TCRAP_Public/040331.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

            Wednesday, March 31, 2004, Vol. 7, No. 64

                            Headlines


A U S T R A L I A

GYMPIE GOLD: Issues Status Report for Creditors and Shareholders
RIB LOC: Projects Net Loss of $1.5M
WOODSIDE PETROLEUM: Targets Fifth Train Approval by End of 2004


C H I N A  &  H O N G  K O N G

FANTEX DEVELOPMENT: Court Schedules Petition Hearing
FEG ELECTRICAL: Hearing for Winding Up Petition Set
FORTUNE STAR: Hearing Date For Petition Scheduled
HAPPY CHAMPION: Hearing for Winding Up Petition Scheduled
JENCO TRADING: Hearing For Winding Up Petition Set

UNIVERSAL ENGINEERING: Date For Hearing of Petition Set
VICO MANUFACTURING: Hearing Date For Winding Up Petition Set
VIKKI: Court Sets Date for Hearing of Petition
WIN GAIN: Winding Up Petition Hearing Date Scheduled
YUNFU: Date For Hearing of Petition Set


I N D O N E S I A

*IBRA: Texmaco Stake Eyed By Consortium


J A P A N

FUJITSU LTD: Gets US$500M SingTel Cable Deal With Alcatel
ITOCHU CORP: To Acquire Half of Tingtong
KOBE STEEL: To Power Up New Power Plant In April
NEC CORPORATION: To Take Stake In Swedish Software Firm
NIPPON STEEL: Ordered to Pay Damages to JCP Members


K O R E A

HYUNDAI GROUP: Chairwoman Wins Management Battle In Court
LG CARD: Stocks Dive On First Day Of Trading
SSANGYONG MOTORS: Bluestar Again Denies Dropping Bid


M A L A Y S I A

AMSTEEL: Receives Cash Payments From Lion
ANSON PERDANA: Granted Regularization Plan Extension
BERJAYA SPORTS: Listing New Shares
BERJUNTAI TIN: Changes Company Name
BOUSTEAD HOLDINGS: Listing New Shares

BRIDGECON HOLDINGS: Reveals Results of Investigative Audit
HAP SENG: Announces Buy Back Of Shares
INTAN UTILITIES: Reveals Borrowings Pursuant To PN 1/2001
MALAYSIA MINING: Disposes of 32M Sime Darby Shares
NCK CORPORATION: Subsidiary Told To Pay Up

UCP RESOURCES: Updates Corporate and Debt Restructuring Info


P H I L I P P I N E S

ABS-CBN BROADCASTING: Issues Correction on Date of Report
BACNOTAN CONSOLIDATED: Unveils Results of Meeting
DIGITAL TELECOMMUNICATIONS: Sets Annual Stockholders Meeting
MANILA ELECTRIC: Issues Notice of Stockholders Meeting
MANILA ELECTRIC: Submits SEC Form 20-IS

MAYNILAD WATER: Government Puts Deal on Hold
NATIONAL STEEL: Sale Could Be Ineligible For SPVA Perks
NEGROS NAVIGATION: Unveils Results of Directors Meeting
NEGROS NAVIGATION: Files Petition for Corporate Rehabilitation
PHILIPPINE LONG: Appoints Shigeru Yoshida as Director

UNIVERSAL RIGHTFIELD: Submits Copy of Rehabilitation Plan


S I N G A P O R E

ABRAM CONSULTING: Court Sets Date for Petition Hearing
ASIA PULP: Delays Restructuring Plan
DIAMOND HILL: Issues Notice Of Creditors' Meeting
HONG LEONG: Fit To Take On New IPOs Again
HO WAH: Hearing for Winding Up Petition Set

I. CRAFTERS: Issues Notice To Creditors
INTRACO LIMITED: Voluntary Liquidation of Dormant Subsidiary
NEPTUNE ORIENT: Freight Rates Up Over Last Year
OS INTERNATIONAL: Hearing for Winding Up Petition Scheduled
POPULAR HOLDINGS: Net Profit For Q3 Falls to S$9.8M

SAFE SUPERSTORE: Company Appoints Liquidator
SINGAPORE PETROLEUM: To Issue US$184M In Bonds For Expansion


T H A I L A N D

EASTERN WIRE: Posts Changes in Shareholders Registration Book
SIAM SYNTEC: Details Board of Directors Meeting
THAI MILITARY: Ups Deposit Rate for Savings Account by 0.25%

     -  -  -  -  -  -  -  -

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


GYMPIE GOLD: Issues Status Report for Creditors and Shareholders
----------------------------------------------------------------
On December 30, 2003, Voluntary Administrators were appointed to
Gympie Gold Limited and 11 subsidiary companies (the Group). On
that same date, Receivers and Managers were appointed to Gympie
Gold Limited and three subsidiary companies.

The appointment of Voluntary Administrators and Receivers and
Managers followed the unexpected fire incident at the Southland
mine in late December 2003.

Progress of the receivership

Following their appointment, the Receivers and Managers
undertook an immediate appraisal of the situation at the
Southland Colliery and the Gympie Eldorado Gold Mine. Immediate
steps were taken to address the emergency position that
developed at the Southland mine in conjunction with the
operator, Thiess Contractors. Subsequently, the Receivers and
Managers offered for sale Gympie Eldorado Gold Mines Pty
Limited, or its assets together with its interests in D'Aguilar
Gold Limited. The sale process commenced in January 2004 and was
expected to conclude in late March or April 2004.

As a consequence of the sale process for the gold assets and
general restructuring efforts by senior management and other
stakeholders, a significant number of parties engaged with the
Receivers and Managers and stakeholders regarding the future of
the Group.

On March 11, 2004, Gympie Gold Limited announced that a
consortium of banks led by Mizuho International Plc (Mizhou) and
Investec Bank Australia Limited (Investec) replaced HSBC
Precious Metals Australia and Fortis Banks as its principal
bankers.

Given the appointment of new bankers, the Receivers and
Managers, Ferrier Hodgson, have advised that the sale process
previously put in place for Gympie Eldorado Gold Mine and the
company's shareholding in D'Aguilar Gold Limited has been put on
hold while the consortium concludes its appraisal of the
situation.

Re-entry at the Southland mine, which was damaged by the fire on
24 December 2003, had been proceeding satisfactorily until 11
March 2004. However, re-entry was then halted due to unsafe
conditions including the discovery of further damage and active
fire in main-gate roadway about one kilometer from the longwall
unit.

As a result of these events and consequent safety issues and
impact on the re-entry plan then being pursued, the Southland
mine was placed on care and maintenance with effect from 17
March 2004. The Receivers have commissioned an expert report on
mine safety and the viability of re-entry options, if any.

A decision as to the future direction of Southland Coal will be
made following receipt of the experts report and consultation
with Mizuho/Investec, and Southland Coal's joint venture
partner.

Managing Director, Harry Adams will be leaving Gympie Gold on
March 31, 2004.

Update for creditors regarding the voluntary administration
Following the first meeting of creditors held on January 7,
2004, creditors committees for Gympie Gold Limited, Gympie
Eldorado Gold Mine Pty Limited and Southland Coal Pty Limited
were elected. Fortnightly teleconferences have been held since
January to appraise members of the creditors committee regarding
developments.

On January 22, 2004, the Administrators obtained Orders from the
Supreme Court extending the convening period for the second
meeting of creditors of all 12 companies for which they were
appointed until May 26, 2004.

The Administrators applied for the extension to enable
sufficient time for the Receivers and Managers to investigate
the position at Southland mine, offer the gold assets for sale
and determine if any reconstruction or Recapitalization of the
Group might be possible. The recent appointment of new bankers
may also impact the Group's ability to promote a reconstruction.

At this stage and following the recent adverse developments at
Southland mine, it has not been possible to conclude an
evaluation of the position at the Southland mine to enable any
reconstruction proposal to be properly developed. Those
investigations are continuing.

At the time of convening the second meeting of creditors, the
Administrators will send a written report to all creditors,
which will include their recommendation for the future of the
company. In the absence of any reconstruction or
Recapitalization proposal, the Administrators would likely only
be in a position to recommend the liquidation of the Group.
Accordingly, the outcome of the investigation and appraisals by
the new bankers and the Receivers and Managers needs to be
completed to allow every opportunity for such a proposal to be
developed in the interests of creditors and other stakeholders
in the Group.

While every effort will be made to enable that process to occur
prior to May 26, 2004 (the current period of extension granted
by the Supreme Court of New South Wales), the timing remains
uncertain because of the difficulties associated with Southland
mine and other related factors.

