TCRAP_Public/040323.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Tuesday, March 23, 2004, Vol. 7, No. 58

                            Headlines


A U S T R A L I A

MAYNE GROUP: Successfully Completes Off-Market Share Buy-Back
QANTAS AIRWAYS: Plans to Launch Discount Airline in Asia


C H I N A  & H O N G K O N G

ARCOTECT TECHNOLOGY: Faces Winding up Petition
BEST MATCH: Winding Up Hearing Set April 14
CIL HOLDINGS: Unveils Decrease in Share Price
CURRENT FUNDS: Schedules Winding up Hearing April 28
E2-CAPITAL: Proposes Capital Reorganization

GAIN FAVOUR: Lai Chak Ming Initiates Winding up Petition
GRAND PACIFIC: Faces Winding up Petition
IMAGE TECHNOLOGY: Schedules Winding up Hearing April 14
RICHEAD LIMITED: Winding up Hearing Set April 21
TECH UNIVERSAL: Winding Up Petition Slated for February 4

WONG KIN: Creditors Meeting Set March 25
WORLD HONOUR: Bank of China Initiates Winding up Petition
ZENANA LIMITED: Schedules Winding up Hearing


I N D O N E S I A

ANEKA TAMBANG: Net Profit Report of 2003 Likely to Decrease
BANK DANAMON: Sets Price Guidance for US Dollar Bond


J A P A N

HANKYU CORPORATION: Moody's Assigns Baa2 Rating
JAPAN AIRLINES: Launches Direct Flights to Hangzhou
JAPAN DEVELOPMENT: Land Developer Files Bankruptcy
NISSHO IWAI-NICHIMEN: Discloses Terms of Unsecured Bonds
RESONA BANK: Unveils Sale of Claims to Alte Co., Ltd.

SANTEKKU CORPORATION: Glass Manufacturer Enters Bankruptcy
SEIBU DEPARTMENT: Nomura, Mizuho Eyes JPY90B Rescue
SHOWA DENKO: JCR Assigns BBB- Rating


K O R E A

HYNIX SEMICONDUCTOR: STMicroelectronics To Join Chip Maker
KOOKMIN BANK: Unveils Partial Disposition of Treasury Stocks
KOOKMIN BANK: In Talks on Stake Sale to Temasek
SSANGYONG MOTOR: 2004 Sales Likely to Reach US$3.74 Billion


M A L A Y S I A

PILECON ENGINEERING: Granted Restraining Order
SBC CORPORATION: Acquisition of Vehicle by Unit
SELANGOR DREDGING: Disposes of Interests in Oriental Extrusions
SINMAH RESOURCES: Cancels Sale of Stake in Joint Livestock Bhd
TENCO BERHAD: Disposes of Subsidiaries


P H I L I P P I N E S

ABS-CBN BROADCASTING: Unit Plans Listing at SGX
BALABAC RESOURCES: Updates Proposed Rights Offering
BENPRES HOLDINGS: Confirms Compromise Plan
MAYNILAD WATER: Awaits Decision of Arbitration Panel
NEGROS NAVIGATION: Tsuneishi Blocks Ship from Sailing

PHILIPPINE LONG: Sets Listing Of 1,143 Common Shares
SEMIRARA MINING: Details Stockholder's Meeting


S I N G A P O R E

ANANDA DEVELOPMENT: Issues Winding up Order Notice
AVARI PTE: Faces Winding Up Petition
EXCEL GROUP: Releases Dividend Notice
GOODWOOD PARK: Appoints Financial Adviser
GUAN LEONG: Winding Up Hearing Set April 2

HONG LAI: Schedules Winding up Hearing
LINTIEN (PTE): Creditors Must Submit Claims by April 21
SPECARGO FORWARDING: Issues Debt Claim Notice to Creditors
THREE CROWNS: Creditors Must Submit Claims by April 19


T H A I L A N D

ASIA HOTEL: Details Board of Directors Resolutions
PRASIT PATANA: SET Posts Notice Pending Sign
PRASIT PATANA: Details Performance and Financial Analysis
PRASIT PATANA: Unveils Audited and Consolidated Yearly F/S
THAI DURABLE: Clarifies Auditor's Opinion

THAI MILITARY: Releases Statement of Assets and Liabilities

* BOND PRICING: For The Week of March 22 - March 26, 2004

     -  -  -  -  -  -  -  -

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


MAYNE GROUP: Successfully Completes Off-Market Share Buy-Back
-------------------------------------------------------------
Mayne Group Limited announced the successful completion of its
off-market share buy-back, the Company said in a statement. A
total of 101.3 million shares will be bought back at $3.55 per
share totaling $359.7 million.  This represents 13.7 per cent of
Mayne's issued capital.  The buy-back price of $3.55 represents
a 4.4 per cent premium to Mayne's closing price on Friday 19
March and is within the range of premiums paid in like
situations.

Mayne's Group Managing Director and Chief Executive Officer, Mr.
Stuart James, said the Buy-Back Price of $3.55 was the price in
the tender range that enabled Mayne to repurchase the number of
shares it was targeting to buy back as part of the tender
process.

"The Buy-Back Tender has demonstrated our commitment to manage
Mayne's balance sheet and has proven to be an efficient way of
returning surplus capital to shareholders following the sale of
Mayne's hospitals division," Mr. James said.

All shareholders who tendered shares into the buy-back at any of
the specified prices from $2.80 to $3.55 (inclusive), or as a
Final Price Tender, will receive $3.55 per share for all of
those shares.  All shares that were tendered at $3.70 or above
will not be bought back. Shares tendered into the Buy-Back
Tender that have not been bought back by Mayne will be released
to shareholders' holdings today.

Proceeds cheques will be mailed to successful tendering
shareholders by Wednesday, 31 March 2004.

Mayne had previously stated that, subject to market conditions
and any attractive capital redeployment opportunities, it
intends to purchase shares to a value of up to $500 million
under its buy-back programs.  Mayne will continue any such
purchases in the form of on-market buy-backs.

For further information, please call Mayne Group Limited
Investor Information Line on 1300 727 265 or for:

Media and investor enquiries:
Larry Hamson
General Manager Corporate Relations
Phone: (+61) 3 9868 0380
Mobile: (+61) 0407 335 907


QANTAS AIRWAYS: Plans to Launch Discount Airline in Asia
--------------------------------------------------------
Qantas Airways is likely to launch a new discount airline in
Asia and dump its troubled plan to merge with Air New Zealand,
news.com.au reports.  Qantas refocuses on Asia where it wants to
take on Singapore Airlines and fly no-frills budget services
from citystate.

The move follows SIA's recent attempt to win Federal Government
approval to compete against Qantas on key US Pacific routes, a
move that drew heavy fire from Qantas chief Geoff Dixon.

He followed up his remarks by hinting last month at an
acquisition in Asia. Asked what Qantas might do if the Air NZ
alliance fell over, he said: "We're talking to people (to see)
if there are any opportunities out there."

Despite silence from Qantas, the market was awash with rumors
yesterday that the Australian carrier was soon to do a deal with
Malaysian low-cost operator AirAsia, which is seeking an air
operator's certificate to fly out of Singapore's Changi airport.

With plans to have AirAsia listed on the Singapore bourse by
September, backers of the airline hope to emulate Virgin Blue's
success in Australia.

But Qantas is known to be unhappy about a potential minority
partnership in an Asian start-up.

Shaw Stockbroking analyst Brent Mitchell said he could see "no
significant point" in Qantas taking an investment in AirAsia
now, although it could be looking to expand its wholly owned
subsidiary, Australian Airlines.

But Qantas sources seem to have ruled out spinning off
Australian as a discount carrier in Asia, saying it is a one-
class and full-service airline, not a Virgin-like price
discounter.

Qantas believes bans by Australian and NZ regulators on the
controversial trans-Tasman alliance will survive legal appeals.

A new Asian presence would protect Qantas on two fronts, sources
said, adding that for the first time SIA would confront strong
competition in its own regional markets, now off-limits to
Qantas.



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


ARCOTECT TECHNOLOGY: Faces Winding up Petition
----------------------------------------------
The petition to wind up Arcotect Technology Limited is set for
hearing before the High Court of Hong Kong on April 21, 2004 at
9:30 in the morning.

Istril Limited of Top Floor, Chinachem Golden Plaza, 77 Mody
Road, Tsimshatsui East, Kowloon, Hong Kong, filed the petition
on February 17, 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 20th day of April 2004 (the day before the
petition hearing).


BEST MATCH: Winding Up Hearing Set April 14
-------------------------------------------
The petition to wind up Best Match Company Limited is set for
hearing before the High Court of Hong Kong on April 14, 2004 at
10 o'clock in the morning.

Chan Wun Ching of Room 1504,Hing Fu House, Tin Fu Court, Tin
Shui Wai, New Territories Hong Kong, filed the petition on
February 16, 2004.

The Petitioners' solicitors are Chau Ming Wai of 34/F, 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 Chau Ming Wai 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).


CIL HOLDINGS: Unveils Decrease in Share Price
---------------------------------------------
This statement is made at the request of The Stock Exchange of
Hong Kong Limited.

CIL Holdings Limited have noted the recent decrease in the price
and increase in the trading volume of the shares of the Company
and wish to state that the Board of Directors are not aware of
any reasons for such movement.

Save as disclosed in the Company announcement dated January 30,
2004 relating to further delay in publication of the results of
the group for the year ended June 30, 2003 and dispatch of the
annual report, the Company confirm that there are no
negotiations or agreements relating to the intended acquisitions
or realizations which are discloseable under paragraph 3 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.

