TCRAP_Public/040303.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Wednesday, March 3, 2004, Vol. 7, No. 44

                            Headlines

A U S T R A L I A

MAYNE GROUP: Buys aaiPharma's Injectable Multivitamin Products
VILLAGE ROADSHOW: Moves Ahead with Preferred Share Buyback


C H I N A  &  H O N G  K O N G

BRILLIANCE FINANCE: Winding up Hearing Slated March 10
BSL MANAGEMENT: Faces Winding up Petition Before H.K. High Court
GOOD MILLION: Fort Crown Lodges Winding up Petition
KWOK LUEN: Winding up Hearing Today
SINOGROWTH INVESTMENT: Winding up Hearing Slated March 31


I N D O N E S I A

INDOFARMA: Merging with Kimia Farma this Year

* IBRA's 28% Recovery Rate Acceptable, Say Observers


J A P A N

FUJITSU LIMITED: Clarifies Launching of New Facility
KANEBO LIMITED: Lenders Extend Financing Until May 6
KANEBO LIMITED: Shares Up 4.9% on Bailout Report
MITSUBISHI MOTORS: Reaches Deal with Labor Unions Over Bonuses
NIPPON TELEGRAPH: Seeks Approval for 2005 Business Plan


K O R E A

HANARO TELECOM: Selling US$600 Mln Bonds to Repay Maturing Debt
HANARO TELECOM: Ends Fourth Quarter with KRW103 Million Net Loss
KOOKMIN BANK: President Rallies Staff to Face Market Challenges


M A L A Y S I A

AKTIF LIFESTYLE: Default Status Unchanged
AKTIF LIFESTYLE: Awaits SC Approval on Regularization Plan
CSM CORPORATION: Still Unable to Regularize Financial Condition
INNOVEST BERHAD: Securities Commission Rejects Rescue Proposal
MENTIGA CORPORATION: Details Restructuring Proposal

PANCARAN IKRAB: Seeks Extension of Restructuring Scheme
RNC CORPORATION: Bares Debt Restructuring Status
SIN HENG: Southern Investment Bank OKs Workers Share Option Plan
TAJO BERHAD: Plan to Regularize Finances Remains Pending
WOO HING: Auditor Completes Investigative Audit


P H I L I P P I N E S

METRO PACIFIC: Strengthens Balance Sheet by Slashing Debt
NATIONAL BANK: To Improve Services Offered to Overseas Workers
NATIONAL STEEL: Lot Owners Demand Payment of Overdue Rental
PHILIPPINE LONG: Seeking Additional Access Code


S I N G A P O R E

AVO ELECTRIC: Releases Dividend Notice
B.K.B ENGINEERING: Creditors Meeting Set March 18
HORIZON EDUCATION: 2003 Net Loss Balloons to SG$15 Million
KHAMIS SHIPPING: Issues Dividend Notice
PRESSCRETE PATTERN: Faces Winding up Petition
TECHSCIENCE SYSTEMS: Creditors Must Submit Claims by March 31


T H A I L A N D

BANGKOK LAND: Extends Bond Buyback Deadline
DATAMAT PCL: 2003 Net Profit up 178%
DATAMAT PCL: SET Lifts Trading Halt
THAI PETROCHEMICAL: Trading Temporarily Suspended


                        - - - - - - - - -


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


MAYNE GROUP: Buys aaiPharma's Injectable Multivitamin Products
--------------------------------------------------------------
Mayne Group is strengthening its specialty pharmaceutical focus
through the acquisition of the suite of injectable multivitamin
products currently marketed in the U.S. by aaiPharma Inc.  The
acquisition is part of Mayne's strategy to focus on the
research, development, manufacture and sale of specialty
pharmaceuticals with a particular emphasis on generic,
injectable oncology treatments (anti-cancer drugs -- primarily
cytotoxic agents) and related therapeutic areas. It also fits
with Mayne's increasing presence in branded generics and
proprietary products, which are marketed to specialists such as
oncologists, urologists and anaesthetists.

The acquired products include the branded generics M.V.I.
Adulta, M.V.I. Pediatrica, Aquasol Aa and Aquasol Ea. Injectable
multivitamins are used to provide vitamin intake to patients on
total parenteral nutrition. These are typically patients in a
hospital's intensive care unit or following bowel surgery or
serious burns but are also associated with some oncology
treatments. Current estimates indicate that aaiPharma has
approximately 70% of the U.S. injectable multivitamin market.

The contract purchase price is US$100 million, plus a further
US$5 million upon by approval by the U.S. FDA of a new
formulation.  The products are currently manufactured under
several contract arrangements, which Mayne plans to
progressively source to its Aguadilla site.  The acquisition is
expected to complete by June 2004 subject to satisfaction of
conditions precedent. For the 2005 financial year Mayne expects
additional earnings before interest, tax and amortization
(EBITA) of approximately US$11 million. Synergies from
manufacturing in sourcing will commence in the 2006 financial
year.

Mayne has businesses in pharmaceuticals (the manufacture of oral
and injectable pharmaceuticals for distribution to more than 50
countries), health services (pathology, diagnostic imaging,
medical centers, pharmacy services) and health-related consumer
products.

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, TCR-Asia
Pacific reported recently.

Media enquiries:
Rob Tassie
Phone: 03 9868 0886
Mobile: 0411 126 455

Investor enquiries:
Larry Hamson
Phone: 03 9868 0380
Mobile: 0407 335 907


VILLAGE ROADSHOW: Moves Ahead with Preferred Share Buyback
----------------------------------------------------------
Village Roadshow has spent no time dwelling on last week's
Supreme Court defeat, announcing it would spend up to $100
million to buy back more than 40 percent of its preference
shares on the market, the West Australian reports.

Undeterred by its unsuccessful and costly legal dispute with a
small German-based shareholder, the Village board yesterday
appointed UBS Warburg and Merrill Lynch to buy back up to 110
million of the A-class preference shares.

"The board believes that it is in the interests of shareholders
to continue to seek to reorganize the company's capital
structure by way of a buy-back of preference shares and as a
priority to other commitments," Village said.

Village will have no problem funding the buy-back, having
already set aside nearly $63 million in free cash for the
upfront component of the original $1.25-a-share scheme. It has
also sold some of its cinema assets in recent years.


