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         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, March 25, 2004, Vol. 7, No. 60

                            Headlines


A U S T R A L I A

NATIONAL AUSTRALIA: One Rogue Trader Welcomes Jail Term
NATIONAL AUSTRALIA: To Issue Report Details
NATIONAL AUSTRALIA: S&P Ratings Unchanged
NATIONAL AUSTRALIA: Purchases 5.47M on Supposed Shares Buyback
VILLAGE ROADSHOW: Releases Progress of Shares Buy-Back


C H I N A  & H O N G K O N G

GLORY FUTURE: Narrows 2003 Net Loss to HK$5.756M
LIANG HUAT: Faces Winding up Petition
LUMBER WORLD: Schedules Winding up Hearing
NEW CHINESE: Clarifies Capital Reduction Report
SINOTEK INTERNATIONAL: Winding up Hearing Set April 21

STRONG TECH: Creditors Meeting Set March 29
WORLDWIDE INTERNATIONAL: Fong Tak Initiates Winding up Petition


I N D O N E S I A

BANK DANAMON: Offered Bond Yield Lowered
BANK NEGARA: Reschedules Stake Sale to Third Quarter of 2004
IBRA:  To Disburse Funds For New Government Agency


J A P A N

AG AJIKAWA: Files for Rehabilitation Proceedings
FUJITSU LIMITED: Develops World's First CMOS Selector Chip
HITACHI LIMITED: Hitachi PDA Uses Five-hour Fuel Cell
MITSUBISHI FUSO: Set to Recall Trucks Due to Hub Faults
NISSAN MOTOR: Ghosn Takes Charge of North American Operations

NISSAN MOTOR: U.S. Operation Unveils Management Changes
RESONA HOLDINGS: CSK May Buy 60% Stake in Cosmo


K O R E A

HYUNDAI ENGINEERING: Wins $220M Construction Contract in Iraq
HYUNDAI GROUP: Chairwoman Takes HMM Helm
KOOKMIN BANK: Denies Plan to Sell Stake to Singapore's Temasek
KOOKMIN BANK: Board OKs Stock Options for Directors and EVP
KOOKMIN BANK: Unveils New Board of Directors

LG CARD: LG Group, KDB May Provide Financial Aid


M A L A Y S I A

BERJAYA CAPITAL: Updates Proposed Bonus Issue Info
GOPENG BERHAD: To Renew Shareholders' Mandate
HAP SENG: Issues Shares Buy Back Notice
HAP SENG: Listing New Shares
LONG HUAT: Sets Date for Winding-up of Unit

LPI CLADDING: Issued Winding-up Notice by Asia Radio
PERNAS: Extends Time for Share Sale Agreement
PROTON: Interested in Purchasing Indo Plant
SOUTHERN PLASTIC: To Be Delisted From the Exchange
SOUTHERN STEEL: Listing Converted Shares

TENAGA NASIONAL: Listing New Ordinary Shares


P H I L I P P I N E S

MABUHAY VINYL: Sets Stockholders Meeting
MANILA ELECTRIC: Says Nasecore Got Figures All Wrong
MAYNILAD WATER: SEC Likely to Approve Quasi-Reorganization Plan
PHILIPPINE LONG: Union Ratifies Collective Bargaining Agreement
PHILIPPINE LONG: Moody's Affirms Ba2/B1 ratings


S I N G A P O R E

ECON CORPORATION: Releases Judicial Management Order Notice
ENERSAVE: All Resolutions Pass at EGM
FLEXTECH: Closes Register of Loan Stockholders
GUARDIAN SEA: Creditors Must Submit Claims by April 19
HONGBAO ENTERPRISE: Winding up Hearing Set April 2

LIANG HUAT: Schedules Winding Up Hearing
NATSTEEL: Subsidiary Removed From Register of Companies
NEO CORPORATION: Issues Petition for Judicial Management
NEPTUNE ORIENT: Issues Dividend Notice
PACIFIC CENTURY: Realizes Increased Losses from PCCW Limited

SEATOWN CORPORATION: Creditors OK Scheme of Arrangement
SEMBAWANG REEFER: Creditors Meeting Set April 20
SINGA HOTELS: Enters Voluntary Liquidation
SS LTD: To Be Wound Up Via Creditor's Voluntary Liquidation
WANT WANT: De-Registers Dormant Subsidiary Big Want Ltd

WANT WANT: Acquires Shares of Nishow Tamura in Zhejiang Rice

* SURVEY: Singapore's Business Outlook Pessimistic


T H A I L A N D

BANGKOK LAND: Releases Report of Second Shares Sale
NEP REALTY: Unveils Outcome of Board of Directors Meeting
THAI PETROCHEMICAL: Releases Progress of Debt Restructuring
TONGKAH HARBOUR: Releases Summary of Proposed Capital Increase
TONGKAH HARBOUR: SET Lifts Trading Halt

     -  -  -  -  -  -  -  -

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


NATIONAL AUSTRALIA: One Rogue Trader Welcomes Jail Term
-------------------------------------------------------
David Bullen, one of National Australia Bank's rogue traders
said he would just consider a jail sentence as one of life's
deep experiences, Asia Pulse reports.  He said in an interview
with A Current Affair on Tuesday night, the A$360 million the
bank lost in unauthorized trading was "an illusion".

"There is no bank, it is a concept we have agreed to," he told
Channel Nine.

"The A$360 million is an illusion - money is of no value."

Mr. Bullen said the bank could have prevented the unauthorized
trading but the management had a "see no evil, hear no evil"
attitude.

The Australian Federal Police and the Australian Prudential
Regulation Authority are investigating the scandal and could lay
criminal charges.

A PricewaterhouseCoopers investigation into the case ended with
the sacking of Mr. Bullen and three other traders on the foreign
exchange options desk earlier this month, as well as their
immediate supervisor.

It also cost the job of Chairman Charles Allen and Chief
Executive Frank Cicutto, while three other senior executives
have also left the bank.

New NAB Chief Executive John Stewart has alleged the four
traders falsified their dealings to protect their bonuses, which
ranged between A$120,000 to A$265,000, effectively doubling
their annual salary.

"These people were dishonest and they were also very careful -
they found loopholes no one was aware of and they exploited
them," Mr. Stewart alleged earlier this month.


NATIONAL AUSTRALIA: To Issue Report Details
-------------------------------------------
National Australia Bank Limited (NAB) will release a report by
the financial services industry regulator on a breakdown in its
risk management systems, Dow Jones reports, citing The
Australian newspaper.

The bank's board met Tuesday to consider the Australian
Prudential Regulation Authority's (APRA) report on its foreign
currency options trading scandal, the paper says, adding that it
is understood that the board accepted its findings.

National Australia Bank and the APRA are expected to issue
statements on Wednesday, 24 March.


NATIONAL AUSTRALIA: S&P Ratings Unchanged
-----------------------------------------
Standard & Poor's Ratings Services said on Wednesday, 24 March,
that the sanctions imposed on National Australia Bank Limited
(NAB) by Australian Prudential Regulation Authority (APRA) would
have no immediate detrimental effect on the bank's credit
profile. Accordingly, the ratings on NAB (AA-/Stable/A-1+)
remain unchanged. The sanctions, however, will restrain the
operational and strategic flexibility of the bank, as evidenced
by NAB terminating its share buyback.

Details of APRA's response reinforces the seriousness of the
lapses in NAB's risk controls, highlighted in a recent
independent report on its unauthorized foreign exchange trades.
Standard & Poor's downgraded NAB to 'AA-' on March 12, 2004,
and, despite the seriousness of the risk management weaknesses,
does not currently envisage further changes to the ratings on
the bank. "Core strengths of NAB, including its robust retail
and business banking franchise, strong asset quality, and good
underlying earnings prospects, continue to underpin Standard &
Poor's current ratings," said Standard & Poor's credit analyst
Craig Bennett, Financial Services Ratings.

The stable outlook reflects Standard & Poor's belief that
management will enact sufficient improvements in risk controls
and cultural change to support the rating at the 'AA-' level.
Other key issues for Standard & Poor's in the short term will be
to seek additional comfort that risk management shortcomings
affecting NAB's foreign exchange options business are not
endemic across the bank's trading activities, and to monitor
progress regarding senior executive appointments in risk
management, wholesale banking, and other areas.

APRA's imposition of a higher capital adequacy requirement for
NAB, disallowed use of internal market risk capital adequacy
models, and   curtailment of foreign exchange option activities
are considered an   appropriate regulatory response, given the
seriousness of the risk management   lapses. Standard & Poor's
maintains higher capital adequacy hurdles for   Australian 'AA'
category banks, compared with normal regulatory minimums.


Contact:  Craig Bennett, Melbourne (61) 3-9631-2098
          Gavin Gunning, Melbourne (61) 3-9631-2092


NATIONAL AUSTRALIA: Purchases 5.47M on Supposed Shares Buyback
--------------------------------------------------------------
National Australia Bank Limited (NAB) purchased a total of 5.47
million shares valued at A$161.9 million in its buyback program
that the bank terminated on Tuesday, Dow Jones reported on
Wednesday, 24 March.

NAB had planned to buy back around 25.5 million shares by
September under its current program, which was aimed at
offsetting shares issued under the company's dividend package
plans and staff share and option plans.

The decision to terminate the share buyback follows banking
regulator the Australian Prudential Regulatory Authority
recommending NAB increase its total capital adequacy ratio to 10
percent as one of a series of remedial measures in the wake of
the bank's foreign exchange options trading scandal.

The buyback program has been on hold since the forex trading
scandal emerged in January, a NAB spokesman said.


VILLAGE ROADSHOW: Releases Progress of Shares Buy-Back
------------------------------------------------------
Village Roadshow Limited announced that it had completed on
Tuesday, a large part of the on-market buy-back of A Class
preference shares announced to the Australian Stock Exchange on
March 1, 2004.

Through its brokers the Company has acquired 63,713,069
preference shares at an average price of $1.1499 per share for
approximately $73.3 million. Accordingly $26.7 million of the
$100 million set aside for the buy-back remains available under
that March 1, 2004 notice.

Details of the purchase will be announced to the market in the
Daily Share Buy-back Notice Appendix 3E prior to the
commencement of trading Wednesday morning.

