TCRAP_Public/040226.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

         Thursday, February 26, 2004, Vol. 7, No. 38

                         Headlines

A U S T R A L I A

ARISTOCRAT LEISURE: David Creary Enters Retirement
ARISTOCRAT LEISURE: Shares Up 20% on Tuesday
NATIONAL AUSTRALIA: Chairman Outlines Short-term Goals
TRANSURBAN GROUP: Narrows Net Loss to A$34.6M
TXU AUSTRALIA: S&P Assigns BBB Rating; Outlook Negative


C H I N A  & H O N G K O N G

AN EXTRA: Faces Winding Up Petition
CHINA HONG KONG: Winding Up Petition Slated for March 10
GOODY LEATHER: Winding Up Hearing Set April 7
INTCERA HIGH: Hoon Siang Initiates Winding Up Petition
POWER INVESTMENT: Winding Up Hearing Set March 24


I N D O N E S I A

BANK LIPPO: BI OKs Sale to Swissasia-Led Group


J A P A N

K.K. HORON: Golf Course Enters Bankruptcy
KOBE STEEL: Enters Alliance With Mitsubishi Materials
KOBE STEEL: Appoints New President
MITSUBISHI MOTORS: Cuts Japan Production Output to 10%


K O R E A

KOOKMIN BANK: Boost Assets to W300 Trillion
SK CORPORATION: Sovereign Calls on Chief to Quit
SSANGYONG MOTOR: Files Suit Against Government
KEB CREDIT: Threatens Job Cuts if Strike Goes On


M A L A Y S I A

HIAP AIK: Enters Purchase Deal With Encik
METACORP BERHAD: Terminates Share Sale Deal With Bina Naga
PICA CORPORATION: MSEB OKs Proposal
PROMET BERHAD: MSEB Seeks Delisting
SIN HENG: Issues Revised Scheme Proposal


P H I L I P P I N E S

ASIAN DIAMOND: SEC in Talks With White Knight
PHILIPPINE LONG: Clarifies Debt Restructuring Report
UNITED COCONUT: Unveils PhP10B Emergency Loan
UNIVERSAL RIGHTFIELD: Gets Debt Reprieve Approval


S I N G A P O R E

FUNAI ELECTRIC: Issues Dividend Notice
GLOBAL FACADE: Winding Up Hearing Set March 5
K. YAMABUTA: Winding Up Petition Hearing Set February 27
LIAN SHENG: Releases Intended Dividend Notice
MOULD BASE: Creditors Meeting Set for March 5

NEPTUNE ORIENT: Returns to Profit in 2003
ZESONETTE PTE: Issues Winding Up Order Notice
SUNRISE OCEAN: Winding Up Petition Hearing Set March 5


T H A I L A N D

DISTAR ELECTRIC: Unveils February 23 EGM Resolutions
TANAYONG PUBLIC: Issues Reorganization Plan Update

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ARISTOCRAT LEISURE: David Creary Enters Retirement
--------------------------------------------------
David Creary has advised Aristocrat Leisure Limited that he will
be retiring from his post effective from February 29, 2004, due
to ill health, a Company statement said.

Creary joined the Company in 1983 as Sales Manager and was later
promoted to Group General Manager, Sales. He was appointed
Chief Operating Officer in December 2003. Prior to that time he
held the position of Acting Chief Executive Officer for 8 months
during 2003.

The Chief Executive Officer of Aristocrat, Mr Paul Oneile,
acknowledged Mr Creary's contribution to the Company over his
long career. Mr Oneile said: "David has been a part of
Aristocrat for over 20 years, and the Company is indebted to him
for his service, particularly during the difficult period when
he held the position of Acting CEO of the Company. Along with
the staff at Aristocrat, I wish David a happy retirement."

Sydney, Australia, 20 February 2004
Media Inquiries: Margot McKay on 0412 132 769


ARISTOCRAT LEISURE: Shares Up 20% on Tuesday
--------------------------------------------
Shares of Aristocrat Leisure Limited rocketed nearly 20 percent
on Tuesday as the poker machine maker promised the worst of its
troubles were behind it, the Sydney Morning Herald reports. The
Company reported a $125.4 million improvement in operating cash
flow, and net debt reduced by $222 million to $70 million for
2003. The cash flow improvement impressed analysts enough to
suggest the focus is now on the future.

Aristocrat has yet to quantify the potential risk it faces from
a number of lawsuits. These include action by former Company
executives for wrongful dismissal, a class action lodged by
shareholders, and legal action in the U.S. alleging patent
infringement by one of its gaming machines. The company said it
would vigorously defend itself against the lawsuits.


NATIONAL AUSTRALIA: Chairman Outlines Short-term Goals
------------------------------------------------------
National Australia Bank (NAB) Chairman Graham Kraehe informed
the Company's shareholders of his short-term priorities to the
bank as follows:

The last couple of weeks have clearly been a difficult time for
the National Australia Bank. There have been negative headlines
about our foreign currency options losses and criticisms from
shareholders and the wider community about its performance.

Kraehe assured shareholders that all of the Directors took these
issues very seriously. Both Charles Allen and Frank Cicutto
subsequently decided to resign because they believed it was in
the best interests of the National and shareholders.

With those changes behind the Company, Kraehe look forward to
working with the new Chief Executive, John Stewart, to rebuild
confidence in Australia's leading financial services company.

Kraehe have three short-term priorities. These are to:

1) Deal with the foreign currency options matter in an open and
transparent manner

2) Accelerate the renewal of the board; and

3) Lead by example in creating an open culture in the
organization.

Foreign currency options trading

So far as the currency options issues are concerned, the bank
have engaged PricewaterhouseCoopers to advise us in an
independent report on how control failures occurred and to
ensure such events cannot happen again. The Bank is also working
with regulators and the Australian Federal Police to assist them
with their inquiries.

