/raid1/www/Hosts/bankrupt/TCRAP_Public/040329.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Monday, March 29, 2004, Vol. 7, No. 62

                            Headlines

A U S T R A L I A

ARISTOCRAT LEISURE: Issues Dividend Reinvestment Plan
NATIONAL AUSTRALIA: Analyst Says Dividends Seem Safe
NATIONAL AUSTRALIA: Moody's Affirms Ratings After APRA Report
NOVUS PETROLEUM: Medco Interest Affirmed With Raised Offer
QANTAS AIRWAYS: Mulls Non-Stop Routes With Long-Range Plane

SANTOS LIMITED: To Develop Reg Sprigg Oil Field


C H I N A  &  H O N G  K O N G

CAPITAL JOY: Date For Hearing of Winding Up Petition Set
CITITEAM: Hearing for Winding Up Petition Scheduled
H & S CONNECTION: Sets Hearing For Winding Up
HENAN HONG KONG: Date Set for Winding Up
GRAND JET: Hearing for Winding Up Petition Scheduled

STANLEY GARMENT: Date for Hearing of Petition Set


I N D O N E S I A

ANEKA TAMBANG: To Push Through With Rights Issue
BANK NEGARA: Govt Postpones Divestment of Shares
BANK NIAGA: Planning To Raise 1 Trillion Rupiah
BANK NIAGA: Goes For Reverse Stock Split To Boost Share Price
GARUDA INDONESIA: Opens New Yogyakarta-Singapore Route

IBRA: Hands Over State Assets to PT PPA
INDOCEMENT TUNGGAL: 2003 Net Profit Shrinks By 36%


J A P A N

JAPAN AIRLINES: Crew Union Calls Strike Off
MITSUBISHI FUSO: Buses Already Found With Hub Defects in '02
MITSUBISHI FUSO: Head Visits Grave of Truck Accident Victim
NEC CORPORATION: To Supply Middleware for Hewlett-Packard


K O R E A

ASIANA AIRLINES: To Sell Airport Service Unit To KTBNetwork
HYUNDAI CONSTRUCTION: Snags US$32.5-Million Kuwait Deal
HYUNDAI MOTOR: Talking With GE on Unit Sale
LG CARD: New Head Aims To Turn Company Around in Three Years
SSANGYONG MOTORS: Blue Star Not Giving Up On Acquisition Deal


M A L A Y S I A

AMSTEEL: Issues Updates To The Parkson Group Sale
ANSON PERDANA: Chemstab Unit Served with Winding Up Notice
ANTAH HOLDINGS: Announces Default in Payments
CHIN FOH: TO Dispose of Interests in Chin Foh Stainless Steel
EQUINE CAPITAL: Applies To Extend Time for Investigative Audit

GADANG HOLDINGS: Delisting Unsecured Loan Stocks
GENERAL SOIL: Obtains Restraining Order
HAP SENG: Issues Notice of Shares Buy Back
HAP SENG: Euro-Asia Unit to Acquire MUI Plaza
HAP SENG: Issues Notice of Treasury Shares Cancellation

MALAYSIA MINING: Issues Correction to New Financial Year
MALAYSIA MINING: Year-End Net Profits Increase by 5%
PARK MAY: Updates Proposed Restructuring Scheme
UCP Resources: Listing To Be Taken Over By JMR Construction


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Enters Partnership with 3D Networks
LEPANTO CONSOLIDATED: Sets Annual Stockholders Meeting
MAYNILAD WATER: PCCI OKs Pact Between Government
NATIONAL POWER: Aboitiz Wins Bid on Talomo Power Plant


S I N G A P O R E

BOUSTEAD SINGAPORE: Announces Lifting of Trading Halt
BOUSTEAD SINGAPORE: To Sell Boustead Pacific to Insight Marine
HONG LEONG: Bares Agenda for Annual General Meeting
SUNRIGHT: Profits Up In First 6 Months of Financial Year 2004
WANT WANT: Clarifies Purchase of Zhejiang-Rice Shares Details


T H A I L A N D

NATURAL PARK: To Boost Capital by Mergers and Acquisitions
PRASIT PATANA: Details Board of Director's Meeting Results   
THAI NAM: Relates General Shareholders' Meeting Details   
TPI POLENE: Wooing Kruang Thai to Guarantee Bond Issuance

     -  -  -  -  -  -  -  -  -

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


ARISTOCRAT LEISURE:  Issues Dividend Reinvestment Plan
------------------------------------------------------
In compliance with Australian Securities and Investment
Commission (ASIC) Class Order 02/1180, Aristocrat Leisure
Limited confirms to the Australian Stock Exchange that:

(a) all information of the kind which would be required to be
disclosed under Section 713(5) of the Corporations Act if a
prospectus were to be issued in reliance upon Section 713 in
relation to an offer of securities has been disclosed to ASX;
and

(b) there is no information of that kind to be disclosed.

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


NATIONAL AUSTRALIA: Analyst Says Dividends Seem Safe
----------------------------------------------------
Despite the demands placed on National Australia Bank by the
scathing Australian Prudential Regulation Authority (APRA) into
the bank's rogue trading debacle, an analyst says its high
dividends do not appear to be in danger, reports The Age
newspaper.

The analyst, who asked not to be named, said, "Tweaking the
dividend by a couple of cents is not going to impact that AU$1.5
billion by very much so they are not under pressure to cut the
dividends." NAB generates around AU$1.5 billion in excess
capital every year with a dividend pay out in the low 60% range,
according to analysts.

He added the consensus forecast for NAB's full year dividend is
between AU$1.70 to AU$1.75 per share. In November, NAB delivered
a half year fully franked dividend of 83 cents per share.

"They don't want to be seen going out and changing their
existing policy but I wouldn't expect to see them increase the
pay out ratio substantially," the analyst said. "The low
AU$1.70s gives them a fairly consistent payout range."

NAB has terminated its AU$600 million share buyback after a
report by the Australian Prudential Regulation Authority (APRA)
into the bank's rogue trading debacle.  In its report, APRA
ordered NAB to tighten up risk controls and keep its foreign
exchange options desk closed until risk management improved
after unauthorized trading cost the bank AU$360 million.

It said NAB had to lift its target total capital adequacy ratio
to ten per cent from 9.7 per cent, which analysts said could
mean the bank has to raise more than AU$700 million to cover the
extra capital funds sought by APRA.


NATIONAL AUSTRALIA: Moody's Affirms Ratings After APRA Report
-------------------------------------------------------------
With the release of the scathing report by the Australian
Prudential Regulation Authority (APRA) into National Australia
Bank Ltd's foreign exchange trading scandal, Moody's Investors
Service said its ratings on NAB have been affirmed, ample.com
reports.

In a statement, the ratings agency said it has "Aa3/Prime-1"
ratings on NAB and a bank financial strength rating of "B". The
ratings outlook remains at stable.

"The affirmation follows disclosure by NAB that it has been
required by the APRA to undertake remedial actions following the
losses," Moody's said. The ratings agency added it does not
expect APRA's requirements to adversely affect the bank's
operating performance sufficiently to impact its ratings.
"Indeed, over the longer-term, there are potential benefits that
could arise from the reform process."

Moody's added that operational risk considerations have acted as
a constraining factor on the bank's ratings following a number
of losses in recent years.

NAB has been required by APRA to undertake a number of remedial
actions.  Upon completion of theses actions, NAB's internal
target capital adequacy ratio is to rise to 10 pct.

In addition, NAB is also required to calculate its regulatory
capital for market risk according to the standard regulatory
method, and its currency options desk is to remain closed to
corporate business and proprietary trading.

"Moody's anticipates that the additional cost incurred by NAB to
meet these requirements will be relatively low in relation to
its strong earnings," the ratings agency said. "The bank is
already well capitalized, and earnings from the currency options
desk represented only a small portion of total income."


NOVUS PETROLEUM: Medco Interest Affirmed With Raised Offer
----------------------------------------------------------
By raising its price offer, Indonesian oil company PT Medco
Energy has affirmed its interest in acquiring shares of
Australian company Novus Petroleum, Antara news agency reports.

Hilmi Panigoro, Medco president director, said, "Medco continues
to be interested in acquiring Novus Petroleum shares and efforts
to show this continued interest have been made." He added that
Medco intended to beat the competition in the tender with its
raised price offer.


QANTAS AIRWAYS: Mulls Non-Stop Routes With Long-Range Plane
-----------------------------------------------------------
With an eye on opening long-range, non-stop flight routes, The
Australian reports that national carrier Qantas is checking out
the Airbus A340-500, the world's longest-range aircraft.

However, an Airbus Industries spokesman would not confirm the
presentations, saying it was the manufacturer's policy not to
confirm details of sales campaigns.

The four-engine A340-500 essentially has an identical cockpit
and systems to the twin-engine A330 in service with Qantas,
thereby minimizing introduction costs. It can carry 313
passengers 8650 nautical miles, which would enable Qantas to
operate non-stop services from Sydney to Dallas, the
headquarters of its alliance partner American Airlines.

From the west coast of Australia the A340-500 would be able to
reach London non-stop from Perth and enable Qantas to counter
the increased competition from Emirates, which is expected to
increase its services from seven a week to 10 in October.
Emirates will introduce the A340-500 to Melbourne from June 1,
offering non-stop flights to Dubai, and will also increase
services to that city to 10 a week by August.

Boeing, however, is also trying to sell Qantas its 777-200LR,
the latest variant of the Boeing jet expected to fly early next
year and promises an even greater range/payload capability than
the A340-500.


SANTOS LIMITED: To Develop Reg Sprigg Oil Field
-----------------------------------------------
In a bid to shore up oil production from the declining Cooper
Basin, Santos Limited is planning to develop the recently-
discovered Reg Sprigg oil field in South Australia's far north,
reports The Courier Mail.

Reg Sprigg, named after an Australian oil exploration pioneer,
is thought to be similar in size to other nearby finds,
including Acrasia and Flax, and could contain 3-4 million
barrels of oil in place. It is located in the Simpson Desert
about 125 kilometers northeast of the Moomba gas plant.

Santos moved Thursday to reject market analysts' criticism that
it was doing too little to overcome the natural decline in its
Australian production assets.

Santos central business unit exploration manager John Chambers
told an Adelaide seminar that, after a 17-year decline, Cooper
Basin oil production was expected to be stable this year and
then to grow from 2005. He added that the Reg Sprigg field would
be one of the contributors to stronger oil production.

The improving outlook reflected Santos's new strategy of more
efficient use of its existing large infrastructure footprint in
the Cooper Basin, combined with new technologies and production
improvements over the "oil fields".

Santos, as operator of the Cooper Basin joint venture, was using
a two-pronged approach to increase overall oil production -
infill drilling and secondary recovery techniques, and focusing
on new opportunities disclosed by 3-D seismic surveys.

For the past two years, Santos, Australia's third largest
exploration and production company, has embarked on a
reassessment of many of the wells sunk in the Cooper Basin
during its 50-year history to see which can be brought into
production at today's higher oil prices.  Current international
oil prices of around US$35 a barrel provide Santos with a net
return of roughly $25 a barrel.

Mr Chambers said the Reg Sprigg-3 appraisal well drilled earlier
this month was an example of the "bread and butter" oil and gas
fields available to Santos throughout the Cooper Basin. "This
well flowed oil at nearly 3000 barrels a day from two separate
zones, and gas at 9 million standard cubic feet a day," he said.

He added the Reg Sprigg discovery had implications for Santos's
exploration acreage in southwest Queensland and would be
followed up with a 3-D seismic survey.


