---

         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

            Monday, March 22, 2004, Vol. 7, No. 57

                            Headlines

A U S T R A L I A

DUKE ENERGY: Sells Surplus Equipment
PARMALAT AUSTRALIA: Retained in Group Global Restructure


C H I N A  & H O N G K O N G

CHINA LIFE: Issues Statement Re Audit Findings
CHINA LIFE: Milberg Weiss Files Class Action Suit
C.P. POKPHAND: Issues Statement Re Decrease in Share Price
CRANIAN DEVELOPMENTS: Winding up Hearing Set April 21
ESSENTIAL GLORY: Schedules Winding up Hearing

GREAT TIME: Faces Winding Up Petition
KIN SUN: Bank of China Initiates Winding up Petition
LI YUEN: Faces Winding up Petition Before H.K. High Court
NEW CHINESE: Proposes Capital Reduction to Offset $2.21M Loss
SENLAVEER (PACIFIC): Winding up Petition Slated for April 14
TANGO YORK: Bank of China Initiates Winding up Petition


I N D O N E S I A

PT BUMI: To Raise $600M to Refinance Debt

* Bank Rescue Scheme Signed by Indonesian Officials
* Timber Companies Collapse Due to Illegal Logging


J A P A N

FUJITSU LIMITED: Builds Factory to Produce Advanced Chips
FUJITSU LIMITED: Will Not Seek New Equity, Debt for Plant
HINO MOTORS: Dissolves Subsidiary
ISHIKAWAJIMA-HARIMA: R&I Places IHHI on Rating Monitor Scheme
KANEBO LTD: Rescue Plan to Have Limited Impact on Banks: S&P

MITSUBISHI FUSO: To Recall Trucks Next Week
MITSUBISHI MOTORS: DaimlerChrysler Acquires Fuso For JPY52B
TAOIYORYOKKA: Lone Star Beats Goldman in Bid
TOSHIBA CORPORATION: Sells Part of Shares in Toshiba Finance


K O R E A

ASIANA AIRLINES: Decide Against Dividends for This Year
HANARO TELECOM: Execs to Give Up Options
HANBO STEEL: Kamco Sued Over Failed Hanbo Sale to AK Capital
HYUNDAI MERCHANT: Inflated Assets by KRW600 Billion
JINRO COMPANY: To Be Auctioned By Goldman, Taihan

* Bankruptcies Up in February BOK


M A L A Y S I A

ANSON PERDANA: Appoints Executive Director
GADANG HOLDINGS: Memorandum of Understanding Expires
HAP SENG: Acquires Subsidiaries
HAP SENG: Buys Back Shares
KRAMAT TIN: Replies To Query Re Unusual Market Activity

MALAYSIAN AIRLINE: Sets Date for Winding Up
OCEAN CAPITAL: Time for Approval of Regularization Extended
PERNAS INTERNATIONAL: Notice of Extraordinary General Meeting
PROTON: Eyeing Australia Mitsubishi Plant


P H I L I P P I N E S

ABS-CBN BROADCASTING: Eyes Europe, Australia, and Canada Ops
MANILA ELECTRIC: To Announce '03 Income Turnaround
MAYNILAD WATER: Lopez Group To Exit; Govt To Take 61%


S I N G A P O R E

ASIA FOOD: Units Default in Loan Payments
CHARTERED SEMICONDUCTOR: Retakes Chipmakers' No. 3 Spot
GOODWOOD PARK: Seeks Delisting
HOTEL MALAYSIA: Director Increases Stake
HOTEL MALAYSIA: Change in Director's Interests

LKN-PRIMEFIELD: Auditor Doubts Firm's Viability
LKN-PRIMEFIELD: CPA Audits 2003 Financial Statements
SELCO (SINGAPORE): Releases Dividend Notice
SINO-PEC: Issues Debt Claim Notice to Creditors
T4 CONSTRUCTION: Creditors Meeting Set April 2

TECK HOCK: Creditors Must Submit Claims by April 12
UNI TECHNOLOGY: Issues Dividend Notice
WEE POH HOLDINGS: Issues Change in Director's Interests


T H A I L A N D

TPI POLENE: To Wipe Out Retained Loss By Second Quarter

                        - - - - - - - - -

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


DUKE ENERGY: Sells Surplus Equipment
------------------------------------
Duke Energy announced on Tuesday the sale of its surplus
equipment to two separate counter parties for total proceeds of
$138 million. The equipment included eight 7EA gas turbine-
generators, two 7FA gas turbine-generators, two heat recovery
steam generators and miscellaneous plant equipment. The proceeds
represent the approximate net book value of those assets.

The sales were not subject to regulatory approvals and were
closed during first quarter 2004. All items sold represented
surplus equipment, which had been held in storage since initial
delivery.

"We are limiting further investment in the merchant energy
sector and are maintaining a smaller, more focused generation
fleet," said Robert B. Evans, president of Duke Energy Americas.
"These sales significantly reduce our inventory of surplus
equipment and provide positive cash generation."

Duke Energy is a diversified energy company with a portfolio of
natural gas and electric businesses, both regulated and
unregulated, and an affiliated real estate company. Duke Energy
supplies, delivers and processes energy for customers in North
America and selected international markets. In 2004, the company
celebrates a century of service with the 100th anniversary of
its electric utility Duke Power.

Contact: Kate Perez
Phone: 713/627-6527; Cell: 713/822-8418
24-Hour Phone: 704/382-8333
E-mail: kcperez@duke-energy.com


PARMALAT AUSTRALIA: Retained in Group Global Restructure
--------------------------------------------------------
Parmalat Australia will be retained as part of a global
restructure of parent company Parmalat Finanziaria SpA.

An outline restructuring plan handed down by Italian government-
appointed administrator Enrico Bondi summarized details about a
centrally co-ordinated, competitive and more efficient "New
Parmalat".

Parmalat Australia Managing Director David Lord said the
decision was a clear endorsement of the Australian operations'
strength, financial position and future.

"We have always maintained that Parmalat Australia is a strong
and viable business," he said.

"This position is not only supported by Dr. Bondi, but also our
banks, National Australia Bank, ANZ Bank and Commonwealth Bank,
who last week confirmed ongoing facilities for the company."

The outline plan aims to position Parmalat as one of the world's
leading players in the high added value foods sector, based on
products with a strong nutritional and healthy lifestyle focus.
The Group intends to concentrate its activity on beverages (milk
and fruit juice) and milk related products.

Mr. Lord said Parmalat Australia was already well placed to
drive that strategy.  Parmalat is the market leader by value of
branded white milk through the Australian grocery market and
number 1 in the high value modified milk segment.  One in three
Australian households already have a Parmalat brand in their
fridge.  The company will continue to focus on ensuring that its
brands deliver benefits to its consumers, customers and other
key stakeholders.

The administrator expects the Parmalat Group's final restructure
plan to be presented by May or June 2004.

To access the full outline industrial and debt restructuring
plan for the Parmalat Group visit
http://bankrupt.com/misc/tcrap_parmalat0319.pdf

For further information contact:

Katie Bickford (07) 3230 5000 or 0417 763 741
Damien Jones (07) 3230 5000 or 0413 339 727


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


CHINA LIFE: Issues Statement Re Audit Findings
----------------------------------------------
On March 18, 2004, China Life Insurance Company Limited issued
an announcement, in relation to a complaint filed in the United
States of America regarding the audit findings of the National
Audit Office of China.

Reference is made to our earlier announcement dated February 3,
2004 regarding the audit findings of the National Audit Office
of China (CNAO).

The Company is aware that on March 16, 2004 a complaint had been
filed in the United States alleging violations by China Life
Insurance Company Limited and certain of its officers and
directors of the U.S. Securities Exchange Act of 1934 regarding
the audit undertaken by the CNAO of the Company's state-owned
predecessor, China Life Insurance Company (the Complaint). The
Complaint seeks to recover damages on behalf of all purchasers
of the Company's publicly traded securities between December 22,
2003 and February 3, 2004 for alleged failure to make adequate
disclosures relating to the audit report.

The Company is reviewing the Complaint with its U.S. counsel,
and expects to contest the Complaint vigorously. Given the
nature of litigation in the United States, the Company expects
that further lawsuits may be filed containing the same or
similar allegations.

As previously disclosed, the Company has not been provided a
copy of the CNAO audit report. The Company will make further
announcements as necessary when additional information becomes
available.

The board of directors of the Company (the Board) confirms that
save as disclosed above, there are no other matters which are
discloseable under paragraph 39 of the Listing Agreement,
neither is the Board aware of any matter discloseable under the
general obligation imposed by paragraph 2 of the Listing
Agreement, which is or may be of a price sensitive nature.

In the meantime, shareholders and potential investors of the
Company should exercise caution when dealing in the shares in
the Company.

Made by the order of the Board, the directors of which
individually and jointly accept responsibility for the accuracy
of this announcement.

By Order of the Board of
China Life Insurance Company Limited
Heng Kwoo Seng
Company Secretary
Hong Kong, March 17, 2004


CHINA LIFE: Milberg Weiss Files Class Action Suit
-------------------------------------------------
Milberg Weiss (http://www.milberg.com/cases/chinalife/)
announced that a class action has been commenced in the United
States District Court for the Southern District of New York on
behalf of purchasers of China Life Insurance Company Limited
(China Life) (NYSE:LFC) publicly traded securities during the
period between December 22, 2003 and February 3, 2004 (the Class
Period).

If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. If you wish to discuss this
action or have any questions concerning this notice or your
rights or interests, please contact plaintiff's counsel, William
Lerach or Darren Robbins of Milberg Weiss at 800-449-4900 or via
e-mail at wsl@milberg.com. If you are a member of this class,
you can view a copy of the complaint as filed or join this class
action online at http://www.milberg.com/cases/chinalife/.Any
member of the purported class may move the Court to serve as
lead plaintiff through counsel of their choice, or may choose to
do nothing and remain an absent class member.

