TCRAP_Public/040224.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

         Tuesday, February 24, 2004, Vol. 7, No. 37

                         Headlines

A U S T R A L I A

AMP LIMITED: Ratings Unchanged by Debt Plan, Says S&P
AMP LIMITED: Issues Debt Repayment Program Update
AMP LIMITED: Raises 2003 Profit Forecasts
NATIONAL AUSTRALIA: Kraehe Quits News Corporation, Brambles
REYNOLDS WINES: Enters Purchase Deal With Trinchero

QANTAS AIRWAYS: Strong Results Support Ratings, Says S&P


C H I N A  & H O N G K O N G

GOLD PHOENIX: Winding Up Petition Slated for March 24
PLASTICOS COMPANY: Faces Winding Up Petition
PROVIDE LOGISTICS: Winding Up Hearing Set March 17
SPEEDY LUCK: Bank of China Initiates Winding Up Petition


I N D O N E S I A

EXCELCOMINDO PRATAMA: Australia's Telstra Plans A$3B Bid


J A P A N

ALL NIPPON: JCR Assigns BBB+ Rating
GRAND TAMAKOSHI: General Merchandise Firm Enters Bankruptcy
MITSUBISHI MOTORS: DaimlerChrysler May Withdraw 37% Stake
MITSUBISHI MOTORS: Daimlerchrysler Sends Reform Team


K O R E A

HANARO TELECOM: Unveils Solid 2003 Fourth Quarter Results
HANARO TELECOM: Discloses Business Plan for 2004
KOOKMIN BANK: Clarifies of LG Acquisition Reports
KOOKMIN BANK: Shareholders Meeting Set March 23
KOOKMIN BANK: Unveils 2003 Operating Results

SK CORPORATION: Removes Scandal-tainted Executives
SK NETWORKS: U.S. Unit Schedules November 13 Creditors Meeting


M A L A Y S I A

ACTACORP HOLDINGS: KLSE Extends Restraining Order
EPE POWER: Seeks Restructuring Approval
METROPLEX BERHAD: Issues Restraining Order Update
MYCOM BERHAD: Issues Restructuring Update
OLYMPIA INDUSTRIES: To Complete Restructuring Scheme March 7

PROMET BERHAD: KLSE to Delist Securities on March 5
UCP RESOURCES: Extends Investigative Audit to May 21
UNIPHOENIX CORPORATION: Issues Rescue Scheme Update


P H I L I P P I N E S

ANNA-LYNN'S INC.: Seeks Debt Relief
PHILIPPINE LONG: Subscribers Likely to Hit 14 Million by March
PHILIPPINE LONG: Issues 24,287,455 Preferred Shares
PILIPINO TELEPHONE: Clarifies Debt Restructuring Report


S I N G A P O R E

BOUSTEAD SINGAPORE: Australian Unit Enters Voluntary Liquidation
CHARTERED SEMICONDUCTOR: Honors Top Suppliers
NYLECT TECHNOLOGY: Widens Net Loss to S$2.2M
PHASE METRICS: Issues Debt Claim Notice to Creditors
RIDALEGE TRADING: Issues Notice to Creditors

STRATEGY INTERNATIONAL: Issues Dividend Notice
THAKRAL CORPORATION: Unit Starts Liquidation Proceedings
T&T INSURANCE: Creditors Must Submit Claims by March 22
WESTERN DIGITAL: Creditors Must Submit Claims by March 22


T H A I L A N D

ADVANCE AGRO: Moody's Reviews Rating for Possible Upgrade
ADVANCE PAINT: Unveils Director's Meeting Resolutions
THAI PETROCHEMICAL: Unveils Shareholder's Equity

* BOND PRICING: For the week of February 23 - February 27, 2004

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Ratings Unchanged by Debt Plan, Says S&P
-----------------------------------------------------
Standard & Poor's Ratings Services announced that its ratings on
AMP Ltd.'s operating units and holding Company remain unchanged
following the announcement of its planned debt repayment and its
higher-than-expected underlying earnings compared with forecasts
in its demerger "Explanatory Memorandum". AMP's main Australia-
based subsidiaries are AMP Life Ltd. (A-) and AMP Group Holdings
Ltd. (BBB2).

"AMP's planned debt reduction through its repurchase of all or
part of its income securities reduces the overall degree of
leverage--debt and hybrid--in the group to more supportive
levels," said Standard & Poor's credit analyst, Kate Thomson.

"Although the transferal of A$725 million from AMP Life--to meet
the debt repayment--has reduced AMP Life's absolute level of
capital, AMP Life's risk-based capitalization appears to remain
robust," added Ms. Thomson. AMP Life's lower risk asset
strategy, and improved asset performance that is benefiting
policyholders and shareholder profits, support the capital
transfer.

"At the same time, AMP's agreement with the third party seeking
a declaration that AMP's recent demerger had caused an event of
default--potentially triggering a cross default--resolves a
significant uncertainty for the ratings," said Ms. Thomson.

Although key risks associated with the demerger process have now
ameliorated, AMP's ratings remain on negative outlook. In the
short to medium term, Standard & Poor's will focus on its
analysis of the following:

-- AMP's full-year results (due for release on March 4 when a
bottom-line loss in excess of A$5.0 billion is expected to be
reported);

-- AMP's continued momentum in business recovery and improved
underlying financial performance; and

-- Its capability to execute debt reduction and other
strategies.


AMP LIMITED: Issues Debt Repayment Program Update
-------------------------------------------------
AMP Limited announced an update on its annual results for the
year to 31 December 2003. These results are due for finalization
and release on 4 March 2004.

AMP Chief Executive Officer Andrew Mohl said the underlying
business results were now expected to be considerably higher
than the pro-forma forecasts provided in the Explanatory
Memorandum (EM) for the demerger.

The EM forecast net profit after tax (before goodwill
amortization and other items) in a range from A$402 million to
A$535 million. AMP indicated at the time the EM was released on
16 October 2003 that it expected the result to be closer to the
top end of the forecast range.
Mr Mohl said it was now likely that net profit after tax (before
goodwill amortization and other items) would be in the range of
A$600 million to A$620 million.

"The better-than-expected profit result reflects, in roughly
equal parts, improved business unit performance, particularly in
the final months of the year, and a number of positive one-off
items that emerged in the end of year review process," Mr Mohl
said.

"The stronger business unit performance has seen AMP Financial
Services, AMP Capital Investors and Cobalt/Gordian all exceed
the top end of their respective ranges provided in the EM."

AMP Limited (AMP) ASX Announcement AMP Limited Level 24, 33
Alfred Street Sydney NSW 2000 Australia ABN 49 079 354 519 Mr
Mohl said the balance sheet of AMP was also significantly
stronger at year-end than had been anticipated at the time of
the release of the EM. In particular, AMP Life was in a position
at the end of December 2003 to transfer A$725 million to AMP
Limited due to:

- higher operating profits;
- capital management initiatives;
- investment outperformance; and
- improved market conditions.

The solvency position of AMP Life, even after this transfer of
A$725 million, was significantly stronger at the end of 2003
than mid-year. It was also stronger than at the end of 2001 and
2002 due to the same factors.

2. Acceleration of debt repayment program

AMP currently has debt of A$3.2 billion. The company indicated
in the EM that it intended to pay down a net A$600 million of
existing debt securities to achieve the EM pro-forma debt level
of A$2.6 billion with the nature and allocation of this
restructure to be determined. With its improved balance sheet,
AMP is now in a position to pay down over A$1.2 billion of
external debt, in effect immediately, and reduce its debt to
around A$2 billion.