By Order of the Board
CIL Holdings Limited
Chiu King Hoi
Company Secretary
March 19, 2004


CURRENT FUNDS: Schedules Winding up Hearing April 28
----------------------------------------------------
The petition to wind up Current Funds Limited is set for hearing
before the High Court of Hong Kong on April 28, 2004 at 10
o'clock in the morning.

Hollywood Palace Company Limited of Hong Kong at Top Floor,
Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon,
Hong Kong, filed the petition on March 1, 2004.

The Petitioners' solicitors are Ford Kwan and Company of Rooms
1202-1206, 12th Floor, Wheelock House, 20 Pedder Street, Central
Hong Kong. Any person who intends to appear at the hearing of
the petition must serve or send by post to Solicitors Ford Kwan
and Company a notice in writing not later than six o'clock in
the afternoon of the 27th day of April 2004 (the day before the
petition hearing).


E2-CAPITAL: Proposes Capital Reorganization
-------------------------------------------
The Directors of E2-Capital (Holdings) Limited announced that
they intend to put forward a proposal to the shareholders to
effect a capital reorganization involving (i) a reduction of the
issued share capital of the Company and the application of the
credit arising there from to the contributed surplus of the
Company where it may be utilized by the directors of the Company
in accordance with the bye-laws of the Company and all
applicable laws; and (ii) a consolidation of the issued share
capital of the Company.

A circular containing, inter alia, details of the capital
reorganization and other matters to be discussed at the AGM,
together with a notice convening the AGM will be dispatched to
the shareholders as soon as practicable.

If conditions of the capital reorganization are not fulfilled,
they will not proceed. Shareholders and potential investors
should therefore exercise caution when dealing in the shares,
and if they are in doubt about their position, they should
consult their professional advisors.

REASONS FOR THE CAPITAL REORGANIZATION

The proposed capital reorganization will not, of itself, alter
the underlying assets, business operations, management or
financial position of the company or the proportionate interests
of the shareholders, except for the payment of related expenses.

As of December 31, 2003, the Group had accumulated losses of
approximately HK$138,156,000. The Directors believe that is
unlikely that the group will generate sufficient profits in the
immediate future to eliminate this deficit and that it would not
be appropriate for the Company to pay dividends while the
deficit remains.

By order of the Board
E2-Capital (Holdings) Limited
Wong Sin Just
Executive Director

For a copy of the announcement, go to
http://bankrupt.com/misc/tcrap_E2capital0322.pdf


GAIN FAVOUR: Lai Chak Ming Initiates Winding up Petition
--------------------------------------------------------
The petition to wind up Gain Favour Limited is set for hearing
before the High Court of Hong Kong on April 21, 2004 at 10
o'clock in the morning.

Lai Chak Ming of Flat 4, 32/F., Hiu Tin House, 21 Hiu Kwong
Street, Kwun Tong, Kowloon Hong Kong, filed the petition on
February 20, 2004.

The Petitioners' solicitors are Chau Ming Wai of 34/F, 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 Chau Ming Wai 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).


GRAND PACIFIC: Faces Winding up Petition
----------------------------------------
The petition to wind up Grand Pacific Vacation (Hong Kong)
Limited is set for hearing before the High Court of Hong Kong on
April 21, 2004 at 9:30 in the morning.

Fullwell Properties Limited of 30th Floor, Comweb Plaza, 12
Cheung Yue Street, Cheung Sha Wan, Kowloon, Hong Kong, filed the
petition on February 30, 2004.

The Petitioners' solicitors are Ho and Wong of Rooms 1408-11,
14th Floor, China Merchants Tower Shun Tak Centre, 168-200
Connaught Road Central, Hong Kong. Any person who intends to
appear at the hearing of the petition must serve or send by post
to Solicitors Ho and 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).


IMAGE TECHNOLOGY: Schedules Winding up Hearing April 14
-------------------------------------------------------
The petition to wind up Image Technology International (Far East
Limited) is set for hearing before the High Court of Hong Kong
on April 14, 2004 at 10 o'clock in the morning.

Wong Chun Wah of Flat 701, Block C, Hong Wah Court, Lam Tin,
Kowloon Hong Kong, filed the petition on February 16, 2004.

The Petitioners' solicitors are Chau Ming Wai of 34/F, 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 Chau Ming Wai 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).


RICHEAD LIMITED: Winding up Hearing Set April 21
------------------------------------------------
The petition to wind up Richead 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 11, 2004.

The Petitioners' solicitors are Kao, Lee & Yip of 17th Floor,
Gloucester 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 Kao, Lee & Yip 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).


TECH UNIVERSAL: Winding Up Petition Slated for February 4
---------------------------------------------------------
The petition to wind up Tech Universal (HK-Macau) Development
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 17, 2004.

The Petitioners' solicitors are Minter Ellison of 911-918
Hutchison House, 10 Harcourt Road, Central Hong Kong. Any person
who intends to appear at the hearing of the petition must serve
or send by post to Solicitors Minter Ellison 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).


WONG KIN: Creditors Meeting Set March 25
----------------------------------------
The High Court of Hong Kong announced that the General Meeting
of the creditors of Wong Kin Yu (In Bankruptcy Proceedings) will
be held at the Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong on March 25, 203
(Thursday) at 11 o'clock in the morning.

E.T. O'Connel
Official receiver


WORLD HONOUR: Bank of China Initiates Winding up Petition
---------------------------------------------------------
The petition to wind up World Honour Service 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 Rooms 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).


ZENANA LIMITED: Schedules Winding up Hearing
--------------------------------------------
The petition to wind up Zenana Limited is set for hearing before
the High Court of Hong Kong on April 7, 2004 at 10 o'clock in
the morning.

Bonny Ace Limited of Top Floor, Chinachem Golden Plaza, 77 Mody
Road, Tsimshatsui East, Kowloon, Hong Kong, filed the petition
on February 11, 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 6th day of April 2004 (the day before the
petition hearing).


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


ANEKA TAMBANG: Net Profit Report of 2003 Likely to Decrease
-----------------------------------------------------------
PT Aneka Tambang Tbk (ANTM) net profit in year 2003 would likely
record a decrease contrary to what is reported because the
company is obliged to deduct more amount of fund from the profit
slated to the pension fund of employees, Indo Exchange reported
on Friday.

The pension fund that has to be made available will likely come
to about Rp600 billion but it would require further calculation
in details, which has not been recorded in the 2003 financial
report.

Antam's management and the auditor (PricewaterhouseCoopers) are
still in discussion on how to fix the report in appropriately
reliable accountancy for such a purpose of correction.

"There has yet to be a final decision because we are still
waiting for the result of discussion between the company's
management and the auditor on how to fix the report in a good
counting correction," said Antam President director, Deddy, to
Investor Indonesia and Bisnis Indonesia dailies after meeting
with chairman of the Indonesian coordinating agency of capital
investment (Bapepam) on Thursday, March 18 in Jakarta.


BANK DANAMON: Sets Price Guidance for US Dollar Bond
----------------------------------------------------
Bank Danamon's price guidance on U.S. dollar subordinated bond
being roadshowed is at 7.785 percent, a banker familiar with the
deal said Friday, quoted by Dow Jones. Marketing of the bond
concludes Monday in London and final pricing of the offering is
expected in the middle of next week, the person said.

The bond yield guidance is well above the 6.75 percent being
touted in Indonesia as the roadshow got underway. At the time,
international bankers said that level was too tight.

The size of the latest deal has yet to be finalized but is
expected to be for a minimum of $150 million. The bond carries a
10-year maturity with a call after five years.

Standard & Poor's has rated the bond B- while Moody's Investors
Service has rated it at B3.

The bond offering is being lead managed by Citigroup and
Deutsche Bank. Deutsche, in a consortium with the Singapore
government's Temasek Holdings, has a 51 percent shareholding in
the bank.

Bank Danamon plans to purchase a majority stake in PT Adira
Dinamika, which prompted the bank to raise cash to boost its
capital.  The Adira deal is expected to be complete by later
this month.


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


HANKYU CORPORATION: Moody's Assigns Baa2 Rating
-----------------------------------------------
Moody's Investors Service assigned on Friday a (P) Baa2 rating
to Hankyu Corporation's 200 billion yen shelf registration
effective March 19, 2004. The rating outlook is stable.

The rating reflects the company's solid railway operations -
supported by an established franchise and stable regulatory
framework - and the progress it has achieved in streamlining its
group operations. The rating also reflects concerns over
Hankyu's high level of gearing and the expected modest pace of
its efforts to both reduce debt and restore its equity position.

Hankyu is a major railway operator in the Kansai region, which
includes the cities of Osaka, Kyoto and Kobe. The company serves
about 640 million passengers per year with 146 km of track. The
railway operation generates major and stable cash flow for
Hankyu. However, its number of passengers and level of railway
revenues are both expected to decline moderately due to
demographic changes. Furthermore, weak economic conditions in
Kansai will constrain revenues. However, Moody's expect Hankyu
to be able to reasonably manage profit and cash flow from its
railway operation through the ongoing implementation of cost
cuts.

Hankyu has been streamlining its group operations and has
withdrawn from unprofitable activities. These initiatives are
expected to contribute to the stabilization of its fundamental
earnings, although the costs associated with its restructuring
of group operations and disposition of loss-making assets have,
in turn, consumed part of its equity resources.

