TCRAP_Public/040302.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, March 2, 2004, Vol. 7, No. 43

                            Headlines

A U S T R A L I A

GYMPIE GOLD: Liquid Assets Less than a Quarter of Liabilities
LOY YANG: Co-partner Threatens to Cancel Talks with AGL Group
QANTAS AIRWAYS: Appoints James Packer Non-Executive Director
MAYNE GROUP: Purchase Plan Won't Affect Ratings, S&P Says


C H I N A  &  H O N G  K O N G

EASY WATCH: Creasian Industrial Initiates Winding up Petition
O.E.C. LIMITED: Winding up Hearing Set March 31
ON TAI: Winding up Hearing Slated for March 17
WING MAU: Court Schedules Winding up Hearing March 10
WIN JOYCE: Winding up Hearing Set March 10
YICKO FUTURES: Faces Winding up Petition


I N D O N E S I A

INDONESIAN BANK: President Disbands Bank Restructuring Agency


J A P A N

KANAZAWA CENTRAL: Golf Course Files for Bankruptcy
KANEBO LIMITED: Rescue to Cost Govt More than JPY400 Bln
KANEBO LIMITED: Shares Drop 3.8% on Bailout Report
MIYUKI GUMI: Civil Engineering Firm Enters Bankruptcy
NIPPON LIGHT: JCR Upgrades Rating to 'BBB'
NISSHO IWAI-NICHIMEN: Integrates Affiliated Companies
NISSHO IWAI: Merges Telecom Operations with TEPCO


K O R E A

HYUNDAI INVESTMENT: Prudential Completes Acquisition
KOREA EXCHANGE: Withdraws Layoff Plan; To Retire 231 Instead
SK CORPORATION: Annual General Meeting March 12
SK CORPORATION: Sets Parameters for Exercise of Voting Rights
SK CORPORATION: Enters Coal Supply Deal with Korea Western


M A L A Y S I A

ACTACORP HOLDINGS: Issues Restructuring Scheme Update
BESCORP INDUSTRIES: Subsidiaries Default on RM165 Mln in January
GOPENG BERHAD: Dormant Units Enter Liquidation
KSU HOLDINGS: Still Unable to Regularize Financial Condition
OILCORP BERHAD: Forms Nomination Committee

PARK MAY: Posts Resolutions Taken up in February 12 EGM
PILECON ENGINEERING: To Appeal Securities Commission Decision
TECHNO ASIA: Unveils Investigative Audit Findings
TRU-TECH HOLDINGS: Shareholders Equity RM34.5 Mln Below Par


P H I L I P P I N E S

ATLAS CONSOLIDATED: Govt Lawyers Block Tax Refund Petition
FORTUNE CEMENT: Sets Aside PHP800 Million for Expansion
NATIONAL POWER: Seeks Recovery of Deferred Power Charges


S I N G A P O R E

CAPITALAND MARKET: Creditors Have Until March 29 to File Claims
CAPITAL TOWER: Deadline for Filing of Claims March 29
CUPPAGE CENTRE: Creditors Have Until March 29 to File Claims
EXCEL VISION: Files for Voluntary Liquidation
HONG LAI: Creditors Meeting Set March 8

IMAGINIA PTE: Applies for Voluntary Liquidation
JJ INTERNATIONAL: Files for Voluntary Winding up
LHT HOLDINGS: 2003 Net Loss Balloons to SG$4.17 Million
MEDIASTREAM LIMITED: Narrows Full-year Net Loss to SG$1.35 Mln
ROBINSON POINT: Creditors Must Submit Claims by March 29

ROCHOR SQUARE: Issues Debt Claim Notice to Creditors
SAFE SUPERSTORE: Winding up Petition Hearing Set March 12
SEATOWN CORPORATION: Narrows 2003 Net Loss to SG$6.51 Million
TWINWOOD ENGINEERING: 2003 Net Loss Shrinks to SG$3.22 Million


T H A I L A N D

NEP REALTY: Unveils Annual Financial Statement
RAIMON LAND: Clarifies FY2003 Operating Results
RAIMON LAND: Bares Audited Annual Financial Report
ROBINSON DEPARTMENT: Submits Financial Results for 2002, 2003
THAI WAH: Posts Audited and Consolidated Yearly Financial Report

* BOND PRICING: For the week of March 1 - March 5, 2004


                        - - - - - - - - -


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


GYMPIE GOLD: Liquid Assets Less than a Quarter of Liabilities
-------------------------------------------------------------
Gympie Gold Limited (Receivers and Managers Appointed, Voluntary
Administrators Appointed) filed this disclosure with the
Australian Stock Exchange:

REPORT AS TO AFFAIRS

These comments are in respect of the Gympie Gold Group. Details
for each Company are given in separate Reports in accordance
with ASIC Form 507.

A general update of the affairs of the Group was provided by
Directors in the "Report for the December Quarter," which was
released on 30 January 2004 and which encapsulated events
between 1 January and 30 January 2004.  All references herein
are to book values at 30 December 2003 as extracted from the
preliminary unaudited accounts.

GROUP LIABILITIES

Balances were:

Employee Entitlements                    $  2.3 million
Provisions for Rehabilitation            $  2.5 million
First ranking debt                       $ 30.2 million
Limited recourse stock & debtors debt    $  4.7 million
Second ranking debt                      $ 17.3 million
Equipment Leases                         $  5.9 million
Trade creditors and accruals             $ 14.9 million
Unsecured Loans                          $  6.4 million
Convertible Notes redeemable in 2007     $ 40.0 million
Debts per accounts                       $124.2 million
Unrealized foreign exchange gains        $  4.0 million
Deferred foreign exchange gain           $  1.1 million
Deferred tax liability                   $  3.1 million
Total Liabilities per accounts           $132.4 million

LIQUID ASSETS

Cash and other liquid assets were:

Cash                                     $ 17.7 million
Other                                    $ 15.0 million
Total Liquid Assets                      $ 32.7 million

These liquid assets are expected to be exhausted during the June
quarter.

SOUTHLAND COAL PTY LIMITED

This Company is 100%-owned and holds 90% of the Southland
Colliery Joint Venture with mine operator, Thiess Group, holding
10%.

Net reliable value of this project depends on which of three
scenarios is executed:

(1) Mine abandonment:  This would lead to the realization of
real estate which may provide a net return of +/-$5 million
after land rehabilitation, together with a recovery from
insurers or other third parties over some years.  The amount
remains uncertain but could involve one or more claims
aggregating over $30 million.

(2) Mine re-entry, remediation and recommencement of production:
Subject to the state of underground workings and equipment
inspection in due course, this is currently expected to require
a capital injection in the order of +/-$30 million and would
strive to achieve over the longer term a net releasable value in
excess of $100 million, which reflects the assumption of a going
concern and the inherent value of unexploited coal reserves.

(3) Sale to a third party:  If implemented under current
circumstances this is likely to realize a sum at a material
discount to book value.

Range of net realizable values for Southland Coal: A material
discount to book value in the shorter term to in excess of book
value of $100 million (excluding liquid assets) in the longer
term.

GYMPIE ELDORADO GOLD MINES PTY LIMITED

This company is 100%-owned and is currently being offered for
sale by the Receiver and Managers.  The deadline for final
offers is 15 March 2004. The net realizable value under current
circumstances is likely to be at a material discount to book
value of $86 million.

Achievement of optimal net realizable value over the longer term
would require the reinstatement of exploration and mine
development, which was suspended in January 2004. Such a plan
would strive to achieve over the longer term a net realizable
value in excess of $86 million book value, which reflects an
assumption of going concern and the inherent value of the
exploration projects.

Range of net realizable value for Gympie Eldorado: A material
discount to book value in the shorter term to in excess of book
value of $86 million (excluding liquid assets) over the longer
term.

GROUP SUMMARY

Debts: $124.2 million. This is a sub-set of the total book
liabilities of $132.4 million.

Range of Net Realizable Value of Assets:  Lower valuation - a
material discount to book value of $186 million (excluding
liquid assets) if realized in the short term.

Higher valuation - Subject to the recapitalization of both
Southland Coal and Gympie Eldorado the longer term realizable
value would be in excess of book value of $186 million per
preliminary un-audited accounts which were prepared on the
assumption of a going concern and which rely on the inherent
value of unexploited coal reserves and of gold exploration
projects.

CONTACT INFORMATION:

Harry Adams
Managing Director - Gympie Gold Group for and on behalf of the
Board of Directors

Level 9 Gold Fields House
1 Alfred Street Sydney NSW 2000
E-mail: info@gympiegold.com.au

Phone: (02) 9251 2777
Facsimile: (02) 9251 2666
Web site: http://www.gympiegold.com.au


LOY YANG: Co-partner Threatens to Cancel Talks with AGL Group
-------------------------------------------------------------
Horizon Energy Investment Management Limited, one of the co-
owners of Loy Yang Power, said the sale agreement with the
Australia Gas Light Company-led (AGL) consortium would be
terminated if conditions remain unmet by March 12, The Age
reported on Sunday.

Horizon shares were suspended on Monday.  Horizon said the Loy
Yang Partners had been told by the Great Energy Alliance
Corporation (GEAC), the consortium led by AGL, that the
satisfaction of the remaining significant conditions precedent
to the sale of the power station in Victoria's Latrobe Valley,
were still in progress.

"Until the timing of the satisfaction of the conditions
precedent is known with certainty, the Horizon directors are
unable to form a view on the likelihood of the completion of the
GEAC sale agreement," Horizon managing director Ian Kay said in
a statement.

"Therefore the Horizon directors will not be in a position to
sign the interim financial report for lodgment with the
Australian Stock Exchange today.  If it becomes apparent over
the next few days that the conditions precedent cannot be
resolved by March 12, 2004, Horizon and the other Loy Yang Power
partners (the U.S.-based CMA and NRG Energy) will issue a notice
to terminate the GEAC sale agreement."

AGL and its consortium partners, Japan's biggest power firm,
Tokyo Electric Power Co (TEPCO) and a group of Commonwealth
Bank-led investors, still require the Loy Yang Power bank
creditors to approve their debt restructuring proposal for Loy
Yang's $3 billion liability to enable the deal to go ahead.

GEAC currently possesses the exclusive right to purchase the
troubled power station for $3.5 billion.  This right was
supposed to end on December 19, 2003 but was extended to enable
AGL to appeal the objection of the Australian Competition and
Consumer Commission.

Loy Yang Power has been under financial pressure to complete the
sale and make a $500 million bullet payment on its $3.2 billion
bank debt.  The payment deadline has been extended to enable
sale negotiation to continue.