AMP has determined that the first step to achieve this reduction
is to buy back as much of its A$1.24 billion in outstanding
Income Securities (AMQHA) as possible. AMP will make an offer to
all Income Securities holders to buy back their holdings at a
premium to the current market price.

Mr Mohl said AMP was taking this step because interest rate
changes have increased the cost of the Income Securities to the
company relative to other debt instruments, and it has too much
hybrid debt, most of which is Income Securities.

AMP therefore plans to write to all Income Securities holders
with an offer to buy back their holdings at A$98.00 plus accrued
interest. The closing price of the securities on Friday 20
February 2004 was A$94.10.
Income Securities holders do not need to accept this offer, as
the securities are perpetual instruments that will continue to
trade on the Australian Stock Exchange while they are on issue.

AMP has separately reached agreement with a third party who was
contesting the impact of the demerger on the status of AMP's
Income Securities in the Federal Court. AMP will acquire the
party's stake at the same price of A$98.00 plus accrued interest
and the party has agreed to cease its legal proceedings.

"With the demerger now successfully completed, our focus is on
rebuilding and rejuvenating AMP as quickly as possible," Mr Mohl
said.
"The improved performance in underlying results and acceleration
in our ability to repay debt are both very good news for our
shareholders."

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_amp0223.pdf

Media inquiries                      Investor inquiries
Karyn Munsie                         Mark O'Brien
Ph: +61 2 9257 9870                  Ph: +61 2 9257 7053
0421 050 430

Matthew Coleman
Ph: +61 2 9257 2700
0421 611 138


AMP LIMITED: Raises 2003 Profit Forecasts
-----------------------------------------
AMP Limited raised its 2003 core profit forecasts as much as 16
percent on Monday and plans to repay more debt following a
stronger-than-expected performance late last year, according to
Reuters.

AMP said net profits before goodwill amortization and other
items would be in the range of A$600 million ($462 million) to
A$620 million for the year ended December 31. AMP is expected to
post a total loss of A$5.4 billion on the back of huge write-
downs after it split into two companies to stem massive losses
from Britain. The write-downs are mainly on the value of the
British business.

The Australian insurer has debt of A$3.2 billion and previously
had flagged intentions to pay back A$600 million. However,
higher interest rates have increased the cost of the income
securities for AMP compared with other debt instruments.


NATIONAL AUSTRALIA: Kraehe Quits News Corporation, Brambles
-----------------------------------------------------------
National Australian Bank (NAB) Chairman Graham Kraehe will
resign from the boards of News Corporation, Brambles Industries
and Djerriwarrh Investments to concentrate on the bank and
BlueScope Steel, where he is also chairman, reports the Age.

Kraehe replaced Charles Allen as Chairman of the nation's
largest bank earlier this month after it was revealed the bank
lost $360 million in a currency trading scandal.
PricewaterhouseCoopers and the Australian prudential regulator
are investigating the affair.


REYNOLDS WINES: Enters Purchase Deal With Trinchero
----------------------------------------------------
Roger J. Trinchero, President of Trinchero Family Estates wine
Company, announced that the Napa Valley-based winery and Newco,
the management entity for Reynolds Wines, Ltd., Australia, have
signed a deal transferring 100% ownership of the Reynolds
Vineyards and Little Boomey brands to Trinchero Family Estates.
In addition, Trinchero Family Estates will retain exclusive
marketing and distribution rights for the brands worldwide with
the exception of the United Kingdom. Newco, currently managed by
former Southcorp executive Philip Shaw, will retain brand and
distribution rights in the U.K.

"We are thrilled to be able to move forward at full speed with
Little Boomey and Reynolds Vineyards brands in North America and
beyond. We believe strongly in the power of Australian wines in
the marketplace and are committed to continue to develop this
category within our portfolio," Roger Trinchero commented.

Trinchero Family Estates has continued marketing and
distributing the Reynolds Vineyards and Little Boomey brands
over the past year as Reynolds Wines, Ltd. went through a
lengthy restructuring. The newly inked deal frees Trinchero
Family Estates to control all aspects of production, including
grape sourcing. "We're looking forward to enjoying the
flexibility to continue to improve vineyard selection for
Reynolds Vineyards wines," said Trinchero. "We have an ample
inventory to supply our customer needs and continue to be
dedicated to cool climate sourcing." Reynolds Vineyards wines
bear a New South Wales appellation and an Orange, New South
Wales appellation for the Reserve tier.

Trinchero Family Estates is owned and operated by the Trinchero
family, Napa Valley vintners since 1947. The company produces
Sutter Home, Trinchero, Montevina, Trinity Oaks, and the number
one alcohol-free wine, Fre, as well as Reynolds Vineyards and
Little Boomey wines from Orange, New South Wales, Australia.
www.tfewines.com

Reynolds Wines, formerly called Cabonne Limited went into
voluntary administration on August 4, 2003 and is currently
operating under the management of receivers, KPMG.


QANTAS AIRWAYS: Strong Results Support Ratings, Says S&P
--------------------------------------------------------
Standard & Poor's Ratings Services reported Monday that Qantas
Airways Ltd.'s (BBB2) strong results for the first six months of
fiscal 2004 support the ratings and outlook on the airline.
Qantas' pretax profit increased to A$530 million (A$513.1
million in 2003), despite the airline suffering from the
aftermath of severe acute respiratory syndrome (SARS) and the
war in Iraq.

Key factors underpinning the airline's financial results were
the strong performance of its domestic operation, an improved
cost structure from cost reductions and investment in new
aircraft, and favorable foreign exchange movements (which
contributed A$45 million to the company's overall result).
Although the improving revenue environment will further assist
Qantas' performance in the second half, the airline's cost-
reduction initiatives, successful launch of Jetstar, and
product-improvement strategies will be critical to sustaining
its strong domestic position and improving its overall
profitability given increasing competition across its route
network.

Qantas' credit metrics are expected to strengthen and remain
supportive of its ratings in the next few years, although the
extent of any improvement will be tempered by the airline's A$7
billion of capital expenditure slated between fiscals 2004-2006,
which will be funded mostly from operating cash flows and debt.

Contact: [REDACTED]


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


GOLD PHOENIX: Winding Up Petition Slated for March 24
-----------------------------------------------------
The petition to wind up Gold Phoenix Chinese Restaurant Limited
is set for hearing before the High Court of the Republic of
Singapore on March 24, 2004 at 10 in the morning. Ho Shui Yin
whose registered office is situated at Flat 1006A, 10/F., Far
East Bank Building, 135 Castle Peak road, Tsuen Wan, New
Territories, Hong Kong, filed the petition on January 26, 2004.

The Petitioners' solicitors are Tam Lee Po Lin of Rooms 1202-6,
12th Floor, Wheelock House, 20 Pedder Street, Central, Hong
Kong. Any person who intends to appear at the hearing of the
petition must serve on or send by post to Ford, Kwan & Company a
notice in writing not later than twelve o'clock noon of the 23rd
day of March 2004 (the day before the petition hearing).


PLASTICOS COMPANY: Faces Winding Up Petition
--------------------------------------------
The petition to wind up Plastikos Company Limited is set for
hearing before the High Court of the Republic of Singapore on
March 17, 2004 at 10 'oclock in the morning. Wong Leung whose
registered office is situated at Room 05, 8/F., Wu Yuet House,
Wu King Estate, Tuen Mun, New Territories, Hong Kong, filed the
petition on January 16, 2004.