The complaint charges China Life and certain of its officers and
directors with violations of the Securities Exchange Act of
1934. China Life is a life insurance company in China. The
Company sells its products through an extensive distribution
network of exclusive agents; direct sales representatives and
dedicated and non-dedicated agencies throughout China.

According to the complaint, China Life has existed in its
current form since June 2003, when it was formed to cherry-pick
healthier policies from its parent company, China Life Insurance
Company. Following the Company's road show in New York just
prior to the IPO, China Life's IPO was about 25 times
oversubscribed and triggered the sort of frenzy that was
reminiscent of the Internet bubble. The IPO was priced at $18.68
on December 16, 2003.

The complaint alleges that during the class period, defendants
knew, but failed to disclose the following adverse facts:

(i) that the Company, under its old name, and/or its
predecessor or parent engaged in a massive financial fraud to
the tune of $652 million;

(ii) that at the time of the IPO, the National Audit
Office of China (NAO) had completed and/or was imminently about
to publish its adverse audit findings of the predecessor company
which, under a new name, controls the listed company, China
Life;

(iii) that the predecessor company, under a different
name, engaged in criminal acts involving illegal agent services,
illegal premium payments, embezzlement and depositing monies in
illegal bank accounts; and

(iv) that China Life's share price would be tied to the
illegal acts already known to the defendants, two-thirds of whom
were directors/executive officers and/or senior managers of the
predecessor company. As a result of the defendants' false
statements, China Life's stock price traded at inflated levels
during the Class Period, increasing to as high as $34.75 on
December 29, 2003, shortly after the Company sold more than $3
billion worth of its own shares.

On February 4, 2004, China's state audit office said on its Web
site that it had found the equivalent of about $652 million
worth of irregularities involving China Life's predecessor
company and/or parent company. In a statement on the NAO Web
site, Li Jinhua, head of the NAO, was quoted as saying that in
its national audit last year, the office found irregularities at
China Life Insurance Company, including 2.4 billion yuan
involving illegal agent services and premium payments, 2.5
billion yuan in embezzled funds and 31.79 million yuan deposited
in illegal bank accounts (the equivalent of $652 million).

Plaintiff seeks to recover damages on behalf of all purchasers
of China Life publicly traded securities during the Class Period
(the Class). Milberg Weiss Bershad Hynes & Lerach LLP, who has
expertise in prosecuting investor class actions and extensive
experience in actions involving financial fraud, represents the
plaintiff.

Milberg Weiss Bershad Hynes & Lerach LLP, a 190-lawyer firm with
offices in New York, San Diego, San Francisco, Los Angeles, Boca
Raton, Seattle and Philadelphia, is active in major litigations
pending in federal and state courts throughout the United
States. Milberg Weiss has taken a leading role in many important
actions on behalf of defrauded investors, consumers and
companies, as well as victims of World War II and other human
rights violations, and has been responsible for more than $30
billion in aggregate recoveries. The Milberg Weiss Web site
(http://www.milberg.com)has more information about the firm.

SOURCE: Milberg Weiss Bershad Hynes & Lerach LLP

CONTACT:  Milberg Weiss Bershad Hynes & Lerach LLP, San Diego
          William Lerach, 800-449-4900
          E-mail: wsl@milberg.com


C.P. POKPHAND: Issues Statement Re Decrease in Share Price
-----------------------------------------------------------
The Directors of C.P. Pokphand Co. Ltd. is not aware of any
reasons regarding the decrease in the share price of the Company
on March 18, 2004.

The Company is currently in negotiation with certain parties
with respect to certain possible disposals of foreign investment
(the Disposals). The Disposals would, if proceeded with,
constitute discloseable and connected transactions of the
Company for the purposes of the Listing Rules.

Details of the terms of the Disposals have not been finalized
and the Company or any of its subsidiaries has entered into no
agreement, and there is no assurance that the negotiations
relating to the Disposals will be successfully concluded.

The Directors also confirm that, save as aforesaid, there are no
negotiations or agreements relating to intended acquisitions or
disposals which are discloseable under paragraph 3 of the
Listing Agreement, neither are they aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price
sensitive nature.

Made by the order of the board of Directors, the Directors of
which individually and jointly accept responsibility for the
accuracy of this announcement.

By Order of the Board
Dhanin Chearavanont
Chairman and Chief Executive Officer


CRANIAN DEVELOPMENTS: Winding up Hearing Set April 21
-----------------------------------------------------
The petition to wind up Cranian Developments (HK) 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 Tsang, Chan & Wong of 16th
Floor, 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 Tsang, Chan & Wong 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).


ESSENTIAL GLORY: Schedules Winding up Hearing
---------------------------------------------
The petition to wind up Essential Glory 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 19, 2004.

The Petitioners' solicitors are Rowland Chow, Chan & Co. of 15th
Floor, Wing Lung Bank Building, 45 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 Rowland Chow,
Chan & 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).


GREAT TIME: Faces Winding Up Petition
-------------------------------------
The petition to wind up Great Time Properties 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 3, 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 27th day of April 2004 (the day before the petition
hearing).


KIN SUN: Bank of China Initiates Winding up Petition
----------------------------------------------------
The petition to wind up Kin Sun Property (H.K.) Company Limited
is set for hearing before the High Court of Hong Kong on April
7, 2004 at 10 o'clock in the morning.

The Bank of China (Hong Kong) Limited 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 T.H. Koo & Associates of Room
A2, 15th Floor; United Centre 95 Queensway, Central Hong Kong.
Any person who intends to appear at the hearing of the petition
must serve or send by post to Solicitors T.H. Koo & Associates 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).


LI YUEN: Faces Winding up Petition Before H.K. High Court
---------------------------------------------------------
The petition to wind up Li Yuen Watch Caes Manufacturing Company
Limited is set for hearing before the High Court of Hong Kong on
April 7, 2004 at 10 o'clock in the morning.

The Bank of China (Hong Kong) Limited 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 T.H. Koo & Associates of Room
A2, 15th Floor, United Centre 95 Queensway, Central Hong Kong.
Any person who intends to appear at the hearing of the petition
must serve or send by post to Solicitors T.H. Koo & Associates 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).


NEW CHINESE: Proposes Capital Reduction to Offset $2.21M Loss
-------------------------------------------------------------
New Chinese Medicine Holdings Limited proposed to reduce the
nominal value of each existing share by 90% from $0.1 to $0.01,
according to Infocast News on Thursday. The credit in the sum of
$42.21 million arising from the capital reduction will first be
applied towards the cancellation of the special reserve of the
company of $39.998 million with the balance being credited
against the accumulated losses of the company of up to $2.212
million.

The accumulated losses of the company as at the end of 2003 were
$22.805 million.

Trading in the shares of the company resumed on Thursday.

The company added that although it has no specific plan to raise
capital as at the date of this announcement, it may conduct
capital raising exercises, including but not limited to the
issue of new shares, if and when suitable opportunities arise.


SENLAVEER (PACIFIC): Winding up Petition Slated for April 14
------------------------------------------------------------
The petition to wind up Senlaveer (Pacific) Company Limited is
set for hearing before the High Court of Hong Kong on April 21,
2004 at 9:30 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 17, 2004.

The Petitioners' solicitors are Tsang, Chan & Wong of 16th
Floor, 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 Tsang, Chan & Wong 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).


TANGO YORK: Bank of China Initiates Winding up Petition
-------------------------------------------------------
The petition to wind up Tango York Limited is set for hearing
before the High Court of Hong Kong on March 31, 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 5, 2004.

The Petitioners' solicitors are Tsang, Chan & Wong of 16th
Floor, 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 Tsang, Chan & Wong 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
=================


PT BUMI: To Raise $600M to Refinance Debt
------------------------------------------
Indonesia's PT Bumi Resources is hoping to raise $600 million to
be used to refinance debts at its two coal mining units, a
senior company official said on Thursday, 18 March, Dow Jones
reports.

"We are now in the process of choosing the best way to raise the
funds," says Eddie Sobari, Finance Director of Bumi.

Options to raise funds are said to include issuing rights or new
shares, issuing international bonds, or seeking bank loans with
cheaper rates.

Sobari also adds that the company has not made its decision yet
but, "we hope that we can choose the best option and complete
our plan to refinance the debt by the second quarter of this
year."

Bumi's wholly owned coal mining unit PT Kaltim Prima Coal,
bought from Rio Tinto Plc and BP Plc for $500 million last,
currently has a debt of $400 million.

Meanwhile, Bumi's other coal-mining unit PT Arutmin has an
outstanding debt of approximately $200 million.

Bumi Resources is part of the debt-ridden Bakrie Group. It owns
80 percent of Arutmin, which it purchased from BHP Billiton in
2001.

"We are now committed to refinance and reduce debt to provide
room for the company's growth," Sobari said.

He said the company's plan to raise funds would be supported by
the expected increase in commodities in the world market this
year up till next year. Sobari however, did not elaborate
further.


* Bank Rescue Scheme Signed by Indonesian Officials
---------------------------------------------------
While reeling from massive losses generated by past bank bail-
outs, Indonesia's central bank and the Finance Ministry
announced on Wednesday, 17 March, that they have come to an
agreement on how to handle future bank collapses, Reuters
reports. This agreement was created in order to avoid another
financial crisis.

Most of the $16 billion the Central Bank extended in emergency
loans to Indonesian banks during the 1997-98 financial crises
turned sour, prompting bitter arguments over who would bear the
cost.

