TCRAP_Public/040318.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, March 18, 2004, Vol. 7, No. 55

                            Headlines

A U S T R A L I A

AMP LIMITED: Opens Income Securities Buy Back
ARISTOCRAT LEISURE: Shareholders Furious Over Director's Benefit
NATIONAL AUSTRALIA: Defends New Board Position
QANTAS AIRWAYS: Unit to Focus on Holiday Travelers
WOODSIDE PETROLEUM: Rises to Highest Point in Three Years


C H I N A  & H O N G K O N G

IGLOO S.E.: Faces Winding up Petition Before H.K. High Court
J.S.P. PACIFIC: Tinchant N.V. Initiates Winding Up Petition
MANNIC ENTERPRISES: Winding Up Hearing Set April 21
NGUY CAN: Schedules Winding Up Hearing April 7
ONRICH INVESTMENT: Ng Wai Initiates Winding Up Petition

POINT GOLD: Winding up Petition Slated for April 21
STEREO LIMITED: Winding Up Hearing Set May 5
WANG FAI: Faces Winding Up Petition
WESTRIX ENTERPRISES: Faces Winding Up Petition
WONSON METALS: Winding up Hearing Slated for April 7

VINCHER SILK: Winding up Hearing Set April 14


I N D O N E S I A

BANK DANAMON: S&P Assigns B- Rating For Sub Debt
BANK MANDIRI: Denies Plan To Issue Rights


J A P A N

ALL NIPPON: Enters Deal with Suruga Bank
ISHIKAWAJIMA-HARIMA: Expects Net Loss for Fiscal Year 2003
NIPPON SHEET: Trims Debt by US$230.2M by End of March
ISHIKAWA LEASE: General Lease Firm Enters Bankruptcy
NEC CORPORATION: Unveils New Management Structure


K O R E A

DAEWOO ENGINEERING: Wins $1.2B Iran Order
DAEWOO INTERNATIONAL: Sells Stake in Chinese Machinery Co.
JINRO LTD: Sale of Korea's Jinro Picks Up Speed
SK CORP.: Remains on CreditWatch Negative After AGM, Says S&P
SSANGYONG MOTOR: Banks Seek New Offer


M A L A Y S I A

ANCOM BERHAD: Disposes of Subsidiaries
BESCORP: Appoints Special Administrators for Unit
LEADER UNIVERSAL: Deregisters Dormant Subsidiary
LEBAR DAUN: Shares Continue to Slide
LONG HUAT GROUP: Receives Report Submission Extension

NYLEX: Time Extended for Fulfillment of Conditions
OMEGA HOLDINGS: Proposes Share Exchange
POS MALAYSIA: Listing Converted Shares
POS MALAYSIA: Amends Share Listing
PROTON: Khazanah Takes More Shares

PROTON: Gets 100,000 Orders for New Model


P H I L I P P I N E S

BENPRES HOLDINGS: Clarifies Units' Debt-Equity Swap Deal
MUSIC SEMICONDUCTOR: Unveils Board of Directors Meeting
UNIWIDE GROUP: Hong Kong Investors to Operate Coastal Mall


S I N G A P O R E

EVER-ORIENTAL: Issues Preferential Dividend Notice
HOCK BEE: Issues Dividend Notice
ITALIAN FASHION: Final Meeting Set April 8
K. YAMABUTA HOLDINGS: Issues Winding Up Notice
TAI HOCK: Issues Winding Up Order Notice

TMSA TRADING: Creditors Must Submit Claims by April 5


T H A I L A N D

RAIMON LAND: Releases Exercise of Warrants Procedure
TPI POLENE: Clears THB19B Accumulated Losses by the End of Q2

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Opens Income Securities Buy Back
---------------------------------------------
Financial services and insurance group AMP Limited said it has
reached agreement with the trustee for the group's Income
Securities to amend the terms of the securities, The Sydney
Morning Herald reports.  The amendment makes interest payments
cumulative and compounding from July 1,2004.

AMP said this would mean the interest on the securities remains
tax deductible, following tax changes that become effective on
that date.  The company said it has written to AMP Income
Securities holders, offering to buy back their holdings at A$98
plus accrued interest per security.

On February, AMP announced that it planned to buy back as much
of its $A1.24 billion in outstanding Income Securities as
possible.

The offer price of A$98 plus accrued interest represents a
premium to the securities closing price of $94.10 on the
Australian Stock Exchange the day before the buy back
announcement, it said.

AMP Chairman Peter Willcox also said he would be accepting the
offer for his holding.  "I am the only director of AMP holding
income securities and I plan to accept the offer for my complete
holding of 2,500 securities," he said.

AMP Chief Executive Officer Andrew Mohl noted AMP had already
purchased around $100 million worth of the Income Securities
from the two largest holders, who had agreed to withdraw legal
action.

The company is repurchasing the securities for they are
expensive relative to other forms of debt.  AMP Limited has too
much hybrid debt equity in overall capital resources.  Mr. Mohl
said they are hopeful of achieving a good response from the
company's securities holders.

The offer closes on Monday, April 19.

Contact:  AMP Limited
          33 Alfred St.
          Sydney, 2000, Australia
          Telephone: +61-2-9257-5000
          Fax: +61-2-9257-7886
          Website: http://www.ampgroup.com


ARISTOCRAT LEISURE: Shareholders Furious Over Director's Benefit
----------------------------------------------------------------
Aristocrat Leisure director John Ducker said that he will
collect a controversial $560,000 retirement payment whether he
is voted off the board by shareholders or not, according to The
Courier-Mail.

Mr. Ducker signed a deed with Aristocrat that he would
automatically receive a retirement allowance if he were voted of
the board, according to the Australian Shareholders Association
(ASA), which is campaigning for his removal.

On Tuesday night, Aristocrat said it had written to shareholders
clarifying Mr. Ducker's retirement entitlements after what it
termed misinformation in the market.

It is understood that the letter explains that all directors
before May 2003 were offered a service agreement, which outlines
terms and conditions of appointment. Within these terms was a
clause that entitled directors to a retirement allowance if
their services were terminated before a five-year term.

Mr. Ducker resigned from the chairmanship last year and told
shareholders at the 2003 annual meeting he would be leaving.
But it is understood that he has no intention of going and is to
be listed on the notice paper for the company's 2004 annual
meeting on May 14.

Under the company's retirement scheme Mr. Ducker would not be
eligible for his retirement benefit if he left the board before
July, which marks five years as an Aristocrat director.

The ASA had asked shareholders to vote against Mr. Ducker's re-
election at the meeting, because it was thought he would not be
entitled to the retirement allowance if he were removed before
the deadline. However, on Tuesday it was revealed he would get
the payout, whether he stays or goes.

ASA Deputy Chairman Stephen Matthews said the provision was to
our knowledge, unprecedented and raised concerns as to why it
was not disclosed in corporate governance statements in the last
two annual reports.

"This bizarre situation means that a director who loses the
confidence of shareholders and is not re-elected at an AGM can
walk away with a retirement benefit even if that director has
not served a minimum qualifying period", Mr. Matthews said.

Recently appointed directors Penny Morris and former Tabcorp
finance director David Simpson are not eligible for retirement
benefits.

Aristocrat shares firmed 1c to $2.94.

