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

                     A S I A   P A C I F I C

            Friday, April 2, 2004, Vol. 7, No. 66

                            Headlines

A U S T R A L I A

AMP LIMITED: Gives Top Executives $18M Despite Loss
BRAMBLES INDUSTRIES: Unit Enters Alliance with Stadtreinigung
IVANHOE MINES: Reports FY03 Loss of US$73M
IVANHOE MINES: Releases Full Year Accounts Report
NATIONAL AUSTRALIA: Faces NZ Tax Bill of $212M

NOVUS PETROLEUM: Turns Down Take-Over Bid
NOVUS PETROLEUM: Releases Report on Petroleum Assets
QANTAS AIRWAYS: Releases Monthly Traffic and Capacity Stats
WOODSIDE PETROLEUM: Sells 40% of Enfield Oil Project


C H I N A  &  H O N G  K O N G

CIL HOLDINGS: Returns to Profit in 2003
CIL HOLDINGS: Unveils Liquidity, Financial Resources
FU SHENG: Winding up Hearing Set for April 28
JADE UNION: Creditors Meeting Set for April 15
JINHUI HOLDINGS: Posts HK$36.676M Profit in 2003

KEN FORWARD: Creditors Meeting Set for April 23
NEW WORLD: Unit Boost Bond Issue to Raise HK$1.5B
SING FAI: Date For Hearing of Petition Set
SING LEE: 2003 Net Loss Widens to RMB31.7M


I N D O N E S I A

BANK NEGARA: Limits Corporate Loans
BANK PERMATA: Net Profit Reaches Rp558.1B
BANK RAKYAT: Q4 Net Profit Surges


J A P A N

ALL NIPPON: Revises Profit Forecast Upward For 2003
DAIEI INC.: Colony Completes Acquisition of Stadium, Hotel
FUJITSU LIMITED: EU OKs Joint Venture With Sumitomo
HITACHI LIMITED: Enters Alliance With Ricoh
JAPAN AIRLINES: JAL Group Completes JAL, JAS Integration

JAPAN AIRLINES: Major Airlines Get JPY55B in Bailout Loans
JAPAN SPORTS: Sports Goods Supplier Files for Bankruptcy
KANUMA COUNTRY: Golf Course Operators Seek Court Protection
KISAICHI K.K.: Golf Course Files for Bankruptcy
MITSUBISHI MOTORS: Group Firms Mull Revival

MITSUBISHI MOTORS: Australian Operations Still Under Review
NISSHO IWAI: Enters Merger With Nichimen
NISSHO IWAI: Moody's Assigns B1 Rating to Sojitz Corporation
ORANGE CARGO: Air Freight Firm Goes Bankrupt
SEMBA SANGYO: Office Space Leasing Firm Enters Bankruptcy

YAI SHOJI: Bag Wholesale Trader Goes Bankrupt


K O R E A

ASIANA AIRLINES: Finalizes Unit Sale to KTB Networks
KOOKMIN BANK: Samil Audits Financial Statements
KOOKMIN BANK: Director Seoung Woo Nam Resigns


M A L A Y S I A

ANCOM BERHAD: Announces a Change in Registrar
ASSOCIATED KAOLIN: Special Administrators Discharged
BERJAYA GROUP: Unveils Proposed Restructuring Scheme
BOUSTEAD HOLDINGS: Acquires New Subsidiary
CRIMSON LAND: Update To The Proposed Debt Restructuring

JOHAN HOLDINGS: Update on Mustika Unit's Default in Payment
MALAYSIAN AIRLINES: Trading Unaffected By Appointment of New MD
MEDAS CORPORATION: Updates Exemption From Mandatory Offer Info
PILECON ENGINEERING: Updates Status of Default in Payment
REPCO HOLDINGS: White Knights Eager To Come To The Rescue

REPCO HOLDINGS: Tender Exercise To Close in 14 Days
SBC CORPORATION: Sets Date for Extraordinary General Meeting
SOUTH PENINSULAR: Issues Update on Acquisitions and Bonus Issue
SOUTH PENINSULAR: Extends Date for Completion of Unit Sale
SOUTH PENINSULAR: Amends Announcement Re Metal Perforators

SOUTH PENINSULAR: Announces the Sale and Change of Name
SOUTH PENINSULAR: Issues Update to S.P.I. Plastic Sale
SOUTH PENINSULAR: Pleased To Announce Acquisitions and Bonuses
SOUTH PENINSULAR: Disposes of Kayangan Pelita Unit
SUGAR BUN: Net Losses Shrink to RM3 Million

TAJO BERHAD: Declares New Rights Shares
TANJONG PUBLIC: Announces Dealings of Principal Officer


P H I L I P P I N E S

ABS-CBN BROADCASTING: Posts Resignation of Federico M. Garcia
BENPRES HOLDINGS: Partner Cuts Shareholding to 19%
NATIONAL POWER: Issues PhP12.552B Worth of Zero-Coupon Bonds
PHILIPPINE REALTY: Submits Reply Letter for SEC


S I N G A P O R E

ASIA FOOD: Issues Debt Rescheduling Update
ASSOCIATED INVESTMENTS: Dissolution Announced by Parent Company
BOUSTEAD SINGAPORE: Sells Off Easycall International Shares
BOUSTEAD SINGAPORE: Acquires Salcon Thermal and Salcon Water
BOUSTEAD SINGAPORE: Announces the Sale of Boustead Pacific

CHARTERED SEMICONDUCTOR: Shuts Down Oldest Singapore Factory
FLEXTECH HOLDINGS: Spire Tech Unit Applies For Listing
LKN-PRIMEFIELD: Issues Debt Restructuring Update
POLYMER APPLICATIONS: Releases First, Final Dividend
RSH LIMITED: Disposes of Dormant Subsidiaries for Cash

SEATOWN CORPORATION: Issues Default Status
T JETHANAND: Issues Dividend Notice
WANT WANT: Has New Subsidiary in People's Republic of China


T H A I L A N D

NEP REALTY: Releases Report on Debt to Equity Conversion
THAI PETROCHEMICAL: SET Suspends Trading
THAI PETROCHEMICAL: Submits Progress of Rehabilitation Plan

* Large Companies with Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Gives Top Executives $18M Despite Loss
---------------------------------------------------
AMP Limited reported a loss of more than $5.5 billion and
despite those losses, gave its top nine executives a combined
$18 million in 2003, the Sydney Morning Herald reports.

Chief Executive Andrew Mohl received a $1.95 million bonus as
part of his total pay of $4.2 million for 2003, despite the fact
the company's share price slumped from more than $9 to under $6.

In another news on Wednesday, the company's troublesome British
life arm, which has been spun-off reported a loss of $2.1
billion.

The Company's British boss, Roger Yates, was paid a $1.3 million
bonus in a total pay package of $4.1 million.

According to the annual report, Mr. Mohl is still to be paid the
other two-thirds of a $2.25 million retention payment as part of
AMP's demerger last year.

AMP said the bonuses were paid at the discretion of the board
but did not reveal the formula on which they were based.

AMP also gave a termination payment of $1.75 million to Marc de
Cure, its former finance director under then-managing director
Paul Batchelor, who separately picked up a $2.1 million exit
payment early last year.


BRAMBLES INDUSTRIES: Unit Enters Alliance with Stadtreinigung
-------------------------------------------------------------
Brambles Industries disclosed to the Australian Stock Exchange
that Cleanaway, a leading international waste management company
and part of Brambles Group, will enter into partnership in
Dresden, Germany through the acquisition of 49 percent of the
shares of Stadtreinigung Dresden GmbH (SRD) for a total cash
consideration of Eur13 million.

The Dresden municipal holding company, Technische Werke Dresden
GmbH, will hold the 51 percent majority stake in SRD, with
Cleanaway's interest to be acquired by its wholly owned
subsidiary, Cleanaway Dresden GmbH & Co. KG.

SRD holds long term contracts with the City of Dresden (running
to 2020) which include the collection of waste and recyclables.
In 2003, SRD achieved sales revenues of approximately Eur30
million.  It is expected that the administration of the regional
capital of Dresden will ratify this agreement on April 8, 2004.
This will mark the conclusion of an EU-wide tendering process.

For further information contact:

Australia

Investor: John Hobson
          Head of Investor Relation
Telephone: +61 (0) 2 9256 5216
          Mobile: +61 (0) 414 239 188

Media:  Jeanette McLoughlin
        Group General Manager Corporate Communications
        Telephone:  +61 (0) 9256 5255
        Mobile:  +61 (0) 401 990 425

United Kingdom

Investor:  Sue Scholes, Head of Investor Relations
           Telephone:  +44 (0) 20 7659 6012

Media:  Richard Mountain, Financial Dynamics
        Telephone:  +44 (0) 20 7269 7291


IVANHOE MINES: Reports FY03 Loss of US$73M
------------------------------------------
Ivanhoe Mines (IVN) submits to the Australian Stock Exchange its
financial results for the year ended December 31, 2003. The
company recorded a net loss of US$73 million in 2003, compared
to a net loss of US$31 million in 2002.

Major factors in the 2003 results included an operating profit
from mining operations totaling US$3.0 million and exploration
expenses of US$68 million.  Exploration expenditures were
primarily incurred on Oyu Tolgoi (Turqoise Hill) Project and
other projects in Mongolia.

The increase in exploration expenses is attributed to Ivanhoe's
accelerated drilling activities on the Oyu Tolgoi project,
especially on the Hugo Dummett deposit, and additional
engineering costs in the second half of 2003 related to the
Preliminary Assessment of Oyu Tolgoi.

To view full copy of this press release, click
http://bankrupt.com/misc/ivanhoemines033104.pdf


IVANHOE MINES: Releases Full Year Accounts Report
-------------------------------------------------
Ivanhoe Mines Ltd. submits to the Australian Stock Exchange the
company's Full Year Accounts report.

This management's discussion and analysis (MD&A) provides a
detailed analysis of the financial condition and results of
operations of Ivanhoe Mines Ltd. and compares its 2003 financial
results with those of the previous year.

The MD&A should be read in conjunction with the Company's annual
Consolidated Financial Statements and related notes for the year
ended December 31, 2003, which have been prepared in accordance
with generally accepted accounting principles in Canada.  The
effective date of this MD&A is March 29, 2004.

To view full copy of the report click
http://bankrupt.com/misc/ivanhoefullyearaccount.pdf


NATIONAL AUSTRALIA: Faces NZ Tax Bill of $212M
----------------------------------------------
National Australia Bank (NAB) said on Thursday that it could be
liable to a New Zealand tax bill of up to NZ$212 million based
on structured finance transactions conducted after 1999, Dow
Jones reports.

The warning comes on top of New Zealand's Inland Revenue
Department issuing NAB with amended assessments for income tax
of approximately NZ$36 million and interest of NZ$21 million.

The Bank of New Zealand said the calculated assessments by the
Inland Revenue Department for the year 1998 and 1999 that were
undertaken by National Australia Bank's subsidiaries in the New
Zealand unit was on unnecessarily high levels.

While the Inland Revenue Department hasn't issued amended
assessments for transactions for after 1999, NAB said the
maximum sum of primary tax that might be claimed from Bank of
New Zealand for years after 1999 is approximately NZ$212
million.

Interest would be charged if amended assessments were issued
and penalties may also apply.  NAB said it would contest the
amended assessments and doesn't intend to raise a provision for
a potential tax liability.

"Bank of New Zealand has obtained legal opinions that confirm
that the transactions complied with New Zealand tax law," NAB
said in a statement.

"The transactions are similar to transactions undertaken by
other New Zealand banks," it said.

NAB noted that the Inland Revenue Department has made public
comments confirming it is reviewing structured finance
transactions by other New Zealand banks as part of an
industry-wide review, according to Dow Jones.


NOVUS PETROLEUM: Turns Down Take-Over Bid
-----------------------------------------
Novus Petroleum Limited rejected on Thursday a takeover offer
for the company by Sunov Petroleum Pty Ltd., concluding it was
"neither fair nor reasonable", Shaw Stockbroking reports.

For more information click
http://bankrupt.com/misc/novustargetstatement.pdf


NOVUS PETROLEUM: Releases Report on Petroleum Assets
----------------------------------------------------
Novus Petroleum Limited submits to the Australian Stock
Exchange, an Independent Technical Specialist's report on the
petroleum assets of the company, prepared for Grant Samuel and
Associates Pty Ltd.

Novus Petrouleum assets are located in Australia, Indonesia,
Oman, United Arab Emirates (Ras Al Khaimah), Pakistan, the
Philippines and the U.S.A.