For further information contact:

Mr. Peter Foo
Finance Director
Telephone (613) 9667 6696


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


GLORY FUTURE: Narrows 2003 Net Loss to HK$5.756M
------------------------------------------------
Glory Future Group incurred a net loss of $5.756 million for
2003, versus a net loss of $10.538 million a year earlier,
Infocast News reported on Wednesday. No dividend was declared
for the fourth quarter.

Glory Future Group Limited is formerly known as E-Silkroad
Holdings Limited. The Group's principal activities are the
investment holding; development of e-commerce business; holding
of trademarks and domain names; provision of web page design
services and technical support services.


LIANG HUAT: Faces Winding up Petition
-------------------------------------
The petition to wind up Liang Huat Metal (Hong Kong) Limited is
set for hearing before the High Court of Hong Kong on May 5,
2004 at 9:30 in the morning.

Lea Hin Co. (Powder Manufacturers) Pte Ltd. of Ground Floor, 187
Hennessy Road, Wanchai, Hong Kong, filed the petition on March
5, 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 4th day of May 2004 (the day before the petition hearing).


LUMBER WORLD: Schedules Winding up Hearing
------------------------------------------
The petition to wind up Lumber World (H.K.) Limited is set for
hearing before the High Court of Hong Kong on April 14, 2004 at
10 o'clock in the morning.

Ng Sai Ho of Room 3210, Mui Yuen House, Chuk Yuen North Estate,
Kowloon, Hong Kong, filed the petition on February 16, 2004.

The Petitioners' solicitors are Chau Ming Wai of 34th Floor,
Hopewell Centre, 183 Queen's Road East, Wanchai Hong Kong. Any
person who intends to appear at the hearing of the petition must
serve or send by post to Solicitors 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).


NEW CHINESE: Clarifies Capital Reduction Report
-----------------------------------------------
The Board of Directors of New Chinese Medicine Holdings Limited
has informed the Growth Enterprise Market of the Stock Exchange
of Hong Kong Limited that there is an error on the name of the
Company's Hong Kong branch share registrar as stated in the
annual report 2003 of the Company, and the announcement of the
Company dated March 17, 2004 in relation to, among other things,
the proposed capital reduction.

The Board clarified that the name of the Company's Hong Kong
branch share registrar should be Standard Registrars Limited
instead of Secretaries Limited. The address of the Company's
Hong Kong branch share registrar as stated in the Annual Report
and the Announcement is correct, which is G/F, BEA Harbour View
Centre, 56 Gloucester Road, Wanchai Hong Kong.

The Board wishes to apologize for any inconvenience caused to
the shareholders of the Company and the investing public.

The clarification statement herein is made by the order of the
Board, the Directors of which collectively and individually
accept responsibility for the accuracy of this announcement.

By Order of the Board
New Chinese Medicine Holdings Limited
Leung Oi Wah
Director
Hong Kong, March 23, 2004


SINOTEK INTERNATIONAL: Winding up Hearing Set April 21
------------------------------------------------------
The petition to wind up Sinotek International 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, 1 Garden
Road, Central, Hong Kong, filed the petition on February 18,
2004.

The Petitioners' solicitors are K.W. Ng & Co. of 11/F., Wings
Building, 110 Queen's Road Central Hong Kong. Any person who
intends to appear at the hearing of the petition must serve or
send by post to Solicitors K.W. Ng & 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).


STRONG TECH: Creditors Meeting Set March 29
-------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance (Chapter 32), a meeting of creditors of
Strong Tech Limited will be held at 805 Capital Centre, 5-19
Jardine's Bazaar, Causeway Bay, Hong Kong on March 29, 2004 at
10:30 in the morning for the purposes mentioned in Section 241,
242, 243, 244 and 255A of the Companies Ordinance.

According to Quamnet, the creditors may either vote in person or
by proxy. Forms of proxy to be used at the meeting must be
lodged at 805, Capitol Centre, 5-19 Jardine's Bazaar, Causeway
Bay Hong Kong not later than 4 o'clock in the afternoon on the
day before the meeting.

Dated this 19th day of March 2004.
By Order of the Board
Chan Chau Ming, Ricky
Director


WORLDWIDE INTERNATIONAL: Fong Tak Initiates Winding up Petition
---------------------------------------------------------------
The petition to wind up Worldwide International Enterprises
Limited is set for hearing before the High Court of Hong Kong on
April 7, 2004 at 9:30 in the morning.

Fong Tak Shing of Room 1803, Hiu Fai House, Hiu Lai Court, 21
Hiu Kwong Street, Sau Mau Ping, Kowloon Hong Kong, filed the
petition on February 10, 2004.

The Petitioners' solicitors are Eddie Lee & Company of Rooms
1701-11, 17th Floor Nan Fung Tower, 173 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 Eddie Lee
& 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).


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


BANK DANAMON: Offered Bond Yield Lowered
----------------------------------------
PT Bank Danamon lowers the offered yield on its planned US$300
million, 10-year subordinated bonds on strong demand, a market
source said on Wednesday, 24 March, as quoted by Reuters.  The
guidance on the bonds for Bank Danamon was tightened to 7.75-
7.875 percent from an initial 7.875 percent, the source said.

The B3/B-minus rated deal, which has attracted US$500 million of
orders, is to be priced later on Wednesday.

Citigroup and Deutshe Bank are the lead managers for the
proposed bond sale.

Bank Danamon is 51 percent owned by a consortium comprising
Deutsche Bank and the Singapore government's investment arm,
Temasek Holdings.


BANK NEGARA: Reschedules Stake Sale to Third Quarter of 2004
------------------------------------------------------------
Indonesia moved the sale of PT Bank Negara stake to the third
quarter of 2004, due to the pending completion of internal
restructuring in the bank, a government official said on Monday,
22 March, as quoted by Dow Jones.

Assistant State Enterprises Minister Pandu Djanto said the
restructuring, which will be completed in July, is one of the
requirements set by the government for the stake sale.

PT Bahana Securities and JP Morgan are named as underwriters for
the stake sale.  The government, which currently owns 99.12
percent stake in Bank Negara initially plans to sell up to 51
percent stake in the first half of this year.


IBRA:  To Disburse Funds For New Government Agency
--------------------------------------------------
The Assets Management Company (AMC) is set to be on the
receiving end Thursday of a disbursement of funds totaling
IDR150 billion (US$17.6 million) from the management of its
predecessor, the now-defunct Indonesian Bank Restructuring
Agency (IBRA), reports the Jakarta Post.

The AMC, which is under the supervision of the Ministry of
Finance, was formed earlier this month following the disbandment
of IBRA on Feb. 27. The company is charged with managing and
restructuring IBRA's remaining assets, worth about IDR40
trillion. However, it will not be burdened, as IBRA was
previously, by fiscal targets,

"The sum can hopefully be used by AMC to start its operations,"
said IBRA Chairman Syafruddin A. Temenggung after a meeting
with Minister of Finance Boediono on Tuesday. Mr. Syafruddin
added that the funds were requested last week by the Financial
Sector Policy Committee (FSPC), which groups senior economics
ministers.

The Ministry of Finance itself planned to disburse operational
funds of IDR300 billion for AMC. The disbursement, however, is
currently pending approval from the House of Representatives.

"The funds from IBRA will not need the approval of the House,"
Syafruddin said. The money, he continued, would be in the form
of a loan to be paid back by AMC. "IBRA will then forward the
repayment to the Ministry of Finance as part of IBRA's
additional revenue to the state," he added.

Mr. Syafruddin did not elaborate on the money, but said that
IBRA, which was established in 1998 to bail out banks bankrupted
by the country's 1997 economic crisis, still controls funds of
about IDR3 trillion to IDR4 trillion, which would be delivered
to the Ministry of Finance in April.

The funds, he explained, would be on top of the IDR5 trillion
targeted for IBRA, generated from sales of assets under its
control. The agency delivered the targeted amount to the
government to support the state budget for the year prior to
its disbandment.

However, of the total IDR650 trillion in assets IBRA obtained
from the banks, it managed to recover only about 28 percent.

A new institution apart from the AMC that would take over IBRA's
role in the government's bank deposit guarantee program is also
being planned, and it would also be under the supervision of the
Ministry of Finance.


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


AG AJIKAWA: Files for Rehabilitation Proceedings
------------------------------------------------
Resona Holdings, Inc., in a press release, announced that AG
Ajikawa Corporation, which is a customer of its banking
subsidiary, Resona Bank, Ltd. (Resona Bank, President: Masaaki
Nomura), filed an application for commencement of civil
rehabilitation proceedings with the Osaka District Court.

As a result of this development, there arose a concern that the
claims to the Company may become irrecoverable or their
collection may be delayed.

1. Outline of the Company

(1) Corporate name AG Ajikawa Corporation

(2) Address 11-88, Takeshima 4-chome, Nishiyodogawa-ku, Osaka-
     shi, Osaka

(3) Representative Itsuo Kawata

(4) Amount of capital 621 million yen

(5) Line of business Manufacturing of Construction Metalware

2. Fact Arisen to the Company and Its Date

The Company filed an application for commencement of civil
rehabilitation proceedings with the Osaka District Court on
March 21, 2004.

3. Amount of Claims to the Company

Exposure of Resona Bank

Loan and other claims: 2.2 billion yen

Other banking subsidiaries of Resona HD, Saitama Resona Bank,
Kinki Osaka Bank and Nara Bank have no claims to the Company.

4. Impact of These Developments on the Forecasted Earnings of
Resona HD

Resona Bank will dispose of the aforementioned claims to the
Company in the current fiscal year. However, the previous
earnings forecasts of Resona HD for the fiscal year ending March
31, 2004, which were announced on November 25, 2003, remain the
same.


FUJITSU LIMITED: Develops World's First CMOS Selector Chip
----------------------------------------------------------
Fujitsu Laboratories Ltd. and Fujitsu Limited announced the
development of a selector chip (*1) using Fujitsu's CMOS
technology capable of record-breaking 50-Gbps through put. The
new technology delivers the benefits of a highly integrated,
low-power design in CMOS with the 40-Gbps performance levels
required for devices used in high-bandwidth data communications,
speeds that previously could only be attained using silicon-
germanium chips or other compound semiconductors.

This technology represents a breakthrough in achieving the 40-
Gbps throughput levels required of devices for next-generation
telecommunications. Details of the new technology were presented
last month at the International Solid-State Circuit Conference.

With the ongoing spread of broadband Internet access, there is a
growing need for networks that can deliver higher speeds and
bandwidth capacity. Although the current standard is 10 Gbps,
next-generation network systems need to be able to run at 40
Gbps. Reaching those speeds will require ultra-fast chips that
can process data at rates of at least 40 Gbps, and most
development work has focused on silicon-germanium and other
compound semiconductors that offer superior speed
characteristics.