Cash flow generated from Hankyu's operations will be modest in
the medium term, and its pace of debt reduction will depend on
proceeds from asset sales. Its liquidation of operating assets
will, in turn, reduce relevant cash flows.


JAPAN AIRLINES: Launches Direct Flights to Hangzhou
---------------------------------------------------
Japan Airlines Co. (JAL) will launch direct flights between
Hangzhou in Zhejiang Province and Narita and Kansai airports in
Japan on March 28, according to Kyodo News on Friday. JAL
President Katsuo Haneda told a press conference in Hangzhou that
the airline would run five weekly flights between Hangzhou and
Narita and two weekly flights between Hangzhou and Kansai.


JAPAN DEVELOPMENT: Land Developer Files Bankruptcy
--------------------------------------------------
Japan Development, Ltd., a company having transactions with
Mizuho Corporate, Ltd., subsidiary of Mizuho Financial Group,
Inc., filed for commencement of special liquidation procedures
with the Chiba District Court on March 19, 2004. Notice is
hereby given that, as a result of this development, the
possibility has arisen that certain claims against the Company
may be delayed or become irrecoverable.

1.) Outline of the Company

(1) Address 3-1-12, Higashichuo, Kisarazu, Chiba
(2) Representative Mr. Masakatsu Honma
(3) Capital JPY642 million

2.) Details of Relevant Developments

The land developer filed for commencement of special liquidation
procedures with the Chiba District Court on March 19, 2004.

3.) Amount of Claims

Mizuho Corporate, Ltd.:  JPY 49,303 million

4.) Effect of this Development on Profit/Loss of Mizuho
Financial Group, Inc.

As collaterals and reserves have covered the claims against the
Company, this development will have no effect on Mizuho's
previously announced earnings estimates for this fiscal year,
the Company said in its Website.


NISSHO IWAI-NICHIMEN: Discloses Terms of Unsecured Bonds
-------------------------------------------------------
With regard to the issue of domestic unsecured bonds, which was
resolved on February 27, 2004 and March 10, 2004, Nissho Iwai -
Nichimen Holdings Corporation announced the additional
information on the issue terms which were unfixed in the
previous announcements.

Newly Fixed Terms of the Bonds

1. Interest Rate 3.00 % p.a.

2. Subscription Period March 15, 2004

3. Closing Date March 25, 2004

4. Underwriter UFJ Tsubasa Securities Co., Ltd.

(Reference)

1. Name of Bonds

2. Total Issue Amount 25 billion yen

3. Issue Price 100% of the principal amount

4. Redemption Date March 24, 2006

FOR INQUIRIES:

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


RESONA BANK: Unveils Sale of Claims to Alte Co., Ltd.
-----------------------------------------------------
Resona Bank, Ltd. (Resona Bank President: Masaaki Nomura) has
decided to transfer its claims to Alte Co., td. (Alte,
President: Satoru Enokida) and its subsidiaries (amounting to
approximately 100 billion yen) to GE Real Estate in Japan, a
real estate business unit in Japan of General Electric Company.

1. OUTLINE OF THE SALE OF CLAIMS

In a Company press release, the intended sales of claims are in
line with the basic policy for reviewing transactions with
"closely-related" borrowers, which was included in the
"Financial Reform of Resona Aimed at Maximization of Corporate
Value" announced in October 2003.

Following the intended sales, the close relationship between
Resona Bank and Alte Group will be terminated.

Alte Group will increase its corporate value by strengthening
its real estate business as an affiliate company of GE Group.

2. SCHEDULE

(1) March 16, 2004: Conclusion of a contract for transferring
claims

(2) March 30, 2004 (planned): Closing of transactions

3. Outline of Alte

(1) Corporate name Alte Co., Ltd.

(2) Address 4-11-20 Minami Senba, Chuo-ku Osaka-shi, Osaka-fu

(3) Representative Satoru Enokida

(4) Amount of capital 100 million yen

(5) Line of business Real estate leasing

4. Impact of This Development on the Forecasted Earnings of
Resona HD

Resona Bank has already provided loan loss reserve to fully
cover the expected loss arising from this development.
Therefore, the previous earnings forecasts of Resona HD for the
fiscal year ending March 31, 2004, which were announced on
November 25, 2003, remain unaffected.


SANTEKKU CORPORATION: Glass Manufacturer Enters Bankruptcy
----------------------------------------------------------
Santekku Corporation K.K. has been declared bankrupt, according
to Teikoku Databank America. The glass production firm, which is
located at Niei-gun, Toyama 939-2757, Japan, has total
liabilities of US$50.83 million.


SEIBU DEPARTMENT: Nomura, Mizuho Eyes JPY90B Rescue
---------------------------------------------------
Nomura Holdings Inc. and Mizuho Corporate Bank are considering
injecting a total of 90 billion yen (US$843 million) of capital
into the Seibu Department Store group, according to Reuters.

Nomura Principal Finance, the principal finance unit of Nomura,
plans to inject 50 billion yen into the struggling retailing
group while Mizuho will inject 40 billion yen by purchasing non-
voting shares.

Seibu, which in May 2003 combined operations with failed
department store Sogo under a holding company, has been in the
middle of business restructuring.

Both Mizuho and Nomura Principal Finance declined to confirm the
report.


SHOWA DENKO: JCR Assigns BBB- Rating
------------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB- rating to
the bonds of Showa Denko K.K.

Issue: Amount (billion) Issue Date Due Date Coupon
Euro yen convertible
Bonds Y23 Mar. 25, 2004 Mar. 25, 2009 0.0%
Covenants: Negative Pledge & Additional Payments for Tax
Withheld
Commissioned Company: No

RATIONALE:

Showa Denko is a major chemical company in Japan. In the midst
of severe business environment surrounding chemical industry,
Showa Denko increased the operating profit and pretax profit for
fiscal 2003 ended December 31, 2003, following the previous
fiscal year. Rise of digital home appliances and increase in
earnings from hard disk operations derived from acquisition of
the business operation improved the profits for two years in a
row. Although the financial structure remains weak, it has
improved with the interest-bearing debt being reduced.

Improvement in earnings and constraint on capital spending
reduced the interest-bearing debt rapidly. Showa Denko plans to
resume dividend payments with the earnings retained being
increased. JCR will pay attention to the future developments as
to how Showa Denko can strengthen the competitive advantage for
each selected business and whether it can improve the earnings
and financial structure further.


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


HYNIX SEMICONDUCTOR: STMicroelectronics To Join Chip Maker
----------------------------------------------------------
Geneva-based STMicroelectronics NV may join Hynix Semiconductor
Inc. in building a memory-chip plant in China, Bloomberg News
reports, citing Chung Hyung Ryang, Chief Financial Officer of
Hynix.

Chung declined to comment on an earlier Korea Economic Daily
report that the plant would cost $1.7 billion and did not give
more details.

Hynix reported a fourth-quarter loss of 869 billion won after
taking a charge for writing down the value of some assets. On a
consolidated basis, which includes earnings from its overseas
affiliates, Hynix's 2003 net loss widened 19 percent to 2.3
trillion won.


KOOKMIN BANK: Unveils Partial Disposition of Treasury Stocks
------------------------------------------------------------
On March 19, 2004, Kookmin Bank officially submitted a statement
of disposition of treasury stocks to Financial Supervisory
Commission with regard to the exercise of stock options, which
were granted to 10 directors and 55 employees on March 15, 2001.

In a disclosure to the Securities and Exchange Commission, the
disposition will be implemented upon the option holders'
requests during the option exercise period starting from March
26, 2004. The disposition details are as follows:

1.) Number of treasury stocks to be disposed of: 198,093
registered common shares

2.) Exercise price: KRW 28,027

3.) Amount of disposition: Approximately KRW 5,551,952,511

4.) Disposition method: After-Trading Hour transaction (The
stocks will be distributed to the option holders upon their
requests through the Kookmin Bank's account of Daishin
Securities Co.)

5.) Disposition period: From March 26, 2004 to March 15, 2009

Kookmin Bank holds 29,972,390 shares as treasury stocks,
approximately 8.91% of total issued registered common stocks of
the Bank as of March 19, 2004,

Ki Sup Shin
Kookmin Bank Executive Vice President & Chief Financial Officer


KOOKMIN BANK: In Talks on Stake Sale to Temasek
-----------------------------------------------
Kookmin Bank is considering selling a nine percent stake in the
bank worth 1.4 trillion won ($1.21 billion) to Singapore's
Temasek Holdings Ltd, according to Reuters, citing Kookmin's
labor union.

A Kookmin spokesman said he had not any knowledge of any talks,
but Singapore state investment agency, Temasek, hinted that it
could have had talks on a sale.

Kookmin bought the nine percent stake back from the government
in December for 1.34 trillion won. Since then, it has been
seeking to tie up a sale to foreign partners before mid-2005 to
finance its expansion in the fund management sector.


SSANGYONG MOTOR: 2004 Sales Likely to Reach US$3.74 Billion
-----------------------------------------------------------
Ssangyong Motor Co. expects to make 4.34 trillion won (US$3.74
billion) on sales of 177,000 units this year, according to Asia
Pulse on Friday. The sales figure is a 32.3 percent increase
from a year ago. In 2003, the carmaker sold 146,696 vehicles
worth 3.28 trillion won.


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


PILECON ENGINEERING: Granted Restraining Order
----------------------------------------------
Pilecon Engineering Berhad would like to refer to the matter of
a restraining order and the announcement dated 27 February 2004.

Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Pilecon Engineering, wishes to anni8unce that the
Kuala Lumpur High Court has on 18 March 2004 granted an order
pursuant to section 176(1) of the Companies Act 1965 requiring
Pilecon to convene a meeting to be held in respect of a
particular class of its creditors comprising certain lenders and
corporate guarantee creditors of Pilecon, excluding its trade
creditors and secured creditors (hereinafter referred to as the
"Unsecured Creditors")(hereinafter the meeting to be referred to
as "the Pilecon meeting") within ninety (90) days from 18 March
2004 for the purpose of considering and if thought fit approving
with or without modification, the revised proposals as set out
in the announcement dated 27 February 2004.

Restraining Order Pursuant to Section 176(10) of the Companies
act 1965

In conjunction with the order to convene the Pilecon meeting,
the Kuala Lumpur High Court has also, pursuant to section
176(10) of the Act, granted an order to restrain, for a period
of 90 days from 30 March 2004 (Restraining Order) any person
thereby affected from the proceedings in respect of the
Restraining Order or any other related proceedings and had no
notice of the proceedings or of other related proceedings,
including any winding up, execution and arbitration proceedings
as well as any intended or future proceedings. The restraining
Order is due to expire on 28 June 2004.

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


SBC CORPORATION: Acquisition of Vehicle by Unit
-----------------------------------------------
SBC Corporation Berhad announced on the Kuala Lumpur Stock
Exchange on 18 March 2004, the following transactions by a
related party:

1. INTRODUCTION
The Board of Directors of SBC Corporation Berhad
(Formerly known as Siah Brothers Corporation Berhad)
("SBC") wishes to announce that its wholly-owned
subsidiary, Syarikat Siah Brothers Trading Sdn. Bhd.
("SSBT") has on 18 March, 2004 acquired one unit of
secondhand Mercedes Benz C200A (Year of Manufacture:
1995) bearing registration no. WDT 8668 ("Motor
Vehicle") from LOM Holdings Sdn Bhd ("LOM") for a
cash consideration of RM90,000.
2. INFORMATION ON SSBT

SSBT was incorporated in Malaysia on 4 May, 1968. The authorized
share capital of SSBT is RM10 million divided into 10 million
ordinary shares of RM1.00 each, of which 8 million shares have
been issued and fully paid up. SSBT is principally engaged in
the businesses of general building construction and investment
holding.

3. INFORMATION ON LOM
LOM was incorporated in Malaysia on 21 November,
1983. The authorized share capital of LOM is
RM100,000 divided into 30,002 8% cumulative
preference shares of RM1.00 each and 69,998 ordinary
shares of RM1.00 each, of which all the preference
shares and 4,000 ordinary shares have been issued
and fully paid up. The principal activities of LOM
are those of investment holding, provision of
project consultancy services and collection of
rental from property.

LOM is a substantial shareholder of SBC. LOM's
wholly-owned subsidiary, Evergreen Legacy Sdn. Bhd.
is also a substantial shareholder of SBC.

Mr. Sia Kwee Mow @ Sia Hok Chai, the Executive
Chairman of SBC and his son, Mr. Sia Teong Heng, the
Managing Director of SBC, are the directors of SSBT
and substantial shareholders of SBC. Both of them
are also directors and shareholders of LOM.

4. DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST
Save as disclosed above, none of the directors and
substantial shareholders of SBC and its subsidiaries
or persons connected to them, have any interest,
direct or indirect, in the acquisition.

5. BASIS OF ACQUISITION PRICE
The acquisition price for the Motor Vehicle was
arrived at on a "willing buyer willing seller" basis
at a 10% discount from the market value of
approximately RM100,000. The acquisition will be
financed via internal funds.

6. RATIONALE FOR THE ACQUISITION
The Motor Vehicle is acquired for the use of its
senior management.

7. FINANCIAL EFFECTS OF THE ACQUISITION
(a) Share capital and substantial shareholders.
The acquisition will not have any effect
on the share capital of SBC or its
substantial shareholders.
(b) On earnings and net tangible assets.
The acquisition will not have any
material effect on the earnings and the
net tangible assets per share of the SBC
Group for the financial year ending 31
March 2004.

8. APPROVAL
The acquisition is not subject to SBC shareholders'
approval.

9. DIRECTORS' RECOMMENDATION
The Directors of SBC are of the opinion that the
acquisition is in the best interest of the SBC
Group.


SELANGOR DREDGING: Disposes of Interests in Oriental Extrusions
---------------------------------------------------------------
Selangor Dredging Berhad, in an announcement at the Kuala Lumpur
Stock Exchange, dated 18 March 2004, wishes to announce the
proposed disposal of the entire issued and paid-up share capital
of Oriental extrusions Sdn Bhd of RM200,000 comprising 200,000
ordinary shares of RM1.00 each to MBM Resources Berhad for a
cash consideration of RM10,515,574.17.

Full details of the sale may be viewed on the following links:

http://bankrupt.com/misc/Selangor1.doc
http://bankrupt.com/misc/Selangor2.doc


SINMAH RESOURCES: Cancels Sale of Stake in Joint Livestock Bhd
--------------------------------------------------------------
Sinmah Resources Bhd would like to refer to the announcement
dated 31 October 2003 wherein the company announced that Sinmah
Livestocks Sdn Bhd, a wholly owned subsidiary of Sinmah had
entered into a Sale and Purchase Agreement, dated 31 October
2003 with Bridgewell Holdings Sdn Bhd for the proposed disposal
by Sinmah Livestocks of 58.91% equity stake in Joint Farming Sdn
Bhd to Bridgewell for a cash consideration of RM12.5 million.

The Board would like to announce that Sinmah and Bridgewell had
mutually agreed to terminate the aforesaid Sale and Purchase
Agreement as both parties are unable to reach mutual agreement
on certain terms of the transaction. In view thereof, the
deposit of 10% amounting to RM1.25 million will be refunded to
the Bridgewell without interest.

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


TENCO BERHAD: Disposes of Subsidiaries
--------------------------------------
1. INTRODUCTION

The Board of Directors of Tenco Berhad wishes to announce that
on 18 March 2004, the Company has disposed of its wholly-owned
subsidiaries, namely DeccoBond (M) Sdn Bhd [formerly known as
Major Joint Sdn Bhd] (DMSB), Enrich Xpro (M) Sdn Bhd [formerly
known as All Real Productive Sdn Bhd] (EXSB) and Foremost
Invention Sdn Bhd (FISB) to the following persons:


Company:  DMSB
Purchaser:  Yong Guat Leng
Number of Shares: 1 ordinary
Consideration: RM1.00
Equity:  50%

Company:  DMSB
Purcahser:  Lai Siew Choo
Number of Shares: 1 ordinary
Consideration: RM1.00
Equity:  50%

Company:  EXSB
Purchaser:  Yong Guat Leng
Number of Shares: 1 ordinary
Consideration: RM1.00
Equity:  50%

Company:  EXSB
Purcahser:  Lai Siew Choo
Number of Shares: 1 ordinary
Consideration: RM1.00
Equity:  50%

Company:  FISB
Purchaser:  Ng Hon Yuen
Number of Shares: 1 ordinary
Consideration: RM1.00
Equity:  50%

Company:  FISB
Purcahser:  Ng Chor Ming
Number of Shares: 1 ordinary
Consideration: RM1.00
Equity:  50%

(collectively referred to as "the Disposal")

The disposal of the shares was arrived on a "willing buyer and
willing seller" basis and the purchase consideration has been
paid by the Purchasers.

Upon completion of the Disposal, DMSB, EXSB and FISB will ceased
to be subsidiaries of the Company.

2. RATIONALE FOR THE DISPOSAL

The Disposal is part of the Group's restructuring exercise.

3. FINANCIAL EFFECTS OF THE DISPOSAL

i) Share Capital and Substantial Shareholders' shareholdings
The Disposal does not have any impact on the share capital and
substantial shareholders' shareholding of Tenco.

ii) Earnings
The Disposal will not have any impact on the earnings for the
financial year ending 31 March 2004.

iii) Net Tangible Assets (NTA)
The Disposal will not have any material effect on the NTA of the
Group.

4. DIRECTORS AND MAJOR SHAREHOLDERS INTERESTS

None of the Directors and/or major shareholders of the Company
or its subsidiaries or persons connected with them, have any
interest, direct or indirect, in the Disposal.

5. DIRECTORS' RECOMMENDATION

Having considered all aspects of the Disposal, the Board of
Tenco is of the opinion that the Disposal is in the best
interests of the Group.

6. APPROVAL REQUIRED

The Disposal is not subject to the approval of shareholders of
neither the Company nor any government authorities.

7. SECURITIES COMMISSION'S POLICIES AND GUIDELINES ON
ISSUE/OFFER OF SECURITIES

The Disposal has not departed from the Securities Commission's
policies and guidelines on Issue/Offer of Securities.

This announcement is dated 18 March 2004.


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


ABS-CBN BROADCASTING: Unit Plans Listing at SGX
-----------------------------------------------
ABS-CBN Global Limited, an international subsidiary of media
giant ABS-CBN Broadcasting Corporation, plans to list its shares
at the Singapore Stock Exchange (SGX) in the next two or three
years, a company official said, quoted by The Philippine Star.

By that time Abs Global would have met the requirements of
Singapore's equities market, according to ABS-CBN chief
financial officer Randy Estrellado.  At present the company is
reviewing the different business models on how to go about the
planned initial public offering (IPO), Mr. Estrellado added.