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


BRILLIANCE FINANCE: Winding up Hearing Slated March 10
------------------------------------------------------
The petition to wind up Brilliance Finance Company Limited is
set for hearing before the High Court of Hong Kong on March 10,
2004 at 10 o'clock in the morning.

The Bank of China, Grand Cayman Branch, whose registered office
is located at P.O. Box 30995, SMB Grand Cayman, Cayman Islands,
filed the petition on January 5, 2004.

The Petitioners' solicitors are Koo and Partners of 21st Floor,
Bank of China Tower, No. 1 Garden Road, Central Hong Kong. Any
person who intends to appear at the hearing of the petition must
serve or send by post to Solicitors Koo and Partners 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).


BSL MANAGEMENT: Faces Winding up Petition Before H.K. High Court
----------------------------------------------------------------
The petition to wind up BSL Management (Hong Kong) Limited is
set for hearing before the High Court of Hong Kong on March 24,
2004 at 9:30 in the morning.

Cheong Ming Investment Company Limited and Wah Hoi Construction
Limited, whose registered office is located at Top Floor,
Chinachem Golden Plaza, No. 77 Mody Road, Tsimshatsui East,
Kowloon, Hong Kong, filed the petition on January 27, 2004.

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


GOOD MILLION: Fort Crown Lodges Winding up Petition
---------------------------------------------------
The petition to wind up Good Million Trading Limited is set for
hearing before the High Court of Hong Kong on March 31, 2004 at
9:30 in the morning.

Fort Crown Investments Limited, whose registered office is
located at Top Floor, Chinachem Golden Plaza, No. 77 Mody Road,
Tsimshatsui East, Kowloon, Hong Kong, filed the petition on
January 30, 2004.

The Petitioners' solicitors are Ford Kwan and Company of Rooms
1202-6, 12th Floor, Wheelock House, 20 Pedder Street, Central
Hong Kong. Any person who intends to appear at the hearing of
the petition must serve or send by post to Solicitors Ford Kwan
and Company 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).


KWOK LUEN: Winding up Hearing Today
-----------------------------------
The petition to wind up Kwok Luen Cash Register (System) Company
Limited is set for hearing before the High Court of Hong Kong on
March 3, 2004 at 9:30 in the morning.

Chan Kwai Ming, whose registered office is located at Flat 16,
16/F., Block D, Siu Hei Court, Tuen Mun, New Territories, Hong
Kong, filed the petition on December 24, 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
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).


SINOGROWTH INVESTMENT: Winding up Hearing Slated March 31
---------------------------------------------------------
The petition to wind up Sinogrowth Investment 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 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 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).


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


INDOFARMA: Merging with Kimia Farma this Year
---------------------------------------------
The Indonesian government will merge state owned pharmaceutical
companies, PT Indofarma Tbk and PT Kimia Farma Tbk, before
privatizing them, Asia Pulse reports.

"First of all we want to consolidate Indofarma and Kimia Farma.
While consolidating the two companies, however, it is possible
for us to have a merger plan," Deputy Minister of State-owned
Enterprises Mahmuddin Yasin told Bisnis Indonesia over the
weekend.

Indofarma and Kimia Farma are among those to be privatized by
the government this year.  The government currently owns a 90
percent stake in Kimia Farma and 80 percent in Indofarma.  Some
years ago the government invited strategic investors to purchase
a 51 percent stake in Indofarma, but the government cancelled
the offer after the company posted huge losses.


* IBRA's 28% Recovery Rate Acceptable, Say Observers
----------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA), set up five
years ago to recover bank bailout funds totaling US$77 billion,
closed after clawing back just 28 percent of the total and with
some banks still fragile, according to the IndoExchange.

Formed in the aftermath of the Asian financial crisis, the
agency was tasked with restructuring the collapsed banking
system, promoting economic recovery and recovering state bailout
funds.  The government in 1998 issued 650 trillion rupiah (now
77 billion dollars) worth of bonds, of which around 425 trillion
was earmarked for recapitalizing banks. The rest was to be used
to repay customers of banks, which had been closed down.  Only
28 percent of that figure has been recovered from the sale of
assets handed over by the owners of the ailing financial
institutions, this was caused mainly by the shaky legal system
according to IBRA Chairman Syafruddin Temenggung.  He said
earlier this month he had tried to file criminal charges against
10 non-cooperative debtors, three of which made it to court.

"But all three (cases) the government lost and we cannot put
anyone in jail. That's a pity that I can really share with the
Indonesian people out there," Mr. Temenggung said.

IBRA still controls 70 trillion rupiah in assets. These will be
transferred to the finance ministry, which will set up holding
companies for them with powers similar to IBRA.  President
Megawati Sukarnoputri said she has signed a decree to end IBRA's
mandate. A team including former IBRA officials will have until
April 30 to resolve outstanding issues.

Mr. Temenggung has said his agency met its prescribed targets
despite the low recovery rate, noting that in 1998, Indonesia's
banks had a worse capital adequacy ratio than those in Thailand,
Malaysia, South Korea and the Philippines but last year it
exceeded them.  Non-performing loans have fallen from about 50
percent in December 1998 to about 10 percent last June, he said.
Several analysts agree the legal and political system is largely
to blame for the poor recovery rate.

Standard Chartered Bank economist Fauzi Ichsan said the recovery
rate was acceptable, given the political pressures and weak
legal environment.  Going forward, he said, what the government
can do is try to delay redeeming the bonds issued in 1998.

"That means the government must also bear the costs and as such
that will reduce its ability to spend on something else.
Unfortunately, that's the cost that Indonesia has to pay," Mr.
Ichsan said.

Mr. Ichsan noted that most banks still hold around 40-45 percent
of their assets in government bonds or Bank Indonesia
Certificates.  "So they are actually still dependent on the
government. It means the system has not yet been rescued totally
from collapse," he said.

The presence of local banks change of ownership with foreign
investors such as Singapore's government investment arm Temasek,
Malaysia's Commerce Asset and South Korea's Kookmin coming in
will boost competition, according to Mr. Ichsan.

"The return of debtors and bank owners is a serious problem,"
said Umar Juoro, of the Centre for Information and Development
Studies.

"I think the main lesson from IBRA is that if you allow the
banking sector to expand aggressively without proper risk
management and law enforcement, the cost to the economy is going
to be enormous and generations will have to pay for it," Mr.
Ichsan said.