The government issued almost 650 trillion rupiah (US$75
billion), or roughly a third of the GDP, to rescue the country's
financial sector in one of the world's costliest banking crises.

The agreement, which aims to reduce government losses, defines
the role of the Central Bank in extending loans and defines the
security required from the banks being rescued.

"By having this framework, we expect no repeat of such a crisis.
We did not have a scheme before," Finance Minister Boediono was
quoted. He had signed the agreement with Central Bank governor
Burhanuddin Abdullah last Wednesday.

The Finance Ministry also agreed to issue tradeable government
bonds to repay the central bank for loans made during the
rescue.


* Timber Companies Collapse Due to Illegal Logging
--------------------------------------------------
Asia Pulse reports that around 70 percent or 322 of the 460
companies operating in the upstream sector of the timber
processing industry in the country have collapsed over the past
few years mainly as a result of illegal logging.

There are many factors but illegal logging was the main culprit
causing the bankruptcy of the companies said Agung Nugraha,
deputy secretary of the Indonesian association of forestry
companies (APKI).
Rampant illegal logging a caused big shortage in the supply of
log raw material for the country's plywood, sawn timber and pulp
factories, Nugraha said.
He said supplies from natural forests is much less than 10
million cubic meters when the industry needs around 20 cubic
meters.
He said illegal logging has caused damage to 43 million hectares
of natural forests in the country. The country's tropical
forests have been depleted from 153 million hectares to 98
million hectares over the past year.


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


FUJITSU LIMITED: Builds Factory to Produce Advanced Chips
---------------------------------------------------------
Fujitsu Limited decided to construct a new facility at its Mie
semiconductor plant in central Japan to mass-produce logic chips
utilizing state-of-the-art 90-nanometer (nm) volume process
technology as well as next-generation 65nm technology, and
employing large-diameter 300mm wafers.

The new facility is scheduled to become operational from April
2005, with volume shipments to commence from September 2005,
when demand for 90nm product is expected to intensify. Fujitsu
will initially invest about 75 billion yen for the first phase
of construction through fiscal 2005, with phase two and
subsequent investment to be made in stages and in careful
consideration of market demand. Total investment in the facility
is expected to reach about 160 billion yen. When fully equipped,
the new facility will have a maximum production capacity of
13,000 wafers per month.

Fujitsu's Akiruno Technology Center on the outskirts of Tokyo
has focused on leading-edge prototype chip development and
volume production using 90nm technology, and since January 2003
it has been shipping 90nm product both internally and to outside
customers. The 90nm technology developed at Akiruno incorporates
advanced transistor, copper wiring and Low-k* technologies that
not only provide superior levels of performance, but which
Fujitsu has successfully introduced in reference design flow
applied in the development of large-scale system-on-chip
devices. In addition to use in its own products, Fujitsu's 90nm
technology has attracted considerable interest from cutting-edge
technology partners in Japan and overseas.

Toshihiko Ono, Corporate Senior Vice President and group
president of Fujitsu Limited's Electronic Devices Business Group
commented: "The entire semiconductor industry has taken notice
of the 90nm technology that we've developed at Akiruno, and we
are determined to further extend our leadership as we move to
65nm and beyond. Investing in this new facility at Mie now will
enable us to leverage this strength and fully meet our
customers' requirements for quality products, competitive cost
and stable volume supply."

Along with high-volume fabrication capability, Fujitsu's new
facility at Mie will also be equipped to handle small-volume
multi-product batch production. In addition, in line with its
"Green Factories" policies, Fujitsu will from the early planning
stages incorporate measures to greatly reduce emissions and
otherwise minimize the new facility's environmental burden.
Moreover, to avoid risk from potential earthquake damage and
ensure operational stability for its customers, Fujitsu will be
the first in the industry to equip its new fab building with a
micro vibration control and seismically isolated structure.

OUTLINE OF NEW FACILITY

Process technology: 90nm/65nm CMOS logic
Wafer diameter: 300mm
Clean room area: 12,000m2
Production capacity: 13,000 wafers per month (maximum capacity)
Production system: Small-batch control as low as single wafer,
multi-part processing
Planned operational startup: April 2005

Outline of Current Mie Plant
Location: 1500 Mizono, Tado-cho, Kuwana-gun, Mie Prefecture
Employees: 1,020
Main products: 0.18-micrometer / 0.13-micrometer ASICs, ASSPs,
MCUs
Production capacity: 11,000 wafers per month


FUJITSU LIMITED: Will Not Seek New Equity, Debt for Plant
---------------------------------------------------------
Fujitsu Limited will not seek equity or debt financing for its
planned $1.5 billion semiconductor factory, but would instead
ask for about 30 billion yen (US$281 million) from partners,
according to Reuters.

Analysts and investors had been curious as to how the chips-to-
computers conglomerate, whose credit rating was cut by Standard
& Poor's in August to junk status, planned to finance the new
investment.

Fujitsu's balance sheet has been weakened by losses of over $1
billion in each of the last two business years. It forecasts a
profit of 30 billion yen this business year.


HINO MOTORS: Dissolves Subsidiary
---------------------------------
Hino Motors Limited, in a company press release, revealed that
it has decided to dissolve its subsidiary, Hino Logistics
Consulting Limited.

1. Name and facts about the subsidiary to be dissolved

   Trade Name:  Hino Logistics Consulting, Ltd.

   Address:  11-3, Shiba 4-chome, Minato-ku, Tokyo

   Details of business:  Sales etc., of hardware and software
                         relating to logistics (built-in digital
                         tachograph for vehicles, etc)

     Incorporation:  October 1992

     Capital: JPY 90 million

     Issued shares: 1,800 shares (face value of JPY 50,000 each)

     Total assets: JPY 137 million (as of March 31, 2003)

     Number of employees: 7 (all of whom are dispatched from
                          Hino)

     Major client:  HINO

     Shareholder composition: HINO 100%

     Business performance (Fiscal year ended March 31, 2003):
                           Net sales: JPY 206 million
                           Ordinary loss: JPY 6 million

2.   Schedule for dissolution

     Scheduled to be dissolved on March 31, 2004.


ISHIKAWAJIMA-HARIMA: R&I Places IHHI on Rating Monitor Scheme
-------------------------------------------------------------
Rating and Investment Information, Inc. (R&I), has placed the
following ratings of Ishikawajima-Harima Heavy Industries Co.,
Ltd. on the rating monitor scheme, with a view to downgrading
them:

Senior Long-term Credit Rating; Long-term Bonds (9 Series)
Preliminary Rating for the Shelf Registration scheme

R&I RATING: (A-);

Placed on the Rating Monitor scheme with a view to downgrading
Domestic Commercial Paper Programme

R&I RATING: (a-1);
Placed on the Rating Monitor scheme with a view to downgrading

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)

Unsec. Str. Bonds No. 20 Nov 19, 1998 Nov 19, 2004 Yen 20,000
Unsec. Str. Bonds No. 22 Nov 18, 1999 Nov 18, 2005 Yen 15,000
Unsec. Str. Bonds No. 23 May 25, 2000 May 25, 2005 Yen 10,000
Unsec. Str. Bonds No. 24 May 25, 2000 May 25, 2007 Yen 10,000
Unsec. Str. Bonds No. 25 May 16, 2002 May 16, 2006 Yen 20,000
Unsec. Str. Bonds No. 26 Sep 27, 2002 Sep 27, 2007 Yen 10,000
Unsec. Str. Bonds No. 27 Jun 06, 2003 Jun 06, 2008 Yen 15,000
Unsec. Str. Bonds No. 28 Oct 30, 2003 Oct 30, 2008 Yen 13,000
Unsec. Str. Bonds No. 29 Oct 30, 2003 Oct 29, 2010 Yen 5,000

RATIONALE:

On March 15, Ishikawajima-Harima Heavy Industries (IHI)
announced a downgrading of its business results projections for
the fiscal year ending March 2004, forecasting a final 39
billion yen net loss (initial forecasts: 0). This downgrade
results from profit deterioration in some projects in the energy
and plant operations and the shipbuilding and offshore
operations, and changes to basis for recording accrued loss on
sales contracts.

R&I had previously set a negative outlook for the company's
rating due to concerns about the expansion in business risk
accompanying IHI's active involvement in overseas and
engineering business as well as the inadequacy of equity capital
to serve as a buffer for increased operational risk. As a result
of this downgrading of business results forecasts, R&I's
concerns have become a reality, and a further reduction equity
capital means that the company's resilience to risk will be
lower than in the past. Due to the factors above, R&I has placed
the company's ratings on its Rating Monitor Scheme with a view
to downgrading them. R&I will announce a new rating after a
careful examination of the factors that have led to the
deterioration of profits and order deficits.


KANEBO LTD: Rescue Plan to Have Limited Impact on Banks: S&P
------------------------------------------------------------
Plans by Japan's corporate rescue agency, Industrial
Revitalization Corporation of Japan (IRCJ), to support ailing
manufacturer Kanebo Limited are expected to result in requests
to creditor banks to forgive debt, but any additional financial
burden is unlikely to affect bank ratings, Standard & Poor's
Ratings Services said on Friday.

On March 10, 2004, IRCJ announced an outline of its plan to bail
out Kanebo, which included spinning off the company's core
cosmetics business, after appraising the value of the business
at JPY380 billion, well below the company's �560 billion
liabilities.

Kanebo originally announced that IRCJ would purchase Kanebo's
debt held by creditor banks without any losses to creditor
banks. However, it is likely that lenders will be required to
waive part of their debt, although the amount has not yet been
determined.

"The impact of the debt forgiveness on the creditor banks'
financial profiles is expected to be limited, given that most of
Kanebo's JPY560 billion debt will be covered by �366 billion in
capital injections and lending from IRCJ to the company's
cosmetics operation," said Standard & Poor's credit analyst
Naoko Nemoto.