To view full copy of the document click
http://bankrupt.com/misc/novuspetroleum033104.pdf


QANTAS AIRWAYS: Releases Monthly Traffic and Capacity Stats
------------------------------------------------------------
Qantas Airways Limited (QAN) submits to the Australian Stock
Exchange the company's preliminary Monthly Traffic and Capacity
Statistics.

Qantas reported a 77.0 percent in revenue seat factor, 2.4
percent higher than that of February 2003.

Total Domestic revenue seat factor for year to date February
2004 increased by 1.5 percentage points to 80.1 percent when
compared with year to date February 2003, while total domestic
yield excluding exchange decreased by 3.2 percent over the same
period.

To view full copy of the press release click
http://bankrupt.com/misc/qantasairways040104.pdf


WOODSIDE PETROLEUM: Sells 40% of Enfield Oil Project
----------------------------------------------------
Woodside Petroleum announced to the Australian Stock Exchange on
Wednesday that it has agreed to sell 40 percent of it WA-271-P
exploration permit and associated Enfield production license WA-
28-L in Western Australia to Mitsui for US$464.5 million.  The
effective date of the transaction is January 1, 2004.

Under sale and joint operating agreements negotiated with Mitsui
E&P Australia Pty Ltd., a wholly owned subsidiary of Mitsui &
Co. Ltd.  Mitsui will become a full joint venture participant in
WA-271-P and the Enfield production license WA-28-L.  In
addition, Mitsui will participate in future exploration and
production permit.

The sale is expected to close by the end of April 2004 after the
conditions of Australian Government approval have been obtained.

Woodside's acting Chief Executive Officer, Keith Spence, said
the sale fulfilled a key step in Woodside's growth strategy for
the Greater Enfield area.

Woodside has held a 100 percent interest in WA-271-P since it
was awarded in 1997.  The permit contains the Vincent, Enfield
and Laverdia discoveries.

"Our recent announcement to develop the Enfield oil project, and
favorable market conditions, enable Woodside to realize
immediate value from the sale while still maintaining
significant exposure to the long term growth potential of the
Greater Enfield Area," he said.

Mr. Spence said Woodside was delighted to welcome Mitsui as a
joint venturer, particularly as Mitsui brought particular
experience in the Japanese oil market where most of the Enfield
crude would be sold.

"Mitsui, one of Japan's largest conglomerates, has an extensive
energy group involved in international oil and gas exploration
and production marketing, oil refining and LNG operations," Mr.
Spence said.

"Woodside has a long-established relationship with Mitsui
through its involvement in the Woodside-operated North West
Shelf Venture and this transaction allows us to extend that
relationship."

Mitsui has an established presence in Australia through the
Wandoo, Cliff Head, Yolla and Casino projects.

Mr. Spencer said proceeds from the sale would be dedicated to
Woodside's extensive suite of development projects for which the
Company expected to commit about A$4 billion over the next
three-to-five years.

He said Woodside maintained its objective of producing about 100
million barrels of oil equivalent by 2007 through the addition
of projects such as the Neptune discovery in the Gulf of Mexico
and beyond 2007, the Tiof oil discovery in Mauritania and other
discoveries in the Greater Enfield Area.


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


CIL HOLDINGS: Returns to Profit in 2003
---------------------------------------
CIL Holdings Limited incurred a net profit of HK$71.565 million
for the financial year ended June 30, 2003, versus a net loss of
$144.74 million for the previous corresponding period, Infocast
News reported on Wednesday, 31 March. No final dividend was
declared.


CIL HOLDINGS: Unveils Liquidity, Financial Resources
----------------------------------------------------
CIL Holdings Limited had net current liabilities of
approximately HK$24 million as of June 30, 2003 and the gearing
ratio to total equity is 42.7 percent.

On 20 December 2002, the majority of the scheme creditors
approved the Scheme of Arrangement for debt restructuring under
which all the secured and unsecured indebtedness (including any
interest accrued thereon) owed by the Group to the Scheme
Creditors were to be released, discharged and fully settled.

In a disclosure to the Stock Exchange of Hong Kong Limited, the
High Court of Hong Kong and the Supreme Court of Bermuda
sanctioned the scheme of arrangement on 2 and 4 April 2003
respectively. Based on the final assessment of the Scheme
Administrator in respect of the disputed claims of the
creditors, further contingent liabilities of approximately HK$75
million had to be taken up by the Company before the total
indebtedness of approximately HK$206 million was arrived at.
Total indebtedness admitted under the Scheme of Arrangement was
approximately HK$206 million, of which approximately HK$15
million was paid out from the proceeds, and approximately HK$21
million was settled by the issue of 2,100,000,000 ordinary
shares of the Company at HK$0.01 each.

The Scheme Creditors waived the remaining indebtedness of
approximately HK $170 million. The Scheme of Arrangement was
completed on 16 May 2003.

CONTINGENT LIABILITIES

At 30 June 2003, the Group had contingent liabilities of
approximately HK$93 million in respect of the disputed claims
against the Group for outstanding loans and service fees.

The Company's annual report, containing all the information
required by paragraph 45(1) to 45(3) of Appendix 16 of the
Listing Rules will be published on the website of the Stock
Exchange in due course.

By Order of the Board
Chairman
Ke Jun Xiang
Hong Kong, 31 March 2004


FU SHENG: Winding up Hearing Set for April 28
----------------------------------------------
Notice is hereby given that a petition for the winding up of Fu
Sheng Construction Company Limited by the High Court of Hong
Kong was on 5 March 2004 presented to the said Court by Li Kin
Man of Room 410, Hong Lok Lau, Moon Lok Dai Ha, No. 50 Hoi Pa
Street, Tsuen Wan, New Territories, Hong Kong.  And that the
said Petition is directed to be heard before the Court at 10
a.m. 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.

Ms. Ada Chau Ming Wai
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
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 on the 27 April 2004.


JADE UNION: Creditors Meeting Set for April 15
----------------------------------------------
The Standard announced that a meeting of the creditors of Jade
Union Investment Limited (British Virgin Islands Company) would
be held at the Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong at 2:30 in the
afternoon of April 15, 2004.

Dated 26 March 2004
E. T. O'CONNELL
Official Receiver & Provisional
Liquidator


JINHUI HOLDINGS: Posts HK$36.676M Profit in 2003
------------------------------------------------
Jinhui Holdings Company Limited booked a net profit of HK$36.676
million for 2003, compared with a net loss of $62.339 million a
year earlier, Infocast News reports. No final dividend was
declared.


KEN FORWARD: Creditors Meeting Set for April 23
-----------------------------------------------
An application by the Official Receiver and Provisional
Liquidator of Ken Forward Engineering Limited will be heard
before Master S. Kwang of the High Court of Hong Kong for
consideration of the resolutions and determinations (if any) of
the first meetings of creditors and contributories both held on
25 November 2003, deciding the differences (if any), and making
such order of appointments as the court may think fit.

According to the Standard, the hearing will be held at the High
Court Building, No. 38 Queensway, Hong Kong at 10:30 a.m. of
April 23, 2004.

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

Dated 26 March 2004
E.T. O'Connell
Official Receiver & Provisional
Liquidator


NEW WORLD: Unit Boost Bond Issue to Raise HK$1.5B
-------------------------------------------------
In a move to slash debt and acquire working capital, NWS
Holdings, subsidiary of New World Development (NWD), has raised
HK$1.35 billion with convertible bonds.

According to the Standard, NWS issued five-year zero coupon
bonds which can be converted into NWS shares at HK$13.63 each.
This represents a 25.05 percent premium to Monday's closing
price of HK$10.90.

The firm had net debt of HK$6.98 billion at the end of December.

The bonds, which carry a negative yield of 0.5 percent on a
semi-annual basis, will mature on April 26, 2009, and are non-
callable before October 26, 2005.


SING FAI: Date For Hearing of Petition Set
------------------------------------------
Notice is hereby given that a petition for the winding up of
Sing Fai Handbags Manufactory Limited by the High Court of Hong
Kong was on 23 February 2004 presented to the said Court by Au
Lai Sheung whose registered office is situated at Room 2114,
Fung Shue House, Lei Muk SHue (1) Estate, Kwai Chung, New
Territories, Hong Kong. And that the said petition is directed
to be heard before the Court at 10 a.m. 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.

(Ms. Ada Chau Ming Wai)
For Director of Legal Aid
34/F, Hopewell Centre
183 Queen's Road East
Wanchai, 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.


SING LEE: 2003 Net Loss Widens to RMB31.7M
------------------------------------------
Sing Lee Software (Group) Limited posted a net loss of RMB31.667
million for 2003, against a net loss of RMB10.313 million a year
earlier, according to Infocast News on Wednesday, 31 March. No
final dividend was declared.


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


BANK NEGARA: Limits Corporate Loans
-----------------------------------
Bank Negara Indonesia, the country's largest bank will limit
corporate loans to not more than 50 percent of its total loans
in the coming years. Small and medium enterprise will account
for 55 percent of its loans in the coming years which leaves
only 45 percent to the corporate sector, IndoExchange reports
citing Bank Negara President Sigit Pramono.

Mr. Sigit said the publicly listed state-owned bank plans to
issue up to Rp800 billion (US$93.19 million) in loans for
enterprises in the marine sector including Rp215 billion for
micro segment and the rest for medium segments.

This year the banks plans to issue Rp16 trillion in new loans
including Rp6.6 trillion for the corporate sector, Rp5.5
trillion for consumption sector and the rest for medium and
small enterprises.


BANK PERMATA: Net Profit Reaches Rp558.1B
-----------------------------------------
Bank Permata (JSX:BNLI) reported a net profit of Rp558.1
billion, which exceeded its Rp218 billion target for 2003,
IndoExchange reports.

Quoting the financial report of the bank, Mr. Agus said its non-
performing loan (NPL) was 2.91 per cent in 2003 down from 10.4
per cent in 2002.

Its operating profit totaled Rp1,404 billion including Rp1,140
billion from credit interest and Rp263.8 billion from fee based
income.

The bank extended Rp4.4 trillion in new credits last year and 65
per cent of the credits for small and medium enterprises.

Its capital adequacy ratio rose to 13 per cent in February 2004
from 10.8 per cent by December 2003.

Last year the bank recorded a net loss of Rp808.2 billion, Agus
Martowardoyo, president of the government controlled bank said.


BANK RAKYAT: Q4 Net Profit Surges
---------------------------------
PT Bank Rakyat reported a net profit bigger than expected,
Reuters reports. The state run lender told analysts on Tuesday
that total net profit was Rp2.5 trillion ($291 million),
including Rp682 billion in the fourth quarter, following sharply
higher net interest income.  That compared to a full-year net
profit forecast of 2.24 trillion rupiah by Reuters Estimates.

According to calculations based on Reuters Research and Bank
Rakyat's nine-month results, the fourth quarter net profit had
been expected at some 418 billion rupiah, against 75 billion
rupiah in the same quarter a year earlier.

The bank said net interest income rose to 8.03 trillion rupiah
in 2003 against 6.08 trillion a year earlier.

Analysts had forecast high interest margins and a consumer boom
in the country's economy would boost the bank's earnings. Half
of BRI's loans are to small- and medium-sized firms, which
produce higher yields, compared to normal loans.

In a quarter of weak profit growth for other banks, analysts
have said the recently-listed Bank Rakyat had cashed in on low
borrowing costs and interest charges on its loans, Reuters
reports.

The bank said net interest margins, a measure of banks' ability
in managing its assets and liabilities, rose to 9.54 percent in
2003 from 8.12 percent in 2003.


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


ALL NIPPON: Revises Profit Forecast Upward For 2003
---------------------------------------------------
All Nippon Airways Co. (ANA) Group has revised its financial
forecast for the current fiscal year, which began on April 1
2003 and ends on April 1, 2004.

A Company statement said that a revised consolidated net profit
of 21.5 billion yen, up from 17.5 billion yen, is forecast on
revenues of 1.217 trillion yen. An increased operating profit of
30 billion yen, up from 21 billion yen, is forecast (Y106 = $1).

The increased earnings forecast is attributed to strong business
travel demand, particularly on European and U.S. routes, and
aggressive cost reduction measures.

Contact: Thomas Fredo, ANA PR: t.fredo@fly-ana.com

ANA incurred net losses of 37.7 billion yen over the two years
to March 2003, TCR-AP reported recently. In the first nine
months of the current financial year, it posted a net profit of
27.5 billion yen due to sweeping cost cutting.