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


CAPITAL JOY: Date For Hearing of Winding Up Petition Set
--------------------------------------------------------
Notice is Hereby Given that a Petition for the Winding up of
Capital Joy Enterprises Limited by the High Court of Hong Kong
was on the 16th day of February 2004 presented to the said Court
by Bank of China (Hong Kong) Limited whose registered office is
situate at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong.  And that the said Petition is directed to
be heard before the Court at 9:30 am on the 21st day of April
2004 and any creditor or contributory of the said company
desirous to support or oppose the making of an order on the said
petition may appear at the time of hearing by himself or his
counsel for that purpose; and a copy of the 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.

CHU & LAU
Solicitors for the Petitioner,
2nd Floor, The Chinese General Chamber of Commerce Bldg.
No. 24-25 Connaught Road Central
Hong Kong

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of the 20th day of April
2004.


CITITEAM: Hearing for Winding Up Petition Scheduled
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Cititeam International Limited by the High Court of Hong Kong
was on the 9th day of March 2004 presented to the said Court by
Bank of China (Hong Kong) Limited whose registered office is
situate at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong.  And that the said Petition is directed to
be heard before the Court at 9:30 am on the 5th day of May 2004
and any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose; and a copy of the 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.

TSANG, CHAN & WONG
Solicitors for the Petitioner,
16th Floor, Wing On House
71 Des Voeux Road Central
Hong Kong

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 4th day of May
2004.

H & S CONNECTION: Sets Hearing For Winding Up
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of H &
S Connection Limited to the High Court of Hong Kong  on 4 March
2004 by Long Ford Development Limited whose registered office is
situate at Room 19, 5th Floor, Kai Fuk Industrial Centre, 1 Wang
Tung Street, Kowloon Bay, Hong Kong.  AND that the said Petition
is directed to be heard before the Court at 10:00 am on the 28th
day of April 2004 and any creditor or contributory of the said
company who wish to support or oppose the making of an order on
the said petition may appear at the time of hearing by himself
or his counsel for that purpose; and a copy of the 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.

W.K. TO & CO.
Solicitors for the Petitioner,
11th Floor, Wheelock House
20 Pedder Street, Central
Hong Kong

Any person who intends to appear on the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention so to do.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of the 27th day of April 2004.


HENAN HONG KONG: Date Set for Winding Up
----------------------------------------
Notice is Hereby Given that a Petition for the Winding up of
Henan Hong Kong Travel Service Limited by the High Court of Hong
Kong was on the 16th day of February 2004 presented to the said
Court by Bank of China (Hong Kong) Limited whose registered
office is situate at 14th Floor, Bank of China Tower, No. 1
Garden Road, Central, Hong Kong.  And that the said Petition is
directed to be heard before the Court at 9:30 am on the 21st day
of April 2004 and any creditor or contributory of the said
company desirous to support or oppose the making of an order on
the said petition may appear at the time of hearing by himself
or his counsel for that purpose; and a copy of the 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.

CHU & LAU
Solicitors for the Petitioner,
2nd Floor, The Chinese General Chamber of Commerce Bldg.
No. 24-25 Connaught Road Central
Hong Kong

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 20th day of April
2004.


GRAND JET: Hearing for Winding Up Petition Scheduled
----------------------------------------------------
Notice is Hereby Given that a Petition for the Winding up of
Grand Jet Industrial Limited by the High Court of Hong Kong was
on the 16th day of February 2004 presented to the said Court by
Bank of China (Hong Kong) Limited whose registered office is
situated at the 14th Floor, Bank of China Tower, No. 1 Garden
Road, Central, Hong Kong.  And that the said Petition is
directed to be heard before the Court at 9:30 am on the 21st day
of April 2004 and any creditor or contributory of the said
company desirous to support or oppose the making of an order on
the said petition may appear at the time of hearing by himself
or his counsel for that purpose; and a copy of the 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.

CHU & LAU
Solicitors for the Petitioner,
2nd Floor, The Chinese General Chamber of Commerce Bldg.
No. 24-25 Connaught Road Central
Hong Kong

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 20th day of April
2004.


STANLEY GARMENT: Date for Hearing of Petition Set
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Stanley Garment limited by the High Court of Hong Kong was on
the 3rd day of March 2004 presented to the said Court by Bank of
China (Hong Kong) Limited whose registered office is situate at
14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.  And that the said Petition is directed to be heard
before the Court at 10:00 am on the 28th day of April 2004 and
any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose; and a copy of the 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.

TSANG, CHAN & WONG
Solicitors for the Petitioner,
16th Floor, Wing On House
71 Des Voeux Road Central
Hong Kong

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 27th day of April
2004.


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


ANEKA TAMBANG: To Push Through With Rights Issue
------------------------------------------------
Pt Aneka Tambang Tbk has to clear up the mess on the unrecorded
pension fund so that the company's 2003 financial report can be
further processed and approved and void disturbances on the
process of divestment, Indo Exchange reports.

But Minister of State-owned Enterprises (SOEs) assured the
divestment of 14 percent of the company's shares this year would
not be postponed.

Antam's auditor PricewaterhouseCoopers (PwC) previously said it
was reluctant to approve the company's financial report due to
unrecorded liability (Pension Fund). If the pension fund is
posted, the company's profit will of course be much lower than
what had been recorded in the pre-audit report. On Tuesday, it
was revealed that the company's 2003-pension fund turned to come
to only Rp44 billion. So far the company's management and the
auditor have discussed on how to put such a revision in the
process of accounting.

An anonymous source of Investor Indonesia daily in the SOEs
Ministry said the government's plan to divest Antam's shares had
been well thought-out. The government was currently waiting for
advice from Antam concerning the rights issue, which was
intended to fund an alumina project in Tayan. The company would
likely need a total fund of US$ 31 billion. It was rumored that
the plan of rights issue might be canceled because Antam had
obtained an export credit.

"So far Antam has never proposed the cancellation of the rights
issue. We (the ministry of SOEs-ed) are waiting for any advice
from the company, particularly about the volume of the rights
issue," said the anonymous source. He added, the selection of
Antam's financial consultant was currently in process for
completion. But the source declined to reveal the short-listed
candidates that will carry out the divestment.


BANK NEGARA: Govt Postpones Divestment of Shares
------------------------------------------------
Pandu Djajanto, a senior official at the office of the state
minister for state enterprises has said that the Indonesian
government has postponed the divestment of its 30 percent stake
in Bank Negara Indonesia, Asia Pulse reports on Friday, 26
March. The divestment had originally been scheduled for June.

Djajanto was quoted as saying that the divestment will take
place after completion of the internal restructuring of the
state-owned bank.

He added that the internal restructuring is expected to increase
the selling price of the shares on which its financial report
will be based by June.

The June report is expected to show a better performance, after
being badly hit by a credit scandal late lat year.

This comes after the government abandoned plans to divest a 51
percent stake in the country's second largest bank after they
were rejected by legislators and bank commissioners.


BANK NIAGA: Planning To Raise 1 Trillion Rupiah
-----------------------------------------------
Dow Jones reports that PT Bank Niaga announced on Friday, 26
March, that it plans to raise 1 trillion rupiah in fresh funds
through a rights issue later this year.

Bank Niaga President Peter Stok said, "We have a plan to hold a
rights issue." He did not provide further details though.

Stok also told Dow Jones Newswires earlier this year that Bank
Niaga was deciding between a rights issue and a bond issue to
raise funds to support its lending expansion.

The Indonesian government holds a 22 percent stake in Bank Niaga
after selling a 50.99 percent stake to Malaysia's Commerce
Asset-holding Berhad in late 2002. The remaining equity is held
by public investors.


BANK NIAGA: Goes For Reverse Stock Split To Boost Share Price
-------------------------------------------------------------
PT Bank Niaga Tbk, Indonesia's mid-sized bank announced on
Thursday, 25 March, plans for a one-for-ten reverse stock split
in an attempt to up its share prices, Reuters reports.

The exercise would increase the bank's share price by reducing
the number of shares trading.

Niaga said it would ask its shareholders for approval on April
23. Malaysia's second-biggest lender, Commerce Asset-Holding
Berhad, owns 52.8 percent of Niaga.


GARUDA INDONESIA: Opens New Yogyakarta-Singapore Route
------------------------------------------------------
Beginning March 28, Garuda Indonesia will be flying a new route
linking the cities of Yogyakarta, Padang (West Sumatra) and
Pekanbaru (Riau)) with Singapore, reports the Antara news
agency.

Using 110-seater B737-300 aircraft, Indonesia's national flag
carrier will serve the Yogyakarta-Singapore route three times a
week (Mondays, Wednesdays and Fridays).

In a press release, Garuda spokesman Pujobroto said the opening
of the new flight route is part of the airline`s strategy to
develop its market in Asia and make Central Java and Sumatra
more accessible to the outer world.


IBRA: Hands Over State Assets to PT PPA
---------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has handed state
assets under their control to the asset management firm PT PPA
on Wednesday, 24 March, Asia Pulse reports.

This is possible under a state asset management agreement
between the Ministry of Finance and PT PPA. The deal was signed
by Budgetary Affairs Director General Achmad Rochjadi, on behalf
of the finance Minister, and Mohammad Syahrial, PT PPA president
director.

The agreement stipulates the form and mechanism of the
management of state assets formerly placed under the care of
IBRA, but never having anything to do with the police.

The state assets to be managed by PT PPA include credit asset or
claims to debtors, bank and non-bank shares and property assets.

The scope of asset management under the authority of PT PPA
covers asset restructuring, cooperation with other parties with
a view to raising the value of assets, making debt claims, and
sale of assets.

PT PPA can sell the assets only after audited or assessed by the
Supreme Audit Agency.

Later, PT PPA has to conduct an asset documentation,
maintenance, and securing assets under its control.

To help it perform its duties, PT PPA may establish cooperation
with other parties, both private businesses and government
agencies such as consultants and appraisers authorized to
conduct asset restructuring.

However, PT PPA cannot transfer an asset management to other
parties without permission of the Finance Ministry.


INDOCEMENT TUNGGAL: 2003 Net Profit Shrinks By 36%
--------------------------------------------------
PT Indocement Tunggal Prakarsa (INTP.JK), Indonesia's second
largest cement maker, reports a decrease in profit on Thursday.
The company's 2003 net profit fell 36 percent mostly due to a
decline in foreign exchange gains, according to Dow Jones.

Sales rose 5.3 percent on year to IDR4.158 trillion from
IDR3.948 trillion a year earlier. Its gross profit increased 7.3
percent to IDR1.396 trillion from IDR1.299 trillion a year
earlier.

But the increase in gross profit was offset by a decline in
foreign exchange gains due to the stronger rupiah against the
dollar.

The rupiah was quoted at IDR8,421 on December 31, 2003, compared
with IDR8,945 a year earlier.

It recorded IDR38.21 billion in foreign exchange gains, sharply
down from IDR848.78 billion a year earlier.

The company didn't comment on its performance.

Germany's Heidelbergcement AG (G.HEI) holds a 65.12 percent
stake in the company.


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


JAPAN AIRLINES: Crew Union Calls Strike Off
-------------------------------------------
After threatening to strike over wage hike issues, the crew
union of Japan Airlines System Corporation (JAS) decided early
Thursday, 25 March to call off the planned industrial action,
reports Japan Today, citing Kyodo News.

The labor union, with a total of 659 flight-crew members, was
seeking a wage hike and a number of other demands, union members
said.


MITSUBISHI FUSO: Buses Already Found With Hub Defects in '02
------------------------------------------------------------
As early as 2002, dealers of Mitsubishi Motors Corp. buses have
already found abrasions in the wheel hubs of some buses and even
offered to replace the hubs for free, but MMC said at that time
that it was unlikely, reports The Japan Times.

