TCRAP_Public/040405.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

              Monday, April 5, 2004, Vol. 7, No. 67

                            Headlines

A U S T R A L I A

MAYNE GROUP: aaiPharma Deal Progresses
NATIONAL AUSTRALIA: European Operation's Head to Return to UK
NATIONAL AUSTRALIA: CFO Plans Retirement This Year
NATIONAL AUSTRALIA: Establishes Committee to Manage EGM
PMP LIMITED: Releases New A$330M Debt Refinancing Package

REYNOLDS WINES: IMF Releases New Funding Agreement


C H I N A  &  H O N G  K O N G

C & K HOLDINGS: Creditors Must Submit Claims by April 16
CELESTIAL ASIA: Narrows 2003 Net Loss to HK$51.6M
CIL HOLDINGS: Unveils 2003 Financial Results
HONG KONG CONSTRUCTION: Delays Deadline for Debt Conversion
NEW WORLD: Resumes Trading of Derivative Warrants

SHANGHAI MERCHANTS: Enters Second Stage of Delisting Process
VICO MANUFACTURING: Date For Hearing of Petition Set
WIN GAIN PROPERTIES: Date For Hearing of Petition Set


I N D O N E S I A

ANEKA TAMBANG: Records 28% Growth in 2003 Net Profit
BUMI RESOURCES: To Refinance Debts Totaling US$600M


J A P A N

ALL NIPPON: Sees US$268M Pretax Profit
JAPAN AIRLINES: Moody's Affirms Ba3 Rating; Outlook Negative
MITSUBISHI MOTORS: Marketing EVP Steven Torok Resigns
MITSUBISHI MOTORS: Sells Part of Kyoto Powertrain Plant Premises
MITSUBISHI MOTORS: DBJ May Extend Loans to Automaker

MITSUBISHI MOTORS: U.S. Galant Sales up 38% Over Previous Year
NISSAN MOTOR: March U.S. Vehicle Sales up 30.3%
NISSAN MOTOR: Union Workers Strike at Mexico Plant
NISSHO IWAI: JCR Withdraws BBB- Rating on EMTN
KANEBO LIMITED: Chinese Group May Buy Pharmaceutical Unit

KANUMA KANTORI: Golf Course Goes Bankrupt
SEIWA KANZAI: Files for Special Liquidation


K O R E A

DAEWOO ENGINEERING: Wins Order for Russian LNG Plant
HANBO IRON: Dongbu Steel May Acquire Steel Firm
HYNIX SEMICONDUCTOR: Shares Up on Positive Broker Call
KOOKMIN BANK: Seeks Strategic Partner
KOREA THRUNET: Narrows 2003 Net Loss to W122B


M A L A Y S I A

ACTACORP HOLDINGS: Updates PN4 Status
AKTIF LIFESTYLE: Issues Monthly Update on Default
AKTIF LIFESTYLE: Updates Regularization Plan Status
ANSON PERDANA: Monthly Status Update
AOKAM PERDANA: Relates Monthly PN1 Update

AOKAM PERDANA: Working On Proposals
BERJAYA GROUP: Trading Suspended
BERJAYA GROUP: Receives Offer for Hyundai Shares
BESCORP INDUSTRIES: Issues Default in Payment Update
BESCORP INDUSTRIES: Reveals Monthly Update Pursuant To PN4

BOUSTEAD HOLDINGS: Listing New Ordinary Shares
BUKIT KATIL: Details February Palm Oil Production
BUKIT KATIL: Updates Default in Payment Status
CHIN FOH: Ends Year With Lower Net Losses
CONSOLIDATED FARMS: Year-End Losses Up By 152%

CRIMSON LAND: Notes Listing and Quotation of New Shares
CSM CORPORATION: Provides Update on Practice Note No. 4
CYGAL BERHAD: Gives Monthly Update on Restructuring Plan
EPE POWER: Relates Developments Pertaining To PN No. 4
FABER GROUP: Restructuring Under Evaluation

FORESWOOD GROUP: Status of Regularization Plan
GEAHIN ENGINEERING: Regularization Plan Status Remains Unchanged
HAP SENG: Announces the Buy Back of Ordinary Shares
HAP SENG: Announces Shares Buy Back
HAP SENG: Issues Final Dividend

HAP SENG: Proposes To Renew Share Buy Back Authority
HAP SENG: Proposes To Renew Mandate for Party Transactions
HAP SENG: Presents Financial Report
HAP SENG: Issues Treasury Sales Update
HAP SENG: Issues Notice of Shares Buy Back