The Petitioners' solicitors are Tam Lee Po Lin, Nina of 34th
Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong
Kong. Any person who intends to appear 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 16th
day of March 2004 (the day before the petition hearing).


PROVIDE LOGISTICS: Winding Up Hearing Set March 17
--------------------------------------------------
The petition to wind up Provide Logistics Management Service
Company Limited is set for hearing before the High Court of the
Republic of Singapore on March 17, 2004 at 9:30 in the morning.
Yu Chi Ho whose registered office is situated at Room 215, Pok
Yat House, Pok Hong Estate, Shatin, New Territories, Hong Kong,
filed the petition on January 9, 2004.

The Petitioners' solicitors are Tam Lee Po Lin, Nina of 34th
Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong
Kong. Any person who intends to appear 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 16th
day of March 2004 (the day before the petition hearing).


SPEEDY LUCK: Bank of China Initiates Winding Up Petition
--------------------------------------------------------
The petition to wind up Speedy Luck Industrial Limited is set
for hearing before the High Court of the Republic of Singapore
on April 14, 2004 at 10 in the morning. The Bank of China (Hong
Kong) Limited whose registered office is situated at Room 215,
Pok Yat House, Pok Hong Estate, Shatin, New Territories, Hong
Kong, filed the petition on February 13, 2004.

The Petitioners' solicitors are Fork, Kwan & Company of Rooms
1202-6, 12th Floor, Wheelock House, 20 Pedder Street, Central,
Hong Kong. Any person who intends to appear at the hearing of
the petition must serve on or send by post to Ford, Kwan &
Company a notice in writing not later than twelve o'clock noon
of the 31st day of April 2004 (the day before the petition
hearing).


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


EXCELCOMINDO PRATAMA: Australia's Telstra Plans A$3B Bid
--------------------------------------------------------
Telstra Corporation Limited plans to bid for mobile operator PT
Excelcomindo Pratama for up to A$3 billion (US$2 billion), The
Australian newspaper reported on Monday.

Citing unnamed sources, the newspaper said at least a dozen
Telstra executives had visited Excelcomindo's Jakarta's offices.
Excelcomindo is 60 percent owned by Rajawali Group's PT
Telekomindo Primabhakti, 23 percent by Verizon Communications of
the United States, 13 percent by the Asian Infrastructure Fund
and four percent by Japan's Mitsui & Co.


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


ALL NIPPON: JCR Assigns BBB+ Rating
-----------------------------------
Japan Credit Rating Agency (JCR) has assigned BBB+ ratings to
the bonds of All Nippon Airways Co. Limited (ANA) to be issued
under the shelf registration.

Issue Amount (billion) Issue Date Due Date Coupon
Bonds no.19 Y10 Mar. 10, 2004 Mar. 10, 2014 2.27%
Covenants: Negative Pledge
Commissioned Company: No
Shelf Registration:
Maximum: Y200 billion
Valid: two years effective from March 26, 2002

RATIONALE:

Performance of All Nippon Airways (ANA) for fiscal 2003 has been
going well as estimated originally. The forecasts for
performance for fiscal 2003 announced on February 4, 2004 along
with operating results for the 3rd quarter were not changed from
the forecasts announced on October 31, 2003. JCR announced the
downgrade of the rating for ANA from A- to BBB+ on July 9, 2003.
Since then there have been no significant changes in both
performance and financial structure affecting the rating. The
proceeds from sales of bonds will be used for capital spending
as well as repayment for the borrowings and redemption of bonds.
The liability, however, will not have material impact on the
capital structure.


GRAND TAMAKOSHI: General Merchandise Firm Enters Bankruptcy
----------------------------------------------------------
Grand Tamakoshi Co. Ltd. has been declared bankrupt, according
to Teikoku Databank America. The general merchandise store
operator located at Ichinomiya-shi, Aichi, Japan, has total
liabilities of US$200 million.


MITSUBISHI MOTORS: DaimlerChrysler May Withdraw 37% Stake
---------------------------------------------------------
DaimlerChrysler AG may consider withdrawing its stake from
Mitsubishi Motors Corporation (MMC) as an option for reviewing
its relationship with the troubled Japanese automaker, Kyodo
News reported on Friday. The option will be taken up when the
German auto giant studies MMC's future in April. DaimlerChrysler
is the biggest shareholder in MMC with an equity stake of about
37%.


MITSUBISHI MOTORS: Daimlerchrysler Sends Reform Team
----------------------------------------------------
A team from DaimlerChrysler AG headed by Andreas Renschler,
Chief of its Smart cars unit, will arrive in Japan this weekend
to help restructure Mitsubishi Motors Corporation, according to
Reuters. Renschler's team will be in Tokyo for six weeks to help
Mitsubishi draw up a medium-term business plan by the end of
April. It is expected to involve DaimlerChrysler and other big
shareholders coming up with new capital.

Hit by loan finance problems at its North American unit,
Mitsubishi Motors said last week it expected an operating loss
of 105 billion yen for the year to the end of March rather than
the 45-billion-yen loss forecast three months ago.


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


HANARO TELECOM: Unveils Solid 2003 Fourth Quarter Results
---------------------------------------------------------
Hanaro Telecom, Inc., one of Korea's largest broadband Internet
access and local call service providers, announced the results
of its operations for the fourth quarter ended December 31,
2003. In a disclosure to the Securities and Exchange Commission,
the results are audited, unconsolidated, and prepared in
accordance with generally accepted accounting principles in
Korea.

FOURTH QUARTER 2003 HIGHLIGHTS

Foreign investment of US$500 million was secured by a consortium
led by American International Group Inc, Newbridge Capital and
Telecom Venture Group Ltd., resulting in a 39.6% stake in
Hanaro. Costs associated with EGM approval of the investment,
together with other factors, contributed to a reduced operating
profit this quarter of KRW 21.3 billion (US$ 17.9 million) down
49.5% compared with KRW 42.2 billion in 3Q03.

EBITDA in 4Q03 was KRW 132.2 billion (US$ 110.9 million), down
12.6% from KRW 151.3 billion in 3Q03. Total 2003 EBITDA was KRW
500.0 billion (US$ 419.3 million), up 27.7% compared with KRW
391.5 billion in full year 2002.

Revenues decreased slightly by 1.0% to KRW 349.2 billion (US$
292.8 million) in 4Q03, compared with KRW 352.6 billion in 3Q03.
This small decline was largely due to a decrease in subscriber
growth, but was not negatively affected by a clean up of 240
thousand inactive broadband subscribers in the fourth quarter.

CAPEX in 4Q03 was KRW 50.4 billion (US$ 42.3 million), down
35.0% from KRW 77.5 from last quarter. Total 2003 CAPEX was KRW
337.5 billion (US$ 283.0 million), down 11.0% from KRW 378.8
billion in full year 2002.

* Income Statement figures have been converted for reader
convenience at the exchange rate of US$ 1 = KRW 1,192.6, which
is the "Korea Exchange Bank closing standard rate" on December
31, 2003.


HANARO TELECOM: Discloses 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, a Company
statement said.

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.


KOOKMIN BANK: Clarifies of LG Acquisition Reports
-------------------------------------------------
On February 12, 2004, the Korea Stock Exchange requested Kookmin
Bank to confirm reports on the Company's acquisition of LG
Investment & Securities Co. In a disclosure to the Securities
and Exchange Commission, Kookmin Bank clarified that the rumor
was groundless.