Mr. Kay said Horizon and Loy Yang Power would negotiate with the
lenders to determine the prospects of completing a long-term
standstill of the debt facilities.

"The Loy Yang Power partners have appreciated the cooperation of
the bank group in extending the repayment dates of the $500
million bullet four times from May 11, 2003 to March 12 2004,
and hope that the long term extension set out in the term sheet
negotiated with the bank steering committee on behalf of the
bank group on December 19, 2003 can be successfully completed,"
he said.  "However there can be no guarantee the lenders will
agree to a longer term extension."


QANTAS AIRWAYS: Appoints James Packer Non-Executive Director
------------------------------------------------------------
Qantas Airways appointed James Packer as a non-executive
director of its board on Monday, The Australian said.  Mr.
Packer would fill a casual vacancy on the Qantas board and take
up the position effective Monday, Qantas Chairman Margaret
Jackson disclosed.

"I am delighted that James is joining the Qantas Board and I am
confident that his experience across a range of industries --
both in Australia and overseas -- will further strengthen the
diversity of corporate skill, age and geography that is offered
by the other Board members," Ms. Jackson said.

Mr. Packer was appointed executive chairman of Publishing and
Broadcasting Ltd (PBL) in May 1998, having served as PBL chief
executive from March 1996 until May 1998.  He is also the joint
Chief Executive of Consolidated Press Holdings Ltd, Chairman of
Challenger Financial Services Group and a director of various
companies including Foxtel, Hoyts Cinemas Ltd and ninemsn.


MAYNE GROUP: Purchase Plan Won't Affect Ratings, S&P Says
---------------------------------------------------------
Standard & Poor's Ratings Services said Monday that Mayne Group
Ltd.'s (BB/Stable/B) announcement on March 1, 2004, that it will
acquire a suite of injectable multivitamin products currently
marketed in the U.S. by aaiPharma Inc. (B+/Stable/-) will have
no immediate impact on the ratings or outlook of the company.

The acquisition will be completed by June 2004, subject to
certain conditions. The contract purchase price is US$100
million, plus a further US$5 million upon regulatory approval of
a new formulation in the U.S.  This acquisition is in line with
Mayne's growth strategy, which is focused on the global
specialty pharmaceuticals industry, and further acquisitions are
possible.

Mayne's operating lease-adjusted total debt to capitalization at
December 31, 2003, was 22.5%, which provides scope at the
current rating for further acquisitions, as well as the planned
off-market share buyback of up to AU$350 million.

Mayne will need to carefully manage its expansion in the global
pharmaceuticals industry, given that the sale of its hospitals
and the potential sale of its pharmacy services will result in a
narrower business focus, S&P says.

For more information, contact:
Brenda Wardlaw (Melbourne)
Phone: (61) 3-9631-2074


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


EASY WATCH: Creasian Industrial Initiates Winding up Petition
-------------------------------------------------------------
The petition to wind up Easy Watch Products Manufactory Company
Limited is set for hearing before the High Court of Hong Kong on
March 17, 2004 at 9:30 in the morning.

Creasian Industrial Limited, whose registered office is located
at Flat 2, 1st Floor, Block 2, Wah Fung Industrial Centre, 33-39
Kwai Fung Cresent, Kwai Chung, New Territories, Hong Kong, filed
the petition on January 12, 2004.

The Petitioners' solicitors are So Keung Yip & Sin of 17th
Floor, Standard Chartered Bank Building, 4 Des Voeux Road,
Central Hong Kong. Any person who intends to appear at the
hearing of the petition must serve or send by post to Solicitors
So Keung Yip & Sin a notice in writing not later than six
o'clock in the afternoon of the 16th day of March 2004 (the day
before the petition hearing).


O.E.C. LIMITED: Winding up Hearing Set March 31
-----------------------------------------------
The petition to wind up O.E.C. (Tours & Travel) Limited is set
for hearing before the High Court of Hong Kong on March 31, 2004
at 9:30 in the morning.

The Bank of China (Hong Kong) Limited, whose registered office
is located at the 14th Floor, Bank of China Tower, 1 Garden
Road, Central, Hong Kong, filed the petition on January 28,
2004.

The Petitioners' solicitors are Gallant Y.T. Ho & Co. of the 4th
Floor, Jardine House, No. 1 Connaught Place, Central Hong Kong.
Any person who intends to appear at the hearing of the petition
must serve or send by post to Solicitors Gallant Y.T. Ho & Co. a
notice in writing not later than six o'clock in the afternoon of
the 30th day of March 2004 (the day before the petition
hearing).


ON TAI: Winding up Hearing Slated for March 17
----------------------------------------------
The petition to wind up On Tai Furniture Company Limited is set
for hearing before the High Court of Hong Kong on March 17, 2004
at 9:30 in the morning.

Kwok Shung Chi, whose registered office is located at 466-A,
Western District, Yau Tam Mei Tsuen, Yuen Long, New Territories,
Hong Kong, filed the petition on January 12, 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 or send by post to Solicitors Tam Lee Po
Lin, Nina a notice in writing not later than six o'clock in the
afternoon of the 16th day of March 2004 (the day before the
petition hearing).


WING MAU: Court Schedules Winding up Hearing March 10
-----------------------------------------------------
The petition to wind up Wing Mau International Company Limited
is set for hearing before the High Court of Hong Kong on March
10, 2004 at 9:30 in the morning.

Leung Yuk Kuen, whose registered office is located at Room 1732,
Ching Mui House, Cheung Ching Estate, Tsing Yi, New Territories,
Hong Kong, filed the petition on January 2, 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 or send by post to Solicitors Tam Lee Po
Lin, Nina a notice in writing not later than six o'clock in the
afternoon of the 9th day of March 2004 (the day before the
petition hearing).


WIN JOYCE: Winding up Hearing Set March 10
------------------------------------------
The petition to wind up Win Joyce Engineering is set for hearing
before the High Court of Hong Kong on March 10, 2004 at 10
o'oclock in the morning.

Wong Ma Yeung, whose registered office is located at Room 3501,
Hei Lai House, Wah Lai Estate, Lai Chi Kok, Kowloon, Hong Kong,
filed the petition on January 5, 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 or send by post to Solicitors Tam Lee Po
Lin, Nina a notice in writing not later than six o'clock in the
afternoon of the 9th day of March 2004 (the day before the
petition hearing).


YICKO FUTURES: Faces Winding up Petition
----------------------------------------
The petition to wind up Yicko Futures Limited is set for hearing
before the High Court of Hong Kong on March 3, 2004 at 9:30 in
the morning.

HKFE Clearing Corporation Limited and Wah Hoi Construction
Limited, whose registered office is located at 12th Floor, One
International Finance Centre, 1 Harbour View Street, Central,
Hong Kong, filed the petition on December 24, 2004.

The Petitioners' solicitors are Allen & Overy of 9th Floor,
Three Exchange Square, Central Hong Kong. Any person who intends
to appear at the hearing of the petition must serve or send by
post to Solicitors Allen & Overy a notice in writing not later
than six o'clock in the afternoon of the 2nd day of March 2004
(the day before the petition hearing).


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


INDONESIAN BANK: President Disbands Bank Restructuring Agency
-------------------------------------------------------------
Indonesian President Megawati Sukarnoputri issued a decree to
wind up the Indonesian Bank Restructuring Agency (IBRA) on
Friday and set up a state-owned company to handle its asset
management work.

IBRA was formed after Asian financial crisis in the late 1990s
to help revive the banking sector. It has concentrated more
recently on selling assets it took over as part of that process.
At their peak those assets had a book value of 650 trillion
rupiah, equivalent to about a third of Indonesia's GDP and worth
about $77 billion at current exchange rates. However, most
assets disposed of thus far have sold at a substantial discount
to book value.

"On February 27, IBRA was scheduled to end its duty. The
Chairman of IBRA will give an accountable report as a whole on
April 30," one of the decrees issued by President Megawati
Sukarnoputri.

The agency said separately on Friday that it would transfer
assets with a book value of about 108 trillion rupiah and an
estimated market value of 11 trillion to the new government
asset management company set up by another decree.  That company
is authorized to restructure IBRA's remaining assets, collect
debts and conduct sales.  Another decree sets up a trouble-
shooting team, tasked among other things with handling legal
action against bad debtors.  It will deal with problem assets
IBRA said have a book value of some 166 million rupiah but an
estimated market value of only about four trillion rupiah.
Another presidential decree shifts a bank deposit guarantee
scheme from IBRA to Indonesia's finance ministry.  All the
decrees take effect from Friday.


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


KANAZAWA CENTRAL: Golf Course Files for Bankruptcy
--------------------------------------------------
Kanazawa Central Resort K.K. has been declared bankrupt,
according to Teikoku Databank America.  The golf course, which
is located at Kanazawa-shi, Ishikawa 920-0822, Japan, has total
liabilities of US$166.67 million.


KANEBO LIMITED: Rescue to Cost Govt More than JPY400 Billion
------------------------------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) may
spend less than 400 billion yen (US$3.67 billion) to bail out
Kanebo Limited, compared with the 500 billion yen it had earlier
planned, Bloomberg News reported Friday. That may force Kanebo's
lenders to forgive some loans to the Company.

Kanebo, which makes textiles, plans to separate its cosmetics
unit in May and ask the IRCJ to buy more than 50 percent stake
in the venture. The plan has been widely criticized because
Kanebo's cosmetics unit is not in trouble and banks should be
required to shoulder part of the bailout of the company's money-
losing businesses.  Tokyo-based Kanebo, which scrapped a plan to
sell its cosmetics business to Kao Corporation for 400 billion
yen, might receive about 500 billion yen from the government
agency to help rebuild its business.


KANEBO LIMITED: Shares Drop 3.8% on Bailout Report
--------------------------------------------------
Shares of Kanebo Limited fell as much as 3.8 percent on Monday
and traded 2.8 percent lower at 103 yen as of 9:47 in the
morning in Tokyo, Bloomberg News says.  The shares fell after
the Nihon Keizai newspaper said that the Industrial
Revitalization Corporation of Japan (IRCJ) might spend less than
400 billion yen (US$3.66 billion) to bail out the Company.


MIYUKI GUMI: Civil Engineering Firm Enters Bankruptcy
-----------------------------------------------------
Miyuki Gumi K.K. has been declared bankrupt, according to
Teikoku Databank America. The general civil engineering and
construction works, which is located at Kanazawa-shi, Ishikawa
920-0822, Japan, has total liabilities of US$63.27 million.