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


FUJITSU LIMITED: Clarifies Launching of New Facility
----------------------------------------------------
Fujitsu Limited clarifies that the front-page article in the
February 27 edition of the Nihon Keizai Shimbun regarding
purported plans to build a semiconductor fabrication facility
was not based on any announcement by or interview with Fujitsu,
a Company statement said.  Taking into account various internal
and external factors, we are continuing to explore the
possibility of constructing a new 300mm semiconductor fab.
However, no final decisions have been made with respect to
details such as location and scale. The Company will make a
formal announcement after such decisions are made.


KANEBO LIMITED: Lenders Extend Financing Until May 6
----------------------------------------------------
Textile maker Kanebo Limited expects as much as 50 billion yen
(US$459 million) in additional loans from Sumitomo Mitsui
Banking Corporation and other lenders, according to Reuters.
Kanebo's lenders also agreed to maintain the balance of their
loans to the Company until May 6. The additional debtor-in-
possession financing would be used to pay suppliers.

Kanebo and 35 affiliated firms owed banks a total of 556.7
billion yen (US$5.1 billion) as of February 16, of which more
than 200 billion yen was from main lender Sumitomo Mitsui
Banking.


KANEBO LIMITED: Shares Up 4.9% on Bailout Report
------------------------------------------------
Shares of Kanebo Ltd increased 5 yen, or 4.9 percent, to 108 on
Tuesday after reports that will receive as much as 50 billion
yen (US$458.9 million) in new loans from its lenders, including
Sumitomo Mitsui Financial Group Inc. The troubled cosmetics
maker has total liabilities of 682 billion yen as of September
2003.


MITSUBISHI MOTORS: Reaches Deal with Labor Unions Over Bonuses
--------------------------------------------------------------
Labor union members at Mitsubishi Motors Corporation is set to
accept the management offer of bonus payments worth three
months' salary, one month less than that in the previous year,
in this spring's negotiations for the fiscal year to March 2005,
AFX Asia reported on Tuesday.

The 12 major unions under the umbrella of the Confederation of
Japan Automobile Workers' Unions are all demanding bonuses worth
five to 6.6 months' wages, and this will most likely make
Mitsubishi Motors' settlement the lowest in the industry. The
automaker will likely reach a settlement with its labor ahead of
the March 17 deadline for the industry.

The carmaker expects its net loss in the year to March to widen
to 72 billion yen on slumping sales in North America. It is
drawing up a restructuring plan, due out at the end of April,
involving capital infusions from top shareholder DaimlerChrysler
AG of Germany and other Mitsubishi group firms, as well as
reorganization of production at home and abroad.


NIPPON TELEGRAPH: Seeks Approval for 2005 Business Plan
-------------------------------------------------------
Nippon Telegraph and Telephone Corporation (NTT) on Monday
submitted its business operation plan for the fiscal year ending
March 31, 2005 to the Minister of Public Management, Home
Affairs, Post and Telecommunications for approval.

Business Operation Plan for Fiscal Year Ending March 31,2005

In the building of an advanced information and
telecommunications network society, information and
communications are expected to make a substantial contribution
to invigorating and raising the efficiency of socioeconomic
activities, enhancing lifestyle convenience, and so on. Today,
the public and private sectors in Japan are working together to
make such a society a reality. The information and
telecommunications market has been changing dramatically with
the intensification of competition resulting from the shift from
voice communications to data communications, the rapid expansion
of broadband services, and the diversification and upgrading of
mobile phone services.

To help ensure that universal services are maintained amid this
information and communications environment, NTT intends to
provide all necessary advice, mediation, and other assistance to
Nippon Telegraph and Telephone East Corporation and Nippon
Telegraph and Telephone West Corporation (the regional
companies). It will also endeavor to promote research and
development in telecommunications technology in order to respond
to society's requirements for the development of advanced
information and telecommunications network society.

In addition, NTT intends to foster active Group management for
the sound development of the entire Group by realizing its
"Vision for a New Optical Generation" while utilizing its
research and development capabilities and the total management
resources of its corporate Group to respond to changes in the
market environment.

In the management of business operations for the fiscal year
ending March 31, 2005, NTT will aim to improve the management
efficiency of its Group operations, including those of the
regional companies; to develop new businesses for enhancing the
information-sharing industry, including expanding the broadband
market; and to continue to strengthen research and development
that will contribute to the advancement of telecommunications.
In this way, NTT will seek to ensure the stable development of
Group operations in the future, and to return the fruits of
these efforts to customers, shareholders, and the community at
large.

Based on this thinking, under the business operation plan for
the fiscal year ending March 31, 2005, NTT will conduct its
business management by giving priority to the following
activities, and will do so in a flexible manner so as to respond
to changes in the operating environment.

(1) Advice, Mediation, etc.

For the regional companies, NTT will provide all necessary
advice, mediation, etc. to ensure the maintenance of high-
quality and stable universal services. These will include
planning and coordination relating to the quality and upgrading
of telecommunications networks, deployment of control and
coordination capabilities when natural disasters and other
emergencies occur, efficient fund-raising, and formulation of
policies for materials procurement. NTT will also exercise its
shareholder rights, as necessary, in order to assure the smooth
flow of dividends to shareholders.

For all NTT Group companies, including the regional companies,
NTT's activities will include management support for such
operations as broadband market development, business expansion,
and withdrawals from business activities. NTT will also provide
assistance with the development of human resources, which form
the core of the NTT Group.

(2) Promotion of Basic Research and Development

One prerequisite for responding to the social requirements for
the formation of an advanced information and telecommunications
network society is the harmonious and coordinated development of
network-based technologies, technologies that provide the basis
for new services and applications, and advanced and basic
technologies in general. NTT will conduct research and
development activities to realize "a communication environment
where entities such as people and objects are interactively
connected by broadband and ubiquitous networks anytime, anywhere
and with anyone or anything, and people enjoy superb usability
that is secure, reliable, and simple."

In conjunction with these efforts, NTT will continue to actively
disseminate the results of its research and development and
conduct active technology exchanges with institutions both
within Japan and overseas, including ongoing contributions to
standardization activities, industry standardization of research
and development results, and research and development in
collaboration with other research institutions.