The Singapore Stock Exchange requires a minimum profit for
entities intending to go public. In 2003, ABS-CBN Global's net
sales amounted to P2.37 billion or 65 percent of ABS-CBN's total
net sales and services.

Bulk of ABS-CBN Global's revenues came from subscription
revenues of its cable and direct-to-home service with an
estimated viewership base of 1.3 million by end-2003, up 24
percent from a year ago. Of its total viewers, around 53 percent
are located in North America.

ABS-CBN Global's contribution to ABS-CBN's income boosted the
network's 2002 revenues, which increased by 12 percent from
PhP9.91 billion to PhP11.06 billion. Other subsidiaries, which
pushed the broadcast firm's revenues, were ABS-CBN Film
Productions Incorporated, Creative Programs, Incorporated, ABS-
CBN Publishing, and Star Records.

ABS-CBN officials earlier said proceeds from the IPO would be
used to further beef up international operations and possibly
acquire a broadcast network in Asia.

ABS-CBN's investments abroad involve satellite and direct-to-
home operations. It offers all-Filipino programming through The
Filipino Channel (TFC), the first and only 24- hour cable and
satellite service.

To further strengthen operations abroad, ABS-CBN is looking at
expanding its presence in Canada and Australia given the high
concentration of Filipinos in those two countries. It also
intends to expand its cable services in Asia, particularly in
Hong Kong, Singapore and Taiwan.

ABS-CBN's top priority, however, is Europe where it had just set
up a cable and direct-to-home satellite last December.


BALABAC RESOURCES: Updates Proposed Rights Offering
---------------------------------------------------
Further to Circular for Brokers Number 102-2003 dated January
15, 2003, in connection with the Board of Directors' approval of
a proposal whereby all stockholders would be given the right to
subscribe at par (P1.00) to shares of the Corporation after the
increase in its authorized capital stock, Balabac Resources and
Holdings Company Incorporated, in a letter dated March 17, 2004,
stated that:

Please be informed that the matter of the proposed rights
offering is the subject of evaluation by Management to be
presented to the Board of Directors in the meeting to be held on
April, 2004.  The company shall inform you forthwith on the
results of the said meeting"


BENPRES HOLDINGS: Confirms Compromise Plan
------------------------------------------
Benpres Holdings Corporation confirms to the Philippine Stock
Exchange on Monday that Maynilad Water Services, Incorporated
and MWSS have agreed to a compromise plan that includes the
quasi-reorganization of Maynilad and debt restructuring, to pave
the way for a commercially viable and stable water service.

The compromise plan ensures the settlement of all outstanding
concession fees owed MWSS and the complete write-off of all
Benpres' US$880 million equity in Maynilad.  In addition, the
plan calls for a partial draw of US$80 million on Maynilad's
US$120 million performance bond and the restructuring of all its
debt, Majority of the creditors have agreed in principle to the
compromise.

The extra-judicial solution was sanctioned by the international
Arbitration Panel that earlier heard the case for the
concession's termination.  In 2003, the Panel concluded, "there
is neither a Concessionaire nor an MWSS event of Termination"
and that "the parties undoubtedly have problems in their
internal relations but they have to find extra-judicial
solutions to them."

Moving forward, Maynilad will submit the compromise plan to its
receiver and the Regional Trial Court hearing its petition for
rehabilitation, for their concurrence to the consensual
agreement.  The quasi-reorganization will be submitted to the
Securities and Exchange Commission for approval.

Maynilad is also in the process of seeking official approval
from its creditor banks for the debt restructuring.


MAYNILAD WATER: Awaits Decision of Arbitration Panel
----------------------------------------------------
Maynilad Water Services Incorporated will be forced to refund
customers if the arbitration panel rules that the utility had
over-collected certain charges, Yehey Finance reports.  The
arbitration panel was established after Maynilad threatened to
give back its concession to the government.

The refund is one of the options being considered for alleged
over-collections involving the foreign currency differential
adjustment (FCDA) and the accelerated extraordinary price
adjustment (AEPA) components of the water tariff, according to
Manila Waterworks and Sewerage System Administrator Orlando C.
Honrade.  The issue of over collection may be settled by the end
of March.

Mr. Honrade did not disclose if the deal on Thursday would have
a bearing on the arbitration case.  On January, the panel had
ruled that Maynilad cannot give back its concession and it had
to pay the government the requisite fees. The panel is still
trying to settle minor matters such as the FCDA and AEPA issues.

Maynilad is said to have continue collecting the FCDA and AEPA
from customers, when it should have terminated the said fees in
December of 2003.

Since Maynilad has not paid its concession fees since March 2001
to the government it should have been stopped from collecting
FCDA since December 2002 when it expired, Water for the People
Network, a non-government organization said.

However, Maynilad claims that it should not be paying concession
fees since it suffers losses and the MWSS did not allow a rate
increase.

Water for the People Network estimates that Maynilad's
unauthorized collections have reached PhP6.4 billion. The
government estimates the firm owes it some PhP8 billion in
concession fees.

Mr. Honrade said that another option is to credit the alleged
overcharges to future bills of Maynilad customers. A third
option would be to deduct the amount from the water tariff. "If
they have an over-collection, that can be deducted in the
approved tariff that Maynilad did not implement [in 2003]," he
said.


NEGROS NAVIGATION: Tsuneishi Blocks Ship from Sailing
-----------------------------------------------------
Negros Navigation Company (Nenaco) cried foul after Tsuneishi
and Aboitiz Transport Group brought lawyers and sheriffs from
the Branch 5 of the Cebu Regional Trial Court to stop M/V St.
Peter the Apostle bound for Bacolod from leaving Cebu Port on
March 19, according to Businessworld. Aboitiz Transport Group
owns 20 percent of Tsuneishi.  Nenaco owes Tsuneishi almost
PhP36 million for dry-docking and repair services.

"Why try to disrupt the lives of ordinary passengers, when the
courts in Cebu specifically directed Tsuneishi-Aboitiz to sit
down with us, and work out an amicable payment plan. It seems
that they are ill motivated, [their] agenda is to harass us.
Otherwise, they would not have come here, complete with a
retinue of policemen and reporters and thereafter conduct a
press conference," said Nenaco President Conrado A. Carballo in
a statement.

On March 17, Judge Ireneo Lee Gako Jr. of the Cebu Trial Court
ordered lawyers of Nenaco and Tsuneishi to come up with a new
repayment plan.  Nenaco disclosed that it has been regularly
paying its debt to Tsuneishi but refrains from doing so due to
scheduled renegotiations.


PHILIPPINE LONG:  Sets Listing Of 1,143 Common Shares
------------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by Philippine Long Distance Telephone
Company to list additional 1,289,745 common shares, with a par
value of PhP5.00 per share, to cover the Executive Stock Option
Plan (ESOP) of the company, at an exercise plan of P814.00 per
share.

In this connection, please be advised that a total of 1,143
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 1,143 common shares is set
for Monday, March 22, 2004.  This brings the number of common
shares listed under the ESOP to a total of 15,677 common shares.

The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.

For your information and guidance,
Maria Isabel T. Garcia
Head, Listings Department

Noted by:
Jurisita M. Quintos
Senior Vice President-Operations Group


SEMIRARA MINING: Details Stockholder's Meeting
----------------------------------------------
Semirara Mining Corporation held a Stockholder's Meeting on
Wednesday, March 17, 2004 at 3rd Floor Building, 2281 Pasong
Tamo Extension, Makati City.

The company has attached the matters taken up during the said
meeting.

To view full copy of the document, click
http://bankrupt.com/misc/semiraramining032004.pdf


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


ANANDA DEVELOPMENT: Issues Winding up Order Notice
--------------------------------------------------
Ananda Development (S) Pte Ltd issued a notice of winding up
order made on February 6, 2004.

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

Messrs LOH LIN KOK
Solicitors for the Petitioner.
ALUMNI CONSTRUCTION & TRADING PTE LTD

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


AVARI PTE: Faces Winding Up Petition
------------------------------------
The petition to wind up Avari Pte Ltd. is set for hearing before
the High Court of the Republic of Singapore on April 2, 2004 at
10 o'clock in the morning.

United Overseas Bank Limited, the successor-in-title of Overseas
Union Bank Limited, whose address is located at 80 Raffles
Place, UOB Plaza, Singapore 048624, filed the petition with the
court on March 10, 2004.

The Petitioner's solicitors are Messrs Lee & Lee of 5 Shenton
Way, #19-00 UIC Building, Singapore 068808. Any person who
intends to appear on the hearing of the petition must serve on
or send by post to Messrs Lee & Lee a notice in writing not
later than twelve o'clock noon of the 1st day of April 2004 (the
day before the day appointed for the hearing of the petition).

The Singapore Government Gazette announcement is dated March 19,
2004.


EXCEL GROUP: Releases Dividend Notice
-------------------------------------
Excel Group Pte Ltd. issued a notice of intended preferential
dividend:

Address of Registered Office: Formerly of 79 Robinson Road #24-
01 CPF Building Singapore 068897.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 177 of 1995.

Last Day for Receiving Proofs: 26th March 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 12,
2004.


GOODWOOD PARK: Appoints Financial Adviser
-----------------------------------------
Further to the announcement dated 18 March 2004, the Board of
Directors of Goodwood Park Hotel announced that it has on Friday
appointed DBS Bank Ltd as the Company's financial adviser to
advise the Board in connection with the proposed voluntary
delisting of the Company with an exit option for minority
shareholders.