MMC had told the Land, Infrastructure and Transport Ministry
that hub abrasion was unlikely on buses because the vehicles do
not run at high speeds, placing little burden on the hubs.

MMC did not include buses in the inspections and free
replacements it conducted mainly on trucks in January 2002
following a fatal accident that month in Yokohama caused by a
wheel that detached from a Mitsubishi truck. The accident killed
a woman and injured her two sons.

MMC spun off its truck and bus operations into Mitsubishi Fuso
Truck & Bus Corp. in January 2003. MMC and DaimlerChrysler AG
are currently the main shareholders of Mitsubishi Fuso.

Mitsubishi Fuso recalled 112,000 large vehicles Wednesday, after
coming under fire for failing to take responsibility for the
defect and recalling the hubs sooner.

"The inspections were conducted under the instruction of MMC
headquarters in light of the Yokohama accident," said one of the
dealers who offered replacements. "We reported to headquarters
about the existence of hubs where the level of abrasion exceeded
the standard limit."

However, a Mitsubishi Fuso representative said, "We were not
aware that there had been abrasion exceeding the standards on
local buses."

In response to the Yokohama accident, the Sendai transport
bureau inspected in February and March 2002 about 100 Mitsubishi
buses used on its local routes, according to sources. Twenty-
three buses had their hubs replaced because of abrasions that
exceeded 0.8 mm, which is the standard limit. At around the same
time, similar abrasions were found on several local buses used
by private bus companies in the cities of Nagano and Hakodate,
Hokkaido, the sources said. Those hubs were also replaced.


MITSUBISHI FUSO: Head Visits Grave of Truck Accident Victim
-----------------------------------------------------------
For the very first time, an official of Mitsubishi Fuso Truck &
Bus directly apologized at the grave of woman who was killed in
2002 by a wheel coming off a Mitsubishi Fuso truck with
defective hubs, reports Japan Today, citing Kyodo News.

Wilfried Porth, Mitsubishi Fuso president, placed flowers and
bowed deeply at the grave of Shiho Okamoto, who died January
2002 in Yokohama at the age of 29. Her two sons were also
injured in the accident.

The apology follows a decision by the truck maker Wednesday to
recall around 112,000 large vehicles due to defective wheel
hubs.

During the visit, Porth also met the woman's 54-year-old mother,
Yoko Masuda, at a facility in the graveyard and offered
condolences.

Masuda, in tears, said, "I simply cannot forgive the company. My
dear daughter, who was just taking a walk, is suddenly gone. Why
should she have been killed? Why couldn't you have taken steps
earlier?" Okamoto's husband has also refused to acknowledge any
apology from the company, saying he is not yet psychologically
ready for it, according to Mitsubishi Fuso.

Mitsubishi Fuso was established in January 2003 after Mitsubishi
Motors Corp. spun off its truck and bus operations.
DaimlerChrysler AG and Mitsubishi Motors are the main
shareholders in Mitsubishi Fuso.


NEC CORPORATION: To Supply Middleware for Hewlett-Packard
---------------------------------------------------------
Citing Japanese business newspaper Nihon Keizai Shimbun, Agence-
France-Presse reports that NEC Corporation would supply Hewlett-
Packard Development Co. (HP) of the United States with
middleware on an original equipment manufacturing basis.

The deal marks the first time a major Japanese high-tech firm
has agreed to supply basic business software to a US counterpart
the Nihon Keizai Shimbun said. It would also enable NEC to
utilize HP's sales network to better compete in overseas markets
for software, which offers a higher profit margin than hardware,
the newspaper said.

Products of HP, which already has a venture with NEC in system
development and servers, would be installed with the middleware
and sold all over the world. Japan will also be the launching
pad for the worldwide sale of such products, and this could
happen as early as next month, said the newspaper.


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


ASIANA AIRLINES: To Sell Airport Service Unit To KTBNetwork
-----------------------------------------------------------
As part of its restructuring efforts, Asiana Airlines said
Thursday, 25 March it will sell Asiana Airport Services (AAS),
its airport service arm, to KTBNetwork, reports Yonhap News.

An official of the smaller of South Korea's two air carriers
said the AAS will be taken over Saturday by KTBNetwork, a South
Korean venture capital firm. KTBNetwork is to shell out KRW10
billion (US$8.64 million) for 420,000 AAS shares.


HYUNDAI CONSTRUCTION: Snags US$32.5-Million Kuwait Deal
-------------------------------------------------------
Officials of Hyundai Engineering & Construction Co. (HEC) said
Friday it has won a US$32.5 million contract to build two power
substations in Kuwait on a turn-key basis, reports Yonhap News
Agency.

The South Korean contractor, which is now being jointly run by
creditors, said the Kuwait deal is only one in a series of
large-scale construction orders the company got domestically and
abroad over the past month, brightening the outlook for its
rehabilitation.


HYUNDAI MOTOR: Talking With GE on Unit Sale
-------------------------------------------
In an attempt to secure foreign investment to support its ailing
vehicle retail financing overseas, Hyundai Motor Co, said
Thursday it is in the middle of talks with GE Capital, the
finance arm of General Electric Co, on the sale of a stake in
Hyundai Capital Services Inc., reports Reuters.

"GE Capital completed due diligence on Hyundai Capital last
month but we are unaware of the details of the deal as it is
talking to our top shareholder, Hyundai Motor," a source inside
Hyundai Capital said.

South Korea's biggest carmaker, Hyundai Motor owns 84.2% of
Hyundai Capital.

Hyundai Motor, which generates more than 60% of its revenue
overseas, confirmed the talks with GE Capital but added that
nothing had been decided yet.

GE Capital was reported by online news provider Edaily as likely
to invest KRW900 billion for a 40% stake in Hyundai Capital and
to buy KRW400 billion worth of subordinated bonds.


LG CARD: New Head Aims To Turn Company Around in Three Years
------------------------------------------------------------
South Korea's largest credit card issuer LG Card Co Ltd could
recover from a close call with bankruptcy in three years, said
newly-installed chief executive Park Hae-choon Thursday, Reuters
reports.

"I should say it is a quite successful turnaround if LG Card
revives in three year's time," said Mr. Park, who was head of a
state-owned debt guarantor before taking the top spot at LG Card
last week. "But that is the goal." He was responsible for the
turnaround of corporate bond guarantor Seoul Guarantee Insurance
Corp, which faced a solvency crisis in 1998

LG Card could also return to the local bond market for
refinancing on its own credit by the end of this year, he added.

The company escaped bankruptcy in January after a US$4.5 billion
bailout by creditors and the LG Group in a bid to avoid wider
fallout in the financial sector.

Along with many rivals, LG Card rode a government-fostered
consumer credit boom, before a bust set in the sector after
debts spiraled and lending rules were tightened. One in 10 South
Koreans are behind on their credit card bills, with credit card
debt worth 14% of gross domestic product.

To help him achieve his goal, Mr. Park is bringing in former
colleagues at Seoul Guarantee to revamp LG Card's debt
collection department.

"Receiving bailout funds accounts for only 20% of the whole
normalization process," he said. "Most of all, we need to
convince the market that LG Card can survive." LG Card fell
KRW5.6 trillion (US$4.85 billion) into the red last year, the
biggest loss for any South Korean firm in 2003. Creditors and
the LG GROUP arranged its recent bond issues because the company
was unable to refinance under its own name due to solvency
problems.

LG Card, now managed by leading creditor Korea Development Bank,
said on Wednesday it would put all its efforts into maintaining
its customer base and collecting overdue debts.

Park insisted, however, he had no plans for big job cuts. "I
will keep everyone below the manager level." LG Card has 2,525
employees, including 2,409 at below-manager level. The company
has 11 million customers, which means roughly one in four South
Koreans have LG cards.

For starters, Park said that the firm would move out of its
expensive 38-story office building, located in an upmarket
district in southern Seoul and replete with its own performing
arts center.


SSANGYONG MOTORS: Blue Star Not Giving Up On Acquisition Deal
-------------------------------------------------------------
Amid reports that it has given up on its bid for Ssangyong
Motors, chemical giant China National Blue Star Corp yesterday
announced that it is still in talks to acquire Korea's no. 4 car
producer, China Daily reports.

"It is not time to say that we have finally abandoned the
acquisition, although we disagree with Ssangyong on a number of
issues," said Blue Star spokeswoman Li Aiqing. She did not
elaborate on her statement.

The state-run Blue Star reportedly gave up on Ssangyong because
of sale price disputes and because the automaker's creditors
wanted the Chinese firm to narrow the range of its offer, said
to be US$600-700 million for a 51-per-cent stake in Ssangyong,
and required the Chinese Government's backing for the deal.

Blue Star beat out a number of rivals like as Shanghai
Automotive Industry Corp (SAIC) - one of China's biggest State-
run automakers - as the preferred bidder for Ssangyong last
December. But SAIC, General Motors' main partner in China,
argued that it alone had received Chinese Government approval to
bid for Korean automaker.

Analysts say discrepancies between Blue Star and Ssangyong will
give SAIC a fresh opportunity to control the ROK automaker.

"We have known that there are changes in Blue Star's bid for
Ssangyong, and we will keep close tabs on the developments,"
SAIC spokesman Xue Hao said yesterday.  SAIC has formed links
with Ssangyong, as Shanghai Huizhong, SAIC's subsidiary, and
started to produce vans earlier this month under a technical
licensing deal with Ssangyong.


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


AMSTEEL: Issues Updates To The Parkson Group Sale
-------------------------------------------------
Amsteel Corporation Berhad wishes to refer to the announcements
made on 9 September 2003, 7 October 2003, 23 October 2003, 13
January 2004, 5 February 2004, 4 March 2004, 9 March 2004 and 19
March 2004 issued by the company and its adviser, Public
Merchant Bank Berhad (PMBB), in relation to the Proposals to
dispose of LCB shares and Parkson.

PMBB, on behalf of Amsteel, wishes to announce the following in
respect of the Proposals:

(A) Proposed Parkson Disposal

Amsteel and Amsteel Group Vendors (comprising Ambang Jaya Sdn
Bhd, Angkasa Marketing (Singapore) Pte. Ltd, Natvest Parkson Sdn
Bhd, Sukhotai Food Sdn Bhd, Timuriang Sdn Bhd and Parkson Retail
Consulting and Management Sdn Bhd), had on 25 March 2004 entered
into a supplemental agreement with Lion Diversified Holdings
Berhad (LDHB), Lion Industries Corporation Berhad ("LICB"), Lion
Asia Investment Pte. Ltd. (LAI) and LLB Nominees Sdn Bhd (LLB
Nominees) where among others, the parties confirm their
respective agreement to the conditions imposed by the Securities
Commission (SC) vide its letters dated 2 January 2004 and 15
March 2004, respectively (Parkson Supplemental Agreement). The
salient terms and conditions of the Parkson Supplemental
Agreement are as follows:

(a) The vendors of the Parkson Retail Group (collectively
referred to as Vendors) shall pay any shortfall in the audited
consolidated proforma profit after tax (PAT) of the Parkson
Retail Group for the financial year ended (FYE) 30 June 2003 in
cash within one (1) month from the date of the audited financial
statements in the event that the said PAT is less than RM49.87
million. The parties have acknowledged and agreed that the
audited consolidated proforma PAT for the FYE 30 June 2003
exceeded RM49.87 million and accordingly, no shortfall is
payable by the Vendors;

(b) The Vendors shall pay any shortfall in the audited
consolidated proforma PAT of the Parkson Retail Group for the
financial year ending 30 June 2004 in cash within one (1) month
from the date of the audited financial statements in the event
that the said PAT is less than the forecast PAT of RM53.06
million for the financial year ending 30 June 2004;

(c) The Vendors shall pay any shortfall in the audited
consolidated proforma net tangible assets (NTA) value of the
Parkson Retail Group for the FYE 30 June 2003 in cash within one
(1) month from the date of the audited financial statements in
the event that the said NTA value is less than the NTA value of
RM330.32 million. The parties have agreed that the audited
consolidated proforma NTA for FYE 30 June 2003 exceeded RM330.32
million and accordingly, no shortfall is payable by the Vendors;

(d) In relation to the trade debtors of the Parkson Retail
Group, the Vendors shall, inter alia, make full provision for
the trade debtors where:

(i) the amount is in dispute;

(ii) legal proceedings have commenced/been taken; or

(iii) the debt period exceeds six (6) months;
provided that no provision shall be made for trade debtors
exceeding six (6) months as at 30 June 2003 who had
subsequently settled their outstanding balances prior to
the completion date;

Should the NTA of the Parkson Retail Group fall below the NTA
position as submitted to the SC as a result of the above
matters, the Vendors will be required to pay in cash any
shortfall in the said NTA prior to the completion of the sale
and purchase of the shares in the Parkson Retail Group;
(e) The Vendors undertake that they will indemnify LDHB for any
losses suffered by LDHB as a result of any non-compliance with
the laws and regulations of the People's Republic of China
(PRC);

(f) A moratorium shall be imposed on fifty percent (50%) of the
consideration securities to be received by the respective
Vendors for a period of one (1) year from the date of allotment
and issuance of the redeemable convertible unsecured loan stocks
in LDHB ("LDHB RCULS");

The parties who would be fulfilling the moratorium obligation
and the number of securities subject to such moratorium are set
out in Table I.