Enquiries

Further information will be made available to creditors and
stakeholders by updates posted to the website from time to time.
In the meantime, interested parties can direct enquiries to
Gympie Gold Limited on (02) 9251 2777 or the Receivers and
Managers, Ferrier Hodgson, on (02) 9286 9999. Unsecured
creditors should contact the Voluntary Administrators, KPMG, on
(02) 9335 7000.


RIB LOC: Projects Net Loss of $1.5M
-----------------------------------
Rib Loc Group expects an increasing net loss for the year to
March 31 by $1.5 million worse than its previous forecast of
$500,000, The Advertiser reports.

The company blamed the weakness on "several issues", including
lower royalty income, lower margins and redundancy costs related
to cutting its workforce from 130 to 125 this month.

"Additionally, there were delays in planned sales to France and
to India, which have now slipped into the next financial year,"
Chief Executive Barry Taylor said.

Hong Kong-based Chevalier launched its second takeover bid for
Rib Loc last month after an unsuccessful offer last year that
saw it pick up just 32 per cent of the company.

Chevalier's takeover documents have been sent to Rib Loc
shareholders and a response by the board - which rejected last
year's 70c-a-share bid - is expected within the next week.

Rib Loc shares closed steady at 72c yesterday, underpinned by a
75c-a-share takeover offer from its major shareholder Chevalier
International Holdings.


WOODSIDE PETROLEUM: Targets Fifth Train Approval by End of 2004
---------------------------------------------------------------
Woodside Petroleum Ltd. (WPL.AU) said Monday that it hopes to
approve a A$1.6 billion expansion of the North West Shelf
liquefied natural gas (LNG) project by the end of this year, Dow
Jones reports.

The approval of the fifth production train will enable LNG
shipments from the expansion to start in 2008, a Woodside
spokesman told Dow Jones. It would also increase the capacity of
LNG by a further 4.2 million tons to 15.9 million tons.

"We hope to make a financial investment decision by the end of
this year with a view to having it ready for production startup
in 2008," the spokesman said.

"But that all depends on being able to secure markets," he
added.

Woodside is the operator and one-sixth owner of the North West
Shelf project. The other partners are BHP Billiton Ltd. (BHP),
Royal Dutch/Shell (RD), ChevronTexaco Corp. (CVX), BP PLC (BP)
and Japan Australia LNG, itself an equal joint venture between
Japan's Mitsubishi Corp. (8058.TO) and Mitsui & Co. (8031.TO).

The venture is currently completing a A$2.4 billion fourth train
expansion on the shelf, due to begin shipments in the second
half of this year.


==============================
C H I N A  &  H O N G  K O N G
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FANTEX DEVELOPMENT: Court Schedules Petition Hearing
----------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Fantex Development Limited by the High Court of Hong Kong was on
11 February 2004 presented to the said Court by Bank of China
(Hong Kong) Limited whose registered office is situated 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 21 April 2004. 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.

Kau, Lee and Yip
Solicitors for the Petitioner
17th Floor, Gloucester Tower
The Landmark, Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. 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 on the 20 April 2004.


FEG ELECTRICAL: Hearing for Winding Up Petition Set
----------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of FEG
Electrical (International) Co., Limited by the High Court of
Hong Kong was on 16 February 2004 presented to the said Court by
Bank of China (Hong Kong) Limited whose registered office is
situated 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 21 April 2004. 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 and 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 at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. 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 on the 20 April 2004.


FORTUNE STAR: Hearing Date For Petition Scheduled
-------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Fortune Star Development Limited by the High Court of Hong Kong
was on 11 February 2004 presented to the said Court by Bank of
China (Hong Kong) limited whose registered office is situated 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 21 April 2004. 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.

Kao, Lee and Yip
Solicitors for the Petitioner
17th Floor, Gloucester Tower
The Landmark, Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. 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 on the 20 April 2004.


HAPPY CHAMPION: Hearing for Winding Up Petition Scheduled
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Happy Champion Development Limited by the High Court of Hong
Kong was on 11 February 2004 presented to the said Court by Bank
of China (Hong Kong) limited whose registered office is situated
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 21 April 2004. 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.

Kao, Lee and Yip
Solicitors for the Petitioner
17th Floor, Gloucester Tower
The Landmark, Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. 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 on the 20 April 2004.


JENCO TRADING: Hearing For Winding Up Petition Set
--------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Jenco Trading Limited by the High Court of Hong Kong was on 3
March 2004 presented to the said Court by Bank of China (Hong
Kong) limited whose registered office is situated 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 28 April 2004. 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 and Wong
Solicitors for the Petitioner
16th Floor, Wing On House
71 Des Voeux Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. 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 on the 27 April 2004.


UNIVERSAL ENGINEERING: Date For Hearing of Petition Set
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Universal Engineering and Construction Limited by the High Court
of Hong Kong was on 10 March 2004 presented to the said Court by
Chan Leung Pui trading as Pui Kee Engineering Company whose
business office is Flat 1710, 17th Floor, Shui Yick House, Siu
Sai Wan Estate, Chaiwan, Hong Kong. And that the said Petition
is directed to be heard before the Court at 9:30 am on the 12
May 2004. 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.

Messrs. Huen and Partners
Solicitors for the Petitioner
Units 3309-3311, 33rd Floor, West Tower
Shun Tak Centre
168-200 Connaught Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. 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 on the 11 May 2004.


VICO MANUFACTURING: Hearing Date For Winding Up Petition Set
------------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Yunfu Enterprises Limited by the High Court of Hong Kong was on
3 March 2004 presented to the said Court by Bank of China (Hong
Kong) limited whose registered office is situated 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 am on the 28 April 2004. 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.

Or, Ng and Chan
Solicitors for the Petitioner
15th Floor, The Bank of East Asia Building
10 Des Voeux Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. 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 on the 27 April 2004.


VIKKI: Court Sets Date for Hearing of Petition
----------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Vikki Investment Limited by the High Court of Hong Kong was on
18 February 2004 presented to the said Court by Bank of China
(Hong Kong) limited whose registered office is situated 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 am on the 21 April 2004. 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.

Kao, Lee and Yip
Solicitors for the Petitioner
17th Floor, Gloucester Tower
The Landmark,Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. 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 on the 20 April 2004.


WIN GAIN: Winding Up Petition Hearing Date Scheduled
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Yunfu Enterprises Limited by the High Court of Hong Kong was on
2 March 2004 presented to the said Court by Nanyang Commercial
Bank, Limited whose registered office is situated at 151 Des
Voeux Road, Central, Hong Kong. And that the said Petition is
directed to be heard before the Court at 9:30 am on the 5 May
2004. 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.

Gallant Y.T. Ho and Co.
Solicitors for the Petitioner
4th Floor, Jardine House
No. 1 Connaught Place, Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. 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 on the 4 May 2004.


YUNFU: Date For Hearing of Petition Set
---------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Yunfu Enterprises Limited by the High Court of Hong Kong was on
16 February 2004 presented to the said Court by Bank of China
(Hong Kong) limited whose registered office is situated 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 21 April 2004. 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 and 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 at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. 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 on the 20 April 2004.


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=================


*IBRA: Texmaco Stake Eyed By Consortium
---------------------------------------
A consortium led by retired Lieutenant General Prabowo Subianto
is reportedly keen on acquiring the Indonesian Bank
Restructuring Agency's (IBRA) stake in the Texmaco Group,
reports Laksamana.net, citing the Bisnis Indonesia daily and
AFX-Asia.

The consortium, which also includes a former son-in-law of
former President Suharto, is made up of Indonesian and Thai
investors who are interested in buying the assets for 5% of the
government's Texmaco debt asset of IDR29 trillion, according to
a Bisnis Indonesia source close to Mr. Subianto.

According to the source, the consortium plans to submit a bid to
PT Perusahaan Pengelola Aset (PPA), the holding company formed
to take over IBRA assets after the agency officially closed at
the end of last month.

But AFX-Asia reports that Syaifruddin Temenggung, former IBRA
chairman and now member of a so-called 'clean-up' team charged
with resolving the status of troubled assets, said that they
have no plans as yet to sell the Texmaco debt and are still
considering their options after IBRA declared the group in
default last month for non-payment of interest on a portion of
its bonds.

"We don't know yet what to do with it (Texmaco). If it's ready
for sale then we'll hand it over to the PPA," Temenggung said.
IBRA took over Texmaco's debts from local banks it bailed out
during the economic crisis and has been unable to sell its
stake despite offering extremely low prices.

The Bisnis report said the government turned down a
previous offer by US-based investment firm Farallon Capital
Asia, which was prepared to pay 1% of the value of IBRA's debt
asset. Finance Minister Boediono and Minister for State-owned
Enterprises Laksamana Sukardi asked Farallon to raise the offer
to 5% of the debt, the report said.