KOOKMIN BANK: Shareholders Meeting Set March 23
-----------------------------------------------
On February 9, 2004, the Board of Directors of Kookmin Bank has
approved and ratified to convene the annual shareholders'
meeting for the fiscal year of 2003 as follows:

[X] Date & Time March 23, 2004 10 A.M.

[X] Venue Kookmin Bank Auditorium, 4/th/ floor, 36-3 Yoido-dong,
Youngdeungpo-ku, Seoul, Korea 150-758

[X] Agenda

1) Approval of non-consolidated financial statements (Balance
sheet, Income statement and Statement of disposition of deficit)
for the fiscal year of 2003

2) Partial amendment to the Articles of Incorporation

3) Appointment of directors

4) Appointment of candidates for the members of the Audit
Committee, who are non-executive directors

5) Approval of granting stock options

In a disclosure to the Securities and Exchange Commission, the
shareholders may exercise their voting rights in writing without
attending the meeting in person.


KOOKMIN BANK: Unveils 2003 Operating Results
--------------------------------------------
On February 9, 2004, the Board of Directors of Kookmin Bank has
approved and ratified non-consolidated financial statements
prepared in accordance with Korean GAAP for the fiscal year of
2003 and no dividend payout for the same year, a Company
statement said. After the board of directors' meeting, Kookmin
Bank held an earnings conference and released its operating
results for the fiscal year of 2003.  The key figures released
during the conference, and full presentation material is
available at Kookmin Bank website (www.kbstar.com) for further
information.

The figures in this section are taken from unaudited and non-
consolidated financial statements. They are subject to change in
the course of audit process by our independent auditor.

On September 30, 2003, Kookmin Bank merged with one of its major
subsidiaries, Kookmin Credit Card Co. Under Korean GAAP, the
merger was accounted for the transaction between the entities
under common control and therefore the Bank recognized the
assets and liabilities transferred at their carrying amounts in
the accounts of Kookmin Credit Card Co. at the date of transfer.

However, for the purpose of comparison, we presented, hereunder,
the pro-forma figures for year 2002, which have been derived
from pro-forma financial statements, which present simple
arithmetic summation of the two entities' past earnings and
financial conditions, excluding inter-transaction as if the
merger had been completed in September 30, 2002.


SK CORPORATION: Removes Scandal-tainted Executives
--------------------------------------------------
SK Corporation has decided to oust three of its members in a
reshuffle aimed at improving governance in a battle with foreign
shareholders over management control at the Company, Channel
News Asia reports. The three outgoing board members include SK
Group Chairman Son Kil-Seung who was jailed last month on
charges of siphoning off corporate money.

The Company will field seven outside directors instead of five
to improve governance, adding SK Group owner Chey Tae-Won would
lead the 10-member board as the refiner's chief executive. The
new outside directors include former Prime Minister Cho Soon and
former Korea Gas Corporation chief Nam Dae-Woo, recommended by
Mocano-based Sovereign Asset Management for SK Corporation's new
board.


SK NETWORKS: U.S. Unit Schedules November 13 Creditors Meeting
--------------------------------------------------------------
The first meeting of SK Global America's creditors pursuant to
11 U.S.C. Sec. 341(a) was held on November 13, 2003, at 2 P.M.
at 80 Broad St. in New York. SK Global America is a unit of
troubled South Korean firm SK Networks Co. The Official Meeting
of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath. (SK Global Bankruptcy News; Issue Number 11,
January 28, 2004)


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


ACTACORP HOLDINGS: KLSE Extends Restraining Order
-------------------------------------------------
The Board of Directors of Actacorp Holdings Berhad informed the
Kuala Lumpur Stock Exchange that on February 20, 2004, the
Company obtained an extension of the restraining order from the
Kuala Lumpur High Court vide Suit No.: D6-24-86-2003 until March
17, 2004 pursuant to Section 176 (1) and Section 176 (10A) of
the Companies Act 1965.


EPE POWER: Seeks Restructuring Approval
---------------------------------------
EPE Power Berhad sought the approval from the Malaysia
Securities Exchange Berhad (MSEB) for the following matters in
relation to its proposed restructuring scheme:

(i) Exemption for the trading on MSEB of EPE's Provisional
Allotment Letters or the entitlement to the EPE rights shares;

(ii) Shortening of the period between the notice of book closure
to the book closing date from the prescribed 12 clear market
days to two (2) clear market days, and shortening of the period
between the book closing date to the closing date for
acceptances of the rights issue from the prescribed 22 market
days to five (5) market days; and

(iii) Extension of time of six (6) months to comply with the 25%
public spread requirement from the date of requotation of EPE
shares upon completion of the Proposed Rights Issue.

2. On behalf of EPE, CIMB announced that MSEB has via its letter
dated 13 February 2004 approved the applications set out in 1(i)
and 1(iii) above. In respect of 1(ii) above, MSEB has approved
the following:

(i) Shortening of the period between the notice of book closure
to the book closing date from the prescribed 12 clear market
days to three (3) clear market days; and

(ii) Shortening of the period between the book closing date to
the closing date for the acceptances of the rights issue from
the prescribed 22 market days to 14 market days.

3. MSEB's approval of the application set out in 1(iii) above is
subject to EPE making an immediate announcement on the following
matters:

(i) That an extension of time for compliance has been granted by
MSEB;

(ii) The duration of the extension (including when it will begin
and when it will lapse).

(The extension of time for compliance with the public
shareholding spread requirement will begin on the date of
requotation of EPE shares upon completion of the Proposed Rights
Issue and will lapse six (6) months thereafter. The actual date
will be announced in due course.);

(iii) Its plan to comply with the public spread requirement
within six (6) months from the date of requotation including:

an explanation of the approvals required (if any) and whether
such approvals have been obtained; and

- if the approvals have not been obtained, an explanation of the
tentative timeline for obtaining the approvals.

(In this regard, EPE has received a written undertaking from
Ranhill Berhad dated 15 January 2004 that it will place out the
shortfall of such number of EPE shares to public investors as
follows:

(a) prior to the requotation of EPE shares in order for EPE to
have at least a 15% public spread; and

(b) within six (6) months from the date of the requotation of
EPE shares to comply with the 25% public spread requirement.);
and

(iv) Any conditions that have been imposed by MSEB vis-.-vis the
grant of requotation and the extension of time.

MSEB also requires EPE to make follow-up announcements on a bi-
monthly basis and no later than 14 days from the expiry of the
two (2) month period. The announcement must state:

(a) The status of its plan to meet the 25% public spread. In
this respect, EPE must explain the progress it has made within
the last two (2) months in relation to its plan to comply with
the 25% public spread;

(b) If no progress has been made, the reason as to the lack of
progress; and

(c) An explanation of any steps EPE has taken in respect of the
lack of progress.

4. The Proposed EPE Restructuring Scheme is still pending the
completion of the following:

(i) Proposed Acquisitions;

(ii) Proposed Debt Restructuring; and

(iii) Proposed Rights Issue.

This announcement is dated 20 February 2004.


METROPLEX BERHAD: Issues Restraining Order Update
-------------------------------------------------
Metroplex Berhad informed the Kuala Lumpur Stock Exchange that
the Company via its solicitors, Messrs Cheang & Ariff, on
February 14, 2004 filed an application with the Kuala Lumpur
High Court for the extension of the Restraining Order which is
expiring on 21 February 2004 pursuant to Section 176(10) of the
Companies Act, 1965 and an application for an order that
meetings with creditors of MB be convened within a period of
time to allow creditors to consider and vote on a scheme of
compromise and arrangement pursuant to Section 176(1) of the
Companies Act, 1965.