HAP SENG: Issues Notice of Shares Buy Back
HAP SENG: Issues Notice of Shares Buy Back Pursuant To Form 28B
K.P. KENINGAU: Presents Q2 Report
MALAYSIA MINING: Unit Snags RM32.83 Million Contract
WCT ENGINEERING: Making Good in Bahrain

WING TIEK: Second Quarter Financial Report


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Intends to End Credit Row by Q3 2004
LEPANTO CONSOLIDATED: Shares Up by 4%
PHILIPPINE LONG: Unit Transfers Assets to Sky Cable


S I N G A P O R E

ALLIANCE TECH: Court Extends Judicial Management
ECON INTERNATIONAL: Presents Creditors Scheme
GOODWOOD PARK: The Late Khoo's Shares Higher Than Declared
NATSTEEL: Announces The Resignation Of EVP
SINGAPORE TELECOMMUNICATIONS: Among FinanceAsia's Best

TEAMSPHERE LIMITED: Reverse Takeover Suffers Another Setback
TEMASEK: Total Transparency Impossible
THAKRAL CORPORATION: Disposes of China Express Unit


T H A I L A N D

SAHAVIRIYA STEEL: Fitch Affirms Long Term 'BBB' Rating
TELECOMASIA CORPORATION: Officially Renames Products "True"
THAI PETROCHEMICAL: Finance Minister Supports Revised Plan

     -  -  -  -  -  -  -  -

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


MAYNE GROUP: aaiPharma Deal Progresses
--------------------------------------
Despite troubles faced by aaiPharma, Mayne Group Limited's
acquisition of the multivitamin business will continue as
planned, according to Asia Pulse.  Claire Tracy, Mayne's
spokeswoman said they plan to settle the deal by June.

aaiPharma has announced it expects to restate results from 2003
and might default on some credit repayments as an investigation
continues into unusual sales activities.

Mayne has agreed to pay aaiPharma about US$100 million for a
suite of injectable multivitamin products, including branded
generics MVI Adult, MVI Pediatric, Aquasol A and Aquasol E.


NATIONAL AUSTRALIA: European Operation's Head to Return to UK
-------------------------------------------------------------
National Australia Bank Ltd.'s (NAB) European operations head
Ross Pinney will return to London on the weekend after helping
the bank's Chief Executive Officer John Stewart, with a recent
investigation into a forex trading scandal, according to Dow
Jones

In January Mr. Pinney was appointed to head four European
banking franchises filling in for John Stewart after being
appointed as NAB's new chief executive.

Mr. Pinney had been seconded to Australia, to oversee the bank's
involvement in the separate PricewaterhouseCoopers and
Australian Prudential Regulation Authority investigations into
the trading scandal.


NATIONAL AUSTRALIA: CFO Plans Retirement This Year
--------------------------------------------------
The National Australia Bank's Chief Financial Officer, Mr.
Richard McKinnon, has advised that he intends to leave the
company towards the middle of this year.

In commenting on his decision, Mr. McKinnon said, 'It had been
my intention to retire following my 55th birthday next year.
However under John Stewart's leadership the National has
embarked upon a significant revitalization agenda, which rightly
should begin with new faces at the top.'

In a disclosure to the Australian Stock Exchange, the bank's
Chief Executive, Mr. John Stewart said, 'I have accepted
Richard's decision but have asked him to stay on beyond the half
year results to enable us to undertake a global search for a new
CFO and to provide a smooth transition.'

The National's Chairman, Mr. Graham Kraehe said, 'This is a
principled decision by Mr. McKinnon which reflects the integrity
he has brought to the CFO position over the last four years.  
Mr. McKinnon has made a significant contribution to the National
over his 18 years of service.'

The bank has commenced a global search for a new CFO.

For further information:
Brandon Phillips
Group Manager
Group Corporate Relations

03 8641 3857 work
0419 369 058 mobile


NATIONAL AUSTRALIA: Establishes Committee to Manage EGM
-------------------------------------------------------
The Board of Directors of the National Australia Bank has
approved the formation of a committee to manage the proposed
Extraordinary General Meeting (EGM) and consider resolutions
submitted by Mrs. Catherine Walter, a Director of National.

The bank's Board, which met in Sydney on April 2, 2004, agreed
that the committee would comprise at least two non-executive
Directors of subsidiary Boards of the National and two senior
executives of the National.

The members of the committee include:
     
  1) Sir David Fell, the Chairman of the National Irish Bank and
     Northern Bank

  2) Mr. Kerry McDonald, Chairman of Bank of New Zealand

  3) Mr. John Moule, a Director of National Wealth Management
     Holdings

  4) Mr. John Stewart, the National's Managing Director and
     Chief Executive; and

  5) Mr. Garry Nolan, the Company Secretary of the National

In a disclosure to the Australian Stock Exchange, the committee
will meet next week to determine the date of the proposed EGM
and finalize the notice of meeting for the EGM, including the
resolutions to be considered by shareholders at the EGM.