Contact:  Aristocrat Leisure Limited
          71 Longueville Rd. Lane Cove,
          New South Wales 2066, Australia
          Telephone: +61-2-9413-6300
          Fax: +61-2-9420-1352
          Website: http://www.aristocrat.com.au


NATIONAL AUSTRALIA: Defends New Board Position
----------------------------------------------
National Australia Bank (NAB) defends on Wednesday its decision
to appoint a senior independent director to its board amid
criticism that the role is largely meaningless or might diminish
the responsibilities of new chairman Graham Kraehe, The Age
reports.

There is no legal requirement in Australia for the role, which
is being taken on by former Howard Smith chief executive and
current NAB board member Ken Moss. However, it is based on a
concept outlined last year in Britain's corporate governance
reforms spearheaded by Sir Derek Higgs.

Though Dr. Moss will fill in for the chairman where necessary,
the role entails no extra legal responsibilities and Dr. Moss is
not expected to earn nor seek any extra director's fee.

Even if Mr. Kraehe has described the role of a senior
independent director as similar to that of a deputy chairman,
the title would not be used for it would imply succession plan,
a NAB spokesman said.

The spokesman said the bank did not see the role as removing or
usurping the role of the chairman or implying that other
directors were not independent, and the company's main
interaction with investors would still be via the chief
executive and chairman.

"It represents a further access point for shareholders if they
have an issue that they think the chairman and chief executive
has not addressed. So it is a safety mechanism," he said.

"Given that we have operations offshore as well perhaps there is
more focus on some of these issues than in other companies."

At least initially, Dr. Moss is likely to meet with
institutional investors, but in practice his role will be
largely unchanged unless there are further problems.

The role is largely a response to concern that over time a
company chairman can become too close to management and work
more closely with management than with other directors.

It represents a further access point for shareholders.

The position will also provide a channel for other directors to
raise concerns about the operation of the board if they are not
comfortable raising it with the chairman.

The Australian Shareholders Association's Dennis Shore said:
"Anything that helps the board open a line of communication with
its shareholders is to be encouraged."

NAB shares rose 6 to $31.71 but lagged behind rises in other
banks' shares.

Contact:  National Australia Bank Limited
          Fl.24, 500 Bourke St.
          Melbourne, 3000, Australia
          Telephone Number: +61-3-8641-4200
          Fax Number: +61-3-8641-4927
          Website: http://www.national.com.au/


QANTAS AIRWAYS: Unit to Focus on Holiday Travelers
--------------------------------------------------
Chief Executive Officer for Qantas Airways Limited, Geoff Dixon,
says Jetstar, the low-cost domestic carrier which the company
would start in May would focus on attracting holiday travelers
to Queensland's Gold Coast and Cairns and won't erode sales at
its parent, Australia's biggest airline, Bloomberg reports.

"Our aim is to grow Qantas' main domestic operations", Mr. Dixon
said in an interview February 19, after announcing first-half
earnings. "If most of the growth is at the bottom of the market
I'm quite sure that Jetstar will grow, but it isn't going to
grow at the expense of the main line of Qantas".

Qantas records on the first-half, A$358 million profit in six
months ended December 31, after posting an A$9 million loss in
the previous half.

Mr. Dixon added that, he's learned from their mistakes and will
ensure that Jetstar is a true low-cost airline, rather than one
that just offers low fares. Australia differs from the U.S. and
Europe, too, in that Qantas has only one significant competitor,
Virgin Blue Holdings Limited, he said.

Budget flights from Sydney to Melbourne, the busiest route in
Australia, will land at Avalon airport, about 55 kilometers (35
miles) from the center of Australia's second-largest city. That
may dissuade business travelers from using the no-frills
service.

Mr. Dixon's pledge not to damage Qantas profits has helped win
union support for Jetstar.  Qantas said, the first half usually
accounts for 60 percent of full-year profit, suggesting the
airline will earn a record A$596 million this year.

Mr. Dixon said he's seeking to cut costs by A$500 million this
year and a further A$1 billion in the next two years.

Since he was appointed to the top job in March 2001, Qantas
shares have gained 10 percent. The stock is the sixth-best
performer in the 31-member Bloomberg World Airline Index in U.S.
dollar terms during that period.

Mr. Dixon became Qantas' deputy chief executive in November
1998, after joining the company as executive general manager of
commercial operations in February 1994. He was director of
marketing, industry sales and corporate affairs at Australian
Airlines Ltd. between 1987 and 1990. Qantas acquired Australian,
a domestic carrier, in 1992.

Qantas shares rose 4 cents, or 1.2 percent, to A$3.51 at the
4:00 p.m. close of trade in Sydney.

Contact:  Qantas Airways Limited
          Qantas Centre, Level 9, Bldg. A, 203 Coward St.
          Mascot, New South Wales 2020, Australia
          Telephone: +61-2-9691-3636
          Fax: +61-2-9691-3339
          Website: http://www.qantas.com.au


WOODSIDE PETROLEUM: Rises to Highest Point in Three Years
---------------------------------------------------------
Woodside Petroleum added 25c to $15.90, its highest point since
June 2001, and led oil stocks higher on Tuesday, The Advertiser
reports.

Shaw Stockbroking head of resources research John Colnan said
the oil price would be closer to the top end of the OPEC range
at $US40 a barrel in the next 12-24 months.

"As such, we would expect the market to continually upgrade
their oil price assumptions on valuing oil stocks, hence a good
outlook for the sector," Mr. Colnan said.

Contact:  Woodside Petroleum Limited
          No. 1 Adelaide Terrace
          Perth, 6000, Australia
          Telephone: +61-8-9348-4444
          Fax: +61-8-9348-4142
          Website: http://www.woodside.com.au


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


IGLOO S.E.: Faces Winding up Petition Before H.K. High Court
------------------------------------------------------------
The petition to wind up Igloo S.E. Asia (Distributor) Limited is
set for hearing before the High Court of Hong Kong on April 14,
2004 at 10 o'clock in the morning.

The Bank of China (Hong Kong) Limited of 14th Floor, Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong, filed the
petition on February 16, 2004.

The Petitioners' solicitors are Ford, Kwan & Company of Rooms
1202-1206, 12th Floor Wheelock House, No. 20 Pedder Street Hong
Kong. Any person who intends to appear at the hearing of the
petition must serve or send by post to Solicitors Ford, Kwan &
Company a notice in writing not later than six o'clock in the
afternoon of the 13th day of April 2004 (the day before the
petition hearing).


J.S.P. PACIFIC: Tinchant N.V. Initiates Winding Up Petition
-----------------------------------------------------------
The petition to wind up J.S.P. Pacific Limited is set for
hearing before the High Court of Hong Kong on April 7, 2004 at
10 o'clock in the morning.

Tinchant N.V., (formerly called Guy Tinchant N.V.) of
Kintchseseenweg 38, B-2630, Aaretselaar, Belgium, filed the
petition on February 9, 2004.

The Petitioners' solicitors are Stephenson Harwood & Lo of 18th
Floor, Edinburgh Tower, The Landmark, Central Hong Kong. Any
person who intends to appear at the hearing of the petition must
serve or send by post to Solicitors Stephenson Harwood & Lo a
notice in writing not later than six o'clock in the afternoon of
the 6th day of April 2004 (the day before the petition hearing).


MANNIC ENTERPRISES: Winding Up Hearing Set April 21
---------------------------------------------------
The petition to wind up Mannic Enterprises Limited is set for
hearing before the High Court of Hong Kong on April 21, 2004 at
10 o'clock in the morning.

The Bank of China (Hong Kong) Limited of 14th Floor, Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong, filed the
petition on February 24, 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 20th day of April 2004 (the day before the petition
hearing).