GUAN LEONG: Winding Up Hearing Set April 2
------------------------------------------
The petition to wind up Guan Leong Construction Pte Ltd. is set
for hearing before the High Court of the Republic of Singapore
on April 2, 2004 at 10 o'clock in the morning.

Judicial managers Mr. Lim Lee Meng and Mr. Chee Yoh Chuang of
Messrs Chio Lim & Associates, whose address is located at 18
Cross Street, #08-01 Marsh & Mc Lennan Centre, Singapore 048423,
the creditors, filed the petition with the court on March 10,
2004.

The Petitioner's solicitors are Wong Tan & Molly Lim LLC of 80
Robinson Road #17-02, Singapore 068898. Any person who intends
to appear on the hearing of the petition must serve on or send
by post to Solicitors Wong Tan & Molly a notice in writing not
later than twelve o'clock noon of the 1st day of April 2004 (the
day before the day appointed for the hearing of the petition).

The Singapore Government Gazette announcement is dated March 19,
2004.


HONG LAI: Schedules Winding up Hearing
--------------------------------------
The petition to wind up Hong Lai Huat Construction Pte Ltd. is
set for hearing before the High Court of the Republic of
Singapore on April 2, 2004 at 10 o'clock in the morning.

Mr. Low Siew Sie Bob, the judicial manager of the Company, whose
address is located at 10 Anson Road, #39-15 International Plaza,
Singapore 079903, filed the petition with the court on March 10,
2004.

The judicial manager's solicitors are Messrs Yeo Marini &
Partners of 133 New Bridge Road, #15-04 Chinatown Point,
Singapore 059413. Any person who intends to appear on the
hearing of the petition must serve on or send by post to Messrs
Yeo Marini & Partners a notice in writing not later than twelve
o'clock noon of the 1st day of April 2004 (the day before the
day appointed for the hearing of the petition).

The Singapore Government Gazette announcement is dated March 19,
2004.


LINTIEN (PTE): Creditors Must Submit Claims by April 21
-------------------------------------------------------
The creditors of Lintien (Pte) Ltd. (In Members' Voluntary
Liquidation), which is being wound up, are required on or before
the 21st day of April 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 Liquidators of the
said Company, and, if so required by notice in writing by the
said Liquidators, are personally or by their solicitors, 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.

RAMAMSAMY SUBRAMANIAM IYER
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.

The Singapore Government Gazette announcement is dated March 19,
2004.


SPECARGO FORWARDING: Issues Debt Claim Notice to Creditors
----------------------------------------------------------
The creditors of Specargo Forwarding (S) Pte Ltd (In Member's
Voluntary Liquidation), which is being wound up, are required on
or before the 21st day of April 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
Liquidator of the said Company, and, if so required by notice in
writing by the said Liquidator, are personally or by their
solicitors, 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 19,
2004.


THREE CROWNS: Creditors Must Submit Claims by April 19
------------------------------------------------------
The creditors of Three Crowns Restaurant Pte Ltd. (In Members'
Voluntary Liquidation), which is being wound up voluntarily are
required on or before April 19, 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 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 19,
2004.


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


ASIA HOTEL: Details Board of Directors Resolutions
--------------------------------------------------
The board of directors of Asia Hotel PCL at a meeting no.
2547(#4/2004) held on March 18, 2004 passed these resolutions:

(1) That the Company will omit dividend payment for the
operation from 1 January 2003 to 31 December 2003 because the
Company had net loss for the year 2003.

(2) That an ordinary general meeting of shareholders no.42
should be held on 27 April 2004 at 3.00 p.m. at King Petch Room,
Asia Hotel, 296 Phayathai Road, Ratchatevi, Bangkok. The agenda
for the meeting will be:

(2.1) Certify the minutes of the AGM no. 41

(2.2) Certify the Company''s annual report and the board of
directors' report for 2003

(2.3) Approve the balance sheets, statements of income,
statements of cash flow and the auditor's report of the Company
and its subsidiaries

(2.4) Consider not to allocate net profit for legal reserves and
dividend omissions for the year 2003's operating results

(2.5) Appoint directors to succeed those completing their terms

(2.6) Approve directors' remuneration fees for the year 2003

(2.7) Appoint an auditor and fix the auditing fee for the year
2004

(2.8) Approve the amendment of the Company's Articles of
Association no.52 to comply with the new regulation of the SEC
and SET regarding connected transactions, acquisition and
disposition of company's assets.

(2.9) Consider other issues (if any)

(3) That the date for closing the company share register for the
right to attend the meeting will be on April 7, 2004 at 12:00
p.m. until the meeting has been duly convened.

This information is provided for notification to the SET  and
for disclosure to investors.

Signature
(Mr. Kumpol Techaruvichit)
Chairman and Managing Director


PRASIT PATANA: SET Posts Notice Pending Sign
---------------------------------------------
The Stock Exchange of Thailand (SET) first posted an "NP" sign
(Notice Pending) on Prasit Patana Public Company Limited (PYT)
on 2 March 2004 because it had failed to submit its financial
statements for the period ending 31 December 2003 by the
specified deadline, and the SET posted an "SP" (Suspension) sign
on 10 March 2004 because PYT failed to submit its financial
statements within five working days after the SET first posted
an "NP" sign against its securities.

Now PYT has publicly released to the SET and investors its
audited financial statements for the period ending 31 December
2003. The SET has posted an NR sign on its securities to inform
investors that the company has already disclosed such
information.

Presently, PYT has been under the rehabilitation process so the
SET has still suspended trading all securities of PYT until the
causes of delisting are eliminated.


PRASIT PATANA: Details Performance and Financial Analysis
---------------------------------------------------------
Prasit Patana Public Company Limited and its Subsidiaries'
submits to The Stock Exchange of Thailand, the company's
Performance Explanation and Financial Analysis For the year
ended 31 December 2003:

(1) Performance according to Business Plan

The company did not disclose its future business plan

(2) Operational Performance

(2.1) Overall Picture of Past performance

In comparison the performance figures in 2003 and 2002, the
operational revenue of the company and its subsidiaries
increased 10.44 percent.  The company and its subsidiaries
generated operational revenue of 3,059.50 baht million in 2003
in comparison with operational revenue in 2002 of 2,770.21
million baht, an increase of 289.29 baht million.

The group recorded a gain (loss) from movements in foreign
exchange rates as a result of accounting adjustments in relation
to foreign currency loans.

Cost of Services of the company and its subsidiaries was
2,294.44 million baht and 2,178.51 million baht in 2003 and 2002
respectively, an increase of 115.94 million baht or 5.32
percent.

Selling and administrative expenses of the company and its
subsidiaries were 618.61 million baht and 513.11 million baht in
2003 and 2002 respectively, an increase of 105.5 million baht or
20.56 percent.

The level of competition in the private healthcare industry is
intense. In general, major healthcare providers and private
hospitals have clear target markets.  Our group has employed a
marketing strategy focused on and emphasizing quality of patient
care and international healthcare standards.

There were no significant effects on the companies' operating
results arising from exchange rate movements.  The companies did
not trade internationally and all revenues were earned in Thai
currency.  Similarly, there were no significant operating
expenses incurred that are in foreign currencies.

However, the companies incur costs from exchange rate variations
resulting from payment of interest on borrowings denominated in
foreign currencies.  The risk of such variations was limited by
covenants in the loan agreements (the Debt Restructuring
Agreements) that limit the downside risk of exchange rate costs.
Nevertheless, the company and its subsidiaries repaid the
outstanding loan in both baht and foreign currencies and made
new loan in Baht only at the end of 2003.

(2.2) Past Performance of Each Product Line

The Company and its subsidiaries only business are in healthcare
business.

On July 18, 2003, the company converted debts into equity. The
company was granted a petition from the Ministry of Commerce to
increase its registered capital from 866,023,760 baht to
4,330,118,800 baht to accommodate the debt to equity conversion
for the company and its subsidiaries financial creditors and the
subsidiaries' construction creditors for the total of
346,409,504 shares. On 29th September 2003, the Central
Bankruptcy Court granted the exit petition from the
rehabilitation period.

The company appointed the new Board of Directors in place of the
Plan Administrator whose authorities ceded at that time.

Revenue from Service:

The company and its subsidiaries had revenue from service
provided of 3,059.50 million baht and 2,770.21 million baht in
2003 and 2002 respectively, an increase of 289.29 million baht
or 10.44 percent resulting from the increase of inpatient and
outpatients volumes, the increase of product and service price.

Revenues from Management Fee:

Revenues from management fee from one related company was 7.32
million baht and 5.30 million baht in 2003 and 2002
respectively, an increase of 2.02 million baht or 38.16 percent.
An increase in revenue was a result of Management Contract
signed with a related company for a 10-year period. Revenue was
calculated from the percentage of operational income of the
related company as specified in the Management Contract.

Gain (Loss) from Foreign Exchange Rate:

The company and its subsidiaries recorded gain (loss) from
exchange rate as a result from accounting adjustment in
accordance with generally accepted accounting principles.

Interest Income:

The interest income was a result of realized interest income
among subsidiaries.

Other Revenues:

The company and its subsidiaries generated other revenues of
94.75 million baht and 80.30 million baht in 2003 and 2002
respectively, an increase of 14.45 million baht or 17.99 percent
due mainly to increase revenue in laundry, linen services and
rental income

Cost of services:

The company and its subsidiaries incurred cost of services of
2,294.44 million baht and 2,178.51 million baht in 2003 and 2002
respectively,  an increase of 115.94 million baht or 5.32
percent was due to the growth in patient volume. Generally cost
of service is directly variable with the number of patients
(service income). Cost of service-to-service income ratio was
74.99 percent in 2003 and 78.64 percent in 2002 respectively.