TECHNOLOGICAL CHALLENGES

But while devices using silicon-germanium or other compound
semiconductors can offer superior speed, they consume very high
levels of power, posing heat problems for highly integrated
designs, and are expensive in terms of manufacturing costs. CMOS
chips, on the other hand, consume less energy and cost less, but
the transistor characteristics and interconnect parasitic
capacitances of CMOS chips have--with the approaches pursued up
until now--made it difficult achieve speeds exceeding 40 Gbps.

FUJITSU'S TECHNOLOGY

Fujitsu's new technology enables CMOS circuits to operate
faster. With a new circuit schematic employing inductors (*2)
and cutting-edge 90-nm CMOS technology, Fujitsu was able to
achieve a dramatic increase in processor throughput. The key
features of the new technology are as follows:

1. Inductor peaking

To eliminate the factors within the circuit relating to
transistors and interconnect parasitic capacitances that inhibit
high-speed operation, Fujitsu placed an inductor at an optimized
location on each circuit, achieving a breakthrough in operating
speed. The inductor is a 3-micron copper trace formed on the top
interconnect layer.

2. Advanced 90-nm CMOS technology

Building on the current generational standard of 90-nm CMOS
technology, Fujitsu used transistors with a reduced gate length
of 48 nm and optimized the circuit parameters to maximize the
chip performance.

3. Highly precise modeling

Fujitsu developed a modeling methodology that, across the range
from low-frequency operation to high frequency, precisely
corresponds to each element of the circuit, including the
transistor, inductor, and interconnect. This methodology enabled
highly precise circuit simulation, resulting in an optimized
circuit design even with the inclusion of the novel inductor
circuit structure.

RESULTS

Fujitsu developed two selector chips with different circuit
schematics using this technology, achieving throughput of 43
Gbps and 50 Gbps, respectively (see Figures 1 and 2). This is
the first time that chips using CMOS technology have verifiably
achieved operating speeds in excess of 40 Gbps.

The selector chip operating at 50 Gbps uses a circuit schematic
that takes 1.0V power, standard for 90-nm CMOS chips, and would
be relatively easy to develop into large-scale system-on-chip
devices.

FUTURE DEVELOPMENTS

Fujitsu is currently developing large-scale system-on-chip
devices incorporating this technology, aiming for commercial
release some time around 2006 to 2007.

[Notes]

*1. Selector chip

An integrated circuit that can select one output signal from
multiple input signals. A 2:1 selector chip takes a clock signal
to alternately select between two data channels, multiplexing
the input channels together into an output channel at double the
speed.

*2. Inductor

An element in a circuit that grows more resistant to electricity
as frequencies grow higher. Usually used in semiconductors in a
spiral-wiring pattern.

ABOUT FUJITSU LIMITED

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, high-reliability/performance computing and
telecommunications platforms, and a worldwide corps of systems
and services experts make Fujitsu uniquely positioned to unleash
the infinite possibilities of the broadband Internet to help its
customers succeed. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 4.6 trillion yen
(about US $38 billion) for the fiscal year ended March 31, 2003.

ABOUT FUJITSU LABORATORIES LTD.

Founded in 1968 as wholly owned subsidiary of Fujitsu Limited,
Fujitsu Laboratories Limited is one of the premier research
centers in the world. With a global network of laboratories in
Japan, China, the United States and Europe, the organization
conducts a wide range of basic and applied research in the areas
of Multimedia, Personal Systems, Networks, Peripherals, Advanced
Materials and Electronic Devices.

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

CONTACT:

Press contact:
Fujitsu Limited
Public & Investor Relations
Inquiries:
http://pr.fujitsu.com/en/news/fjcontacts.html

Technical contact:
Fujitsu Laboratories, Ltd.
System LSI Development Laboratories
Network SOC Development Lab.
Tel: +81-44-754-2389
Email: sel@ml.labs.fujitsu.com


HITACHI LIMITED: Hitachi PDA Uses Five-hour Fuel Cell
-----------------------------------------------------
Hitachi Limited has developed a prototype personal digital
assistant powered by a fuel cell that runs for about five hours,
the Japan Times reported on Wednesday, 24 March. The Company
plans to make the PDA more compact and extend its operational
hours in the hope of launching sample shipments in 2005.

The prototype PDA weighs about 700 grams, more than twice as
much as conventional PDAs. Hitachi plans to reduce its weight to
a level similar to that of conventional PDAs. A fuel cell
generates electricity when hydrogen from fuel such as hydrogen
or methanol combines with oxygen, leaving pure water as a
byproduct.

The fuel cell used in the prototype PDA uses methanol as a
source of hydrogen.

Hitachi Ltd.'s cash and cash equivalents as of December 31, 2003
amounted to 614.5 billion yen (US$5.744 billion), a net decrease
of 94.4 billion yen (US$883 million) during the third quarter,
TCRAP reported recently.

Debt as of December 31, 2003 stood at 2.797 trillion yen
(US$26.141 billion), 94.4 billion yen (US$883 million) higher
than at September 30, 2003 as a result of an increase in short-
term debt.


MITSUBISHI FUSO: Set to Recall Trucks Due to Hub Faults
-------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation will recall about
110,000 trucks and buses to fix faulty wheel hubs that have
caused 50 accidents and one death, Bloomberg News reports.

Mitsubishi Motors Corporation, which owns 20 percent of the
truck maker after selling a majority stake in the former unit to
DaimlerChrysler, recalled 2 million vehicles in 2000 and 2001
following two decades of covering up customer complaints. The
truck and bus recall would cost Fuso about 3 billion yen ($28
million), Fuso President Wilfried Porth said this month.

Mitsubishi Motors, the only major Japanese automaker that's
unprofitable, forecast a group net loss of 72 billion yen for
the year ending March 31, compared with a 37.4 billion yen
profit the previous year.


NISSAN MOTOR: Ghosn Takes Charge of North American Operations
-------------------------------------------------------------
Nissan Motor Co. Chief Executive Carlos Ghosn will take charge
of the Company's North American operations to guide the Japanese
automaker in a crucial market, the Associated Press reported on
Tuesday, 23 March.

Ghosn will retain his title as CEO of the Japanese automaker and
will continue to be based in Japan. But he will delegate
responsibility for Nissan's Japan and China operations as part
of a sweeping management shuffle effective April 1.

Executive Vice President Norio Matsumura, who currently heads
the North American business, will take over from Ghosn as head
of Japan operations.


NISSAN MOTOR: U.S. Operation Unveils Management Changes
-------------------------------------------------------
Nissan North America (NNA) is announcing a number of senior
management changes involving its engineering, marketing and
corporate communications functions. These changes are part of a
wider series of executive appointments being announced today by
parent company, Nissan Motor Ltd (NML). These appointments are
all effective April 1, 2004, unless otherwise stated.

In a Company press release, Mitsuhiko (Mike) Yamashita,
President Nissan Technical Center North America, was appointed
to the position of Senior Vice President at Nissan Technical
Center in Japan. His new responsibilities include environmental
and safety engineering, technology planning, materials
engineering and advanced vehicle engineering.

Prior to his current position, Yamashita served as general
manager of vehicle design engineering department #1 for NML; as
senior manager and chief vehicle engineer of that department;
and as senior engineering director of vehicle engineering of
U.S. production vehicles for NTCNA. He has worked for Nissan
since 1979. Yamashita holds M.E. and B.E. degrees in aeronautics
engineering from Kyoto University in Japan and has completed
studies in advanced engineering at MIT.

Tsuyoshi Yamaguchi will succeed Yamashita. Yamaguchi is
currently Senior Manager, Resources Management Department,
Nissan Technical Center, Japan. Yamaguchi joined Nissan in 1984
and has served in a number of engineering positions both in
Japan and North America. Yamaguchi holds a Masters Degree in
Mechanical Engineering and Mechanical Systems from the
University of Kyoto.

Steven Wilhite, Vice President, Marketing, NNA, has been
appointed to the position of Vice President, Global Marketing,
based at Nissan's global HQ in Tokyo, Japan. Wilhite replaces
Jean-Jacques Le Goff who will be taking on a new assignment at
Renault. Wilhite's position is effective July 1, 2004 and his
successor will be the subject of a further announcement.

Wilhite joined NNA as Vice President, Marketing in 2001. Prior
to Nissan, Wilhite previously served as the senior marketing
executive at Volkswagen of America (VW). Wilhite left VW to
become vice president, worldwide marketing communications at
Apple and most recently held the position of chief marketing
officer for HealtheTech, Inc., a health products and services
company. Born in Chicago, IL, Wilhite earned a master's degree
in Business Administration at the University of California at
Berkeley, and a bachelor's degree in psychology at Stanford.

Simon Sproule, Vice President, Corporate Communications, NNA,
was appointed to the position of Vice President, Global
Communications and Investor Relations, based at Nissan's global
HQ in Tokyo, Japan. Sproule joined NNA in June, 2003 from Aston
Martin, Jaguar, Land Rover, where he served as their chief
communications officer in North America. In addition, Sproule
held a number of communications positions with Jaguar and Ford
in the US and Europe. Born in Hampshire, United Kingdom, Simon
earned a bachelor's degree in Geography from the University of
London.

Replacing Sproule as Vice President, Corporate Communications,
NNA, is Frederique Le Greves. Le Greves is currently Vice
President, Communications, Nissan Europe. Le Greves joined
Nissan Europe in April 2003 from Delphi Corporation where she
held a number of communication and marketing positions in the US
and Europe. Born in Paris, France, Le Greves earned a masters
degree in economics from the University of Paris.

OTHER CORPORATE COMMUNICATIONS MOVES:

Scott Vazin, Director, Corporate Affairs, NNA, was appointed
General Manager, Corporate and Product Communications, Nissan
Europe, based in Paris, France. Vazin joined Nissan in 1996 from
Mitsubishi USA and has held several communications and marketing
positions at both companies.

Replacing Vazin as Director, Corporate Affairs, NNA, is Fred
Standish. Standish is currently Senior Manager, Corporate
Communications, NNA, based in Farmington Hills, Mich. Standish
joined Nissan in 1992 from the Associated Press, where he
covered the automotive industry.