"Debt forgiveness by Sumitomo Mitsui Banking Corp., Kanebo's
main bank, will not have a significant impact on its financial
profile as it would be covered by the bank's strong
profitability," Ms. Nemoto added. However, this incident shows
that while the rehabilitation of financially weak corporations
is continuing, banks' loan assessments and reserve policies are
not sufficiently conservative.

IRCJ will examine the need for additional assistance to Kanebo
beyond that extended to the cosmetics operation after assessing
the value of these businesses.


MITSUBISHI FUSO: To Recall Trucks Next Week
--------------------------------------------
Mitsubishi Fuso Truck and Bus Corp. is expected to begin
recalling its trucks with defective hubs in the middle of next
Week, a top transport ministry official said Thursday, reports
Japan Today, citing Kyodo News.

The recall, which was prompted by a series of accidents,
including one that killed a woman and injured her two children
in January 2002, is expected to affect some 45,000 trucks.


MITSUBISHI MOTORS: DaimlerChrysler Acquires Fuso For JPY52B
-----------------------------------------------------------
Mitsubishi Motors Corporation (MMC) has finalized the sale of 22
percent of its 42 percent stake in Mitsubishi Fuso Truck and Bus
Corporation (MFTBC) to DaimlerChrysler. To complete the deal,
DaimlerChrysler on Thursday paid MMC 52 billion yen.

DaimlerChrysler now holds a 65 percent stake in MFTBC, MMC has a
20 percent stake, and Mitsubishi group companies (Mitsubishi
Heavy Industries, Mitsubishi Corporation, The Bank of Tokyo-
Mitsubishi, and others) retain their combined 15 percent stake.

ABOUT MITSUBISHI MOTORS CORPORATION

Mitsubishi Motors Corporation was established in 1970 and is one
of the few automobile companies in the world that produces a
full line of automotive products ranging from 660-cc mini cars
and passenger cars to commercial vehicles and heavy-duty trucks
and buses. The company also operates consumer-financing services
and provides this to its customer base. Automobile operations
accounted for 98% of fiscal 2000 revenues and financing
business, 2%. The company has one hundred and eighty nine
consolidated subsidiaries worldwide. Overseas sales accounted
for 56.8% of fiscal 2000 revenues. Mitsubishi Heavy Industries,
Ltd. is the major shareholder with 25.62% of issued stock. For
further information, please visit the Mitsubishi Motors
Corporation home page at: www.mitsubishi-motors.co.jp

CONTACT:

Mitsubishi Motors Corporation
Fumio Nishizaki
E-mail: f-nishizaki@mitsubishi-motors.co.jp
+81-3-5232-7342


TAOIYORYOKKA: Lone Star Beats Goldman in Bid
--------------------------------------------
Dallas based-investment firm Lone Star Funds has defeated
Goldman Sachs Group Inc. to buy Japan's sixth-largest golf
course owner Taiyoryokka for an undisclosed amount, Bloomberg
reported on Thursday.

Lone Star Management Co. was selected as the financial sponsor
to revive failed Taiyoryokka, which has 18 golf courses in Japan
and 4 in France, after it offered the highest price among three
bidders.

Lone Star will rehire all employees, and guarantee playing
rights to 35,000 members. Taiyoryokka, which has 1,100
employees, filed for court protection in Tokyo District Court in
February. The company has 188 billion yen ($1.8 billion) of
liabilities.


TOSHIBA CORPORATION: Sells Part of Shares in Toshiba Finance
------------------------------------------------------------
Toshiba Corporation decided to sell part of its shares of
Toshiba Finance Corporation, a Japan-based subsidiary of
Toshiba, by the end of March 2004. As a result of the sale,
Toshiba Finance, currently a consolidated subsidiary, will
become a Toshiba affiliate company accounted by the equity
method.

1. Reason for the Sale:

Toshiba Finance operates in an extremely competitive business
sector. In order to enhance its ability to raise funds and
reinforce its financial strength, Toshiba and Toshiba Finance
concluded that closer relations and cooperation with leading
financial institutions, and their active participation in
Toshiba Finance, would allow Toshiba Finance to enhance the
quality of its services and improve its operating vigor. While
Toshiba Corporation will reduce its holding, Toshiba Finance
will continue to provide financial services as the core finance
company of Toshiba group.

2. Outline of Toshiba Finance

(1) Trade name:     Toshiba Finance Corporation

(2) Representative: Utazo Nozawa, President

(3) Headquarters:   Ginza Toshiba Bldg., 5-2-1, Ginza, Chuo-ku,
                    Tokyo

(4) Established:    October 25, 1949

(5) Business: Credit sales and credit assurance; leasing of
electric and electronic machines, appliances and other movables;
leasing of real
estate; factoring credit; financing.

(6) Financial closing date: March 31

(7) Number of employee: 978 as of March 31, 2003

(8) Major Branches: Osaka, Nagoya, Fukuoka, Sapporo, Sendai,
                    Hiroshima

(9) Capital: 3,910 million yen

(10) Number of outstanding shares: 39,203,360

(11) Toshiba's holding: 92.31%

(12) Recent 2-year business results:

              (Unit: million yen)

                             March 2003               March 2002

Turnover                     458,398                  512,772

Operating Income             225,636                  134,270

Recurring Income             1,802                    2,026

Net Income                   649                      428

Total Assets             636,570                  450,501

3. Shares to be sold

(1) Toshiba's holding before the sale: 36,189,696 shares,
representing 92.31% of Toshiba Finance's total outstanding
stock.

(2) Number of holding to be sold          25,481,000

(3) Toshiba's holding after the sale: 13,722,360 shares,
representing 35.00% of Toshiba Finance's total outstanding
shares.

Note: 'Toshiba's holding after the sale' includes the shares
Toshiba will purchase from other Toshiba's subsidiaries after
this sale.

6. Effects on Toshiba's financial results

The impact of the sale has already been incorporated into the
consolidated forecast that Toshiba announced on January 29,
2004.


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


ASIANA AIRLINES: Decide Against Dividends for This Year
-------------------------------------------------------
Asiana Airlines will not provide dividends this year to its
investors due to losses last year, Yonhap News reported on
Friday.

The airline plans to sell its assets for 258.3 billion won
(US$219.8 million), as a part of the group's restructuring
plans, TCR-AP reported recently. The carrier also plans to scale
back unprofitable international routes. Kumho Group, which holds
interests in Asiana, has been under financial stress due to its
heavy debt load following its expansionary drive.


HANARO TELECOM: Execs to Give Up Options
----------------------------------------
Hanaro Telecom Inc. said Friday its chief executive officer and
43 other executives will be giving up the 10.66 million share
options handed them by Newbridge Capital Ltd. and American
International Group Inc, reports Yonhap News.

The executives decided to surrender the options in the face of
intense opposition from its labor union to the stock
compensation the major shareholders have given them.


HANBO STEEL: Kamco Sued Over Failed Hanbo Sale to AK Capital
------------------------------------------------------------
The failed sale of Hanbo Iron & Steel Co. to AK Capital LLC has
resulted in a suit filed by U.S. investor John M. Murphy against
the Korea Asset Management Corp. (Kamco) for allegedly entering
into "a conspiracy to defraud AK Capital", Bloomberg reports.

A partner of the Delaware-based investment company, Mr. Murphy
accused Kamco of conspiring against AK Capital by changing the
conditions of the Hanbo purchase, according to a lawsuit filed
Thursday in state court in New York. He is seeking as much as
US$1 billion in damages.

Kamco told AK Capital a US$10 million deposit was the "maximum
amount AK Capital would have to provide" to secure the purchase
and that all decisions on the bidding would be "controlled by
Kamco." The agency also told AK Capital it would "use its best
efforts to assist" the company in "the process that would
ensue," the suit alleges.

"Each of the foregoing representations was false and, at the
time each such representation was made, was known by Kamco to be
false," the suit says.

AK Capital agreed in March 2002 to buy Hanbo for US$377 million.
It entered into a final sale and purchase agreement on Feb. 4,
2003. However, AK Capital was disqualified from the sale of the
assets after it missed a deadline in November to make a KRW452
billion payment, effectively rendering its deposits forfeit.

The company has paid deposits of US$27 million and incurred
US$23 million in expenses, the lawsuit said.

"But for the wrongful conduct of Korea Asset Management and the

trustee, AK Capital would have fulfilled all its obligations and
timely closed on the purchase of the Hanbo assets," the court
document said.

Kamco is selling assets taken over during the 1997-1998 Asian
financial crisis to help recoup KRW161 trillion ($139 billion)
that the government spent rescuing the country's banks and other
companies.

Seoul-based Kamco is the principal creditor of Hanbo and head of
its creditors' committee. Lee Keewoo, a spokesman for the Korean
embassy press office in Washington, had no immediate comment on
the suit. Kamco officials said they are reviewing the suit and
plan to comment later.

The case is John M. Murphy, individually and as a member of AK
Capital LLC v. Korea Asset Management Corp. and AK Capital LLC,
No. 600725/04, Supreme Court of the State of New York, New York
County.


HYUNDAI MERCHANT: Inflated Assets by KRW600 Billion
---------------------------------------------------
An investigation on the latest accounting fraud allegations
against Hyundai Merchant Marine (HMM) will be conducted by the
Financial Supervisory Service, the financial regulator said
Thursday, reports The Korea Times.

The FSS also said it would decide whether further penalties
should be meted against the troubled shipping firm, the report
said.

The financial regulator's decision came as Samjung Accounting,
auditor of HMM, found that the company inflated its assets by
about KRW620 billion between 2000 and 2001.