The Company will inform the Exchange once the outcome of the
application is known.

This announcement is dated 20 February 2004.


MYCOM BERHAD: Issues Restructuring Update
-----------------------------------------
The Board of Directors of Mycom Berhad proposes to vary certain
conditions of the Proposed Restructuring Scheme (Proposed
Variations) as well as the implementation timeframe imposed by
the Securities Commission (SC) in its approval letters.

2. PROPOSED VARIATIONS

The Proposed Variations to be sought by Mycom are as follows:

i) To waive the condition imposed by the SC that Mycom is
required to obtain the approvals from the relevant authorities
for the development of Bandar Sri Duta prior to the completion
of the Proposed Restructuring Scheme; and

ii) To deem the current development order issued by Dewan
Bandaraya Kuala Lumpur for the Duta Grand Hyatt Project (DGH
Project) to be in compliance with the condition imposed by the
SC that Mycom is required to obtain approvals from the relevant
authorities for the development of the DGH Project prior to the
implementation of the Proposed Restructuring Scheme.

The Proposed Variations are sought by Mycom in order to
facilitate the earlier completion of the Proposed Restructuring
Scheme. The application to the SC in respect of the Proposed
Variations has been made by SIBB, on behalf of Mycom on 20
February 2004.

3. EXTENSION OF TIME

Pursuant to the approval letter from the SC dated 25 March 2003,
the implementation of the Proposed Restructuring Scheme will be
completed by March 7, 2004. SIBB had, on behalf of Mycom, made
an application to the SC on 20 February 2004, for an extension
of time up to 31 December 2004 to complete the implementation of
the Proposed Restructuring Scheme.

4. APPROVALS REQUIRED

The Proposed Variations and proposed extension of time are
subject to the SC's approval.

5. DIRECTOR'S OPINION

The Board of Directors of Mycom is of the opinion that the
Proposed Variations are in the best interest of Mycom and its
shareholders.

This announcement is dated 20 February 2004.


OLYMPIA INDUSTRIES: To Complete Restructuring Scheme March 7
------------------------------------------------------------
Olympia Industries Berhad (OIB) proposes to vary certain
conditions of the Proposed Restructuring Scheme (Proposed
Variations) as well as the implementation timeframe imposed by
the Securities Commission (SC) in its approval letters.

2. PROPOSED VARIATIONS

The Proposed Variations to be sought by OIB are as follows:

i) To waive the condition imposed by the SC that OIB is required
to obtain the approvals from the relevant authorities for the
development of Bandar Sri Duta prior to the completion of the
Proposed Restructuring Scheme; and

ii) The SC had imposed the condition that Jupiter Securities Sdn
Bhd, a subsidiary of OIB, has to merge with at least one (1)
other stockbrokerage company within a period of 12 months from 8
March 2003, i.e. by 7 March 2004. OIB proposes to seek an
extension of time of up to December 31, 2004 for OIB to comply
with the condition.

The Proposed Variations are sought by OIB in order to facilitate
the earlier completion of the Proposed Restructuring Scheme. The
application to the SC on the Proposed Variation has been made by
SIBB, on behalf of OIB on 20 February 2004.

3. EXTENSION OF TIME

Pursuant to the approval letter from the SC dated 25 March 2003,
the implementation of the Proposed Restructuring Scheme will be
completed by March 7, 2004. SIBB had, on behalf of OIB, made an
application to the SC on 20 February 2004 for an extension of
time up to 31 December 2004 to complete the implementation of
the Proposed Restructuring Scheme.

4. APPROVALS REQUIRED

The Proposed Variations and proposed extension of time are
subject to the SC's approval.

5. DIRECTOR'S OPINION

The Board of Directors of OIB is of the opinion that the
Proposed Variations are in the best interest of OIB and its
shareholders.

This announcement is dated 20 February 2004.


PROMET BERHAD: KLSE Delisting Securities on March 5
---------------------------------------------------
The Kuala Lumpur Stock Exchange, upon consultation with the
Securities Commission (SC), had earlier notified Promet Berhad
on February 11, 2004 of its decision to await the outcome of the
Company's appeal to the SC against the SC's decision to reject
PROMET's application for approval of its regularization plans
(PROMET's Appeal).

The Exchange also notified the Company that in the event any one
of the circumstances set out below occurs, the de-listing of the
securities of PROMET from the Official List of the Exchange
would be effected without any further representations from
PROMET and without further consideration of the matter by the
Exchange:

a. PROMET's Appeal to the SC is not allowed; or

b. PROMET fails to obtain the approval from any of the other
regulatory authorities necessary for the implementation of its
regularization plans.

The SC via its letter dated 16 February 2004 decided not to
allow PROMET's Appeal against its decision to reject PROMET's
proposed restructuring scheme. In the circumstances and in
accordance with the Exchange's earlier decision, the securities
of PROMET shall be de-listed from the Official List of the
Exchange as the Company does not have an adequate level of
financial condition to warrant continued listing on the Official
List of the Exchange.

Accordingly, please be informed that the securities of the above
Company will be removed from the Official List of the Exchange
at 9 a.m. on Friday, 5 March 2004.

With respect to the securities of PROMET, which are currently
deposited with the Malaysian Central Depository Sdn Bhd (MCD),
the securities may remain deposited with the MCD notwithstanding
the de-listing of the securities from the Official List of the
Exchange. It is not mandatory for the securities of a Company,
which has been de-listed to be withdrawn from MCD.

Alternatively, shareholders of PROMET who intend to hold their
securities in the form of physical certificates, can withdraw
these securities from their Central Depository System accounts
maintained with the MCD at anytime after the securities of
PROMET has been de-listed from the Official List of the
Exchange. This can be effected by the shareholders submitting an
application form for withdrawal in accordance with the
procedures prescribed by MCD. These shareholders can contact any
Participating Organization of the Exchange and/or MCD's helpline
at 03-20717711 or 03-20717723 for further information on the
withdrawal procedures.


UCP RESOURCES: Extends Investigative Audit to May 21
----------------------------------------------------
On 23 July 2003, Public Merchant Bank Berhad (PMBB) had, on
behalf of Board of Directors of UCP Resources Bhd (UCP),
announced that the Securities Commission (SC) had approved the
Proposed Corporate and Debt Restructuring Scheme subject to
certain conditions being fulfilled.

Amongst the conditions imposed by the SC, UCP is required to
appoint an independent audit firm to carry out an investigative
audit within two months from the date of the SC's approval
letter to conduct an investigative audit on the past losses of
UCP. The investigative audit is to be completed within six (6)
months from the date of the appointment of the said independent
audit firm.

Pursuant thereto, UCP had on 21 August 2003 appointed Messrs
Horwath as the independent audit firm to carry out the
investigative audit.

PMBB, on behalf of the Board, announced that the SC had vide its
letter dated 19 February 2004 approved an extension of time from
21 February 2004 to 21 May 2004 for Horwath to complete the
investigative audit of UCP.

Collectively referred to as the "Proposed Corporate and Debt
Restructuring Scheme:

- Proposed Share Exchange
- Proposed Debt Settlement
- Proposed Acquisitions
- Proposed Placement
- Proposed Transfer of Listing
- Proposed Liquidation
- Proposed Exemption
- Proposed Capitalization of JMR Conglomeration Bhd (formerly
known as Goldenseal Resources Sdn Bhd) Advances
- Proposed Disposal of JCB Shares to JMR Consolidated Holdings
Sdn Bhd (formerly known as Synergy Harvest Sdn Bhd)

This announcement is dated 20 February 2004.