PricewaterhouseCoopers will also present its findings to the
Australian Prudential Regulation Authority (APRA) and the
Australian Securities & Investments Commission (ASIC). The
processes will ensure that APRA and ASIC will have access to
full details of the investigation.  Issues raised by APRA, as
part of its annual risk management reviews, were provided to PwC
at the start of their investigation and will be dealt with in
the PwC report.

It is important that this work is done thoroughly rather than
rush to an arbitrary timetable. Good progress is being made by
all of the interested parties and I estimate the PwC report will
be delivered by the middle of March.

My expectation is that the report will show several control
breakdowns.

Notwithstanding that, the Board intends to make as much of the
PwC report public as is possible while ensuring we do not
prejudice any future legal position.

The Board has engaged the services of Blake Dawson Waldron as
probity advisers to ensure a high standard of governance is
adhered to in producing an independent report for the Board.

Board and committee composition

Kraehe is committed to building a world class Board, which
properly reflects the National's status as one of Australia's
largest public companies.

The bank is reviewing the composition of Board Committees and
will also recruit new Directors.  The bank has already
instructed search consultants in Australia and Europe. Our
objective is to get a U.K. based director, with financial
services experience, to replace Sir Hugh Sykes, who is scheduled
to retire as Chairman of National Australia Group Europe.

That person will also be a Director of the National Australia
Bank. Kraehe also plan to have one other non-executive Director
with Australian financial services experience join the Board
over the next few months.

Kraehe will substantially reduce my existing commitments as a
Board Director on other companies to ensure that I can focus my
attention on the Chairman's role at the National.

Openness

The National has been criticized for being arrogant and lacking
in transparency in its dealings with key stakeholders.

Kraehe commit to listening to all of our stakeholders and doing
whatever is needed to rebuild confidence in the National.

John Stewart and Kraehe have already started a comprehensive
meetings program with shareholders and their representatives,
broking analysts, the media and senior community leaders to
understand their views.

The bank already has a very active cultural change program aimed
at driving openness and accountability throughout the
organization whilst reducing bureaucracy. The Board strongly
supports this program, which John Stewart will now lead.

Under Kraehe's chairmanship, the Board will show leadership,
openness & transparency.

As such, Kraehe will continue to keep shareholders informed of
key developments at the National Australia Bank.


TRANSURBAN GROUP: Narrows Net Loss to A$34.6M
---------------------------------------------
Transurban Group on Wednesday incurred a first-half net loss of
A$36.4 million, compared with a net loss of A$44.6 million in
the same period a year earlier, according to Dow Jones. The
company, which develops and manages electronic toll roads in
Australia, will pay unit holders a first-half distribution of 12
cents.


TXU AUSTRALIA: S&P Assigns BBB Rating; Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services (S&P) assigned its 'BBB'
long-term rating to TXU Australia Holdings Pty Ltd. (TXU
Australia), a wholly owned and guaranteed subsidiary of TXU
Australia Holdings (Partnership) L.P. (BBB/Negative/A-2).
The outlook is negative.

At the same time, Standard & Poor's assigned its 'BBB' long-term
bank-loan rating to TXU Australia's proposed A$1.1 billion
guaranteed syndicated bank-loan facilities. Proceeds from the
bank facilities will be used to refinance a portion of an A$1.75
billion syndicated bank facility at the TXU Australia Holdings
(Partnership) L.P. level, which is due to mature in October
2004.

The proposed facilities are split into a three-year A$550
million tranche maturing in 2007, and a five-year A$550 million
tranche maturing in 2009. The bank-loan facilities will be
guaranteed by TXU Australia Holdings (Partnership) L.P., and
will rank equally with all other existing and future unsecured
and un-subordinated indebtedness of TXU Australia.


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


AN EXTRA: Faces Winding Up Petition
-----------------------------------
The petition to wind up An Extra Garden Limited is set for
hearing before the High Court of Hong Kong on March 3, 2004 at
10 o'clock in the morning. Deacons, whose registered office is
situated at 5th Floor, 16-20 Chater Road, Central, Hong Kong,
filed the petition on December 5, 2004.

The Petitioners' solicitors are Messrs. Deacons of 5th Floor
Alexandra House, 16-20 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 Messrs. Deacons a notice in writing
not later than twelve o'clock noon of the 3rd day of March 2004
(the day before the petition hearing).


CHINA HONG KONG: Winding Up Petition Slated for March 10
--------------------------------------------------------
The petition to wind up China Hong Kong Group Pharma Limited is
set for hearing before the High Court of Hong Kong on March 10,
2004 at 10 o'clock in the morning. The Bank of China (Hong Kong)
Limited, whose registered office is situated at 5th Floor, 16-20
Chater Road, Central, Hong Kong, filed the petition on January
7, 2004.

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


GOODY LEATHER: Winding Up Hearing Set April 7
---------------------------------------------
The petition to wind up Goody Leather Manufactury Company
Limited is set for hearing before the High Court of Hong Kong on
April 7, 2004 at 10 o'clock in the morning. The Bank of China
(Hong Kong) Limited, whose registered office is located at 14th
Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong
Kong, filed the petition on February 3, 2004.

The Petitioners' solicitors are Ford, 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 6th day of April 2004 (the day before the petition
hearing).


INTCERA HIGH: Hoon Siang Initiates Winding Up Petition
------------------------------------------------------
The petition to wind up Intcera High Tech Group Limited is set
for hearing before the High Court of Hong Kong on March 17, 2004
at 10 o'clock in the morning. Hoon Siang Book and Ung Mon, whose
registered office is situated at 15C, Majestic House, 80 Nathan
Road, Kowloon, Hong Kong, filed the petition on January 17,
2004.