NIPPON LIGHT: JCR Upgrades Rating to 'BBB'
------------------------------------------
Japan Credit Rating Agency (JCR) has upgraded the bonds of
Nippon Light Metal from 'BBB-' to 'BBB,' affirming the J-2
rating on the CP program of the issuer.

Issue Amount (billion) Issue Date Due Date Coupon
Bonds no.6 Y10 Aug. 20, 1997 Aug. 20, 2004 2.675%

CP:
Maximum: Y20 billion
Backup Line: 0%

RATIONALE:

The financial structure of Nippon Light Metal remains weak. It
needs to be improved further. The interest-bearing debt has been
reduced gradually. JCR confirmed that Nippon Light Metal's
strong intention to achieve the numerical target of reduction in
the debt below 200 billion yen by the end of March 2007. The
interest- bearing debt stood at 249.5 billion yen as of the end
of September 2003. Earnings power of the mainline businesses
such as building materials and plates & extruded products
improved. JCR considers that financial risk of the issuer was
reduced, accordingly. Outlook for the rating is stable. However,
JCR believes that Nippon Light Metal should strengthen the
business base further through measures including alliances with
peers in the midst of progress in industry shakeup, taking into
account the fact that the outlook for the market for building
materials, though the earnings from them stabilized, warrants no
optimism.


NISSHO IWAI-NICHIMEN: Integrates Affiliated Companies
-----------------------------------------------------
In an effort to reinforce the business platform of the Sojitz
Group, Nissho Iwai-Nichimen Holdings Corporation announced its
plans to establish Sojitz Marine & Engineering Corporation. The
new Company will be incorporated as a result of the integration
of two Group companies engaged in the sale of vessels and ship
equipment on April 1, 2004.

Leveraging the common activities and operations of the two
companies, including the sale and purchase of new and used
ships, chartering, and owner agency services, and Group company
synergies, Sojitz Marine & Engineering will work to expand its
shipping business and to consolidate its marketing platform and
position within the industry.

With the establishment of Sojitz Marine and Engineering, the
Nissho Iwai-Nichimen Group will complete plans to streamline and
integrate Group subsidiary and affiliated companies, a process,
which began in April 2003, and to commence a new era in April
2004 as the Sojitz Group.

Corporate profile of the surviving company, Nissho Iwai Marine
Corporation (NIMAC), after this integration is as follows:

COMPANY: SOJITZ MARINE & ENGINEERING CORPORATION

Headquarters: 4-5-1, Nihombashi Muromachi, Chuo-ku, Tokyo

Business Network: Osaka, Piraeus Representative Office, Oslo
Representative Office, Shanghai Representative Office

Representative: Shinobu Kawato, President and Representative
Director

Capital: JPY411.8 million

Shareholder: Sojitz Corporation (100%)

Business: Sale and purchase of vessels, chartering, ship
operations/management, sales of marine and industrial machinery

Number of Employees: 90

Business Plan                  (Billions of Yen)

Net Sales  Fiscal Yr Ending   Fiscal Yr Ending Fiscal Yr Ending
            March 31, 2004     March 31, 2005    March 31, 2006
                               (Inaugural Year)

Net Sales         32.7              35.0              36.5
Recurring Profit   0.9               0.9               1.2

CORPORATE PROFILES OF THE TWO COMPANIES TO BE INTEGRATED ARE AS
FOLLOWS:

COMPANY NAME: NISSHO IWAI MARINE CORPORATION (NIMAC) SURVIVING
COMPANY

Headquarters: 4-5-1, Nihombashi Muromachi, Chuo-ku, Tokyo

Representative: Shinobu Kawato

Capital: JPY411.8 million

Annual Sales: Approximately JPY28.5 billion

Established: July 1963

Business: Domestic sales, import and export of new and used
ships, chartering, and supervision of ship operations; sales of
marine and industrial machinery

COMPANY NAME: NEWS MARITIME CO., LTD.

Headquarters: 2-3-3, Shiba Koen, Minato-ku Tokyo

Representative: Eiichiro Nagata

Capital: JPY200 million
Annual Sales: Approximately JPY4.5 billion
Established: June 1992
Business: Purchase and sale of new and used vessels, chartering,
management shipping operations

Inquiries:

Shinichi Taniguchi, General Manager
Public Relations Dept.
TEL: +81-3-5446-1061


NISSHO IWAI: Merges Telecom Operations with TEPCO
-------------------------------------------------
Tokyo Electric Power Co. (TEPCO) and Nissho Iwai Corporation
will merge their fixed-line telecommunications operations into a
new Company to be created on July 1, according to Japan Times.
The planned integration involves Tepco's telecommunications
affiliate Poweredcom Inc. and Nissho Iwai's Internet protocol
telecom service affiliate Fusion Communications Corp. The move
is intended to make a leading telecommunications Company
offering IP telephony and other services by making good use of
their management resources to further strengthen their
technological edge and marketability.


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K O R E A
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HYUNDAI INVESTMENT: Prudential Completes Acquisition
----------------------------------------------------
Prudential Financial, Inc., the Korean Deposit Insurance
Corporation (KDIC) and the Korean Financial Supervisory
Commission (FSC) announced Thursday that they have finalized the
purchase by Prudential of Hyundai Investment and Securities Co.,
Ltd. (HITC) and its subsidiary, Hyundai Investment Trust
Management Co., Ltd. (HIMC). With the consummation of this
transaction, Prudential became the largest foreign-owned asset
manager in South Korea based on assets under management as of
December 31, 2003 and immediately assumed operational control of
HITC and HIMC.

Prudential acquired an 80 percent stake in HITC and its
subsidiary, HIMC, for 355.5 billion won (approximately US$300
million). The remaining 20 percent may be acquired by Prudential
three to six years after closing. This agreement did not involve
Hyundai Securities.

The names of the Hyundai units are being changed from HITC to
Prudential Investment & Securities Co., Ltd., and from HIMC to
Prudential Asset Management Co., Ltd., effective immediately.

Prudential also announced that Christopher Cooper has been
selected as the president and CEO of Prudential Investment &
Securities Co., Ltd. Cooper will oversee the growth and
development of Prudential's asset management business in Korea.
Prudential Financial recently announced that it signed a
memorandum of understanding with CJ Investment & Securities Co.,
Ltd. (CJIS) to convert Prudential's existing investment into a
majority stake in CJIS and its subsidiary company, CJ Investment
Trust Management Co., Ltd (CJITM).

"With the acquisition of HITC and HIMC, Prudential now has the
scale and platform to serve the growing needs of Korean
investors," said Stephen Pelletier, CEO and Chairman of
Prudential International Investments.

"I'm delighted that Chris Cooper will be leading our investment
efforts in Korea. His experience will help the company be
recognized, not only as a business that sells investment
products, but one that delivers advice, information, service and
products tailored to Korean investors. Chris' knowledge of the
Korean market and asset management business are a perfect fit
for the new company," said Mr. Pelletier.

Previously, Mr. Cooper was managing director of Prudential
International Investments (PII) in Seoul. He led Prudential's
efforts to seek out new business opportunities in Korea and was
the company's representative for the consummation of this
acquisition. Mr. Cooper will also continue to manage the
relationship with CJIS.  Mr. Cooper joined Prudential in January
1998 as vice president of marketing and strategy for PII. Prior
to his transfer to Korea, he was responsible for corporate
development, strategic planning and the integration of
acquisitions and strategic alliances in Asia, Europe and Latin
America.

At the end of 2003, HIMC was the third largest investment
management company in Korea with 14.2 trillion won (US$12.3
billion) in assets under management and a market share in excess
of 10 percent.

HIMC distributes its products primarily through HITC as well as
other third party distributors. HITC has approximately 510
salespeople and distributes proprietary and non-proprietary
products through a nationwide network of approximately 90
branches, one of the largest networks among investment trust
companies in Korea.

Prudential Financial companies, with approximately $432 billion
in total assets under management as of December 31, 2003, serve
individual and institutional customers worldwide and include The
Prudential Insurance Company of America, one of the largest life
insurance companies in the U.S. These companies offer a variety
of products and services, including life insurance, property and
casualty insurance, mutual funds, annuities, pension and
retirement related services and administration, asset
management, securities brokerage, banking and trust services,
real estate brokerage franchises and relocation services.

Contacts: Lisa Villareal - Prudential
          1-973-367-2503
          Ken Hong - Manning Selvage & Lee
          822-2000-3642


KOREA EXCHANGE: Withdraws Layoff Plan; To Retire 231 Instead
------------------------------------------------------------
The Korea Exchange Bank Credit Service Co. and its union reached
an agreement on Saturday to end a strike and implement a
voluntary retirement package system, Asia Pulse reported Monday.
Instead of the layoffs threatened by the management, the two
sides agreed on the retirement of 231 employees, about 35
percent of the Company's full-time workforce.

Over 200 workers had applied for retirement as of noon Saturday.
The unionists agreed to return to work from Tuesday. Analysts
perceive this agreement as a kind of win-win situation for both
sides. The Korea Exchange Bank (KEB) holds a 68.6 percent stake
in the credit service, which has been plagued by protests
against the merger and liquidity problems from a sharp increase
in delinquencies. KEB Credit Service has 7.5 million
cardholders.  KEB Credit Service incurred a huge net loss of 1.4
trillion won ($1.2 billion) last year and its parent bank
reported a loss of 213.8 billion won as it set aside loan loss
provisions to cover KEB Credit.


SK CORPORATION: Annual General Meeting March 12
-----------------------------------------------
The 42nd Annual General Meeting (42 AGM) of the shareholders of
SK Corporation will be held on March 12, 2004 pursuant to
Article 17 of the Articles of Incorporation of the Company.

(1) DATE: March 12, 2004 (Friday), at 9:00 a.m.

(2) PLACE: San 21, Gwangjang-dong, Gwangjin-gu, Seoul
Sheraton Grand Walkerhill Hotel, 1st Floor, Convention Center,
Mugunghwa Grand Ballroom

(3) PURPOSE:

    (A) Report: Business Report, Report of the Auditors, and
        Report of certain Transactions with Largest Shareholder,
        etc.