UNIPHOENIX CORPORATION: Issues Rescue Scheme Update
---------------------------------------------------
On behalf of the Board of Directors of Uniphoenix Corporation
Berhad (UCB), Southern Investment Bank Berhad announced that the
Securities Commission (SC), via its letter dated February 18,
2004, which was received on February 19, 2004, had decided not
to approve the appeal on its decision to reject the Proposed
Rescue Scheme (Appeal) as the SC deemed that the Proposed Rescue
Scheme does not comply with the requirements of the SC's
Policies and Guidelines on Issue/Offer of Securities (SC
Guidelines), in particular the track record, management and the
development potential of the assets to be injected.

In addition, SC also maintained that the proposed merger of the
Sungai Buaya Land and Splendistar Sdn Bhd under the Irama
Spektrum Berhad group is deemed as a marriage of convenience to
comply with the requirements of the SC Guidelines and that the
Proposed Rescue Scheme favours the promoters of the scheme.

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

This announcement is dated 20 February 2004.


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


ANNA-LYNN'S INC.: Seeks Debt Relief
-----------------------------------
Mid-sized retailer Anna-Lynn's Inc. was recently forced to seek
corporate rehabilitation for fear of a creditor squeeze,
Business World reports. The Company, which owes 100 million
pesos to some 500 creditor-suppliers, filed a petition for
rehabilitation at the Las Pinas Regional Trial Court in December
as sales plunged due to stiff competition in the retail
industry.

The department store, which used to be among the country's top
1,000 corporations, was severely affected by competition from
newer and bigger malls in the cities of Las Pinas, Muntinlupa
and Paranaque -- all in southern Metro Manila. Nestle Philippine
and Coca Cola Bottlers Philippines, Inc. are among the biggest
creditors of Anna-Lynn's. Las Pinas Judge Raul de Leon appointed
Marilou Adea as its receiver.


PHILIPPINE LONG: Subscribers Likely to Hit 14 Million by March
--------------------------------------------------------------
The total number of Philippine Long Distance Telephone Co's
(PLDT) wireless subscribers is likely to hit 14 million by the
end of the first quarter to March, Technistock reports. The
projection takes into account subscribers of both Smart
Communications Inc and Talk 'N Text, the wireless brand of PLDT
affiliate Pilipino Telephone Corp.

The PLDT group's total wireless subscribers have exceeded the 13
mln mark in early January, as Smart and Talk 'N Text set another
new high for net additions with nearly 1.4 mln subscribers
during the fourth quarter of 2003.


PHILIPPINE LONG: Issues 24,287,455 Preferred Shares
---------------------------------------------------
On October 23, 2002, the Philippine Stock Exchange allowed
Philippine Long Distance Telephone Company (PLDT) to fully issue
the 24,287,455 remaining listed and un-issued preferred shares
under its 10% Cumulative Convertible Preferred Stock as of
September 2, 2002, to cover the additional issuance requirements
of the other series under the Company's Subscriber Investment
Plan (SIP).

A total of 20,000,000 shares were reclassified on March 12, 2003
per Circular for Brokers No. 0688-2003 dated March 10, 2003 to
cover the 10,000,000 shares for the 10% Cumulative Convertible
Preferred Stock Series "DD" and 10,000,000 additional shares for
the 10% Cumulative Convertible Preferred Stock Series "CC".

Please be advised that the remaining listed and un-issued
preferred shares shall be reclassified to cover the 1,000,000
shares for the 10% Cumulative Convertible Preferred Stocks
Series "EE" under the SIP.

This brings the remaining listed and un-issued preferred shares
to a total of 3,287,455 shares available for reclassification t
cover the additional issuance requirements of the Company's SIP.

The trading symbol of the Company's 10% Cumulative Convertible
Preferred Stock Series "EE" shall be "TLEE".


PILIPINO TELEPHONE: Clarifies Debt Restructuring Report
-------------------------------------------------------
Pilipino Telephone Corporation (Piltel) clarified the
information contained in the news article entitled "Deflating
Piltel" published in the February 23, 2004 issue of the
Philippine Daily Inquirer.

The Company advised that as of this date, Piltel is not engaged
in any talks with its creditors to "rearrange" its debts.  The
Piltel Board of Directors has approved, however, the request of
Smart Communications, Inc. to be furnished with certain
documents pertaining to the indebtedness of Piltel.


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


BOUSTEAD SINGAPORE: Australian Unit Enters Voluntary Liquidation
----------------------------------------------------------------
The Board of Directors of Boustead Singapore Limited announced
that its wholly owned subsidiary in Australia, Web Correct Pty
Ltd (Web Correct), has been placed in voluntary liquidation.

Paul Burgess and Morgan Lane of Worrells Solvency & Forensic
Accountants of Level 5, 15 Queen Street, Melbourne Vic 3000,
Australia has been appointed liquidators of Web Correct.

Web Correct is engaged in the sale and support of high-level web
analysis software solutions. A sustained downturn in the
industry segment in which it operates and increased pressure
from creditors have adversely affected the continued viability
of Web Correct.

The cessation of the business of Web Correct is not expected to
have a material impact on the Group's earnings per share or net
asset value per share for the current financial year.

None of the Directors or controlling shareholders of the Company
has any interest, direct or indirect, in the above transaction.


CHARTERED SEMICONDUCTOR: Honors Top Suppliers
---------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, has honored several
semiconductor manufacturing materials, equipment and services
suppliers for their outstanding contributions in 2003. The
awards ceremony was held recently during Chartered's Supplier
Day, an annual event honoring the achievements of its global
network of value-chain suppliers and partners.

"Over the past year, Chartered has been making good progress
positioning the Company toward long-term growth and
profitability, and our suppliers have been part of that. During
this year's event, we are taking the opportunity to recognize
suppliers and value-chain partners who have provided outstanding
support in the execution of our strategies and meeting our
customer commitments," said Kay Chai "KC" Ang, senior vice
president of fab operations at Chartered. "As Chartered expands
its leading-edge capacities and embarks into the Nano Age
starting with 90-nanometer implementation, we expect to engage
with our key suppliers at deeper levels than ever before, and
collaboratively support faster production ramp as well as enable
robust platforms for delivering winning, next-generation product
solutions to customers."

Chartered presented Gold and Silver awards to outstanding
materials, equipment and services suppliers based on several
evaluation criteria including quality, service, innovation,
delivery and cost. The award winners are as follows:

Materials Category:

Gold Materials Supplier Award      Komatsu Electronic Metals Co.
                                   Ltd.
Silver Materials Supplier Award    Hoya Corporation
Silver Materials Supplier Award    Mallinckrodt Baker Inc.


Equipment (150mm manufacturing) Category:

Gold Supplier Award                Tokyo Electron Limited
Silver Supplier Award              Applied Materials South East
                                   Asia Pte Ltd.

Equipment (200mm manufacturing) Category:

Gold Supplier Award                Ebara Corporation
Silver Supplier Award              Tokyo Electron Limited

Services Category:

Gold Services Supplier Award       PeopleSoft Asia Pte Ltd.
Silver Services Supplier Award     Mentor Graphics Asia Pte Ltd.

Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, is forging a customized
approach to outsourced semiconductor manufacturing by building
lasting and collaborative partnerships with its customers. The
Company provides flexible and cost-effective manufacturing
solutions for customers, enabling the convergence of
communications, computing and consumer markets. In Singapore,
Chartered operates five fabrication facilities and has a sixth
fab, which will be developed as a 300mm facility.