The Petitioners' solicitors are Or, Ng & Chan 11/F., 15th Floor,
The Bank of East Asia Building, 10 Des Voeux Road Central, Hong
Kong. Any person who intends to appear at the hearing of the
petition must serve on or send by post to Or, Ng & Chan a notice
in writing not later than twelve o'clock noon of the 16th day of
March 2004 (the day before the petition hearing).


POWER INVESTMENT: Winding Up Hearing Set March 24
-------------------------------------------------
The petition to wind up Power Investment Limited is set for
hearing before the High Court of Hong Kong on March 24, 2004 at
10 o'clock in the morning. The Bank of China (Hong Kong)
Limited, whose registered office is located at 14th Floor, Bank
of China Tower, No. 1 Garden Road, Central, Hong Kong, filed the
petition on January 27, 2004.

The Petitioners' solicitors are Ford, 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 23rd day of March 2004 (the day before the petition
hearing).


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


BANK LIPPO: BI OKs Sale to Swissasia-Led Group
----------------------------------------------
Bank Indonesia has approved a plan to sell a 52 percent stake in
PT Bank Lippo to a consortium led by Austria's Raiffeisen
Zentralbank Oesterreich AG, Dow Jones reports. The Indonesian
Bank Restructuring Agency (IBRA), which is tasked by the
government to sell its stake in Bank Lippo, will sign a final
sales and purchase agreement Wednesday with Swissasia Global,
the leading party in the consortium.

Swissasia Swissfirst Bank, a unit of the Swiss financial group
Swissfirst A.G., is also a member of the consortium. The agency
will raise around 1.2 trillion rupiah (IDR8,463) from the sale
of the Bank Lippo stake. Bank Lippo is the last bank that IBRA
will sell as its tenure will end by the end of the month.


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


K.K. HORON: Golf Course Enters Bankruptcy
-----------------------------------------
K.K. Horon Golf Glub has been declared bankrupt, according to
Teikoku Databank America. The golf course management firm is
located at Ogasa-gun, Shizuoka, Japan, has total liabilities of
US$256.67 million.


KOBE STEEL: Enters Alliance With Mitsubishi Materials
-----------------------------------------------------
Kobe Steel, Ltd. and Mitsubishi Materials Corporation agreed
Tuesday to establish a joint venture Company to which their
copper tube businesses will be transferred. To be formed on
April 1, the new company, Kobelco & Materials Copper Tube, Ltd.
(or KMC), will be 55% owned by Kobe Steel and 45% owned by
Mitsubishi Materials.

Kobe and Mitsubishi previously announced in November last year
plans to combine their copper tube businesses and form a joint
venture, though details of the new Company were undecided at
that time.

The joint venture is forecast to have consolidated sales of 34
billion yen and a domestic market share of about 35%. To have an
estimated 30% share in Southeast Asia, the new company will be
one of the largest manufacturers of copper tube in the region.

KMC will manufacture, sell and conduct R&D on copper tube for
air conditioners, copper tube for construction and hot water
supply, and other related products. To be based in Tokyo, the
new company will be capitalized at 6 billion yen. An extra 5
billion yen will be allocated for capital reserve. KMC will
employ approximately 370 people in Japan and 680 overseas. The
president will be Shinji Yano, who is currently an executive
vice president at Kobe Steel.

In production scale, marketing, quality, cost competitiveness,
technical capabilities, and manufacturing technology, the new
joint venture will aim to become one of the leading integrated
manufacturers of copper tube in Asia, combining Kobe Steel's
metal processing technology and Mitsubishi Materials Group's
alloy technology.

To be transferred to KMC are the assets, liabilities, rights and
obligations, and other contractual arrangements pertaining to
the manufacture, research and development, and sale of copper
tube and related processed products currently held by Kobe Steel
and Mitsubishi Materials. To be included in the transfer are
Kobe Copper (Malaysia) Sdn. Bhd. and Hatano Pipe Center, Ltd. in
which Kobe Steel holds equity stakes and MMC Copper Tube
(Thailand) Co., Ltd. in which Mitsubishi Materials holds an
equity share.

The steel firm will sell at least 72 billion yen (US$658
million) of bonds this year to repay debt, TCR-AP reported
recently. The sales come as the Company plans to cut bank loans
to half its debt, from 70 percent in March.

OUTLINE OF THE NEW COMPANY

Name:           Kobelco & Materials Copper Tube, Ltd.
Head office:  Tokyo
Capital:   6 billion yen (plus 5 billion yen for
                        capital reserve)
Equity share:  Kobe Steel 55%, Mitsubishi Materials 45%
                        President &
Representative Director: Shinji Yano (Currently Executive Vice
                        President & Representative Director,
                        Kobe Steel, Ltd.
Employees:        About 370 in Japan & 680 overseas
Production:        Hadano, Kanagawa; Kitamoto, Saitama
                        (both in Japan)
Overseas:   Kobe Copper (Malaysia) Sdn. Bhd.
                        MMC Copper Tube (Thailand) Co., Ltd.

(In the future, these two companies will be renamed respectively
as follows:

Kobelco & Materials Copper Tube (Malaysia) Sdn. Bhd.
Kobelco & Materials Copper Tube (Thailand) Co., Ltd.)

Business activities: Copper tube for air conditioners, copper
tube for construction and hot water supply, and other related
products

About Mitsubishi Materials Corporation

Mitsubishi Materials Corporation. The Company's principal
activity is the manufacture of metals and ceramics. Operations
are carried out through the following divisions: Fabricated
metal products accounted for 33% of fiscal 2001 revenues,
Nonferrous metals, 19%; Other, 18%; Cement products, 16% and
Silicon & advanced materials, 14%. For further information,
please visit the Mitsubishi Materials Corporation home page at:
www.mmc.co.jp/

About Kobe Steel, Ltd.