The Samjung audit report also showed that HMM inflated its
receivables by KRW225 billion, costs for equipment and
materials by KRW250 billion and costs for machinery by KRW146
billion.

The FSS said it will review the audit report and if accounting
irregularities are confirmed, it will limit the issuance of
shares and reprimand the firm's auditors.

The company could also face charges, in addition to the
penalties to be handed down by the FSS.

"There is a good possibility that the inflated assets may turn
out to be part of the accounting fraud, but we will have to wait
and see how much was actually misappropriated," an FSS official
said.

HMM was found last year to have been involved in the illegal
transfer of cash to North Korea ahead of the 2000 inter-Korean
summit.

For its part, HMM said the KRW620 billion was reflected as
deficit in its financial statement for 2002 and claimed that all
the allegations of accounting fraud were behind them.

"Despite the revelation of the inflated assets, our auditor
gave us an unqualified opinion relieving us from additional
allegations of financial wrongdoing," said an HMM official.


JINRO COMPANY: To Be Auctioned By Goldman, Taihan
-------------------------------------------------
After months of dispute over how to dispose of Jinro, Goldman
Sachs (GS) said Thursday it has agreed with Taihan Electric Wire
Co (001440) to auction off the troubled liquor group, reports
Reuters.

Taihan originally intended to directly take over Jinro for
KRW1.3 trillion (US$1.1 billion) by teaming up with private
equity funds ran by global banking giants HSBC Holdings Plc
(0005) (HSBA) and UBS (UBSN), but decided to abandon the plan
because of strong opposition from Goldman and Jinro's other
creditors.

The Financial Times, however, reported on Thursday that Taihan
was still planning a bid for Jinro, supported by the private
equity funds at HSBC and UBS.

"Although we switched our plan, we are still interested in Jinro
and will take part in the bidding," a senior Taihan spokesman
said.

The sale of Jinro, which has been under court protection since
Goldman filed for receivership for the firm in May, is expected
to win widespread interest from private equity funds given the
firm's strong market position, big sales networks and solid cash
flows.

Jinro makes the South Korean spirit soju, controlling 55% of its
local market. It reported a KRW527 million ($455,000) net profit
on sales of KRW159.5 billion for the three months ended December
31.

For Goldman, which aims to maximize its returns from the sale of
debt holdings estimated by the U.S. investment bank at US$470
million, the agreement to auction Jinro appears to be good news.

"As an investment bank, Goldman is not interested in taking over
Jinro but it wants to collect its receivables through an
auction," said Edelman Korea, which handles public relations for
Goldman. It said Goldman valued Jinro at KRW2.5 trillion ($2.16
billion).

Jinro, which was badly hit by the 1997/98 Asian financial
crisis, found itself in trouble when it tried to rapidly expand
into the financial, retail and machinery sectors, all non-liquor
businesses.

Jinro said its creditors will be discussing a bidding schedule
for the auction on April 2.


* Bankruptcies Up in February: BOK
----------------------------------
The Bank of Korea released Wednesday figures that indicate an
increase in the number of business failures in February, reports
Digital Chosun.

The figures show that the number of corporate insolvencies rose
by 26.5%, to 401, in February, from 317 the prior month.
Most of the bankruptcies come from the service sector, with the
number rising steeply to 174, a 41.8% increase from the 122
insolvencies recorded in January, followed by the manufacturing
and construction sectors.

The BOK also said that despite robust exports, domestic
consumption still remains weak.

The increase in the number of bankruptcies is the first since
October, when the figure stood at 480. Meanwhile, the ratio of
insolvency to repayment calls of promissory notes and bonds
posted 0.05 percent in February, unchanged from January,
according to the BOK.

The number of newly established firms edged up to 2,787 from
2,529 in the prior month, but still far below average. The
average number of newly formed companies per month posted 3301
in 2001 and 3248 in 2002, but since last year the figure has
plummeted to 2791 and has remained sluggish.


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


ANSON PERDANA: Appoints Executive Director
------------------------------------------
Anson Perdana Berhad wishes to announce the appointment of a new
Executive Director for the company.

The details are as follows:

Date of Change:  17 March 2004

Type of Change:  Appointment

Designation:  Executive Director

Directorate:  Executive

Name:    Raveendra Kumara L Nathan

Age:    42

Nationality:  Malaysian

Qualifications: Member of Malaysian Institute of
Accountants

Fellow of Chartered Association of
Certified Accountants

Masters Degree in Business
Administration (National University of
Singapore)

Working Experience and Occupation:

Worked for public accounting firms in
the United Kingdom for five years on
accounting, auditing and taxation
matters. Subsequently, worked for a year
in the audit department of Price
Waterhouse, Singapore. In 1989, joined
Carrier International Corporation
(subsidiary of United Technologies
Corporation, a US Fortune 100 Company),
in their Asia Pacific Regional
Headquarters in Singapore as Corporate
Accounting Manager. Thereafter, spent
four years with Carrier's subsidiary in
India, which was a publicly listed
company, as Chief Financial Officer.
Thereafter, spent two years at Carrier's
subsidiary in Singapore as chief
Financial Officer, followed by stints in
Brunei and Malaysia as general Manager.
In 2003, was appointed as Director
(Aftermarket) based at Carrier's Asia
Pacific Regional Headquarters in
Singapore.

Directorship of Public Companies (if any): None

Family Relationship with any Director and/or major shareholder
of the listed issuer: None

Details of any interest in the securities of the listed issuer
or its subsidiaries: None

This Kuala Lumpur Stock Exchange announcement is dated 18 March
2004.


GADANG HOLDINGS: Memorandum of Understanding Expires
----------------------------------------------------
Further to the announcement dated 27 November 2003 of Gadang
Holdings Berhad, on the signing of a Memorandum of Agreement
between the company and Xiangcheng County Government, Suzhou
City in Jian province in the People's Republic of China for the
purpose of investing in the "Development, Construction and
Operation of a Waste Water Treatment Plant in Xiangcheng County"
for a concession period of 30 years, the company wishes to
announce that the Memorandum of Understand has expired and
lapsed on 21 February 2004.

After conducting a feasibility study on the Treatment Plant,
Gadang Holdings has decided not proceed with this investment.

This Kuala Lumpur Stock Exchange announcement is dated 18 March
2004.


HAP SENG: Acquires Subsidiaries
-------------------------------
Pursuant to paragraph 9.19(5) of the Malaysia Securities
Exchange Berhad's Listing Requirement, the Board of Directors of
Hap Seng Consolidated Berhad is pleased to announce that Euro-
Asia Agrochemical Sdn Bhd and Oriental Horticulture (Malaysia)
Sdn Bhd have on even date become the wholly-owned subsidiaries
of Hap Seng Realty Sdn Bhd (formerly known as Syarikat
Penangkutan Bunga Raya Tawau Sdn Bhd), a wholly owned subsidiary
of Hap Seng Land Sdn Bhd (formerly known as Euro Progress Sdn
Bhd), which in turn is the wholly owned subsidiary of  Hap Seng
Consolidated Berhad.

a.) Euro-Asia Agrochemical is a private limited company
incorporated in Malaysia on 22 August 2000. It is principally
involved in property investment holding. It has an authorized
share capital of 100,000 ordinary shares of RM1.00 each and an
issued and paid-up share capital of RM2.00 comprising 2 ordinary
shares of RM1.00 each.

b.) Oriental Horticulture is a private limited company
incorporated in Malaysia on 29 February 1988. It is principally
involved in property investment holding. It has an authorized
share capital of 10,000,000 ordinary shares of RM1.00 each of
which 2,716,626 ordinary shares have issued and fully paid-up.

The aforesaid reorganization is part of the Group's effort to
streamline its business activities.

To the best of the knowledge of the directors, none of the
directors or major shareholders or persons connected to the
directors or major shareholders of the company has any interest,
direct or indirect, in the aforesaid reorganization.

This Kuala Lumpur Stock exchange announcement is dated 18 March
2004.


HAP SENG: Buys Back Shares
--------------------------
Hap Seng Consolidated Berhad would like to announce the buy back
of 35,900 ordinary shares.

The details are as follows:

Date of Buy Back:  18 March 2004

Description of Shares Purchased: Ordinary Shares of RM1.00
each

Total Number of Shares Purchased (units): 35,900

Minimum price paid for each share purchased (RM): 2.810

Maximum price paid for each share purchased (RM): 2.850

Total Consideration Paid (RM): 102,761.91

Number of Shares Purchased Retained in Treasury (units):
35,900

Number of Shares Purchased, which is proposed to be cancelled
(units): 0

Cumulative Net Outstanding Treasury Shares as at to-date
(units): 32,687,900

Adjusted issued capital after cancellation (no. of shares)
(units): 0

Remarks: Copy Furnished Securities Commission

This Kuala Lumpur Stock Exchange announcement is dated 18 March
2004.


KRAMAT TIN: Replies To Query Re Unusual Market Activity
-------------------------------------------------------
Kramat Tin Dredging Berhad would like to refer to the Exchange's
letter dated 18 March 2004.

The company wishes to advise the Exchange that after having made
due inquiry, we are not aware of any reason for the unusual
market activity.

Nonetheless, we wish to inform the Exchange, that pursuant to
the classification of Kramat Tin Dredging Berhad (the Company)
as a PN10 company, the Company is continuing its efforts in
identifying a suitable new core business, the implementation of
which will enable the Company to ensure a level of operations
that is adequate to warrant continued trading and/or listing on
the Official List.

The Company will make the appropriate announcement for immediate
public release to the Exchange upon any material development in
relation to the above.

The earlier letter from the Exchange reads as follows:

We draw your attention to the sharp increase in price in your
Company's shares today.