It was decreasing because subsidiary companies had increases
price of products and services. In addition, there were some
expenses which did not relate to service income when compared
with year 2002 such as cost of products and salary. For cost of
products , the company and its subsidiaries had centralized
purchasing to have more bargaining power. And for salary, the
company reorganized employees to maximize efficiency.

Selling and Administrative Expenses:

The company and its subsidiaries incurred selling and
administrative expenses of 618.61 million baht and 513.11
million baht in 2003 and 2002 respectively, an increase of 105.5
million baht or 20.56 percent. The main reasons for the increase
in selling and administrative expenses were:

- Fee for a local bank support and other related expenses
totaling 63 million baht in 2003.

- The company and its subsidiaries entered into an agreement
with a foreign organization to provide the highest level of
treatment consultation with a fee of 12.6 million baht in 2003
and 6.7 million baht in 2002 respectively, an increase of  5.9
million baht or 88.9 percent.

- The company and its subsidiaries have employed a company to
review the operational system and accounting system
implementation with a fee of 7.3 million baht in 2003.

- The company and subsidiaries had recorded annual bonus of 10
million baht in 2003.

- Dividend Policy
The company will pay dividend to shareholders with the approval
of the Board of Directors and is related to the annual business
performance.  Shareholders must also approve the dividend
payment.

(3) Financial Status

(3.1) Assets

The Composition of the Assets

Total assets of the company and its subsidiaries as at 31
December 2003 comprised of current and non-current assets,
calculated as a ratio of 14.50 percent and 85.50 percent
respectively.

Current Assets of the company and subsidiaries are composed of:

Cash and cash equivalents and S-T investment: 9.11% of total
assets
Receivables: 3.06% of total assets
Inventories: 2.03% of total assets
Other current assets: 0.29% of total assets

Long-term investments were 2.16% of total assets.

The majority of assets of the company and its subsidiaries are
land, buildings and equipment, which make up 81.20% of total
assets.

Other non current assets were 2.14% of total assets.

Quality of Assets

Quality of Receivables: Receivables of the company and its
subsidiaries include significant amounts receivable from
insurance companies in respect of patient services.  Stringent
payment conditions could result in claims being delayed by the
insurers.  However, the companies made sufficient provision for
doubtful debts and have confidence in the quality of
receivables, net of provisions.

(3.2) Liquidity

The company and its subsidiaries had net cash from operation for
the year ending December 31, 2003 of 125.09 million baht and net
cash from investment activities in the same year of 106.45
million baht. Net cash from finance activities were 200.97
million baht. The company and its subsidiaries had a net
increase of net cash and net cash equivalent of 30.58 million
baht.

However, the increase in investment activities and the decrease
in finance activities due from the group repaid loan to finance
institutions with cash and fixed deposits.

As at 31 December 2003, the Consolidated Financial Statements
showed a current ratio of 1.03.

The Rehabilitation Plan stipulates that the company must repay
some of its debt by converting its debt into equity. The company
issued 346,409,504 new common shares at 10 Baht par value to
financial and construction creditors on July 18, 2003 resulting
in the increase of the registered capital to 4,330,118,800 baht
(divided into 433,011,880 shares at 10 Baht par value)

(3.3) Capital Expenditure

Under the Companies Debt Restructuring Agreements, the Company
and its subsidiaries are restricted in terms of capital
expenditure.  However, an agreed annual level of capital
expenditure had been included in the Agreements.  Unless
otherwise agreed by lenders, the group was required to fund all
capital expenditure through internally generated cash flow from
operations or the sale of non-core assets.  Capital expenditure
was evaluated according to projected return on investment,
business necessity, and contribution to business goals and
urgency.

(3.4) Source of funds

Liabilities

On August 6, 2002, the date at which the Debt Restructuring
Agreements came into effect, the company and its subsidiaries
accounted for the changes in the status of their debts.  These
changes are reflected in the consolidated financial statements
as at 30 September 2003 and have resulted in a reclassification
of debts to account separately for restructured debt, PLO debt
and debt to be converted or written off in accordance with the
Debt Restructuring Agreements.

However, debt to equity conversion was completed on July 18,
2003 and affected the consolidated financial statements as at
December 31, 2003 in which the forgiven debt was recorded as
profit from debt   restructuring for the amount of 6,675 million
baht of which the company was 4,375 million baht and subsidiary
companies were 2,300 million baht.

On November 6,2003, the company and its subsidiaries have
entered into a financial support agreement with a local bank to
repay financial debts under rehabilitation plan and to use for
working capital totaling 5,000 million baht.

As for debt repayment, subsidiary companies recorded 1,064
million baht as a profit from forgiven debt under rehabilitation
plan.


PRASIT PATANA: Unveils Audited and Consolidated Yearly F/S
----------------------------------------------------------
Prasit Patana PCL detailed its audited annual financial
statements:

PRASIT PATANA PCL

Audited          Ending December 31,            (In thousands)
For year

Year                       2003                2002

Net profit (loss)          7,196,028           1,198,294
EPS (baht)                 29.36               14.08

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

Comment: Please see details in financial statements, auditor's
report and remarks from SET Information Management System

"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."

Signature..........................
Position............................
Authorized to sign on behalf of the company


THAI DURABLE: Clarifies Auditor's Opinion
-----------------------------------------
Thai Durable Group PCL, submitted the annual financial report of
year 2003 to the Stock Exchange of Thailand.

The report is declared untrue because of the uncertainty of the
company's ability to continue as a going concern. The company
would like to extend the explanation.

The company has suffered recurring loss from operations.  Cost
of sales for the year ended December 31, 2003 exceeded net sales
for the year by Baht 211.6 million.  The main reason was the
high price of raw materials both cotton and polyester.  The
company was in the process of upgrading and maintaining the
machines to improve the product quality.

On the other hand, the company could not increase the sales
price due to high market condition. Net loss for the year then
amounted to Baht 303 million.  The company incurred negative
cash flows from operating activities for the year 2003, amounted
to Baht 220.5 million.

However, the company has successfully raised capital with
subscription period during February 23-25, 2004.  The amount of
capital raised was Baht 392.38 million as previously advised to
the Stock Exchange of Thailand. The company plans to utilize the
money as working capital in acquisition of sufficient raw
materials and necessary spare parts and equipment for the
production such that the production will be increased at better
efficiency.  As a result, the cost of production will be
reduced.

Please kindly acknowledge.
Sincerely yours,
(Mrs. Phakarat Visudhimark)
Managing Director


THAI MILITARY: Releases Statement of Assets and Liabilities
-----------------------------------------------------------
Thai Military Bank PCL submits to The Stock Exchange of Thailand
the summary of its Statement of Assets and Liabilities as of
February 29, 2004.

Cash: 6,903,796,142.96

Interbank and money market items: 10,725,374,800.20

Securities purchased under resale agreements: 2,100,000,000.00
Investments in  securities, net: 47,349,342,417.20

(with  obligations): (69,332,208.62) baht

Credit advances(net of allowance for doubtful accounts):
274,278,570,704.02

Accrued interest receivables: 3,445,192,537.72

Properties foreclosed: 16,185,738,082.63

Customers' liabilities under acceptances: 555,713,777.44

Premises and equipment, net: 9,413,077,905.43

Other assets: 3,442,575,869.17

Total Assets: 374,399,382,236.77

Customers' liabilities under unmatured bills: 998,587,638.37

Total: 375,397,969,875.14

LIABILITIES     BAHT

Deposits: 312,256,106,987.27

Interbank and money market items: 16,608,180,885.60

Liabilities payable on demand: 3,572,763,960.67

Securities  sold  under  repurchase  agreements  -
Borrowings: 8,287,000,000.00

Bank's liabilities under acceptances: 555,713,777.44

Other  liabilities: 5,414,858,308.62

Total  Liabilities: 346,694,623,919.60

SHAREHOLDERS' EQUITY
Paid - up  share  capital
(registered share capital 104,079,672,000.00 baht)
104,079,672,000.00

Reserves and net profit after appropriation:(68,184,249,193.77)

Other reserves and profit and loss account: (8,190,664,489.06)

Total Shareholders' Equity: 27,704,758,317.17

Total Liabilities and Shareholders' Equity: 374,399,382,236.77

Bank' s liabilities under unmatured bills: 998,587,638.37

Total: 375,397,969,875.14

Non-Performing Loans As of 31 December,2003(Quarterly)
29,831,189,227.32 (9.89 percents of total loans before allowance
for doubtful accounts)

Required provisioning for loan loss, as of December 31,2003
(Quarterly)  21,854,712,989.90

Actual allowance for doubtful accounts: 26,694,652,382.60

Loans to related parties: 14,160,266,147.20

Loans to related asset management companies: 6,000,000,000.00

Loans to related parties due to debt restructuring:
4,893,823,593.05

Borrowings as part of subordinated debentures cum preferred
shares to be included in the Tier 1 Capital, permitted by the
Bank of Thailand.