In North America, Nissan's operations include automotive
styling, engineering, consumer and corporate financing, sales
and marketing, distribution and manufacturing. More information
on Nissan in North America and the complete line of Nissan and
Infiniti vehicles can be found online at www.nissanUSA.com or
contact the corporate media line at (310) 771-5631.

Contact:
Nissan North America, Los Angeles
Simon Sproule, 310-771-5939


RESONA HOLDINGS: CSK May Buy 60% Stake in Cosmo
-----------------------------------------------
CSK Corporation may buy a 60 percent stake in Cosmo Securities
Co. for 60 billion yen (US$561.9 million) from Resona Holdings
Inc., according to Bloomberg News. CSK and Resona have not
reached an agreement as yet, the companies said in a statement.

CSK is buying Cosmo, which returned to profit after two years of
losses, after a rise in the Nikkei 225 Stock Average boosted
trading and brokerage commissions.

Resona, which received a $16.3 billion government bailout last
year, hired Nomura in August to find buyers for its 60 percent
stake in Cosmo Securities. It's trying to raise funds to repay
the government.


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


HYUNDAI ENGINEERING: Wins $220M Construction Contract in Iraq
-------------------------------------------------------------
Hyundai Engineering and Construction has won reconstruction
orders worth US$220 million to build power distribution and
transmission facilities in Iraq, Digital Chosun reported on
Tuesday.

The deal is part of a US$1.1 billion order secured in February
by Washington Group International, a U.S.-based engineering and
construction firm. Hyundai took part in the tender as the U.S.
Company's partner, enabling it to return to Iraq for the first
time in 15 years following the Gulf War.

Under a memorandum of understanding with Washington Group
International, Hyundai will take on more than 20 percent of its
U.S. partner's orders. Work is set to begin in May to rebuild
dams, irrigation facilities as well as power distribution
facilities in Iraq.


HYUNDAI GROUP: Chairwoman Takes HMM Helm
----------------------------------------
Hyun Jeong-eun, Chairwoman of Hyundai Group, was elected to the
directorship of Hyundai Merchant Marine (HMM) at an annual
general meeting of shareholders on Tuesday, Digital Chosun
reports. Hyun, who beat Chung Mong-jin, the Chairman of Kumgang
Korea Chemical (KKC) is now in a position to run HMM, the
umbrella company of Hyundai Group.

KKC said that a basis for the transparent management of HMM has
now been secured by KKC's question raising and a fair audit
procedure. It decided to fully respect the result of the
shareholders' meeting because a fighting it would be
counterproductive for the future of the company.

With the victory, Hyun also gained advantage over Chung to win
the managerial rights of Hyundai Elevator at its shareholders'
meeting, which will be held on March 30.


KOOKMIN BANK: Denies Plan to Sell Stake to Singapore's Temasek
--------------------------------------------------------------
Kookmin Bank Chief Executive Kim Jung Tae denied reports that
the Company is poised to sell a nine percent stake of the bank
to Singapore's Temasek Holdings for 1.4 trillion won for S$2
billion, Channel News Asia said on Monday. Temasek has confirmed
it may have discussed this in the past, but it is not commenting
on whether any deal is imminent.


KOOKMIN BANK: Board OKs Stock Options for Directors and EVP
-----------------------------------------------------------
On March 23, 2004, the Board of Directors of Kookmin Bank
approved and ratified granting of stock options to directors and
a Senior Executive Vice President of the Bank.

In a disclosure to the Securities and Exchange Commission, the
resolution by the Board are subject to the approval and
ratification at the first-coming general shareholders' meeting
after the date of grant.

The purpose of the grant is to motivate the grantees toward
accomplishing business targets and responsible management, as
their performances will be indexed to the exercisable number of
options granted. The type of stock to be granted is Kookmin
Bank's registered common share.

1. List of Grantees and the Number of Options

Name                 Position            No. of Shares Granted

Dong Soo Chung  Non-Executive Director   5,000 common shares

Woon Youl Choi  Non-Executive Director   5,000 common shares

Wang Ha Cho     Non-Executive Director   5,000 common shares

Young Soon Cheon Non-Executive Director  5,000 common shares

Jung Young Kang  Senior Executive        10,000 common shares
                 Vice President

Total            5 persons               30,000 common shares

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


KOOKMIN BANK: Unveils New Board of Directors
--------------------------------------------
As of March 23, 2004, the Board of Directors of Kookmin Bank
consists of 4 executive directors and 12 non-executive directors
as follows:

EXECUTIVE DIRECTORS

Name             Title                   Member of
                                         the Audit Committee

Jung Tae Kim    President &                     No
                Chief executive officer

Sung Nam Lee    Auditor & Executive director   Yes

Donald H.       Executive director &           No
MacKenzie       Senior Executive Vice
                President
                Risk Management Group

Seong Kyu Lee   Executive director &           No
                Senior Executive Vice President
                Workout & Operations Group

NON-EXECUTIVE DIRECTORS

NAME          CURRENT POSITION                 MEMBER OF THE
              OUT OF KOOKMIN BANK             AUDIT COMMITTEE

Moon Soul      Advisor, Mirae Corporation              No
Chung

Sun Jin Kim     Chairman, Yuhan Chemical Industry Co.  Yes

Dong Soo Chung  Professor, Sangmyung University        Yes

Richard Elliott Principal, Mercer Human                No
Lint            Resource Consulting

Kyung Hee Yoon  Former Country manager &               Yes
                Managing director,
                ING Ltd., Korea

Seoung Woo Nam  CEO, Pulmuone Co., Ltd.                No

Suk Yong Cha    President & CEO,                       No
                Haitai Confectionery
                & Foods Co., Ltd.

Bernard S. Black  Professor of Law,                    No
                  Stanford Law School

Ki Hong Kim       Professor of Business                No
                  Administration,
                  Chungbuk National University

Woon Youl Choi   Dean of Graduate School               No
                 of Business Administration,
                 Sogang University

Wang Ha Cho      Vice chairman, Kolon                  No

Young Soon Cheon Professor of Business                 Yes
                 Administration, Chungang
                 University

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

Kookmin Bank filed its Form 6-K, Report of Foreign Issuer to the
Securities and Exchange Commission on March 23, 2004.


LG CARD: LG Group, KDB May Provide Financial Aid
------------------------------------------------
LG Group and Korea Development Bank (KDB) plans to provide 500
billion won (US$432 million) of additional funds to LG Card Co.
this week, giving the cash-strapped card issuer a brief relief
from its liquidity shortage, Asia Pulse said on Wednesday.

LG Group will extend an additional 275 billion won to LG card
this week, while the KDB plans to provide 91.7 billion won. Last
week, LG Group and the KDB provided LG Card with 100 billion won
and 33.3 billion won, respectively.

The provision of the cash aid comes after LG Card's creditors
agreed last week to roll over 2 trillion won in loans to the
card company that will mature this month. The debt rollover and
the extension of new liquidity would solve LG Card's short-term
liquidity shortage.


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


BERJAYA CAPITAL: Updates Proposed Bonus Issue Info
--------------------------------------------------
Berjaya Capital Berhad would like to refer to previous
announcements dated 11 July 2002; 19 September 2003 and 24
February 2004 in relation to the Proposed BCap Bonus Issue;
Proposed BCap Inter-company Settlement and the Proposed BCap
Capital Repayment and Consolidation.

On behalf of the Board of Directors of Berjaya Capital, Commerce
International Merchant Bankers Berhad wishes to announce that in
addition to the Revised Berjaya Capital Proposals, BCap proposes
to increase its authorized share capital from RM1,000,000,000
comprising 1,000,000,000 ordinary shares of RM1.00 each to
RM2,000,000,000 comprising 2,000,000,000 ordinary shares of
RM1.00 each. (Proposed Increase in Authorized Share Capital).

The rationale for the Proposed Increase in Authorized Share
Capital is to facilitate the implementation of the Proposed BCap
Bonus Issue.

The Proposed Increase in Authorized Share Capital is subject to
the approval of the shareholders of BCap at an Extraordinary
General Meeting to be convened.

This Kuala Lumpur Stock Exchange announcement is dated 23 March
2004.


GOPENG BERHAD: To Renew Shareholders' Mandate
---------------------------------------------
The Board of Directors of Gopeng Berhad intends to renew its
shareholders' mandate on the recurrent related party
transactions of a revenue or trading nature in line with
Paragraph 10.09 Part E of Chapter 10 of the Listing Requirements
of the Kuala Lumpur Stock Exchange. The said shareholders'
mandate for the recurrent related party transactions of a
revenue or trading nature was obtained from shareholders at the
Extraordinary General Meeting held on 24 May 2003 shall lapse at
the conclusion of the next Annual General Meeting unless the
shareholders' mandate is renewed.

The recurrent related party transactions of a revenue or trading
nature are necessary for the day-to-day operations and carried
out in the ordinary course of business on normal commercial
terms which are not more favorable to the related parties than
those generally available to the public and on terms not to the
detriment of minority shareholders of the Company.

A circular relating to the aforesaid proposal will be dispatched
to the shareholders of the Company in due course.

This Kuala Lumpur Stock exchange announcement is dated 23 March
2004.


HAP SENG: Issues Shares Buy Back Notice
---------------------------------------
Hap Seng Consolidated Berhad would like to announce the buy back
of ordinary shares of RM1.00 each. Details are as follows:

Date of Buy Back:    23 March 2004

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

Total Number of Shares Purchased
(units): 40,000

Minimum price paid for each share
Purchased (RM): 2.840

Maximum price paid for each share
Purchased (RM): 2.900

Total Consideration Paid (RM): 116,078.94

Number of Shares purchased retained
In treasury (units): 40,000

Number of shares purchased which
Are proposed to be cancelled (units)0

Cumulative net outstanding treasury
Shares as at to-date (units) 32,724,900

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

Remarks:
Cc: Securities Commission

This Kuala Lumpur Stock Exchange announcement is dated 23 March
2004.


HAP SENG: Listing New Shares
----------------------------
Kindly be advised that Hap Seng Consolidated Berhad's additional
37,000 new ordinary shares of RM1.00 each issued pursuant to the
Hap Seng Employees' Share Option Scheme will be granted listing
and quotation effective 9 am, Thursday, 25 March 2004.

This Kuala Lumpur Stock Exchange announcement is dated 13 March
2004.


LONG HUAT: Sets Date for Winding-up of Unit
-------------------------------------------
Long Huat Group Berhad wishes to refer to an earlier
announcement dated 10 November 2003.