To ensure the continuous execution of this basic research and
development, NTT will seek to further increase research
efficiency, and research costs will be borne by the regional
companies and other NTT Group companies, which in turn will
benefit from these efforts.

Specifically, priority will be given to the following areas in
NTT's research and development activities:

(1) Infrastructure-related research and development

To further upgrade telecommunications networks and achieve next-
generation end-to-end network services providing more economical
and higher speed transmission of a large amount of information,
NTT will promote research and development in the sphere of base
network technologies, including technologies for configuring
economical and diverse access networks, technologies for
building networks that can cope flexibly with diverse network
services, and next-generation IP network technologies. At the
same time, NTT will pursue basic research in the field of
operating systems to improve the reliability of
telecommunications networks and the quality of customer
services. Additionally, considering the sharp increase in energy
consumption accompanying the development of the advanced
information and telecommunications network society, NTT will
promote research and development on reducing electric power
consumption and on other measures to promote the preservation of
the global environment.

(2) User-related research and development

NTT will pursue research and development activities on
infrastructure for providing customers with diverse
telecommunications services, including e-commerce, contents
sharing, and community collaboration with a view to using
sophisticated telecommunications networks to realize an advanced
information and telecommunications network society in which the
electronic exchange of information, goods, and currencies among
people, corporations, and objects is further enhanced.
Specifically, this will include research and development in such
areas as security technologies to secure information and
communications; e-commerce-related technologies for billing,
validation, and authentication; information-distribution
technologies that can cope flexibly with diverse network
environments; media-processing technologies, such as those for
the compression, recognition, and sharing of graphic and voice
data; and multimedia database technologies for the storage and
search of a variety of media.

(3) Research and development in basic technologies

NTT will devote its efforts to the creation of a photonic
network that makes it possible to achieve ultra high-speed,
ultra high-volume terabit and petabit-level communications, in
preparation for an age in which massive volumes of digital
information circulate through networks with a view to securing
leadership in the basic and advanced technologies that will
underpin the future of telecommunications, and to contribute to
the inventive enhancement and development of telecommunications
in Japan. To this end, NTT will pursue research and development
activities on ultra high-density wavelength division
multiplexing and other new optical communications technologies
as well as optical amplification, optical wavelength
multiplexers and demultiplexers, optoelectronic fusion devices,
and other new optical components technologies. NTT will also
pursue research in such areas as nanotechnology, which seeks to
realize the potentials of new materials with unique
characteristics, and Communications Science, which explores new
possibilities in communications. This will be combined with
research on innovative new principles and new concepts for the
next generation.

For more information, contact:

Department I
Nippon Telegraph and Telephone Corporation
E-mail: jigyou@hco.ntt.co.jp


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


HANARO TELECOM: Selling US$600 Mln Bonds to Repay Maturing Debt
---------------------------------------------------------------
Internet service provider Hanaro Telecom Inc. plans to issue 600
million dollars worth of bonds in the United States this year to
help repay its short-term debt estimated at 1.9 trillion won
(US$1.6 billion), Channel News Asia reported on Monday.

A U.S. consortium led by American International Group acquired
Hanaro for 500 million dollars in November last year, with a
pledge to inject new capital into Hanaro which controls 28
percent of South Korea's broadband Internet market.  Hanaro's
net loss widened 34 percent to 165.3 billion won last year but
sales were up 9.7 percent at 1.38 trillion won.


HANARO TELECOM: Ends Fourth Quarter with KRW103 Million Net Loss
----------------------------------------------------------------
Hanaro Telecom Inc. disclosed its fourth quarter 2003 financial
results and 2004 business plan:

(1) SUMMARY

Revenue decreased slightly by 1.0% to KRW 349.2 billion compared
to the third quarter of 2003. Operating costs increased by 5.6%
to KRW 327.8 billion compared to third quarter of 2003.
Operating profit decreased by 49.5% to KRW 21.3 billion compared
to the third quarter of 2003.

Net income turned to negative KRW103.7 billion in the fourth
quarter of 2003.

EBITDA decreased by 12.6% to KRW 132.2 billion compared to the
third quarter of 2003.

(2) OPERATING INCOME

                 (Unit: KRW billion)

                   4Q03     3Q03    CHANGE (%)       4Q02

Revenue            349.2    352.6   -1.0             348.8
Operating Costs    327.8    310.4    5.6             328.7
Operating Profit   21.3     42.2    -49.5%            20.2
Net Income         -103.7    5.7    Turned negative  -15.3

(3) EBITDA        (Unit: KRW billion)

                 4Q03       3Q03    CHANGE (%)      4Q02

EBITDA          132.2      151.3     -12.6         119.5
EBITDA margin   37.9%      42.9%     -5.0%P        34.2%

(4) OPERATING TARGET FOR 2004


(Unit: KRW billion, persons in thousands)

Revenue                            1,500
Operating Profit                   98.8
Net Income                         0.5
EBITDA (Margin)                    556.0 (37.1%)
CAPEX                              356.5
Subscriber (Net increase)          4,293 (566)

* Note: The figures in the above table are only estimates of our
target for 2004 and actual results may differ materially from
our targeted figures.


KOOKMIN BANK: President Rallies Staff to Face Market Challenges
---------------------------------------------------------------
Kookmin Bank has no choice but to go into emergency mode to
overcome unfavorable market conditions, Asia Pulse reports,
citing Kookmin Bank President Kim Jung-tae.

A prolonged slump in private consumption and Citigroup's advance
into the domestic banking market are making business and
managerial conditions far worse, Mr. Kim said.  Analysts expect
Citigroup's full-fledged advance into the domestic banking
market could pose a big threat to local players.

In a sharp turnaround from a net profit of around 1.3 trillion
won in 2002, Kookmin had a loss of 611.8 billion won in 2003,
due to a rise in soured loans.

"Branch offices should focus more on cutting dud loans," Mr. Kim
said. "Large overdue credit card bills are still weighing down
on consumer lending, which makes it impossible to predict how
Kookmin's bottom line will come out for the first quarter."

He emphasized that all offices should try to lower nonessential
expenditures by up to 30 percent.


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


AKTIF LIFESTYLE: Default Status Unchanged
-----------------------------------------
The Board of Directors of Aktif Lifestyle Corporation Berhad
(Aktif) announced that there has been no further development or
change in status with respect to the default in payment since
the last announcement. The Company will keep its shareholders
informed of any pertinent development.