DAIEI INC.: Colony Completes Acquisition of Stadium, Hotel
----------------------------------------------------------
U.S. investment fund Colony Capital LLC completed Wednesday its
acquisition of Daiei Inc.'s Fukuoka Dome baseball stadium and
the adjacent Sea Hawk Hotel and Resort, two of Daiei's three
main operations in Fukuoka, reports Japan Times. The acquisition
follows a December agreement between the U.S. investment fund
and Daiei.

Colony Capital will set up a new company to manage the Fukuoka
businesses by investing about 14.5 billion yen.

Under the agreement, Colony also took over Daiei's 60 billion
yen in interest-bearing debt in the Fukuoka operations. Daiei
will continue to own the Hawks professional baseball team.


FUJITSU LIMITED: EU OKs Joint Venture With Sumitomo
---------------------------------------------------
The European Commission, the executive body of the European
Union, has approved a joint venture between Fujitsu Limited and
Sumitomo Electric Industries, Ltd. (SEI), Japan Times reported
on Thursday.

The commission has granted clearance for the joint venture,
Fujitsu Quantum Devices Ltd., under the Merger Regulation. The
operation was notified February 26 under a simplified merger
review procedure.

Fujitsu and SEI will transfer their respective electronic
devices businesses and their entire compound semiconductor
businesses to the joint venture, which will be active in the
development, production, marketing and sales of compound
semiconductor devices.

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


HITACHI LIMITED: Enters Alliance With Ricoh
-------------------------------------------
Ricoh Co., Ltd. and Hitachi, Ltd. have signed a basic agreement
to the effect that Hitachi will transfer all its shares of
Hitachi Printing Solutions, Ltd. (Hitachi PRS), a 100 percent
owned subsidiary, to Ricoh. Details are as follows.

1.  REASONS FOR THE BASIC AGREEMENT

Ricoh is committed to strengthening its printer business, an
important pillar of its growth strategy. To this end, Ricoh will
strengthen product lines for the office color printer market,
printers for mission-critical systems and POD, or print-on-
demand, markets, in which Ricoh is yet to participate. In
addition, Ricoh will enhance IT sales channels on top of its
conventional copier marketing channels. Through these
initiatives, Ricoh will optimize "Total Document Volume" as the
strategic objective of its imaging solutions business.

In accordance with the basic agreement, Ricoh will acquire
Hitachi PRS, which enjoys considerable success with its printers
for mission-critical systems, high-speed printers for the POD
markets and also low-end color laser printers. Hitachi PRS's
participation in the Ricoh group will not only create
synergistic effects in the areas of technology, products and
human resources for Ricoh printer business but also contribute
to increasing Ricoh's corporate value.

Hitachi, for its part, is making every possible effort to ensure
that all its businesses win in the global marketplace in
accordance with its mid-term business plan: "i.e.HITACHI Plan
II."  This basic agreement was made within the context of this
plan.

Hitachi sees printers as important products for its information
and communication systems business and intends to provide its
customers with even higher valued-added solutions, maintaining
all the while a strong business partnership with Ricoh.

2.  CORPORATE PROFILE OF HITACHI PRS

(1) Name                  Hitachi Printing Solutions, Ltd.

(2) President             Toshiaki Katayama
                          President and Chief Executive Officer

(3) Address               15-1, Konan 2-chome, Minato-ku, Tokyo,
                          Japan

(4) Date of incorporation October, 2002

(5) Business content      Printers and related equipment,
                          software development, product
                          development, design, production and
                          marketing

(6) Fiscal year-end       March 31

(7) Number of employees   820 (Group 2,200) as of December, 2003

(8) Capital stock         5,000 million yen (Number of shares
                          held 100,000)

(9) Net sales             About 60,000 million yen (estimate for
                          fiscal year ended in March 2004)

3.  CHANGES IN SHARE HOLDING RATIOS

Current                  Ricoh         0%    Hitachi       100%
After the transfer       Ricoh       100%    Hitachi         0%
(plan)

4.  SCHEDULE

    Scheduled transfer of shares: October 2004

5.  INFLUENCE ON RICOH AND HITACHI CONSOLIDATED FINANCIAL
FIGURES

None for fiscal 2003 ending on March 31, 2004 is expected.
Influence in fiscal 2004 ending on March 31, 2005 will depend on
result of current negotiations.

ABOUT RICOH

A pioneer in digital office equipment, Ricoh offers a broad
range of office solutions with world class support and services,
including MFPs, printers, fax machines, CD-R and DVD+ReWritable
drives and media. With 394 consolidated subsidiaries worldwide,
employing approximately 74,000 people, the Ricoh Group posted
consolidated total sales of 1,738.4 billion yen ($14.7 billion)
for the fiscal year ended March 31, 2003. A global leader, the
Ricoh Group currently enjoys No.1 market share for plain paper
copiers in Europe, Japan and No.2 share in the USA. For more
information on Ricoh, please visit the company's Web site at
http://www.ricoh.com.

ABOUT HITACHI

Hitachi, Ltd. (NYSE:HIT)(TSE:6501), headquartered in Tokyo,
Japan, is a leading global electronics company, with
approximately 340,000 employees worldwide. Fiscal 2002 (ended
March 31, 2003) consolidated sales totaled 8,191.7 billion yen
($68.3 billion). The company offers a wide range of systems,
products and services in market sectors, including information
systems, electronic devices, power and industrial systems,
consumer products, materials and financial services. For more
information on Hitachi, please visit the company's Website at
http://www.hitachi.com.

Hitachi, Ltd.
Yasuo Hirano, +81-3-3258-2056 (Japan)
yasuo_hirano@hdq.hitachi.co.jp
or
Hitachi America, Ltd.
Matt Takahashi, 650-244-7902 (U.S.)
masahiro.takahashi@hal.hitachi.com
or
Hitachi (China) Investment, Ltd.
Yuji Hoshino, +86-10-6590-8141 (China)
y_hoshino@hitachi.com.cn
or
Hitachi Europe Ltd.
Kantaro Tanii, +44-1628-585379 (U.K.)
kantaro.tanii@hitachi-eu.com
or
Ricoh Company, Ltd.
Takanobu Matsunami, +81-3-5411-4511 (Japan)
koho@ricoh.co.jp

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

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


JAPAN AIRLINES: JAL Group Completes JAL, JAS Integration
--------------------------------------------------------
The JAL Group has completed the business integration of Japan
Airlines Systems Corporation and Japan Air System (JAS) on April
1, 2004, according to JAL Group CEO Isao Kaneko.

In a press release, the group announced the launching of JAL
International, responsible for international passenger and cargo
operations, and JAL Domestic, responsible for domestic passenger
operations.

On the birth of the new JAL Group, Mr. Kaneko added that it
would provide the largest international network originating from
Japan and the largest domestic network in Japan for the
convenience of its customers.

In its current JAL Group Medium-term Business Plan it will
establish a Corporate Social Responsibility Committee to pursue
group-wide activities for the environment, social contributions
and investor relations with greater effectiveness.


JAPAN AIRLINES: Major Airlines Get JPY55B in Bailout Loans
----------------------------------------------------------
Japan Airlines System and All Nippon Airways Co. (ANA) have
received a total of 55 billion yen in bailout loans from the
state-run Development Bank of Japan (DBJ), Kyodo News reports.
The total breaks down into 20 billion yen for Japan Airlines
System and 35 billion yen for ANA.


JAPAN SPORTS: Sports Goods Supplier Files for Bankruptcy
--------------------------------------------------------
Japan Sports Vision Co., Ltd. has filed for bankruptcy,
according to Teikoku Databank America. The supplier of worldwide
sports goods, which is located at Shibuya-ku, Tokyo Japan, has
total liabilities of US$54.03 million.

COMPANY PROFILE:

Established in May 1988

Japan Sports Vision Co., Ltd. is the pioneer that started the
business of official licensed products from professional sports
leagues and teams all over the world.

Capital: JPY 955,390,000 (USD 9 Million)
Employees: 127 as of March 1st, 2004
Fiscal Year: March 1st - February 28th

THE BOARD:

Chairman of the Board     Toru Kenjo

President & CEO      Takayuki Kubota

Senior Executive Vice President & COO   Kumahiro Miyama

Senior Executive Vice President    Kazuho Yonehara
(Merchandise)
                                   Shoji Shiba (Administration)
                                   Osamu Niimi (Marketing)

Executive Vice President           Masumi Hirose
                                   Teruhisa Kanegae

Auditor                            Atsushi Onuki
                                   Tsutomu Tominaga

BUSINESS DISTRIBUTION:

Mission: To establish sports entertainment network throughout
Japan.

Owns 35 retail stores in 17 major cities in Japan - branded as
"World Sports Plaza" and "Campione", distributed as:

1) 15 shops in department stores
2) 500 sports chain stores
3) 700 CD/ video stores
4) 200 bookstores
5) 10 toy stores


KANUMA COUNTRY: Golf Course Operators Seek Court Protection
-----------------------------------------------------------
Kanuma Country Club and three other golf course operators in the
Kanuma group on Wednesday filed for court protection from
creditors at the Tokyo District Court with combined debts of
121.6 billion yen.

According to Kyodo News, two of the four golf course operators
have counted on Ashikaga Bank, which was nationalized December 1
last year, for loans for years as their main bank.


KISAICHI K.K.: Golf Course Files for Bankruptcy
-----------------------------------------------s
Kisaichi K.K. has filed for bankruptcy, according to Teikoku
Databank America. The golf course, which is located at Katano-
shi, Osaka Japan, has total liabilities of US$632.50 million.


MITSUBISHI MOTORS: Group Firms Mull Revival
-------------------------------------------
Mitsubishi Motors Corporation and main shareholder
DaimlerChrysler AG began talks on Wednesday aimed at drafting
revival plans for the ailing carmaker, according to Japan Times
on Thursday, 1 April. The measures under discussion include a
capital boost, a reorganization of production plants and
personnel cuts.

The Mitsubishi group may also ask the government to open the way
for financial assistance under the Industrial Revitalization
Law, including a loan scheme from the governmental Development
Bank of Japan.

Mitsubishi Motors may announce a rehabilitation package when it
issues an earnings report for fiscal 2003.


MITSUBISHI MOTORS: Australian Operations Still Under Review
-----------------------------------------------------------
Mitsubishi Motors Corporation will continue to review its
operations in Australia in the long run to optimize global
production, Dow Jones reported on Wednesday, 31 March.

The automaker plans to optimize production efficiency in
Australia, where it also produces vehicles for export to the
United States, given the likelihood of a free trade agreement
between Australia and the U.S.

A free trade treaty was agreed by the two countries last month
but still requires approval from the U.S. Congress and the
passage of related legislation in the Australian parliament.

Mitsubishi sees a group net loss of 72 billion yen for the
fiscal year ending April 1, 2004 as its U.S. operations were hit
by write-offs of bad auto loans as it paid the price for
offering relatively loose credit criteria for its auto loan
services in an attempt to improve sales.


NISSHO IWAI: Enters Merger With Nichimen
----------------------------------------
On April 1, 2003, Nichimen Corporation and Nissho Iwai
Corporation established the joint holding company Nissho Iwai -
Nichimen Holdings Corporation. Since the inauguration, the
holding company has pushed forward a number of initiatives based
on the keywords of "Speed & Action" and has worked to realize
the basic policies of its Business Plan, namely "Improvement in
Profitability" and "Reinforcement of Financial Strength." To
secure the integration structure, the two core operating
companies Nichimen and Nissho Iwai in February 2004 agreed to a
merger, heralding the birth of Sojitz Corporation on April 1,
2004.

While fostering cooperation, Sojitz will continue to adhere to
the timeless fundamental corporate philosophies of both
companies, the "Pioneer Spirit" of Nichimen and "The Spirit of
Enterprise and Entrepreneurship" of Nissho Iwai. Recalling the
mindsets that have permeated each company's history, the
Nichimen and Nissho Iwai components of Sojitz will pursue a
renewed spirit of innovation and work toward the common goal of
maximizing a variety of capabilities.

In a Company press release, Sojitz will adopt "Integrity and
Reliability" as its ideal. If we approach every activity,
situation and opportunity with integrity, we will engender
reliability in those around us. Likewise, a growing sense of
reliability will allow integrity to flourish, creating a cycle
of positive goodwill. Based on this principle, we will pursue
integrity and reliability with steadfast resolve.

Moreover, Sojitz will pursue efficiency throughout every aspect
of our operations with the aim of establishing a corporate
foundation capable of taking us through today, to tomorrow and
beyond. Shifting management emphasis from reduction to
replacement, we will build a strong business portfolio by
selectively focusing management resources in areas of highest
profitability and efficiency.