The debt was almost sold to Malaysian consortium Utara Capital
and the China Blue Star consortium last year.


=========
J A P A N
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FUJITSU LTD: Gets US$500M SingTel Cable Deal With Alcatel
---------------------------------------------------------
Fujitsu Ltd, along with France's Alacatel SA have been awarded a
contract worth US$500 million from Singapore Telecommunications
and 16 other operators for the construction of a 20,000-
kilometer submarine cable network that will connect Southeast
Asia, the Middle East and Western Europe, reports Channel News
Asia.

The SMW4 (Southeast Asia, Middle East and Western Europe)
submarine cable network, which is expected to be ready for
service in the third quarter of 2005, will connect Singapore
with Marseille via 12 other cities. It will also connect to
existing telecom networks in Europe.


ITOCHU CORP: To Acquire Half of Tingtong
----------------------------------------
For US$10 million, Itochu Corp said Monday it will buy a 50%
stake in Chinese distribution service provider Tingtong (Cayman
Islands) Holding Corp in April for the enhancement of its China
distribution business, reports Japan Today, citing Kyodo News.

Uichiro Niwa, President of Itochu Corp, said, "We will provide
small-lot goods delivery services on behalf of Japanese food
makers, drugmakers and cosmetics manufacturers operating in
China" on the basis of the capital tie-up with the Chinese
distributor.


KOBE STEEL: To Power Up New Power Plant In April
------------------------------------------------
The newly built coal-fired thermal power plant of Japanese steel
producer Kobe Steel Ltd. (5406.TO) is set to start commercial
operations next month, Dow Jones reports.

With a maximum capacity to generate 700,000 kilowatts of
electricity, the new plant will supply for a 15-year period all
its generated power to Kansai Electric Power Co. (9503.TO),
country's second largest power utility.

Adjacent to Kobe Steel's production plant, the power plant is
the second phase of Kobe Steel's Y200 billion project to
construct its Shinko Kobe power station there.

In 2002, the steel maker launched commercial operation at the
existing 700,000-KW coal-fired power plant, and started
distributing electricity to Kansai Electric. With the new power
plant, Kobe Steel expects to double its power production
capacity at the Shinko Kobe power station to 1.4 million
kilowatts.

Kobe Steel sought to use an excess plot of land at its steel
production plant site and build a power plant. This helped Kobe
Steel diversify its business portfolio. "Kansai Electric won't
have to make a large investment to purchase land to build an
expensive power generation plant," said a spokesman for Kobe
Steel.


NEC CORPORATION: To Take Stake In Swedish Software Firm
-------------------------------------------------------
In a move that is expected to strengthen their collaboration in
the global enterprise solutions business, NEC Corporation said
Monday it would take on Thursday a 7.7 percent stake in the
Swedish firm Industrial and Financial Systems AB (IFS), reports
The Daily Yomiuri.

In a press conference at the Swedish Embassy in Tokyo, NEC
President Akinobu Kanasugi said, "NEC has a long and successful
relationship with IFS. To date, (NEC has helped) more than 48
customers in the manufacturing sector--31 of them in Japan--to
implement IFS applications at 76 sites," Kanasugi said. He
added, "We want to increase our solution business globally as
part of our growth strategy." He added that the deal would
enhance their partnership to cover joint research and
development, sales and maintenance and support efforts
worldwide.

He said NEC was looking forward to making inroads into the
Chinese and other Asian markets with a particular focus on
Japanese-owned companies there. IFS has offices in 45 countries,
including Japan, where it established IFS Japan in 1997.


NIPPON STEEL: Ordered to Pay Damages to JCP Members
---------------------------------------------------
The Himeji branch of the Kobe District Court has ordered Nippon
Steel Corp. Monday to pay one current and four former employees
a total of JPY15.4 yen in damages for having discriminated
against them because they were members of the Japanese Communist
Party, reports The Japan Times.

The five plaintiffs filed the lawsuit in 1998, claiming that
just because they were Communists, they were prevented from
participating in company events and were later reassigned to
different posts; were poorly rated in their work performance;
did not receive promotions to managerial-level jobs, and
suffered other forms of harassment.

Presiding Judge Seijiro Shimada ruled that the discriminatory
practices against the plaintiffs who worked at the steelmaker's
Hirohata ironworks in Himeji, Hyogo Prefecture caused the them
emotional distress. However, the damages he awarded are a far
cry from the JPY69 million demanded in the lawsuit. The sought
amount was supposed to cover compensation plus an amount
equivalent to the difference in wages between their pay and that
of other employees.


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


HYUNDAI GROUP: Chairwoman Wins Management Battle In Court
---------------------------------------------------------
The widowed chairwoman of the Hyundai Group, Hyun Jeong-Eun, has
won another battle against Chung Sang-Young, her late husband's
uncle, for control of the conglomerate with a court ruling in
her favor, Agence-France-Presse reports.

The Seoul District Civil Court ruled Monday that Kumgang Korea
Chemical Co. (KCC), which was founded by Mr. Chung, cannot
exercise voting rights over a 7.55 percent stake in Hyundai
Elevator and accused KCC of violating market rules when it
purchased shares.

The court's decision reduced the effective stake held by KCC and
its friendly associates in Hyundai Elevator to 24 percent. Ms.
Hyun can command an estimated 40.6 percent of the votes with
support from friendly shareholders.

Ms. Hyun, whose husband committed suicide in September, has been
embroiled in a six-month fight with Mr. Chung.  Hyun controls
the group through a stake of nearly 30 percent in Hyundai
Elevator, the group's holding company. Mr. Chung, on the other
hand, has built up his stake in Hyundai Elevator, vowing to oust
the widow at a shareholders meeting on Tuesday.

Ms. Hyun, backed by minority shareholders, was voted onto
Hyundai Merchant Marine's board last week, winning her first
battle for control of the conglomerate.

Hyundai, once South Korea's largest conglomerate, has shrunk to
become a minor player since the Asian financial crisis of 1997
prompted the spin-off of key auto and shipbuilding units.

It now has five firms -- Hyundai Elevator, Hyundai Merchant
Marine, Hyundai Logistics, Hyundai Securities and Hyundai Asan,
which is engaged in inter-Korean projects in North Korea.


LG CARD: Stocks Dive On First Day Of Trading
--------------------------------------------
LG Card Company's stocks plunged by a 15 percent daily
permissible limit to 1,560 won on its first day of trading after
a three-week suspension, Reuters reports.

Korea's top credit card issuer is faced with a 43 to one capital
write-down. This move is being proposed by creditors to keep the
troubled firm afloat.

Trading of LG Card shares was initially suspended as the
company's debts exceeded assets by the end of 2003.


SSANGYONG MOTORS: Bluestar Again Denies Dropping Bid
----------------------------------------------------
For the second time in a week, China National Bluestar Corp
denied Monday it is giving up on its bid for Ssangyong Motors
Co., despite releasing a statement earlier that formally
announced that they are pulling out from the negotiations, The
Korea Herald reports.

"Bluestar is firmly confident about Ssangyong Motor's
technological competitiveness and market competitiveness after
its advance into China," Susan Cho, Bluestar's vice chairwoman,
said in a statement yesterday. "We make it clear that (Bluestar)
is willing to cooperate for the growth of Ssangyong and continue
our efforts for and interest in promoting bilateral economic
cooperation between China and Korea."

The statement follows a letter by its local financial advisor,
Neoplux Capital, that suggested to reporters that Bluestar
officially dropped its bid for a controlling stake in Ssangyong
Motors, ending three months of negotiations due disagreements
over the cost and other terms.

Bluestar said in an earlier statement it had "no objection" to
Ssangyong creditors' decision last week to cancel the Chinese
company's priority bidder status. "For now, we have no further
plan regarding a takeover of Ssangyong Motors," Bluestar added.
But in the afternoon statement, the Bluestar vice chairwoman
nullified the previous announcement, saying that it did "not
accurately convey the position of Bluestar."

Chung Jin-wook, a Neoplux official, said: "We mean to continue
the deal. We have notified Ssangyong creditors of our intention
and expect to meet next week."

Creditors also did not rule out future negotiations with
Bluestar. "We can either renegotiate with Bluestar after having
a 'cooling period' for a while or launch a new auction after
enhancing Ssangyong's corporate value," said Chun Hyeong-jin, an
official at Chohung Bank, the main creditor of the carmaker. "If
Bluestar accepts our demands of a higher acquisition price and a
letter of endorsement from the Chinese government, we can
discuss the issue again."