This announcement is dated 1 March 2004.

c.c. Securities Commission


AKTIF LIFESTYLE: Awaits SC Approval on Regularization Plan
----------------------------------------------------------
Under Practice Note No. 4/2001 (PN4/2001), Aktif Lifestyle
Corporation Berhad (Aktif) is required to announce the status of
its plan to regularize its financial condition on the first
market day of each month. As announced on February 4, 2004, the
Company is still awaiting approval in respect of the Proposed
Disposal submitted to the Securities Commission.

Pending approval of the Proposed Disposal, the Board of
Directors of Aktif wishes to inform that the Company is
continuing its efforts to seek and acquire viable businesses.

This announcement is dated 1 March 2004.

c.c. Securities Commission


CSM CORPORATION: Still Unable to Regularize Financial Condition
---------------------------------------------------------------
Pursuant to Practice Note No. 4/2001 (PN4/2001) of the Listing
Requirements, Malaysian International Merchant Bankers Berhad,
on behalf of CSM Corporation Berhad (CSM), announced that there
is no new development on the Company's plan to regularize its
financial condition since the last monthly status announcement
dated February 4, 2004 except for the approval from the Ministry
of International Trade and Industry which was announced on
February 13, 2004. The Company is still awaiting approval of the
relevant authorities for the restructuring exercise of the
Company.

This announcement is dated 1 March 2004.
c.c. Issues and Investment Division
Securities Commission


INNOVEST BERHAD: Securities Commission Rejects Rescue Proposal
--------------------------------------------------------------
The Board of Directors of Innovest Berhad (Innovest) announced
that the Securities Commission (SC) had, vide its letter dated
February 4, 2004, rejected the Company's application for the
exemption from the requirements of Paragraphs 6.13(a)(iv) and
6.14(a) of the SC's Policies and Guidelines on Issue/Offer of
Securities (SC Guidelines) (Exemption Sought) pursuant to the
Proposed Rescue Scheme. Accordingly, the SC will not be able to
consider the Company's application for its Proposed Rescue
Scheme until the scheme proposed by Innovest is in full
compliance with the requirements of the SC Guidelines.

The Board of Innovest intends to appeal to the SC on its
decision on the Exemption Sought.


MENTIGA CORPORATION: Details Restructuring Proposal
---------------------------------------------------
Mentiga Corporation Berhad (MCB) announced the status of its
comprehensive restructuring proposals:

(1) Proposed revaluation of the property assets of Mentiga and
    its subsidiaries;

(2) Proposed debt settlement via the issuance of 12,500,000 new
    ordinary shares of RM1.00 each in Mentiga at an issue price

    of RM1.00 per share to Amanah Saham Pahang Berhad (ASPA), as
    settlement of an amount owing by Mentiga to ASPA amounting
    to RM 12,500,000;

(3) Proposed restricted issue of 20,000,000 Redeemable
    Convertible Preference Shares (RCPS) of RM1.00 each at an
    issue price of RM1.00 per RCPS to ASPA;

(4) Proposed employee share option scheme for eligible employees
    and directors of Mentiga and its subsidiaries.

(5) Proposed increase in the authorized share capital of
    Mentiga; and

(6) Proposed amendments to the Memorandum and Articles of
    Association of Mentiga.


PANCARAN IKRAB: Seeks Extension of Restructuring Scheme
-------------------------------------------------------
Reference is made to paragraph 4.1(b) of Practice Note 4/2001
(PN4/2001) whereby Pancaran Ikrab Bhd is required to announce
the status of its plan to regularize its financial position on a
monthly basis until further notice from the Malaysia Securities
Exchange Bhd (MSEB).

The Foreign Investment Committee had vide its letter dated
January 20, 2004, which was received by Public Merchant Bank Bhd
(PMBB) on January 30, 2004, approved the Proposed Revisions to
the Scheme and the termination of the Sale and Purchase
Agreement in relation to the acquisition of land.

On 12th February 2004, PMBB submitted the amended 3rd draft of
the Explanatory Statements and Circular to Shareholders (ES &
Circular) to the MSEB for their vetting and approval.

On 18th February 2004, PMBB received a reply from the MSEB
incorporating their comments on the amended 3rd draft of the ES
& Circular sent to them on 12th February 2004.

On 27th February 2004, PMBB, on behalf of the Board of PIB,
submitted a letter to the Securities Commission requesting for
an extension of 4 months (to 31st July, 2004) to complete the
implementation of the Proposed Restructuring Scheme.

PMBB had submitted the amended 4th draft of the ES & Circular to
MSEB for their vetting and approval.

An appropriate announcement will be made accordingly in due
course.

This announcement is dated 1st March 2004.


RNC CORPORATION: Bares Debt Restructuring Status
------------------------------------------------
RNC Corporation Berhad announced the status of its corporate and
debt-restructuring scheme pursuant to paragraph 4.1 (b) of the
Practice Note No. 4/2001 (PN4/2001).

(1) Reference is made to paragraph 4.1 (b) of the Practice Note
4/2001. Announcement of the status of its plan to regularize its
financial condition on a monthly basis until further notice from
the Kuala Lumpur Stock Exchange.

(2) Reference is also made to the "First Announcement" on 19th
February 2001 on the Proposed Corporate and Debt Restructuring
Scheme (PRS), the previous Monthly Status Announcements since
1st March 2001 and also all the announcements pertaining to the
PRS.

(3) On 18th April 2003, the Company and its advisers, OSK
Securities Berhad have submitted the proposed modifications to
the PRS to the Securities Commission (SC), Ministry of
International Trade and Industry (MITI), Federal Economic
Planning Unit (EPU) and Foreign Investment Committee (FIC) for
their approvals.

(4) SC had vide its letter dated 13th November 2003 and 17th
November 2003 approved the proposed modifications to the PRS.
The approval of the SC on the PRS is subject to compliance of
stipulated terms and conditions as announced on 18th November
2003 and 19th November 2003.

(5) The working Due Diligence Committee is in the process of
complying with the terms and conditions as stipulated by the SC.

(6) On 10th February 2004 and 13th February 2004, OSK has
announced that SC had vide its letter dated 6th February 2004
given exemption to RNC on the requirement to appoint an
independent audit firm to conduct an investigative audit on the
past losses of RNC Group. On 13th February 2004, SA has also
announced its findings of the report that was submitted to the
SC.