(g) LDHB shall make the cash payment of RM150 million on a date
as agreed between the parties and occuring within seven (7) days
from the date of the Parkson Supplemental Agreement and it was
agreed that the following three (3) conditions precedent
(Remaining CPs) namely:

(i) Malaysia Exchange Securities Berhad ("MSEB")'s in-
principle approval to the listing and quotation on MSEB of
the new LDHB Shares issued upon the conversion of the LDHB
RCULS;

(ii) approval of the security trustee (for the lenders of
the Vendors) for the release and discharge of all
encumbrances created in respect of the disposal of the
shares in the Parkson Retail Group ("Sale Shares")
("Trustee's Approval"); and

(iii) the completion of the proposed acquisition of 2.6%
equity interest in Qingdao No. 1 Parkson Co Ltd by
Serbadangang Holdings Sdn Bhd;

shall be fulfilled prior to the issuance of the LDHB RCULS on
completion date;

(h) The Vendors shall release or cause to be released to LDHB
the Sale Shares within seven (7) business days (or such longer
period as the parties may agree in writing) after the
fulfillment of all of the conditions (if any) contained in the
Trustee's Approval;

(i) The Vendors agrees, inter-alia, that:-

(ii) all the relevant shortfall be paid by the respective
Vendors in proportion to the shareholding percentages held
by them in the relevant Target Companies;

(iii) Amsteel shall pay all amount of shortfall payable by
any of the Amsteel Group Vendors and LAI;

(iv) LICB shall pay all amount of shortfall payable by LLB
Nominees;

(j) In the event the Remaining CPs are not fulfilled in
accordance with the provisions of the Parkson SPA (as varied
pursuant to the Parkson Supplemental Agreement) or if the
Trustees or the Vendors fails or refuses to deliver the
documentation in relation to the transfer of the Sale Shares to
LDHB in accordance with the terms of the Trustees' Approval
within seven (7) business days therefrom, the Vendors shall
forthwith upon demand by LDHB refund to LDHB the entire
aforesaid cash payment of RM150 million;
(k) Such part of the aforesaid cash payment of RM150 million as
remain unpaid from time to time by the Vendors to LDHB shall
constitute a valid debt payable by the Vendors to LDHB and shall
be subject to interest at the prevailing fixed deposit rate of
Malayan Banking Berhad on yearly rests prevailing on the due
date for payment calculated from the date of first demand for
payment until the date of full payment thereof;
(l) Until the full payment of the aforesaid cash payment of
RM150 million to LDHB and on demand by LDHB, the Vendors shall
create in favour of and grant to LDHB and/or its nominee(s) such
security interest (including a charge) and powers and rights
reasonably required by LDHB over any of the assets of the
Vendors or, any part thereof and execute and perfect such
security documentation (including a memorandum of charge in such
terms and conditions acceptable to LDHB) as LDHB may require to
secure the payment of the aforesaid cash payment of RM150
million (including all accrued interest thereon) from the
Vendors to LDHB;

(m) The parties confirm that as at 29 February 2004:

(a) an aggregate sum of RM254,287,000 is owed by the
Parkson Retail Group to the Vendors and their related
corporations as set out in Table 2;

(b) an aggregate sum of RM184,110,000 is owed to the
Parkson Retail Group by the Vendors and their related
corporations as set out in Table 3;

(c) the inter-company balances due to and owed by the
Parkson Retail Group as at 29 February 2004 shall be net-
off and settled on the date of the aforesaid cash payment
of RM150 million whereby LDHB shall settle the net amount
of such inter-company balances (after the netting off as
at 29 February 2004) by way of cash payment on behalf of
the relevant Parkson Retail Group.

(n) Any inter-company balances due to and owed by the Parkson
Retail Group for the period between 1 March 2004 to the
completion date shall be net off and settled in cash within
thirty (30) days from the completion date in the manner as
stated in the Parkson SPA.

(B) Proposed LCB Shares Disposal

The Proposed Disposal of 226,716,252 ordinary shares of RM1.00
each in LCB by Amsteel Corporation Berhad, Umatrac Enterprises
Sdn Bhd and Angkasa Marketing (Singapore) Pte Ltd to LDH (S)
Pte. Ltd was completed on 25 March 2004.

Save and except for the above, the other terms and conditions of
the sale and purchase agreements in respect of the Proposals
shall remain unchanged.
This announcement is dated 25 March 2004.

Table 1

Name of party providing
moratorium securities   No. of LDHB RCULS
    under moratorium

Amsteel    47,611,000
LICB      2,389,000
Total     50,000,000


Table 2

Name of Creditors   Amount Owing
(RM)
Amsteel Group Vendors and
related corporations   234,681,000
LAI       19,606,000
Total      254,287,000


Table 3

Name of Debtors    Amount Owing
(RM)

Amsteel Group Vendors and
related corporations   132,677,000
LAI       51,433,000
Total      184,110,000

This announcement is dated 25 March 2004.


ANSON PERDANA: Chemstab Unit Served with Winding Up Notice
----------------------------------------------------------
Anson Perdana Berhad wishes to announce that a winding-up
petition dated 22 March 2004 has been served on the Company (in
relation to a corporate guarantee given to one of its wholly
owned subsidiary, Chemstab Asia (M) Sdn Bhd (Chemstab) on 23
March 2004 by Jethsuch Sdn Bhd. The amount claimed under the
petition is RM561,000. The filing of the winding-up petition was
a result of unsettled claims due to Jethsuch Sdn Bhd by Chemstab
for rectification works done on collapsed embankment and soil
erosion on P.T. 6 Petaling Jaya, Selangor. The hearing on the
petition has been fixed on 23 April 2004.

Anson is seeking legal advice as to the appropriate course of
action in respect to the petition. At this juncture, the Company
is assessing the financial impact, operational impact and
expected losses with the lawyers as the Company is in the
process of trying to diffuse the claims through negotiations. In
the event that negotiations do not yield positive results, then
Anson and Chemstab both may face liquidation proceedings
initiated simultaneously against both companies.

This Kuala Lumpur Stock Exchange announcement is dated 25 March
2004.


ANTAH HOLDINGS: Announces Default in Payments
---------------------------------------------
Antah Holdings Berhad (Antah) wishes to announce that the
Company and a certain subsidiary had defaulted in the payment of
interest and/or principal to some financial institutions/non-
financial institution amounting to RM255,710,432 under various
credit facilities.

Financial and Legal Implications

The default may lead to winding-up proceedings against Antah and
the subsidiary unless a proposed restructuring scheme is
successfully agreed upon and implemented. To date there is no
legal action taken by these financial institutions/non-financial
institution.

Measures Taken by Antah to Address the Default in Payments

Antah is currently in the process of discussion and negotiations
with the lenders and creditors for the adoption of proposed debt
restructuring scheme.

Whether the Default in Payments Constitutes an Event of Default
under a Different Agreement of Indebtedness (Cross Default) and
the Details Thereof

Not applicable.

The Default in Payment of Credit Facilities are as listed in the
table below:

Antah

Banker:    Malayan Banking Berhad

Total Facility (Principal
And Interests) as of
30 June 2003 (RM):  13,024,792
Type of Facility:   Term Loan
Type of Security:   Secured
Date of Default:   June 2003
Remarks:    Default in Principal and Interest

Banker:    DBS Bank
Total Facility (Principal
And Interests) as of
30 June 2003 (RM):  142,849,373
Type of Facility:   Standby Letter of Credit
Type of Security:   Secured
Date of Default:   December 2002
Remarks:    Default in Principal and Interest

Banker:    Jardine Mathesons
Total Facility (Principal 6,150,000
And Interests) as of
30 June 2003 (RM):
Type of Facility:   Term Loan
Type of Security:   Unsecured
Date of Default:   December 2002
Remarks:    Default in Principal and Interest

Banker:    Deutsche Bank
Total Facility (Principal 3,815,432
And Interests) as of
30 June 2003 (RM):
Type of Facility:   Overdraft
Type of Security:   Unsecured
Date of Default:   August 2002
Remarks:    Default in Principal and Interest

Banker:    Affin Bank Berhad
Total Facility (Principal 5,286,297
And Interests) as of
30 June 2003 (RM):
Type of Facility:   Revolving Credit
Type of Security:   Unsecured
Date of Default:   August 2002
Remarks:    Default in Principal and Interest

Banker:    Affin Bank Berhad
Total Facility (Principal 8,501,636
And Interests) as of
30 June 2003 (RM):
Type of Facility:   Revolving Credit
Type of Security:   Secured
Date of Default:   September 2002
Remarks:    Default in Principal and Interest

Banker:    Malayan Banking Berhad
Total Facility (Principal 9,908,421
And Interests) as of
30 June 2003 (RM):
Type of Facility:   Overdraft I and II
Type of Security:   Unsecured
Date of Default:   June 2003
Remarks:    Default in Principal and Interest

Banker:    HSBC Malaysia Berhad
Total Facility (Principal 10,138,112
And Interests) as of
30 June 2003 (RM):
Type of Facility:   Overdraft II
Type of Security:   Secured
Date of Default:   August 2002
Remarks:    Default in Principal and Interest

Banker:    HSBC Malaysia Berhad
Total Facility (Principal 5,064,621
And Interests) as of
30 June 2003 (RM):
Type of Facility:   Overdraft I
Type of Security:   Secured
Date of Default:   August 2002
Remarks:    Default in Principal and Interest


Banker:    Fuji Bank Limited
Total Facility (Principal 26,946,154
And Interests) as of
30 June 2003 (RM):
Type of Facility:   Bank Guarantee Crystalized
Type of Security:   Unsecured
Date of Default:   August 2002
Remarks:    Default in Principal and Interest
Subsidiary Company

Banker:    HSBC Malaysia Berhad  
Total Facility (Principal 24,025,594
And Interests) as of
30 June 2003 (RM):
Type of Facility:   Revolving Loan
Type of Security:   Secured
Date of Default:   May 2003
Remarks:    Default in Principal and Interest

Note :

There is no subsequent payment to lenders except repayment to
DBS Bank amounted to RM44.0 million between 1 July 2003 to the
date of this announcement.