In December, Chohung and 27 other local lenders, which have
controlled debt-laden Ssangyong since 1999, named Bluestar the
preferred bidder for at least 49% of the company. The Chinese
company submitted its final bid for Ssangyong to the creditors
last week. According to local media reports, Bluestar is said to
have offered US$600 million to US$700 million, but the lenders
asked the Chinese company to narrow the range of the bid price
and demanded a "support letter" from the Chinese government to
prove that Beijing endorses the deal, while the bidder refused
to do so.


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


AMSTEEL: Receives Cash Payments From Lion
-----------------------------------------
Kindly refer to the announcements made on 9 September 2003, 7
October 2003, 23 October 2003, 5 February 2003, 4 March 2004, 9
March 2004, 19 March 2004 and 25 march 2004 by Amsteel
Corporation Berhad and its adviser, Public Merchant Bank Berhad.

The Company wishes to announce that pursuant to the Parkson
Supplemental Agreement, Amsteel (as nominee for the Amsteel
Group Vendors and Lion Asia Investment Pte Ltd) on 26 March 2004
received the following from Lion Diversified Holdings Berhad:

i. the cash payment of RM142.83 million; and

ii. cash payment of RM2.78 million as settlement of the
net inter-company balance due to and owed by the Parkson
Retail Group to the vendors and their related companies as
of 29 February 2004.

Unless otherwise stated, defined terms used in this announcement
shall carry the same meaning as defined in previous
announcements.

This Kuala Lumpur Stock Exchange announcement is dated 26 March
2004.


ANSON PERDANA: Granted Regularization Plan Extension
----------------------------------------------------
Anson Perdana Berhad posted the following notice on the Kuala
Lumpur Stock Exchange on 26 March 2004.

1. INTRODUCTION

On 4 February 2004, Anson Perdana Berhad (Anson) announced
that that Malaysia Securities Exchange Berhad (MSEB) has
approved an extension of time of two (2) months from 28
January 2004 to 28 March 2004 to enable the Company to
make the Requisite Announcement on its regularization
plan. Anson further announced that the Company had yet to
finalize a plan to regularize its financial condition.

Further to the announcement, the Company would like to
announce that on 26 March 2004, Anson has entered into an
MOA with the above Vendors with a view to commence
negotiations, finalize and conclude within sixty (60)
days, the terms of the Proposed Acquisition for the
purposes of the Proposed Restructuring Scheme.

Anson has applied to MSEB for a further extension of time
to make the Requisite Announcement on the Proposed
Restructuring Scheme. A reply from MSEB is pending.

2. THE PROPOSED ACQUISITION

The Proposed Acquisition involves the acquisition of the entire
issued and paid-up capital of Compugates (Sale Shares) by Anson
from the Vendors for a purchase consideration to be agreed upon
and subject to the terms contained in the MOA and such other
terms and conditions as the parties may mutually agree upon.

Compugates is principally a group of companies that deals
through a network of 2,000 dealers in the IT computer, photo,
consumer electronic business and mobile dealers.

3. SALIENT TERMS OF THE MOA

The salient terms of the MOA are as follows:


(a) The parties to the MOA have mutually reached a broad
understanding that the Vendors will sell and a new Holding
Company (NewCO) will purchase the Sale Shares at a
purchase consideration to be agreed upon between the said
parties.

(b) The purchase consideration of the Proposed Acquisition
shall be satisfied by the issuance of such number of new
ordinary shares in NewCo at an issue price of RM1.00 or
such other price as the parties may mutually agree upon.

(c) The parties will take all necessary actions to execute
a share sale agreement (Conditional SSA) upon the terms
and subject to the conditions as may be mutually agreed
upon by the parties before expiry of the MOA.

(d) The Conditional SSA shall, inter alia, be conditional
upon the following conditions having been fulfilled:

(i) satisfactory results of the due diligence on
Compugates;

(ii) satisfactory results of the due diligence on
Anson;

(iii) the approval of the Securities Commission;

(iv) the approval of the Foreign Investment
Committee;

(v) the approval of the Kuala Lumpur Stock Exchange;

(vi) the approval of the Board of Directors and
shareholders of Anson, subject to the terms and
conditions of the Conditional SSA;

(vii) the approval of the Board of Directors of the
Vendors and Compugates, subject to the terms and
conditions of the Conditional SSA;

(viii) all other requisite approvals including but
not limited to any approval of regulatory bodies
being obtained in connection with the Proposed
Acquisition and Proposed Restructuring Scheme.

(e) During the period between the date of the execution of
the MOA until its expiry 2 months later, (Exclusivity
Period), the Vendors and the Company will refrain from
selling, transferring or disposing the Sale Shares or any
part thereof to any person other than Anson and will also
refrain from negotiating, initiating or taking any step
with a view to negotiate with any third party for any
purpose in relation to the sale and purchase of the Sale
Shares. Notwithstanding this, either party may terminate
the MOA if an in principle agreement with the Company's
creditors is not reached within 60 days from the date of
execution of the MOA

4. EFFECTS OF THE PROPOSED ACQUISITION

The effects of the Proposed Acquisition will be announced
upon finalization of the terms and conditions of the
Proposed Acquisition and Proposed Restructuring Scheme.

5. DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

At present, to the best of the knowledge and belief of the
Board of Directors of Anson, none of the Directors,
substantial shareholders or persons connected with them
has any interest, direct or indirect, in the Proposed
Acquisition.

6. INSPECTION OF DOCUMENT

The MOA will be available for inspection at the Company's
registered office during normal business hours for a
period of two (2) weeks from the date of this
announcement.

7. ANNOUNCEMENT UPON EXECUTION OF AGREEMENT

A detailed announcement will be made upon the execution of
the Conditional SSA in respect of the Proposed
Acquisition.


BERJAYA SPORTS: Listing New Shares
----------------------------------
Kindly be advised that Berjaya Sports Toto Berhad's additional:

(i) 3,547,700 new ordinary shares of RM1.00 each arising
from the conversion of RM3,547,700 nominal amount of 8%
irredeemable convertible unsecured loan stocks 2002/2012;
and

(ii) 133,880 new ordinary shares of RM1.00 each pursuant
to the Staff Share Option Scheme,

will be granted listing and quotation effective 9 am, Tuesday
30 March 2004.

This Kuala Lumpur Stock exchange announcement is dated 26 March
2004.


BERJUNTAI TIN: Changes Company Name
-----------------------------------
Kindly be advised that Berjuntai Tin Dredging Berhad has changed
its name to Integrated Rubber Corporation Berhad. As such, the
Company's shares will be traded and quoted under the new name
effective 9 am, Tuesday 30 March 2004.

The new Stock Short Name will be changed as follows:

Securities:  Old Stock Short Name: New Stock Short Name:

Ordinary Shares  BJUNTAI   IRCB

The Stock Number remains unchanged.

This Kuala Lumpur Stock Exchange announcement is dated 26 March
2004.


BOUSTEAD HOLDINGS: Listing New Shares
-------------------------------------
Kindly be advised that Boustead Holdings Berhad's additional
277,000 new ordinary shares of RM0.50 each issued pursuant to
the Bstead-Employees' Share Option Scheme will be granted
listing and quotation effective 9 am, Tuesday 30 March 2004.

This Kuala Lumpur Stock Exchange announcement is dated 26 March
2004.


BRIDGECON HOLDINGS: Reveals Results of Investigative Audit
----------------------------------------------------------
Further to the announcement dated 30th December 2002 in relation
to the Securities Commission's (SC) requirement to appoint an
independent audit firm to conduct an investigative audit on the
past losses of Bridgecon Holdings Berhad (BHB), and to make the
appropriate announcements on the findings of the report that was
submitted to the SC.

On behalf of BHB, we wish to announce that the Investigative
Auditor, namely Messrs Monteiro & Heng on 25th March 2004
completed and submitted two (2) copies of the investigative
report to the SC. Based on the report, the causes of the losses
experienced by BHB and its group of companies may be summarized
as follows:

- Increase in finance costs due to the increase in bank
borrowings. The bank borrowings were utilized to fund working
capital requirements and acquisitions of shareholdings in
subsidiaries;

- Forfeiture of deposit totaling RM21.841 million in financial
year ended 31 December 1999 in respect of BHB's proposed
acquisition of two pieces of freehold land in Sungei Tinggi;

- Diminution in value of investment in subsidiaries after
acquisition due to poor financial performance of the same;

- Provision for doubtful debts from trade debtors and
subsidiaries;

- Increase in bankers' acceptance, bank borrowings and other
finance costs. The bankers' acceptance and bank borrowings were
utilized to fund working capital requirements;

- Increase in provision for doubtful debts of amounts owing by
third parties and subsidiary companies; and

- Depreciation charges on fixed assets.