Inheriting the building blocks established by Nichimen and
Nissho Iwai over many years, Sojitz would embark on the next
stage of our ongoing evolution.

April 1, 2004
Sojitz Corporation.
President and CEO


NISSHO IWAI: Moody's Assigns B1 Rating to Sojitz Corporation
------------------------------------------------------------
Moody's Investors Service has assigned B1 senior unsecured debt
ratings to Sojitz Corporation, and at the same time placed these
ratings on review for upgrade. In addition, Moody's assigned B2
senior unsecured ratings to the company's subsidiaries supported
by the keep-well agreements from the parent.

Effective April 1, 2004, Nichimen Corporation and Nissho Iwai
Corporation has merged to form a new company, Sojitz
Corporation, with Nichimen Corporation being the surviving
entity. Prior to the merger, each company held B1 senior
unsecured debt ratings and B2 senior unsecured debt ratings for
their keep-well supported subsidiaries, and these ratings have
been on review for upgrade since February 10, 2004. The merged
company will assume the outstanding unsecured senior debts
issued by Nissho Iwai Corporation.

Sojitz Corporation is one of major Japanese trading companies.

The following ratings were assigned and placed under review for
possible upgrade:

Sojitz Corporation - the B1 senior unsecured debt rating

Sojitz UK plc - the B2 senior unsecured debt rating

Sojitz International Finance Cayman Ltd. - the B2 senior
unsecured debt rating


ORANGE CARGO: Air Freight Firm Goes Bankrupt
--------------------------------------------
Airfreight carrier Orange Cargo Inc. has filed with the Nagoya
District Court for voluntary bankruptcy, according to Kyodo
News. The court accepted its application. The liabilities of the
Nagoya-based carrier totaled 1 billion yen.

According to TCR-AP, the airfreight carrier launched air cargo
services in October in a bid to break into the air transport
business dominated by major airlines.


SEMBA SANGYO: Office Space Leasing Firm Enters Bankruptcy
---------------------------------------------------------
Semba Sangyo K.K. has filed for bankruptcy, according to Teikoku
Databank America. The office space leasing firm, which is
located at Osaka-shi, Osaka Japan, has total liabilities of
US$1.24 billion.


YAI SHOJI: Bag Wholesale Trader Goes Bankrupt
---------------------------------------------
Yai Shoji, formerly called Yoshinaga Corporation, has filed for
bankruptcy, according to Teikoku Databank America. The wholesale
trader of bags, which is located at Taito-ku, Tokyo Japan, has
total liabilities of US$90.83 million.


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


ASIANA AIRLINES: Finalizes Unit Sale to KTB Networks
----------------------------------------------------
Asiana Airlines on Tuesday finalized an agreement with KTB
Networks to sell its unit Asiana Airport Services for 50 billion
won, reports the Korea Herald. The sale will help the airline
lower its debt-to-equity ratio from 555 percent to 390 percent
this year.

The sale was first sought in October 2001, but the war in Iraq,
Severe Acute Respiratory Syndrome (SARS) and the change in
potential buyers prevented the deal from being completed.


KOOKMIN BANK: Samil Audits Financial Statements
-----------------------------------------------
Samil PricewaterhouseCoopers have audited the accompanying non-
consolidated balance sheet of Kookmin Bank as of December 31,
2003 and 2002, and the related non-consolidated statements of
operations, appropriations of retained earnings (dispositions of
accumulated deficit) and cash flows for the year then ended,
expressed in Korean Won.

In a disclosure to the Securities and Exchange Commission, the
audit firm conducted its audits in accordance with auditing
standards generally accepted in the Republic of Korea. Those
standards require that it plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. The audit firm believes that our audits
provide a reasonable basis for our opinion.

In its opinion, the non-consolidated financial statements
referred to above present fairly, in all material respects, the
financial position of Kookmin Bank as of December 31, 2003 and
2002, and the results of its operations, the changes in its
retained earnings (accumulated deficit), and its cash flows for
the year then ended in conformity with accounting principles
generally accepted in the Republic of Korea.

Without qualifying our opinion, the auditor draw the Company's
attention to the following matters.

As discussed in Note 33 to the financial statements, on May 30,
2003, the Bank obtained approval from the Board of Directors to
enter into a merger agreement with Kookmin Credit Card Co., Ltd.
(the Subsidiary), its majority-owned subsidiary. According to
the resolution of the Board of Directors, the Bank merged with
the Subsidiary on September 30, 2003. The merger was effected
through an exchange of shares with the minority shareholders of
the Subsidiary as of July 24, 2003, who received 0.442983 share
of the Bank's common stock for each share of the Subsidiary. The
total assets and liabilities of the Subsidiary as of September
30, 2003 were (Won) 10,595,409 million and (Won) 9,391,897
million, respectively.

As discussed in Note 2 to the financial statements, as of
December 2002, the Bank changed the rates for determining the
allowances for losses from consumer loans and credit card loans,
in anticipation of the increasing risk of loan losses due to the
increase in consumer loans and credit card loans, as follows:

                                      Allowance Rates after
                                           Changes

Credit Risk Classification  Allowance Rates Consumer Credit
                            before Changes           Cards

Normal                        0.50%          0.75%   1.00%
Precautinary                  2.00%          8.00%   12.00%
Sub-standard                  20.00%         20.00%  20.00%
Doubtful                      50.00%         55.00%  60.00%
Estimated Loss                100.00%       100.00%  100.00%

As a result of the above change, the Bank's allowances for loan
losses as of December 31, 2003 are greater by (Won) 336,265
million for consumer loans and (Won)314,701 million for credit
card loans compared to the amounts that which would have been
recorded under the previous rates.

As discussed in Note 20 to the financial statements, in
accordance with the resolution made by the Board of Directors on
December 26, 2003, the Bank acquired 27,423,761 of its own
shares previously owned by the Korean government at (Won) 43,700
per share through public bidding and intends to sell these
shares of treasury stock depending on certain market conditions.
As a result of the acquisition, the Bank holds 8.92 percent of
the total common stock issued as treasury stock.

As discussed in Note 16 to the financial statements, the Bank's
total exposure (including debt securities, beneficiary
certificates, and loans) related to domestic credit card
companies and capital companies amounts to (Won)2,055,663
million as of December 31, 2003. Currently, securities issued by
credit card companies and capital companies, which are
experiencing liquidity problems, are not widely traded in the
bond market. The ultimate effect of these circumstances on the
financial position of the Bank as of the balance sheet date
cannot be presently determined, and accordingly, no adjustments
related to such uncertainties have been recorded in the
accompanying financial statements.

As discussed in Note 16 to the financial statements, in
accordance with the agreement with the creditors' committee of
LG Card Co., Ltd. on November 24, 2003, the Bank provided
additional loans of (Won) 437.0 billion to LG Card Co., Ltd.,
which is currently experiencing a liquidity crisis. Also, on
January 9, 2004, the Bank has agreed to a debt-equity swap of
(Won) 312.7 billion, to provide additional loans of (Won) 205.9
billion (to be included in the debt-equity swap), and to extend
the maturity of loans that will mature in 2004. The ability of
LG Card Co., Ltd. to continue as a going concern depends on the
effective execution of its restructuring plan and debt
restructuring as well as the availability of financial aid from
its financial institutional creditors. The ultimate effect of
these circumstances on the financial position of the Bank as of
the balance sheet date cannot be presently determined, and
accordingly, no adjustments related to such uncertainties have
been recorded in the accompanying financial statements.

Accounting principles and auditing standards and their
application in practice vary among countries. The accompanying
financial statements are not intended to present the financial
position, results of operations and cash flows in conformity
with accounting principles and practices generally accepted in
countries and jurisdictions other than the Republic of Korea. In
addition, the procedures and practices used in the Republic of
Korea to audit such financial statements may differ from those
generally accepted and applied in other countries. Accordingly,
this report and the accompanying non-consolidated financial
statements are for use by those who are knowledgeable about
Korean accounting principles or auditing standards and their
application in practice.

Seoul, Korea
March 3, 2004

This report is effective as of March 3, 2004, the audit report
date. Certain subsequent events or circumstances, which may
occur between the audit report date and the time of reading this
report, could have a material impact on the accompanying non-
consolidated financial statements and notes thereto.

Accordingly, the readers of the audit report should understand
that there is a possibility that the above audit report may have
to be revised to reflect the impact of such subsequent events or
circumstances, if any.

Samil PricewaterhouseCoopers
Kukje Center Building
191 Hankangro 2ga, Yongsanku
Seoul 140-702, KOREA
(Yongsan P.O. Box 266, 140-600)


KOOKMIN BANK: Director Seoung Woo Nam Resigns
---------------------------------------------
On March 29, 2004, Kookmin Bank announced that Seoung Woo Nam, a
Non-executive Director of the Bank, has resigned voluntarily due
to personal reasons as of March 26, 2004. He served as a non-
executive director of the Bank since the general shareholders'
meeting on March 21, 2003. He renewed his term as a non-
executive director for the fiscal year of 2004 during the
general shareholders' meeting held on March 23, 2004.

Mr. Nam is currently Chief Executive Officer of Pulmuone Co.
Ltd.


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


ANCOM BERHAD: Announces a Change in Registrar
---------------------------------------------
Ancom Berhad posted the following announcement pertaining to a
change in the company registrar on the Kuala Lumpur Stock
Exchange on 31 March 2004:

Old registrar: Signet Share Registration Services Sdn
Bhd

New Registrar: PFA Registration Services Sdn Bhd
(19234-W)

Address: Level 13, Uptown 1
No.1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor Darul Ehsan
Malaysia

Telephone Number: 03-7725 4888/ 7725 8046

Facsimile Number: 03-7722 2311

Effective Date: 1 April 2004

Remarks:


ASSOCIATED KAOLIN: Special Administrators Discharged
----------------------------------------------------
Via a letter dated 26 March 2004 from Messrs
PricewaterhouseCoopers to Greatpac Holdings Berhad, the
appointment of Mr. Lim San Peng and Ms. Yap Wai Fun as Special
Administrators of Associated Kaolin Industries Berhad (AKI), was
terminated effective 20 March 2004 by Pengurusan Danaharta
Nasional Berhad. Accordingly, the moratorium in respect of AKI
was terminated effective 20 March 2004.

This notification was received at the Kuala Lumpur Stock
Exchange on 30 March 2004.


BERJAYA GROUP: Unveils Proposed Restructuring Scheme
----------------------------------------------------
Berjaya Group Berhad (Bgroup) announces the Proposed
Restructuring Exercise of the Group comprising the following:

(i) Proposed Voluntary Scheme of Arrangement on the entire
issued and paid-up share capital of Bgroup compromising ordinary
shares of RM1.00 each on Bgroup (Bgroup Shares), the 5 percent
Irredeemable Convertible Unsecured Loan Stocks (ICULS) 1999/2009
of RM1.00 Nominal Amouny each in Bgroup (BGroup ICULS) and
Warrants 1999/2009 of Bgroup (Bgroup Warrants) pursuant to
Section 176 of the Companies Act, 1965 with Berjaya Corporation
Sdn Bhd (BCSB) (A company identified to undertake the Proposed
Bgroup Restructuring exercise) for the exchange of the
securities of Bgroup with new ordinary shares of RM1.00 each in
BCSB (BCSB Shares) and o percent 10-year Irredeemable
Convertible Unsecured Loan Stocks of RM0.50 nominal amount each
in NewCo (BCSB ICULS) (Proposed Bgroup Scheme):

(ii) Proposed Renounceable Rights Issue of up to RM283,614,980
nominal amount BCSB ICULS (RIGHTS ICULS) with up to RM76,576,045
nominal amount additional BCSB ICULS (Additional ICULS), on the
basis of four (4) RIGHTS ICULS for every five (5) BCSB Shares or
BCSB ICULS held after the proposed Bgroup Schemes and 0.27
Additional ICULS for each RIGHTS ICULS subscribed, on a date to
be determined and announced later by the Board of Directors of
BCSB (Proposed Rights Issue);

(iii) Proposed Repayment of Bgroup's Bank Borrowings through the
issuance of new BCSB ICULS (Proposed Repayment of Bank
Borrowings);

(iv) Proposed Settlement of Inter-company balanaces on behalf of
Bgroup by BCSB to Berjaya Land Berhad (B-Land) and Berjaya
Capital Berhad through the issuance of new  BCSB ICULS (Proposed
Inter-Company Settlements);

(v) Proposed Acquisition of the entire issued and paid-up share
capital of Bukit Tinggi Resort Berhad (BTR) for a total purchase
consideration of RM802,085,626 to be satisfied entirely through
the issuance of 802,085,626 new BCSB shares at par (Proposed BTR
Acquisition); and

(vi) Proposed transfer of listing status of Bgroup on the Main
Board of Malaysia Securities Exchange Berhad to BCSB.