SIN HENG: Southern Investment Bank OKs Workers Share Option Plan
----------------------------------------------------------------
Southern Investment Bank Berhad refers to the announcements made
on behalf of the Special Administrators (SA) of Sin Heng Chan
(Malaya) Berhad (SHCM) on January 3, 2003 and October 8, 2003.

On behalf of the SA of SHCM, Southern Investment Bank Berhad
(SIBB) announced that the Securities Commission (SC) has, vide
its letter dated February 19, 2004, which was received by SIBB
on February 26, 2004, informed that it has no objection to the
Company's application for the setting of the exercise price of
RM1.00 per share for the Employees' Share Option Scheme (ESOS)
options to be granted to SHCM's employees under the Proposed
ESOS prior to the re-quotation of the ordinary shares of RM1.00
each in SHCM on the Malaysia Securities Exchange Berhad, subject
to the following:

(1) SHCM to fully inform its eligible employees of the state of
SHCM's business and affairs pursuant to the proposed revised
restructuring scheme via issuance of information circular;

(2) The Directors of SHCM to submit an undertaking to the SC
that the eligible employees of SHCM will be fully informed of
SHCM's business and affairs pursuant to the proposed revised
restructuring scheme via issuance of information circular at
point of implementation of the ESOS; and

(3) SIBB/SHCM to comply with the relevant requirements specified
by the SC's Guidelines on ESOS, and reiterated in the Guidance
Note 9 of the SC's Policies and Guidelines on Issue/Offer of
Securities dated 1 May 2003, in relation to the proposals.

This announcement is dated 1 March 2004.


TAJO BERHAD: Plan to Regularize Finances Remains Pending
--------------------------------------------------------
Tajo Berhad announced that there has been no changes to the
status of the Company's plan to regularize its financial
condition since its last announcement made on February 5, 2004
in relation to the approval granted by Securities Commission
(SC) on the revised conversion period of the redeemable
convertible unsecured loan stocks.  Any new developments on the
Company's plan to regularize its financial condition will be
announced in due course.

This announcement is dated 1 March 2004.


WOO HING: Auditor Completes Investigative Audit
-----------------------------------------------
Woo Hing Brothers (Malaya) Berhad (Special Administrators
Appointed) refer to its announcements dated January 9, 2003,
March 3, 2003, September 30, 2003, October 2, 2003 and December
31, 2003, in relation to its Kamdar proposals.

On behalf of the Special Administrators of Woo Hing Brothers
(Malaya) Berhad (WHB), Commerce International Merchant Bankers
Berhad announced that in compliance with one of the conditions
imposed by the Securities Commission (SC) for the Kamdar
Proposals, Messrs. BDO Binder, the investigative auditor
appointed by WHB, has completed its investigative audit work on
26 February 2004. Two (2) copies of the investigative audit
report dated 26 February 2004 have been submitted to the SC on
28 February 2004.

A summary of the audit findings set out in the investigative
audit report of Messrs. BDO Binder will be announced shortly.

Collectively referred to as the "Kamdar Proposals"

   (i) Proposed acquisitions;
  (ii) Proposed share swap;
(iii) Proposed restricted offer for sale;
  (iv) Proposed cash and securities transfers;
   (v) Proposed placement;
  (vi) Proposed put option;
(vii) Proposed transfer of listing status; and
(viii) Proposed transfer to main board

This announcement is dated 1 march 2004.


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


METRO PACIFIC: Strengthens Balance Sheet by Slashing Debt
---------------------------------------------------------
Metro Pacific Corporation said its 2003 balance sheet is back in
the black due to debt cuts and restructuring, Yehey Finance
reported on Tuesday.

The firm said its unaudited 2003 net income stood at PhP56.5
million, a turnaround from the PhP11.9 billion in losses it
incurred in 2002. "The improvement is attributed to the net
other income of PhP542 million mostly derived from nonrecurring
gains relating to the completion of various debt reduction and
restructuring exercises," the company said in a statement.

Metro Pacific said the divestment of its 50.4% majority stake in
Bonifacio Land Corp. in April and the subsequent sale of
additional shares in the firm helped prop up its balance sheet.
The firm explained that its 2002 profits were heavily weighed
down by PhP8.7 billion in noncash provision that reflected
expected losses from Bonifacio Land. Aside from this, an
additional PhP1.4 billion were also allotted as a carrying value
for Bonifacio Land's properties.

"We may be smaller now but are better focused and still possess
a stable of high-quality real estate assets such as urban
development property in the Bonifacio Global City and in the
resort areas at the south of Metro Manila," Metro Pacific
President and Chief Operating Officer Jose Ma. Lim said.

He said the assets would improve Metro Pacific's capitalization
and create new revenue streams.  Metro Pacific said as of end-
December, it successfully repaid and reached restructuring
agreements for some PhP12.1 billion in outstanding loans. The
amount represents 94% of the company's total debt, which was
pegged at PhP12.9 billion in December 2001.


NATIONAL BANK: To Improve Services Offered to Overseas Workers
--------------------------------------------------------------
Semiprivate Philippine National Bank (PNB) aims to reinforce
strength in remittances coming from Overseas Filipino workers
(OFWs) by providing efficient services and continue being a
major catalyst in the country's efforts to generate vital
foreign exchange resources, according to Business World, citing
PNB President Lorenzo V. Tan.

In 2003, PNB posted a 6% growth in total dollar inflows to $2.3
billion channeled through overseas offices, affiliates, partners
and correspondent banks from $2.17 billion in 2002.  As of end-
2003, PNB said total loans reached PhP60.918 billion, lower by
8% compared with the previous year's tally.

Collaborating with the Overseas Workers Welfare Administration
(OWWA) and leading telecommunication companies, PNB launched PNB
Tele-Ugnayan Rapid Connect sa Middle East project, which enables
OFWs in the area to keep in touch with their families back home
for free. This linked 3,500 families and OFWs during the Iraq
crisis last year.  Also, it introduced PNB Tele-Video, which
provides video teleconference facilities at overseas branches
and domestic branches.