This Kuala Lumpur Stock Exchange announcement is dated 26th
March 2004.


HAP SENG: Announces Buy Back Of Shares
--------------------------------------
Hap Seng Consolidated Berhad posted on 26 March 2004 on the
Kuala Lumpur Stock Exchange the following announcement with
regards to the buy back of shares:

Date of Buy Back:    26 March 2004

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

Total Number of Shares Purchased
(units): 67,700

Minimum Price Paid for each share
Purchased: 2.860

Maximum Price paid for each share
Purchased: 2.890

Total consideration paid (RM): 196,051.62

Number of shares purchased
Retained in treasury (units): 67,700

Number of shares purchased
Which are proposed to be
Cancelled (units): 0

Cumulative net outstanding
Treasury shares as at to-date
(units): 32,837,600

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

Remarks:
Cc: Securities Commission


INTAN UTILITIES: Reveals Borrowings Pursuant To PN 1/2001
---------------------------------------------------------
Further to the announcement dated 27 February 2004 and pursuant
to Paragraphs 9.02 and 9.04(1) of the Listing Requirements and
Practice Note No. 1/2001, the Board of Directors of Intan
Utilities Berhad wishes to announce the summary of the
borrowings in default and the steps taken to address the
defaults by IDS Electronics Sdn Bhd and IDS Technology Sdn Bhd,
69 percent effectively-owned subsidiaries of Intan utilities
Berhad.

For full details of the summary, click on the following link:

http://bankrupt.com/misc/Intansummary310304.doc


MALAYSIA MINING: Disposes of 32M Sime Darby Shares
--------------------------------------------------
The Edge Daily reports that Malaysia Mining Corporation Berhad's
unit has disposed of 32 million shares in Sime Darby Bhd. These
were sold off to Employees Provident Fund Board (EPF) for
RM177.60 million or RM5.55 per share.

MMC said in a statement that the selling price of RM5.55 on 29
March was a discount of about 8.9 percent from the five-day
volume weighted average market price of RM6.09 per share.

In the 29 March statement, Malaysia Mining added that the
average cost of investment of the Sime Darby shares, which were
acquired in August 1981, was RM66.4 million.

"The entire proceeds from the disposal, net of estimated
expenses incurred for the disposal, of RM174.50 million) will be
utilized to partially repay bank borrowings of MMC," the
statement said.

The Daily Edge also reports that much of Malaysia Mining's long-
term debts was tied to its 51 percent owned subsidiary, the Port
of Tanjong Pelepas, which the Company acquired from Syed Mokhtar
in late 2002.

MMC said the disposal of the Sime Darby shares was in line with
the Company's overall objective of disposing some of its non-
strategic assets.


NCK CORPORATION: Subsidiary Told To Pay Up
------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed)(NCK)
wishes to announce that Messrs Prem & Chandra, on behalf of
Vimala Rani a/p Ganeson on 26 March 2004 served a Notice
pursuant to Section 218 of the Companies Act, 1965 on NCK
Development Sdn Bhd (NCKD), a subsidiary of NCK pursuant to the
Judgement of Court dated 28 August 2002.

According to the Notice, NCKD is required to pay to Vimala Rani
a/p Ganeson the sum of RM606,413.06 (being an amount made up of
a principal sum of RM320,000.00, interest at the rate of 10
percent per annum on a bank loan of RM200,000.00 from 25 March
1997 to date of judgement, liquidated damages amounting to
RM106,234.62, and further liquidated damages calculated at 10
percent of RM400,998.92 from 16 November 2000 to date of
judgement) together with interest on the judgement sum at the
rate of 8 percent per annum from the date of judgement until
date of full realization and costs amounting to RM225.00 within
twenty-one (21) days from the date of receipt of this Notice,
failing which NCKD shall be deemed to be unable to pay the debt
and appropriate action will be taken for the winding-up of NCKD.

The above action arose from the non-completion of the Sale and
Purchase Agreement dated 25 March 1997 between NCKD and Vimala
Rani a/p Ganeson for a property unit of a development project
known as Rachado Bay Resort situated at Port Dickson, Negeri
Sembilan.

The Management is seeking legal advice and will take appropriate
actions to resolve the matter.

Please note that an earlier Notice pursuant to Section 218 of
the Companies Act, 1965, served on NCKD by Messrs Selvam
Shanmugam & Partners, on behalf of Vimala Rani a/p Ganeson
(refer to announcement dated 22 July 2003) was defective.

Please note that Messrs Prem & Chandra, on behalf of Vimala Rani
a/p Ganeson on 8 September 2003 served on NCKD a similar Notice
pursuant to Section 218 of the Companies Act, 1965 on the same
matter which had been announced on the even date.

This Kuala Lumpur Stock Exchange announcement is dated 26 March
2004.


UCP RESOURCES: Updates Corporate and Debt Restructuring Info
------------------------------------------------------------
For consistency, the abbreviation used throughout this
announcement shall have the same meaning as previously defined
in UCP Resources Berhad's announcements dated 29 October 2002,
31 December 2002, 16 January 2003 and 15 August 2003.

The Securities Commission (SC) approved the Proposed Corporate
and Debt Restructuring Scheme vide its letter dated 18 July 2003
subject to certain conditions which were stated in Paragraph 4
of the SC's letter (Approval Letter).

Paragraph 4(xi) of the Approval Letter states that irrevocable
profit guarantees must be made available to guarantee the profit
after taxation of JMR, LSC and the JCB Group for financial years
ending 2004, 2005 and 2006 (as details in Table 1 herein).

Public Merchant Bank Berhad (PMBB), on behalf of UCP and JCB,
wishes to announce that JMR Consolidated Holdings Sdn Bhd
(formerly known as Synergy Harvest Sdn Bhd) has vide its letter
to JCB, provided an unconditional and irrevocable guarantee to
JCB stating that the profit after taxation of each of JMR, LSC
and the JCB Group derived from their respective businesses (the
Guaranteed Profit(s)), in the aggregate shall not, for each of
the financial years ending 31 March 2004, 2005 and 2006 be less
than that disclosed in Table 1 herein. In the event that either
the JCB Group (including JMR and LSC) and/or JMR and/or LSC
fails to achieve the Guaranteed Profit(s) as disclosed in Table
1 herein for any of the financial years ending 31 March 2004
and/or 31 March 2005, then the shortfall for each of the
respective financial years shall be carried forward to and added
onto the Guaranteed Profit(s) for the succeeding financial year.

In addition, PMBB on behalf of UCP, is pleased to announce the
following:

(i) UCP, JCB and the scheme creditors of UCP, have mutually
agreed to extend the period in which all conditions precedent
pursuant to the Debt Settlement Agreement be fulfilled to 30
April 2004; and

(ii) UCP and the White Knights have mutually agreed to extend
the period in which all relevant approvals for the Proposed
Corporate and Debt Restructuring Scheme shall be obtained to 31
May 2004.
Table 1: Details of Profit Guarantees
Financial Year
Ending 31 March  2004  2005  2006
    (RM)  (RM)  (RM)
JMR    5,742,149 7,320,421 9,060,266
LSC    1,784,487 1,801,537 2,007,407
JCB Group (including
JMR and LSC)  6,854,000 9,103,000 12,330,000
This Kuala Lumpur Stock Exchange Announcement is dated 27 March
2004.

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


ABS-CBN BROADCASTING: Issues Correction on Date of Report
---------------------------------------------------------
ABS-CBN Broadcasting Corp. submits to the Philippine Stock
Exchange a copy of the amended SEC Form 17-C regarding the
company's correction on the date of the report from February 27,
2004 to March 10, 2004.  The meeting of the Board of Directors
set forth in the Report was held on March 10, 2004, and not
February 27, 2004, as erroneously indicated in the original
report.

To view full copy of this press release, click
http://bankrupt.com/misc/abs-cbn033004.pdf


BACNOTAN CONSOLIDATED: Unveils Results of Meeting
-------------------------------------------------
Bacnotan Consolidated Industries, Inc. submitted to the
Philippine Stock Exchange the result of the regular meeting of
the Board of Directors held on Monday, March 29, 2004.  The
Board:

(1)  Approved the holding of the company's annual
shareholders meeting for 2004 on May 20, 2004 at 4:00 p.m.
at the Makati Shangri-La, Paranaque A & B, Ayala Avenue,
Makati City and set the record date of April 20, 2004 for
purposes of that meeting.