(Collectively Referred to as the "Proposed Bgroup Restructuring
Exercise)

PART B

Proposed Exemptions from Mandatory Offers Pursuant to the
Malaysian code on take-overs and Mergers, 1998 (Code)(Proposed
Mandatory Offer Exemptions)

We refer to our announcements dated 26 August 2003, 6 February
2004 and 16 February 2004 and the application to the Securities
Commission (SC) in relation to, inter-alia, the proposed
exemption pursuant to Practice Note 2.9.1 of the Code to Tan Sri
Dato' Seri Vincent Tan Chee Yioun (TSVT) and the parties deemed
acting in concert with TSVT, namely Tan Sri Dato' Danny Tan Chee
Sing, Tan Choon Lui, Dato' Robin Tan Yeong Ching, Nerine Tan
Sheik Ping, Rayvin Tan Yeong Sheik, B&B Enterprise Sdn Bhd, HQZ
Credit Sdn Bhd, Lengkap Bahagia Sdn Bhd, Nautilus Corporation
Sdn Bhd, Hotel Resort Enterprise Sdn Bhd and Nostalgia Kiara Sdn
Bhd (collectively PAC) from the obligation to extend a mandatory
offer for all the remaining BCSB Shares not already held by TSVT
and PAC upon completion of the Proposed BGroup Restructuring
Exercise (Proposed 2.9.1 Exemption).

On behalf of the Board of Directors of BGroup, Commerce
International Merchant Bankers Berhad (CIMB) wishes to announce
that the SC has, via its letter dated 29 March 2004, stated that
the Proposed 2.9.1 Exemption will only be considered by the SC
after the following have been obtained:

(i) TSVT and PAC to provide written declarations that they have
not acquired/will not acquire BCSB/BGroup Shares within the six
(6)-month period prior to the despatch of the circular to
shareholders of BGroup in relation to the Proposed BGroup
Restructuring Exercise, but subsequent to negotiations,
discussions, understandings or agreements with the Directors of
BGroup in relation to the Proposed BGroup Restructuring
Exercise, whichever is the earlier, until the SC approves the
Proposed 2.9.1 Exemption and until the Proposed BGroup
Restructuring Exercise has been implemented;

(ii) TSVT and PAC to obtain the approval for the Proposed 2.9.1
Exemption from the shareholders of BGroup, by poll, at an
Extraordinary General Meeting whereby all interested parties
shall abstain from voting; and

(iii) Provision of competent independent advice to the
shareholders of BGroup whereby the appointment of an independent
adviser and the contents of the independent advice circular that
will be circulated to the shareholders of BGroup has received
the prior approval of the SC.

In addition to the Proposed 2.9.1 Exemption, BGroup had also
sought the confirmation of the SC that the Proposed BGroup
Restructuring Exercise will not result in BCSB being deemed to
be acquiring control of material downstream entities of BGroup
pursuant to Practice Note 2.2 of the Code. In this respect, the
SC had confirmed that Practice Note 2.2 of the Code will apply
to BCSB in relation to B-Land, whereby BCSB has an obligation to
make a mandatory offer for all the remaining voting shares in B-
Land.

The Proposed BGroup Restructuring Exercise is conditional upon
exemptions from all mandatory offers being received, which
includes the exemption to BCSB from having the obligation to
make a mandatory offer for all the remaining voting shares in B-
Land. The Board of Directors of BGroup has deliberated on the
aforesaid terms of the SC and an appropriate appeal/application
for an exemption will be made to the SC pertaining to BCSB's
obligation to make a mandatory offer for all the remaining
voting shares in B-Land in due course.

This Kuala Lumpur Stock Exchange announcement is dated 30 March
2004.


BOUSTEAD HOLDINGS: Acquires New Subsidiary
------------------------------------------
Boustead Holdings Berhad would like to refer to the announcement
dated 19 March 2004 in relation to the voluntary offer by
Boustead to acquire the remaining shares in Kuala Sidim Berhad.

On behalf of Boustead, Affin Merchant Bank Berhad wishes to
announce that the compulsory acquisition of the remaining shares
held by the Dissenting Shareholders of Kuala Sidim under Section
34 of the Securities Commission Act, 1993 has been completed on
30 March 2004.

As such, with effect from the even date, Kuala Sidim has become
a wholly owned subsidiary of Boustead.

This Kuala Lumpur Stock Exchange announcement is dated 31 March
2004.


CRIMSON LAND: Update To The Proposed Debt Restructuring
-------------------------------------------------------
We would like to refer to the announcements by Crimson Land
Berhad dated 26 July 2002, 8 August 2002, 27 November 2002, 16
December 2002, 22 January 2003 and 24 February 2004, 9 March
2004 and 29 March 2004 in relation to the company's Proposed
Debt Restructuring Scheme.

The Proposed Debt Restructuring entails, inter-alia, the
issuance of RM365,350,000 nominal value of 2 percent, 6 to 10-
year redeemable convertible secured loan stocks (RCSLS) at 100
percent of the nominal value and 100,000,000 new ordinary shares
of RM0.50 each in Crimson (Crimson Share) at an issue price of
RM0.50 per Crimosn Share as full settlement of bank borrowings
owing by the Crimson Group to AmFinance Berhad.

In connection thereto, Alliance Merchant Bank Berhad (Alliance),
on behalf of Crimson, is pleased to announce that, in connection
with the Proposed Debt Restructuring, Crimson had on 31 March
2004 allotted and issued RM365,350,000 nominal value of RCSLS
and 100,000,000 new Crimson Shares to AmF.

The RCSLS will be prescribed under the Scripless Securities
Trading System (SSTS) of the Real Time Electronic Transfer of
Funds and Securities System (RENTAS) of Bank Negara Malaysia
(BNM) and reported on the Fully Automated System for
Issuing/Tendering System (FAST) of BNM while the new Crimson
Shares will be listed on the Main Board of the Malaysia
Securities Exchange Berhad.

This Kuala Lumpur Stock Exchange announcement is dated 31 March
2004.


JOHAN HOLDINGS: Update on Mustika Unit's Default in Payment
-----------------------------------------------------------
Johan Holdings Berhad wishes to announce that there is no change
in respect of the default in payment for a term loan facility of
RM10.5 million of Mustika Resort Sdn Bhd pending a restructuring
of this loan being agreed with its Lender.

This Kuala Lumpur Stock Exchange announcement is dated 30 March
2004.


MALAYSIAN AIRLINES: Trading Unaffected By Appointment of New MD
---------------------------------------------------------------
Shares of the national carrier Malaysia Airline System Bhd
traded flat before the noon break on Wednesday, 31 March,
virtually unaffected by the appointment of a new managing
director, reports Bernama.

The entry of Datuk Ahmad Fuaad Dahalan who is a well-known
figure in the industry was welcomed by market participants amid
the lack of fresh leads, one dealer said.

He adds that investors were looking forward to changes the new
managing director would inject into the airline.

As af 12:15 am, the counter was traded flat at RM5.30, with 712
lots changing hands, which was the highest level so far.

Ahmad Fuaad was appointed executive managing director effective
Thursday (April 1), replacing Datuk Md Nor Yusof who has been
appointed as chairman of the Securities Commission (SC).


MEDAS CORPORATION: Updates Exemption From Mandatory Offer Info
--------------------------------------------------------------
Medas Corporation Berhad would like to refer to the
announcements dated 10 September 2003, 19 November 2003, 8
December 2003 in relation to the Proposed Restructuring Scheme
and the application to the Securities Commission (SC) dated 10
December 2003 in relation to, inter-alia, the proposed exemption
pursuant to Practice Note 2.9.1 of the Malaysia Code on Take-
Overs and Mergers, 1998 to the Vendors (as defined therein) of
the Emerald Group (as defined therein) and parties-acting-in-
concert (collectively known as Parties-Acting-In-Concert) from
the obligation to extend a mandatory offer for all the remaining
Gromutual Shares (as defined therein), not already held by the
Parties-Acting-In-Concert upon completion of the Proposed
Acquisition (as defined therein) (Proposed Exemption From
Mandatory Offer).

On behalf of Medas, Avenue Securities Sdn Bhd wishes to announce
that the SC has, via its letter dated 26 March 2004 (which was
received on 29 March 2004), stated that the Proposed Exemption
from Mandatory Offer will only be considered by the SC after the
following have been obtained:

(i) Approval of the shareholders of Gromutual to Parties-Acting-
In-Concert for the Proposed Exemption from Mandatory Offer, on a
poll, at an Extraordinary General Meeting ("EGM") whereby all
interested parties shall abstain from voting and that the voting
results must be verified by an independent auditor;

(ii) Provision of competent independent advice to the
shareholders of Gromutual whereby the appointment of the
Independent Adviser and the contents of the Independent Advice
Circular that will be dispatched to the shareholders of
Gromutual have been approved by the SC;

(iii) Declaration by Parties-Acting-In-Concert (dated after the
EGM), that they have not acquired Medas Shares (as defined
therein) within the six (6) months period prior to the dispatch
of the circular to shareholders of Gromutual in relation to the
Proposed Restructuring Scheme, but subsequent to negations,
discussions, undertakings or agreements with the Directors of
Medas in relation to the Proposed Restructuring Scheme,
whichever is the earlier, until the SC approves the Proposed
Exemption from Mandatory Offer, and upon the completion of the
Proposed Acquisition ; and

(iv) Confirmation by the Independent Adviser that voting
shareholders of Gromutual at the EGM are not interested parties
in the Proposed Exemption from Mandatory Offer.

This announcement is dated 30 March 2004.


PILECON ENGINEERING: Updates Status of Default in Payment
---------------------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
on 26 February 2004 with regards to the status of default in
payment pursuant to Practice Note 1/2001, the Company wishes to
hereby announce that there have not been any changes to the
status of default since then.

Pilecon has revised its earlier Proposed Scheme of Arrangement
(Scheme) and has on 28 February 2004 submitted to the Securities
Commission an appeal against their decision in rejecting the
original Scheme.

Please refer to the announcement dated 27 February 2004 made by
the Company on the revised Scheme for more details and
information.

This Kuala Lumpur Stock Exchange announcement is dated 31 March
2004.


REPCO HOLDINGS: White Knights Eager To Come To The Rescue
---------------------------------------------------------
Special Administrators (SAs) appointed to Repco Holdings Berhad
have revealed that several potential white knights are
interested in participating in the company's proposed
restructuring exercise and possible re-listing on the Malaysia
Securities Exchange Berhad, The Star Online reports.

Repco's special administrator Kenneth Teh Ah Kiam told reporters
yesterday, 31 March after a tender briefing that, "a few had
shown interest but we wouldn't know until 2 weeks from now."

Teh said the SAs would be looking for potential "white knights"
with quality assets to be injected into Repco and the management
strength to run the company.

"However, this is also subject to approval from the
authorities," he added.

Repco is involved in automotive parts distribution, commercial
properties and is in the process of disposing its gaming
operations in Sabah.

Repco Holdings was de-listed from the MSEB last year. Its
possible re-listing is expected to be one of the attractions for
potential investors to participate in the company's
restructuring exercise.


REPCO HOLDINGS: Tender Exercise To Close in 14 Days
---------------------------------------------------
Teh Ah Kiam, Special Administrator of Repco Holdings Bhd says
that the submission for tender on the proposed restructuring of
Repco Holdings will close 14 days from 31 March 2004, The Edge
Daily reports.

He said in a March 31 briefing that potential white knights with
strong asset backing and management expertise were invited to
participate in the re-listing of Repco.


SBC CORPORATION: Sets Date for Extraordinary General Meeting
------------------------------------------------------------
Please be informed that an Extraordinary General Meeting of SBC
Corporation Berhad (formerly known as Siah Brothers Corporation
Berhad)(SBC) will be held at the Penthouse, 5th Floor, Wisma
siah Brothers, 74, Jalan Pahang, 53000 Kuala Lumpur on Friday,
16 April 2004 at 8:30 am in respect to the Proposed Debt
Settlement totaling RM37,720,372 by Smart Home Sdn Bhd to
Syarikat Siah Brothers Construction Sdn Bhd and Mixwell
(Malaysia) Sdn Bhd, being wholly owned subsidiaries of SBC.

This Kuala Lumpur Stock Exchange announcement is dated 30 March
2004.