In accordance with paragraph 9.11 of the Exchange's Corporate
Disclosure Policy on Response To Unusual Market Activity, you
are requested to furnish the Exchange with an announcement for
public release after a due enquiry seeking the cause of the
unusual market activity in the Company's securities.

When considering your response and when making the required
announcement, your attention is particularly drawn to the
continuing disclosure requirements set out in Chapter 9 of the
Listing Requirements of Malaysia Securities Exchange Berhad.

The announcement is to reach the Exchange immediately today via
KLSE Listing Information Network (KLSE Link).

Yours faithfully,

WONG KAY YONG
Head
Listing Compliance
Group Regulations
WT/hm

This Kuala Lumpur Stock Exchange announcement is dated 18 March
2004.


MALAYSIAN AIRLINE: Sets Date for Winding Up
-------------------------------------------
Malaysian Airline System Berhad would like to refer to an
earlier announcement dated 6 January 2004 pertaining to the
Winding Up Petition against the company.

Malaysian Airlines wishes to announce that the matter was heard
on 16 March 2004 and the Learned Judge has set the date for the
decision on 22 June 2004.

This Kuala Lumpur Stock Exchange Announcement is dated 18 March
2004.


OCEAN CAPITAL: Time for Approval of Regularization Extended
-----------------------------------------------------------
Further to the announcement dated 10 Nov 2003, Hwang-DBS
Securities Berhad, in behalf of the Board of Directors of Ocean
Capital Berhad, wishes to announce that an application for an
extension of time has been made to the Malaysian Securities
Exchange Berhad on 18 march 2004 for a period of three months
from 22 March 2004 to 21 June 2004 to enable Ocean to obtain the
approval from relevant authorities for its regularization plan.

This Kuala Lumpur Stock Exchange announcement is dated 18 March
2004.


PERNAS INTERNATIONAL: Notice of Extraordinary General Meeting
-------------------------------------------------------------
The Board of Directors of Pernas International Holdings Berhad
wishes to announce that an Extraordinary General Meeting will be
held on Monday, 5 April 2004 at 3 pm at the Mahkota Ballroom 2,
Hotel Istana, 73 Jalan Raja Chulan, 50200 Kuala Lumpur.

The Notice of the EGM will appear in the following newspapers on
19 March 2004:

The New Straits Times
Sin Chew Jit Poh
The Star

For full details of the agenda, please click on the following
link:

http://bankrupt.com/misc/Pernas.doc

This Kuala Lumpur Stock Exchange announcement is dated 18 March
2004


PROTON: Eyeing Australia Mitsubishi Plant
-----------------------------------------
Malaysia's Perusahaan Otomobil Nasional Bhd (Proton) has its
eyes set on the Mitsubishi Motors Corp. (MMC) plant in Adelaide
as part of its global expansion strategy beyond 2005, The
Australian reports.

"It may be worth looking at assembly in Australia. It may be
worthwhile," Proton Chief Executive Tengku Mahaleel said.

"As an opportunity, yes, we are very open to it. If there is an
opportunity, I don't mind taking a study team to look at it. I
have not looked at it. But if the Government would like to work
with us, I am very open."

The operations of Mitsubishi in Australia have been under
constant threat, most of it coming from the financial
instability of Mitsubishi's Japanese parent and an investigation
by the giant DaimlerChrysler conglomerate, which now controls
the company.

Proton admits to monitoring the threats to Mitsubishi Motors
Australia.

Proton has solid long-term links to Mitsubishi, which provided
its products and manufacturing technology during its early phase
in Malaysia.

"Mitsubishi, they are our alliance. When they are in trouble, or
need our assistance ... I don't have a hang-up on that," Mr.
Mahaleel said.

He admits though that Mitsubishi and Australia are barely on his
radar right now, but that could rapidly change if the
DaimlerChrysler report, which is due at the end of April,
includes bad news for the Adelaide operation.

Mr. Mahaleel said in Kuala Lumpur last week that his company had
looked at Australia once before, only rejecting a move towards
local assembly because Proton didn't have a suitable car. He,
however, has been regularly visiting Australia in recent years
and now talks openly of using the country, and its consumers, as
a test market.

Mr. Mahaleel knows that success in Australia will win sales,
profit and credibility. He hinted that local production could
benefit Proton, as well as establish an export base in
Australia.

"As a local assembler I can sell to the Government. I can get
your cash research grant, and do product development," Mr.
Mahaleel said.

With more than AU$1 billion in a "fighting fund", Proton wants
to become a small-car powerhouse, with aggressive plans to put
up to 20 all-new models on the road over the next 10 years.

A spokesman for Mitsubishi Australia said there had been no
contact with Proton.


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


ABS-CBN BROADCASTING: Eyes Europe, Australia, and Canada Ops
------------------------------------------------------------
In line with the continued development of its international
business, ABS-CBN Broadcasting Corp is planning an expansion of
its operations to Australia, Canada and Europe, The Philippine
Star reports.

Given the high concentration of Filipinos in Australia and
Canada, ABS-CBN chief financial officer Randy Estrellado said
the company is keen on widening its presence in those two
countries.

However, Europe is the firm's top priority according to Mr.
Estrellado. In December, ABS-CBN has just set up a cable and
direct-to-home (DTH) satellite in the continent. But with at
least 130,000 subscribers, North America remains ABS-CBN's major
cable market.

The Filipino broadcasting giant is in the middle of negotiations
with a Canadian cable company to offer The Filipino Channel
(TFC), the first and only 24-hour cable and satellite service
that offers all-Filipino entertainment and news programs.

TFC is seen by almost a million overseas Filipinos in North
America, Japan, Indonesia, New Caledonia, Cambodia, Saudi
Arabia, the Gulf States, Papua New Guinea and Europe.

The broadcast network also plans to expand its cable services in
Asia, particularly in Hong Kong, Singapore and Taiwan.

ABS-CBN's International Unit, ABS-CBN Global Ltd., registered
net sales of PHP2.37 billion last year, up by 24% from the
previous year's PHP1.92 billion. The amount accounted for 65% of
ABS-CBN's total net sales and services.

Bulk of ABS-CBN Global's revenues came from subscription
revenues of its cable and DTH service with an estimated
viewership base of 1.3 million by end-2003.


MANILA ELECTRIC: To Announce '03 Income Turnaround
--------------------------------------------------
A ranking official of the Manila Electric Co. (Meralco) said the
power firm expects a turnaround in its financial performance for
2003, The Philippine Star reports.

Meralco President Jesus Francisco said that "Coming from a loss,
we hope to announce a profit. I'm glad to confirm that we will
be reporting earnings as we projected during our stockholders'
meeting last year."

Since an audited financial report is due soon, Mr. Francisco,
however, did not give specific figures for the expected
turnaround.

"What we want is to release our audited report which we hope to
come up within the next few days," he said.

Meralco posted a 103 percent increase in net income during the
third quarter of 2003 due to a rate increase implemented in the
middle of the year. In the first nine months of 2003, Meralco's
earnings had reached up to PHP640 million. In 2002, Meralco
posted a net loss of PHP2 billion.

Mr. Francisco ascribed the improvement in financial performance
to the earnings the company realized when it unbundled its
rates, resulting to an average increase of about 8.76 centavos
per kilowatthour (kwh).

"We will be able to realize the full effect of the unbundled
rates. We benefited from it for the past six to seven months. As
we said, the unbundling of our rates would result to a net
income," he said.

In June 2003, the unbundled rate took effect after the Energy
Regulatory Commission (ERC) approved Meralco's request for an
8.76 centavos per kwh rate hike.

Meralco Chairman and Chief Executive Officer Manuel Lopez
earlier said he expects the company to register a profit of
about PHP1 billion at the end of 2003.


MAYNILAD WATER: Lopez Group To Exit; Govt To Take 61%
------------------------------------------------------
In lieu of unpaid concession fees of some PHP8 billion, the
government has announced Thursday it would take over private
water distributor Maynilad Water Services Inc. of the Lopez
Group, reports the Inquirer News Service.

The Department of Justice said in a statement that the deal,
which was part of a reorganization of Maynilad, would ensure
continuous water supply to the west zone of Metro Manila.

Local creditors led by Metropolitan Bank and Trust Co.
(Metrobank) also agreed to convert three billion pesos in debt
to convertible and preferred stock.

With the reorganization, 61% of Maynilad will be under the
control of regulator Metropolitan Waterworks and Sewerage System
(MWSS), representing the government. French utility Suez group,
meanwhile, will own 30%; Metrobank will hold three percent, and
employees will own six percent.

An earlier report of AFX-Asia had said that after the
reorganization, Maynilad would be 39 percent owned by MWSS, 19
percent by Suez group, two percent by Metrobank and four percent
by Maynilad employees.

The Department of Justice also said the deal brokered by Benpres
and MWSS for Maynilad intends to rescue Maynilad and at the same
time ensure the payment of the unpaid concession fees.

Maynilad, which was ordered by a Paris-based arbitration panel
to pay the overdue amount last year, had filed a petition in a
local court seeking debt relief and corporate rehabilitation.

Justice Undersecretary Manuel Teehankee, who supervised the
Office of the Government Corporate Counsel, adviser of MWSS in
the negotiations, said the plan called for the complete write-
off of all equity of Maynilad's shareholders -- the Benpres
group and the Suez group -- to cover accumulated losses; a
partial conversion of debt to equity and restructuring of the
debt, and the immediate drawing of 50 million dollars from
Maynilad's performance bond of 150 million dollars.

The plan would also reduce Maynilad's liabilities from PHP19
billion to about PHP11-12 billion according to Mr. Teehankee.

"This reorganization preserves the financial and public interest
of the government, as represented by the MWSS, while avoiding
the risks associated with terminating a concessionaire and
taking over Maynilad," Mr. Teehankee said.