Kobe Steel, Ltd. is one of Japan's leading steel makers and
producers of aluminum and copper products. Other businesses
include welding consumables, infrastructure and plant
engineering, machinery, and real estate. For further
information, please visit the Kobe Steel, Ltd. home page at:
www.kobelco.co.jp/index_e_wi.htm

Contact:
Kobe Steel, Ltd.
Gary Tsuchida
Communication Center
9-12 Kita-Shinagawa 5-chome
Shinagawa-ku, Tokyo 141-8688 Japan
Tel: +81 (0)3 5739-6010
Fax: +81 (0)3 5739-5971
E-mail: www-admin@kobelco.co.jp

Mitsubishi Materials Corporation
Corporate Communications & IR Dept.
Tel: +81 (0)3 5252-5206
Fax: +81 (0)3 5252-5272
E-mail: www-adm@mmc.co.jp


KOBE STEEL: Appoints New President
----------------------------------
The Board of Directors of Kobe Steel, Ltd. decided Tuesday to
appoint Executive Vice President and Representative Director
Yasuo Inubushi as President, CEO and Representative Director of
Kobe Steel. Current President Koshi Mizukoshi will become
Chairman and Representative Director. These appointments will
become effective on April 1.

Profile of Yasuo Inubushi

Yasuo Inubushi was born in the city of Tokushima in Tokushima
Prefecture on February 10, 1944. He graduated from the School of
Economics at Osaka University in March 1967.

In April 1967, Inubushi joined Kobe Steel, Ltd. He was initially
assigned to the Accounting Section at Kobe Works. Two years
later, he was transferred to the Sales Planning & Administration
Dept. in Osaka. Following a number of postings, Mr. Inubushi
spent a cumulative total of 10 years in the Sales Planning &
Administration Dept.

Inubushi spent a total of eight years working overseas. In 1974,
he was transferred to Titan Steel & Wire Co., Ltd., a secondary
wire rod processor in Canada. He subsequently worked in Kobe
Steel's offices in Los Angeles and New York.

In 1981, Inubushi was promoted to Manager of the Cold Rolled
Sheet Sales Section in Osaka's Steel Sheet Sales Dept., a
domestic sales position. After that, he was assigned to the
Steel Export Dept. involved in the overseas market. Beginning in
1987, Inubushi was engaged in the establishment and
administration of USS/KOBE Steel Company and PRO-TEC Coating
Company, joint ventures with the former USX Corporation
(currently United States Steel Corporation).

In January 1990, he rose to General Manager of the International
Operations Dept., Iron & Steel Division, which was in charge of
the overseas steel ventures.

In June 1996, Inubushi was appointed a Director of Kobe Steel.
He was responsible for the Planning & Administration Dept. and
was General Manager of the Sales Planning & Administration Dept.
in the Iron & Steel Division.

In June 1999, he was promoted to the position of Senior Officer
of Kobe Steel and looked after a number of head office
operations. He oversaw the Human Resources Dept. and Corporate
Planning Dept. and was responsible for the Legal Dept. and
Finance Dept. He was instrumental in Kobe Steel's "selection and
consolidation" of its businesses, including the sale of the
semiconductor business and the reforming of the construction
machinery business.

In June 2001, Inubushi became an Executive Officer of Kobe Steel
and returned to the Iron & Steel Sector as General Manager of
the Steel Sales Division.

The following year, in June 2002, Inubushi was promoted to
Executive Vice President and Representative Director of Kobe
Steel.

Contact:
Gary Tsuchida
Communication Center
Kobe Steel, Ltd.
9-12 Kita-Shinagawa 5-chome
Shinagawa-ku, Tokyo 141-8688 JAPAN

Tel +81 (0)3 5739-6010
Fax +81 (0)3 5739-5871
E-mail www-admin@kobelco.co.jp
Website:  www.kobelco.co.jp


MITSUBISHI MOTORS: Cuts Japan Production Output to 10%
------------------------------------------------------
Mitsubishi Motors Corporation will cut its Japanese vehicle
production by 10 percent and reduce capital spending as part of
a plan to return to profitability, Bloomberg News reports. The
carmaker plans to implement the production cuts at its Okazaki
plant in early April. The company will reduce work shifts to one
from two and transfer as many as 600 employees to other sites.

Mitsubishi has limited output at Okazaki to about half the
plant's capacity, because of weak vehicle sales. The company
announced it would reduce capital spending for the year ending
in March to 120 billion yen ($1.11 billion) from 140 billion
yen.


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


KOOKMIN BANK: Boost Assets to W300 Trillion
-------------------------------------------
In order to compete in the global market, Kookmin Bank plans to
increase its assets from its current W230 trillion to W300
trillion, Digital Chosun reports, citing Kookmin President Kim
Jung-tai. The bank plans to do so through improvements in
productivity. Kim stressed, however, that mergers and
acquisitions were not being considered.


SK CORPORATION: Sovereign Calls on Chief to Quit
------------------------------------------------
Sovereign Asset Management Fund, the second largest shareholder
of SK Corporation, demanded Tuesday that SK Corp. Chairman Chey
Tae-won should quit his post to help improve the Company's
governance structure, Asia Pulse reported on Tuesday. Sovereign
holds a 14.99-percent stake in SK Corporation, the nation's top
refiner and the virtual holding company of SK Group.

The investment fund claimed the reputation and credibility of SK
Corp. is being called into question since Chey continues to sit
on its board despite his conviction. "After being handed a
three-year prison term for deceptive accounting and malfeasance
involving SK Networks, Chey has only served seven months,"
Monaco-based investment fund said in a statement.

SK Corporation plans to hold an annual shareholders' meeting on
March 12 to pick new directors and handle other corporate
matters.


SSANGYONG MOTOR: Files Suit Against Government
----------------------------------------------
Ssangyong Motor Co. will file legal action against the
government for levying a special excise tax on its Musso Sports
vehicles in 2002, according to Yonhap News.