The petitioner's solicitors Messrs. William Long informed the
group that the hearing date for the winding-up of Long Huat
Development Sdn Bhd, a wholly owned subsidiary of Long Huat
Group Berhad has been fixed on 25 March 2004.

This Kuala Lumpur Stock Exchange announcement is dated 23 March
2004.


LPI CLADDING: Issued Winding-up Notice by Asia Radio
----------------------------------------------------
On behalf of the Board of Directors of Promto Berhad, we wish to
announce that a winding-up petition was presented by Asia radio
Sdn Bhd against LPI Cladding Sdn Bhd. LPI is a subsidiary of
Louvre Products Industries Sdn Bhd, which is in turn a wholly
owned subsidiary of Fuller CMS Sdn Bhd. 60 percent of Fuller CMS
is owned by Promto Berhad.

The details of the order are as follows:

1) Date of presentation and serving of the winding up petition

The petition was presented at the High Court of Kuala Lumpur on
31 December 2003 by Asia Radio and served to the registered
office of LPI on 16 February 2004, vide Companies Winding Up
Petition No. D-28-1152.

2) Particulars of the Claim and Amount

The petition is based on a purported debt of RM24,795.13 up to
12 September 2003 inclusive of interest of 8% per annum. The
petition was served as a result of default in payment by LPI on
3 November 2003.

3) Details of the Default

LPI had previously served a Notice of Demand pursuant to Section
218 of the Companies Act, 1965 on 13 October 2003 required LPI
for the outstanding amount of RM24,795.13 up to 12 September
2003 inclusive of interest of 8% per annum. No payment was made
by LPI.

4) Cost of investment in LPI

The capital investment in LPI by its immediate holding company,
Louvre Products Industries Sdn Bhd is RM5,103.00.

5) Financial and Operation Impact

No impact as LPI have ceased its operation since October 1998.

6) Expected losses

Total losses expected are:

RM

a) Cost of Investment by its immediate
   holding company      5,103.00
b) Amount due to immediate holding
   company and related company    78,001.00
                      ---------
             83,104.00

7) Steps proposed and to be taken in respect of the winding-up
proceedings

LPI has no fund to make any proposal in respect of the winding-
up proceeding since the company had ceased operations and there
is no revenue collection to settle its debt.

8) Date of hearing of the petition

The hearing date of the petition is fixed on 25 March 2004.

This Kuala Lumpur Stock Exchange announcement is dated 23 March
2004.


PERNAS: Extends Time for Share Sale Agreement
---------------------------------------------
Reference is made to Pernas International Holdings Berhad's
earlier announcement dated 5 March 2004 in relation to the
Proposed Disposal of 100 percent of the Issued Share Capital of
Teon Choon Realty Sdn Bhd and 70 percent of the Issued Share
Capital of Ladang Serasa Sdn bhd from Pernas Securities Sdn Bhd,
a wholly owned subsidiary of Pernas International Holdings to
Tradewinds Berhad.

On behalf of PIHB, Aseambankers Malaysia Berhad hereby announce
that PSSB and TWS have exchanged letters to mutually extend the
period for securing the conditions precedent set out in the
Share Sale Agreement dated 28 April 2003 and supplemented by an
exchange of letters dated 9 June 2003, 25 September 2003 and 18
December 2003 ("Share Sale Agreement"). The date for fulfillment
of the conditions precedent of the Share Sale Agreement has been
extended a further 60 days from 23 March 2004 to 22 May 2004.

All the other terms and conditions in the Share Sale Agreement
remain unchanged.

This Kuala Lumpur Stock Exchange announcement is dated 23 March
2004.


PROTON: Interested in Purchasing Indo Plant
-------------------------------------------
The national Bernama news agency reported on 23 March and was
cited by Dow Jones that the Malaysian carmaker Perusahaan
Otomobil Nasional Bhd (Proton) is eyeing to buy a car
manufacturing plant in Indonesia. This move will allow the
Malaysian carmaker to qualify for incentives under the Asean
Free Trade Area agreement.
Proton's Chief Executive Officer Mahaleel Ariff said Proton
currently owns a marketing firm in Indonesia with local
Indonesian partners. He didn't elaborate though, on the
Indonesian plant.
Further, Mahaleel said Japan's Mitsubishi group hasn't offered
to sell its auto manufacturing plant in Adelaide, Australia to
Proton.
But he said if approached Proton would consider an offer to buy
the plant.
Last week, citing Mahaleel, Australian press reports said Proton
was interested in acquiring the Australian plant.
Proton's presence in the central Selangor state began in 1985
with technical and engineering expertise provided by the
Mitsubishi group. Mitsubishi recently sold its stakes in Proton
to the Malaysian investment arm Khazanah.

SOUTHERN PLASTIC: To Be Delisted From the Exchange
--------------------------------------------------
The Kuala Lumpur Stock Exchange, upon consultation with the
Securities Commission (SC), had earlier notified Southern
Plastic Holdings Berhad (SPLAS) on 6 November 2003 of its
decision to await the outcome of SPLAS's appeal to the SC
against the SC's decision not to approve SPLAS's application for
approval of its regularization plans.

However, on 15 January 2004, SPLAS had announced that its Board
of Directors had decided not to appeal against the SC's
decision. After having considered all the facts and
circumstances of the matter and upon consultation with the SC,
the Exchange has decided to de-list SPLAS from the Official List
of the Exchange as the company does not have an adequate level
of financial condition to warrant continued listing on the
Official List of the Exchange.

Accordingly, please be informed that the securities of SPLAS
will be removed from the Official List of the Exchange at 9 am
on Wednesday, 7 April 2004.

With respect to the securities of SPLAS, which are currently
deposited with the Malaysian Central Depository Sdn Bhd (MCD),
the securities may remain deposited with the MCD notwithstanding
the de-listing of the securities from the Official List of the
Exchange. It is not mandatory for the securities of a company,
which has been de-listed to be withdrawn from MCD.

Alternatively, shareholders of SPLAS who intend to hold their
securities in the form of physical certificates, can withdraw
these securities from their Central Depository System accounts
maintained with the MCD at anytime after the securities of SPLAS
have been de-listed from the Official List of the Exchange. This
can be effected by the shareholders submitting an application
form for withdrawal in accordance with the procedures prescribed
by MCD. These shareholders can contact any Participating
Organization of the Exchange and/or MCD's help line at 03-
20717711 or 03-20717723 for further information on the
withdrawal procedures.

This Kuala Lumpur Stock Exchange announcement is dated 23 March
2004.


SOUTHERN STEEL: Listing Converted Shares
----------------------------------------
Kindly be advised that Southern Steel Berhad's additional
358,004 new ordinary shares of RM1.00 each, arising from the
conversion of RM368,745 nominal amount of irredeemable
convertible unsecured loan stocks 2003/2004, will be granted
listing and quotation on the Kuala Lumpur Stock Exchange
effective 9 am, Thursday, 25 March 2004.

This Kuala Lumpur Stock Exchange announcement is dated 23 March
2004.


TENAGA NASIONAL: Listing New Ordinary Shares
--------------------------------------------
Kindly be advised that Tenaga Nasional Berhad's additional
1,706,300 new ordinary shares of RM1.00 each issued pursuant to
the Tenaga-Employees' Share Option Scheme, will be granted
listing and quotation effective 9 am, Thursday, 25 March 2004.

This Kuala Lumpur Stock Exchange announcement is dated 23 March
2004.


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


MABUHAY VINYL: Sets Stockholders Meeting
----------------------------------------
Further to Circular for Brokers No. 1128-2004, Mabuhay Vinyl
Corporation furnished the Philippine Stock Exchange a copy of
its SEC Form 20-IS (Preliminary Information Statement) in
connection with its Annual Stockholders' Meeting which will be
held on April 29, 2004 at 3:00 p.m. at the Makati Sports Club,
L.P. Leviste Street, Salcedo Village, Makati City.

The Company, in the attached Notice of the Annual Stockholders'
Meeting stated that "(o)nly stockholders of record at the close
of business hours on March 30, 2004 are entitled to notice of,
and to vote at this meeting."

A copy of Mabuhay Vinyl Corporation's Preliminary Information
Statement shall be made available at the PSE Centre and PSE
Plaza libraries.

To view a copy of the document, click
http://bankrupt.com/misc/mabuhayvinyl032404.pdf


MANILA ELECTRIC: Says Nasecore Got Figures All Wrong
----------------------------------------------------
In response to claims of a consumer group that it collects the
highest rate among other private distribution utilities (DUs) in
the Philippines, power distributor Manila Electric Co. (Meralco)
on Monday slammed the National Association of Electricity
Consumers for Reforms (Nasecore), saying it got its figures all
wrong, reports The Manila Times.

Nasecore, according to the Lopez-owned utility, did not include
the zero- to 100-kilowatt-hour (kWh) consumption bracket. "As of
January, customers consuming 50kWh and below pay P2.31 per-kWh,
which is what Nasecore President Pete Ilagan neglected to pin
down," Meralco Vice President for Corporate Communication Elpi
Cu¤a told Business Times. He added that an estimated 300,000
consuming 51- to 70kWh are charged P3.28/kWh and 500,000
consuming 71- to 100 kWh are charged P4.23/kWh.

"All in all, these customers account for 36 percent of Meralco's
residential customers. The graduated rates for customers
consuming more than 100kWh is a result of the intra-class
subsidy instituted by Energy Regulatory Commission [ERC] on the
distribution charge and is not a structure designed by Meralco,"
Mr. Cu¤a said.

Low-consuming residential customers, as provided by the
interclass subsidy, get lower distribution charges while higher-
consuming residential customers get higher distribution charges.
As highlighted in the ERC decision on the Meralco unbundling,
this setup is designed to avoid rate increases for consumers
with low consumptions.

Cu¤a noted that the ERC approves fixed distribution charge rates
for all residential customers of Visayas Electric Co. (Veco),
Iligan Light and Power Inc. and Davao Light and Power Corp. in
terms of its total bills. These utilities do not charge uniform
rates for all their residential customers due to the lifeline
subsidy, where low-consuming residential customers are provided
lifeline discounts shouldered by high-consuming residential and
other customers.

Hydroelectric plants, which mostly make up more than 60 percent
of Mindanao's generation plants, yield lower generation rates in
the region. Generation rates may be more expensive in the
Visayas, but are highly subsidized.