Mr. Teehankee said the plan would be submitted to the Securities
and Exchange Commission as well as the Quezon City Regional
Trial Court hearing the rehabilitation petition of Maynilad, for
necessary approval.

With its failure to win approval for rate hikes, Maynilad
decided in late 2002 to terminate its 25-year concession
agreement with the government. Maynilad originally planned to
use the proceeds from the proposed increases to repay loans.

Maynilad said it came to that decision when the government, as
claimed by the water utility, failed to comply with the terms of
the concession agreement.

The Lopez family also controls media giant ABS-CBN Broadcasting
Corp. and power retailer Manila Electric Co.


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


ASIA FOOD: Units Default in Loan Payments
-----------------------------------------
Certain subsidiaries of Asia Food & Properties Ltd have
defaulted in debt payments, which resulted in loans amounting to
S$251,241,000 (2002: S$472,346,000) million being subject to
restructuring negotiations.

Subsequent to the year-end, the Group has received support
letters from lenders for amounts outstanding of US$86,355,000
(equivalent to S$146,890,000) [2002: US$36,655,000
(S$63,596,000)].

Notwithstanding the above, in the event that pending
negotiations are unsuccessful, the lenders have the right to
recall the outstanding loans that have not been re-negotiated of
S$251,241,000 immediately upon serving a notice of default to
the borrowing subsidiaries concerned.

The consolidated financial statements have been prepared on a
going concern basis, the validity of which depends upon the
successful outcome of the matters referred to above. The
consolidated financial statements do not include any adjustments
that would be necessary if the Group were unable to continue as
a going concern.

Moore Stephens
Certified Public Accountants


CHARTERED SEMICONDUCTOR: Retakes Chipmakers' No. 3 Spot
-------------------------------------------------------
Chartered Semiconductor regained its position as the world's
third largest maker of made-to-order chips last year, overtaking
IBM, according to Channel News Asia. Hogging the top two spots
were Taiwan's TSMC and United Microelectronics Corporation.

Chartered Semiconductor slipped down the ranks in 2002 to take
fourth spot in the global semiconductor industry, and it has
been chalking up losses for the past three years.


GOODWOOD PARK: Seeks Delisting
------------------------------
Goodwood Park Hotel Ltd, announced on Thursday, 18 March, that
it would delist its shares from the Singapore Stock exchange,
Reuters reports. This comes less than a month after its late
Chairman Khoo Teck Puat's death.

In a statement to the Singapore Stock Exchange, Goodwood said
that Khoo's estate controlled 43,533,495 shares or 96.74 percent
of the company's issued share capital. This is less than the 10
percent needed to remain listed.

Shares in Goodwood, a 57-year-old group with two hotels in
Singapore and one in London, have been suspended since closing
at S$32.0 last December 27, 2002, because of failure to meet the
exchange's public ownership rules.

The 87-year old billionaire Khoo was also the single largest
shareholder of British investment bank Standard Chartered Plc.
His stake was held through Goodwood, central properties ltd,
Hotel Malaysia Ltd and a few unlisted companies.

"The board considers it unlikely that the public float
requirement will be met. In view of this, the board will be
considering a voluntary delisting of the company with an exit
option for minority shareholders," the firm said.


HOTEL MALAYSIA: Director Increases Stake
----------------------------------------
Following is a Notice Of Director's Interest filed by Hotel
Malaysia Ltd. with the Singapore Exchange on 18 March 2004:

Part I

1. Date of notice to issuer:  18/03/2004

2. Name of Director: Khoo Elizabeth

3. Please tick one or more appropriate box(es)

x :a Director's (including a director who is a substantial
shareholder) Interest and Change in Interest.

     [Please complete Parts II and IV]
     [Please complete Parts III and IV]

Part II

1. Date of change of interest:  21/02/2004

2. Name of Registered Holder:  Please see note below

3. Circumstance(s) giving rise to the interest or change in
interest:  Others

Please specify details: Death of Tan Sri Khoo Teck Puat,
substantial shareholder of the Company

4. Information relating to shares held in the name of the
Registered Holder:

No. of shares held before the change:0

As a percentage of issued share capital:0

No. of shares which are the subject of this notice:15,680,105

As a percentage of issued share capital:95.03

Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: N.A.

No. of shares held after the change:15,680,105

As a percentage of issued share capital:95.03

Part III

1. Date of change of interest:

2. The change in the percentage level: From % to %

3. Circumstance(s) giving rise to the interest or change in
interest:
4. A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

Part IV

1. Holdings of Director, including direct and deemed interest:

Note:

Name of Registered Holder No. of Stock Units

Deemed Interest

Central Properties Limited  3,677,959

Claymore (Private) Limited  61,000

Connaught Holdings Sdn Bhd  90,579

Dollar Holdings (Private) Limited 53,000

Dumont Holdings Pet. Ltd.  697,000

Epic Holdings (Private) Limited 19,000


HOTEL MALAYSIA: Change in Director's Interests
----------------------------------------------
Following is a Notice Of Director's Interest filed by Hotel
Malaysia Holdings Ltd. with the Singapore Exchange on 18 March
2004:

Part I

1. Date of notice to issuer: 18/03/2004

2. Name of Director: Khoo Kim Hay Eric

3. Please tick one or more appropriate box(es)

x :a Director's (including a director who is a
substantial shareholder) Interest and Change in Interest.

     [Please complete Parts II and IV]
     [Please complete Parts III and IV]

Part II

1. Date of change of interest:  18/03/2004

2. Name of Registered Holder:  Please see note below

3. Circumstance(s) giving rise to the interest or change in
interest: Others

Please specify details: Death of Tan Sri Khoo Teck Puat,
substantial shareholder of the Company

4. Information relating to shares held in the name of the
Registered Holder:

No. of shares held before the change:  0

As a percentage of issued share capital: 0

No. of shares, which are the subject of this notice: 15,680,105

As a percentage of issued share capital: 95.03

Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: N.A.

No. of shares held after the change:  15,680,105

As a percentage of issued share capital: 95.03

Part III

1. Date of change of interest:

2. The change in the percentage level:  From % to %

3. Circumstance(s) giving rise to the interest or change in
interest:

4. A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

Part IV

1. Holdings of Director, including direct and deemed interest:

Note:

Name of Registered Holder  No. of Stock Units

Deemed Interest

Central Properties Limited  3,677,959

Claymore (Private) Limited  61,000

Connaught Holdings Sdn Bhd  90,579

Dollar Holdings (Private) Limited 53,000

Dumont Holdings Pet. Ltd.  697,000

Epic Holdings (Private) Limited 19,000


LKN-PRIMEFIELD: Auditor Doubts Firm's Viability
------------------------------------------------
The auditor of Singapore's LKN-Prime field has cast doubts
whether the hotel and construction company has the ability to
survive, Channel News Asia reports.

The auditor, PricewaterhouseCoopers, says much would depend on
the detailed terms of the new debt-restructuring scheme that is
being finalized with the company's bondholders.

The question also remains whether LKN is able to raise
additional funding to meet working capital requirements and
other financial obligations.

LKN-Primefield's net liabilities per share have hit 44 cents,
making it one of a handful of companies with negative equity.


LKN-PRIMEFIELD: CPA Audits 2003 Financial Statements
----------------------------------------------------
Pursuant to Appendix 7.1 Corporate Disclosure Policy of the
Listing Manual of the Singapore Exchange Securities Trading
Limited, the Directors of LKN-Primefield Limited wishes to
provide the following qualified Auditors' Report to the Members
of the Company:

1. Certified Public Accountants PricewaterhouseCoopers have
audited the balance sheet of LKN-Primefield Limited and the
consolidated financial statements of the Group for the financial
year ended December 31, 2003. These financial statements are the
responsibility of the Company's directors. The auditor's
responsibility is to express an opinion on these financial
statements based in its audit.

2. PricewaterhouseCoopers have conducted its audit in accordance
with Singapore Standards on Auditing. Those Standards require
that PricewaterhouseCoopers plan and perform its audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by the
directors, as well as evaluating the overall financial statement
presentation. PricewaterhouseCoopers believe that its audit
provides a reasonable basis for its opinion.

3. The Group incurred a net loss after taxation and minority
interest of $23,561,000 for the financial year ended December
31, 2003 and the Group and the Company had deficits in
shareholders' equity of $101,981,000 and $110,662,000
respectively as at 31 December 2003. Furthermore, the Company
was not able to meet the scheduled bond redemption of $35
million, which was due on 16 March 2003 and has re-negotiated
the terms of redemption of the bonds with the Company's
bondholders. The bondholders have given in-principle approval
for the revised terms of redemption of the bonds (the new debt
restructuring agreement).

As disclosed in Note 2(c) to the financial statements, the
balance sheet of the Company and financial statements of the
Group have been prepared on the going concern basis, the
validity of which depends on the finalization of detailed terms
of the new debt restructuring agreement with the bondholders,
the approval by the shareholders of the Company in a general
meeting and the ability of the Company and/or the Group to raise
additional funding to meet working capital requirements and
other financial obligations.

PricewaterhouseCoopers have not been able to ascertain the
likely outcome of the finalization of the new debt restructuring
agreement and the Group and Company's ability to obtain the
necessary funding to meet their working capital requirements and
other financial obligations. Accordingly, we have been unable to
form a view as to whether the going concern basis on which these
financial statements have been prepared is appropriate. If the
Company is not able to finalize the new debt restructuring
agreement and/or unable to obtain the necessary funding for the
Group and the Company and are consequently unable to continue
their operations, adjustments would have to be made to reflect
the situation that assets may need to be realized other than in
the normal course of business and at amounts which may differ
significantly from the amounts at which they are presently shown
in the balance sheets.