    (B) Agenda:

        Item 1: 42nd annual Balance Sheets, Statements of Profit
                and Loss, and Statements of Appropriation of
                Retained Earnings: Proposed Distribution of
                Dividend

                Dividend per 1 share: 750 Won per 1 Common
                Share, 800 Won per 1 Preferred Share

        Item 2: Certain amendments to the Articles of
                Incorporation

        Item 2-1: Deletion of the article providing for
                  disallowance of cumulative voting pursuant to
                  shareholder proposal

        Item 2-2: Certain amendments to the Articles of
                  Incorporation pursuant to shareholder proposal

        Item 2-3: Certain amendments to the Articles of
                  Incorporation

        Item 3: Election of Directors (Please see Attachment)

        Item 3-1: Election of 1 Director (a Director other than
                  an outside Director)

        Item 3-2: Election of 2 outside Directors who will be
                  members of the Audit Committee

        Item 3-3: Election of 3 outside Directors

        Item 4: Director Compensation Ceiling

(4) OTHERS

Please sign and date the enclosed invitation/attendance form and
return it to the reception desk on the date of the meeting.

* Please note that no souvenir will be made available to the
attending shareholders this year.

For more information, contact the information desk at these
numbers (02) 2121-5426.


SK CORPORATION: Sets Parameters for Exercise of Voting Rights
-------------------------------------------------------------
A shareholder's right to vote is a right that serves as an
important vehicle in having your esteemed views reflected in the
management of SK Corporation by enabling shareholder's to attend
its General Meetings of and participate in the decision-making
process at the meeting.

Where the Company requests the Korea Securities Depository to
exercise voting rights in accordance with the Article 174-6 of
the Securities Exchange Act and a shareholder fails to express
his or her intent regarding exercise of his or her vote (vote in
person, vote by proxy or no vote) to the Korea Securities
Depository by at least 5 days prior to the date of the relevant
General Meeting of Shareholders, then the Korea Securities
Depository will exercise votes in a manner corresponding to
proportion of the votes that are in favor and against a
resolution item by the shareholders in attendance at the
meeting. However, for purposes of the 42nd General Meeting of
the Shareholders, the Company will not request the Korea
Securities Depository to exercise its votes, and thus, the Korea
Securities Depository will not exercise your voting rights.

Accordingly, shareholders will not need to notify the Korea
Securities Depository in respect of their intent regarding the
exercise of your voting rights. As before, they may vote in
person by attending the General Meeting of Shareholders or by
appointing a proxy to exercise your right to vote on your
behalf.

[INFORMATION ON EXERCISE OF VOTING RIGHTS]

ATTENDANCE IN PERSON

Required Documents to be brought by Shareholder:

Invitation/Admission

Form, Identification (citizen's registration card or driver's
license)

ATTENDANCE BY PROXY

Required Documents to be brought by Proxy:
Invitation/Admission Form, Proxy Form, Identification of Proxy

  Information required in the Proxy Form

(1) Name, Address and Citizen's Registration Number (if the
    Proxy is a legal entity, business registration number)
    of the Shareholder

(2) Name, Address, Citizen's Registration Number of the
    Proxy, and Wording Authorizing Proxy to Exercise Votes

     (3) Registered Seal of the Shareholder (must be identical
         as the seal on the invitation/attendance form)

Please take notice that persons not satisfying each and every
requirement above maybe disallowed from attending the General
Meeting of Shareholders.

For a copy of this press release, and certain amendments in its
article of incorporation, go to
http://bankrupt.com/misc/tcrap_skcorp0301.pdf


SK CORPORATION: Enters Coal Supply Deal with Korea Western
----------------------------------------------------------
SK Corporation has signed a coal supply deal with the Korea
Western Power Co., a power-generation unit of the Korea Electric
Power Corporation (KEPCO), Asia Pulse reports. Under the
contract, SK is to provide about 500,000 tons of Australian coal
annually to the KEPCO subsidiary over the next three years.


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


ACTACORP HOLDINGS: Issues Restructuring Scheme Update
-----------------------------------------------------
PM Securities Sdn Bhd, on behalf of the Board of Directors of
Actacorp Holdings Berhad (AHB), announced that in view of the
impending expiry date of the warrants 1994/2004 on March 31,
2004, the Proposed Warrants Exchange pursuant to the Revised
Proposed Restructuring Scheme of AHB which involves the exchange
of up to 18,860,410 existing warrants 1994/2004 with up to
943,020 new warrants in Newco on the basis of one (1) new Newco
warrant for every twenty (20) existing warrants 1994/2004 in AHB
(assuming none of the 18,860,410 warrants 1994/2004 are
exercised on or before the entitlement date for the Proposed
Warrants Exchange) will no longer be implemented.

The Board of Directors of AHB is contemplating an alternative
proposal in lieu of the Proposed Warrants Exchange, which will
be determined and announced in due course.

Collectively referred to as the "Revised Proposed Restructuring
Scheme

     (i) Proposed Incorporation of Newco;
    (ii) Proposed Shares Exchange;
   (iii) Proposed Warrants Exchange;
    (iv) Proposed Debt Settlement;
     (v) Proposed Acquisition of PSC Asset Holdings Sdn Bhd
         (PSCA);
    (vi) Proposed Acquisition and Tenancy of Shipyard;
   (vii) Proposed Rights Issue and Proposed Special Issue;
  (viii) Proposed Disposal of AHB;
    (ix) Revised Proposed General Offer Exemption;
     (x) Revised Proposed Placement; and
    (xi) Proposed Transfer of Listing Status.

This announcement is dated February 27, 2004.

c.c. Mr. Wong Wing Seong
Securities Commission


BESCORP INDUSTRIES: Subsidiaries Default on RM165 Mln in January
----------------------------------------------------------------
As required by the Malaysia Securities Exchange Berhad Practice
Note 1/2001, Bescorp Industries Berhad (BIB) hereby provides an
update on its default in payment.

The default by BIB as of January 31, 2004 amounted to
RM59,211,755.07, which made up of a principal sum of
RM32,220,139.42 plus RM 26,991,615.65 in interest for revolving
credit facilities.

As at 31 January 2004, the remaining subsidiary companies of
BIB, namely Bescorp Construction Sdn Bhd (In Liquidation),
Bescorp Piling Sdn Bhd (In Liquidation), Bescorp Concrete Sdn
Bhd (In Liquidation), Bespile Sdn Bhd (In Liquidation) and Waktu
Cerah Sdn Bhd, defaulted on a total sum of RM165,332,466.43 made
up of a principal sum of RM58,780,492.90 plus RM42,681,487.21 in
interest for revolving credit facilities, term loan, banker's
acceptance, hire purchase and lease facilities and
RM63,870,486.32 for overdraft facilities.

The final creditors' meeting for Farlil Sdn Bhd (In Liquidation)
was held on December 23, 2003.

There were no further developments since its previous
announcement with regard to the Practice Note.

For a copy of BIB's bank borrowings as of January 31, 2004, go
to http://bankrupt.com/misc/loan2004-01(1).xls


GOPENG BERHAD: Dormant Units Enter Liquidation
----------------------------------------------
On June 17, 2003, Gopeng Berhad advised that arrangements had
been made to place six (6) of the dormant and fully owned
subsidiaries on member's voluntary liquidation.  The Company
advised that four (4) of the said subsidiaries namely; Gopeng
Plantation Consultant Sdn Bhd, Mambang Holdings Sdn Bhd, Perak
Ballclay Sdn Bhd and Gopeng Health Solutions Sdn Bhd would each
be convening an Extraordinary General Meeting (EGM) on February
27, 2004 and at each respective EGM, a Special Resolution to
wind up the company voluntarily will be resolved.


KSU HOLDINGS: Still Unable to Regularize Financial Condition
------------------------------------------------------------
Further to KSU Holdings Berhad 's announcement dated August 20,
2003, September 10, 2003, October 9, 2003, November 10, 2003,
December 5, 2003, January 2, 2004 and February 4, 2004, the
Company announced that as of March 1, 2004, there has been no
further development on its plan to regularize its financial
condition.


OILCORP BERHAD: Forms Nomination Committee
------------------------------------------
The Board of Directors of Oilcorp Berhad announced the setting-
up of the Nomination Committee and Remuneration Committee, with
immediate effect.

The Nomination Committee comprises the following persons:

Name                          Position

(1) Mr. Cho Nam Sang          Chairman, Independent, Non-
                              Executive

(2) Mr. Francis Ng            Member, Independent, Non-Executive

(3) Mr. Ch'ng Kong San        Member, Independent, Non-Executive

The Remuneration Committee comprises the following persons:

Name                          Position

(1) Mr. Francis Ng            Chairman, Independent, Non-
                              Executive

(2) Mr. Ng Huat Tian          Member, Group Managing Director,
                              Non-Independent

(3) Mr. Cho Nam Sang          Member, Independent, Non-Executive

(4) Mr. Ch'ng Kong San        Member, Independent, Non-Executive

(5) Mr. Pua Yow Liang         Member, Non-Independent, Executive


PARK MAY: Posts Resolutions Taken up in February 12 EGM
-------------------------------------------------------
On behalf of Park May Berhad, AmMerchant Bank Berhad announced
that the shareholders of the Company, present and voting, have
approved these resolutions which were set out in the Notice of
the Extraordinary General Meeting (EGM) dated February 12, 2004
and tabled at the EGM of Park May held earlier on February 27 at
7th Floor, Swan I, Pearl International Hotel, Batu 5, Jalan
Klang Lama, 58000 Kuala Lumpur:

(a) Proposed disposal of 364 buses owned by Cityliner
(Cityliner), an indirect wholly-owned subsidiary of Park May,
and Len Chee Omnibus Company Sdn Bhd (Len Chee), an indirect
85.4% owned subsidiary of Park May, to Syarikat Prasarana Negara
Berhad (SPNB), a wholly-owned subsidiary of the Ministry of
Finance (Incorporated), for a total cash consideration of RM
14,841,012 (Proposed Disposal); and

(b) Proposed provision of a corporate guarantee, undertaking and
indemnity by Park May, being the holding company of Cityliner
and Len Chee respectively, to SPNB pursuant to the Proposed
Disposal.

This announcement is dated 27 February 2004.


PILECON ENGINEERING: To Appeal Securities Commission Decision
-------------------------------------------------------------
Further to the announcement made on 30 January 2004, Alliance
Merchant Bank Berhad (Alliance), on behalf of the Board of
Directors (Board) of Pilecon Engineering Berhad (Pilecon),
announced that it is proposing to appeal against the decision of
the Securities Commission (SC) to reject the Original Proposals
(Proposed Appeal).