SOUTH PENINSULAR: Issues Update on Acquisitions and Bonus Issue
---------------------------------------------------------------
South Peninsular Industries Berhad (SPI) wishes to refer to the
following:

- Acquisition Of The Entire Issued And Paid Up Share Capital Of
BBMB Securities Sdn Bhd Comprising 101,038,732 Ordinary Shares
Of RM1.00 Each From Khazanah Nasional Berhad For An Indicative
Purchase Consideration Of RM192,294,593.58 Satisfied By Cash
(BBMB Acquisition);

- Acquisitions Of The Entire Issued And Paid Up Share Capital of
ECM Holdings Limited (ECMH), ECM Capital Sdn Bhd and ECM Libra
Partners Sdn Bhd (Collectively ECM Libra Group), From Dato'
Kalimullah Bin Masheerul Hassan, Lim Kian Onn and Chua Ming Huat
(Collectively ECM Libra Vendors) For An Aggregate Purchase
Consideration Of RM330,000,000 Satisfied By The Issuance Of
270,000,000 New Ordinary Shares Of RM1.00 Each In SPI At An
Issue Price Of RM1.00 Per Share (Consideration Shares) And The
Issuance Of RM60,000,000 5-Year Redeemable Convertible Unsecured
Loan Stocks (RCULS) At 100 percent Of The Nominal Value With A
Coupon Rate Of 3 percent Per Annum (Consideration RCULS) (ECM
Libra Group Acquisition);

- Bonus Issue Of 21,000,000 New Ordinary Shares Of RM1.00 Each
To The Existing Shareholders Of SPI On The Basis Of One (1) New
Share For Every Two (2) Existing Shares Held In SPI (Bonus
Issue); And

- Private Placement Of 100,000,000 New Ordinary Shares Of RM1.00
Each At An Issue Price Per Share Of RM2.10 To Nominated
Investors (Private Placement).

Aseambankers Malaysia Berhad on behalf of SPI is pleased to
announce that as of 30 March 2004, the Bonus Issue, the ECM
Libra Group Acquisition, the Private Placement and the BBMB
Acquisition, have been completed.

This Kuala Lumpur Stock Exchange announcement is dated 30 March
2004.


SOUTH PENINSULAR: Extends Date for Completion of Unit Sale
----------------------------------------------------------
Further to the announcement made on 2 October 2003 in relation
to the Share Sale Agreement between Metal Perforators (Malaysia)
Sdn Bhd (MPM) and Temasek Berkat Sdn Bhd (TBSB), the Board of
Directors of South Peninsular Industries Berhad is pleased to
announce that MPM has entered into an arrangement with TBSB to
accept TBSB's request to extend the completion date from 31
March 2004 to 28 May 2004.

The varied terms for the settlement of the balance purchase
price of RM4,050,000.00 are as follows:

i) First installment payment of RM2,000,000.00 is to be received
by MPM not later than 31 March 2004;

ii) Second installment of RM2,050,000.00 is to be received by
MPM not later than 28 May 2004; and

iii) That in the event of TBSB's default in payment of:

(a) the said first installment, MPM shall be entitled to forfeit
the deposit of RM450,000.00;

(b) the said second installment, MPM shall be entitled to
forfeit the total sum of RM2,450,000,000 and thereafter neither
party shall have any claim against the other.

Save and except for the above, all other terms and conditions in
the Share Sale Agreement shall remain in full force and effect.

The Kuala Lumpur Stock Exchange announcement is dated 30 March
2004.


SOUTH PENINSULAR: Amends Announcement Re Metal Perforators
-----------------------------------------------------------
South Peninsular Industries Berhad wishes to refer to the
announcement made on 30 March 2004 in respect to the disposal of
wholly owned subsidiary Metal Perforators (Malaysia) Sdn Bhd and
wish to inform that the first paragraph of the said announcement
should read as follows:

"Further to the announcement made on 2 October 2003 in relation
to the Share Sale Agreement between South Peninsular Industries
Berhad (SPI) and Temasek Berkat Sdn Bhd (TBSB), the Board is
pleased to announce that SPI has entered into an arrangement
with TBSB to accept TBSB's request to extend the completion date
from 31 March 2004 to 28 May 2004."

The word "MPM" where applicable should be amended to read as
"SPI".

This amended announcement is dated 31 March 2004.


SOUTH PENINSULAR: Announces the Sale and Change of Name
-------------------------------------------------------
South Peninsular Industries Berhad wished to refer to the
disposal of S.P.I. Plastic Industries Sdn Bhd, a wholly owned
subsidiary of SPI to Freesia Valley Sdn Bhd (FVSB), for a
disposal consideration of RM15,000,000 satisfied by cash (SPIP
Disposal); and the change of the company's bane from `South
peninsular Industries Berhad" to "ECM Libra Berhad".

Aseambankers Malaysia Berhad on behalf of ECM (SPI) is pleased
to announce the following:

(a) that the SPIP Disposal has been completed on 31 March 2004;
and

(b) that the Company had changed its name to ECM Libra Berhad
with effect from 31 March 2004.

This announcement is dated 31 March 2004.


SOUTH PENINSULAR: Issues Update to S.P.I. Plastic Sale
------------------------------------------------------
South Peninsular Industries Berhad (SPI) wishes to refer to the
announcement dated 12 March 2004 issued on behalf of SPI in
relation to the SPI Plastic Industries Berhad(SPIP) Disposal.

Aseambankers Malaysia Berhad on behalf of SPI is pleased to
announce that SPI had, vide its letter to the Securities
Commission dated 30 March 2004, confirmed that:

(a) the SPIP Disposal is not a related party transaction;

(b) SPI has adequately negotiated the SPIP Disposal, and the
terms of the SPIP Disposal are the best available; and

(c) the SPIP Disposal is in the best interest of SPI and its
shareholders.

This Kuala Lumpur Stock Exchange announcement is dated 30 March
2004.


SOUTH PENINSULAR: Pleased To Announce Acquisitions and Bonuses
--------------------------------------------------------------
The Board of Directors of Arab-Malaysian Corporation Berhad
(Amcorp) is pleased to announce that its listed subsidiary,
South Peninsular Industries Berhad (SPI), has completed its
corporate exercise which included amongst others:

a) acquisition of BBMB Securities Sdn Bhd for RM192,294,593.58
satisfied via cash;

b) acquisition of ECM Holdings Limited, ECM Capital Sdn Bhd and
ECM Libra Partners Sdn Bhd (collectively the ECM Libra Group)
for RM330,000,000 satisfied by the issuance of 270,000,000 new
SPI shares and RM60,000,000 5 year redeemable cumulative
unsecured loan stocks at 100 percent nominal value with a coupon
rate of 3 percent per annum (RCULS);

c) bonus issue of 21,000,000 new SPI shares on the basis of one
(1) new SPI share for every two (2) existing ordinary shares
held in SPI; and

d) private placement of 100,000,000 new SPI shares at an issue
price of RM2.10 to nominated public investors.

(collectively SPI's Corporate Exercises)

Please refer to SPI's announcements dated 30 October 2003, 14
November 2003 and 30 March 2004 respectively for full details of
SPI's Corporate Exercises and its completion thereof.

With the completion of SPI's Corporate Exercises, Amcorp's
interest in SPI is diluted from 51.8 percent (based on
shareholding as at 17 March 2003) to 6.9 percent (before the
conversion of the RCULS) and thereafter SPI ceases to be a
subsidiary of Amcorp.

SPI's Corporate Exercises will not have any significant impact
on the earnings of Amcorp. With the completion of SPI's
Corporate Exercises, Amcorp's net tangible assets will increase
by RM0.03 per share.

SPI's Corporate Exercises form part of Amcorp's ongoing efforts
to rationalize its non core businesses.

This Kuala Lumpur Stock Exchange announcement is dated 31 March
2004.


SOUTH PENINSULAR: Disposes of Kayangan Pelita Unit
--------------------------------------------------
South Peninsular Industries Berhad (SPI) announces the intended
disposal of Kayangan Pelita Sdn Bhd (KPSB)by South Peninsular
Properties Sdn Bhd (SPPSB), a wholly-owned subsidiary of SPI to
Arab-Malaysian Prima Realty Sdn Bhd (AMPRSB) for a cash
consideration of RM535,000.00

The details are as follows:

1. INTRODUCTION

The Board of Directors of SPI wishes to announce that SPPSB, a
wholly-owned subsidiary of SPI had on 29 March 2004 entered into
an Agreement For Sale of Shares in KPSB (Agreement) with AMPRSB
to dispose of the entire issued and paid-up share capital of
KPSB comprising 100,000 ordinary shares of RM1 each (Sale
Shares) to AMPRSB, for a cash consideration of RM535,000
(Consideration) (Disposal).

2. DETAILS OF THE DISPOSAL

2.1 Background Information of KPSB

KPSB was incorporated in Malaysia on 22 December 1995.
Presently, the authorized share capital of KPSB is RM100,000
divided into 100,000 ordinary shares of RM1.00 each of which
100,000 ordinary shares of RM1.00 each have been fully paid-up.

KPSB is principally engaged in the business of property trading
and development.

2.2 Background Information of SPPSB

SPPSB was incorporated in Malaysia on 19 May 1995 under the name
of Penaga Sepang (M) Sdn Bhd. SPPSB assumed its present name on
12 September 1995.

Presently, the authorized share capital of SPPSB is RM100,000
divided into 100,000 ordinary shares of RM1.00 each of which 2
ordinary shares of RM1.00 each have been fully paid-up.

SPPSB is principally engaged in the business of property trading
and development.

2.3 Consideration and Terms for Payment

The Consideration for the Disposal shall be settled by AMPRSB in
the following manner:

(i) a deposit sum of RM53,500 (representing 10% of the
Consideration) to be paid simultaneously with the execution of
the Agreement;

(ii) the balance sum of RM481,500 (representing the remaining
90% of the Consideration) to be paid by AMPRSB to SPPSB within 6
months from the date of the Agreement or any other date to be
mutually agreed upon in writing.

Upon completion, KPSB will cease to be a subsidiary of SPI.

2.4 Basis For Arriving At the Consideration

The Consideration was arrived at between SPPSB and AMPRSB based
on KPSB's adjusted net tangible assets of approximately
RM531,059000 as at 31st January 2004 after taking into
consideration the market price of the three (3) pieces of vacant
residential land (leasehold land expiring on 25 May 2092)
registered in the name of KPSB and held under H.S (D) Nos.
103352, 103351A and 103753, Mukim of Bukit Raja, Daerah Klang,
Selangor Darul Ehsan measuring approximately 71,119 square feet.

The Sale Shares are free from all liens, charges, encumbrances
and claims from any third party of any nature whatsoever and
with all rights, benefits and advantages attaching thereto
including any distribution rights or bonus issue which may be
declared from the date of completion of the Disposal.
2.5 Expected Gain/(Loss) to SPPSB from the Disposal
The Disposal is expected to record a gain of approximately
RM445,000 based on the results as at 31 January 2004.

2.6 Utilization of Proceeds From the Disposal

The proceeds from the Disposal will likely be used for working
capital and/or future investments.

2.7 Background Information of AMPRSB

AMPRSB was incorporated in Malaysia on 21 December 1994 under
the name of Khidmat Sergap Sdn Bhd. AMPRSB assumed its present
name on 9 November 1995.

Presently, the authorized share capital of AMPRSB is RM5,000,000
divided into 5,000,000 ordinary shares of RM1.00 each of which
2,000,000 ordinary shares of RM1.00 each have been fully paid-
up.

AMPRSB is principally engaged in the business of property
development. AMPRSB is a wholly owned subsidiary of Arab-
Malaysian Corporation Berhad (AMCORP).

2.8 Liabilities To Be Assumed By AMPRSB
Pursuant to the Disposal, AMPRSB shall not be assuming any
liabilities of KPSB other than those incurred by KPSB in the
normal course of business.

2.9 SPPSB's Original Cost and Date of Investment in KPSB

SPPSB's original cost of investment in KPSB incurred since 25
April 1996 was RM102,998. After taking into consideration the
revaluation surplus in 2002, SPPSB's cost of investment in KPSB
is RM291,797.

3. RATIONALE FOR THE DISPOSAL

The Disposal is in line with SPI Group's plan to complete the
corporate exercises involving acquisitions of BBMB Securities
Sdn Bhd and ECM Libra Group and to exit from business that are
not related to investment banking and securities.

KPSB has been relatively inactive and is not expected to provide
significant contribution to SPI Group's profitability in the
years ahead.