The committee will consider legal advice on the resolutions
submitted by Mrs. Walter before reaching a final decision.

For further information:

Brandon Phillips
Group Manager
Group Corporate Relations
03 8641 3857 work
0419 369 058 mobile


PMP LIMITED: Releases New A$330M Debt Refinancing Package
---------------------------------------------------------
PMP Limited announced on the company's website Thursday a new
A$330 million five-year debt refinancing package that will
replace existing (A$334 million) debt facilities.  The new A$330
million multi-currency senior debt facility, will reduce PMP's
annual cash interest cost by approximately A$7 million by
ridding PMP of its expensive US Notes.

It will also provide capital for a major investment program in
PMP Print to reduce its cost structure, better match capacity to
market mix and improve responsiveness and throughput time. The
investment program will also produce a modest increase in
capacity.

PMP CEO Mr. David Kirk said, "The primary driver for this
program is the needs of our customers. The investments will
deliver improved format flexibility, quicker time to market,
higher quality, more consistent quality around Australia and
more capacity in the faster growing markets of NSW and
Queensland".

"We expect to order the equipment very soon and to have
virtually all of it installed by the end of the September
Quarter 2005, with full contribution from January 2006."

"Annual earnings benefits will be significant from greater
productivity," said Mr. Kirk. "The program will deliver on PMP's
objective to be the lowest cost web heatset printer in Australia
and to have capacity configured so that we can compete
effectively in all sectors of the heatset market."

-A$124 Million Capital Investment in PMP Print

The program involves the installation of four new 64 page
presses (two with independent 2 x 32 page capacity), high speed
saddle staplers and trimming and palletizing units.

The company is also planning for a significant upgrade of its
Adelaide heatset web and Griffin Press facilities if appropriate
arrangements can be secured. Plans for a new greenfields site, a
new book press, a small sheetfed book covers press and a
relocated higher quality, larger and faster heat set press are
included in the overall plan.
All the costs of relocating existing presses and installing new
equipment are included in the estimate of $124m capital expense.

The capital plan announced today follows the announcement and
installation in 2003/4 of a new 32 page press into Christchurch,
New Zealand and new bindery, trimming and palletizing equipment
into Clayton, Vic and Moorebank, NSW.  Mr. Kirk said the capital
program is just one component of the overall manufacturing
improvement plan for PMP Print.

"Other improvement projects, which are being implemented in
parallel, include health and safety initiatives, workforce
training and development, increasing efficiency in manufacturing
end-to-end business processes, optimizing scheduling and
capacity utilization, improving quality assurance and
preventative maintenance."

-PMP Exploring Sheetfed Strategy

The program concentrates investment in PMP's core web heatset
business. "We are still exploring our options with our sheetfed
operations," said Mr. Kirk.

"PMP is currently not well positioned in the sheetfed market. We
either need to sell our sheetfed business and outsource this
capacity or radically restructure it: both options are still on
the table."

He emphasised that customer priorities would be key factors when
considering either option.

-Refinancing Increases Significant Items for FY04

Mr. Kirk advised that the cost of breaking the US Notes of
approx. $12 million (which will have a two year payback),
together with $8 million write off of capitalised costs
associated with the previous facility, will be included in PMP's
significant items for the 2004 Financial Year.

"The cost of refinancing will increase our previously advised
significant items figure of $18 million to a total of approx.
$38 million in 2004," he said.

Further information:
David Kirk, CEO (02) 9412 6000
Richard Allely, CFO (02) 9412 6000


REYNOLDS WINES: IMF Releases New Funding Agreement
--------------------------------------------------
Reynolds Wines Ltd. provides the Australian Stock Exchange a
copy of IMF's new funding agreement.

(1) The Board of Directors of IMF (Australia) Ltd. announces it
has litigation funding agreements with the liquidator of
Reynolds Wines Ltd. (in liquidation) following from the public
examinations referred to in the IMF announcement to the market
on November 26, 2003.

(2) Insolvency Litigation Fund Pty Ltd. (ILF) has agreed to fund
insolvent trading proceedings, which are being conducted against
Malcolm Irving and Peter Poolman, Chairman and Deputy Chairman,
respectively of Reynolds in respect of losses exceeding $5
million for up to forty percent of recoveries.

(3) ILF has also agreed to fund preference actions by the
liquidator against various creditors on similar terms.