In line with the Proposed Appeal, Pilecon has also proposed
certain variations to the Original Proposals:

(1) To abort the proposed acquisition by Pilecon of a plot of
freehold land known as the Bandar Bukit Bayu mixed housing and
commercial project development at Lot Nos. 11156 and 1570, Mukim
of Plentong, District of Johor Bahru, Johor Darul Takzim
(Mahabudi Land) from Mahabudi Development Sdn Bhd (Mahabudi) for
a total purchase consideration of RM75 million to be satisfied
via the issuance of RM75 million nominal amount of redeemable
convertible secured loan stocks series B.

Pursuant to the above, Pilecon has proposed that Danaharta
Managers Sdn Bhd (Danaharta) crystallises part of the
outstanding corporate guarantee issued by Pilecon earlier to
Danaharta amounting to approximately RM94.4 million (Corporate
Guarantee) after taking into consideration of the potential
disposal value of the Mahabudi Land to be mutually agreed upon
by Danaharta, Mahabudi and Pilecon.

Pilecon granted the Corporate Guarantee on April 20, 2000 to
Danaharta pursuant to a restructuring of loan facilities granted
to Handersons (Malaysia) Sdn Bhd wherein Pilecon, via Siaran
Pelangi Sdn Bhd, had assumed the development rights for Mahabudi
Land from Handersons (Malaysia) Sdn Bhd and had to complete the
funding of the project, including all infrastructure works.

Upon crystallizing the Corporate Guarantee, the balance of the
corporate guarantee shall be settled via the PDRS. The
settlement of this amount pursuant to the PDRS shall be deemed
as the full and final settlement of the liability, whether
actual or contingent, owing by Pilecon to Danaharta pursuant to
the Corporate Guarantee and Pilecon shall thereafter be released
of its obligation under the Corporate Guarantee upon
implementation of the PDRS.

As Danaharta, Mahabudi and Pilecon have yet to agree to the
value of the Mahabudi Land and thus the amount to be
crystallized under the Corporate Guarantee, Pilecon has assumed
an indicative value of RM55 million, being the indicative force
sale value of the Mahabudi Land. The remaining amount owing of
RM 55,477,542.33 shall be crystallized and settled via the PDRS.

Danaharta, has indicated that it will support the Revised
Proposals (as defined below) if Mahabudi Development Sdn Bhd,
the owner of Mahabudi Land, is able to dispose of the Mahabudi
Land at a disposal consideration of no lower than RM55 million.
With the consent of Danaharta, Mahabudi Development Sdn Bhd is
expected to dispose of the Mahabudi Land concurrent to the
Revised Proposals.

(2) To propose a capital reduction of the existing issued and
paid-up share capital of Pilecon from RM199,821,006 comprising
399,642,012 ordinary shares of RM0.50 each via the cancellation
of RM0.25 of the par value of each existing ordinary share of
RM0.50 each to RM99,910,503 comprising 399,642,012 ordinary
shares of RM0.25 each (Proposed Capital Reduction);

(3) As a result of (2) above, to propose a share consolidation
of RM99,910,503 comprising 399,642,012 ordinary shares of RM0.25
each to RM99,910,503 comprising 199,821,006 new ordinary shares
of RM0.50 each in Pilecon (Proposed Share Consolidation);

(4) to revise the proposed renounceable two-call rights issue as
follows:

Proposed renounceable two-call rights issue of 279,749,408 new
Pilecon Shares at a proposed issue price of RM0.50 per new share
on the basis of seven (7) new Pilecon Shares for every five (5)
existing Pilecon Shares held after the Proposed Capital
Reduction and Proposed Share Consolidation, payable in two (2)
calls, as follows:

(1) RM0.25, the first call, will be payable in cash upon
     application; and

(2) RM0.25, the second call, will be payable out of the
     Company's share premium account;

AS OPPOSED TO

Proposed renounceable two-call rights issue of 399,642,012 new
Pilecon Shares at a proposed issue price of RM0.50 per new share
on the basis of one (1) new Pilecon Share for each existing
Pilecon Share held, payable in two (2) calls, as follows:

  (1) RM0.25, the first call, will be payable in cash upon
      application; and

  (2) RM0.25, the second call, will be payable out of the
      Company's share premium account;

(5) To vary the PDRS between Pilecon and the unsecured creditors
under the PDRS (Unsecured Creditors) involving debts amounting
to RM 283,594,170 as opposed to RM295,104,633. Pilecon has
proposed that the Unsecured Creditors take a debt waiver of 10%
based on the outstanding liabilities as at 31 March 2002 after
the crystallization of the corporate guarantee of RM55 million
as set out in (1) above.

The PDRS shall incorporate the following revisions:

(a) The proposed cash settlement amounting to RM60 million as
opposed to RM80 million (Proposed Cash Settlement). This cash
settlement would be financed via part of the proceeds from the
Proposed Two-Call Rights Issue; and

(b) The proposed issuance of RM120 million as opposed to RM170
million nominal amount of 5% redeemable convertible secured loan
stock series-A (RCSLS-A) at 100% of the nominal amount to the
Unsecured Creditors (Proposed Issuance of RCSLS-A). Under the
Revised Proposals, (as defined below), Pilecon shall only issue
one type of redeemable loan stocks as opposed to 2 series,
namely 'A' and 'B' under the Original Proposals. Therefore, for
clarity purposes, all references to RCSLS-A hereinafter would be
referred to as RCSLS. The redemption schedule shall also be
varied, details of which are set out in Section 2.4 herein;

(c) The proposed issuance of RM 83,594,170 as opposed to
RM25,104,633 nominal amount of five (5) years 5% irredeemable
convertible unsecured loan stocks (ICULS) at 100% of the nominal
amount to the Unsecured Creditors (Proposed Issuance of ICULS).
The reduction of the cash settlement in (a) above and nominal
amount of the RCSLS in (b) above would result in a higher amount
of outstanding liabilities to be settled via conversion of the
same into ICULS; and

(d) Pilecon has also proposed that the Unsecured Creditors waive
the interest payment for the period from 1 April 2003 to 31
March 2004 wherein Pilecon will commence servicing the interest
from 1 April 2004 until the date of issuance of the instruments
pursuant to the Revised Proposals (as defined below) by way of
20 equal monthly installments effective from the month upon
implementation of the Proposals.

The proposals under (i)-(v) above shall hereinafter collectively
be referred to as the "Proposed Revision".

Save for the above, other terms as proposed earlier shall remain
the same.

All the above proposals are inter-conditional upon each other
and shall be implemented simultaneously via a proposed scheme of
arrangement between Pilecon and the Unsecured Creditors pursuant
to Section 176 of the Company's Act, 1965 (Act).

DETAILS OF THE REVISED PROPOSALS

Proposed Capital Reduction

The Proposed Capital Reduction encompasses a capital reduction
exercise pursuant to Section 64 of the Act to reduce the
existing issued and paid-up share capital of Pilecon from RM
199,821,006 comprising 399,642,012 ordinary shares of RM0.50
each to RM 99,910,503 comprising 399,642,012 ordinary shares of
RM0.25 each through the cancellation of RM0.25 of the par value
of each existing Pilecon Share, thereby reducing the par value
to RM0.25 per share.

The credit of RM 99,910,503 arising from the aforesaid capital
reduction will be utilized to reduce part of the accumulated
losses of Pilecon, which stood at approximately RM213.010
million based on the un-audited consolidated quarterly results
of Pilecon for the twelve (12)-month period ended 31 December
2003.

Proposed Share Consolidation

Upon completion of the Proposed Capital Reduction, two (2)
ordinary shares of RM0.25 each in Pilecon will be consolidated
into one (1) consolidated share of RM0.50 each, resulting in the
issued and paid-up share capital of Pilecon to be RM 99,910,503
comprising 199,821,006 Pilecon Shares.

Proposed Two-Call Rights Issue

The Proposed Two-Call Rights Issue entails a renounceable rights
issue of 279,749,408 new Pilecon Shares (assuming none of the
outstanding ESOS options and warrants are exercised prior to the
implementation of the Revised Proposals) on the basis of seven
(7) new Pilecon Shares for five (5) existing Pilecon Shares held
after the Proposed Capital Reduction and Proposed Share
Consolidation at a proposed issue price of RM0.50 per rights
share, being the par value of Pilecon Share (Proposed Two-Call
Rights Issue).

Based on a renounceable rights issue of 279,749,408 new Pilecon
Shares (assuming none of the outstanding ESOS options and
warrants are exercised prior to the implementation of the
Revised Proposals), the proposed issue price of RM0.50 per
rights share will be payable in two (2) calls, as follows:

  (i) The first call of RM0.25 per rights share, amounting to RM
      69,937,352 will be payable in cash upon application; and

(ii) The second call of RM0.25 per rights share or RM
      69,937,352 will be payable out of the Company's share
      premium account. The share premium account of the Company
      based on the audited financial statements as at 31
      December 2002 stood at RM138.744 million.

              (TABLE 1)
Share Premium           Company Level RM'000
-------------           --------------------
Audited as at                    138,744
31 Dec 2002

Less: capitalization for         (69,937)
the proposed two-call
rights issue

Excess after capitalization       68,807

Tradefast, the substantial shareholder of Pilecon, will still
give an undertaking to subscribe up to RM60 million worth of
rights shares to be issued pursuant to the Proposed Two-Call
Rights Issue.

Utilization of proceeds from the Proposed Two-Call Rights Issue

The utilization of proceeds from the Proposed Two-Call Rights
Issue shall be revised as follows:

                      (TABLE 2)

                            Revised      Original
                           Proposals     Proposals
                            RM'000        RM'000
                           ---------     ---------
Proposed Cash              60,000        80,000
Settlement

Working Capital             6,000        16,000

Related expenses pertaining 3,937         3,911
to the proposed revision

Total                      69,937        99,911

PDRS

Pursuant to the proposed revision to the PDRS as set out in
Section 1(v) herein, the outstanding liabilities of Pilecon of
RM283,594,170 shall be settled as follows:

Note:

* The first redemption tranche shall fall on the last day of the
calendar month three (3) months from the issue date. For
illustrative purposes, assuming that the Revised Proposals are
implemented in September 2004, the first redemption date of the
RCSLS would fall on 31 December 2004. The redemption/conversion
schedule of the RCSLS shall be revised as follows:

                      (TABLE 3)

Conversion/Redemption Schedule           Original Proposals
                                          RM'000
-----------------------------           -------------------

1st stage   Issuance up to June 30, 2004   10,000
2nd stage   1 July 2004 to 30 June 2005    25,000
3rd stage   1 July 2005 to 30 June 2006    50,000
4th stage   1 July 2006 to 30 June 2007    85,000
Total                                     170,000

                       (TABLE 4)

Conversion/Redemption Schedule (For illustration purposes only,
that is, assuming the RCSLS are issued in September 2004)
                                              Revised
                                             Proposals
                                               RM'000
                                             ---------
1st stage Issuance up to 31 December 2004     10,000
2nd stage 1 January 2005 to 31 December 2005   25,000
3rd stage 1 January 2006 to 31 December 2006  40,000
4th stage 1 January 2007 to 31 December 2007  45,000

Total                                        120,000

Save for the above, other terms as proposed earlier shall remain
the same.