The Company said that the measure was being taken because the
National Tax Tribunal is expected to rule against a refund claim
submitted by the automaker. Ssangyong claimed that the finance
ministry had asked the carmaker to pay back the excise taxes
that consumers paid for buying the sports utility vehicle before
changes to the law made it unnecessary to pay the extra charges.


KEB CREDIT: Threatens Job Cuts if Strike Goes On
------------------------------------------------
KEB Credit Card Service Co. will cut a large number of its
workforce if striking labor union workers do not return to work
by Saturday, reports the Yonhap News. The Company already
notified around 260 people of their dismissal, which is 40
percent of a total workforce of 662.

KEB Credit Service Co. posted a 1.02 trillion won (US$879.2
million) net loss in the three months ended in December, TCR-AP
reported recently. The Korea Exchange Bank will absorb the
Company by the end of February in an effort to end a cash flow
crisis.


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M A L A Y S I A
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HIAP AIK: Enters Purchase Deal With Encik
-----------------------------------------
Hiap Aik Construction Berhad (HACB) announced that the special
administrators of Company, namely Mr. Alvin Tee Guan Pian has on
February 20, 2004, has entered into a Sale and Purchase
Agreement with Encik Shah Rudin Bin Mohammed Miskun for the
disposal of 5,640,478 Lebar Daun Berhad Irredeemable Convertible
Unsecured Loan Stocks (LDB ICULS) of RM1.00 each, for a cash
consideration of RM5,640,478.

(b) Salient Terms of the Sale and Purchase Agreement are as
follows:

The total Purchase Price of RM5,640,478 shall be paid by Shah
Rudin Bin Mohammed Miskun upon signing of the Sale and Purchase
Agreement.

(i) 10% of the Purchase Price upon signing of the Sale and
Purchase Agreement.

(ii) 90% of the Purchase Price upon completion date of Sale and
Purchase Agreement.


(c) Basis of determining the Sale Consideration

The sale consideration of RM5,640,478 in cash for the disposal
was arrived at based on the willing buying and willing selling
basis.

(d) Utilization of Proceeds

The entire proceeds from the disposal of 5,640,478 ICULS, which
is RM5,640,478 in cash, is proposed to be utilized for the
settlement of the creditors of HACB.

(e) Effects of the Disposal of 5,640,478 LDB ICULS

(i) Share Capital

The Disposal will not have any effect on the issued and paid up
share capital of HACB.

(ii) Earnings

The Disposal will not have any effect on the loss after tax of
HACB.

(iii) Net Tangible Assets/Liabilities Per Share

The Disposal will not have any effect on the net tangible assets
and liabilities per share of HACB.

(iv) Substantial Shareholders

The Disposal will not have any effect on the substantial
shareholding of HACB as it does not involve transfer of shares.

(f) Directors' and Major Shareholders' interest

None of the SA, Directors and/or major shareholders of HACB or
any other company which is its subsidiary or holding company or
subsidiary of its holding company, or person connected to the
Directors, major shareholders or any other company which is its
subsidiary or holding company or a subsidiary of its holding
company, has any interest, direct or indirect, in the disposal
of 5,640,478 LDB ICULS.

(g) SA's Statement

The SA of HACB are of the opinion that disposal of 5,640,478 LDB
ICULS is in the best interest of HACB.

(h) Shareholders' Approval

The Workout Proposal (WP) of HACB stipulates that the SA has the
discretion to realize the ICULS for cash, that being the case,
the transaction is therefore contemplated in the WP. Pursuant to
Section 47(3) of the Pengurusan Danaharta Nasional Berhad Act,
1998, the WP binds everyone including HACB's shareholders.
Hence, HACB is not required to obtain shareholders' approval as
it is deemed obtain pursuant to the said Act.

With regards to the circular, the Information Circular dated 26
January 2004 issued by HACB includes the statement where SA has
the discretion to realize the ICULS for cash, hence notice has
been given to its shareholders in relation to the disposal of
the LDB ICULS.


METACORP BERHAD: Terminates Share Sale Deal With Bina Naga
----------------------------------------------------------
This announcement is made further to Metacorp Berhad's
announcement dated October 20, 2003, in respect of the
conditional Share Sale Agreement (SSA) dated October 16, 2003
between Metacorp and Bina Naga Bersatu Sdn Bhd (BNBSB) for the
acquisition by Metacorp of 409,384 ordinary shares of RM1.00
each in Coneff Corporation Sdn Bhd (CCSB) representing 100% of
the issued and paid-up share capital of CCSB for a total cash
consideration of RM7.5 million.

Metacorp informed the Kuala Lumpur Stock Exchange that on
February 13, 2003, BNBSB had served a notice to terminate the
SSA, as both parties were not able to obtain approvals from the
Foreign Investment Committee and Datuk Bandar Kuala Lumpur
respectively within the Cut-Off Date (as defined in the SSA).

This announcement is dated 24 January 2004


PICA CORPORATION: MSEB OKs Proposal
-----------------------------------
Further to the announcement made by Pica Corporation on January
29, 2004, Commerce International Merchant Bankers Berhad
announced that the Malaysia Securities Exchange Berhad (MSEB)
has, via its letter dated February 20, 2004, accepted the appeal
made by Pica against the decision of MSEB to delist the
securities of Pica (M) Corporation Berhad, and to await the
outcome of Pica's application to the relevant authorities on
December 3, 2003.


PROMET BERHAD: MSEB Seeks Delisting
-----------------------------------
The Malaysia Securities Exchange Berhad (MSEB) made in
consultation with the Securities Commission, announced that the
securities Promet Berhad should be de-listed from the Official
List of the Exchange at 9 A.M. on Friday, March 5, 2004.