(4) IMF continues to investigate whether Reynolds or its
shareholders have causes of action available to them in respect
of the capital investments in Reynolds in capital raisings and
on market purchases in the period just prior to Reynold's
collapse.


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


C & K HOLDINGS: Creditors Must Submit Claims by April 16
--------------------------------------------------------
Notice is hereby given that the creditors of C & K Holdings (HK)
Limited whose debts or claims have not already been admitted,
are required on or before April 16, 2004 to prove by affidavit
their debts or claims by sending in their names, addresses and
descriptions and full particulars of their debts or claims in
accordance with Form 63A of the Companies (Winding-up) Rules,
and the names and addresses of their Solicitors (if any) to the
undersigned Liquidators of the said Company, and, if so required
by notice in writing from the said Liquidators, are personally
or by their Solicitors or duly authorized Representative, to
come and prove their said debts or claims and to establish any
title they may have to priority at such time and place as shall
be specified in such notice.  

In default of complying with this notice, such creditors will be
excluded from the benefit of any distribution made before such
debts or claims are proved and/or from objecting to any
distribution made before such priorities are established.

Natalia Seng
Susan Lo
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong

This Quamnet Gazette announcement is dated 2 April 2004.


CELESTIAL ASIA: Narrows 2003 Net Loss to HK$51.6M
-------------------------------------------------
Celestial Asia Securities Holdings Limited posted a net loss of
HK$51.63 million for 2003, compared with a net loss of $440.58
million a year earlier, Infocast News reports. No final dividend
was declared.


CIL HOLDINGS: Unveils 2003 Financial Results
--------------------------------------------
For the year ended June 30, 2003, CIL Holdings Limited produced
a turnover of approximately HK$45,705,000, a 19.3 percent
decrease from last year's turnover of HK$56,635,000.

In a disclosure to the Stock Exchange of Hong Kong Limited, the
profit attributable to shareholders for the year amounted to
approximately HK$71,565,000, which includes gains of
approximately HK$86,151,000 arising from debts discharged under
a scheme of arrangement (the Scheme of Arrangement) under
section 166 of the Hong Kong Companies Ordinance and section 99
of the Companies Act 1981 of Bermuda and approximately
HK$10,753,000 arising from disposal of a jointly controlled
entity respectively.

For a copy of its financial results for 2003, go to
http://bankrupt.com/misc/tcrap_cil0405.pdf


HONG KONG CONSTRUCTION: Delays Deadline for Debt Conversion
----------------------------------------------------------
Reference is made to the announcements of Hong Kong Construction
(Holdings) Limited dated February 18, 2004 and March 11, 2004,
respectively, in relation to, amongst other things, the
Subscription, the Disposal and the Whitewash Waiver.

In a disclosure to the Stock Exchange of Hong Kong Limited, the
Company announced that on March 31, 2004 the Company and the
Investor have entered into two supplemental agreements
(collectively the Supplemental Agreements) in supplemental to
the Debt Conversion Agreement and the Yangpu Agreement,
respectively. Pursuant to the Supplemental Agreements, the
Company and the Investor have agreed that the long stop date for
the fulfillment or waiver (as the case may be) of the conditions
precedent of the Debt Conversion Agreement and the Yangpu
Agreement would be extended from 31 March 2004 to 30 April 2004.

The EGM has been convened for April 3, 2004 at which resolutions
relating to, among other things, the Debt Conversion Agreement,
the Yangpu Agreement and the Whitewash Waiver will be proposed
for the consideration and approval (if thought fit) of the
Shareholders who are eligible to participate in the voting of
the relevant resolutions. Further announcement will be made is
respect of the results of the EGM.

For an on behalf of
Hong Kong Construction (Holdings) Limited
Mr. Yao Jianping
Managing Director

For and on behalf of
Creator Holdings Limited
Mr. Oei Kang Eric
Director

Hong Kong, 31 March 2004

The Board as of the date of this announcement comprises of Mr.
Jiang Zhiquan, Mr. Li Xueming, Mr. Yao Jianping, Mr. Chen Libo,
Mr. Tsang Hin Wai, Dennis, Mr. Liu Guolin and Mr. Fan Zhongwei
who are executive Directors, Mr. Fan Yan Hok, Philip beung the
non-executive Director, Dr. Choi Yu Leuk and Dr. Li Zhong Yuan
being the independent non-executive Directors.


NEW WORLD: Resumes Trading of Derivative Warrants
-------------------------------------------------
Trading in the shares of New World Development Company Limited
has been resumed with effect from 9:30 a.m. on April 2, 2004.  