The proposals stipulated under Section 2.1 to 2.4 are
hereinafter referred to as the "Revised Proposals".

RATIONALE FOR THE PROPOSED REVISION

The SC, had vide its letter dated 29 January 2004, rejected the
Original Proposals due to issues relating to the viability of
the development project to be undertaken on Mahabudi Land. In
this regard and after taking into consideration of the
difficulty that may be faced by Pilecon to secure the necessary
financing facility to resume the construction of the project on
Mahabudi Land, the Board of Pilecon has decided to abort the
proposal to acquire Mahabudi Land.

Pilecon has initially forecasted that the earnings and cash flow
to be derived from the development project on Mahabudi Land
would be one of the main income and cash flow contributors to
the Pilecon Group's financials.

In order to mitigate the effects of the exclusion of the
proposal to acquire Mahabudi Land on Pilecon's financials and to
ensure that the earnings of the Group are able to sustain the
capital base of the Company, Pilecon has proposed certain
revisions to the Original Proposals which include the Proposed
Capital Reduction, Proposed Consolidation as well as revision to
the Proposed Two-Call Rights Issue and the PDRS.

The Revised Proposals arising from the Proposed Revision is
expected to restore Pilecon to a stronger footing and to enable
the continuation of operations on a going concern basis.

FINANCIAL EFFECTS OF THE REVISED PROPOSALS

Currently, there are:

(a) Employees' share option scheme (ESOS) options for 7,469,100
Pilecon Shares yet to be exercised pursuant to the ESOS
2000/2005 at an exercise price of RM0.826 per Pilecon share. The
ESOS will expire on 25 June 2005; and

(b) 199,788,491 warrants yet to be exercised at an exercise
price of RM1.20 per new Pilecon Share. The outstanding warrants
will expire on 17 April 2005.

Pursuant to the Proposed Capital Reduction and Proposed Two-Call
Rights Issue, adjustments may need to be made to the exercise
price and number of ESOS options and warrants.

In view of the high exercise prices of the above said ESOS
options and warrants relative to the current market price of
Pilecon (closing price on 24 February 2004, is RM0.13), the
Company does not foresee that the outstanding ESOS options and
warrants would be fully exercised prior to the implementation of
the Revised Proposals. In this regard, the Company has at this
juncture set out the financial effects of the Revised Proposals
assuming that the exercise price and number of ESOS options and
warrants remain unchanged.

Share Capital

Please refer to TABLE 1 for the effects of the Revised Proposals
on the issued and paid-up share capital of Pilecon.

Substantial Shareholders' Shareholding

Please refer to TABLE 2 for the effects of the Revised Proposals
on the substantial shareholdings in Pilecon.

Earnings

The Revised Proposals are not expected to have any material
effect on the earnings of the Pilecon Group for the financial
year ended 31 December 2003, as they will be completed in third
quarter of 2004. However, the Revised Proposals are expected to
improve the financial results of the Pilecon Group for the
financial year ending 31 December 2004 onwards.

Net Tangible Assets (NTA)

Please refer to TABLE 3 for the effects of the Revised Proposals
on the NTA of the Pilecon Group based on the audited financial
statements as at 31 December 2002, assuming completion of the
Revised Proposals on 31 December 2002.

Dividend

The Board of Pilecon does not expect to pay any dividends for
the financial year ending 31 December 2004.

Gearing

Please refer to TABLE 4 for the effects of the Revised Proposals
on the gearing of the Pilecon Group.

DEPARTURE FROM SC'S GUIDELINES

To the best of knowledge of the Board of Pilecon, the Revised
Proposals do not depart from the SC's Policies and Guidelines on
Issue / Offer of Securities.

DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

Save for the substantial shareholder's undertaking to subscribe
up to RM60 million worth of rights shares pursuant to the
Proposed Two Call Rights Issue as set out in Section 2.3 herein,
none of the directors and/or substantial shareholders of Pilecon
or persons connected to the directors and/or substantial
shareholders of Pilecon has any interest, direct or indirect, in
the Proposed Revision.

DIRECTORS' OPINION AND RECOMMENDATION

The Directors of Pilecon, after careful deliberation, are of the
opinion that the Revised Proposals are in the best interests of
Pilecon. Accordingly, the Board of Pilecon, recommends that the
shareholders vote in favor of the resolutions to be proposed at
the forthcoming extraordinary general meeting.

TIMEFRAME AND APPLICATION TO THE RELEVANT AUTHORITIES

The application to the relevant authorities pertaining to the
Proposed Appeal and Proposed Revision is expected to be made by
28 February 2004.

Collectively, hereinafter referred to as the "Original
Proposals"

Subject : PILECON ENGINEERING BERHAD (Pilecon)

     (i) Proposed Acquisition of Mahabudi Land;
    (ii) Proposed Cash Settlement;
   (iii) Proposed Debt Restructuring Scheme (PDRS), involving:
    (iv) Proposed Debt-to-Equity Conversion;
     (v) Proposed Issuance of ICULS, and
    (vi) Proposed Issuance of RCSLS-A; and
   (vii) Proposed Two-Call Rights Issue;

This announcement is dated 27 February 2004.


TECHNO ASIA: Unveils Investigative Audit Findings
-------------------------------------------------
This announcement has been released on behalf of Techno Asia
Holdings Berhad (In Creditors' Voluntary Liquidation) (TAHB), of
which Yu Neh Huat Berhad has assumed its listing status.

Yu Neh refer to the Securities Commission's (SC) letter dated 17
December 2002 approving the Proposed Restructuring Scheme of
TAHB.

One of the conditions imposed by the SC in the above approval
letter requires TAHB to appoint an independent firm of auditors
to conduct an investigative audit into the past business losses
of TAHB (Investigative Audit) and to make an announcement with
respect to the Investigative Audit findings.

TAHB has appointed Messrs BDO Binder as the independent auditors
to conduct the Investigative Audit on the financial losses
incurred by TAHB. On 27 February 2004, Messrs BDO has submitted
the Investigative Audit Report to the SC.

An extract of the Investigative Audit Report is enclosed below.
This extract is solely based on the limitations as set out in
the Investigative Audit Report.

Extract of the Investigative Audit Report

a. Summary of Transactions Investigated

Messrs BDO Binder investigated the transactions entered into by
Techno Asia Holdings Berhad Group (TAHB Group) during the period
under review, from 31 January 1997 to 31 December 2001 that
resulted in losses to the Group of approximately RM737 million.

For a summary of transactions investigated by Messrs BDO Binder,
click on http://bankrupt.com/misc/tcrap_technoasia0302.doc


TRU-TECH HOLDINGS: Shareholders Equity RM34.5 Mln Below Par
-----------------------------------------------------------
The Board of Directors of Tru-Tech Holdings Berhad announced
that Tru-Tech is an affected listed issuer pursuant to paragraph
2.1 (a) of PN4/2001 as Tru-Tech has recorded a deficit in her
shareholders' funds of RM34.5 million on a consolidated basis,
after the provision of doubtful debts, obsolete stocks and the
impairment of assets, based on the announced unaudited fourth
quarter results for the financial period ended 31st December
2003.

2.0 OBLIGATIONS OF AN AFFECTED ISSUER

Tru-Tech as an affected issuer shall comply with the obligations
as follows:

     (i) To announce the status of the implementation or
development of Tru-Tech's plan to regularize its financial
position on a monthly basis following the date of the First
Announcement until further notice from KLSE.

    (ii) To announce its compliance or failure to comply with a
particular obligation imposed pursuant to PN 4/2001 as and when
such obligation becomes due.

   (iii) To submit monthly reports to the KLSE in the manner set
out in Paragraph 4.2 of PN 4/2001, accompanied by statutory
declarations as provided in Paragraph 4.5 of the PN 4/2001
within (10) market days from the end of the month reported upon.

    (iv) To announce a detailed plan to regularize its financial
condition within six (6) months from the date of the First
Announcement (Requisite Announcement)

     (v) To submit its plan to regularize its financial
condition to the relevant authorities for approval, including
the Securities Commission (where applicable) within two (2)
months from the date of the Requisite Announcement and

    (vi) To obtain all approvals necessary for the
implementation of its plan to regularize its financial condition
within four (4) months from the date of submission of such plan
for approval.

(The Company is not required to appoint an independent
accounting firm as a monitoring accountant as it does not fall
under the criteria set out in Paragraph 6.1 of PN 4/2001.)

3.0 CONSEQUENCES OF NON-COMPLAINCE OF PN4/2001

Failure to comply with the obligations set out in the PN 4/2001
will result in Tru-Tech being regarded as a listed issuer whose
financial condition does not warrant continued trading and/or
listing of its shares on the KLSE.

4.0 THE COMPANY'S PLAN TO REGULARISE ITS FINANCIAL CONDITION

The company is in the midst of planning a restructuring scheme
with the view of restoring its financial position (Proposed
Corporate Exercise). The details of the Proposed Corporate
Exercise will be announced in the Malaysian Securities Exchange
Board (MSEB) once finalized.

This announcement is dated 27th February 2004


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


ATLAS CONSOLIDATED: Govt Lawyers Block Tax Refund Petition
----------------------------------------------------------
Government lawyers are asking the Supreme Court to turn down
Atlas Consolidated Mining and Development Corporation's petition
for a PHP7.9 million tax refund from the Bureau of Internal
Revenue (BIR), the Business World reported on Monday.

The Office of the Solicitor General, in defense of the BIR, said
the documents presented by the miner "failed" to satisfy BIR
requirements.  Under BIR rules, applications for tax credit or
refund of zero-rated sales should be supported, among others,
with photocopies of export documents, invoices, or receipts of
sale of goods, as well as the names of the persons to whom the
goods were delivered.