With respect to the securities of the Company, which are
currently deposited with the Malaysian Central Depository Sdn
Bhd (MCD), the securities of the Company will continue to remain
deposited with the MCD notwithstanding the de-listing of the
securities of the Company 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 the Company who intend to hold
their securities in the form of physical certificate, can
withdraw these securities from their Central Depository System
accounts with MCD, at anytime after the securities of the
Company are de-listed from the Official List of the Exchange by
submitting the application form for withdrawal in accordance
with the procedures prescribed by MCD.

Shareholders of the Company can contact any Participating
Organization of the Exchange and/or MCD's helpline at
03-20717711 or 03-20717723 for information on the withdrawal
procedures.


SIN HENG: Issues Revised Scheme Proposal
----------------------------------------
Southern Investment Bank Berhad refer to the announcements made
on behalf of the Special Administrators (SA) of Sin Heng Chan
(Malaya) Berhad (SHCM) on 8 October 2003, 12 November 2003, 2
January 2004, 16 January 2004 and 16 February 2004 in relation
to the Proposed Revised Scheme, which involves, amongst others,
the following:

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

(ii) Dato' Choo Keng Weng (DC) will undertake to subscribe for
any un-subscribed Rights Shares up to a maximum of 30,000,100
Rights Shares. DC had nominated Alor Setar Industry Holdings Sdn
Bhd (ASIH), a company owned by DC, Dato' Haji Esa bin Haji
Mohamed (DE) and Dato' Ghazali bin Saiboo (DG), being the
subscriber for any un-subscribed Rights Shares at the Minimum
Subscription Level;

(iii) With the undertaking as stated in paragraph (ii) above and
the Minimum Subscription Level, ASIH will hold up to 30,000,100
new SHCM Shares, representing 52.65% of the total issued and
paid-up share capital of SHCM, whereas, the total shareholding
of ASIH and parties acting in concert with it will increase to
35,562,000 new SHCM Shares, representing 62.41% of the total
issued and paid-up share capital in SHCM. This will result in
the obligation on ASIH and parties acting in concert with it to
undertake a mandatory offer (MO) under Section 33B(2) of the
Securities Commission Act, 1993 (SCA) and Section 6(4) of the
Malaysian Code of Takeovers and Mergers, 1998 (Code); and

(iv) In the event where the Proposed Rights Issue is fully
subscribed at the maximum subscription level, Macronet Sdn Bhd
(Macronet) will renounce in full its entitlement pursuant to the
Proposed Rights Issue to ASIH. ASIH will also acquire the
necessary amount of SHCM Shares and Irredeemable Convertible
Unsecured Loan Stocks (ICULS) under the option agreement between
the trustee and ASIH and to convert the ICULS into new SHCM
Shares, and/or exercise the warrants that it will acquire
pursuant to the Proposed Revised Scheme. The acquisition of new
SHCM Shares/conversion of ICULS/exercise of warrants by ASIH is
to enable ASIH's shareholdings in SHCM to exceed 50% of the
total issued and paid-up share capital in SHCM before the
completion of the Proposed Revised Scheme. This will result in
the obligation on ASIH and parties acting in concert with it to
undertake a MO under Section 33B(2) of the SCA and Section 6(4)
of the Code.

Southern Investment Bank Berhad (SIBB) announced that the
Securities Commission (SC) had via its letter dated 19 February
2004, which was received by SIBB on 20 February 2004, approved
the application by ASIH and parties acting in concert with it,
i.e. Macronet, DC, DE and DG, for an exemption from the
obligation to undertake a MO in relation to situation as set out
in (ii) above under Practice Note 2.9.3 of the Code. The said
exemption is granted after taking into consideration that SHCM
has satisfied the requirement of paragraph 3 of Practice Note
2.9.3, where, amongst others, the net tangible assets per SHCM
Share is less than 50% of its par value, the debt-equity ratio
of the SHCM and its subsidiaries (SHCM Group) has exceed 3:1 and
the proposal is expected to regularize the financial position of
the SHCM Group.

However, the application to the SC for an exemption to ASIH and
parties acting in concert with it from the obligation to
undertake a MO in relation to the situation as set out in (iv)
above (Proposed Exemption), following the acquisition of new
SHCM Shares/conversion of ICULS/exercise of warrants by ASIH for
the purpose of increasing ASIH's shareholding above 50% of the
total issued and paid-up share capital in SHCM before the
completion of the Proposed Revised Scheme, will only be
considered by the SC after ASIH has obtained approval from the
independent shareholders of SHCM in accordance with the "white-
wash" procedure, as provided under Practice Note 2.9.1 of the
Code, as follows:

(i) ASIH and parties acting in concert with it are required to
provide to the SC, a statutory declaration that they have not
purchased SHCM Shares within six (6) months period prior to the
despatch of the circular to shareholders in relation to the
Proposed Exemption but subsequent to the deliberations,
discussion, understanding or agreement with the Directors of
SHCM in relation to the proposed restructuring scheme of SHCM,
whichever is the earlier, until the extraordinary general
meeting (EGM) is convened and the approval from the SC for the
Proposed Exemption is obtained;

(ii) ASIH and parties acting in concert with it are required to
obtain the approval of the shareholders by way of poll for the
Proposed Exemption at an EGM to be convened in which all
interested parties will abstain from voting; and

(iii) The appointment of a competent independent advice to the
shareholders of SHCM, where such appointment and the independent
advice circular to be despatched to the shareholders of SHCM
have to be approved by the SC.

This announcement is dated 24 February 2004.


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


ASIAN DIAMOND: SEC in Talks With White Knight
---------------------------------------------
The Securities and Exchange Commission (SEC) is finalizing talks
with a local financial services Company that is keen on
acquiring the operations of beleaguered pre-need company Asian
Diamond Plans Inc., the Business World reports. If negotiations
go well in the next few days, the corporate regulator would
finally be able to find a white knight for Asian Diamond.