Legal capital fund: 30,031,493,067.09

Changes in assets and liabilities this month due to the penalty
expenses from violating the Commercial Banking Act B.E.2505 and
Amended Act, section  ................"   -

International Banking Facility's assets and liabilities

Total assets: 1,007,635,923.77
Total liabilities
Significant contingent liabilities
Avals to bills and guarantees of loans: 4,816,900,843.72

Letters of credit: 10,216,986,525.55

(1) This Summary Statement has not been reviewed or audited by
Certified Public Accountant

(SUPAMAS WORANANTAKUL)   (SUBHAK SIWARAKSA)
SENIOR VICE PRESIDENT     PRESIDENT AND CHIEF
ACCOUNTING DEPARTMENT     EXECUTIVE OFFICER


* BOND PRICING: For The Week of March 22 - March 26, 2004
---------------------------------------------------------


Issuer                                Coupon   Maturity  Price
------                               ------   --------  -----

AUSTRALIA
---------

Advantage Group                      10.000%     4/15/06    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
APN News & Media Ltd                  7.250%    10/31/08    4
Australia Commonwealth Govt. Loans    3.000%     7/29/49   66
Australian Food & Fibre Ltd.          4.000%     12/4/08   10
Bendigo Bank Ltd                      8.000%     5/29/49   10
BIL Finance Ltd                       8.000%    10/15/07    9
BIL Finance Ltd                       8.250%    10/15/04    9
BIL Finance Ltd                       8.750%    10/15/04    9
BIL Finance Ltd                       8.750%    10/15/05    9
BIL Finance Ltd                       9.000%    10/15/04    9
BIL Finance Ltd                       9.250%    10/15/06    9
BIL Finance Ltd                      10.000%    10/15/04    9
Capital Properties NZ Ltd             8.500%     4/15/05    7
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    9
Consolidated Minerals Ltd            11.250%     3/31/05    1
Djerriwarrh Investments Ltd           7.500%     9/30/04    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.500%     4/15/04    8
Fletcher Building Ltd                 8.600%     3/15/08    8
Fletcher Building Ltd                 8.750%     3/15/06    8
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    8
Feltex Carpets Ltd                   10.250%     9/15/08    1
Fernz Corp Ltd                        8.560%    10/15/06    7
Futuris Corporation Ltd               7.000%    12/31/07    2
Garratts Ltd                         12.000%    12/31/03    1
Gympie Gold Ltd                       8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    8
Hy-Fi Securities Ltd                  8.750%     8/15/08   11
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure and Utility         8.500%     9/15/13    9
JB Were Capital Markets Ltd           8.750%    12/31/03   29
Macquarie Bank Ltd                    1.800%     8/15/15   66
New South Wales Treasury Corporation  0.500%     2/16/10   72
NPT Capital Ltd                       9.500%    11/30/04    9
Nuplex Industries Ltd                 9.300%     9/15/07    7
Pacific Retail Finance                9.250%     9/15/07   10
Port Douglas Reef Resorts Limited     9.000%      4/1/04    1
Powerco Ltd                           8.150%      9/1/07    6
Powerco Ltd                           8.400%     5/22/07    8
Queensland Treasury Corporation       0.500%     5/19/10   74
Richmond Ltd                         10.750%    12/15/04    9
Salomon Smith Barney Australia        4.250%       2/1/09   9
Sapphire Securities                   9.250%     12/20/06   9
Sky Network Television Ltd            9.300%     10/29/49   8
Straits Resources Ltd                10.000%     12/31/03   1
Strathfield Group Ltd                11.000%     12/31/05   1
Tower Finance Ltd                     8.750%     10/15/07   8
TrustPower Ltd                        8.300%      9/15/07   7
TrustPower Ltd                        8.500%      9/15/12   8
Vision Systems Ltd                    9.000%     12/15/08   2


CHINA & HONG KONG
-----------------


China Government Bond                  2.900%     5/24/32  72
Teco Electric & Machinery Co Ltd       2.750%     4/15/04  75


KOREA
-----


Korea Electric Power Corporation       7.950%      4/1/96  74
Kolon Industries Inc                   0.250%    12/31/04  52


MALAYSIA
--------


Asian Pac Holdings Bhd                 4.000%    12/22/05   1
Artwright Holdings Bhd                 5.500%     3/05/07   1
Arus Murni Corporation Bhd             0.500%     8/24/06   1
Berjaya Group Bhd                      5.000%    10/17/09   1
Berjaya Land Bhd                       5.000%    12/30/09   1
Berjaya Sports Toto Bhd                8.000%     8/04/12   4
Camerlin Group Bhd                     5.500%     7/15/07   1
Crescendo Corporation Bhd              3.000%     8/25/07   1
Crest Builder Holdings Bhd             1.000%     2/25/08   1
Crest Builder Holdings Bhd             3.000%     2/25/06   2
Dataprep Holdings Bhd                  4.000%      8/5/05   1
Dataprep Holdings Bhd                  4.000%      8/6/07   1
Eden Enterprises (M) Bhd               2.500%     12/2/07   1
Eox Group Bhd                          4.000%     1/10/06   2
Equine Capital Bhd                     3.000%     8/26/08   1
Fountain View Development Sdn Bhd      3.500%     11/3/06   5
Furqan Business Organization           2.000%    12/19/05   1
Gadang Holdings Bhd                    3.000%    10/21/07   1
Gadang Holdings Bhd                    2.000%    12/24/08   1
Grand Central Enterprises Bhd          5.000%     2/17/05   1
Greatpac Holdings Bhd                  2.000%    12/11/08   2
Gula Perak Bhd                         6.000%     4/23/08   1
Hong Leong Industries Bhd              4.000%     6/28/07   1
Halim Mazmin Bhd                       8.000%     6/30/04   3
I-Bhd                                  5.000%     4/30/07   1
Insas Bhd                              8.000%     4/19/09   1
Integrax Bhd                           3.000%    12/24/05   1
Kretam Holdings Bhd                    1.000%     8/10/10   1
Kumpulan Emas Bhd                      7.000%    11/15/04   1
Kumpulan Jetson                        5.000%    11/28/12   1
Lebar Daun Bhd                     2.000%      1/6/07   6
LBS Bina Group Bhd                     4.000%    12/31/06   2
LBS Bina Group Bhd                     4.000%    12/31/07   1
LBS Bina Group Bhd                     4.000%    12/31/08   1
Lingkaran Trans Kota Holdings          7.150%    10/23/10  10
Media Prima Bhd                        2.000%     7/18/08   1
Mutiara Goodyear Development Bhd       2.500%     1/15/07   1
MWE Holdings                           5.500%     10/7/04   1
NAM Fatt Corporation Bhd               2.000%     6/24/11   1
Orlando Holdings Bhd                   3.000%     3/16/05   1
OSK Holdings Bhd                       3.500%      3/1/05   1
OSK Holdings Bhd                       6.000%      3/1/05   1
Pahlawan Power                         5.150%     1/31/05  10
Pantai Holdings                        5.000%     3/28/07   1
Patimas Computer Bhd                   6.000%     2/19/06   1
Poh Kong Holdings                      3.000%     1/20/07   1
Prinsiptek Corporation Bhd             2.000%    11/20/06   1
Puncak Niaga Holdings Bhd              2.500%    11/20/16   1
POS Malaysia & Services Holdings Bhd   8.000%    11/26/04   1
Orlando Holdings Bhd                   3.000%     3/16/05   1
Rashid Hussain Bhd                     0.500%    12/23/12   1
Rashid Hussain Bhd                     3.000%    12/23/12   1
Rhythm Consolidated Bhd                5.000%    12/17/08   1
Southern Steel Bhd                     5.500%     7/31/08   2
Tanah Emas Corporation Bhd             2.000%     12/9/06   1
Talam Corporation Bhd                  7.000%     7/19/05   1
Talam Corporation Bhd                  7.000%     4/19/06   1
Tap Resources Bhd                      2.000%     6/29/06   1
Time Engineering Bhd                   2.000%    12/25/05   1
VTI Vintage Bhd                        4.000%     8/22/06   2
Wah Seong Corporation Bhd              3.000%     5/21/12   3
Yu Neh Huat Bhd                        3.000%      9/2/08   1


PHILIPPINES
-----------


Bacnotan Consolidated Industries, Inc.  5.500%    6/21/04  46
Benpres Holdings Corp.       7.875%   12/19/02  55


SINGAPORE
---------


CSC Holdings Ltd                       6.500%     4/27/05   1
Housing and Dev. Board                 3.875%     2/11/04   1
Rabobank Singapore                     1.000%     1/15/13  74
Tampines Assets Ltd                    5.625%     12/7/06   1
Tampines Assets Ltd           6.000%     12/7/06   1
Tincel Ltd                             5.000%     6/13/11   1
Tincel Ltd                             7.400%     6/13/11   1


THAILAND
--------


Bank of Asia PCL                         3.750%    2/9/04  64
Bangkok Bank                             4.589%    3/3/04  64
Bangkok Land              3.125%   3/31/01  18
Bangkok Land                             4.500%  10/13/03  17
Siam Commercial Bank PCL                 3.250%   1/24/04  64


Tuesday's edition of the TCR-Asia Pacific delivers a list of
indicative prices for bond issues that reportedly trade well
below par.  Prices are obtained by TCR-AP editors from a Variety
of outside sources during the prior week we think are reliable.
Those sources may not, however, be complete or
accurate.  The Tuesday Bond Pricing table is compiled on the
Saturday prior to publication.  Prices reported are not intended
to reflect actual trades.  Prices for actual trades are probably
different.  Our objective is to share information, not make
markets in publicly traded securities. Nothing in the TCR-AP
constitutes an offer Or solicitation to buy or sell any security
of any kind.  It is likely that some entity affiliated with a
TCR editor holds some position in the issuers' public debt and
equity securities about which we report.


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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

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.

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