Cu¤a added Meralco's independent power producers (IPPs) are not
yet dispatched at their contracted energy quantities by National
Transmission Corp. (Transco), resulting in higher than
contracted rates for these IPPs. If run at higher quantities,
the fixed cost of these plants on a per-kWh basis can be
lowered.


MAYNILAD WATER: SEC Likely to Approve Quasi-Reorganization Plan
---------------------------------------------------------------
Maynilad Water Services Incorporated's reorganization plan does
not appear disadvantageous to the government, Securities and
Exchange Commission (SEC) Chairman Lilia Bautista said, quoted
by ABS-CBN News.

Before the water utility firm gets the approval of the SEC on
its quasi-reorganization plan, the water concessionaire of the
west zone of Metro Manila has to seek for the Quezon City
Regional Trial Court's nod first and the subsequent dismissal
of its ongoing rehabilitation case.

Ms. Bautista, who spoke with officials of Maynilad's parent
company Benpres Holdings Corporation on the matter, said the
SEC will only review the valuations under the
quasireorganization plan, which is expected to be submitted by
Maynilad soon.

The reorganization plan, which will be submitted to the SEC,
provides for the Lopez family to relinquish control of the
water firm and write-off of PhP6 billion in equity and
receivables. This is part of a reorganization plan to settle
Maynilad's PhP8 billion in unpaid concession fees to the
Metropolitan Waterworks and Sewerage System (MWSS) and another
PhP8 billion to creditors.


PHILIPPINE LONG: Union Ratifies Collective Bargaining Agreement
---------------------------------------------------------------
The rank-and-file union of Philippine Long Distance Telephone
Company (PLDT) has finally ratified the three-year collective
bargaining agreement signed by PLDT management and officers of
the Manggagawa ng Komunikasyon sa Pilipinas last month.

Approximately 64 percent or 3,311 of the roughly 5,200 members
of MKP ratified the CBA, as successful ratification required the
approval of more than 50 percent of the members.

"The ratification of the CBA provides PLDT a stronger foundation
from which we can push forth our collective goals and objectives
for the coming years," said Napoleon Nazareno, President of
PLDT.

Following a series of negotiations that started last September
2003, the PLDT Management and MKP managed to compromise and
arrive at a mutually acceptable CBA package without any labor
disturbances.  This is the second rank-and-file CBA negotiation
not marred by any strike. The first one was in 2000.

After the agreement was finalized, the contract signing shortly
followed in February.  Under the constitution of the MKP, a
simple majority of 50 percent plus 1 was then required for
ratification.

PLDT and MKP tried their best to conduct the negotiations in the
spirit of trust and transparency.  Their efforts paid off and
labor disturbances were averted.

"Now that we have successfully hurdled the issues amongst us,
it's time to move together towards our goal of making PLDT the
best telecommunications company in the region," added Nazareno.

Under the CBA, rank and file employees would receive wage
increases of P1,800 for the first year of the CBA effective
November 9, 2003, P1,850 for the following year (effective
November 9, 2004), and P2,450 for the third year (effective
November 9, 2005).

There will also be a signing bonus equivalent to one month's
salary (computed at the salary rate prevailing prior to November
9, 2003) plus P10,000.

The signing of the CBA in February was led by then PLDT
President Manuel V. Pangilinan, who is now PLDT Chairman, and
MKP President Pedro N. Pinlac.  The other signatories of the CBA
were Victorio P. Vargas, Emiliano R. Tanchico, Alejandro C.
Fabian, Ramon B. Rivera Jr., Jesus C. Pasicolan, Ricardo C.
Rodriguez, and Rosalinda S. Ruiz from the PLDT management panel,
and Ronaldo G. Dominguez, Arcadio G. Rama, John O. Beato,
Alexander F. Tirao, Lino D. Villalobos, Mario D. Soriano, Arthur
S. Castillo, Jesus T. Flores, Antonio G. Muhi, Mayo P.
Macapagal, Ma. Theresa Q. Doble, Ma. Theresa C. Rodriguez,
Harold G. Yalung, Ernani D. Santos, and Ma. Carmen T. Indiongco
of the MKP panel.

About PLDT

PLDT is the leading telecommunications provider in the
Philippines.  Through its three principal business groups-fixed
line, wireless and information communications technology-PLDT
offers a wide range of telecommunications services across the
Philippine's most extensive fiber optic backbone and fixed line,
cellular and satellite network.

PLDT is listed on the Philippine Stock Exchange (PSE:TEL) and
its American depositary shares listed on the New York Stock
Exchange (NYSE:PHI) and the Pacific Exchange.  PLDT has one of
the largest market capitalization among Philippine listed
companies.

Further information can be obtained by visiting the web at
www.pldt.com.ph

Contact person:

Alejandro C. Fabian
PLDT Center Head
Industrial and Employee Relations
Telephone Number: 534-5574


PHILIPPINE LONG: Moody's Affirms Ba2/B1 ratings
-----------------------------------------------
Moody's Investors Service on Tuesday affirmed Philippine Long
Distance Telephone Company's (PLDT) Ba2 senior unsecured debt
rating with a negative outlook and its B1 preferred stock
rating with a stable outlook.

The rating affirmation follows the issuance of an invitation by
its 100 percent cellular subsidiary, Smart Communications,
Incorporated (Smart), to creditors of its affiliate, Pilipino
Telephone Corporation (Piltel) to offer to sell their Piltel
debt to Smart, subject to certain terms and conditions.

Piltel is the third largest cellular operator in the
Philippines, currently owned 45 percent by PLDT. It is expected
that following the successful completion of the debt exchange
transaction, that PLDT's ordinary and preferred stock holding
in Piltel will transfer to Smart and that Smart will move to
majority ownership in Piltel.

The negative outlook for the Ba2 senior unsecured debt rating
reflects the negative outlook for the Philippines' Ba2 foreign
currency sovereign rating.

Moody's says that the transaction would increase PLDT's
consolidated leverage as debt at Smart would rise and interest
coverage would be adversely affected. However, Moody's says
that the impact on the credit metrics of PLDT is acceptable
within the current rating. The range of increase in leverage
will vary as there are a number of ways in which Piltel
creditors can exchange their debt at various discounts to face
value. The rating however will be unaffected whichever choice
creditors accept.

However if the offer terms would be substantially amended such
that the cost of the transaction to Smart would increase,
Moody's would revisit the impact on PLDT's rating. Moody's
notes that PLDT's wireless business should benefit from the
closer operational alignment of Smart and Piltel.

Furthermore, Piltel has significant tax losses, which would
become available to the PLDT group once the former is
consolidated. Moody's understands that the Smart offer is
conditional upon various requirements, including minimum
acceptance levels, Smart obtaining the necessary amendments and
waivers from the creditors of its own debt and approval from
PLDT and Smart's Boards of Directors.

Moody's notes that the level of debt at the Smart level will
increase to the range of 20 to 25 percent of total debt of PLDT
and Smart after taking into consideration the debt increase due
to the Piltel transaction. This structural subordination of
PLDT creditors to Smart creditors is not material enough to
justify a change in PLDT's current rating. PLDT generates
substantial operating cashflows of its own with over 40 percent
of group EBITDA in 2003 being generated by the PLDT fixed line
business.

Nevertheless further increases in debt at the Smart level or an
IPO of Smart have the potential to negatively impact the
rating.

The ratings reflect PLDT's healthy free cash flow generating
ability, supported by its stable fixed-line business, strong
growth at Smart, and lower capital expenditure requirements
following the completion of its infrastructure build-out. At
the same time, the ratings reflect PLDT's role as a leading
integrated telecommunications provider in the Philippines with
significant market share and strong EBITDA margins. PLDT's
12-month consolidated results in 2003 remained robust,
primarily driven by the strong growth of Smart, even though
fixed-line growth was pretty much flat. Smart and Talk `N Text
together added a historic high of 1.4 million subscribers in 4Q
2003.

Consolidated EBITDA grew 30 percent to P58.5Bn as of December
2003 with EBITDA margin improving to 59.9 percent from 56
percent in FY 2002. However, the ratings continue to reflect
PLDT's relatively high leverage, exposure to Peso/USD exchange
rate movements and vulnerability to adverse political and
regulatory developments in the Philippines. Philippine Long
Distance Telephone Company, based in Manila, Philippines, is
the principal supplier of telecommunications services in that
country.


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


ECON CORPORATION: Releases Judicial Management Order Notice
-----------------------------------------------------------
Notice is hereby given that on March 15, 2004, an order for
placing Econ Corporation Ltd under judicial management was made
and the relevant particulars of the matter are given:

(1) Number of matter: Originating Petition No. 24 of 2003/Z.

(2) Date of presentation of petition: 27th November 2003.

(3) Petitioner's solicitors: Messrs Rajah & Tann.

(4) Date of Order: March 15, 2004.

(5) Registered office of the company: 12 Ang Mo Kio Street 65
    Lek Sun Building, Level 4 Singapore 569060.

(6) Name of Judicial Manager: Timothy James Reid.

(7) Name and address of Judicial Manager's firm: Ferrier Hodgson
50 Raffles Place #44-05 Singapore Land Tower Singapore 048623.

NAME OF PETITIONERS:

Supermix Concrete Pte Ltd
Thyssen Hunnebeck Singapore Pte Ltd
Tyco Building Services Pte Ltd
Ortis Elevator Company (S) Pte Ltd
United Central Engineering Pte Ltd

NAME OF SOLICITORS:

Mr. Ronald Choo/Mr John Nagulendran
Rajah & Tann.

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


ENERSAVE: All Resolutions Pass at EGM
-------------------------------------
The Directors of Enersave Holdings Limited are pleased to
announce that at the Extraordinary General Meeting of the
Company held on 23 March 2004, all resolutions relating to the
matters set out in the Notice of Extraordinary General Meeting
dated 1 March 2004 were duly passed.

This Singapore Stock Exchange announcement is dated 23 March
2004.


FLEXTECH: Closes Register of Loan Stockholders
-----------------------------------------------
Flextech Holdings Limited in an announcement dated 22 March 2004
at the Singapore Stock Exchange wishes to announce that the
Register and Transfer Books of Loan Stockholders of Flextech
will be closed.

Details of the announcement are as follows:

$14,969,001 PRINCIPAL AMOUNT OF
SECURED LOAN STOCK DUE 2007

Pursuant to the terms of the restructured Loan Stock 2002
(Varied Loan Stock) relating to the issue of $14,969,001
Principal Amount of secured Loan Stock, interest at the rate of
4.5% per annum on the Varied Loan Stock will be paid on 23 April
2004 for the period 24 October 2003 to 23 April 2004 (both dates
inclusive).