Although the SEC declined to name the possible white knight, he
said the company is a new entrant in the pre-need industry since
its current operations are mainly focused on financial services.
SEC Director Emilio P. Aquino said the new investors have to
infuse as much as 100 million pesos in capital to be able to
take over the firm's operations.

Last year, the SEC suspended the license of Asian Diamond to
sell pre-need plans due to a PhP16-million trust fund
deficiency.


PHILIPPINE LONG: Clarifies Debt Restructuring Report
----------------------------------------------------
The Philippine Long Distance and Telephone Co. clarifies the
news article entitled "As part of on going efforts to
restructure the huge debt of a losing subsidiary, Philippine
Long Distance Telephone Co. is studying an option for Smart
Communications Inc. to absorb billions of pesos of Pilipino
Telephone Corp.'s obligations. A banking source said that PLDT
had presented four options to Piltel's creditors.  Of the four
alternatives, creditors were focusing on proposal for cash-rich
Smart to absorb Piltel's obligations or for PLDT to swap with
Smart shares the convertible PLDT preferred shares it had issued
to Piltel's creditors in 2001".

Further to Circular for Brokers No. 831-2004, Philippine Long
Distance Telephone Co., in its letter dated February 24, 2004,
clarified that:

In view of the fact that the alternatives being studied by PLDT
and SMART regarding Pilipino Telephone Corporation (PILTEL)'s
indebtedness are not yet definite and have not been deliberated
and approved by the respective boards of PLDT and SMART as
stated in our disclosure of 23 February 2004, we cannot confirm
at this point in time the report coming from the banking source
of the Philippine Daily Inquirer reporter.  However, we wish to
note that should PLDT and SMART pursue any transaction at all
regarding PILTEL's indebtedness, it would be only on terms that
create economic benefits to PLDT and SMART.

The Company also advised that it is not planning to swap SMART
shares for PLDT preferred shares or to effect a merger of SMART
and PILTEL.


UNITED COCONUT: Unveils PhP10B Emergency Loan
---------------------------------------------
United Coconut Planters Bank (UCPB) will roll over its 10
billion peso emergency loan facility from the Bangko Sentral ng
Pilipinas (BSP or the Central Bank) for another six months,
Business World reports, citing UCPB President Jose L. Querubin.

The six-month renewal would be cheaper for the bank instead of
changing the loan term to one year, for which BSP wanted to
charge higher interest. UCPB asked BSP to change the term of its
PhP10-billion emergency loan to one year, from six months
renewable for another six months. BSP agreed to the request but
it wanted to charge higher interest for the loan.

United Coconut Planters Bank (UCPB) has tapped auditing firm
PricewaterhouseCoopers (PWC) to help it unload an estimated 15
billion pesos in idle assets, TCR-AP reported recently. The bank
expects to post 5 billion pesos in net earnings by the end of
2003.


UNIVERSAL RIGHTFIELD: Gets Debt Reprieve Approval
-------------------------------------------------
A Mandaluyong City regional trial court has approved a
creditor's petition to rehabilitate Universal Rightfield
Property Inc. by issuing a stay order in the enforcement of all
claims against the company, AFX Asia reports. DM Consunji, a
major creditor of Universal Rightfield, asked the court for the
rehabilitation.

Universal Rightfield's proposed rehabilitation plan entails the
reduction of its 1.39 bln worth of loans through a payment-in-
kind arrangement with creditors. The plan also calls for an
initial funding of 150 mln pesos to jump-start development of a
property in Cabuyao, in Laguna province south of metropolitan
Manila. The company is expected to repay its debts over a 10-
year period.

In a February 17 ruling, the Mandaluyong court also appointed
lawyer Monico Jacob as rehabilitation receiver of Universal
Rightfield. The Philippine Stock Exchange has suspended trading
of Universal Rightfield shares even after the Securities and
Exchange Commission has set aside an order revoking the
Company's permit to sell securities to the public.


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


FUNAI ELECTRIC: Issues Dividend Notice
--------------------------------------
Funai Electric (S) Pte Ltd. issued a notice of intended second
dividend as follows:

Address of Registered Office: Formerly of 9 Lok Yang Way
Singapore 628627.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 6 of 1997.

Last Day for Receiving Proofs: 5th March 2004.

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

Dated: 20th February 2004.

SUNARI BIN KATENI
Assistant Official Receiver.


GLOBAL FACADE: Winding Up Hearing Set March 5
---------------------------------------------
The petition to wind up Global Facade (S) Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
February 11, 2004 at 10 o'clock in the morning. Kian Hiap
Construction Pte Ltd., a creditor, whose address is located at
14 Defu Lane 1, Singapore 539488, filed the petition with the
court on February 11, 2004.

The Petitioners' solicitors are ACIES Law Corporation of No. 1
Raffles Place, #39-01 OUB Centre, Singapore 048616. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to ACIES Law Corporation a notice in writing
not later than twelve o'clock noon of the 4th day of March 2004
(the day before the day appointed for the hearing of the
petition).


K. YAMABUTA: Winding Up Petition Hearing Set February 27
--------------------------------------------------------
The petition to wind up K. Yamabuta Holdings Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
February 27, 2004 at 10 o'clock in the morning. RHB Bank Berhad,
a creditor, whose address is located at 90 Cecil Street #03-00,
Singapore 069531, filed the petition with the court on February
5, 2004.

The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620. Any person who
intends to appear on the hearing of the petition must serve on
or send by post to Drew & Napier LLC a notice in writing not
later than twelve o'clock noon of the 26th day of February 2004
(the day before the day appointed for the hearing of the
petition).


