaining agreement (CBA) with fixed-line workers, who were
earlier reported to be planning to stage a strike, AFX Asia
reports. It did not disclose the major provisions in the new
CBA. PLDT's fixed lines in service totaled 2.1 million as of
end-2003, of which 17 percent were prepaid. After its manpower
reduction activities last year, for which provisions were made,
the ratio of fixed lines per employee improved to 207 at end-
2003 from the previous year's 172.

PHILIPPINE LONG: Post Changes in Board Members
The Philippine Long Distance and Telephone Co. (PLDT) posted
changes in its board of directors as follows:

1.  Mr. Antonio O. Cojuangco relinquished his post as Chairman
of the Board of Directors of the Company, effective immediately.
Mr. Cojuangco will however, remain a director of the company.

2.  Mr. Manuel V. Pangilinan relinquished his post as President
and Chief Executive Officer and was appointed Chairman of the
Board of Directors of the Company, effective immediately.

3.  Mr. Napoleon L. Nazareno was appointed as President and
Chief Executive Officer of the Company, effective immediately.

The foregoing changes in the Chairmanship of the Board and
Presidency of the Company are not expected to have any
significant impact on the Company's current or future
operations, financial position or results of operation.

Pursuant to the requirements of the Securities Regulation Code,
the Company has duly caused this Report to be signed on its
behalf by the undersigned hereunto duly authorized.


ASIA PULP: Risks Losing Customers Over Environment Concerns
Asia Pulp & Paper Co Ltd. (APP) has failed to keep its promise
to clean up its environmental record, causing customers in the
United States to cancel supply contracts, according to Dow
Jones, citing the World Wildlife Fund. APP, which has paper
factories in Indonesia and China, agreed with the World Wildlife
Fund last year to publish by January a plan to make its forestry
operations self-sustaining by 2007.

Negotiations with APP broke down this week without an agreement
over a sustainability plan, the World Wildlife Fund said.
Although APP agreed to set aside a portion of its concession in
Sumatra as a protected area, the fund said it couldn't agree
with the company's plan to cut 445,000 acres of natural forest
over the next two years.

APP spokeswoman Joice Budisusanto said the World Wildlife Fund's
demand that the company stops cutting its natural forest
concession is "impossible." APP needs to clear natural forest in
order to expand its plantations to become self-sustaining, she

BAK HONG: Issues Intended Dividend Notice
Bak Hong Motor Pte Ltd (In Creditors' Voluntary Liquidation)
issued a notice of intended dividend as follows:

Address of registered office: 18 Cross Street, #08-03 Marsh &
McLennan Centre, Singapore 048423.

Last day for receiving proofs: 1st March 2004.

Name of liquidators: CHEE YOH CHUANG & LIM LEE MENG.

Address of liquidators: c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

Dated this 13th day of February 2004.


BBR GEOTECHNIC: Issues Dividend Notice
Bbr Geotechnic (S) Pte Ltd (In Liquidation) issued a notice of
intended dividend as follows:

Address of registered office: 50 Changi South Street 1, BBR
Building, Singapore 486126.

Court: High Court of the Republic of Singapore.

Number of Matter: Companies Winding Up No. 600295 of 2001.

Last day of receiving proofs: 5th March 2004.

Name of liquidators: Chee Yoh Chuang and Lim Lee Meng.

Address of liquidators: c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

Dated this 13th day of February 2004.

BLUESTONE CAPITAL: Issues First & Final Dividend
BlueStone Capital Pte Ltd (In Creditors' Voluntary Liquidation)
issued a notice of first and final dividend as follows:

Address of registered office: 3 Phillip Street #18-00, Commerce
Point, Singapore 048693.

Amount Per Centum: 59 cents to a dollar of preferential debts
admitted pursuant to Section 328 (1) (b) of the Companies Act,
Cap. 50.

First and Final or Otherwise: First and Final.

When Payable: 19th February 2004.

Where Payable: Shanker Iyer & Co
3 Phillip Street #18-00
Commerce Point
Singapore 048693.

Dated this 13th day of February 2004.


BUAN HUAT: Releases Winding Up Order Notice
Buan Huat Seng Credit Pte Ltd issued a notice of winding up
order made on the 6th day of february 2004.

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

Dated the 13th day of February 2004.
Solicitors for the Petitioner.

The Directors of Seatown Corporation Ltd announced that pursuant
to an application made to the Singapore Exchange Securities
Trading Limited (SGX-ST), the SGX-ST has granted the Company an
extension of time of up to 31 May 2004 to comply with paragraph
10 of Appendix 2.2 of the Listing Manual. This extension is
subject to approval by the Singapore Registry of Companies and
Businesses of the Company's application for an extension of up
to 31 May 2004 to hold the Company's Annual General Meeting
(AGM). If such approval is obtained, the Company will hold its
AGM on or before 31 May 2004.

The delay in holding the AGM was due to shortage of manpower in
the Company, which has resulted in delays in closing its monthly
management accounts, as well as a delay in obtaining the
accounts of Seatown Construction Pte Ltd, a subsidiary of the
Company, which is currently under the judicial management of Mr
Goh Ngiap Suan.


BANGKOK BANK: Offers Option to Hybrid Sec Holders
Holders of Bangkok Bank PCL's hybrid securities have until
February 25 to decide whether they accept a return of 3.25
percent a year or have the bank redeem the shares on April 2,
The Nation newspaper reports. The 3.25% offer will be
implemented only if at least half of the 2,000 to 3,000 holders
accept it. The securities were offered after the 1997 financial
crisis to help banks increase their provisions against loan

The bank will also hold a shareholders meeting in April. The
agenda will include a proposal to write off 100 billion baht of
the bank's retained losses. If approved, the bank will pay
dividends to shareholders for this year's operations.

KRUNG THAI: Expects 12% Loan Growth In 2004
Krung Thai Bank PCL expects a net loan growth of around 80
billion baht, or 12% in 2004, with refinancing of foreign
currency-denominated state enterprise loans to make up for the
relatively slack demand for credit, according to Dow Jones.

President Viroj Nualkhair said the bank expects lending growth
in the construction sector, but overall new investment would be
insufficient to meet the bank's strong growth targets. The bank
will target state-owned companies in the energy sector, which is
expected to see high growth in the next three to four years.

MILLENNIUM STEEL: SET Grants Securities Trading
The Stock Exchange of Thailand (SET) has allowed the securities
of Millennium Steel Public Company Limited (MS) to be traded on
the Exchange after finishing capital increase procedures.

Name:  MS

Issued and Paid up Capital

Old: 5,578,061,839 Baht
Commom Shares 3,989,711,809 shares
Preferred Shares 1,588,350,030 shares

New: 5,756,437,790 Baht
Commom Shares 4,168,087,760 shares
Preferred Shares 1,588,350,030 shares

Par Value: 1 Baht

Allocate to: Existing Shareholders
(Both common shares and preferred shares) 178,375,951 shares

Ratio: 10:1

Price per share: 2.30 Baht

Payment Date: January 26-30, 2004

Note: MS's preferred shares are not listed on the SET


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

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