(2)  Approved an amendment to By-Laws that is being
required pursuant to SEC Memorandum Circular No. 16,
Series of 2002 re: Independent Directors; and

(3)  Approved an amendment to the Manual on Corporate
Governance as directed by the Philippine Stock Exchange
re: Disclosure System


DIGITAL TELECOMMUNICATIONS: Sets Annual Stockholders Meeting
------------------------------------------------------------
Digital Telecommunications announces to the Philippine Stock
Exchange that the company's Annual Stockholder's Meeting is
scheduled on May 31, 2004, Monday at 10 a.m. which will be held
at the Amorsolo Ballroom of Holiday Inn Galleria Manila.

Please be advised also that the record date for stockholders is
April 15, 2004.

To view full copy of the press release, click
http://bankrupt.com/misc/DIGITALTELECOMMUNICATIONS033004.pdf


MANILA ELECTRIC: Issues Notice of Stockholders Meeting
------------------------------------------------------
Notice is hereby given to the Philippine Stock Exchange that the
Annual Meeting of Stockholders of Manila Electric Co. (Meralco)
will be held at The Meralco Theater, Lopez Building, Ortigas
Avenue, Pasig City on Tuesday, May 25, 2004, at 9 a.m. with the
following agenda:

(1) Call to Order

(2) Certification of Notice and Quorum

(3) Approval of the Minutes of the Annual Meeting of
Stockholders held on June 24, 2003

(4) Annual Report of the President

(5) Approval of the 2003 Audited Financial Statements

(6) Ratification of the Acts of the Board of Directors and
Management during the year 2003

(7) Appointment of Independent Auditors

(8) Election of Directors for the ensuing year

(9) Other business that may properly be brought before the
meeting

(10) Adjournment

Minutes of the 2003 Annual Meeting of Stockholders will be
available for examination during office hours at the Office of
the Corporate Secretary.

The Board has fixed the close of business on March 1, 2004 as
the record date for the determination of stockholders entitled
to notice of, and to vote at, the meeting. The stock and
transfer books of the Company will not be closed.

In accordance with Article I, Section 3 of the Company's By-
Laws, for purposes of election to the Board of Directors, any
instrument authorizing a proxy to act shall be submitted to and
received at the principal office of the corporation on or before
May 15, 2004, 5 p.m., addressed to the attention of the
Corporate Secretary.

Registration will start at 7: 30 a.m. Please bring this notice
and any form of identification such as driver's license, TIN
card, passport, etc. to facilitate registration.
Pasig City, March 3, 2004


MANILA ELECTRIC: Submits SEC Form 20-IS
---------------------------------------
Further to Circular for Brokers No. 332-2004 dated January 26,
2004, Manila Electric Company furnished the Exchange a copy of
its SEC Form 20-IS (Definitive Information Statement) in
connection with its Annual Stockholders' Meeting which will be
held on May 25, 2004, at 9 a.m. at the Meralco Theater, Lopez
Building, Ortigas Avenue, Pasig City.

As previously announced, "(t)he Board has fixed the close of
business on March 1, 2004 as the record date for the
determination of stockholders entitled to notice of, and to vote
at, the meeting. The stock and transfer books of the Company
will not be closed."

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

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: Government Puts Deal on Hold
--------------------------------------------
The government has put on hold the agreement between Maynilad
Water Services Inc. and Metropolitan Waterworks and Sewerage
System (MWSS) even as an opposition senatorial candidate filed a
plunder case against President Arroyo in connection with the
government's takeover of Maynilad, The Philippine Star reports.

MWSS legal adviser, Justice Undersecretary Manuel Teehankee said
they will consult the Department of Finance, National Economic
and Development Authority and the Securities and Exchange
Commission for the improvement of the agreement.

Consumers from the west portion of Metro Manila, the utility
firm's service grid and Maynilad employees will also be
consulted to ensure that the agreement will be understood by all
concerned parties.

The terms of the agreement will be disclosed to the public to
provide transparency of the matter so that there would be no
speculations of "bailout" or "sweetheart deal," Mr. Teehankee
said.

"As soon as we are able to get the necessary permission (from
the court), we will make public all the terms of Amendment No. 2
(within a day or two)," Mr. Teehankee added.

The court gave interested parties 20 days, starting March 24, to
submit comments and another five days for the government and
Maynilad to submit their reply.


NATIONAL STEEL: Sale Could Be Ineligible For SPVA Perks
-------------------------------------------------------
The Philippine Star reports that the Bangko Sentral ng Pilipinas
(BSP) is not likely to qualify the debt-for-equity swap between
the National Steel Corp. and its bank creditors for incentives
under the Special Purpose Vehicle Act (SPVA), sources said on
Monday, 29 March

The transaction, according to sources, is not likely to be
eligible for the tax breaks and other incentives that the SPVA
offers because it is not a "true sale" of the NSC's bad debts.
NSC's loans are registered as qualified bad loans under the
SPVA registry of the BSP but the sale of the bad loans did not
involve the creation of an asset management company since it
was basically a partial bailout by a new investor, the Global
Infrastructure Holdings Inc. (GIHLI).

According to sources, the NSC has asked the BSP to allow its
creditor banks to avail themselves of incentives, including the
staggered booking of the company's losses arising from the sale
of its bad loans. However, the transaction was not a
straightforward sale and therefore might not qualify for these
incentives.

Sources inside the BSP said NSC's application for SPVA
incentives is still under review.

A bank official said NSC's creditors are urging GIHLI
to just reopen NSC and resume its operations while the
incentives are being sorted out. To reopen the plant, the amount
needed is estimated at PHP15 million. Maintenance of the plant
alone, according to sources, costs NSC at least PHP2 million
monthly.

GIHLI increased its original purchase price of NSC from
PHP11.905 billion to PHP12.250 billion, an offer that ultimately
compelled the creditors to enter into an agreement with the
group.


NEGROS NAVIGATION: Unveils Results of Directors Meeting
-------------------------------------------------------
Negros Navigation disclosed to the Philippine Stock Exchange
that at the Special Board Meeting of Directors on March 29,
2004, which at least a majority of the members of the Board of
Directors were present and acting throughout, the board approved
the following matters:

(a) The acceptance of the resignation of Mr. Enrique G. Filamor
as Director of the Corporation, effective immediately;

(b) The appointment of Mr. Jose Ma. K. Lim as Director of the
Corporation to replace Mr. Enrique G. Filamor, effective
immediately.

The company is making this disclosure in compliance with the
Continuing Listing Requirements of the Philippine Stock
Exchange.

For and on behalf of
Negros Navigation Co.

Virgenito C. Torcal
Corporate Information Officer

To view full copy of this press release, click
http://bankrupt.com/misc/NEGROSNAVIGATION033004.pdf


NEGROS NAVIGATION: Files Petition for Corporate Rehabilitation
--------------------------------------------------------------
Negros Navigation Company Inc. (Nenaco), in the attached Press
Release dated March 29, 2004, informed the Philippine Stock
Exchange that:

It has filed a petition with the Manila Regional Trial Court
to enter into a corporate rehabilitation program with a prayer
for an immediate suspension of debt payments. Approval for the
filing was unanimously given by Nenaco's Board of Directors at
a special meeting held Monday morning.

Pursuant to Article XIII, Section 2 of the Amended Listing and
Disclosure Rules of the Exchange:

Criteria for Delisting - A listed company that is experiencing
one of the following conditions shall be considered for
delisting:

( e) Whenever liquidation of the listed company's assets has
been authorized, or dissolution of the listed company has
been ordered by any competent authority. An announcement
by the listed company of an intent to file, or the actual
filing of, proceedings for suspension of payments or under
the Insolvency Law, or the listed company otherwise
becomes the subject of legal proceedings under the
Insolvency Law shall merit an immediate suspension of the
trading of security(ies) of the listed company.

To view full copy of the press release, click
http://bankrupt.com/misc/NEGROSNAVIGATION033004.pdf


PHILIPPINE LONG: Appoints Shigeru Yoshida as Director
-----------------------------------------------------
Philippine Long Distance Telephone Co. disclosed to the
Philippine Stock Exchange the Board of Directors meeting held on
March 30, 2004 that Mr. Taketo Suzuki tendered his resignation
from his directorship in the Company, effective at the close of
Business on March 30, 2004.

The resignation of Mr. Taketo Suzuki is not expected to have any
significant impact on the Company's current or future
operations, financial position or results of operation.

At the same meeting, the Board elected Mr. Shigeru Yoshida to
succeed Mr. Suzuki as director of the company, effective March
31, 2004.