4. CONDITIONS TO THE DISPOSAL

The Disposal is not subject to the approval of shareholders or
any other governmental authorities.

5. FINANCIAL EFFECTS

5.1 Share Capital and Substantial Shareholders' Shareholdings

The Disposal will have no effect on the share capital and
substantial shareholders' shareholdings of SPI.

5.2 Earnings

The earnings of SPI for the year ending 31st March 2004 will be
marginally increased as a result of the gain of approximately
RM455,000 assuming completion as at that date.
5.3 Net Tangible Assets (NTA)

The Disposal will not have any material effect on the NTA of the
SPI Group based on the audited financial statement as at 31st
March 2003.

6. INTEREST OF DIRECTORS AND/OR SUBSTANTIAL SHAREHOLDERS AND/OR
PERSONS CONNECTED WITH A DIRECTOR OR SUBSTANTIAL SHAREHOLDERS

Tan Sri Dato' Azman Hashim (TSDAH), the Non-Executive Chairman
of SPI and Executive Chairman of AMCORP, is also a substantial
shareholder of AMCORP and SPI.

TSDAH's indirect interest, in SPI, through his shareholdings in
AMCORP is 7 percent. TSDAH's interests (direct and indirect) in
AMCORP as at 31st March 2004 is 39.92 percent.

Mr. Soo Kim Wai (SKW), a Director of SPIB is the Managing
Director of AMCORP. SKW has a negligible interest in AMCORP.

Puan Shalina Azman (SBA), a Director of SPI is the daughter of
TSDAH and a Deputy Managing Director of AMCORP.

Accordingly, TSDAH, SKW and SBA have abstained and will continue
to abstain from all board deliberations in respect of the
Disposal.

Save as disclosed above, none of the other directors or
substantial shareholders of SPI or its subsidiaries or any
persons connected with such a director or substantial
shareholders have any interest, direct or indirect in the
Disposal.

7. DIRECTORS' RECOMMENDATION

The Board of Directors of the Company, having considered all
aspects of the Disposal, is of the opinion that the Disposal is
in the best interest of the Company.

8. ESTIMATED TIME FRAME FOR COMPLETION

The Disposal completion is expected within six months after the
date of the Agreement or any other date to be mutually agreed
upon between SPPSB and AMPRSB in writing.

9. COMPLIANCE WITH THE SECURITIES COMMISSION (SC)'S POLICIES AND
GUIDELINES ON ISSUE/OFFER OF SECURITIES (ISSUES GUIDELINES)

The Disposal is in compliance with and has not departed from the
SC's Issues Guidelines.

10. DOCUMENTS FOR INSPECTION

The Agreement will be made available for inspection at the
Registered Office of SPI at 1st Floor, Lot 271, Jalan Dua, Off
Jalan Chan Sow Lin, 55200 Kuala Lumpur from Mondays to Fridays
(except) public holidays, during normal business hours from 9
a.m. to 6 p.m., for a period of 3 months from the date of this
announcement.

This Kuala Lumpur Stock Exchange announcement is dated 31 March
2004.


SUGAR BUN: Net Losses Shrink to RM3 Million
-------------------------------------------
Sugar Bun Corporation posted a lower net loss for the fiscal
year ending 31 January 2004, The Edge Daily reports.

Net losses for the year narrowed to RM3.31 million, down from
RM5.91 million a year earlier, mainly due to certain debt
recovery that has been provided for in the previous years.

Sugar Bun also said in a statement dated 31 March, that its
revenues decreased slightly to RM47.96 million from RM48.39
million a year.


TAJO BERHAD: Declares New Rights Shares
---------------------------------------
Tajo Berhad would like to refer to the announcement made on 16
March 2004. The total acceptances and excess shares applications
for the Rights Issue with Warrants are set out in Table 1 below:

Table 1

    Shares   Percentage
No. of Rights
Acceptance:   4,677,682      29.6
Excess shares
Applications:   6,032,136      38.1
Total applications:  10,709,818      67.7

Total number of
Rights Shares
provisionally allotted: 15,816,080     100.0
Undersubscribed:   5,106,262     32.3

This Kuala Lumpur Stock Exchange announcement is dated 31 March
2004.


TANJONG PUBLIC: Announces Dealings of Principal Officer
-------------------------------------------------------
Tanjong Public Limited Company wishes to announce that the
Company has been notified of the following dealing by Chong Kah
Yoong, a Principal Officer of Tanjong pursuant to Paragraph
14.09 (a) of the Listing Requirements of MSEB:

1. Notification on 31 March 2004:

(i) That he has disposed in the open market of the MSEB, 5,000
shares of 7.5 pence each in Tanjong representing 0.0013 percent
of the issued share capital of Tanjong as at the date of the
transaction;

(ii) Date of transaction:  29 March 2004;

(iii)Transaction price: RM13.10 per share of 7.5 pence
each.

This Kuala Lumpur Stock Exchange announcement is dated 31 March
2004.


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


ABS-CBN BROADCASTING: Posts Resignation of Federico M. Garcia
-------------------------------------------------------------
ABS-CBN Broadcasting Corporation announced to the Philippine
Stock Exchange the resignation of Mr. Federico M. Garcia as a
member of the Board of Directors effective March 26, 2004.

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

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


BENPRES HOLDINGS: Partner Cuts Shareholding to 19%
-------------------------------------------------
Ondeo Services Philippines formerly Suez, the French joint
venture partner of Benpres Holdings wants to cut down its
shareholdings in Maynilad Water Services to 19 percent from the
former shareholding of 40 percent, Yehey Finance reports.

The 19 percent stake will be obtained after Ondeo converts its
PhP1.583 billion in loans to Maynilad into 7.915 million common
shares.  Each shares has a par value of PhP100 and a selling
price of PhP200.

The French partner wants to convert the $54 million it will
shell out to partially pay for Maynilad's debts into loans as
well as the $1 million it will put into the water firm.

Clause 5.2 Article V of Annex B-2 to Amendment No. 2 to the
concession agreement provides that Ondeo's stocks be maintained
at 19%. "Shareholdings of Suez shall remain at 19%,
notwithstanding exercise of redemption option by local banks.
The company must buy back anything in excess of 19%," it
provides.

A source disclosed to BusinessWorld that Ondeo wants to
completely divest its Maynilad shares and exit from the
Philippines market but the Metropolitan Waterworks and Sewerage
System (MWSS) could not be convinced into absorbing its entire
40 percent stake.


NATIONAL POWER: Issues PhP12.552B Worth of Zero-Coupon Bonds
------------------------------------------------------------
The National Power Corp. (Napocor) issues its first local
currency issuance of 3.752 billion pesos worth of zero-coupon
bonds due in 2009 and 8.8 billion pesos worth of said bonds due
2011, AFX Asia reports.

The proceeds of the bond issuance will partly cover the
company's financing requirements for the current year, which
includes debt servicing, importation and payment of fees of its
independent power producers.

The bonds are rated Ba2 by Moody's Investors Service in line
with the sovereign local currency rating, were offered by ING
Bank NV on a private placement basis.

Strong demand from institutional investors resulted in a more
than 40 pct over-subscription and the pricing was done at the
tighter end of the indicated range, Napocor said.

The bonds due 2009 were priced at 50 basis points over the five-
year MART 1 fixed-rate treasury notes rate, while the bonds due
2011 were priced at 62. 5 basis points over the seven-year MART
1 FXTN rate.


PHILIPPINE REALTY: Submits Reply Letter for SEC
-----------------------------------------------
Philippine Realty & Holdings Corporation, furnished the
Philippine Stock Exchange the attached copy of its letter to the
Securities and Exchange Commission dated March 24, 2004, in
reply to the Commission's findings on the Company's audited
consolidated financial statements for the year ended December
31, 2002.

To view full copy of the document, click
http://bankrupt.com/misc/PHILIPPINEREALTY033104.pdf


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


ASIA FOOD: Issues Debt Rescheduling Update
------------------------------------------
Asia Food & Properties Limited (AFP) and Golden Agri-Resources
Ltd. (GAR) announced that negotiations with creditors regarding
their debt-rescheduling schemes are still ongoing.

In a disclosure to the Singapore Stock Exchange, announcements
will be made on a timely basis when there is further progress on
our debt rescheduling efforts.

Cash and time deposits with BII Bank Limited, Cook Islands (BII
Bank Ltd):

Under the repayment and security package entered into with BII
Bank Ltd (announced on 2 November 2001), the first, second,
third and fourth aggregate repayments to AFP Group, including
GAR Group, were scheduled to be as follows:

                                         AFP Group
Date of proposed repayment               US$'million

May 2001 - April 2002                      27
May 2002 - October 2002                    25
November 2002 - April 2003                 25
May 2003 - October 2003                  36.5
Aggregate repayment by October 2003     113.5

The aggregate total repayment payable by October 2003 to AFP
Group, including GAR Group, is US$113.5 million.

As at 29 March 2004, the AFP Group, including GAR Group, has
reduced its principal cash and time deposits by US$116.1
million. Of this reduction, US$76.7 million represents
reductions of cash and time deposits of GAR Group.

By Order of the Board
Simon Lim
Director
31 March 2004


ASSOCIATED INVESTMENTS: Dissolution Announced by Parent Company
---------------------------------------------------------------
Oversea-Chinese Banking Corporation Limited (OCBC Bank) wishes
to inform that Associated Investments and Securities Private
Limited (in Members' Voluntary Liquidation), a wholly owned
dormant subsidiary of OCBC Bank, was dissolved on 31 March 2004.

Associated Investments & Securities Private Limited ceased to be
a wholly owned subsidiary of OCBC Bank with immediate effect.

Submitted by Ng Geok Chin, Assistant Secretary on 31 March 2004
to the SGX.


BOUSTEAD SINGAPORE: Sells Off Easycall International Shares
-----------------------------------------------------------
The Board of Directors of Boustead Singapore Limited (Boustead)
wishes to announce that Boustead has on 31 March sold 314,500
ordinary shares (Sale Shares) in EasyCall International Limited
(EasyCall) at a total consideration of A$26,732 (S$33,816) at
A$0.085 per share. The Sale Shares represent approximately 0.13
percent of the issued share capital of EasyCall.

The decision to dispose of the Sale Shares was made after a
recent check revealed that Boustead's aggregate shareholding in
EasyCall was 125,156,700 ordinary shares (representing
approximately 50.08 percent of EasyCall's issued share capital),
instead of 124,842,200 ordinary shares (approximately 49.96
percent) as previously announced on 18 August 2003. It was not
the intention of Boustead at any time to make EasyCall its
subsidiary. As such, the disposal of the Sale Shares was
immediately undertaken in order to restore Boustead's
shareholding in EasyCall to the previously announced level of
124,842,200 ordinary shares (49.96 percent).

This transaction is not expected to have any material impact on
the consolidated net tangible asset value per share and the
earnings per share of the Company for the current financial
year.

Mr. Wong Fong Fui, Chairman and Group Chief Executive Officer
and substantial shareholder of Boustead is also an Executive
Director and the Group Chief Executive Officer of EasyCall.

Except as disclosed, none of the directors and controlling
shareholders of Boustead has any interests, direct or indirect
in the transaction.

By Order of the Board

ALVIN KOK
COMPANY SECRETARY
31 March 2004

Submitted by Alvin Kok, Company Secretary on 31 March 2004 to
the SGX.


BOUSTEAD SINGAPORE: Acquires Salcon Thermal and Salcon Water
------------------------------------------------------------
The Board of Directors of Boustead Singapore Ltd (Boustead)
wishes to announce that as part of the ongoing rationalization
of its group structure, it has today acquired all of the issued
share capital of Salcon Thermal Technology Pte Ltd (Salcon
Thermal) and Salcon Water Technology Pte Ltd (Salcon Water) from
its 63.46 percent owned subsidiary, Salcon Limited
(Salcon), for a cash consideration of S$2.00 each.

The principal activities of Salcon Thermal relate to the design,
installation and maintenance of cremators, furnaces,
incinerators and boilers and the distribution and sale of all
kinds of equipment ancillary to the thermal industry.

The principal activities of Salcon Water relate to the design,
installation and maintenance of treatment systems for water
purification, wastewater treatment, water recycling and water
pollution control and the manufacture and distribution and sale
of all kinds of equipment ancillary to the water treatment
industry

Both Salcon Thermal and Salcon Water have an issued and paid up
capital of S$2.00 and have been dormant since their
incorporation on 9 May 2003. The acquisition of Salcon Thermal
and Salcon Water 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.