The bank's market leadership is supported by a global network of
92 overseas offices and affiliates, a correspondence link with
684 banks globally, and a domestic network reaching 324
locations.  PNB established new offices in Filipino migrant
population centers, namely: Scarborough, Montreal and
Mississauga in Canada; Moreno Valley in California; Nagoya,
Japan; and Causeway Bay, in Hong Kong. It also relocated its
office in Singapore to a central location frequented by OFWs.

PNB is the country's fifth largest bank in terms of assets,
placed at PhP269.63 billion as of December last year.  It
returned to profit in 2003 with a net income of 168 million
pesos (US$2.96 million) after five straight years of losses,
TCR-Asia Pacific reported recently. PNB, jointly owned by the
government and tobacco and beer tycoon Lucio Tan, had a net loss
of 1.95 billion pesos in 2002.


NATIONAL STEEL: Lot Owners Demand Payment of Overdue Rental
-----------------------------------------------------------
The creditor banks of National Steel Corporation (NSC) seem to
have left out the private owners of the land being used by the
steel firm in Iligan City when it negotiated for the sale of the
company with Global Infrastructure Holdings Limited (GIHL),
reports the Manila Times.

Teofilo Cacho, son of Dona Demetria Cacho, who is the owner of a
3.4-hectare lot inside the NSC, is demanding Php220.8 million
from NSC representing the total rental dues since 1983. The lot
owned by the Cachos is where the NSC billet plant is located.

Lawyer Raymundo Francisco, council of Cacho said they have sent
NSC liquidator Danilo Concepcion a letter informing him of steel
plant's arrears and sent a second letter informing him of the
outstanding rental obligation of the NSC to his client so their
claim would be included in the negotiations with GIHL, however
their demands seem to have fallen on deaf ears.  When the
creditors led by Philippine National Bank started negotiating
with GIHL, Mr. Francisco said they did not immediately came into
the picture so as not to disrupt the talks.  He said they were
hoping that their interest would not be set-aside during the
negotiations for the sale of the plant. He said they even
managed to talk with Mr. Concepcion in January and were promised
that their interest will not be neglected.  However, Mr.
Francisco said they began to suspect that the creditor banks and
the government may have impressed on GIHL that the entire lot of
the NSC belongs to the company alone when their demand letters
were not answered.

Another claimant, Land Trade Realty, has reportedly won its
ejectment case against the NSC before a municipal court in
Iligan. However, the Court of Appeals has reportedly issued a
temporary restraining order on the execution of the Iligan
court's order.

Mr. Francisco said they are willing to negotiate the terms of
the payment for the rental dues that NSC owed them and they are
willing to sell the property at a price to be determined by an
independent group.


PHILIPPINE LONG: Seeking Additional Access Code
-----------------------------------------------
Philippine Long Distance Telephone Company (PLDT) is asking the
National Telecommunications Commission (NTC) for an additional
access code as it gears to offer other premium phone services in
partnership with content providers, Business World reports.

PLDT wants to add the access code 1-907 to its system, which
would cater to new and existing services to be offered at a
lower price. PLDT said the services would be different from
those using the 1-908 access code, as calls would be cheaper.

"This means subscribers can directly dial the service without
having to activate NDD or do PIN validation sequence, thus
making it more accessible to the public," PLDT told the NTC.

PLDT said, the third party or content provider could do
televoting and telephone surveys when it is given a number from
the 1-907 access code. They could also have voice messaging
system where voice messages could be left and accessed.

"This system is interactive and allows for a two-way feedback
mechanism between the content provider or third party and its
consumers," the telco said.

PLDT subscribers benefit from the premium phone services it
could offer via the 1-907 access code as they can immediately
have access to certain services and low nationwide rate that
does not have long-distance charge.

"The opening of the 1-907-x service will be supported with
communications materials to create awareness of the service,
through a joint effort between PLDT and the third-party or
content partner," the company said.

The NTC has assigned the access codes 1-900, 1-908 and 1-909 to
telcos and for each code 10 million premium phone services could
be offered.


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


AVO ELECTRIC: Releases Dividend Notice
--------------------------------------
Avo Electrical & Trading Co Pte Ltd. issued a notice of first
and final dividend:

Address of Registered Office: Formerly of 159B Kitchener Road
Singapore 208530.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 122 of 2000.

Amount Per Centum: 40.69%.

First and Final or otherwise: First & Final Dividend.

When Payable: 18th February 2004.

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

Dated: 27th February 2004.

TOH HWEE LIAN
Assistant Official Receiver.


B.K.B ENGINEERING: Creditors Meeting Set March 18
-------------------------------------------------
B.K.B. Engineering Constructions Pte Ltd (In Judicial
Management) announced that the first meeting of creditors will
be held at 10 Collyer Quay #06-05 Ocean Building Singapore
049315, Turquand Room, on the 18th day of March 2004, at 3 in
the afternoon.

To entitle you to vote thereat your proof must be lodged with me
no later than 5 P.M. on the 11th day of March 2004.

Dated this 1st day of March 2004.

SESHADRI RAJAGOPALAN
Judicial Manager.
Address of Judicial Manager: c/o Ernst & Young
10 Collyer Quay
#21-01 Ocean Building
Singapore 049315.


HORIZON EDUCATION: 2003 Net Loss Balloons to SG$15 Million
----------------------------------------------------------
Horizon Education and Technologies Limited posted a net loss of
S$15.49 million in the year to December 31, 2003, versus a net
loss of S$7.33 million a year earlier, according to Reuters.

Horizon Education and Technologies Limited provides online
business solutions, online learning services and online
education solutions to kindergartens, schools and university
degree courses.

The exceptional items comprised of provision for impairment of
goodwill, investment in associates, amount due from related
companies and other investments.

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

                                   2003    vs    2002

Operating profit/(loss)         (15.49)   vs   (7.33)
Exceptional items               (41.85)   vs  (12.88)
Pre-tax profit/(loss)           (59.40)   vs  (23.34)
Net profit/(loss)               (59.39)   vs  (22.87)
Group shr (cents)               (15.41)   vs   (9.07)
Turnover                         14.44    vs   24.21
Dividend (pct)                    nil     vs    nil


KHAMIS SHIPPING: Issues Dividend Notice
---------------------------------------
Khamis Shipping Pte Ltd. issued a notice of intended dividend:

Address of Registered Office: Formerly of 2 Battery Road #06-00
Malayan Chambers, Singapore 049907.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 54 of 1994.