In a disclosure to the Stock Exchange of Hong Limited, the
following derivative warrants have also been resumed:

Stock Code         Stock Short Name
----------         ----------------
9297               MB-NWD @EC0406
9560               MB-NWD @XC0412
9591               SG-NWD @XC0411
9667               CL-NWD @EC0502

Trading in shares of New World Development was suspended on
Thursday pending the release by the Company of the paid
announcement in relation to certain price-sensitive information
of the Company.


SHANGHAI MERCHANTS: Enters Second Stage of Delisting Process
------------------------------------------------------------
Shanghai Merchants Holdings Limited (Receivers and Managers
appointed) has proceeded to the second stage of the delisting
procedures as set out under the Stock Exchange Listing Rules on
March 24, 2004. Pursuant to the delisting procedures, the
Company is required to submit to the Stock Exchange a viable
resumption proposal within a six-month period commencing from 25
March 2004.

In a disclosure to the Stock Exchange of Hong Kong Limited, the
Exchange will determine whether it is appropriate to proceed to
the third stage of the delisting procedures at the end of the
six-month period.

CONTINUED SUSPENSION OF TRADING

Trading in the shares of the Company has been suspended with
effect from 9:30 a.m. on 2 June 2003 and will remain suspended
until further notice.
     

VICO MANUFACTURING: Date For Hearing of Petition Set
----------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Vico Manufacturing Company Limited by the High Court of Hong
Kong was on 3 March 2004 presented to the said Court by Bank of
China (Hong Kong) limited whose registered office is situated at
14th Floor, Bank of China Tower, No.1 Garden Road, Central, Hong
Kong. And that the said Petition is directed to be heard before
the Court at 10 am on the 28 April 2004. Any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose; and
a copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

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

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


WIN GAIN PROPERTIES: Date For Hearing of Petition Set
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of Win
Gain Properties Limited by the High Court of Hong Kong was on 2
March 2004 presented to the said Court by Nanyang Commercial
Bank, Limited whose registered office is situated at 151 Voeux
Road Central, Hong Kong. And that the said Petition is directed
to be heard before the Court at 9:30 am on the 5 May 2004. Any
creditor or contributory of the said company desirous to support
or oppose the making of an order on the said petition may appear
at the time of hearing by himself or his counsel for that
purpose; and a copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.

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

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


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


ANEKA TAMBANG: Records 28% Growth in 2003 Net Profit
----------------------------------------------------
State tin mining company PT Aneka Tambang (Antam) announced on
Wednesday, 31 March its net profit last year rose by 28 per
cent to Rp226.55 billion (around US$26.7 million) from Rp177.40
billion a year earlier.

The 2002 net profit was Rp18 billion lower than the unaudited
2003 net profit which reached Rp244 billion, the company's
director, Dedi Aditya Sumanegara, said, quoted by Asia Pulse.

He said the lower-than-unaudited net profit was the results of
the depreciation of employees' welfare funds particularly
pension funds.

He said total sales in 2003 jumped by 25 per cent to Rp2.13
trillion compared to 2002 when the figure was Rp1.71 trillion.

"The increase in total sales was inseparable from an increase
in the price of gold and nickel in 2003," he said.

The company's operating profit last year jumped by 81 per cent
to Rp447.98 billion from Rp247.41 a year earlier.

Total assets also rose to Rp 4.32 trillion from Rp2.52 trillion
in the previous year.

PT Antam is 65 per cent owned by the government and 35 per cent
by the public.


BUMI RESOURCES: To Refinance Debts Totaling US$600M
---------------------------------------------------
PT Bumi Resouces will refinance its debts amounting up to
US$600 million this year by issuance of new bonds or shares or
through loans, the plan aims to reduce debt repayment burden
especially for high interest debts, IndoExchange reports citing
the company's Finance Director Eddie J. Soebari.

Earlier the company already refinanced debts earlier totaling
US$161 million with maturity in 2004 including US$40 million to
PT Bank Mandiri US$58 million to CSFB and US$30 million to
contractors.

The company refinanced the debts with a loan from a bank
syndicate of UFJ Bank and Credit Suisse First Boston.


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


ALL NIPPON: Sees US$268M Pretax Profit
--------------------------------------
All Nippon Airways Co. (ANA) expects a consolidated pretax
profit of 28 billion yen (US$268.54 million) for the fiscal year
ended March 31, a twofold increase from the prior estimate,
according to Asia Pulse on Thursday.

The airline's operating profit is also projected to top the
previous estimate by 9 billion yen to total 30 billion yen due
to increase passengers on ANA international routes and cost
cutting measures.