This Kuala Lumpur Stock Exchange announcement is dated 25 March
2004.


CHIN FOH: TO Dispose of Interests in Chin Foh Stainless Steel
-------------------------------------------------------------
Chin Foh Berhad posted the following announcement on 25 March on
the Kuala Lumpur Stock Exchange.

1. INTRODUCTION

The Board of Directors of Chin Foh Berhad is pleased to announce
that Chin Foh Trading Sdn Bhd (CFT), a wholly-owned subsidiary
of CFB, had on 23 March 2004 entered into an Agreement to
dispose of its entire equity interests representing 51% of Chin
Foh Stainless Steel Service Centre Sdn Bhd (CFSS) to Sage
Success Sdn Bhd (Purchaser or Sage Success) for a total cash
consideration of RM4,334,702 (Disposal). Upon completion of the
Disposal, CFT will cease to be a shareholder of CFSS.

2. DETAILS OF THE DISPOSAL

CFT disposes its entire 51% equity interests in CFSS to the
Purchaser for a consideration of RM4,334,702. The sale
consideration is arrived at on a willing buyer willing seller
basis after taking into consideration the audited net tangible
assets ("NTA") of CFSS as at 31 January 2003 of RM14.38 million
and the NTA of CFSS based on the latest unaudited management
accounts as at 29 February 2004 of approximately RM8.69 million.
The said NTA as at 29 February 2004 takes into account the
declaration of dividend made during the month.

The sale proceeds shall be utilized for working capital
purposes. The original cost of CFT's investment in CFSS is
RM4.08 million and the date of such investment is 2 August 1996.
The Disposal is not expected to result in any gain or loss to
the CFB Group. The terms of the Disposal were agreed upon on 23
March 2004.

The purchase price shall be paid in the following manner:

(a) 10% of the total consideration upon execution of the
Agreement;
(b) 40% on or before 30 June 2004; and
(c) the balance of 50% on or before 31 December 2004.

Details of the Vendor

CFT was incorporated in Malaysia under the Companies Act 1965 on
10 May 1978. The authorized capital of CFT is RM5,000,000
divided into 5,000,000 ordinary shares of RM1.00 each. The
issued and paid up capital is RM2,486,806 comprising of
2,486,806 ordinary shares of RM1.00 each. The principal activity
of CFT is trading and distribution of non-ferrous metal
products.

Details of the Purchaser

Sage Success was incorporated in Malaysia under the Companies
Act 1965 on 6 January 2004. The authorized capital of Sage
Success is RM100,000 divided into 100,000 ordinary shares of
RM1.00 each. The issued and paid up capital is RM2.00 comprising
of 2 ordinary shares of RM1.00 each. The principal activity of
Sage Success is investment holding.

3. INFORMATION ON CFSS

CFSS was incorporated in Malaysia under the Companies Act 1965
on 2 February 1996. The authorized capital of CFSS is
RM10,000,000 divided into 10,000,000 ordinary shares of RM1.00
each. The issued and paid up capital is RM8,000,000 comprising
of 8,000,000 ordinary shares of RM1.00 each. The principal
activity of CFSS is the trading and manufacturing of ferrous
steel, stainless steel and its related products. The NTA and
profit after taxation of CFSS based on the latest audited
accounts as at 31 January 2003 are RM14.38 million and RM1.34
million respectively.

4. RATIONALE FOR THE DISPOSAL

The Disposal represents part of the management's on-going review
to rationalize its existing investments. The Disposal would
enable the management of CFB to be more focused on its core
business operations and activities of trading and distribution
of non-ferrous metal products. Further, both the existing
shareholders of CFSS have different priorities and policies
relating to CFSS. Hence, from a commercial point of view, it
would be more beneficial to the Group for the Disposal to take
place, as an interested buyer has been identified.

5. FINANCIAL EFFECTS OF THE DISPOSAL

5.1 Share Capital

The Disposal will not have any effect on the issued and paid-up
share capital of CFB, as cash will satisfy the consideration.

5.2 NTA
The Disposal is not expected to have any material effect on the
consolidated NTA of the CFB Group for the financial year ending
31 January 2005.

5.3 Earnings
The Disposal is not expected to result in any gain or loss to
the consolidated CFB Group accounts for the financial year
ending 31 January 2005.

5.4 Substantial Shareholders

The Disposal will not have any effect on the shareholding
structure of CFB as the Disposal will be fully satisfied in
cash.

6. LIABILITIES TO BE ASSUMED AFTER THE DISPOSAL

There are no additional liabilities to be assumed by the
Purchaser arising from the Disposal, other than as set out in
the Agreement.

7. DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors and major shareholders of CFB, and any
persons connected to the Directors and major shareholders has
any interest, direct or indirect, in the Disposal.

8. STATEMENT BY BOARD OF DIRECTORS

The Board of Directors of CFB is of the opinion that the
Disposal is in the best interest of the Company.

9. APPROVALS REQUIRED

The Disposal is not subject to the approval of shareholders of
CFB.

The Disposal does not depart from the Securities Commission's
Policies and Guidelines on Issue/Offer of Securities.

10. DOCUMENTS FOR INSPECTION

The Agreement will be made available for inspection during
normal office hours (except for public holidays) at the
Registered Office of CFB at 10th Floor-Tower Block, Kompleks
Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur for a
period of two (2) weeks from the date of this announcement.


EQUINE CAPITAL: Applies To Extend Time for Investigative Audit
--------------------------------------------------------------
We refer to Equine Capital Berhad's announcement dated 6 January
2004 whereby the Securities Commission (SC) has approved an
extension of time until 31 March 2004 for Messrs KPMG Corporate
Services Sdn Bhd (KPMG) to complete the Investigative Audit on
Kuala Lumpur Industries Holdings Berhad (KLIH) Group.

The Company wishes to announce that Commerce International
Merchant Bankers Berhad, on behalf of ECB/KLIH and KPMG, had on
19 March 2004 sought the approval of the SC for an extension of
time until 30 April 2004 to complete the Investigative Audit.

This announcement is dated 25 March 2004.


GADANG HOLDINGS: Delisting Unsecured Loan Stocks
------------------------------------------------
The following is an announcement made by Gadang Holdings Berhad
on the Kuala Lumpur Stock Exchange.

Further to Listing's Circular No. L/Q 23234 and 23560 of 2004,
please be advised that Gadang Holdings Berhad Irredeemable
Convertible Unsecured Loan Stocks 2002/2007 (ICULS 2002/2007)
were removed from the Official List of the Exchange effective 9
a.m., Friday, 26 March 2004.

The Stock Short Name and Stock Code of the said ICULS 2002/2007
are GADANG-LA and 9261LA respectively.


GENERAL SOIL: Obtains Restraining Order
---------------------------------------
General Soil Engineering Holdings Berhad announced on 25 March
2004, on the Kuala Lumpur Stock Exchange that the company had
obtained a Restraining Order on 19 March 2004 in pursuant to
Section 176(10) of the Companies Act 1965.


HAP SENG: Issues Notice of Shares Buy Back
------------------------------------------
Hap Seng Consolidated Berhad posted on 25 March on the Kuala
Lumpur Stock Exchange the following notice pertaining to the buy
back of ordinary shares.

Date of buy back:     25 March 2004

Description of shares purchased: Ordinary shares of
RM1.00 each

Total number of shares purchased (units): 50,000

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

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

Total Consideration Paid (RM):  144,903.51

Number of shares purchased retained
In treasury (units):    50,000

Number of shares purchased which are
Proposed to be cancelled (units):  32,769,900

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

Remarks:
Cc: Securities Commission


HAP SENG: Euro-Asia Unit to Acquire MUI Plaza
---------------------------------------------
Pursuant to paragraph 10.04 of the Listing Requirements of the
Malaysia Securities Exchange Berhad (MSEB), Hap Seng
Consolidated Berhad (HSCB) is pleased to announce:

a) that its wholly-owned subsidiary, Euro-Asia Agrochemical Sdn
Bhd (524197-M) (EAA) has on even date entered into a conditional
sale and purchase agreement (hereinafter referred to as  Mui
Plaza SPA) to acquire all those two contiguous parcels of
freehold land held under Geran No. 36338, Lot No. 593 and Geran
No. 36339 Lot No. 594 both situated at Section 57, Town and
District of Kuala Lumpur, Wilayah Persekutuan together with the
22-storeyed building erected thereon known as MUI Plaza from MUI
Plaza Sdn Bhd (15319-A) (MPSB) at a cash consideration of
Ringgit Malaysia One Hundred and Sixty Six million
(RM166,000,000) (MUI Plaza Purchase Consideration) (hereinafter
referred to as Proposed Acquisition of MUI Plaza); and

b) that its wholly-owned subsidiary, Oriental Horticulture
(Malaysia) Sdn Bhd (168823-T) (OHM) has on even date entered
into a conditional sale and purchase agreement (hereinafter
referred to as Vacant Land SPA) to acquire all those two
contiguous parcels of adjoining freehold vacant land held under
Geran No. 26089 Lot No. 1246 and Geran No. 1031 Lot No. 546,
both situated at Section 57, Town and District of Kuala Lumpur,
Wilayah Persekutuan from Ming Fung Sendirian Berhad (14708-H)
(Ming Fung) and Shun Fung Sendirian Berhad (14365-P) (Shun Fung)
at a cash consideration of Ringgit Malaysia Twenty Four million
(RM24,000,000) (Vacant Land Purchase Consideration) [hereinafter
referred to as Proposed Acquisition of Vacant Land).

Proposed Acquisition of MUI Plaza and Proposed Acquisition of
Vacant Land shall hereinafter be collectively referred to as the
"Proposed Acquisitions". EAA and OHM shall collectively be
referred to as the "Purchasers".

2. Details of the Proposed Acquisitions

2.1 Details of the assets to be acquired:

(a) Proposed Acquisition of MUI Plaza

MUI Plaza is an office building erected over two
contiguous parcels of freehold land with a total area of
80,041 sq ft and held under Geran No. 36338 Lot No. 593
and Geran No. 36339 Lot No. 594, both situated at Section
57, Town and District of Kuala Lumpur, Wilayah
Persekutuan, and bearing the postal address of 1 and 3,
Jalan P Ramlee, 50250 Kuala Lumpur. Built in mid-1970, the
Building has 22 floors inclusive of the ground floor with
a net lettable area of 345,564 sq ft., of which the full
area is available for letting. It has 2 levels of
basements and together with the ground floor parking,
there are a total of 323 parking bays.

(b) Proposed Acquisition of Vacant Land

All those two contiguous parcels of adjoining freehold
vacant land held under Geran No. 26089 Lot No. 1246 and
Geran No. 1031 Lot No. 546, both situated at Section 57,
Town and District of Kuala Lumpur, Wilayah Persekutuan
(Vacant Land).

2.2 Details of consideration:

The aggregate purchase consideration for the Proposed
Acquisitions is Ringgit Malaysia One Hundred and Ninety million
(RM190,000,000) (Aggregate Purchase Price) and the same is
arrived at on a willing-buyer-willing-seller basis. The
Aggregate Purchase Price shall be funded from internally
generated funds and bank borrowings and payment thereof shall be
effected in the following manner:

(a) Proposed Acquisition of MUI Plaza

(i) a deposit of 10% of the MUI Plaza Purchase
Consideration amounting to RM16,600,000 shall be
paid upon signing of MUI Plaza SPA; and

(ii) the balance of 90% of the MUI Plaza Purchase
Consideration amounting to RM149,400,000 shall be
paid on the fifth (5th) business day from the day
the Mui Plaza SPA becomes unconditional.