UNIVERSAL RIGHTFIELD: Submits Copy of Rehabilitation Plan
---------------------------------------------------------
Universal Rightfield Property Holdings, Inc. furnished the
Philippine Stock Exchange a copy of the Rehabilitation Plan
submitted to the Regional Trial Court of Mandaluyong City,
Branch 214, relative to the Petition For Corporate
Rehabilitation filed by D.M. Consunji, Inc., one of its
creditors, and its plan to address its capital deficiency.

However, the Company, in its letter dated March 25, 2004,
advised the Exchange that:

-said Rehabilitation Plan is subject to the approval of
the court and shall not constitute as the business plan of
the Corporation required by the Exchange, but the same,
once approved, may be used as pattern thereof.

A copy of the Rehabilitation Plan shall be made available for
reference at the PSE Centre and PSE Plaza Libraries.

The company shall inform the Trading Participants and the
investing public of further developments on the aforementioned
matter.

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


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


ABRAM CONSULTING: Court Sets Date for Petition Hearing
------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Abram Consulting and Advisory Pte Ltd by the High Court was on
12 March 2004 presented by SC Auto Industries Pte Ltd of 51
Senoko Road, Singapore 758133, a Judgment Creditor, and that the
said Petition is directed to be heard before the Court sitting
at the High Court of Singapore at 10 am on Friday, 16 April
2004. And any creditor or contributory of the said Company
desiring 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.

The Petitioner's address is 51 Senoko Road, Singapore 758133.

The Petitioner's solicitors are ComLaw LLC of 65 Chulia Street,
#43-03 OCBC Centre, Singapore 049513.

Dated 23 March 2004

COMLAW LLC
Solicitors for the Petitioner

Note: Any person who intends to appear at the hearing of the
said Petition must serve on send by post to the above named
ComLaw LLC of 65 Chulia Street, #43-03 OCBC Centre, Singapore
049513, a notice in writing of his intention to do so. The
notice must state the name and address of the person or firm, or
his or their solicitor (if any) and must be signed by the person
or form, 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 12 noon on 15 April 2004 (the day
before the day appointed for the hearing of the Petition).

This Singapore Government Gazette announcement is dated 26 March
2004.


ASIA PULP: Delays Restructuring Plan
------------------------------------
Asia Pulp and Paper Company, the world's tenth largest paper
producing company said on Tuesday, 30 March that it will have to
delay plans to sign a US$6.7 billion restructuring agreement
with its creditors, the Associated Press reports.

Asia Pulp and Paper Company, which is a Singapore-incorporated
company with operations in Indonesia and China, planned to
conclude a formal agreement with creditors at the end of this
month.

Company spokesman Ghandi Sulistyo says that the company is now
hoping to reach an agreement by May 30. He adds that the delays
are due to legal and administrative constraints.

Asia Pulp stopped repaying its US$13.9 billion debt owed to
creditors worldwide including hundreds of banks, bondholders and
pension funds three years ago. The sheer size of the debt makes
Asia Pulp one of the world's largest corporate debtors.

In October, the company signed a debt agreement with creditors
holding 40 percent of the US$6.7 billion owed by its Indonesian
affiliates. The company needs to get creditors with two-thirds
of the debt to support the plan to put it into effect.

As the agreement specified that Asia Pulp would not have to
repay some of the money owed for more than two decades, it was
rejected by many creditors as too lenient on the Company.

In the creditors in the United States, including fund managers
and the U.S. Export-Import Bank, have taken legal action against
Asia Pulp & Paper in a bid to get repaid. They are complaining
that the company is not repaying creditors and is yet planning
to expand operations in China.


DIAMOND HILL: Issues Notice Of Creditors' Meeting
-------------------------------------------------
Notice is hereby given that pursuant to section 268(3)(b) of the
Companies Act (Cap. 50, 1994 Ed)(the Act), a meeting of the
creditors of Diamond Hill Holdings Pte Ltd (In Liquidation) will
be held at 16 Raffles Quay, #22-00 Hong Leong Building,
Singapore 048581 on 13 April 2004 at 3 pm for the purpose of:

a) Presenting a statement of all the Company's receipts
and payments during the period of liquidation;

b) Passing a resolution under section 268(3)(d) of the
Companies Act (Cap.50, 1994 Ed) to consent to the amount
of the liquidators' remuneration;

c) Resolving under section 320(3) of the Act that the
books, accounts and documents of the Company and
liquidators may be disposed off after the dissolution of
the Company; and

d) Any other business.

To entitle you to vote thereat, your proof of debt must be
lodged at the office of 16 Raffles Quay, #22-00 Hong Leong
Building, Singapore 048581 not later than 4 pm on 12 April 2004.

Dated 26 March 2004.

Hamish Christie
Joint and Several Liquidator

Note: Creditors may vote either in person or by proxy. Proxies
must be lodged at the office of 16 Raffles Quay, #22-00 Heong
Leong Building, Singapore 048581 not later than 4 pm on 12 April
2004 or not later than 4 pm on the day before any adjourned
meeting thereof.

This Singapore Government Gazette announcement is dated 26 March
2004.


HONG LEONG: Fit To Take On New IPOs Again
-----------------------------------------
With the measures put in place by its Corporate Finance
Department to tighten its management of initial public
offerings, Hong Leong Finance has been given the go-signal by
the Singapore Stock Exchange to take on new IPOs again, reports
Channel News Asia.

In a report submitted to the Exchange, Hong Leong reviewed its
internal process and control systems, and outlined the measures
it will implement.

For the past three months, Hong Leong has agreed not to take on
new IPOs, not with the way it handled the IPO of China-based
textile fiber maker Fibrechem Technologies.


HO WAH: Hearing for Winding Up Petition Set
-------------------------------------------
Notice is hereby given that a Petition for the Winding Up of Ho
Wah Genting International Limited by the High Court was on 18
March 2004 presented by United Overseas Bank Limited the
successor-in-title to Industrial and Commercial Bank Limited of
80 Raffles Place, UOB Plaza 1, Singapore 048624, a Creditor, and
that the said Petition is directed to be heard before the Court
sitting at the High Court of Singapore at 10 am on Friday, 16
April 2004. And any creditor or contributory of the said Company
desiring 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.

The Petitioner's address is 80 Raffles Place, UOB Plaza 1,
Singapore 048624.

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

Dated 23 March 2004

Drew and Napier LLC
Solicitors for the Petitioner

Note: Any person who intends to appear at the hearing of the
said Petition must serve on send by post to the above named Drew
and Napier LLC  a notice in writing of his intention to do so.
The notice must state the name and address of the person or
firm, or his or their solicitor (if any) and must be signed by
the person or form, 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 12 noon on 15 April 2004
(the day before the day appointed for the hearing of the
Petition).

This Singapore Government Gazette Announcement is dated 26 March
2004.


I. CRAFTERS: Issues Notice To Creditors
---------------------------------------
Notice is hereby given that the creditors of I. Crafters Pte Ltd
(In Members' Voluntary Liquidation), which is being wound up
voluntarily are required on or before 26 April 2004 to send in
their names and addresses and particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to the undersigned, the Liquidator of the said Company. And if
so required by notice in writing by the said Liquidator is, by
their solicitors or personally, to come in and prove their debts
or claims at such time and place as shall be specified in such
notice, or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

Dated this 26th day of March 2004.

Koh Yeo Liong
Liquidator
C/o 18 Cross Street
#08-01 Marsh and McLennan Centre
Singapore 048423

This Singapore Government Gazette announcement is dated 26 March
2004.


INTRACO LIMITED: Voluntary Liquidation of Dormant Subsidiary
------------------------------------------------------------
Intraco Limited wishes to announce that Etraco Pte Ltd, a
dormant subsidiary of the Company, has been placed in members'
voluntary liquidation on 26 March 2004.

The above liquidation is not expected to have any material
impact on the net tangible assets and earnings per share of the
Intraco Group for the financial year ending 31 December 2004.

By Order of the Board

Lu Ling Ling
Company Secretary

Submitted by Lu Ling Ling, Company Secretary on 29 March 2004 to
the SGX.


NEPTUNE ORIENT: Freight Rates Up Over Last Year
-----------------------------------------------
Neptune Orient Lines of Singapore says its freight rates rose 16
percent in the four weeks to March 5 from a year earlier,
Channel News Asia reports.

Enjoying strong business shipping goods in and out of China as
it rides the global economic upturn, Singapore's largest
shipping line also says its average charge for shipping a 40-
foot container rose to around S$4,300 in this period. It also
carried 15 percent more cargo.