Save for Directors Wong Fong Fui, James Lim Jit Teng and Tong
Weng Leong, who are also directors of Salcon, none of the
Directors or controlling shareholders has any interest in the
above transaction.

By Order of the Board

ALVIN KOK
COMPANY SECRETARY
31 March 2004

Submitted by Alvin Kok, Company Secretary on 31 March 2004 to
the SGX


BOUSTEAD SINGAPORE: Announces the Sale of Boustead Pacific
----------------------------------------------------------
The Board of Directors of Boustead Singapore Ltd refers to the
Company's announcement dated 25 March 2004 on the sale of
Boustead Pacific Services Pte Ltd (Boustead Pacific) to Insight
Marine Services Pte Ltd (Insight).

The Board wishes to announce that the Sale and Purchase
Agreement in relation to the sale of Boustead Pacific was
executed and completed on 31 March 2004. Insight paid a cash
consideration $10 for the purchase of Boustead Pacific, which
had a negative net worth of $93,000 as at 30 September 2003.

By Order of the Board

ALVIN KOK
COMPANY SECRETARY
31 March 2004

Submitted by Alvin Kok, Company Secretary on 31 March 2004 to
the SGX.


CHARTERED SEMICONDUCTOR: Shuts Down Oldest Singapore Factory
------------------------------------------------------------
Chartered Semiconductor Manufacturing has shut its oldest
Singapore factory Fab 1, as it starts moving equipment into its
new high-tech wafer plant Fab 7, according to Channel News Asia.

The last wafers factory rolled off the production line in
Science Park earlier this month and its equipment is being
shipped off to China. Fab 1 has been making chips on 6-inch
diameter wafers since 1989, but has suffered from price
competition from rivals in Taiwan and China.

The closure will save Chartered around S$42 million a year and
result in another 500 job cuts.


FLEXTECH HOLDINGS: Spire Tech Unit Applies For Listing
------------------------------------------------------
The Board of Directors of Flextech Holdings Limited is pleased
to announce that its 80 percent subsidiary, Spire Technologies
Pte Ltd (Spire), has made an application to the Singapore
Exchange Securities Trading Limited (SGX-ST) for the listing of
the ordinary shares in the share capital of Spire on the SGX-ST.
The proposed listing will be subject to the approval of the
shareholders of the Company at a general meeting. Relevant
details of the proposed listing will be provided in the circular
to the shareholders of the Company which will be issued in due
course.

By order of the Board

Chow Kek Tong
Chief Financial Officer
Dated: 31 March 2004

Submitted by CHOW KEK TONG, Chief Financial Officer on 31 March
2004 to the SGX


LKN-PRIMEFIELD: Issues Debt Restructuring Update
------------------------------------------------
LKN-Primefield Limited wishes to refer to the earlier
announcement dated 9 September 2003 with regard to the adoption
of the Revised Debt Restructuring Plan.

The Company and the Bondholders are now reviewing the relevant
legal documentation.

An Extraordinary General Meeting is expected to convene in the
second quarter of 2004 to seek shareholder's approval for the
Revised Debt Restructuring Plan to proceed.

Submitted by Foo Yang Hym, Financial Controller on 31 March 2004
to the SGX


POLYMER APPLICATIONS: Releases First, Final Dividend
----------------------------------------------------
Polymer Applications Pte Ltd. issued a notice of first and final
dividend as follows:

Address of Registered Office: Formerly of 190 Middle Road #14-05
Fortune Centre Singapore 188979.

Court:     Supreme Court, Singapore.

Number of Matter:  Companies Winding Up No. 160 of
1993.

Amount Per Centum:   11.232%.

First and Final or otherwise: First & Final Dividend.

When Payable:    12 March 2004.

Where Payable:    The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

Toh Hwee Lian
Assistant Official Receiver.

This Singapore Government Gazette announcement is dated 26 March
2004.


RSH LIMITED: Disposes of Dormant Subsidiaries for Cash
------------------------------------------------------
RSH Limited wishes to announce that its 60 percent subsidiary
iOM International Holdings Limited had disposed of its entire
shareholding in its wholly-owned dormant subsidiaries, namely
iOM Technology Services (Pvt) Ltd, iOM Technology Services
(Thailand) Ltd, iOM Export Lanka (Pvt) Ltd and iOM Technology
Services (India) Pvt Ltd (collectively, the Dormant
Subsidiaries), to Harendra Mohan Wijeyekoon for a total cash
consideration of S$4 (Cash Consideration).

The Cash Consideration was arrived at based on willing buyer and
willing seller basis negotiations, taking into view that based
on the financial statements as at 29.2.2004, the Dormant
Subsidiaries had an aggregate net assets of S$16.

With this disposal, the Dormant Subsidiaries will cease to be
subsidiaries of the Company.

The transaction will not have a material impact on the earnings
per share and net tangible assets per share of the Group for the
financial year ending 31 March 2004.

None of the directors or substantial shareholders of the Company
has any interest, direct or indirect, in the transaction.

Submitted by Tan Chong Beng, Company Secretary on 31 March 2004
to the SGX.


SEATOWN CORPORATION: Issues Default Status
------------------------------------------
The Board of Directors of Seatown Corporation Limited refer to
the announcement released by the Company on 1 July 2003
regarding the state of the banking facilities obtained by the
Company's subsidiaries and which are currently in default. The
Directors announced that, other than matters previously
announced by the Company, there have been no further
developments since the date of the earlier announcements.

Submitted by The Board of Directors of Seatown Corporation Ltd
on 1 April 2004 to the SGX.


T JETHANAND: Issues Dividend Notice
-----------------------------------
T Jethanand Properties (S) Pte Ltd. issued a notice of intended
dividend as follows:

Address of Registered Office:  Formerly of 139 Cecil Street
#05-01 Cecil House Singapore
069539.

Court:      Supreme Court, Singapore.

Number of Matter:  Companies Winding Up No. 191
of 1992.

Last Day for Receiving Proofs:  9 April 2004.

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

MOEY WENG FOO
Assistant Official Receiver.

This Singapore Government Gazette Announcement is dated 26 March
2004.


WANT WANT: Has New Subsidiary in People's Republic of China
-----------------------------------------------------------
The Directors of Want Want Holdings Ltd wish to announce that it
has incorporated a wholly-owned subsidiary in Xinjiang Shihezi
Economic Technical Development Zone, People's Republic of China,
known as Xinjiang Ming-Want Dairy Ltd (Xinjiang Ming-Want).

Xinjiang Ming-Want has a registered capital of US$4 million and
its principal activities include manufacturing, processing and
distribution of milk powder, formulated milk powder, condensed
milk, cheese, fresh milk, yogurt and other related dairy
products and beverages.

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

Submitted by Adams Lin Feng I, Group Vice President and Director
on 31 March 2004 to the SGX


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


NEP REALTY: Releases Report on Debt to Equity Conversion
--------------------------------------------------------
NEP Realty and Property PCL submits to the Stock Exchange of
Thailand the resolutions of the Extraordinary Meeting held on
March 4, 2004.

The meeting resolved to approve NFS Asset Management Co., Ltd.
(AMC-NFS) a financial institution creditor of the Company
pursuant to the civil court's judgment Black case No. Ngor.
577/2542 and Red case No. Ngor. 195/2544 on July 4, 2001 to
convert its judgement debts owed by Nep Realty including accrued
interest calculated from January 1, 2004 to the date prior to
the debt to equity conversion date into equity for totaling
amount not exceeding 270,000,000 baht or a number of shares not
more than 27,000,000 shares for the price of 10 baht per share.

AMC-NFS agreed to forgive the interest amount of 100,398,103.42
baht owed by the Company on the execution date of a memorandum
to amend the terms and conditions of debt repayment.

On March 30, 2004, the Company registered the conversion of its
debts owed to AMC-NFS in an amount of 145,658,030 baht into
equity for 14,565,803 common shares of the Company for a value
of 10 baht per share (par value is Baht 10).

After the debts to equity conversion, the Company will have its
registered capital of 1,208,016,530 baht diving into 120,801,653
common shares at par value of Baht 10 per share.

Please be informed accordingly.
Yours sincerely,
(Mr. Somboon Thanadka)
Vice President


THAI PETROCHEMICAL: SET Suspends Trading
----------------------------------------
Previously, the Stock Exchange of Thailand posted the H (Halt)
sign on Thai Petrochemical Industry PCL's (TPI) securities
effective from the first trading session of April 1, 2004 since
the Plan Administrator of TPI was unable to disseminate the
progress and an executive summary of the amendment of TPI's
Rehabilitation Plan to the SET via Electronic Company
Information Disclosure System (ELCID).

TPI has submitted such information to the SET. In order to allow
investors time to consider that information and make an
appropriate decision, the SET posts an SP (Suspension) sign on
TPI's securities effective from the second trading session of
April 1, 2004 and will permit resumption of trading on April 2,
2004 onwards.


THAI PETROCHEMICAL: Submits Progress of Rehabilitation Plan
-----------------------------------------------------------
With reference to the meeting between Thai Petrochemical
Industry Public Company Limited's Plan Administrator
representatives, the Company's financial advisor and legal
advisor with the Stock Exchange of Thailand (SET) on March 31,
2004 reporting the progress of the amendment of the Company's
rehabilitation plan and the debt and capital restructuring
framework as agreed by the Plan Administrator on March 30, 2004.

The company would like to submit a progress report of the
amendment of TPI rehabilitation plan as attached for your
acknowledgement.

Yours sincerely,
(Suwit Nivartvong)
for Plan Administrator,
Thai Petrochemical Industry Public Company Limited

To view full copy of this press release click
http://bankrupt.com/misc/thaipetrochemical040104.txt


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                        Total
                                        Shareholders   Total
                                        Equity         Assets
   Company                    Ticker    ($MM)          ($MM)
  ------                       ------    ------------   -------

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

Guangdong Sunrise Holdings
Co., Ltd.                      000030     (184.24)      23.04
Guangdong Sunrise Holdings
Co., Ltd.                      200030     (184.24)      23.04
Jinan Qingoi Motorcycle
Co., Ltd.                      600698    (-193.08)     113.96
Jinan Qingoi Motorcycle-A
Co., Ltd.                      600646    (-193.08)     113.96
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-239.91)      60.39
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-239.91)      60.39


INDONESIA
---------

PT Lippo Securities Tbk         LPPS       (-3.62)      14.26
PT Smart Tbk                    SMAR      (-37.38)     398.89


JAPAN
-----

Fujitsu Comp Ltd                6719       (-40.85)     308.9
Kanebo Limited                  3102        (40.44)   5820.67
Prime Systems                   4830      (-100.79)     130.2

MALAYSIA
--------

CSM Corporation Bhd             CSM        (-8.40)      41.55
Faber Group Bhd                 FAB        (-7.16)     504.98
Kemayan Corp Bhd                KOP      (-353.12)      84.89
Panglobal Bhd                   PGL0      (-41.07)     187.79
Sri Hartamas Bhd                SHB      (-138.37)      24.48


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

C & P Homes, Inc.               CMP       (324.94)       2.45
Pilipino Telephone Co           PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC     (-931.65)    7369.85


  THAILAND
  --------

Christiani & Nielsen            CNT/F      (-24.03)     35.80
(Thai) PCL
Christiani & Nielsen            CNT        (-24.03)     35.80
(Thai) PCL-F
Datamat PCL                     DTM         (9.53)      13.66
Datamat PLC-F                   DTM/F       (9.53)      13.66
Jutha Maritime                  JUTHA      (-3.70)      31.60
Jutha Maritime-F PCL            JUTHA/F    (-3.70)      31.60
National Fertilizer PCL         NFC        (-30.82)    297.40
National Fertilizer PCL-F       NFC/F      (-30.82)    297.40
Nakornthai Strip Mill PCL       NSM        (442.2)     748.20
Nakornthai Strip Mill PCL-F     NSM/F      (442.2)     748.20
Siam Agro-Industry Pineapple
And Others PCL                  SAIC      (-13.88)      14.02
Siam Agro-Industry Pineapple
And Others PCL-F                SAICO/F   (-13.88)      14.02
Thai Nam Plastic-F              TNPC/F     (-2.00)      24.33
Thai Nam Plastic                TNPC       (-2.00)      24.33
Thai Wah Public
Company Limited                 TWC       (-61.48)     155.47
Thai Wah Public
Company Limited-F               TWC/F     (-61.48)     155.47
Tuntex (Thailand) PCL           TUNTEX    (-26.82)     381.43
Tuntex (Thailand) PCL-F         TUNTEX/F  (-26.82)     381.43


                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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                 *** End of Transmission ***