(b) Proposed Acquisition of Vacant Land

(i) a deposit of 10% of the Vacant Land Purchase
Consideration amounting to RM2,400,000 shall be paid
upon signing of Vacant Land SPA; and

(ii) the balance of 90% of the Vacant Land Purchase
Consideration amounting to RM21,600,000 shall be
paid on the fifth (5th) business day from the day
the Vacant Land SPA becomes unconditional.

2.3 Details of the Vendors:

(a) MPSB

MPSB is the wholly owned subsidiary of MUI Properties
Berhad (MUIP) a company listed on the Malaysia Securities
Exchange Berhad. It was incorporated in Malaysia on the
2nd August, 1973 with an authorized capital of RM
99,000,000 comprising 99,000,000 ordinary shares of RM1.00
and RM1,000,000 redeemable convertible cumulative
preference shares (RCCPS) comprising 100,000,000 RCCPS of
RM0.01 each. Of the said authorized share capital,
56,000,000 ordinary shares of RM1.00 each and 54,000,000
RCCPS of RM0.01 each had been issued and fully paid-up. It
is principally involved in ownership and letting of office
space and property investment.

(b) Ming Fung

Ming Fung is the wholly owned subsidiary of MPSB. It was
incorporated in Malaysia on 24th May, 1973 with an
authorized, issued and paid share capital of RM500,000
comprising 500,000 ordinary shares of RM1.00 each. It is
principally involved in property investment.

(c) Shun Fung

Shun Fung is the wholly owned subsidiary of MPSB. It was
incorporated in Malaysia on 3rd May, 1973 with an
authorized capital of RM25,000 comprising 25,000 ordinary
shares of RM 1.00 each of which 2 ordinary shares of
RM1.00 each had been issued and fully paid-up. It is
principally involved in property investment.

2.4 Salient terms of the MUI Plaza SPA and Vacant Land SPA

Both the MUI Plaza SPA and Vacant Land SPA are subject to
approval of the Foreign Investment Committee (FIC) being
obtained within a period of four (4) months from the date
of the agreements, namely 25 March, 2004. Furthermore,
both the MUI Plaza SPA and Vacant Land SPA are inter-
conditional, namely completion of the Proposed Acquisition
of MUI Plaza is conditional upon completion of the
Proposed Acquisition of Vacant Land and vice versa.

2.5 Financial information on the assets to be acquired

(a) MUI Plaza

MPSB acquired the Building and the 2 parcels of land on
which the same is situated (collectively referred to as
the Property) in 1974 at a cost of RM25.2 million. In
1995, the entire issued and paid-up share capital of MPSB
was acquired by MUIP, and the value attributed to the
Property in 1995 was RM170.5 million. As at 31 December
2003, the book value of the Property at MUIP group level
was RM166.0 million.

For the financial year ended 31 December 2003, the net
profit after tax of MUI Plaza was RM317,000. As at 19
March 2004, the occupancy of the Building was
approximately 81%. Subsidiary companies and associates of
Malayan United Industries Berhad occupy approximately 40%
of the lettable area, and the remaining by external
business entities. Based on current occupancy, the
expected annual rental revenue of the Building is
approximately RM8.3 million.

(b) Vacant Land

Ming Fung and Shun Fung acquired the Vacant Land in 1975
and 1979 jointly at a cost of RM1.3 million. Ming Fung and
Shun Fung, being wholly-owned subsidiaries of MPSB, in
turn became wholly owned subsidiaries of MUIP in 1995 when
the entire issued and paid-up share capital of MPSB was
acquired by MUIP. The value attributed to the Vacant Land
in 1995 was RM24.0 million. As at 31 December 2003, the
book value of the Vacant Land at MUIP group level was
RM24.0 million. The Vacant Land is currently leased out to
a commercial car park operator. The Vacant Land, which has
an aggregate area of 31,187 sq ft, is situated at the
junction of Jalan P Ramlee and Jalan Sultan Ismail, Kuala
Lumpur. For the financial year ended 31 December 2003, the
net profit after tax arising from the Vacant Land was
RM68,000.

2.6 Other general details

MUI Plaza and the Vacant Land are to be acquired free from
all charges, liens and other encumbrances of whatsoever
nature. There will be no liabilities to be assumed by the
Purchasers arising from the Proposed Acquisitions. Barring
any unforeseen circumstances, the Proposed Acquisitions
are expected to be completed within four (4) months from
the date of this announcement.

The Proposed Acquisitions do not in any way depart from the
Securities Commission's Policies and Guidelines on Issue/Offer
of Securities.

None of the directors and persons connected with the directors
of the Company and/or the Purchasers has any interest, direct or
indirect in the Proposed Acquisitions. To the best of the
knowledge of the directors, none of the major shareholders or
persons connected to the major shareholders of the Company has
any interest direct or indirect in the Proposed Acquisitions.

Both the MUI Plaza SPA and Vacant Land SPA will be available for
inspection at the registered office of the Company during normal
office hours for a period of two weeks commencing on the date of
this announcement.

3. Financial effect of the Proposed Acquisitions

3.1 Share Capital

The Proposed Acquisitions will not have any effect on the
share capital and the substantial shareholdings in the
Company.

3.2 Earnings per shares (EPS) and Net tangible assets per
share (NTA)

The Proposed Acquisitions will not have any material effect on
the EPS and NTA of the Company.

4. Rationale of the Proposed Acquisitions

Following the recent completion of property rationalization, the
Proposed Acquisitions are consistent with the corporate business
direction of the Group to expand the Group's property division
both for development and investment holding. The properties to
be acquired under the Proposed Acquisitions are strategically
located in the prime location in the immediate vicinity of the
"Golden Triangle" in the capital city of Kuala Lumpur.

5. The prospects and risk factors of the Proposed Acquisitions

The outlook for the property business is expected to be positive
in view of the expected growth potential for the property
sector.
The Company will be exposed to risks inherent in the property
development and construction industries, including changes to
the general economic, business and political conditions such as,
but not limited, regulations of the Malaysian Government, the
local economic performance, demand and supply conditions in the
property market, pricing of products, labor, land and building
material shortages, inflation, levies, duties and taxes,
movement in interest rates and availability of bank loans.

6. Statement by the Board of Directors

The Board of Directors is of the opinion that the Proposed
Acquisitions are in the best interest of the Company and the
Group.

cc: Securities Commission

This Kuala Lumpur Stock Exchange announcement is dated 25 March
2004.


HAP SENG: Issues Notice of Treasury Shares Cancellation
-------------------------------------------------------
Hap Seng Consolidated Berhad posted the following notice on the
Kuala Lumpur Stock Exchange on 25 March 2004 pertaining to the
Resale/ Cancellation of Treasury Shares.

Date of Transaction:     25 March 2004

Total Number of Treasury Shares Sold (Units): 0

Total Number of Treasury Shares Cancelled
(Units):        45,000

Minimum Price paid for each share sold (RM): 0.00

Maximum price paid for each share sold (RM): 0.00

Total amount received for treasury shares
Sold (RM):       0.00

Cumulative net outstanding treasury shares
As at to-date (units):     32,769,900

Adjusted issued capital after cancellation/
Resale (no. of shares) (units):   589,890,100


MALAYSIA MINING: Issues Correction to New Financial Year
--------------------------------------------------------
Malaysia Mining Corporation Berhad would like to refer to the
announcement dated 24 March 2004.

In the previous announcement, the old financial year-end was
stated as 31 January 2004 instead of 31 January 2005.

Please be advised that the next financial year will be from 1
February 2004 to 31 December 2004.

This Kuala Lumpur Stock Exchange announcement is dated 25 March
2004.


MALAYSIA MINING: Year-End Net Profits Increase by 5%
----------------------------------------------------
The Edge Daily reports that Malaysia Mining Corporation Berhad's
net profit rose 4.95 percent to RM116.15 million in the year
ending 31 January 2004 from RM110.67 million a year earlier.

This increase is attributed to improved conditions from its
infrastructure, utilities and engineering divisions.

Its revenue rose by 60 percent to RM1.17 billion from RM729.88
million. Malaysia Mining also recommends a final dividend of
three sen per share, less tax and a tax-exempt of two sen per
share. Earnings per share fell to 10.34 sen from 12.87 sen.


PARK MAY: Updates Proposed Restructuring Scheme
-----------------------------------------------
Park May Berhad wishes to refer to the announcement made on
behalf of the Company on 24 March 2004 in respect to the
Securities Commission's (SC) approval to waive Konsortium
Transnasional Berhad (KTB)from complying with certain
requirement of the Malaysian Code on Take-overs and Mergers,
1988 (Code) in relation to the Proposed Voluntary Offer of
Syarikat Kenderaan Melayu Kelantan (SKMK) and Proposed Voluntary
Offer of Keramat respectively.

On behalf of Park May, AmMerchant Bank Berhad is pleased to
announce that, after seeking clarification from the SC, the said
SC approval was granted on the basis that the Company's
application whereby the written notice in respect of the
Proposed Voluntary Offer Of SKMK and Proposed Voluntary Offer Of
Keramat respectively is to be served upon receipt of the
approval from shareholders of Park May at an extraordinary
general meeting to be convened for the Proposed Restructuring
Scheme and at a meeting to be convened pursuant to an order from
the High Court of Malaya for the Proposed Share Exchange and
Proposed Shares Cancellation pursuant to Sections 176 and 64 of
the Companies Act, 1965 respectively, which will be held on the
same day.

This Kuala Lumpur Stock Exchange announcement is dated 25 March
2004.


UCP Resources: Listing To Be Taken Over By JMR Construction
-----------------------------------------------------------
The listing status of UCP Resources Berhad will be taken over by
white knight JMR Construction Berhad by the end of next month,
The Edge Daily reports.

JMR Construction is undertaking a reverse takeover of UCP, a
Practice Note 4 (PN4) affected company, via JMR Conglomeration
Berhad (JCB). This move is currently pending a court sanction
and approval from the Malaysia securities Exchange Berhad.

Plans include JCB exchanging 3.99 million of its shares for 39.9
million of UCP shares. With this, JCB's paid-up capital will
increase to RM126.78 million.

JCB will then acquire JMR, together with development land and a
granite quarry in Sebertang Perai, Penang for a total of RM28.26
million through the issue of 102.70 million shares.

JCB will also settle UCP's debts of RM20 million with the issue
of 20 million new JCB shares and then liquidate UCP's existing
businesses at an estimated realizable value of RM19.37 million.

This will reduce the listed entity's debts to RM6.04 million
from RM73.09 million as of June 30, 2002, bringing its
shareholders' funds back into the black to RM100.87 million from
a negative RM27.76 million.

JMR is jointly owned by its managing director Go Yong Chee and
his father, JMR executive chairman Datuk Goh Nai Kooi @ Gah Mai
Kwai.


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


BAYAN TELECOMMUNICATIONS: Enters Partnership with 3D Networks
-------------------------------------------------------------
Bayan Telecommunications (BayanTel) acquires a partnership deal
with 3D Networks, a leading systems integrator in the Asia
Pacific region.  The 3D Network company designs, builds, deploys
and manages communications infrastructure and is the sole pan-
Asian platinum partner of Nortel Networks, The Philippine Star
reports.

BayanTel will serve as the telecommunication solutions partner
of 3D Network in the Philippines.

The partnership aims to attract more investors in the rapidly
growing call centers and outsourcing businesses from the U.S.
and Europe.  BayanTel and 3D Networks offers end-to-end
telecommunication systems solutions to potential investors.

According to Junie Pama, BayanTel vice president for corporate
and business markets, Investments in information and
communications technology (ICT), particularly in call centers,
is expected to grow in the medium term.  