Last Day for Receiving Proofs: 12th March 2004.

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

Dated: 27th February 2004.

CHAN WANG HO
Assistant Official Receiver.


PRESSCRETE PATTERN: Faces Winding up Petition
----------------------------------------------
Presscrete Pattern Paving (A) Pte Ltd (In Compulsory Winding Up)
issued a notice of first and final dividend:

Address of registered office: 200 Jalan Sultan, #09-07 Textile
Centre, Singapore 199018.

Court: High Court.

Number of matter: Winding Up Order No. 143 of 2002.

Amount per centum: 10%.

First and final or otherwise: First and Final.

When payable: 15th March 2004.

Where payable: Address at Registered Office.

Dated this 17th day of February 2004.

ANTHONY JOHN TWOHILL
Liquidator.

ANTHONY J. TWOHILL & CO
200 Jalan Sultan
#09-07 Textile Centre
Singapore 199018.
Tel: 6295 9609.
Fax: 6294 4160.


TECHSCIENCE SYSTEMS: Creditors Must Submit Claims by March 31
-------------------------------------------------------------
Techscience Systems & Distribution Pte. Ltd. (In Members'
Voluntary Liquidation), which is being wound up voluntarily, are
required on or before the March 31, 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 prove the said debts or claims at such time and
place as shall be specified in such notice or in default thereof
they will be excluded from the benefit of any distribution made
before such debts are proved.

Dated this 24th day of February 2004.

MR WEE LIH CHEEN
Liquidator.
c/o 6001 Beach Road
#12-01 Golden Mile Tower
Singapore 199589.


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


BANGKOK LAND: Extends Bond Buyback Deadline
-------------------------------------------
Bangkok Land Public Company Limited (Bland) said its board of
directors had agreed on Friday to extend the deadline from
February 28 to March 31 for buying back remaining bonds issued
by its subsidiary, Bangkok Land (Cayman Islands).

On Monday, Bland notified the Stock Exchange of Thailand that it
had already completed the buyback of bonds worth 131.05 million
baht from bondholders by issuing 16.38 million shares at a par
value of two baht apiece. Bland will record a total profit of
122 million baht (including interest of 24 million baht) by the
month end as a result of the transaction.

The company has settled a price for the buyback with
bondholders, including Pescrow Agents and Standard Chartered
Bank. This is part of an overall restructuring arrangement being
offered by Bland.

Seamico Securities Plc and Guy Butler in London have been
appointed to co-ordinate with the bondholders in respect of the
buyback of the remaining bonds.  Bland is one of the leading
property developers in Thailand.


DATAMAT PCL: 2003 Net Profit up 178%
------------------------------------
Datamat Public Company Limited posted a net profit of THB77.31
million in 2003. Comparing to the operational performance during
the year 2002, the Company has increased the profit by 178%,
causing a positive equity of THB21.42, which was shown as
capital deficiency of THB457.66 million, due to these factors:

(1) During 2003, the Company and its subsidiaries revenues have
increased THB503.04 million or 80 percent of 2002, due to:

(1.1) Strong increase in sales of products and services to large
projects;

(1.2) The Company's subsidiary in Malaysia, in telecommunication
infrastructure planning and installation business, has had sales
of THB654.92 million.  The shares of this subsidiary company
have been traded in MESDAQ of Malaysia since January 2, 2004:

(1.3) In 2002, the Company had the income from reversal of
allowance for doubtful accounts of THB27.04 million.  Meanwhile,
in 2003, such revenue is only THB6.28 million:

(1.4) In 2002, the Company's subsidiaries had the income from
debt forgiveness from related companies of THB17.94 million.
Meanwhile, in 2003, the Company has lost THB5.61 million from
debt forgiveness to related companies, which were resolved under
the conditions of the debt restructuring agreement.

(2) The Company had repaid debts to 4 financial institutions at
60% of the principal outstanding balance.  Therefore, the
Company had saved up to THB114.98 million of principal and
THB66.93 million of accrued interests.

(3) The Company's cost of sales and administration are mainly
from:

(3.1) In 2003, there are provisions for damaged and obsolete
goods of THB22.59 million, while there was none in 2002;

(3.2) In 2003, there is a record of Goodwill from investments in
the Company's subsidiaries as expenses of approximately THB12.16
million, while there was only THB3.19 million in 2002;

(3.3) There is an increase of selling expenses due to the
adjustment of inventories, parts and accessories by selling of
obsolete goods of THB6.75 million.

Otherwise, operations of the Company and its subsidiaries have
shown strong improvements and growth of revenues and profits as
planned.

Sincerely Yours,
Kusol Sangkananta
Director and Secretary of the Board


DATAMAT PCL: SET Lifts Trading Halt
-----------------------------------
The Stock Exchange of Thailand lifts H and posts NR sign against
Datamat Public Company Limited (DTM) securities from the second
session trading of 2 March 2004 after submission of DTM's
financial statements.

Previously, the SET has posted "H" (Trading Halt) and  "NP"
(Notice Pending) signs on the securities of DTM effective from
the first trading session of 2 March 2004 because the company
has disseminate its financial statements for the period ending
31 December 2003 without any signature of its auditors. The SET
requests DTM to submit the complete financial statements
according to the SET's rules.

However, the SET would like the investors to scrutinize the
auditor's opinion, balance sheet, profit and loss and notes of
the financial statements before making investment decision.


THAI PETROCHEMICAL: Trading Temporarily Suspended
-------------------------------------------------
The listed companies have submitted to the Stock Exchange of
Thailand (SET) their audited financial statements for the period
ending December 31, 2003.

(1) THAI DURABLE GROUP PUBLIC COMPANY LIMITED (TDT)
(2) THAI PETROCHEMICAL INDUSTRY PUBLIC COMPANY LIMITED (TPI)

Since their auditors issued a Disclaimer of Opinion on their
financial statements, it can be considered that the numbers,
which represent the companies financial status and operating
outcome as presented in their financial statements, failed to
adequately and/or properly reflect the actual position of the
Companies. Due to these discrepancies, the Securities and
Exchange Commission (SEC) is considering requiring that the
Companies amend their financial statements on the issues raised
by their auditor.

Therefore, the SET has posted an SP (Suspension) sign to suspend
trading on the securities of the above companies on March 2,
2004.


                            *********


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 ***