JAPAN AIRLINES: Moody's Affirms Ba3 Rating; Outlook Negative
------------------------------------------------------------
Moody's Investors Service has affirmed its Ba3 long-term debt
rating for Japan Airlines International Co., Ltd. (JALI) and
upgraded its issuer rating for Japan Airlines Domestic Co., Ltd.
(JALJ) to Ba3 from B1. The rating affirmation and upgrade are in
response to the restructuring of Japan Airlines group
operations. The outlook is negative for both ratings.

The rating actions reflect Moody's view that the restructuring
of the two operating subsidiaries (JALI and JALJ) under holding
company Japan Airlines System Corporation (JALS) will bring
their credit qualities closer together. The rating agency also
believes that government support of the group will remain
strong, supporting the Ba3 ratings.

On April 1, 2004, Japan Airlines Co., Ltd. (JAL) and Japan Air
System Co., Ltd. integrated and restructured their operations.
The former is now JALI, operating all the group's international
passenger and cargo businesses. The latter has become JALJ,
operating the group's domestic passenger business. The new
companies are legally the same entities as their predecessors
and retain basically all their assets and liabilities. JALI
maintains its domestic aircraft and crews, although JALJ assumes
control of their operations and revenue; the reverse is true of
JALJ international aircraft and crews. JAL's existing bond
obligations are retained by JALI. Since the establishment of
JALS in October 2002, the two operating subsidiaries have been
proceeding with their consolidation. JALI and JALJ matured bonds
and long-term debts have been replaced by newly issued group
bonds and long-term debts financed collectively by JALS.
Eventually all the bonds and long-term debts will be held by
JALS. JALI and JALJ bonds and long-term debts are not mutually
cross-guaranteed. However, all newly issued JALS bonds and long-
term debts are joint and severally guaranteed by both JALI and
JALJ. Bonds held by JALJ and JALS are not rated by Moody's.

The group's cash surplus and short-term borrowings are managed
collectively by its financing entity. Sales activities and
customer management systems have been consolidated, and flights
of both operating companies use the same name and numbering
system. New general employees will be hired by the holding
company.

The negative outlooks reflect Moody's view that the difficult
operating environment for airline companies will continue. The
war in Iraq and terrorism in the Middle East and other regions
make prospects unclear for airline business recovery. While the
consolidation is expected to bring additional opportunities to
streamline operations and increase competitiveness, the group
needs to implement its business integration plan, including
reducing personnel costs and reorganizing its fleet in a timely
manner. Moody's believes that the successful achievement of such
measures is important for the group to stabilize its operating
performance and maintain its Ba3 ratings.

Japan Airlines International Co., Ltd., headquartered in Tokyo,
is the largest airline company in Japan. Japan Airlines Domestic
Co., Ltd., headquartered in Tokyo, is the third largest airline
company in Japan. The two companies are fully owned subsidiaries
of Japan Airlines System Corporation.


MITSUBISHI MOTORS: Marketing EVP Steven Torok Resigns
-----------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced on it's website
Friday April 2 that Steven Torok, Executive Vice President and
Head of International Sales and Marketing, will leave the
company effective immediately.

MMC will determine Torok's successor in conjunction with the
company's new mid-term business plan announcement. Until then,
MMC President and CEO Rolf Eckrodt will also oversee
International Sales and Marketing.

Steven Torok joined MMC as Senior Vice President of
International Car Operations in October 2000.


MITSUBISHI MOTORS: Sells Part of Kyoto Powertrain Plant Premises
----------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) recently signed a deal with
the Kyoto University of Foreign Studies to sell 9,400 square
meters of its 299,000 square meter Powertrain Plant in the
western Japan city of Kyoto, the Company said in a statement.

MMC will hand the land over to the university during the fiscal
year ending March 31, 2005.

Located in the northeastern corner of the plant, the land
includes the No. 8 Shop, which was turned into a recreation area
in March 2003 after a reevaluation of production capacity, and
its surrounding areas. The university will use the land as a
sports ground for its affiliated high school.

MMC's Kyoto Powertrain Plant employs 1,800 people and turns out
gasoline and diesel engines for vehicles bound for some 150
countries.


MITSUBISHI MOTORS: DBJ May Extend Loans to Automaker
----------------------------------------------------
The Development Bank of Japan is considering extending loans to
help rehabilitate Mitsubishi Motors Corporation based on the
carmaker's request, Dow Jones reports. The amount may be several
tens of billions of yen, the report said. The DBJ is likely to
accept the request after studying the automaker's rehabilitation
plan, which is expected by the end of this month.