The Department of Trade and Industry (DTI) projects 40,000 call
centers would hit the Philippines this year, generating about
64,000 jobs, which is double the number of seats in 2003.

At present European firms consider the Philippines as a call
center hub, DTI said.


LEPANTO CONSOLIDATED: Sets Annual Stockholders Meeting
---------------------------------------------------------
Further to the Circular for Brokers No. 1090-2004 dated March
15, 2004, Lepanto Consolidated Mining Company (LC) furnished the
Philippine Stock Exchange a copy of its SEC Form 20-IS
(Definitive Information Statement) in connection with its Annual
Stockholders' Meeting which will be held on April 19, 2004 at
4:00 p.m. at the Rigodon Ballroom, The Peninsula Manila, corner
Ayala and Makati Avenues, Makati City.

As previously announced, "(o)nly holders of issued stocks of
record as at the close of business hours on February 18, 2004
and whose status as stockholders on that date has been
satisfactorily established per the corporate records to (sic)
the Secretary of the Company will be entitled to notice of, and
to vote at, said meeting."

Attached is a copy of its Notice of Regular Annual Meeting.

A copy of LC's Definitive Information Statement shall be made
available for reference at the PSE Centre and PSE Plaza
libraries. The same shall likewise be made available for
downloading at the PSE website: www.pse.com.ph (under Listed
Companies).

To view full copy of the document, click
http://bankrupt.com/misc/lepantomining032604.pdf


For your information,
(Original Signed)
MA. PAMELA D. QUIZON-LABAYEN
OIC, Disclosure Department

Noted by:
(Original Signed)
JURISITA M. QUINTOS
Senior Vice President - Operations Group


MAYNILAD WATER: PCCI OKs Pact Between Government
------------------------------------------------
The Philippine Chamber of Commerce and Industry (PCCI) said,
that the government's move concerning Maynilad Water Services
Incorporated (MWSI) is the best possible option not to disrupt
water supply, The Manila Times reports.

"Let me say that PCCI supports the position taken by President
Arroyo that the takeover must be done in order to ensure that
water supply and good quality water must be guaranteed to the
consuming public," Donald Dee, PCCI executive vice president,
said.

Dee, however, clarified that the PCCI's support is mainly based
on the information made available in the mass media about the
deal of the government and the Lopez-owned MWSI.

With this, Dee said the PCCI would request the government and
MWSI to make a presentation on them on the contents of the deal
and a copy of their balance sheet to be able for PCCI to come
out with a clear position that will guarantee the objective of
President Arroyo to give the people quality water.

PCCI President Noemi Saludo said what is clear right now to them
is the message of the President that the takeover "has to be
done to protect the needs of the citizenry."


NATIONAL POWER: Aboitiz Wins Bid on Talomo Power Plant
------------------------------------------------------
National Power Corporation's (Napocor) Talomo power plant was
sold for $1.3 million to Hydroelectric Development Corporation
of Aboitiz Equity Ventures (AEV) on Thursday, ABS-CBN News
reports.  The two other bidders for the power plant were Harty
Incorporated, and Echo Tech Industrial Supply Corporation.

Talomo power plant, the first hydroelectric project in the
southeastern region of Mindanao, had been leased to the Davao
Light & Power Company in 1972 and transferred to Napocor in
1988. At that time, it supplied a significant portion of Davao
City's electricity requirements and of Davao Light's Bajada and
Puan lines.


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


BOUSTEAD SINGAPORE: Announces Lifting of Trading Halt
-----------------------------------------------------
Boustead Singapore Limited is pleased to announce the lifting of
the trading halt imposed on the company's shares.

Trading officially resumed at 2 pm on 25 March 2004.

This is a Singapore Stock Exchange announcement dated 25 March
2004.


BOUSTEAD SINGAPORE: To Sell Boustead Pacific to Insight Marine
--------------------------------------------------------------
The Board of Directors of Boustead Singapore Limited refers to
the report "His snap decision lands plum Lloyd's contract for
his firm" made in the Straits Times on 25 March 2004.

The Board wishes to reiterate that the cessation of the Lloyd's
agency in Singapore held by the Company's wholly owned
subsidiary, Boustead Pacific Services Pte Ltd (Boustead
Pacific), and the appointment of Insight Marine Services Pte Ltd
(Insight) as Lloyd's Agents in Singapore will only take effect
on 1 April 2004.

The Company had recently entered into arm's length negotiations
with Insight for the sale of Boustead Pacific. Insight had
expressed willingness to acquire for a nominal cash
consideration all of the issued share capital of Boustead
Pacific, together with all of its staff, on condition that
Insight was able to secure the appointment of Lloyd's Agents in
Singapore. Now that this has been achieved, the parties will
work towards executing a formal sale and purchase agreement for
Boustead Pacific by 31 March 2004.

Boustead Pacific is engaged in the business of insurance claims
settling and cargo survey services, activities no longer
considered core to the Group. The sale of the Boustead Pacific
is part of the on-going overall restructuring efforts of the
Group to refocus management resources on the core businesses of
the Group.

Based on its unaudited accounts as at 30 September 2003,
Boustead Pacific made a net profit of $33,000 for the 6 months
ended 30 September 2003 and had a negative net worth of $93,000
as at that date. The sale would not have any material financial
effect on the Group's consolidated net asset value per share or
its consolidated earnings per share for the year ending 31 March
2004.

Separately, the Company has also reached an understanding with
Mr. Wong Mong Hong to have the following agreements terminated
by mutual consent with effect from 1 April 2004:

Option Agreement dated 3 April 2003 under which Mr. Wong has an
option to acquire all of the issued share capital of Boustead
Pacific; and

Management Agreement dated 3 April 2003 under which the net
profit of Boustead Pacific would be paid to Mr. Wong in the form
of management fees.

Save as disclosed above, none of the Directors or substantial
shareholders has any interest in the above transaction.

By Order of the Board

ALVIN KOK
COMPANY SECRETARY
25 March 2004

Submitted by Alvin Kok, Company Secretary on 25 March 2004 to
the SGX


HONG LEONG: Bares Agenda for Annual General Meeting
---------------------------------------------------
Notice is hereby given that the Forty-Fourth Annual General
Meeting of Hong Leong Finance Limited will be held at the M
Hotel Singapore, Meeting Room 1, 81 Anson Road, Singapore
079908, on Friday, 23 April 2004 at 3 p.m. for the following
purposes:

Ordinary Business:

1. To receive the Audited Accounts and Reports of the Directors
and Auditors for the year ended 31 December 2003.

2. To declare a final dividend of 7 cents per share less 20%
income tax as recommended by the Directors.

3. To approve Directors' Fees of $206,505 for the year ended 31
December 2003 (year 2002: $201,667), and Audit Committee
Allowances of $25,000 per quarter for the period commencing from
1 July 2004 to 30 June 2005, with payment of the Audit Committee
Allowances to be made in arrears at the end of each calendar
quarter.

4. To re-elect the following Directors retiring in accordance
with the Articles of Association of the Company:

(a) Mr. Kwek Leng Kee
(b) Mr. Robin Ian Rawlings
(c) Mr. Woo Tchi Chu

5. To re-appoint KPMG as Auditors and to authorize the Directors
to fix their remuneration.

6. To transact any other business as may properly be transacted
at an Annual General Meeting.

Special Business:

To consider and, if thought fit, to pass the following Ordinary
Resolutions:

7. That authority be and is hereby given to the Directors to:

(a)  (i) issue shares in the capital of the Company (shares)
whether by way of rights, bonus or otherwise; and/or

(ii) make or grant offers, agreements or options  
(collectively, Instruments) that might or would require
shares to be issued, including but not limited to the
creation and issue of warrants, debentures or other
instruments convertible into shares, at any time and upon
such terms and conditions and for such purposes and to
such persons as the Directors may in their absolute
discretion deem fit; and

(b) (notwithstanding the authority conferred by this Resolution
may have ceased to be in force) issue shares in pursuance of any
Instrument made or granted by the Directors while this
Resolution was in force, provided that:

(1) the aggregate number of shares to be issued pursuant
to this Resolution (including shares to be issued in
pursuance of Instruments made or granted pursuant to this
Resolution but excluding shares, which may be issued
pursuant to any adjustments effected under any relevant
Instrument) does not exceed 50 per cent. of the issued
share capital of the Company (as calculated in accordance
with sub-paragraph (2) below), of which the aggregate
number of shares to be issued other than on a pro-rata
basis to shareholders of the Company (including shares to
be issued in pursuance of Instruments made or granted
pursuant to this Resolution but excluding shares which may
be issued pursuant to any adjustments effected under any
relevant Instrument) does not exceed 20 per cent. of the
issued share capital of the Company (as calculated in
accordance with sub-paragraph (2) below);

(2) for the purpose of determining the aggregate number of
shares that may be issued under sub-paragraph (1) above:

(i) the percentage of issued share capital shall be
calculated based on the maximum potential issued
share capital of the Company as at the date of the
passing of this Resolution (taking into account the
conversion or exercise of any convertible securities
and share options that have been issued pursuant to
any previous shareholder approval and which are
outstanding as at the date of the passing of this
Resolution), adjusted for any subsequent
consolidation or subdivision of shares; and

(ii) in relation to an Instrument, the number of
shares shall be taken to be that number as would
have been issued had the rights therein been fully
exercised or effected on the date of the making or
granting of the Instrument;

(3) in exercising the power to make or grant Instruments
(including the making of any adjustments under any
relevant Instrument), the Company shall comply with the
provisions of the listing manual of the Singapore Exchange
Securities Trading Limited ("SGX-ST") for the time being
in force (unless such compliance has been waived by the
SGX-ST) and the Articles of Association for the time being
of the Company; and

(4) (unless revoked or varied by the Company in General
Meeting) the authority conferred by this Resolution shall
continue in force until the conclusion of the next Annual
General Meeting of the Company or the date by which the
next Annual General Meeting of the Company is required by
law to be held, whichever is the earlier.

8. That the Directors be and are hereby authorized to offer and
grant options in accordance with the provisions of the Hong
Leong Finance Share Option Scheme 2001 (Scheme) and to issue
from time to time such number of shares in the capital of the
Company as may be required to be issued pursuant to the exercise
of options granted under the Scheme provided that the aggregate
number of shares to be issued pursuant to the Scheme shall not
exceed 15% of the issued share capital of the Company from time
to time, and provided further that the aggregate number of
shares to be issued during the entire operation of the Scheme
(subject to adjustments, if any, made under the Scheme) shall
not exceed such limits or (as the case may be) sub-limits as may
be prescribed in the Scheme.

BY ORDER OF THE BOARD

Yeo Swee Gim, Joanne
Company Secretary

Singapore, 25 March 2004

Notes:

1 A member entitled to attend and vote at the Meeting may
appoint a proxy to attend and vote instead of him. A proxy need
not be a member of the Company. The instrument appointing a
proxy must be deposited at the Secretary's Office at 36 Robinson
Road #04-01 City House, Singapore 068877, not less than 48 hours
before the time appointed for holding the Meeting.

2 Messrs Tan I Tong and Sim Miah Kian, Directors retiring at the
Meeting pursuant to Section 153 of the Companies Act, Chapter 50
have notified the Company that they will not be seeking re-
appointment as Directors of the Company at the Meeting.

3 With reference to Ordinary Resolution 3 above, the increase in
the Directors' Fees payable takes into account the additional
fees payable to the chairman and each of the members serving on
the Remuneration Committee and Nominations Committee, which will
be pro-rated accordingly for the period from the date of the
constitution of the Remuneration Committee and the
reconstitution of the Nominations Committee to 31 December 2003.