OS INTERNATIONAL: Hearing for Winding Up Petition Scheduled
-----------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of OS
International Pte Ltd by the High Court was on 15 March 2004
presented by United Overseas Bank Limited, a bank incorporated
in the Republic of Singapore and having its registered office at
80 Raffles Place, UOB Plaza, Singapore 048624, a Creditor, and
that the said Petition is directed to be heard before the Court
sitting at the High Court of Singapore at 10 am on Friday, 16
April 2004. And any creditor or contributory of the said Company
desiring 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.

The Petitioner's address is 80 Raffles Place, UOB Plaza,
Singapore 048624.

The Petitioner's solicitors are Messrs. Rajah and Tann of 4
Battery Road, #15-01 Bank of China Building, Singapore 049908.

Dated 23 March 2004

Messrs. Rajah and Tann
Solicitors for the Petitioner

Note: Any person who intends to appear at the hearing of the
said Petition must serve on send by post to the above named
Messrs. Rajah & Tann of 4 Battery Road, #15-01 Bank of China
Building, Singapore 049908, a notice in writing of his intention
to do so. The notice must state the name and address of the
person or firm, or his or their solicitor (if any) and must be
signed by the person or form, 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 12 noon
on 15 April 2004 (the day before the day appointed for the
hearing of the Petition).

This Singapore Government Gazette announcement is dated 26 March
2004.


POPULAR HOLDINGS: Net Profit For Q3 Falls to S$9.8M
---------------------------------------------------
Despite a turnover nudging up 0.7 percent to S$106 million, Book
publisher and retailer Popular Holdings says its third quarter
net profit fell 14 percent to S$9.8 million, Channel News Asia
reports.

The company says the lower earnings are due to seasonal
fluctuations as a result of store closure and delayed delivery
of books in Hong Kong during the Lunar New Year festive season
in January.

The company's third quarter ends on January 31. Last year, the
Lunar New Year fell in February, instead of January. This timing
difference, says Popular, has a S$1 million impact on pre-tax
profit.


SAFE SUPERSTORE: Company Appoints Liquidator
--------------------------------------------
Safe Superstore Holdings Pte Ltd wishes to announce that a
Liquidator has been appointed in the matter of the Winding Up
Order made on 12 March 2004.

Name of Address of Liquidator:

The Official Receiver
45 Maxwell Road
#05-11/#06-11
The URA Centre (East Wing)
Singapore 069118

Engelin Teh Practice LLC
Solicitors for the Petitioner

This Singapore Government Gazette announcement is dated 26 March
2004.


SINGAPORE PETROLEUM: To Issue US$184M In Bonds For Expansion
------------------------------------------------------------
As part of its expansion plans, Singapore Petroleum Company is
proposing to issue bonds worth US$184 million, or over S$310
million to fill its war chest, Channel News Asia reports.

As it aims to become a more integrated oil and gas company both
in Singapore and in the Region, SPC is on the acquisition trail,
buying an extra one-third stake in Singapore Refining Co for
around S$240 million and considering whether to buy BP's petrol
stations here. It is also participating in the Asia gas grid and
a pipeline to Indonesia.


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


EASTERN WIRE: Posts Changes in Shareholders Registration Book
-------------------------------------------------------------
Eastern Wire Public Company Limited previously submits to the
Stock Exchange of Thailand the information of the Boards
Resolution No.1/2004 for the closing date of the shareholders
registration book for the rights to attend the ordinary Meeting
of Shareholders 2004.

According to the rules and regulations of the Stock Exchange of
Thailand, the Company would like to change the closing date of
the shareholders registration from "the closing date of the
shareholders registration book for the rights to attend the
ordinary Meeting of shareholders 2004 shall be on April 19, 2004
at 12:00 p.m. until the meeting is adjourned.  To the closing
date of the shareholders registration book for the rights to
attend the ordinary Meeting of shareholders 2004 shall be on
April 12, 2004 at 12:00 p.m. until the meeting is adjourned."

Please be informed accordingly
Yours Sincerely,
(Mr.Phiraphan Phalasuk)
Chairman of The Bord


SIAM SYNTEC: Details Board of Directors Meeting
-----------------------------------------------
Siam Syntech Construction PCL announces to the Stock Exchange of
Thailand the detail of the resolutions of the Board of Directors
Meeting No. 4 /2004, held on 26 March 2004.

(1) Adoption of the Minutes of the Board of Directors Meeting
No. 3/2004.

(2) Approval of the Form of Annual Information Program (56-1).

(3) Approval for submission to the Shareholders meeting for
adoption and approval of the Balance Sheet and Profit and Loss
Accounts of the
Company for the fiscal year ended 31 December 2003.

(4) Approval for submission to the Shareholders meeting for
acknowledgement of non-payment of dividends for the performance
results of the fiscal year 2003, due to the existence of
accumulated losses.

(5) Approval for submission to the Shareholders' meeting for
consideration of re-appointing

(1) Mrs. Sawang Mankongchareon
(2) Mrs. Angsana Weerachatsakul
(3) Mr. Somchai Sirilertpanich and Miss Manee Vorakitti,

being the directors due to retire by rotation in this occasion,
to their offices as directors of the Company for another period.

(6) Approval for submission to the Shareholders meeting for
consideration of appointing Mr. Nirand Lilamethwat  or Mr.
Narong Luktharn, the Auditors of KPMG Phoomchai Audit Ltd., as
the auditors of the Company for the fiscal year 2004, and fixing
the remuneration of the auditors.

(7) Approval for submission to the Shareholders meeting for
consideration and approval of an amendment of Clause 1 of the
Memorandum of Association of the Company regarding the change of
the Company name to read as follows:

Clause (1) Name of the Company is "Syntec Construction
Public Company Limited."

(8) Approval for submission to the Shareholders meeting for
consideration and approval of an amendment of Articles 1, 2 and
56 of the Articles of Association of the Company to read as
follows:

Article (1) These Articles shall be called the Articles of
Syntec Construction Public Company Limited.

Article (2) The word of "Company" herein after referred to
shall mean Syntec Construction Public Company Limited.

Article (56) The seal of the Company shall be one as
affixed herebelow:

(9) Approval for submission to the Shareholders meeting for
consideration and approval for offsetting the premium on share
capital with the accrued losses.

(10) Approval for setting the date of the Ordinary General
Meeting of Shareholders No.1/2004, to be held on April 28, 2004,
at 2:30 p.m., at Shangri-la Hotel, No. 89 Soi Wat Suan Plu,
Charoenkrung Road, Kwaeng Bangrak, Khet Bangrak, Bangkok, and
fixing the agenda for the Ordinary General Meeting of
Shareholders No.1/2004 to be as follows:

Agenda (1) To adopt the Minutes of Ordinary General
Meeting of Shareholders No.1/2003.

Agenda (2) To acknowledge the performance results of the
Board of Directors for the previous year and the Annual
Report.

Agenda (3) To adopt and approve the Balance Sheet and
Profit and Loss Accounts of the Company ended 31 December
2003.

Agenda (4) To acknowledge the non-payment of dividends for
the performance results of the fiscal year 2003.

Agenda (5) To consider and re-appoint the directors in
place of those retiring by rotation.

Agenda (6) To consider and appoint auditors for the fiscal
year 2004 and fix the remuneration.

Agenda (7) To consider for approval of an amendment of
Clause 1 of the Memorandum of Association.

Agenda (8) To consider for approval of an amendment of
Articles 1, 2 and 56 of the Articles of Association.

Agenda (9) To consider for approval of offsetting the
premium on share capital with the accrued losses.

Agenda (10) Other businesses (if any)

(11) Approval for fixing the closing date of share registration
from April 12, 2004, at 12:00 p.m., until the Ordinary General
Meeting of Shareholders No.1/2004 will adjourn, whereupon the
Shareholders whose names appear in the Share Register during the
closing period will be entitled to attend the Ordinary General
Meeting of Shareholders No.1/2004.

Please be informed accordingly.
Sincerely yours,
(Mr. Somchai Sirilertpanich)
Director


THAI MILITARY: Ups Deposit Rate for Savings Account by 0.25%
------------------------------------------------------------
Thai Military Bank PLC reported an increase in deposit rates for
savings account by 0.25 percent as a result of the country's
economic growth, which leads to higher demand for loans,
Businessday Newspaper reports.

The new rates are 1.25 percent for one-year fixed savings, 1.75
percent for two-year fixed savings, and 2.25 percent for three-
year fixed savings.

The bank said the rate hike was based on the premise that the
U.S. Federal Reserve Bank will raise interest rates by the end
of the year in line with the expected growth of the US economy.

TMB shares on Monday closed down at 0.14 baht at 4.08 baht,
while the overall Thai stock market tumbled 2.92 percent to
645.8.


                            *********


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

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

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