The Office of the Solicitor General concedes export sales of
value added tax (VAT) registered persons, are subject to a zero-
percent rate. But to be entitled to the tax credit or refund,
the claimant must establish among others, inward remittances
from export sales were made through the Philippine banking
system and the existence of the export sales upon which the
claim is premised.  In the miner's case, the Court of Tax
Appeals and the appellate court, in dismissing the case, found
that the export documents, invoices and receipts were not
submitted, the Office of the Solicitor General said.

"Without these documents, there is no way to determine the
truthfulness of the export sales indicated in the petitioner's
VAT return. The best proof of the existence of proof sales are
the export documents, invoices, or receipts," government lawyers
said.

Atlas produces copper concentrates for export. It paid PHP7.9
million in input taxes on export sales totaling at least
PHP642.7 million for the first quarter of 1993. The proceeds of
the sales were received in acceptable foreign currency and
remitted in accordance with central bank regulations.


FORTUNE CEMENT: Sets Aside PHP800 Million for Expansion
-------------------------------------------------------
Fortune Cement Corporation is investing PhP800 million to expand
capacity at its Batangas facility to cope up with the increasing
demand which would result in an increase in output to 3,300 tons
per day from the current daily production of 2,500 tons, the
Business World reports, citing Fortune Cement Chairman Renato C.
Sunico.

"The expansion would start in April and will take about three to
four months. Assuming that everything would be sold, it could
mean a 30% increase in sales," Mr. Sunico told BusinessWorld
after the company's special stockholders' meeting on Thursday.

He said bulk of the PhP800-million investment would be funded by
loans and that Fortune Cement is already talking with banks.
Mr. Sunico said the return on investment from the expansion is
expected to come in about five years, depending on market
behavior, input costs and selling prices, among other factors.

SHRINKING SALES

He said that while the cement industry saw a 3% decline in sales
volume last year, Fortune Cement decided to expand to meet the
increasing demand in its market niche in Batangas and the other
southern parts of Luzon.

Mr. Sunico declined to give figures on the firm's performance
for 2003, but said the firm did better last year than in 2002
due to savings, particularly after Republic Cement converted its
loan notes to equity late last year.

Also on Thursday, Fortune Cement stockholders' approved a plan
to merge with wholly owned unit Premier Cement Corp.  Fortune
Cement corporate secretary Bi Yong S. Chungunco said
consolidating the accounts of the subsidiary with the parent
firm -- also called an upward merger -- would simplify the
structure of both firms.  She said the merger, which will be
complete by June or July would leave Fortune Cement as the
surviving entity.


NATIONAL POWER: Seeks Recovery of Deferred Power Charges
--------------------------------------------------------
The National Power Corporation (Napocor) will ask the Energy
Regulatory Commission (ERC) to adjust its rates for the
September 2003-January 2004 period so the state-owned power
generator could recover deferred charges, Business World
reports.

Napocor President Rogelio M. Murga declined to say what the
proposed rate schedule would be. He said though these would
"approximate" the rates the state firm charged during the period
when it was allowed to use a rate-setting mechanism that was
aimed at basing the computation of rates on the time of day
power was used.

Mr. Murga said Napocor will ask the commission to allow it to
adjust its rates under the generation rate adjustment mechanism
(GRAM) within the next two weeks.  GRAM is a mechanism that
allows power generators to adjust their rates to take into
consideration foreign exchange fluctuations and fuel costs,
among others. Power firms are allowed to file for adjustments
once every three months.

"We will be filing this by mid-March," Mr. Murga told
BusinessWorld.

From September to January, Napocor used a mechanism called the
long-run avoidable cost mechanism (LRAC) after the ERC issued a
provisional authority to use the scheme. The mechanism based the
computation of rates on the time of day power was used. With the
switch to LRAC, Napocor was able to charge higher rates.

Napocor has a pending petition to shift to LRAC from the return-
on-rate base rate setting mechanism.  On January 26, however,
the ERC revoked the provisional authority for LRAC and ordered
Napocor to charge the rates it imposed prior to the issuance of
the provisional authority for LRAC.   The revocation also
compelled Napocor to implement a refund for PhP2.9 billion in
overcharges collected during the period.  Napocor is just
awaiting the ERC's decision on its plan to refund 5.56 centavos
per kilowatt-hour for its Luzon customers and 2.81 centavos per
kilowatt-hour refund for customers in the Visayas.

Mr. Murga also said the GRAM petition Napocor will be filing at
the ERC will incorporate a petition for the lifting of the
suspension of the collection of the purchased power cost
adjustment (PPCA) of generation rates.  The PPCA was collected
from distribution utilities, which in turn passed on the charge
to consumers through the purchased power adjustment.  The
collection of the charge was suspended the other year following
the President's order.

Mr. Murga said that Napocor doesn't need to get the President's
approval for the lifting of the PPCA's suspension: "We are
coordinating with the ERC on what's the best thing to do. We
don't necessarily need to get the President's blessing on this."


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


CAPITALAND MARKET: Creditors Have Until March 29 to File Claims
---------------------------------------------------------------
The creditors of Capitaland Market Street Pte Ltd., which are
being wound up voluntarily are required on or before the 29th
day of March 2004 to send in their names and addresses and
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to its liquidator and, if
so required by notice in writing by the said liquidator are, by
their solicitors or personally, to come in and prove their 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.

LAI SENG KWOON
Liquidator.
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.

The Singapore Government Gazette announcement is dated February
27, 2004.


CAPITAL TOWER: Deadline for Filing of Claims March 29
-----------------------------------------------------
The creditors of Capital Tower Pte Ltd., which are being wound
up voluntarily are required on or before the 29th day of March
2004 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to its liquidator and, if so required by
notice in writing by the said liquidator are, by their
solicitors or personally, to come in and prove their 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.

LAI SENG KWOON
Liquidator.
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.

The Singapore Government Gazette announcement is dated February
27, 2004.


CUPPAGE CENTRE: Creditors Have Until March 29 to File Claims
-----------------------------------------------------------
The creditors of Cuppage Centre Pte Ltd, which are being wound
up voluntarily are required on or before the 29th day of March
2004 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to its liquidator and, if so required by
notice in writing by the said liquidator are, by their
solicitors or personally, to come in and prove their 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.

LAI SENG KWOON
Liquidator.
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.

The Singapore Government Gazette announcement is dated February
27, 2004.


EXCEL VISION: Files for Voluntary Liquidation
---------------------------------------------
Excel Vision (S) Pte Ltd issued a notice of winding up order
made on the 13th day of February 2004.

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

Messrs RAJAH & TANN
Solicitors for the Petitioner.

The Singapore Government Gazette announcement is dated February
20, 2004.


HONG LAI: Creditors Meeting Set March 8
---------------------------------------
Hong Lai Huat Construction Pte Ltd (Under Judicial Management)
announced that its creditors meeting will be held at Garden
Room, 3rd Floor, Le Meridien Singapore, 100 Orchard Road,
Singapore 238840 on Monday 8th March 2004 at 2 in the afternoon.

AGENDA

(1) Confirmation of minutes of meeting held on 28th November
    2003.

(2) To clarify questions raised at the 2nd adjourned meeting
    (held on 28th November 2003) of the 1st creditors meeting
    (held on 6th October 2003).

(3) To consider and approve the judicial manager's proposal.

(4) Any other matters.

Forms of general and special proxies are enclosed herewith.
Proxies to be used at the meeting must be lodged with me not
later than 5 P.M. on 4th March 2004.

BOB LOW SIEW SIE
Judicial Manager.
Address: c/o Bob Low & Co
10 Anson Road #39-15
International Plaza
Singapore 079903.

The Singapore Government Gazette announcement is dated February
27, 2004.


IMAGINIA PTE: Applies for Voluntary Liquidation
-----------------------------------------------
Imaginia Pte Ltd issued a notice of winding up order made on the
13th day of February 2004.

Name and Address of Liquidator: The Official Receiver
The Insolvency Service
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

The Singapore Government Gazette announcement is dated February
20, 2004.

Messrs GUAN TECK & LIM
Solicitors for the Petitioners.


JJ INTERNATIONAL: Files for Voluntary Winding up
------------------------------------------------
JJ International Entertainment Pte Ltd issued a notice of
winding up order made on the 6th day of February 2004.

Name and address of Liquidator: THE OFFICIAL RECEIVER
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118.

Messrs LOO & PARTNERS
Solicitors for the Petitioners.
Ref No. LCC.GHN.19187.03.ct

The Singapore Government Gazette announcement is dated February
20, 2004.


LHT HOLDINGS: 2003 Net Loss Balloons to SG$4.17 Million
-------------------------------------------------------
LHT Holdings Limited posted a net loss of S$4.17 million in the
year ending December 31, 2003, versus a net loss of S$2.34
million a year earlier, according to Reuters. The Company is
primarily engaged as a manufacturer, importer, exporter and
supply of wooden pallets, saw millers and assembly and sale of
packaging materials.


                Year to December 31, 2003
            (in millions of S$ unless stated)

                                  2003     vs     2002

Operating profit/(loss)          (4.17)   vs     (2.34)
Pre-tax profit/(loss)            (3.14)   vs     (1.08)
Net profit/(loss)                (2.86)   vs     (0.08)
Group shr (cents)                (1.34)   vs     (0.04)
Turnover                         22.18    vs     24.63
Dividend (pct)                     nil    vs       nil



MEDIASTREAM LIMITED: Narrows Full-year Net Loss to SG$1.35 Mln
--------------------------------------------------------------
Mediastream Limited incurred a net loss of S$1.35 million in the
year ending December 31, 2003, versus a net loss of S$1.39
million a year earlier, according to Reuters.

The exceptional items comprise of provision for doubtful debts,
record master written off, fixed assets written off, provision
for stock obsolescence, write-off expenses in acquiring
subsidiary, provision for diminution in value of investments.

Mediastream Limited is engaged in computer animation,
postproduction of television commercials, cartoon production,
and advertising activities.


               Year to December 31, 2003
            (in millions of S$ unless stated)

                                  2003     vs     2002
Operating profit/(loss)         (1.35)    vs    (1.39)
Exceptional items               (0.14)    vs   (16.78)
Pre-tax profit/(loss)           (2.11)    vs   (18.82)
Net profit/(loss)               (2.10)    vs   (18.79)
Group shr (cents)               (0.29)    vs    (3.34)
Turnover                         4.63     vs     5.56
Dividend (pct)                    nil     vs      nil


ROBINSON POINT: Creditors Must Submit Claims by March 29
--------------------------------------------------------
The creditors of Robinson Point Pte Ltd., which are being wound
up voluntarily are required on or before the 29th day of March
2004 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to its liquidator and, if so required by
notice in writing by the said liquidator are, by their
solicitors or personally, to come in and prove their 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.