Notice is hereby given that the Register and Transfer Books of
Loan Stockholders of the Company will be closed on 13 April 2004
to 14 April 2004 (both dates inclusive) for the purpose of
determining persons entitled to the payment of interest on the
Varied Loan Stock on 23 April 2004.

Duly completed transfers of the Varied Loan Stock received by
the Company's Registrar, Lim Associates (Pte) Ltd, 10 Collyer
Quay #19-08, Ocean Building, Singapore 049315 up to 5.00 p.m. on
12 April 2004 will be registered for this purpose.
INTEREST WITHOUT TAX DEDUCTION

Under Section 45 of the Singapore Income Tax Act, Cap. 134,
Singapore income tax at 15% is deductible from interest paid on
the Varied Loan Stock to holders thereof not known to the
Company to be resident in Singapore for income tax purposes.

If you are resident of Singapore for income tax purposes and
wish to receive interest on your Varied Loan Stock without any
tax deductions, you should submit to Flextech Holdings Limited,
c/o The Company's Registrar (if you hold Loan Stock certificate)
or The Central Depository (Pte) Ltd (CDP) (if you are the
Depositor) not later than the close of business on 12 April 2004
a Declaration duly completed, and signed before a witness. The
Declaration is not a Statutory Declaration and therefore need
not be signed before a Commissioner for Oaths.

If you are a body corporate and are holding Varied Loan Stock as
a nominee, you should together with your Declaration, submit to
the Company's Registrar (if you hold Loan Stock certificate) or
the CDP (if you are a Depositor) a Letter of Undertaking.

If you are entitled to the Varied Loan Stock interest, and have
not received the form, you may obtain a copy from the CDP. If
your Declaration is in order, the interest due on your Varied
Loan Stock on 23 April 2004 will be paid to you without
taxation.

By Order of the Board
Flextech Holdings Limited

Yvonne Choo
Company Secretary


GUARDIAN SEA: Creditors Must Submit Claims by April 19
------------------------------------------------------
The creditors of Guardian Sea 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, 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 from the said Liquidator, are by their solicitors, or
personally, to come in and prove their said debts or claims at
such time and place as shall be specified in such notice or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

LOKE POH KEUN
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.

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


HONGBAO ENTERPRISE: Winding up Hearing Set April 2
--------------------------------------------------
The petition to wind up Hongbao Enterprise 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.

The Bank of China, a bank incorporated in the People's Republic
of China and having a place of business at 4 Battery Road, Bank
of China Building, Singapore 049908, a creditor, filed the
petition with the court on March 10, 2004.

The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs Rajah & Tann 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.


LIANG HUAT: Schedules Winding Up Hearing
----------------------------------------
The petition to wind up Liang Huat Holdings 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.

Liberty Insurance Pte Ltd, formerly known as Citystate Insurance
Pte Ltd, a judgment creditor, whose address is located at 51
Club Street, #03-00 Liberty House, Singapore 069428, filed the
petition with the court on March 10, 2004.

The Petitioner's Solicitors are ComLaw LLC of 65 Chulia Street,
#43-03 OCBC Centre, Singapore 049513. Any person who intends to
appear on the hearing of the petition must serve on or send by
post to Messrs ComLaw LLC 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.


NATSTEEL: Subsidiary Removed From Register of Companies
-------------------------------------------------------
NatSteel Limited wishes to announce that its subsidiary NatSteel
Investment Services Pte Ltd has been struck off the Register of
Companies pursuant to Section 344 of the Companies Act, Cap. 50
with effect from 27 February 2004. This was published in the
Republic of Singapore Government Gazette on 9 March 2004.

This transaction does not have any material impact on the
earnings per share and net tangible assets of the NatSteel
Group.

By Order of the Board

Lim Su-Ling
Company Secretary
22 March 2004

This Singapore Stock Exchange announcement is dated 22 March
2004.


NEO CORPORATION: Issues Petition for Judicial Management
-------------------------------------------------------
Notice is hereby given that a Petition for placing Neo
Corporation Pte Ltd. under the Judicial Managers by the High
Court of Singapore was filed March 9, 2004. It was presented by
Leun Wah Electric Co (Pte) Ltd of 31 Toh Guan Road East, #04-01
LW Technocentre, Singapore 608608, a creditor, and the Petition
is directed to be heard before the Court at 10 o'clock on April
2004.

Tam Chee Chong and Wee Aik Guan of Messrs Deloitte & Touche have
been nominated as the Judicial Managers; and any person who
intends to oppose the making of an order under section 227 (B)
(5) (b) or the nomination of Judicial Managers under section 227
(B) (3) (c) may appear at the time of the hearing by himself or
his Counsel for that purpose, and a copy of the said Petition
will be furnished to any creditor or contributory of the said
Company requiring the same by the undersigned on payment of the
regulated charge for the same.

The Petitioner's address is 31 Toh Guan Road East, #04-01 LW
Technocentre, Singapore 608608.

The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620.

Any person who intends to appear on the hearing of the said
Petition must serve on or send by post to Solicitors Drew &
Napier LLC 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.


NEPTUNE ORIENT: Issues Dividend Notice
--------------------------------------
On February 24, 2004, Neptune Orient Lines Limited announced a
proposed first and final dividend of 3.85 Singapore cents, less
tax of 22%, in respect of the financial year ended 26 December
2003 for approval by shareholders at the next Annual General
Meeting to be convened on 20 April 2004.

In the 2004 Budget that was announced on February 27, 2004, the
corporate tax rate was reduced from 22% to 20%. Accordingly, the
proposed first and final dividend, subject to shareholders'
approval at the forthcoming Annual General Meeting of the
Company, will be 3.85 Singapore cents, less 20% (instead of
22%).

Company Secretaries Marjorie Wee and Wong Kim Wah submitted the
announcement to the Singapore Stock Exchange on March 23, 2004.


PACIFIC CENTURY: Realizes Increased Losses from PCCW Limited
------------------------------------------------------------
On 12 June 2003, the Board of Directors of Pacific Century
Regional Developments Limited (PCRD or the Company) announced
that, with effect from 1 January 2003, the Company would cease
to account for PCCW Limited as a subsidiary. PCCW would be
treated as an associated company, including its results with
those of the Company on the equity accounting basis for the
purpose of preparation of the financial statements of the PCRD
Group (the Deconsolidation).

As at 31 December 2002, the PCRD Group had consolidated its
share of the post-acquisition losses and movements in equity of
PCCW totaling approximately $1.4 billion, which exceeded the
carrying amount of PCRD's investment of approximately $1.0
billion. As part of the Deconsolidation of PCCW, PCRD Group's
share of the post acquisition losses and movements in equity of
PCCW was restricted to an amount not exceeding the carrying
value of its investment in PCCW under the equity accounting
basis. The PCRD Group only recognized $1.0 billion of the post
acquisition losses and movements in equity of PCCW at 1 January
2003. Accordingly, the share of losses and movements in equity
of PCCW that had not been recognized at that date amounted to
approximately $412 million.

The Board of Directors wishes to announce that further to the
release of PCCW's final results for the financial year ended 31
December 2003, PCRD Group's share of post acquisition losses and
movements in equity of PCCW in excess of the carrying value of
the Company's investment has now increased from $412 million to
$476 million after taking into account:

(i) the dilution of the Company's shareholding in PCCW
from 32.8 percent to 28.4 percent following PCCW's
placement of 715,000,000 new shares of par value HK$0.25
each at HK$4.40 per share in July 2003; and

(ii) PCRD Group's share of the results of PCCW for the
financial year ended 31 December 2003.

The PCRD Group will resume equity accounting of PCCW's results
after its share of subsequent profits and movements in equity of
PCCW exceeds the share of losses not recognized of $476 million.

This Singapore Stock Exchange announcement is dated 23 March
2004.


SEATOWN CORPORATION: Creditors OK Scheme of Arrangement
-------------------------------------------------------
The Board of Directors of Seatown Corporation Ltd announced that
the judicial manager of Seatown Construction Pte Ltd convened a
meeting of its creditors on March 11, 2004.

At this meeting, the creditors of Seatown Construction Pte Ltd
approved the Scheme of Arrangement between Seatown Construction
Pte Ltd and its creditors which was tabled before them and which
is still subject to sanction by the High Court of Singapore.

The Board of Directors of the Company submitted the announcement
to the Singapore Stock Exchange (SGX) on March 17, 2004.


SEMBAWANG REEFER: Creditors Meeting Set April 20
------------------------------------------------
The Final General Meeting of Sembawang Reefer Lines (Manggis)
Pte Ltd (In Members' Voluntary Liquidation) will be held at 30
Hill Street #05-04, Singapore 179360 on 20th April 2004 at 10 in
the morning for the following purposes:

1. To receive an account from the Liquidators showing the manner
in which the winding up has been conducted and the property of
the Company disposed of, and to hear any explanations that may
be given by the Liquidators.

2. To determine by resolution the manner in which the books,
accounts and documents of the Company and of the Liquidators,
shall be disposed of.

KON YIN TONG
WONG KIAN KOK
WILLIAM CAVEN HUTCHISON
Joint Liquidators.

Note:

A member entitled to attend and vote at the General Meeting is
entitled to appoint a proxy to attend and vote in his stead. All
proxies should be deposited at the Liquidators' Office not less
than forty-eight hours before the time for holding the meeting
or any adjournment thereof. A proxy need not be a member of the
Company.

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


SINGA HOTELS: Enters Voluntary Liquidation
------------------------------------------
Singa Hotels and Properties Pty Ltd (SHP) has been placed under
member's voluntary liquidation on March 16, 2004. SHP was
incorporated in Australia and is wholly owned by Pinpeak
Investment Pte Ltd, a wholly owned subsidiary of the Company.
SHP has been dormant since March 26, 2002.

Company Secretary Lee Seng Suan submitted the announcement to
the Singapore Stock Exchange (SGX) on March 22, 2004.


SS LTD: To Be Wound Up Via Creditor's Voluntary Liquidation
-----------------------------------------------------------
Further to the announcements made on 3 March 2004 on the
Proposed Winding Up of SS Pte Ltd by way of a creditors'
voluntary liquidation, the Directors of Rowsley Limited wish to
announce that pursuant to the Extraordinary General Meeting of
SS and a meeting of creditors held on 19 March 2004, it was
resolved that SS be wound up by way of a creditor's voluntary
liquidation.