4 With reference to Ordinary Resolution 4(b) above, Mr. Rawlings
will, upon re-election as Director of the Company, remain as
Chairman of the Audit, Nominations and Remuneration Committees.
Mr. Rawlings is an independent Director.

5 With reference to Ordinary Resolution 4(c) above, Mr. Woo
will, upon re-election as Director of the Company, remain as
Member of the Audit and Remuneration Committees. Mr. Woo is an
independent Director.

6 The Ordinary Resolution proposed in 7 above, if passed, will
empower the Directors of the Company from the date of the
Meeting until the next Annual General Meeting to issue shares
whether by way of rights, bonus or otherwise and/or make or
grant Instruments that might require shares to be issued up to
and not exceeding 50% of the Company's issued share capital,
with an aggregate sub-limit of 20% of the Company's issued share
capital for any issue of shares not made on a pro-rata basis to
shareholders. This authority will expire at the next Annual
General Meeting of the Company, unless revoked or varied at a
general meeting.

7 The Ordinary Resolution proposed in item 8 above, if passed,
will empower the Directors to offer and grant options under the
Scheme and to issue from time to time such number of shares in
the capital of the Company pursuant to the exercise of such
options granted under the Scheme subject to such limits or sub-
limits as prescribed in the Scheme.

Submitted by Yeo Swee Gim Joanne, Company Secretary on 25 March
2004 to the SGX


SUNRIGHT: Profits Up In First 6 Months of Financial Year 2004
-------------------------------------------------------------
Singapore based Sunright Limited returns to profitability in the
first six months of financial year 2004.

The group improved its performance by S$5.6 million to register
a net profit of S$2.2 million, as compared to a loss of S$3.4
million in the corresponding period of the preceding year.

Earnings per share climbed to 1.8 cents from a loss of 2.8
cents.

Mr. Sam Lim, Executive Chairman and Chief Executive Officer
said, "The strategic initiatives which we took by the downsizing
of our burn-in operations in Hong Kong, merging our Test entity
in Taiwan with our Burn-In operation, reduction of costs in
Distribution and the discontinuance of flex substrate
manufacturing in California, have resulted in a significant cost
reduction. Consequently, the Group is paving its way to a
sustainable and profitable growth this year."

The Group's operating expenses have been reduced by 24 percent
from S$4.67 million in the first 6 months of 2003 to S$5.3
million for the period under review.

The Group has successfully introduced its latest state-of-the-
art parallel burn-in/test, GEN system, which is capable of
performing burn-in/test functions for a variety of advanced
semiconductor devises.

"One key reason for our success in maintaining our market
leadership in burn-in services and test is that, we are also an
equipment manufacturer. Our new `GEN' systems, have won special
recognition from a major U.S. semiconductor manufacturer. This
latest achievement opens a new chapter of developments ensuring
continuing revenues."

The worldwide semiconductor industry recovered by 13 percent in
2003 and Gartner Inc, a leading market research organization,
expects 23 percent growth to US$217 billion in revenues for
2004.

"The outlook for 2004 is bright and the growing trend should
continue through 2005. The semiconductor manufacturers have
finally begun to divest in new technologies and manufacturing
capacities, in response to increasing market demands. Sunright
will continue to benefit from this growth trend," said Mr. Lim.

Sunright's balance sheet as of the 31st of January 2004 closed
stronger, with cash and cash equivalents standing at S$25.6
million.

About Sunright

Sunright Limited, a main board listed company on the Singapore
Exchange Securities Trading limited is the world's largest
independent provider of burn-in and test services, and a leading
manufacturer of parallel test and burn-in systems. Sunright also
distributes high technology semiconductor equipment and
materials and engages in selective OEM assembly of electronic
components. It has a total workforce of 2,500 employees with
annual revenue in excess of S$ 100 million. Sunright's customers
include multi-national semiconductor manufacturers, namely AMD,
Agilent, Hynix, ST Micro, Intel, Infineon, Motorola, NEC,
National Semiconductor, Texas Instruments, Toshiba and others.
More information on Sunright is available on Sunright's website
www.sunright.com


WANT WANT: Clarifies Purchase of Zhejiang-Rice Shares Details
-------------------------------------------------------------
Further to MASNET Announcement No. 54 OF 23 March 2004, the
Board of Directors of Want Want Holdings Limited wishes to
clarify that the purchase consideration for the acquisition of
the remaining 30% shares in Zhejiang Rice-Want Cereals Ltd is
equivalent to the net asset value of Zhejiang Rice-Want Cereals
Ltd represented by such shares at the time of the acquisition.

Submitted by Adams Lin Feng I, Group Vice President and Director
on 25 March 2004 to the SGX


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


NATURAL PARK: To Boost Capital by Mergers and Acquisitions
----------------------------------------------------------
Natural Park plans to raise 10 billion baht in new funds to help
finance new property developments over the next two years,
according to chief executive Sermsin Samalapa, as quoted by
Bangkok Post.

Mr. Sermsin said the company currently has a debt-to-equity
ratio of just 0.75:1, and would maintain debt under 1.5:1,
giving the company room to take up added debt of around six
billion baht.

"Over the next two years, the company will enter into mergers
and acquisitions for attractive projects. We need to grow before
interest rates begin to rise and it becomes more difficult to
raise funds," he told an investors' briefing at the Stock
Exchange of Thailand on Thursday.

There are hundreds of development projects inviting the company
as an investment partner or were seeking to sell their projects
to the firm, but only 5 percent of the said projects were
estimated to generate long-term returns, Mr. Sermsin added.

"The key point in considering any project is location, followed
by pricing. For our projects, we look for a minimum return on
equity of 15% per year," Mr. Sermsin said.

He said Natural Park aimed to be a global property company, with
plans to purchase assets in China and Europe.

The company reported profits of 352.8 million baht last year,
compared with profits of 11.8 billion in 2002, which were
attributed largely to gains from debt restructuring. Assets at
the end of 2003 totaled 14.3 billion baht, with liabilities of
5.9 billion.

Shares of N-Park on the Stock Exchange of Thailand closed on
Thursday at 4.50 baht, down 26 satang, on trade worth 70.7
million baht.


PRASIT PATANA: Details Board of Director's Meeting Results   
----------------------------------------------------------
Prasit Patana PCL is pleased to relate the resolutions of Board
of Directors' Meeting No.2/2004 on March 25, 2004.  These are
the details:

(1) Approval in appointing Mr. Viseth Panutat as the remaining
Audit Committee member.

(2) Approval in proposing dividend abstention for the year 2003
to the General Shareholders' Meeting of the company's
performance during January 1, 2003 to December 31, 2003
subjected to net loss.

(3) Issued closing date of shareholder registration record for
share transfer activities in order to entitle shareholders to
attend the Annual Shareholder Meeting No.1/2004 on Thursday,
April 9, 2004 at 12 p.m. after the General Shareholders' Meeting
is adjourned.

(4) Issued the date for Annual Shareholder Meeting No.1/2004 on
Thursday, April 29, 2004, 11 a.m., at meeting room 9th floor,
car park building, Phyathai 2 Hospital, 943 Phaholyothin Road,
Samsennai, Phyathai, Bangkok 10400 as per the following agendas:

(4.1) To certify Minutes of Annual Shareholder Meeting
No.1/2000
     
(4.2) To acknowledge and approve the performance of the
company's Board of Directors in the previous year and
Annual Report.

(4.3) To certify and approve Balance Sheet and Profit and
Loss statement for the year ended 31 December 2003

(4.4) To acknowledge the company's performance and approve
dividend abstention

(4.5) To consider the increase the total number of Board
of Directors to 13

(4.6) To approve the appointment of the entire Board of
Directors and Audit Committee to replace the existing
Board and Audit Committee.

(4.7) To approve Board of Director's Remuneration
     
(4.8) To acknowledge the scope of work, duties and
responsibilities of The Audit Committee.
      
(4.90) To appoint the company's external auditor and
approve its compensation for year 2004

(4.10) To approve the reclassification between premiums on
share capital and retained loss
       
(4.11) To approve the amendment of company's Regulations
      
(4.12) To acknowledge the change of company head office's
address.

(4.13) Others.


For your kind attention,
Faithfully yours,
(Mrs.Sakara Punyashthiti)               
Vice President, Finance and Accounting

This Stock Exchange of Thailand announcement is dated 26 March
2004.


THAI NAM: Relates General Shareholders' Meeting Details   
-------------------------------------------------------
The Board of Directors of Thai Nam Plastic PCL at a meeting No.
03/2004 held on March 25, 2004 passed these resolutions:

(1) To fix the Ordinary General Shareholders' Meeting No.
35/2004 to be held on April 28, 2004 at 2:00 P.M. at Grand Ball
Room 3, Grand Hyatt Arawan Hotel, located at, 494 Rajdamri Road,
Lumpini, Patumwan, Bangkok 10330 to consider the following
agenda:


(1) To certify the Minutes of the Ordinary General  
Shareholders' Meeting No. 34/2003 held on April 25, 2003.

    (2) To certify the company's annual report and the Board
of  Directors' Report relating to the performance in 2003.

(3) To approve the company's audited balance sheets,
profit and loss statements for the year ended on December
31, 2003.

(4) To consider the dividend omission for the fiscal year
2003.

(5) To appoint new directors to succeed those completing
their terms by rotation as well as to fix the authorized
directors.

(6) To appoint auditors and fix the auditing fee for the
fiscal year 2004.

(7) To consider an amendment of the Company's Articles of
Association in compliance with the SET's Notification
governing connected transactions.

(8) To consider other issues (if any).

(2) To omit the dividend payment for the fiscal year 2003.

(3) To fix date for closing the company's share register book
for the right to attend the Ordinary General Shareholders'
Meeting No. 35/2004 on April 9, 2004 at 12:00 P.M. until the
completion of the Meeting.

Please be acknowledged accordingly.

Sincerely Yours,
Mrs. Siriphorn Mangkornkarn
Deputy Managing Director

This Stock Exchange of Thailand announcement is dated 26 March
2004.


TPI POLENE: Wooing Kruang Thai to Guarantee Bond Issuance
---------------------------------------------------------
TPI Polene PCL, (TPIPL) plans to ask Krung Thai Bank PCL to be
the guarantor for its planned issuance of bonds, a shift from
its previous strategy to secure loans from the bank, Business
Day reports.

Chief Executive Officer Prachai Leophairatana said TPIPL was
still hoping to get a loan from KTB, but is now contemplating
selling bonds in the hope Krung Thai Bank will guarantee them.

Krung Thai Bank was supposed to lend up to $750 million to the
cement maker to refinance its debts to various creditors.  
However, there were various preconditions attached to the loan
agreement.

Mr. Prachai, who in January successfully raised about 11 billion
baht in new equity, said his company has managed to lower
TPIPL's debts by using cash raised from its operations. It will
likely use the proceeds from the equity sales to lessen its
debts as well.

He added TPIPL's balance sheet improved after the company's
recent capital raising and debt payments.

In any case, he added that if KTB does not want to underwrite
these bonds, other financial institutions have already expressed
interest, especially now that the company's balance sheet has
improved .

Mr.Prachai said Tris Rating has indicated that TPIPL's rating
will likely be upgraded to BBB within a few months.

Prachai said that TPIPL, which has benefited from the economic
boom and higher demand for cement, has sufficient cash to pay
debts at present even if it cannot find loans to refinance them.

Prachai said he expects TPIPL to report earnings before
interest, tax, depreciation and amortization (EBITDA) at about
7.2 billion baht this year.

Mr. Prachai said the company's debt obligations for 2004 totals
around three billion baht, while its EBITDA last year stood at
6.05 billion baht.

TPIPL shares closed yesterday about 2.17 percent up at 35.25
baht.


                            *********


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