LIAN SHENG: Releases Intended Dividend Notice
---------------------------------------------
Lian Sheng Timber Pte Ltd (In Liquidation) issued a notice of
intended dividend as follows:

Address of registered office: 336 Smith Street, #06-308 New
Bridge Centre, Singapore 050336.

Last day of receiving proofs: 15th March 2004.

Name of liquidator: GOH NGIAP SUAN.

Address of liquidator: c/o Goh Ngiap Suan & Co
336 Smith Street
#06-308 New Bridge Centre
Singapore 050336.

Dated this 20th day of February 2004.
GOH NGIAP SUAN
Liquidator.


MOULD BASE: Creditors Meeting Set for March 5
---------------------------------------------
Take notice that a meeting of creditors of Mould Base
Manufacturer Singapore Pte Ltd will be held at 371 Beach Road,
#16-08 Keypoint, Singapore 199597 on the 5th day of March 2004
at 10:30 in the morning.

AGENDA

(1) To consider the Statement of Affairs of the Company as
submitted by its Director.

(2) To consider the appointment of a Committee of Inspection
pursuant to section 277 (1) of the Companies Act, Cap. 50.

(3) To approve the liquidator's fees.

Dated this 16th day of February 2004.
TAN JOON HOE
Liquidator.


NEPTUNE ORIENT: Returns to Profit in 2003
-----------------------------------------
Neptune Orient Lines Limited incurred a net profit of US$567.14
million, versus a net loss of US$188.95 million a year earlier,
according to Reuters. The Company is engaged in the owning,
chartering and operating of vessels.


Financial Results for the year to December 26, 2003
           (in millions of US$ unless stated)

                                2003    vs       2002
Operating profit/(loss)      567.14    vs   (188.95)
Pre-tax profit/(loss)        456.72    vs   (317.81)
Net profit/(loss)            428.83    vs   (330.16)
Group shr (cents)             35.42    vs    (28.07)
Turnover                   5,522.58    vs  4,641.82
Dividend (Singapore cents)     3.85    vs       nil


ZESONETTE PTE: Issues Winding Up Order Notice
---------------------------------------------
Zesonette Pte Ltd issued a winding up order notice made on the
6th day of February 2004.

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

Dated this 17th day of February 2004.
Messrs NG ONG & CHEE
Solicitors for the Petitioning Creditors.


SUNRISE OCEAN: Winding Up Petition Hearing Set March 5
------------------------------------------------------
The petition to wind up Sunrise Ocean & Trading Pte Ltd. is set
for hearing before the High Court of the Republic of Singapore
on March 27, 2004 at 10 o'clock in the morning. Nobu Marine Pte
Ltd., a creditor, whose address is located at 196 Pandan Loop,
#01-02 Pantech Industrial Complex, Singapore 128384, filed the
petition with the court on February 10, 2004.

The Petitioner's solicitors are Esvaran & Tan of 133 New Bridge
Road, #11-04 Chinatown Point, Singapore 059413. Any person who
intends to appear on the hearing of the petition must serve on
or send by post to Esvaran & Tan a notice in writing not later
than twelve o'clock noon of the 26th day of February 2004 (the
day before the day appointed for the hearing of the petition).


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


DISTAR ELECTRIC: Unveils February 23 EGM Resolutions
----------------------------------------------------
The shareholders extraordinary general meeting (EGM) of Distar
Electric Corporation Public Company Limited was held on February
23, 2004 at the 21st Floor R.S. Tower Building, Ratchadapisek
Road, Din Daeng sub-district, Din Daeng District, Bangkok. The
agenda of the meeting is as follows:

Agenda 1: To confirm the Minutes of the Annual General Meeting
of the Shareholders' no. 1/2003

The Meeting has unanimously resolved to confirm the Minutes of
the Annual General Meeting of the Shareholders' no. 1/2003

Agenda 2: Consideration matters:

Agenda 2.1: To consider the increasing of investment in ordinary
shares of Distar Direct Co., Ltd. another 2,600,000 shares at
price 6 Baht each, which are bought from S.K.V. Holding Co.,
Ltd. and Distar Holding Co., Ltd. (The acquisition cumulative of
3,600,000 shares at price 6 Baht each total amount of Baht 21.60
Million)

The Meeting has unanimously resolved by the eligible and attends
shareholders to buy ordinary shares of Distar Direct another
2,600,000 shares at price 6 Baht each. The total shares hold
after these issues are 10,440,000 shares or proportion of 29% of
total paid-up capital.

Agenda 2.2: To consider of off-setting the Retained Loss as of
31 December, 2003 (from the audited Financial Statements) by the
Legal Reserved Account and Shares Premium Account.

As per audit reviewed Financial Statement as of September 30,
2003, company had its Retained Loss of Baht 273.21 million and
Legal Reserved of Baht 18.15 million and Shares Premium of Baht
375 million.

The Meeting had unanimously resolved of offsetting the Retained
Loss, as per audited Financial Statement as of December 31,
2003, to be zero by the Legal Reserved and Shares Premium
Accounts respectively within the same period.
Agenda 3   Other business (if any)

The meeting has been advised that Surachai Eksmith had resigned
from the Company's Director effective from February 23, 2004.


TANAYONG PUBLIC: Issues Reorganization Plan Update
--------------------------------------------------
On August 18, 2003, As Yongsu Company Limited, one of the
creditors of Tanayong Public Company Limited (Tanayong), filed a
petition with the Central Bankruptcy Court for the
reorganization of the Company. On December 30, 2003, the Court
has issued an order for the business reorganization of the
Company and also appointed the Director of the Company to be an
interim executive. The Official Receiver then called for a
meeting of creditors to consider for the planner on February 23,
2004.

At the creditors' meeting on February 23, 2004, one of the
creditors proposed that Silom Planner Company Limited to be the
planner of the Company. Thus, the Court set February 25, 2004 as
a date for consideration of the planner.

                  *********


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
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