NGUY CAN: Schedules Winding Up Hearing April 7
----------------------------------------------
The petition to wind up Nguy Can & Fils (China) Company Limited
is set for hearing before the High Court of Hong Kong on April
7, 2004 at 10 o'clock in the morning.

Au Hung Lit of 1st Floor, 90E, Pak She New Village, Cheung Chau,
Hong Kong, filed the petition on February 9, 2004.

The Petitioners' solicitors are To, Lam & Co. of Rooms Units
1503B-04, Wing On House, 71 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 To, Lam & Co. a notice
in writing not later than six o'clock in the afternoon of the
6th day of April 2004 (the day before the petition hearing).


ONRICH INVESTMENT: Ng Wai Initiates Winding Up Petition
-------------------------------------------------------
The petition to wind up Onrich Investment Limited is set for
hearing before the High Court of Hong Kong on April 7, 2004 at
9:30 in the morning.

Ng Wai Ha of Room 3113, 31/F., Block G, Kam Mei House, Kam Fung
Court, Ma On Shan, New Territories, Hong Kong, filed the
petition on February 4, 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 6th day of April 2004 (the day before the petition hearing).


POINT GOLD: Winding up Petition Slated for April 21
---------------------------------------------------
The petition to wind up Point Gold Limited is set for hearing
before the High Court of Hong Kong on April 21, 2004 at 10
o'clock in the morning.

The Bank of China (Hong Kong) Limited of 14th Floor, Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong, filed the
petition on February 18, 2004.

The Petitioners' solicitors are Anthony Chiang & Partners of
3903 Tower 2, Lippo Centre 89 Queensway, Central Hong Kong. Any
person who intends to appear at the hearing of the petition must
serve or send by post to Solicitors Anthony Chiang & Partners a
notice in writing not later than six o'clock in the afternoon of
the 20th day of April 2004 (the day before the petition
hearing).


STEREO LIMITED: Winding Up Hearing Set May 5
--------------------------------------------
The petition to wind up Stereo Limited is set for hearing before
the High Court of Hong Kong on May 5, 2004 at 9:30 in the
morning.

Canon Hongkong Company Limited of 19th Floor, The Metropolis
Tower, 10 Metropolis Drive, Hungom, Kowloon, Hong Kong, filed
the petition on March 5, 2004.

The Petitioners' solicitors are Barlow Lyde & Gilbert of 24th
Floor, Nine Queen's Road, Central Hong Kong. Any person who
intends to appear at the hearing of the petition must serve or
send by post to Solicitors Barlow Lyde & Gilbert a notice in
writing not later than six o'clock in the afternoon of the 4th
day of May 2004 (the day before the petition hearing).


WANG FAI: Faces Winding Up Petition
-----------------------------------
The petition to wind up Wang Fai Buton Industrial Company
Limited is set for hearing before the High Court of Hong Kong on
April 14, 2004 at 10 o'clock in the morning.

The Bank of China (Hong Kong) Limited of 14th Floor, Bank of
China Tower, No. 1 GardenRoad, Central, Hong Kong, filed the
petition on February 16, 2004.

The Petitioners' solicitors are Ford, Kwan & Company of Rooms
1202-1206, 12th Floor Wheelock House, No. 20 Pedder Street Hong
Kong. Any person who intends to appear at the hearing of the
petition must serve or send by post to Solicitors Ford, Kwan &
Company a notice in writing not later than six o'clock in the
afternoon of the 13th day of April 2004 (the day before the
petition hearing).


WESTRIX ENTERPRISES: Faces Winding Up Petition
----------------------------------------------
The petition to wind up Westric Enterprises Limited is set for
hearing before the High Court of Hong Kong on April 28, 2004 at
10 o'clock in the morning.

The Bank of China (Hong Kong) Limited of 14th Floor, Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong, filed the
petition on March 2, 2004.

The Petitioners' solicitors are Chow, Griffiths & Chan of Rooms
1902-4, 19th Floor Hang Seng Building, 77 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 Chow,
Griffiths & Chan a notice in writing not later than six o'clock
in the afternoon of the 27th day of April 2004 (the day before
the petition hearing).


WONSON METALS: Winding up Hearing Slated for April 7
----------------------------------------------------
The petition to wind up Wonson Metals and Minerals Limited is
set for hearing before the High Court of Hong Kong on April 7,
2004 at 10 o'clock in the morning.

Nanyang Commercial Bank Limited of 151 Dex Voeux Road Central,
Hong Kong, filed the petition on February 9, 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 6th day of April 2004 (the day before the petition hearing).


VINCHER SILK: Winding up Hearing Set April 14
---------------------------------------------
The petition to wind up Vincher Silk Trading Limited is set for
hearing before the High Court of Hong Kong on April 14, 2004 at
s9:30 in the morning.

The Bank of China (Hong Kong) Limited of 14th Floor, Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong, filed the
petition on February 12, 2004.

The Petitioners' solicitors are Arthur K.H. Chan & Co. of Unit
C1, 15th Floor, United Centre 95 Queensway Hong Kong. Any person
who intends to appear at the hearing of the petition must serve
or send by post to Solicitors Arthur K.H. Chan & Co. a notice in
writing not later than six o'clock in the afternoon of the 13th
day of April 2004 (the day before the petition hearing).


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


BANK DANAMON: S&P Assigns B- Rating For Sub Debt
------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' rating on
Tuesday to the proposed US$300 million subordinated notes issue
by Indonesia's PT Bank Danamon Indonesia Tbk. (foreign currency
B/Stable/B; local currency B+/Stable/B) due 2014, with a call
option in 2009.

The rating is based on the issue's subordinate ranking to all
future senior unsecured debt of Bank Danamon and will at all
times rank pari passu and without any preference among
themselves, but in priority to the rights and claims of holders
of all classes of the bank's equity securities, including
holders of preference shares, if any.

The Republic of Indonesia under the Government Guarantee Program
does not guarantee the notes, like the bank's other subordinated
indebtedness. The issuer has a call option to redeem the notes
in whole, but not in part, in 2009.

The proposed US$300 million subordinated debt note will qualify
as Tier-2 capital under Bank Indonesia's existing capital
adequacy regulations.

Any material change to the terms and conditions of the proposed
subordinated note issue could affect the rating on the issue.
Standard & Poor's credit ratings are not recommendations to
purchase, hold, or sell any particular security. In addition, a
rating does not comment on the suitability of an investment for
a particular investor.


BANK MANDIRI: Denies Plan To Issue Rights
-----------------------------------------
PT Bank Mandiri (BMRI.JK), Indonesia's largest bank in terms of
assets, denied Monday that it has plans to issue rights, Dow
Jones reports.

The bank said its capital adequacy ratio as of December 31 was
at 27 percent, well above Bank Indonesia's requirement of 8
percent.

"In light of the bank's strong capital position, no rights issue
is being contemplated," the bank said in a statement, quoted by
Dow Jones.

Last week, a Bank Mandiri official said the bank was planning to
issue rights or new shares to help finance its expansion plans
that include the acquisition of finance companies or banks.

The government currently owns a 70 percent stake in the bank


=========
J A P A N
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ALL NIPPON: Enters Deal with Suruga Bank
----------------------------------------
All Nippon Airways Company (ANA) and Suruga Bank will create a
new program that will allow housing-loan borrowers at the
regional bank in Shizuoka Prefecture to receive frequent flier
points from ANA, Kyodo News International reports.

The program is the first of its kind in Japan and will offer
frequent flier mileage commensurate with the outstanding loan
every year for 10 years.