In addition, the Group and the Company may have to provide for
further liabilities that may arise and to reclassify non-current
assets and liabilities as current assets and liabilities.

4. PricewaterhouseCoopers have also draw attention to Note 10 to
the financial statements. The carrying value of property, plant
and equipment of a subsidiary of $868,000 used in operating
multimedia transactional kiosks at December 31, 2003 is
dependent on the realization of the future revenue stream
projected by the directors of the subsidiary.

5. Because of the significant uncertainty described in paragraph
3 above, we are unable to ascertain whether the going concern
basis on which the financial statements have been prepared is
appropriate. Accordingly, we are not in a position to, and do
not, express an opinion as to whether the accompanying balance
sheet of the Company and consolidated financial statements of
the Group are properly drawn up in accordance with the
provisions of the Companies Act, Cap 50 (the Act) and the
Singapore Financial Reporting Standards so as to give a true and
fair view of the state of affairs of the Company and of the
Group at 31 December 2003, and the results, changes in equity
and cash flows of the Group for the financial year ended on that
date; and

6. In the auditor's opinion, the accounting and other records
(excluding registers) required by the Act to be kept by the
Company and by those subsidiaries incorporated in Singapore of
which we are the auditors have been properly kept in accordance
with the provisions of the Act.

7. PricewaterhouseCoopers have considered the financial
statements and auditors' reports of the subsidiaries of which
PricewaterhouseCoopers have not acted as auditors, being
financial statements included in the consolidated financial
statements. The names of these subsidiaries are stated in Note
32 to the financial statements.

8. PricewaterhouseCoopers are satisfied that the financial
statements of the subsidiaries that have been consolidated with
the financial statements of the Company are in form and content
appropriate and proper for the purposes of the preparation of
the consolidated financial statements and PricewaterhouseCoopers
have received satisfactory information and explanations as
required by us for those purposes.

9. The auditors' reports on the financial statements of the
subsidiaries were not subject to any qualification that is
material to the consolidated financial statements. However,
certain subsidiaries (as set out in Note 32 to the financial
statements) which depend on continuing financial support from
the Company had qualified auditors' reports pertaining to the
uncertainty over the availability of continued financial support
from the Company as well as the Group's bankers and that the
financial statements of those subsidiaries did not include any
adjustments that might result from the outcome of this
uncertainty.

10. The auditors' reports on the financial statements of the
subsidiaries incorporated in Singapore did not include any
comment made under Section 207(3) of the Act.

PricewaterhouseCoopers
Certified Public Accountants
Singapore
18 March 2004

The auditor refers to its announcement made on February 23, 2004
regarding the un-audited full year financial statement for the
period ended December 31, 2003. PricewaterhouseCoopers informed
that in the audited financial statement, an exchange translation
gain of $2,469,000 was transferred from the foreign currency
translation reserve to the income statement (under other
operating income) arising from the disposal of a subsidiary
during the year. As such, the Group's net loss for the period
ended December 31, 2003 is now reduced by $2,469,000 to
$23,561,000 and the loss per share decreased from $0.11 to
$0.10.

There is no impact on the group and company's net liability per
share as of December 31, 2003.

Submitted by Foo Yang Hym, Group Accountant on 18 March 2004 to
the Singapore Stock Exchange.


SELCO (SINGAPORE): Releases Dividend Notice
-------------------------------------------
Selcon (Singapore) Pte Ltd. (In Compulsory Liquidation) issued a
notice of third interim dividend:

Address of Registered Office: 8 Cross Street #11-00 PWC Building
Singapore 048424.

Court: High Court of the Republic of Singapore.

Number of Matter: Companies Winding Up No. 1 of 1986.

Amount per centum: 3.50 cents to a dollar.

First and final or otherwise: Third interim dividend.

When payable: 15th March 2004.

Where payable: c/o PricewaterhouseCoopers 8 Cross Street
#17-00 PWC Building Singapore 048424.

The Singapore Government Gazette announcement is dated March 12,
2004.


SINO-PEC: Issues Debt Claim Notice to Creditors
-----------------------------------------------
Notice is hereby given that the creditors of Sino-Pec
Engineering (Singapore) Pte Ltd (In Members' Voluntary
Liquidation), which is being wound up voluntarily, are required
on or before April 30, 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 the Liquidators of the
said Company and if so required by notice in writing from the
said Liquidators are by their solicitors or personally to come
in 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.

TAN CHOON CHYE
Mrs. LOW nee TAN LENG FONG
TAN SHOU CHIEH
Liquidators.
c/o Singapore Secretarial Services Co. (Pte.)
6001 Beach Road
#12-01 & 12-11 Golden Mile Tower
Singapore 199589.

The Singapore Government Gazette announcement is dated March 12,
2004.


T4 CONSTRUCTION: Creditors Meeting Set April 2
----------------------------------------------
Notice is hereby given that the first meeting of the creditors
of T4 Construction Pte Ltd (In Liquidation) will be held at AEC
Centre, International Factors Building, 141 Market Street,
Singapore 048944 on Friday, 2nd April 2004 at 11.00am for the
following purposes:

AGENDA

1. To lay before the creditors a full statement of the affairs
of the
Company, showing the assets and liabilities of the company;

2. To appoint a Committee of Inspection if deemed necessary; and

3. Any other matters.

Don M Ho, CPA
Liquidator.

Messrs DON HO & ASSOCIATES
Certified Public Accountants
Corporate Advisory & Recoveries
20 Cecil Street
#12-02 & 03 Equity Plaza
Singapore 049705.
Tel: 6532 0320 (8 lines).
Fax: 6532 0331.

Note:

To entitle you to vote thereat, your proof of debt must be
lodged with me not less than forty-eight hours before the time
for that purpose in the notice convening the meeting at which it
is to be used.

The Singapore Government Gazette announcement is dated March 12,
2004.


TECK HOCK: Creditors Must Submit Claims by April 12
---------------------------------------------------
The creditors of Teck Hock International Pte Ltd (In Members'
Voluntary Liquidation), which is being wound up voluntarily are
required on or before the 12th day of April 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 the undersigned, the Liquidators of the said Company and, if
so required by notice in writing by the said Liquidators are, by
their solicitors or personally, to come in and prove their debts
or claims at such time and place as shall be specified in such
notice, or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

CHEE YOH CHUANG
LEOW QUEK SHIONG
Liquidators.
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

The Singapore Government Gazette announcement is dated March 12,
2004.


UNI TECHNOLOGY: Issues Dividend Notice
--------------------------------------
Uni Technology (S) Pte Ltd. (In Liquidation) issued a notice of
intended dividend:

Address of former registered office: 45A Circular Road
Singapore 049400.

Court: High Court of the Republic of Singapore.

Matter: Companies Winding Up No. 207 of 2000.

Last day for receiving proofs: 26th March 2004.

Name of liquidators: CHEE YOH CHUANG & LIM LEE MENG.

Address of liquidators: c/o 18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

CHEE YOH CHUANG
LIM LEE MENG
Liquidators.

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


WEE POH HOLDINGS: Issues Change in Director's Interests
-------------------------------------------------------
Following is a Notice Of a Director's (including a director who
is a substantial shareholder) Interest and Change in Interest
filed by Wee Poh Holdings Ltd. with the Singapore Exchange on 18
March 2004.

Part I

1. Date of notice to issuer: 7/03/2004

2. Name of Director: Mr. Chew Eu Hock

3. Please tick one or more appropriate box(es):
  x a Director's (including a director who is a
substantial shareholder) Interest and Change in Interest.

     [Please complete Parts II and IV]
     [Please complete Parts III and IV]

Part II

1. Date of change of shareholding: 17/03/2004

2. Name of Registered Holder:  Mr. Chew Eu Hock

3. Circumstance(s) giving rise to the interest or change in
interest:  Others

Please specify details: Sale by married trade

4. Information relating to shares held in the name of the
Registered Holder:

No. of shares held before the change:  170,000,100

As a percentage of issued share capital: 8.0962

No. of shares which are the subject of this notice:50,000,000

As a percentage of issued share capital: 2.3812

Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:   S$0.018

No. of shares held after the change:  120,000,100

As a percentage of issued share capital: 5.715

Part III

1. Date of change of interest:

2. The change in the percentage level:  From % to %

3. Circumstance(s) giving rise to the interest or change in
interest:
4. A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

Part IV

1. Holdings of Director, including direct and deemed interest:
[Enter any additional comments here]
Amount of consideration is denominated in Singapore dollars
unless otherwise noted.


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


TPI POLENE: To Wipe Out Retained Loss By Second Quarter
-------------------------------------------------------
Cement maker TPI Polene PCL plans to erase its retained loss
worth 19.65 billion baht ($1=THB39.440) by the second quarter of
this year, paving the way for a possible dividend payment,
according to Dow Jones.

The company plans to use THB8.1 billion in share premium,
THB6.77 billion in legal reserve to write off most of its
accumulated loss, Prasert Ittimakin, TPI Polene's Senior Vice
President for finance said.

The company is currently negotiating with creditors to
restructure its debt under a bankruptcy court mediation process.
It owes creditors a total principal of $950 million and $150
million in accrued interest.

The company has faced several setbacks in its debt restructuring
process over the past two years due to friction between its
creditors and the company's founder, chief executive and debt
plan administrator Prachai Leophairatana.

TPI Polene's major creditors are Kreditanstalt Fur Wiederaufbau
(KFW.YY), Bangkok Bank PCL (BBL.TH), Standard Chartered
Nakornthon Bank PCL (SCN.TH), and J.P. Morgan Chase & Co. (JPM).


                            *********


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, Faith Marie Bacatan,
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 ***