MITSUBISHI MOTORS: U.S. Galant Sales up 38% Over Previous Year
--------------------------------------------------------------
Mitsubishi Motors North America, Inc. (MMNA) reported March 2004
U.S. sales of 20,416 units, a 2.8 percent decrease compared to
sales in March 2003. However, the sale of 5,980 Galants
represents a 38 percent increase compared to a year ago, and a
25 percent increase over last month.

"Sales were steady overall from February to March, but we're
pleased to see Galant gaining some ground. That growth should
translate to momentum as we increase our marketing support for
core vehicles like Galant and Endeavor," said Michael M. Tocci,
senior vice president, sales, distribution and fleet, MMNA Sales
Division. "We've assembled the best Mitsubishi product line in
company history and added a new 10-year/100,000-mile limited
powertrain warranty that covers all 2004 models."

In a Company press release, consumer interest in the redesigned
Galant has been spurred by a national marketing campaign
comparing the Galant GTS V6 against a similarly equipped Toyota
Camry XLE V6 and Honda Accord EX V6. In a series of independent
tests by AMCI, the Galant placed first in five out of nine
evaluations that tested vehicle attributes such as acceleration,
braking and handling and tied for first in two other categories.
Additionally, Mitsubishi recently launched a series of creative
regional television spots in support of the Galant.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States, Canada, Mexico and Puerto Rico. Mitsubishi
Motors sells coupes, convertibles, sedans and sport utility
vehicles through a network of nearly 700 dealers throughout
North America.

Following is the sales breakdown for March 2004:

               2004                 2003             2004

               MAR      CYTD      MAR      CYTD    MAR     CYTD

ECLIPSE COUPE  1,276     4,321     2,342    6,140  -45.5% -29.6%

ECLIPSE SPYDER 1,391     3,782     1,126    2,919   23.5%  29.6%

LANCER         4,726    12,928     5,314   14,599  -11.1% -11.4%

LANCER EVOLUTION 460    1,211      556      580   -17.3%  108.8%

LANCER SPORTBACK 145    328         --       --    0.0%    0.0%

MIRAGE COUPE     --     --         6        169  -100.0% -100.0%

MIRAGE SEDAN     --     --        --        --    0.0%    0.0%

GALANT         5,980    14,528   4,342   19,352   37.7%  -24.9%

DIAMANTE       841     2,105       876    3,652   -4.0%  -42.4%

TOTAL CAR    14,819    39,203    14,562   47,411    1.8%  -17.3%

OUTLANDER    1,997     5,886     3,406   11,038  -41.4%  -46.7%

MONTERO SPORT  507     2,292     2,387    8,545  -78.8%  -73.2%

ENDEAVOR     2,281     7,362       235      235  870.6% 3032.8%

MONTERO        812     2,118       410    2,850   98.0%  -25.7%

TOTAL SUV    5,597    17,658     6,438   22,668  -13.1%  -22.1%

TOTAL       20,416    56,861    21,000   70,079   -2.8%  -18.9%

US Assembled
Cars:(1)     8,647    22,631     7,810   28,411   10.7%  -20.3%

Imported
Cars: (2)    6,172    16,572     6,752   19,000   -8.6%  -12.8%

US Assem.
Truck/SUV:(3) 2,281     7,362       235      235  870.6% 3032.8%

Imported
Truck/SUVs:(4) 3,316   10,296     6,203   22,433  -46.5%  -54.1%

US Assembled
Vehicles:    10,928    29,993     8,045   28,646   35.8%    4.7%

Imported
Vehicles:  9,488    26,868    12,955   41,433  -26.8%  -35.2%

    (1) Galant, Eclipse, Eclipse Spyder

    (2) Lancer, Lancer Sportback, Lancer Evolution, Diamante,
        Mirage Coupe, Mirage Sedan
    (3) Endeavor
    (4) Montero, Montero Sport, Outlander

     Selling Days        MTD       YTD

     March 2004          26        76
     March 2003          26        75

For more information, contact the Mitsubishi Motors News Bureau
at (888) 560-6672.


NISSAN MOTOR: March U.S. Vehicle Sales up 30.3%
-----------------------------------------------
Following are Nissan Motor Co. Ltd. U.S. sales of cars and light
trucks in March 2004 versus the same year-earlier month and for
the year to date.