A borrower of 50 million yen, for example, will receive 25,000
miles for the first year. This is enough to use in exchange for
an economy-class round-trip ticket to destinations like Guam and
china, the companies said.

They said the service is aimed at attracting new customers and
will be attached to a credit acrd ANA and Suruga will issue
combining three functions- cash card, mileage card and digital
money.

Applications for the card will be accepted starting early may at
an online site called "Suruga Bank ANA Branch."

Both companies aim to issue 100,000 cards before the year ends.


ISHIKAWAJIMA-HARIMA: Expects Net Loss for Fiscal Year 2003
----------------------------------------------------------
The Japan Times reports that Ishikawajima-Harima Heavy
Industries Company on Monday (15 March) revised its group
earnings projections downward for fiscal year 2003.

The shipbuilder and heavy machinery maker has forecast a group
net loss of 39 billion yen and will forego yearend dividend
payments.

The company accords this loss to a slump in the energy and plant
engineering business; and deteriorating profitability in the
shipbuilding and offshore structure businesses.

It also cited increased reserves for possible losses on work for
which the company has received orders due to a change in the way
it books loss reserves.

IHI had initially expected to break even on a net basis.


NIPPON SHEET: Trims Debt by US$230.2M by End of March
-----------------------------------------------------
Asia Pulse reports that Nippon Sheet Glass Company intends to
reduce its interest-bearing liabilities by 25 billion yen
(US$230.2 million) to 135 billion yen at the end of this fiscal
year.


Its debts peaked at 186 billion yen in the year ended March 2000
after the number of overseas-consolidated subsidiaries grew.

But the firm sold a number of businesses and used the proceeds
to repay borrowings this fiscal year.


ISHIKAWA LEASE: General Lease Firm Enters Bankruptcy
----------------------------------------------------
Ishikawa Lease K.K. has been declared bankrupt, according to
Teikoku Databank America. The general leasing firm, which is
located at Kanazawa-shi, Ishikawa 920-0912, Japan, has total
liabilities of US$30.83 million.


NEC CORPORATION: Unveils New Management Structure
-------------------------------------------------
NEC Corporation announced Tuesday the reorganization of its
structure effective April 1, 2004.

As of April 1, 2003 NEC shifted from an in-house company system
to a flat management structure characterized by business lines,
undertaking "open and flat management." As a result of NEC's
efforts over the year, the initially set goals to 'secure stable
profit' and 'improve the financial structure' are near
accomplishment, and NEC has laid out a 'mid-term growth
strategy' centered on IT/network integration, under which steady
business operation is being carried out toward new growth
creation.

Along with the strengthening of the management structure, NEC
intends to enhance its market responsiveness in order to respond
better to a harshly competitive business environment where
customers' needs are changing continuously. In particular, NEC
will strengthen its organization structure to enhance the
delivery of various solutions leveraged on its competence in the
networking area. NEC believes that this will boost the
implementation of its growth strategy in the next fiscal year,
and ultimately lead to further improvement of its profitability.

(I) New Organization Outline

1. Improving Market Response to the IT/Network Market

In order to improve market responsiveness under the flat
management organization structure, the 9 current 'business
lines' will be reorganized, and renamed, to 11 'business units.'

1.Establishment of a New 'Broadband Solutions Business Unit'

Currently, the broadband environment is developing at a rapid
speed in Japan. Amidst this environment, NEC will apply its
strength in the Systems Integration (SI) business and realize
its growth strategy by actively pursuing and achieving new
business opportunities in broadband office solutions, e-
government solutions, and network outsourcing solutions. In
addition, NEC will consolidate divisions engaged in activities
associated with broadband solutions to form the new 'Broadband
Solutions Business Unit.'

2. Establishment of a New 'Systems Services Business Unit,' and
a 'Mission Critical Systems Business Unit'

NEC, in order to enhance integration of its know-how in the IT
and network areas, will promote on a company-wide basis the
integration of a systems development map, as well as effective
application of system development resources, and sharing of
development process know-how. In addition, in order to further
strengthen its competence to build and operate mission critical
systems including networking infrastructure and systems, it will
consolidate and reorganize relating divisions to establish two
new business units; the 'Systems Services Business Unit,' and
the 'Mission Critical Systems Business Unit.'

3. Establishment of a New 'Network Platform Business Unit'

In order to further strengthen NEC's competence in the network
platforms area, NEC will establish a new 'Network Platform
Business Unit,' and promote its next-generation network
technology development. The new business unit will pursue close
collaboration with the Computers Platform Business Unit to
accelerate development of products that maximize NEC's strength
in both IT and networks.

2. Strengthening of the Company-Wide Marketing Function

In order to realize NEC's mid-term strategy, NEC will explore
new growth opportunities from the company-wide standpoint
without staying attached to traditional business models. A new
'Marketing Unit' will be established to plan and promote
marketing measures for the entire company, including external
alliance opportunities, in order to exploit and tap into the
market.

The 'Marketing Unit,' will consist of a Marketing Planning
Division, a Solutions Marketing Operations Unit, and an
Advertising Division, and will enhance the company-wide
marketing function.

Simultaneously, a 'Marketing Strategy Committee' will be
established. The committee chaired by President Akinobu Kanasugi
will promote business development, exploitation of new markets
that closely tie in with NEC's growth strategy, and the
development of IT/network solutions that embrace customer,
market, and competitor and technology trends.

3. Measures for Cross-Company Issues & Strengthening of
Collaboration between Business Units

'Company-Wide Committees,' headed directly by President Akinobu
Kanasugi, will be established in order to deliberate on issues
of significant importance that apply cross-company. In order to
realize NEC's growth strategy by strengthening business
execution capability towards enhanced performance, it is vital
to enhance collaboration among business units to resolve and
promote cross-company issues. Consequently, a committee will be
established for each of the following themes; marketing
strategy, technology innovation, process transformation,
software business strategy, global business development, and so
on. The Company-Wide Committees will be positioned as part of
the management innovation activities, and through cross-
functional activities will strengthen business performance to
ensure surpassing of competitors.

In relation to this, new divisions will be established to take
responsibility for promoting measures dealing with the above
cross-company issues.

1. Establishment of a new 'Process Transformation Unit'

Extending on the current production innovation and cost
reduction activities, NEC intends to further strengthen its
business execution capability toward enhanced performance. From
this standpoint, NEC will newly establish a Process
Transformation Unit, which will promote innovation, including
transformation of process as required, and efficiency within the
overall business process, including development of
products/solutions. This unit will be positioned at the
operations unit level within the organization. The following
divisions will be positioned under this unit; Corporate IT
Division, Information Systems Division, Product Development
Innovation Division, Production & SCM Innovation Division, and
Business Process Innovation Division.

2. Establishment of a new 'Software Business Planning Office'

A 'Software Business Planning Office' will be newly established
in order to plan and promote measures to enhance NEC Group-wide
development capabilities and structure, as well as strengthening
of business in the software area, which is one of NEC's areas of
competence. NEC expects that the new structure will enhance the
application of its know-how and resources in the software area,
to better correspond to the increasing market needs for embedded
software as well as software development capabilities required
in the networking and semiconductor areas.

About NEC Corporation

NEC Corporation is one of the world's leading providers of
Internet, broadband network and enterprise business solutions
dedicated to meeting the specialized needs of its diverse and
global base of customers. Ranked as one of the world's top
patent-producing companies, NEC delivers tailored solutions in
the key fields of computer, networking and electron devices, by
integrating its technical strengths in IT and Networks, and by
providing advanced semiconductor solutions through NEC
Electronics Corporation. The NEC Group employs more than 140,000
people worldwide and had net sales of approximately $40 billion
in the fiscal year ended March 2003.