Chia Soo Hien and Ng Geok Mui of Messers BDO International were
appointed jointly and severally as liquidators of SS Ltd.

This Singapore Stock Exchange announcement is dated 22 March
2004.


WANT WANT: De-Registers Dormant Subsidiary Big Want Ltd
-------------------------------------------------------
The Board of Directors of Want Want Holdings Ltd wishes to
announce that Big Want Pte Ltd, a dormant wholly owned
subsidiary of the Company, has been de-registered from pursuant
to an application by the Company under Section 344(2) of the
Companies Act, Cap 50.

The de-registration of Big Want Pte Ltd is not expected to have
any material impact on the net tangible assets or earnings per
share of the Company for the financial year ending 31 December
2004. None of the Directors or substantial shareholders of the
Company has any interest, direct or indirect, in the
transaction.

This Singapore Stock Exchange announcement is dated 23 March
2004.


WANT WANT: Acquires Shares of Nishow Tamura in Zhejiang Rice
------------------------------------------------------------
The Board of Directors of Want Want Holdings Ltd wishes to
announce that the Company has acquired the remaining 30% shares
held by Nishow Tamura Corporation in Zhejiang Rice-Want Cereals
Ltd at a consideration of RMB 2,079,610.

Zhejiang Rice-Want became wholly owned subsidiary of Want Want
Holdings following the Company's acquisition of its shares.

The transaction is not expected to have any material impact on
the net tangible assets or earnings per share of Want Want for
the financial year ending 31 December 2004. None of the
Directors or substantial shareholders of the Company has any
interest, direct or indirect, in the transaction.

This Singapore Stock Exchange announcement is dated 23 March
2004.


* SURVEY: Singapore's Business Outlook Pessimistic
--------------------------------------------------
A 26-country survey released on Tuesday, 23 March, reveals that
Singapore vies with Japan when it comes to their gloomy business
outlook, according to a Reuters report cited by the Hindustan
Times.

Accounting and consulting firm Grant Thornton International's
latest International Business Owner's Survey shows that the
optimism of Singaporean firms about their turnover increased by
16 percent compared to last year.
But the percentage balance -- the difference between those firms
expecting an increase in turnover versus those braced for
revenues to fall -- was relatively low at plus 13 per cent
compared with the global average of 58 per cent.
Indonesia topped the rankings on 92 per cent. Japan came last on
just six per cent.
"The impact of SARS and the economic downturn over the last few
years hit Singapore business extremely hard," said Bill
Hutchison, partner at Foo Kon Tan Grant Thornton, the firm's
Singapore arm.
"As such it is not surprising that the resulting pessimistic
attitudes are not easily shaken off," he told a news conference.
Underscoring competitive pressures, Singapore ranked number two
after Hong Kong for companies that have transferred part of
their operations to another country.
It also ranked second, after Taiwan, for businesses planning to
transfer operations in the next two years.
The greatest constraint on expansion plans for Singapore
businesses was the shortage of orders or reduced demand, with 51
per cent of firms citing this over other setbacks.
Thirty-three per cent of businesses cited a shortage of long-
term finance and the cost of finance as constraints, while 25
per cent regarded the lack of skilled workers as a hindrance to
expansion.
Reflecting the more difficult business environment, companies
reported taking some 61 days to collect payment, up from 44 days
last year and compared with the global average of 46 days.

Grant Thornton International had conducted the survey of top
managers and business owners in 6,900 companies across 26
countries in September and October. Hutchison said he expected
that sentiment in some categories had probably improved since
then.


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


BANGKOK LAND: Releases Report of Second Shares Sale
---------------------------------------------------
Bangkok Land PCL submits to the Stock Exchange of Thailand its
report on the results of the second sale of shares.

(1) Information relating to the share-offering Category of
shares offered: New ordinary shares

Number of shares offered: 484,069,444 shares to the note holders
of Bangkok Land (Cayman Islands) Ltd.

Offered to: BSI SA, Nomura Bank (Switzerland) Limited, SG
Hambros Bank & Trust (Bahamas) Limited, KHI Overseas Limited,
Basellandschaffiche Kantonalbank, HSBC Guyerzeller Bank AG,
Zurich, UBS AG Zurich, DansKe Bank A/S Danmark, Sverige Filial
and Fuerstlich Castell's sche Bank which are the noteholders of
Bankok Land (Cayman Islands) Limited in the amount of 1,138,125
shares, 5,730,000 shares, 147,787 shares, 2,463,125 shares,
764,000 shares, 874,625 shares, 11,891,262 shares, 246,312
shares and 1,419,840 shares respectively.

Price per share: 2 baht per share

Subscription and payment period: March 19, 2004

(2) Results of the sale of shares

[] Totally sold out

[/] Partly sold out, with 370,836,208 shares remaining.

The company will deal with these remaining shares:

The Company will allot such shares to the noteholders of Bangkok
Land (Cayman Islands) Limited pursuant to the Board of Director
Meeting #5/2547 dated February 27, 2004.

(3) Details of the sale

               Thai investors        foreign investors    Total
               Juristic   Natural    Juristic   Natural
               persons    persons    persons    persons

Number of persons    9                          9

Number of shares
subscribed:   24,675,076      24,675,076

Percentage of total
Shares offered for
sale:       5.097              5.097

(4) Amount of money received from the sale of shares

Total amount: 49,350,152Baht

Less expenses: (approximate) 4,500,000Baht
Net amount received: 44,850,152 Baht

The Company hereby certifies that the information contained in
this report is true and complete in all respects.

Yours faithfully,
BANGKOK LAND PUBLIC COMPANY LIMITED
Mr. Anant Kanjanapas
Chairman


NEP REALTY: Unveils Outcome of Board of Directors Meeting
---------------------------------------------------------
NEP Realty & Industry PCL, at their Board of Directors Meeting
No. 4/2547 held on March 19, 2004 has passed these resolutions:

(1) Resolved to fix the date for Annual General Shareholders'
Meeting for the year 2004 is scheduled Thursday of April 22,
2004 at 10:30 a.m. at Ballroom 3, Grand Hyatt Hotel Bangkok,
Radjadamri, Khwaeng Lumpini, Khet Phatumwan, Bangkok.

(2) Resolved to amend the Article of Association of the company
clause 32 by canceling the existing provision and replace by the
following provision.

"Clause 32.The board of director may appoint director (s) or
other person (s) as it deems appropriate to form an executive
committee.  The executive committee may have the power to
control and supervise the business of the company as assigned by
the board of director.

The chairman of the executive committee will be selected from a
member of the committee who must be a director of the company.
The member of the executive board is entitled to receive a fee
and remuneration as determined by the board of director,
however, the right to receive such fee and remuneration will not
prejudge the right of the member of the executive committee to
receive the director's fee and other benefits as a director
under this Article of Association"

(3) Resolved that the dividend payment of the fiscal year 2003
will not be declared.

(4) Resolved to fix the agenda for the Annual General
Shareholders' Meeting for the year 2004 as follows:

(1).  To acknowledge the matters to be informed by the
Chairman of the company

(2) To consider approval of the minutes of Extraordinary
Shareholders' Meeting No. 1/25473.

(3) To acknowledge the report on the Company's business
performance for year 2003.

(4) To consider approval the balance sheets and profit and
loss statements of the company for the fiscal year 20035.

(5) To consider for not distributing dividend for the year
2003.

(6) To consider appointing the Company's auditor for the
year 2004 and fixing the remuneration.

(7) To consider electing directors in place of those
retired by rotation.

(8) To consider fixing the remuneration of directors.

(9) To consider amending the Article of Association of the
Company clause 3210.  Other business (if any)

(5) Resolved to fix the closing date of the company's share
register book for the purpose of determining the eligible
shareholders to attend and vote at the Annual General
Shareholders' Meeting on Monday of April 5, 2004 staring from
12:00 p.m. until the Annual General Shareholders' Meeting is
completed.

Please be informed accordingly.

Yours sincerely,
(Mr. Nisan Prathanrasnikorn)
Managing director and secretary of committee


THAI PETROCHEMICAL: Releases Progress of Debt Restructuring
-----------------------------------------------------------
Thai Petrochemical PCL submits to the Stock Exchange of Thailand
its Progress Report on Debt Restructuring.

With reference to your letter dated March 23, 2004 requesting
the company to make a progress report regarding the company's
business reorganization plan, it is with pleasure to inform you
the development of the above-mentioned plan for your
consideration.

The company's financial advisors have completed the draft of the
amended business reorganization plan and are in negotiation with
the Committee of Creditors.  The target schedule for the
submission of the amended plan to the Central Bankruptcy Court
is within the next 1-2 months.  However, the schedule for the
completion of the amendment process, which requires the approval
of the creditors and the Central Bankruptcy Court, could not be
set precisely.

Your acknowledgement of the above matter is highly appreciated.

Yours sincerely,
(Suwit Nivartvong)
for Plan Administrator,
Thai Petrochemical Industry PCL


TONGKAH HARBOUR: Releases Summary of Proposed Capital Increase
--------------------------------------------------------------
Tongkah Harbour PCL submitted to the Stock Exchange of Thailand
the resolution of the Board of Directors' Meeting No. 3/2004
held on March 23, 2004 regarding the proposed plan to increase
capital by 100,000,000 shares (One hundred million shares) for
recommendation to the shareholders at the Annual General Meeting
on 26 April 2004.  The resolutions' details:

(Baht)
Current registered capital @ 1 baht per share: 599,920,010

Issued and paid up: 483,648,570

Employee Stock Option Plan (ESOP): 21,903,000

Total shares issued and paid-up: 505,551,570

Registered capital reduction: 94,368,440

Proposed capital increase of unsubscribed shares*: 100,000,000

Total shares issued and paid-up after Private
Placement: 605,551,570

*Note: Upon shareholders' approval.

Please be informed accordingly,

Yours faithfully,
(Mr.Kwa Boo Leong, Mr. Somsak Ruamkid)
Executive Director


TONGKAH HARBOUR: SET Lifts Trading Halt
---------------------------------------
Since the company has disclosed SET-requested relevant material
information, which has been broadly disseminated through the
SET's disclosure systems, the SET permitted the resumption of
trading of Tongkah Harbour shares from 11:15 a.m. as of March
24, 2004 onwards.


                            *********


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