The Singapore Government Gazette announcement is dated February
27, 2004.

LAI SENG KWOON
Liquidator.
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.


ROCHOR SQUARE: Issues Debt Claim Notice to Creditors
----------------------------------------------------
The creditors of Rochor Square Pte Ltd., which are being wound
up voluntarily are required on or before the 29th day of March
2004 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to its liquidator and, if so required by
notice in writing by the said liquidator are, by their
solicitors or personally, to come in and prove their 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.

The Singapore Government Gazette announcement is dated February
27, 2004.

LAI SENG KWOON
Liquidator.
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.s


SAFE SUPERSTORE: Winding up Petition Hearing Set March 12
---------------------------------------------------------
The petition to wind up Safe Superstore Holdings Pte Ltd. is set
for hearing before the High Court of the Republic of Singapore
on March 12, 2004 at 10 o'clock in the morning.

Hewlett-Packard Singapore (Sales) Pte Ltd., a creditor, whose
address is located at 450 Alexandra Road, Singapore 119960,
filed the petition with the court on February 18, 2004.

The Petitioner's solicitors are Engelin Teh Practice LLC of No.
10 Collyer Quay, #23-01 Ocean Building, Singapore 049315. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs Engelin Teh Practice LLC a
notice in writing not later than twelve o'clock noon of the 11th
day of March 2004 (the day before the day appointed for the
hearing of the petition).

The Singapore Government Gazette announcement is dated February
27, 2004.


SEATOWN CORPORATION: Narrows 2003 Net Loss to SG$6.51 Million
-------------------------------------------------------------
Seatown Corporation posted a net loss of S$6.51 million in the
year to September 30, 2003, versus a net loss of S$76.37 million
a year earlier, Reuters reported on Friday.

The Company is engaged in infrastructure development activities,
building construction activities, civil engineering, and the
manufacture of pre-cast architectural components and ready mixed
concrete.

               Year to September 30, 2003
            (in millions of S$ unless stated)
                                2003    vs     2002
Operating profit/(loss)      (6.51)    vs  (76.37)
Pre-tax profit/(loss)        (0.24)    vs  (74.94)
Net profit/(loss)            (0.43)    vs  (73.11)
Group shr (cents)            (0.04)    vs   (6.33)
Turnover                     27.16     vs   75.13
Dividend (pct)                nil      vs    nil



TWINWOOD ENGINEERING: 2003 Net Loss Shrinks to SG$3.22 Million
--------------------------------------------------------------
Twinwood Engineering booked a net loss of S$3.22 million in the
year to December 31, 2003, compared to a loss of S$11.14 million
in the same period a year earlier, according to Reuters.

The Company is engaged in the distribution of material handling
equipment and the provision of information technology
consultancy services. The exceptional item was due to the
divestment of the information technology business in Hong Kong.

                Year to December 31, 2003
            (in millions of S$ unless stated)
                                   2003    vs    2002
Operating profit/(loss)          (3.22)   vs  (11.14)
Exceptional items                (4.68)   vs  (12.43)
Pre-tax profit/(loss)           (10.48)   vs  (27.61)
Net profit/(loss)               (10.28)   vs  (27.57)
Group shr (cents)                (1.17)   vs   (3.14)
Turnover                         21.80    vs   11.05
Dividend (pct)                    nil     vs    nil


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


NEP REALTY: Unveils Annual Financial Statement
----------------------------------------------
NEP Realty and Industry Public Company Limited announced its
audited financial statement as follows:


Audited             Ending December 31,         (In thousands)
For year

Year                               2003          2002
Net profit (loss)                71,199          108,300
EPS (baht)                         0.70          1.08

Auditor's Opinion:  Unqualified Opinion with an emphasis of
matters

In addition, the company has already reported and disseminated
its financial statements in full via the SET Electronic Listed
Company Information Disclosure (ELCID), and has also submitted
the original report to the Securities and Exchange Commission."

Mr. Somboon Thanadka
Senior Vice President


RAIMON LAND: Clarifies FY2003 Operating Results
-----------------------------------------------
Raimon Land Public Company Limited would like to clarify the
over 20% fluctuation in the operating result of the Company and
its subsidiaries for year 2003. This year the Company had a net
profit of approximately THB521 million compared to last year's
net profit of approximately THB3,632 million.

The over 20% fluctuation in operating results compared to year
2002 is caused by:

(1) Last year the Company and its subsidiaries gained on debt
restructuring of THB4,217.7 million.  This year a subsidiary of
the Company (Contemporary Property Co., Ltd.) had gain on debt
restructuring of THB186.7 million.

(2) Last year Cha-am Campus City Co., Ltd. (It was the Company's
subsidiary. Currently, Cha-am is in the liquidation process) set
provision for the impairment of Cha-am Campus City Project of
THB304.5 million.

(3) This year the Company reversed the provision of loss on
investment over share capital of Cha-am Campus City Co., Ltd. of
THB428.3 million and recorded as "Gain on reversal of provision
on loss on investments in subsidiary."

(4) This year Strategic Property Co., Ltd. (The subsidiary of
the Company with the shareholding of 55%) starts to recognize
sales from the Lofts Sathorn Project of THB176.4 million.

Raimon Land PLC
Nigel J. Cornick
Chief Executive Officer


RAIMON LAND: Bares Audited Annual Financial Report
--------------------------------------------------
Raimon Land Public Company Limited reports audited annual
financial statements as follows.

Audited                Ending December 31,
           (In thousands)

For year
Year                       2003             2002

Net profit (loss)          520,735          4,439,665
EPS (baht)                 0.79             14.67

Auditor's Opinion: In addition, the company has already reported
and disseminated its financial statements in full via the SET
Electronic Listed Company Information Disclosure (ELCID), and
has also submitted the original report to the Securities and
Exchange Commission."

(Mr. Nigel J. Cornick)
Position
Chief Executive Officer


ROBINSON DEPARTMENT: Submits Financial Results for 2002, 2003
-------------------------------------------------------------
Robinson Department Store Public Company Limited submitted the
financial statements of the Company and its subsidiaries for the
year ended 31 December 2003 and 2002, which had already been
audited by the Company's auditor.

As shown in the Profit and Loss Statements, the Company and its
subsidiaries generated profit before interest and tax of
THB580.68 million in 2003, an increase of THB41.41 million from
a profit of THB539.27 million for the same period of 2002, or
7.68% increase.  This mainly resulted from:

(1) The Company and its subsidiaries generated the sales
increase of 149.39 million Baht in 2003, representing 1.96%
sales growth, compared to 0.75% sales growth in 2002. The sales
increase resulted from the success of introducing new image of
"Robinson" through re-launching campaign implemented in May
2003. The Company and its subsidiaries have renovated the stores
format to be better presented in a modern and colorful style
with new store ambience.

In addition, on-going marketing activities following the re-
launching event were also employed in connection with the
emphasis on re-merchandising policy in order to provide the
target customers with product variety, differentiation, and
quality, which could better serve their needs. Given the strong
competition environment in retailing businesses and the SARS
outbreaks situation, which partly affected the Company and its
subsidiaries' performance in the second quarter 2003, the
Company and its subsidiaries will still be keeping the growth
rate at a satisfaction level.

(2) The sales increase in connection with the re-merchandising
policy resulted in a higher gross profit margin as evidenced by
the increase in gross profit amount of 132.03 million Baht, or
8.36% increase from 2002.

(3) Rental and service income increase of 10 million Baht from
the same period of 2002. The increase was attributed to the
cooperation between the Company and its subsidiaries and
business alliances to open new area in Robinson for specialty
stores in exchange for shared income as percentage of their
sales.  Such specialty stores rely heavily on specialization in
merchandizing management, and products offered in such store
could meet Robinson's customer needs.

(4) Gain from investment in affiliated companies was at 32.26
million Baht compared to 73.40 million Baht in 2002, recorded by
the equity method. The decrease was due to the realization of
historical loss in the subsidiaries of affiliated companies,
together with the implementation of new provision policy for
potential loss from stock obsolescence.

(5) An increase in selling and administrative expenses of 78.56
million Baht, or 3.73% increase compared to the same period of
2002 which was much below the growth in gross profit. This was
mainly due to the increase in personnel expenses to facilitate
the development of merchandises, marketing expenses incurred
from the Re-launching event, the increase in utility expenses as
a result of adjustment in selling area of each store, and the
newly implemented provision for credit stock obsolescence.

However, such increase was partly set off by the reduction in
stock loss and damage as a result of preventive measure for
stock loss control, and the reduction in restructuring expenses
since the Company had already completed the major restructuring
steps in 2002.  For interest expenses shown in 2003, the Company
and its subsidiaries incurred interest expense of only 7.89
million Baht which was paid to a certain local financial
institutions according to the restructuring agreements of the
Company's subsidiaries.  This was not the interest payable to
the Notes issued in accordance with the Company's Business
Reorganization Plan.

The Company had already included all accrued interest expense
portion being fall due from the issue date to the maturity date
of new Notes over the par value of the Notes, thus there would
be no interest expense incurred from the Notes shown in the
Profit & Loss Statement. In addition, the Company started the
Voluntary Debt Refinance Program (Refinance) during January 2004
of which the new funding source came from local banks as already
reported to the SET earlier.

In consideration of profit after interest, tax, and Minority
Interests (excluded debt-restructuring gain in 2002 of 15,256.93
million Baht) the Company and its subsidiaries recorded a net
profit of 515.20 million Baht in 2003, an increase of Baht 52.57
million or 11.36% from 2002.

Parivat Sopasit
Assistant Vice President Finance and Administrative line
Robinson Department Store Public Company Limited


THAI WAH: Posts Audited and Consolidated Yearly Financial Report
----------------------------------------------------------------
Thai Wah Public Company Limited disclosed these audited annual
financial statements:

Audited                   Ending  December 31,
(In thousands)

For year

Year                      2003                2002

Net profit (loss)    1,105,275              (7,823)
EPS (baht)               18.93              (0.15)

Auditor's Opinion: In addition, the company has already reported
and disseminated its financial statements in full via the SET
Electronic Listed Company Information Disclosure (ELCID), and
has also submitted the original report to the Securities and
Exchange Commission.

(Mr. Kuan Chiet)
Thai Wah Public Company Limited
By Thai Wah Group Planner Co., Ltd.
as the Plan Administrator


* BOND PRICING: For the week of March 1 - March 5, 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 Govt 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 ***