Contact:
Diane Foley
NEC Corporation
E-mail: d-foley@ax.jp.nec.com
+81-3-3798-6511


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


DAEWOO ENGINEERING: Wins $1.2B Iran Order
-----------------------------------------
South Korea's Daewoo Engineering and Construction Company said
on Tuesday (March 16) that it, along with Japanese engineering
firm JGC Corporation and other consortium partners, had won a
$1.2 billion worth gas plant order from Iran, Reuters reports.

Daewoo declared in a statement that its portion of the order
consists of building an offshore facility to refine, store and
export natural gas and is worth about $400 million.

It did not give a breakdown for the other consortium members.


DAEWOO INTERNATIONAL: Sells Stake in Chinese Machinery Co.
----------------------------------------------------------
Daewoo International Corporation said on 16 March, Tuesday that
it will sell to a former sister company, Daewoo Heavy Industries
and Machinery Ltd, its $10 million stake in Chinese machinery
makers, The Korea Herald reports.

Lee Tae-yong, President and CEO of Daewoo International said in
a statement, "The deal illustrates the company's efforts to
improve financial structure from selling off stakes which are
not directly related to its core business. The proceeds will
generate positive influence to our cash flow."

For the deal, Daewoo International's Chinese operation sold its
70 percent stake of Daewoo (Liaoning) Machinery Co., Ltd. and
its 20 percent stake in Daewoo Heavy Industries Yantai Co.,
Ltd., to make the latter Daewoo Heavy's wholly-owned firm.

"The acquisition of the Chinese stake from Daewoo China will
benefit Daewoo Heavy, as about 15 percent of its annual revenue
generates from exports to China, especially from its business at
Daewoo Heavy Industries Yantai Co.," said Nam Kwon-oh, an
analyst at Goodmorning Shinhan Securities Co.

"I think Daewoo Heavy will more easily take advantage of the
growing Chinese construction market from the purchases," said
Nam.

Daewoo Heavy makes machinery and various military vehicles,
guns,and missile systems. It is up for sale as the state-run
Korea Asset Management Corp. wants to recoup government money
used to bail out the company after the 1997 Asian financial
crisis.

Shares in Daewoo International were trading 1.01 percent higher
at 10,300 won at 12:30 p.m., while Daewoo Heavy rose 0.96
percent to 10,550 won.


JINRO LTD: Sale of Korea's Jinro Picks Up Speed
-----------------------------------------------
Industry sources said on Tuesday, 16 March, that the sale of
Jinro Ltd, South Korea's largest soju producer is gathering
momentum after its largest creditor withdrew its plan to take
over the distiller.

Jinro Company, distiller of Korean traditional liquor soju is
under court receivership and will likely be put up for sale to
third-party investors after Taihan Electric wire backtracked on
its plan to directly take over the company  at a price of 1.3
trillion won (US$1 billion).

In January, Jinro's court-appointed receiver submitted a
reorganization plan involving an M & A through an international
open bid within a year of the plan's approval. In late February,
Taihan, Jinro's largest creditor had submitted a revised
reorganization plan to the court.

Goldman Sachs, a major creditor, has supported a swift sell-off
of the soju maker as a means to speed up debt redemption.

The U.S. investment bank, which has extended 87 billion won
(US$75.4 million) in credit to Jinro, made the request for court
receivership in April 2003, insisting Jinro will not be able to
repay its debts under the court-mediated terms for debt
rescheduling.

According to industry watchers, Jinro generates about 100
billion won in operating profits annually and is likely to
attract a number of prospective buyers locally and
internationally.

Among the likely bidders are Lotte Chilsung Beverage Co., Doosan
Corp. and Hite Beer.

Moreover, Goldman Sachs has expressed its willingness to
cooperate, so that its seizure of Jinro Japan's trademark rights
will not hinder an M&A, according to company sources.

In the reorganization plan, Jinro's court-appointed receiver Lee
Won said Goldman Sachs will give top priority to solving two
issues: the resolution of the seizure of Jinro Japan's trademark
rights and the dispute with Jinro Hong Kong over shareholders'
rights in Jinro Japan.

A lucrative overseas asset of Jinro, Jinro Japan belongs to
Jinro Hong Kong on paper.

"Now that Taihan has changed its mind about opposing an M&A, I
think we can safely say that the pursuit of an M&A is almost an
established fact," a Jinro creditor official said. "The
remaining obstacle is the dispute between Jinro and Jinro Hong
Kong over ownership rights of Jinro Japan. However, this issue
can be settled at any time through negotiations even before the
lawsuits are concluded."

Last month, a Seoul criminal court sentenced the former chairman
of Jinro to five and a half years in prison for accounting
fraud, a punishment rarely given to an executive of a domestic
conglomerate.

The court said Chang Jin-ho, 51, who chaired Jinro Co. from 1988
to 1997, significantly damaged the company by manipulating
ledgers for bank loans and illicitly funneling funds to
subsidiaries.


SK CORP.: Remains on CreditWatch Negative After AGM, Says S&P
-------------------------------------------------------------
Standard & Poor's Ratings Services said the long-term 'BB+'
rating on SK Corporation remains on CreditWatch with negative
implications, after the founding family retained management
control of the oil refiner following its annual general
shareholders' meeting on March 12, 2004. The rating was placed
on Credit Watch on December 22, 2003, after the Company
announced a complex scheme to provide financial support to
troubled affiliate SK Shipping, on the back of plans to expand
its business to include power generation facilities.

"The ability of the founding family to retain management control
only prolongs concern over SK Corp.'s business and financial
strategies," said Standard & Poor's credit analyst Eun Jin Kim.
"The complex intercompany transactions and support for troubled
affiliates are indicative of significant downside risk," she
added.

The CreditWatch status will be resolved after Standard & Poor's
assesses the corporate governance and business plans to be put
forward by SK Corporation's newly elected board of directors.
The rating could be affirmed if the plans show that the company
is committed to improving transparency, distancing itself from
family interests, and operating solely for the benefit of
shareholders and creditors. On the other hand, the rating could
be lowered by up to several notches if the measures appear
incomplete or unenforceable, or if support for its much weaker
non-core businesses, such as SK Networks or SK Shipping,
continues.


SSANGYONG MOTOR: Banks Seek New Offer
-------------------------------------
Creditors of Ssangyong Motor on Tuesday asked China National
Blue Star Group to revise its bid for the carmaker, sparking
fears that the deal could fall apart due to differences on price
and other sales terms, the Financial Times reports.

The Chinese firm is said to have offered to pay $600 million to
$700 million for the acquisition. But creditors demanded that
the company fix the exact price and attach a supporting letter
from Beijing for the pending deal to dispel speculation that
Blue Star might fail to obtain approval from the government.

"We have asked the Chinese company to resubmit its bid by the
end of this month," said an official at Chohung Bank, the main
creditor.

"Then, we will hold a meeting to discuss the revised offer. We
are trying to look at the pending deal positively as Blue Star
is eager to buy Ssangyong."

Blue Star signed a preliminary agreement with the creditors in
December to buy a 49 percent stake in the carmaker and conducted
due diligence at Ssangyong's main plant in late February, after
a long delay due to fierce resistance from the carmaker's 75,000
workers.