A company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market (Nasdaq: CHRT) and on
the Singapore Exchange. Chartered's 3,500 employees are based at
11 locations around the world. Information about Chartered can
be found at www.charteredsemi.com.


NYLECT TECHNOLOGY: Widens Net Loss to S$2.2M
--------------------------------------------
Mechanical and electrical firm Nylect Technology posted a net
loss of $2.2 million in 2003, versus a net loss of $2 million a
year earlier, Channel News Asia reports. The loss increase was
due mainly to a one-off provision for work done for a customer
named BKB Engineering, which is currently under judicial
management. Nylect has earlier announced that it is diversifying
from its mechanical and electrical business into dairy farming
in China.


PHASE METRICS: Issues Debt Claim Notice to Creditors
----------------------------------------------------
Notice is hereby given that the creditors of Phase Metrics
Pacific Pte Ltd (In Members' Voluntary Liquidation), whose debts
or claims have not already been admitted, are required on or
before 22nd March 2004 to submit particulars of their debts or
claims to its liquidator. 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 20th day of February 2004.

LIM SAY WAN
Liquidator.
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809.


RIDALEGE TRADING: Issues Notice to Creditors
--------------------------------------------
The creditors of Ridalege Trading Pte Ltd (In Liquidation),
which is being wound up voluntarily, are required on or before
31st 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 Liquidator at 300
Beach Road, #38-05 The Concourse, Singapore 199555, and if so
required by notice in writing from the Liquidator, 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.

HENG LEE SENG
Liquidator.
Date: 20th February 2004.


STRATEGY INTERNATIONAL: Issues Dividend Notice
----------------------------------------------
Strategy International Marine Enterprise Pte Ltd. issued a
notice of first and final dividend as follows:

Address of Registered Office: Formerly of 3 Shenton Way #21-08
Shenton House Singapore 068805.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 600215 of 2001.

Amount Per Centum: 2.8%.

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: 20th February 2004.

KAMALA PONNAMPALAM
Assistant Official Receiver.


THAKRAL CORPORATION: Unit Starts Liquidation Proceedings
--------------------------------------------------------
The Board of Directors of Thakral Corporation Ltd. announced
that it has placed its wholly owned dormant subsidiary, Spearson
Pte Ltd (Spearson), which had ceased business operations since
December 2002, under members' voluntary liquidation. Liquidators
have been appointed on 20 February 2004.

The liquidation follows the cessation of Spearson's business
operations since December 2002 as a result of the disposal of
its property investments in Australia in FY2001 as announced on
5 September 2000 and subsequent deregistration/vesting of its
investment holding subsidiary/trust as announced on 11 July
2003.

The liquidation of Spearson will not have a material effect on
the net tangible assets and earnings per share of the Company
for the financial year ending 31 March 2004.


T&T INSURANCE: Creditors Must Submit Claims by March 22
-------------------------------------------------------
The creditors of T&T Insurance Pte Ltd (In Members' Voluntary
Liquidation), whose debts or claims have not already been
admitted, are required on or before March 22, 2004 to submit
particulars of their debts or claims to its liquidator, Egazette
reports. 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 20th day of February 2004.

LIM SAY WAN
Liquidator.
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809.


WESTERN DIGITAL: Creditors Must Submit Claims by March 22
---------------------------------------------------------
Notice is hereby given that the creditors of Western Digital
(Singapore) Pte Ltd (In Member's Voluntary Liquidation), which
is being wound up voluntarily, are required, on or before the
22nd day of March, 2004 to send in their names and addresses,
with particulars of their debts and claims, and the names and
addresses of their solicitors (if any) to the undersigned, the
liquidators of the said Company; and if so required by notice in
writing by the said liquidators, are, personally or by their
solicitors, 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 20th day of February, 2004.
LOW SOK LEE MONA
CHENG SOON KEONG
Liquidators.
c/o Low, Yap & Associates
4 Shenton Way
#04-01 SGX Centre 2
Singapore 068807.


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


ADVANCE AGRO: Moody's Reviews Rating for Possible Upgrade
---------------------------------------------------------
Moody's Investor Services has placed the Caa3 rating for Advance
Agro's guaranteed unsecured notes due 2007 under review for
possible upgrade. The notes are issued by Advance Agro Capital
BV, a subsidiary of Advanced Agro, and guaranteed by Advanced
Agro.

The rating action follows the company's completion of a major
debt-restructuring program, which involved three local Thai
banks, and the extension of the repayment schedule for its
overdue debts in a period of 9 years until 2012.

Moody's understands that as at 31 January 2004 all affected
debts were reclassified into long-term debt with their repayment
schedules as stipulated under the agreement with the banks.

Moody's says the successful completion of this restructuring
exercise has removed the uncertainty, which prevailed over
whether Advanced Agro could reach an agreement with its
principal banks and reduce near-term refinancing risk.

The review will focus on evaluating the company's ability to
generate sufficient cash flow to meet its on-going debt
repayment obligations and its liquidity position.

Advance Agro, headquartered in Bangkok, Thailand, is an
integrated producer of pulp, uncoated freesheet and coated
paper. Advance Agro Capital BV is a finance subsidiary, which
has issued the senior unsecured debentures due 2007 and
guaranteed by Advanced Agro.


ADVANCE PAINT: Unveils Director's Meeting Resolutions
-----------------------------------------------------
Advance Paint & Chemical (Thailand) Public Company Limited
announced the results and resolutions of its Directors Meeting
held on February 19, 2004 as follows:

1. Adoption of the Minutes of the Board of Directors Meeting
No.4/2003.

2. Unanimous approval for submission to the Shareholders Meeting
to consider for adoption and approval of the Financial Statement
for the fiscal year ended December 31st, 2003.

3. Unanimous approval for submission to the Shareholders Meeting
to consider appointing Chamras Pingkhalasay the Auditors of
Chamras CPA Co.,Ltd or Sevi  Viwatpanachat  the Auditors of
Petisevi & Company be appointed as the auditors of the Company
for the fiscal year 2004 and fixing the remuneration of the
auditor not more than Bahts 345,000. per  year.

4. Unanimous approval for submission to the Shareholders Meeting
to consider appointing Narumol  Punnakitikashem and Nathee
Phanichcheeva  as new company directors due to retire by
rotation in this occasion.

5. Unanimous approval for submission to the Shareholders Meeting
to consider no dividend payment of the fiscal year 2003.

6. Unanimous approval for submission to the Shareholders Meeting
to consider and approve the amendment in the Company Articles of
Association.

7. Unanimous approval to set the date of the Ordinary
Shareholders General Meeting No 1/2004 to be held on March 29th,
2004 at 9 A.M. at the Conference room of the Company, Bangpa-In
Industrial Estate, 344 Moo 2,Klongjik, Bangpa-In District,
Ayuthaya with the following agenda:

1. To adopt the Minutes of Extraordinary Shareholders Meeting
No.1/2003

2. To acknowledge and approve the business performance and
Company Annual report from the Board of Directors of the fiscal
year 2003.

3. To adopt and approve the audited balance sheet and profit and
loss statement for the fiscal year ended December 31st, 2003.