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


ANCOM BERHAD: Disposes of Subsidiaries
--------------------------------------
Ancom Berhad would like to refer to the announcements made on 3
September 2002, 20 February 2003, 7 July 2003 and 29 August 2003
in relation to the Disposal of the following:

a.  Entire issued and paid-up capital of four (4) wholly
owned subsidiaries of Ancom, namely: Perusahaan Kinia Gemilang
Sdn Bhd; Fermpro Sdn Bhd; Kumpulan Kesuma Sdn Bhd, and Wedon Sdn
Bhd, to Nylex (Malaysia) Berhad.

On behalf of the Board of Directors of Ancom, Aseambankers
Malaysia Berhad is pleased to announce that, in consideration of
Nylex agreeing to make payment of the sum of RM7,500,000 to
Ancom.

Ancom and Nylex have entered into an agreement on 16 March 2004
to extend the period for the fulfillment of the conditions
precedent of the Conditional Share Sale Agreement dated 3
September 2002 (as amended by the Supplemental Agreement dated
20 February 2003, the Addendum dated 7 July 2003 and the Second
Addendum dated 29 August 2003) from eighteen to twenty-seven
months.

Nylex shall pay the Compensation Sum to Ancom within twelve
months after the completion date, being one month from the date
of the Conditional SSA becoming unconditional.

This Kuala Lumpur Stock Exchange Announcement is dated 16 March
2004.


BESCORP: Appoints Special Administrators for Unit
-------------------------------------------------
The Special Administrators of Bescorp Industries Berhad wish to
announce that Mr. Tan Kim Leong, JP and Mr. Siew Kah Toong have
been appointed as Special Administrators of Waktu Cerah Sdn Bhd
an 80% owned subsidiary of Bescorp, on 16 March 2004 by
Pengurusan Danaharta Nasional Berhad under the Pengurusan
Danaharta Nasional Berhad Act, 1998.

A moratorium takes effect from the date of appointment in
accordance with the provision of Section 41 of the Act. During
the period of moratorium, no creditor may commence or proceed
with action against Waktu Cerah except in accordance with
Section 41 of the Act. Effective from the date of appointment,
all dealings and inquiries must be directed to the Special
Administrators.

This Kuala Lumpur Stock Exchange announcement is dated 16 March
2004.


LEADER UNIVERSAL: Deregisters Dormant Subsidiary
---------------------------------------------------
Leader Universal Holdings Bhd wishes to announce that the
application to the Ministry of Commerce in Cambodia to
deregister a dormant wholly owned subsidiary namely, Leader
Cable Corporation Ltd (a company incorporated in Cambodia with
Registration Number 292/97E) has been approved.

Company Background:

Leader Universal Holdings was incorporated for the purpose of
implementing the restructuring scheme of Universal Cable
(Malaysia) Berhad.

Its subsidiary Leader Cable Industry Bhd is involved in the
manufacture of telephone and household wiring and general cables
for the domestic and export markets.

The company has overseas operations in China, Philippines and
Cambodia.

This Kuala Lumpur Stock Exchange announcement is dated 16 March
2004.


LEBAR DAUN: Shares Continue to Slide
------------------------------------
Shares of Lebar Daun Berhad continued to tumble during active
trading on March 16, The Daily Edge reports.

Shares fell by 29% after the Malaysia Securities Exchange Bhd
declared it as designated securities on March 15, 2004.

By 11:02 am, their value had gone down RM1.75 to RM5.85 with
37,700 shares done.

The counter had opened at RM7.3 and fell to as low as RM5.35.

On March 15, the shares of the construction-based company fell
almost 23%, closing RM2.25 lower at RM7.6.

Lebar Daun took over the listing status of Hiap Aik Construction
Bhd on March, sending its share price soaring to a high of
RM10.20 on March 12 from its RM1.20 offer price. It closed at
RM9.85.

Lebar Daun Berhad's core business is civil and building
construction works, as undertaken by its subsidiary Lebar Daun
Construction Sdn Bhd.

Lebar Daun Construction has an alliance with Lebar Daun
Properties Sdn Bhd, Lebar Daun Development Sdn Bhd and Basco Sdn
Bhd to form Kumpulan Lebar Daun, a construction and property
development group.


LONG HUAT GROUP: Receives Report Submission Extension
-----------------------------------------------------
Long Huat Group Berhad would like to refer to the announcement
dated 22 July 2003 on the approval letter from the Securities
Commission dated 14 July 2003 and the condition imposed for the
submission of the investigative audit report to the SC in
relation to the Restructuring Scheme.

Based on the appointment date of the investigative auditors,
Messrs Ernst & Young on 10 September 2003, the auditors were
required to submit the investigative audio report to the SC
within 6 months from their appointment date (by 10 March 2004)

On behalf of the Board of Directors of Long Huat, Southern
Investment Bank Berhad wishes to announce that the auditors had
requested for an extension of 3 months from 10 March 2004 to 10
June 2004 for the submission of the report to the SC. On behalf
of the Long Huat Board, Southern Investment Bank submitted the
application for the said extension on 4 March 2004.

The Securities Commission had via its letter dated 10 March
2004, which was received on 16 March 2004, approved the above
application for an extension of time till 10 June 2004 for the
submission of the report to the SC. However, Long Huat Group Bhd
is urged to take immediate and appropriate steps to ensure the
said investigative unit will be completed as soon as possible.

This Kuala Lumpur Stock Exchange announcement is dated 16 March
2004.


NYLEX: Time Extended for Fulfillment of Conditions
--------------------------------------------------
Further to the announcement dated 29 August 2003, Alliance
Merchant Bank Berhad, for and on behalf of Nylex (Malaysia)
Berhad wishes to announce that Ancon Berhad and Nylex have
signed an extension of time letter dated 16 March 2004 to extend
the time period for the fulfillment of the conditions precedent
referred to in Clause 4.5 of the conditional sale and purchase
agreement (SPA) dated 3 September 2002 from eighteen months to
twenty-seven months from the date of the conditional SPA. The
conditional SPA shall now expire on 3 December 2004 in the event
these conditions precedent are not fulfilled by that date.

At the request of Nylex, Ancom has agreed to extend the period
for fulfillment of the conditions precedent and in view of the
extension, Nylex has agreed to make an additional payment to
Ancom of RM7,500,000 (Payment Sum)to be paid within twelve
months after the completion date of the Conditional SPA (Payment
Period) . The Payment Sum was mutually agreed between both Ancom
and Nylex after taking into consideration the opportunity cost
associated with the delay in the completion of the Proposed
Reorganization Scheme. In the event any sums become due or
payable by Ancom to Nylex prior to the expiry of the Payment
Period, Nylex shall be entitled to set-off such sum against the
Payment Sum and to pay only the balance of the Payment Sum to
Ancom.

This Kuala Lumpur Stock Exchange announcement is dated 16 March
2004.


OMEGA HOLDINGS: Proposes Share Exchange
---------------------------------------
Affin Merchant Bank Berhad, in behalf of Omega Holdings Berhad
is pleased to announce that Omega has on 16 March 2004, obtained
an order from the High Court of Malaya sanctioning the proposed
share exchange of all the 298,949,331 existing Omega Shares of
RM1.00 each in Omega for 2,989,493 new Energro Shares on the
basis of one new Energro Share for every one hundred existing
Omega Shares held (Proposed Share Exchange).

The Proposed Acquisition of Omega by Energro involves the
Proposed Share Exchange, which is an integral part of the
Proposed Restructuring Scheme.

This Kuala Lumpur Stock Exchange announcement is dated 16 March
2004.


POS MALAYSIA: Listing Converted Shares
--------------------------------------
POS Malaysia and Services Holdings Berhad wishes to announce
that an additional:

(i) 2,038,887 new ordinary shares of RM1.00 each arising
from the conversion of RM3,670,000 nominal value 5-year 8%
irredeemable convertible unsecured loan stocks, and

(ii) 157,000 new ordinary shares of RM1.00 each issued
pursuant to the Employee Share Option Scheme,

were granted listing and quotation, effective 9 am, Thursday (18
March 2004)

This Kuala Lumpur Stock Exchange announcement is dated 16 march2
2004.


POS MALAYSIA: Amends Share Listing
----------------------------------
POS Malaysia and Services Holdings Berhad wishes to announce a
correction to the previous Listing's Circular No. 23233 of 2004.
POS advises that the additional 357,800 new ordinary shares of
RM1.00 each were issued pursuant to the conversion of RM644,040
nominal value 5-year 8% irredeemable convertible unsecured loan
stocks 1999/2004 instead of Employees' Share Option Scheme as
stated earlier.

Any inconvenience caused is regretted.

This Kuala Lumpur Stock Exchange announcement is dated 16 March
2004.


PROTON: Khazanah Takes More Shares
----------------------------------
The Malaysian state investment arm Khazanah Nasional Bhd has
raised its stake in the national carmaker Perusahaan Otomobil
Nasional Bhd (Proton) to nearly 35 percent, according to
Reuters.

Khazanah though, has been granted a waiver that excuses it from
making a mandatory general offer for the rest of the Proton
shares that it does not own.

Khazanah bought 4.3 percent of Proton for 217 million ringgit
(US$57 million) 05 9.10 ringgit a share on March 11 bringing its
holdings to 191.10 million shares.

"We have sought a waiver and a waiver has been granted,"
Khazanah's Managing Director Anwar Aji said.

Without the waiver, the purchase-having given Khazanah more than
a third of the car maker, would have triggered a mandatory
general offer under Malaysian Securities Law, which could have
cost the state agency 3.3 billion ringgit (US$868 million),
based on proton's closing price on March 12, 2004.

According to Anwar, Khazanah had brought the shares from
Mitsubishi Motors Corporation. He declined to say if the agency
would buy more Proton stock.

Mitsubishi Motors had placed 7.9 percent of the carmaker to
local and foreign investors for 396 million ringgit , or 9.10
ringgit per share.

Shares of Proton were down half a percent to close at 9.20
ringgit on Tuesday. (US$1=3.8 ringgit)


PROTON: Gets 100,000 Orders for New Model
-----------------------------------------
Malaysia's national carmaker Perusahaan Otomobil Nasional Bhd
(Proton) has received about 100,000 local orders for its latest
Proton Gen.2 model, according to Dow Jones quoting the New
Straits Times.

Proton Director of Operations Kisai Rahmat was quoted as saying
that the car company will be out in the market in May.

"It is a brand new car and engine, therefore, we need time to
get it ready," he said.

The Proton Gen.2 model was launched in the domestic market last
February.


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


BENPRES HOLDINGS: Clarifies Units' Debt-Equity Swap Deal
--------------------------------------------------------
Benpres Holdings Corporation clarifies the news article entitled
" Maynilad Offers Debt -Equity Swap Deal: Sources" published in
the March 15, 2004 issue of the Philippine Daily Inquirer
(Internet Edition).

The article reported that: "Maynilad Water Services Incorporated
has proposed a debt-for- equity swap deal with its creditors to
settle some 18 billion pesos in maturing obligations.
Government sources privy to the negotiations between the Lopez-
owned Maynilad, the government-led Metropolitan Waterworks and
Sewerage System (MWSS) and the creditor-banks said the west zone
concessionaire was also offering board seats to its creditors as
it tries to regain financial viability.

The MWSS is on top of Maynilad's list of creditors with an
exposure of eight billion pesos representing unpaid concession
fees.  The company's other creditors accounting for the
remaining 10 billion pesos in obligations are Credit Agricole,
Indosuez Merchant Bank Asia Limited, Citibank NA, Barclays Bank
PLC, and BNP Paribas, Equitable PCI-Bank, Rizal Commercial
Banking Corporation and the state-owned Development Bank of the
Philippines.

Under Maynilad's proposal, MWSS is to be given control of about
60 percent of the west concession are.

Benpres Holdings Corporation provided the Philippine Stock
Exchange the attached disclosure dated March 15, 2004, in
relation to the mentioned news article.

For your information,
Jose G. Cervantes
Senior Vice President
The Philippine Stock Exchange

To view full copy of the disclosure, click
http://bankrupt.com/misc/benpresholdings031604.pdf


MUSIC SEMICONDUCTOR: Unveils Board of Directors Meeting
-------------------------------------------------------
Music Semiconductors Corporation advises the Philippine Stock
Exchange that the special meeting of the Board of Directors held
on March 15, 2004 resolves:

(1) That the corporation re-confirm the issuance of new shares
arising from an increase in capital stock following a quasi-
reorganization of the capital structure, sufficient to raise
between PhP60 million to PhP90 million in additional capital.
Further that the proper officer(s) of the corporation be
authorized and empowered to execute any and all acts and deeds
that may be necessary or proper in connection with foregoing.

(2) To approve a Policy on Material Non-Public Information
Communication and Insider Trading, its immediate release to all
employees and others who might qualify as insiders; its posting
on the Corporation's website before March 22, 2004; and its
incorporation into the Corporation's Code of Corporate
Governance.

(3) To approve the recommendation of the Nomination and Election
Committee to authorize management to cause a notice to be posted
on the website in a prominent position soliciting shareholders
nominations for qualified persons to serve as independent
directors, beginning March 16, 2004 until April 16, 2004.

Contact:  Music Semiconductors Corporation
          110 Excellence Avenue, corner Accuracy Drive
          Special Export Processing Zone 1
          Carmelray Industrial Park, Canlubang
          Laguna, Philippines 4028
          Telephone: (049) 549 1480 (NDD)
                     63-49 549 1480 (International)
          Fax:  (049) 549 1024 (NDD)
                63-49 549 1042 (International)


UNIWIDE GROUP: Hong Kong Investors to Operate Coastal Mall
----------------------------------------------------------
Uniwide Group of Companies is in talks with investors from Hong
Kong for its Coastal Mall Operation, Business World reports.
The foreign investor is putting in PhP700,000 to operate the
mall. Basically, the concept is for the investors to infuse cash
to be used by Uniwide Group to pay off the affected creditor
banks, the company said.

The Hong Kong investors are expected to renovate the area for
immediate business operation.  The remaining lease period of the
Coastal Mall is 11 years.

Uniwide had said it is seeking to restructure PhP2.15 billion it
owes to unsecured creditors, which comprise of trade suppliers,
contractors, non-trade creditors and private lenders.

The Uniwide group is composed of Uniwide Sales, Incorporated,
Uniwide Holdings, Incorporated, Naic Resources and Development
Corporation, Uniwide Sales Realty & Resources Corporation, First
Paragon Corporation, and Uniwide Sales Warehouse Club,
Incorporated.

Uniwide group suffered from liquidity problems as a result of
the economic crunch and filed for suspension of debt payments
and rehabilitation with the SEC in June 1999.