4. To consider and approve no dividend payment of the fiscal
year 2003.

5. To consider and appoint new directors to replace those who
retired by rotation.

6. To consider and appoint Auditors for the fiscal year 2004 and
fix the remuneration.

7. To consider amendment of the company articles of association.

8. Other business (if any).

8. Unanimous approval to fix the closing date for share
registration from March 8th, 2004 at 12.00 hours until the
Ordinary Shareholders General Meeting No.1/2004 will adjourn
whereupon the Shareholders whose names appeared in the Share
Registration book during the closing period will be entitled to
attend the Ordinary Shareholders General Meeting No.1/2004.

Please be informed accordingly and please disseminate the
information to the Member Companies and interested investors in
support of their decision on any investment in the securities of
the Company.

Sincerely Yours,
(Mrs.Narumol   Punnakitikashem)
Director


THAI PETROCHEMICAL: Unveils Shareholder's Equity
-----------------------------------------------
Thai Petrochemical Industries announced the following
shareholder's equity as of February 2004.

1. Shareholders equity per Share comes to Baht 22.74 (and Baht
26.43 by DCF method) after restating unfair write-downs of
assets, made by EPL (Plan Administrator appointed by Creditors)
to Assets and Cancellations of equity issued to Creditors at
unfair price.

2. Shareholders equity per share was Baht 17.69 at the end of
year 1999, which was continuously reduced after EPL became Plan
Administrator to only Baht 0.12 by end of year 2002 {Baht 14.91
end of 2000 (2Q), Baht 10.30 end of 2000 (3Q), Baht (-) 12.08
end of 2000, Baht 0.62 end of 2001 and Baht 0.12 end of 2002
(2Q)} and then started upwards to Baht 1.59 at the end of 2003
(increase by 1,194%) after removal of EPL.

3. The EPL wrote-down shareholders equity by writing down value
of assets, swapping Accrued interest (from 1998 to 2000) to
equity (5,849 million shares or 75% stake) at hefty discount,
charging sky-high restructuring fees and making net operating
losses (caused by their inexperience in running fully integrated
petrochemical complex) as below:

Write-down of assets by Baht 41,839 million

Issue of equity to Creditors at discount by Baht 71,819 million

Charging the restructuring fees of Baht 2,192 million

Made Net operating losses of Baht 23,576 million Besides the
above, there were opportunity losses estimated at Baht 13,511
million caused by running the refinery at lower capacity (39%)
and other operational mismanagements (not included in this
reinstatement).

4. The buy-back of Creditors equity is priced at Baht 1.59 (book
value at the end of 2003), below the issue price Baht 5.52, to
charge them with part of the losses made by irresponsible Plan
Administrator (EPL) appointed by them.

For more information, go to
http://bankrupt.com/misc/thaipetrochemical022304.pdf



* BOND PRICING: For the week of February 23 - February 27, 2004
---------------------------------------------------------------

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

AUSTRALIA

---------
Advantage Group                       10.000%    4/15/06      1
Amcom Telecommunications Ltd          10.000%    10/28/07     2
APN News & Media Ltd                   7.250%    10/31/08     4
Australia Commonwealth Gov't Loans     3.000%     7/29/49    63
Australian Food & Fibre Ltd            4.000%    12/5/08     10
Bendigo Bank Ltd                       8.000%     5/29/49     9
BIL Finance Ltd                        8.000%    10/15/07     9
BIL Finance Ltd                        8.250%    10/15/04     9
BIL Finance Ltd                        8.750%    10/15/04     9
BIL Finance Ltd                        8.750%    10/15/05     9
BIL Finance Ltd                        9.000%    10/15/04     9
BIL Finance Ltd                        9.250%    10/15/06     9
BIL Finance Ltd                        10.000%   10/15/04     9
Capital Properties NZ Ltd              8.500%     4/15/05     7
Capital Properties NZ Ltd              8.500%     4/15/07     9
Capital Properties NZ Ltd              8.500%     4/15/09     9
Consolidated Minerals Ltd             11.250%     3/31/05     1
Djerriwarrh Investments Ltd            7.500%     9/30/04     4
Evans & Tate Ltd                       8.250%    10/29/07     1
Fletcher Building Ltd                  7.800%    3/15/09      8
Fletcher Building Ltd                  7.900%    10/31/06     8
Fletcher Building Ltd                  8.500%     4/15/04     7
Fletcher Building Ltd                  8.600%     3/15/08     8
Fletcher Building Ltd                  8.750%     3/15/06     8
Fletcher Building Ltd                  8.850%     3/15/10     8
Fletcher Building Ltd                 10.500%     4/30/05     7
Feltex Carpets Ltd                    10.250%     9/15/08     1
Fernz Corp Ltd                         8.560%    10/15/06     7
Futuris Corporation Ltd                7.000%    12/31/07     2
Garratts Ltd                          12.000%    12/31/03     1
Gympie Gold Ltd                        8.500%     9/30/07     1
Hy-Fi Securities Ltd                   7.000%     8/15/08     9
Hy-Fi Securities Ltd                   8.750%     8/15/08    11
Hutchison Telecoms Australia           5.500%     7/12/07     1
Infrastructure and Utility     8.500%     9/15/13     9
JB Were Capital Markets Ltd            8.750%    12/31/03    29
Macquarie Bank Ltd                     1.800%     8/15/15    66
New South Wales Treasury Corporation   0.500%     2/16/10    74
NPT Capital Ltd                        9.500%    11/30/04     9
Nuplex Industries Ltd                  9.300%     9/15/07     8
Pacific Retail Finance                 9.250%     9/15/07    10
Port Douglas Reef Resorts Limited      9.000%      4/1/04     1
Powerco Ltd                            8.150%      9/1/07     7
Powerco Ltd                            8.400%     5/22/07     7
Queensland Treasury Corporation        0.500%     5/19/10    73
Richmond Ltd                          10.750%    12/15/04     9
Salomon Smith Barney Australia         4.250%      2/1/09     8
Sky Network Television Ltd             9.300%    10/29/49     8
Straits Resources Ltd                 10.000%    12/31/03     1
Strathfield Group Ltd                 11.000%    12/31/05     1
Tower Finance Ltd                      8.750%    10/15/07     9
TrustPower Ltd                         8.300%     9/15/07     8
TrustPower Ltd                         8.500%     9/15/12     9
Vision Systems Ltd                     9.000%    12/15/08     2


CHINA & HONG KONG
-----------------

China Government Bond                  2.900%      5/24/32   74
Teco Electric & Machinery Co Ltd       2.750%      4/15/04   75


KOREA
-----

Korea Electric Power Corporation       7.950%      4/1/96    70
Kolon Industries Inc                   0.250%     12/31/04   52


MALAYSIA
--------

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


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

Bacnotan Consolidated Industries, Inc.  5.500%    6/21/04    46
Benpres Holdings Corp.                       7.875%   12/19/02
55


SINGAPORE
---------

CSC Holdings Ltd                    6.500%     4/27/05   1
Housing and Dev. Board           3.875%     2/11/04   1
Rabobank Singapore                1.000%     1/15/13    72
Tampines Assets Ltd                5.625%     12/7/06    1
Tampines Assets Ltd                6.000%      12/7/06   1
Tincel Ltd                                5.000%     6/13/11
1
Tincel Ltd                                7.400%     6/13/11
1


THAILAND
--------

Bank of Asia PCL                         3.750%     2/9/04   64
Bangkok Bank                              4.589%    3/3/04   64
Bangkok Land                              3.125%    3/31/01  18
Bangkok Land                              4.500%    10/13/03 17
Siam Commercial Bank PCL          3.250%    1/24/04  64



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






                  *********


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

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

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

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

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

                 *** End of Transmission ***