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


EVER-ORIENTAL: Issues Preferential Dividend Notice
--------------------------------------------------
Ever-Oriental Seven Construction Pte Ltd. issued a notice of
intended preferential dividend:

Address of Registered Office: Formerly of 53 Ubi Ave 1 #03-18
Paya Ubi Industrial Park Singapore 408934.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 600175 of 2001.

Last Day for Receiving Proofs: 19th March 2004.

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

Kamala Ponnampalam
Assistant Official Receiver.

The Singapore Government Gazette announcement is dated March 5,
2004.


HOCK BEE: Issues Dividend Notice
--------------------------------
Hock Bee Heng Construction Pte Ltd. issued a notice of intended
preferential dividend:

Name of Company: Hock Bee Heng Construction Pte Ltd.

Address of Registered Office: Formerly of 204 Hougang St 21 #04-
127
Singapore 1953.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 277 of 1993.

Last Day for Receiving Proofs: March 19, 2004.

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

Chan Wang Ho
Assistant Official Receiver.

The Singapore Government Gazette announcement is dated March 5,
2004.


ITALIAN FASHION: Final Meeting Set April 8
------------------------------------------
The Final Meeting of the members of Italian Fashion Fabrics Pte
Ltd (In Members' Voluntary Winding Up) will be held at 138 Cecil
Street, #15-00 Cecil Court, Singapore 069538 on Thursday, 8
April 2004 at 10 o'clock in the morning for the purpose of
laying before the Meeting an account showing how the winding up
has been conducted, and the property of the Company disposed of
and of hearing any explanation that may be given by the
Liquidators, and also of determining by resolution the manner in
which the books, accounts and documents of the Company and of
the Liquidators shall be disposed of.

DOUGLAS TAN KAY YEOW
Joint Liquidator.

Note:

Pursuant to Section 181 of the Companies Act, Cap. 50, a member
entitled to attend and vote at this Meeting is entitled to
appoint another person or persons (whether a member or not) as
his proxy to attend and vote in his stead.

The Singapore Government Gazette announcement is dated March 5,
2004.


K. YAMABUTA HOLDINGS: Issues Winding Up Notice
----------------------------------------------
K. Yamabuta Holdings Pte Ltd issued a winding up order notice on
5 March 2004.

Name and Address of Liquidator:

The Official Receiver of
45 Maxwell Road
# 06-11 The URA Centre (East Wing)
Singapore 069118

Solicitors of the Petitioner are Drew & Napier LLC.

This Singapore Government Gazette announcement is dated 12 March
2004.


TAI HOCK: Issues Winding Up Order Notice
----------------------------------------
Tai Hock Textiles (Pte) Ltd issued a notice of winding up order
made on February 27, 2004.

Name and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118.

Note:

(a) All creditors of the Company should file their proof of debt
with the liquidator who will be administering all affairs of the
company.

(b) All debts due to the Company should be forwarded to the
liquidator.

Rajah & Tann
Solicitors for the Petitioner.

The Singapore Government Gazette announcement is dated March 5,
2004.


TMSA TRADING: Creditors Must Submit Claims by April 5
-----------------------------------------------------
The creditors of TMSA Trading Pte Ltd (In Members' Voluntary
Liquidation), are required on or before April 5, 2004 to send in
their names and addresses, with particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to the Company's 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 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.

Loke Poh Keun
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.

The Singapore Government Gazette announcement is dated March 5,
2004.


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T H A I L A N D
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RAIMON LAND: Releases Exercise of Warrants Procedure
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Raimon Land Public Company Limited, notifies the Stock Exchange
of Thailand of the company's exercise of warrants procedures:

(1) Exercise Date is March 2004 from 9:00 a.m. to 4:00 p.m. at
the Company address

No. 62, The Millenia Tower, 22/F Unit 2201-3,
Langsuan Road, Limpini, Pathumwan, Bangkok 10330,
Telephone Number 0-2651-9600-4
Fax Number 0-2651-9614.

(2) The Warrant holders who wish to exercise their right to
purchase the Company's ordinary shares shall give notification
of such intention within five business days prior to exercise
date (the Notification Period).

(3) One warrant will be exercisable for 1.03870 new ordinary
shares (in case of fraction, those fraction shares will be
disregarded) at the exercise price of Baht 0.963 per share.

(4) The Warrant holders wishing to exercise shall comply with
the condition governing the Subscription From by completing the
following actions and submitting these documents:

(a) A Subscription Form, which has been accurately and
completely filled in;

(b) Warrant Certificates or replacement certificates which
specified by The Stock Exchange of Thailand representing
warrants in the amount specified in the Subscription Form and
authority for receiving a new warrant certificate (if any);

(c) Cheque, banker's draft, bank cheque or bank payment order
that can be cashed in the Bangkok Metropolitan area and shall be
made payable on the subscription date to "Raimon Land Plc. for
Account of Share Subscription".

Any such exercise will be deemed completed when it is fully
paid. If the Company does not obtain payment in full as
specified in the Subscription Form executed by the Warrant
Holders, the Subscription Form shall be deemed cancelled without
any exercise.  However, the Warrant Holders will be able to
exercise his or her right on the next Exercise Date, with the
exception of the last Exercise Date.

Should the Warrant Holders need more information, please contact

Khun Jariya Puckdeewong, or Khun Orapin Duangkaew
Telephone number, 0-2651-9600-4 extension # 107, 123
Fax number 0-2651-9614.

Please be informed accordingly.
Yours faithfully,
Raimon Land Public Company Limited
Nigel John Cornick
Chief Executive Officer


TPI POLENE: Clears THB19B Accumulated Losses by the End of Q2
-------------------------------------------------------------
TPI Polene PCL expects to pay a dividend for its 2004
performance after clearing accumulated losses of 19 billion baht
by the end of the second quarter, according to senior vice-
president Prasert Ittimakin, quoted by The Bangkok Post.

Under the company's restructuring plan, holding of cash reserves
is limited up to 1.6 billion baht after generating an operating
profit.  At least 70 percent of excess cash is to be reserved
for debt repayments.

Mr. Prasert said that of the funds to clear its 19-billion-baht
in accumulated losses, 6.7 billion baht would come from existing
capital reserves and 8.1 billion from funds raised in its share
offering earlier this year.

He said the remaining funds would come from projected first-
quarter profits and anticipated gains of three billion baht from
a debt buy-back program completed after its January share
offering.

The buy-back involved the repurchase of US$220 million in debt
using $180 million raised during the capital increase, which
raised a total of $285 million in new funds.

"We expect that the company's accumulated losses will be cleared
up by the second quarter this year. The company may be able to
pay a dividend for this year's performance", Mr. Prasert said at
an investors' briefing at the Stock Exchange of Thailand on
Monday.

Any dividend repayment would have to be approved by the Central
Bankruptcy Court. TPIPL entered into business restructuring
under the court in 1998 with principal debt of around $950
million.

Mr. Prasert said the company's earnings before interest; tax,
depreciation and amortization (EBITDA) were projected at 7.5
billion baht this year, up 20 percent from 2003 and driven by
rising cement prices and sales.

TPI Polene's interest costs would fall to $30 million for the
year, down from $50 million last year, after the debt buyback
and January capital increase. Outstanding debt currently stands
at 22.5 billion baht, compared with 38 billion before the debt
buy-back.

Mr. Prasert said is now under discussion with Krung Thai Bank
for its debt-restructuring programme to be resolved by the end
of the year.

Shares of TPIPL closed on Monday on the Stock Exchange of
Thailand at 33.75 baht, down 75 satang, in trade worth 184.9
million baht.


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

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

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