                      March 2004     March 2003    % Change

All Vehicles                90,494         69,461       30.3%
Domestic Car                43,055         31,498       36.7%
Domestic Truck              24,425         10,409      134.7%
Import Car                  11,894         17,115      -30.5%
Import Truck                11,120         10,439        6.5%
Dom+Imp Cars                54,949         48,613       13.0%
Dom+Imp Trucks              35,545         20,848       70.5%
Domestic Vehicles           67,480         41,907       61.0%
Imported Vehicles           23,014         27,554      -16.5%

                      Yr-to-Date      Prev Year    % Change

All Vehicles               237,494        175,895       33.2%
Domestic Car               110,698         75,471       44.7%
Domestic Truck              66,797         29,727      121.7%
Import Car                  30,563         45,011      -33.0%
Import Truck                29,436         25,686       13.1%
Dom+Imp Cars               141,261        120,482       15.7%
Dom+Imp Trucks              96,233         55,413       71.4%
Domestic Vehicles          177,495        105,198       66.5%
Imported Vehicles           59,999         70,697      -16.2%

According to Reuters, percent changes are based on the daily
sales rate, and reflect 26 selling days this month vs. 26 in the
month last year, and 76 this year to date vs. 75 last year to
date.

The carmaker is 44.4 percent owned by Renault PA.


NISSAN MOTOR: Union Workers Strike at Mexico Plant
--------------------------------------------------
Some 1,700 union workers at the Mexican unit of Nissan Motor Co.
Ltd. began strike action over pay and conditions on Thursday at
its plant in the central state of Morelos, halting output,
according to Reuters.

The factory makes Nissan's popular Tsuru and Tsubame car models,
together with pickup trucks and engine parts. The Tsuru is one
of Mexico's top-selling cars in a domestic market with annual
sales of around one million units.

Nissan Mexico has said production in 2004 would likely dip
slightly below the 291,902 units manufactured last year, but the
company has predicted a recovery in demand in 2005 led by
production of new models, including a new version of the Sentra.


NISSHO IWAI: JCR Withdraws BBB- Rating on EMTN
----------------------------------------------
Japan Credit Rating Agency (JCR) has withdrawn the BBB- rating
on the Euro Medium Term Note Programme of Nissho Iwai
Corporation, Nissho Iwai HK (Cayman) Ltd. and Nissho Iwai
International Finance (Cayman) Limited. The notes issued under
this program have been all retired already. There are no
outstanding issues.


KANEBO LIMITED: Chinese Group May Buy Pharmaceutical Unit
---------------------------------------------------------
Sanjiu Enterprise Group, China's largest drug maker, wants to
buy Kanebo Ltd.'s pharmaceutical business to expand its sales in
Japan and other parts of Asia, Kyodo News reported on Friday.

Meanwhile, Bloomberg reported that the Industrialized
Revitalization would likely seek multiple bids for Kanebo's drug
business, valued at 20 billion yen ($192.8 million), if it
decides to sell it. Kanebo has the second-largest share of
Japan's Chinese- medicine market.


KANUMA KANTORI: Golf Course Goes Bankrupt
-----------------------------------------
Kanuma Kantori Kurabu K.K. has filed for bankruptcy, according
to Teikoku Databank America. The golf course, which is located
at Chiyoda-ku, Tokyo Japan, has total liabilities of US$1.013
billion.


SEIWA KANZAI: Files for Special Liquidation
-------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that Seiwa Kanzai
Co., Ltd., which is a customer of its subsidiaries the Kinki
Osaka Bank, Ltd., and Shiromi Jisho Co., Ltd. (collectively
referred to as the Companies), filed an application for the
commencement of special liquidation with the Osaka District
Court.

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

Details were announced as follows:

1. Outline of the Company:

   Corporate Name: Seiwa Kanzai Co., Ltd.

   Address: 12-20, Nishihonmachi 1-chome, Nishi-ku, Osaka-shi

   Representative: (Liquidator) Mineya Hamaoka

   Amount of Capital: 222 million yen

   Line of Business: Real estate leasing

2. Fact Arisen to the Companies and Its Date

   On March 31, 2004: Application for commencement of special
   liquidation

3. Amounts and Types of Claims to the Company:

   The Kinki Osaka Bank, Ltd. Loans and others: 27.2 billion yen

   Other banking subsidiaries of Resona HD, Saitama Resona Bank,
   Ltd. and The Nara Bank, Ltd: have no claims to the Company.

4. Impact of This Development on the Forecasted Earnings

   Loan loss reserves have been already provided against the
aforementioned claims to the company. Therefore, the previous
earnings forecasts of Resona HD for the fiscal year ending
March 31, 2004, which were announced on November 25, 2003,
remain unchanged.


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


DAEWOO ENGINEERING: Wins Order for Russian LNG Plant
----------------------------------------------------
Daewoo Engineering & Construction Co. has won an order worth
US$77.50 million for work at a liquefied natural gas (LNG) plant
in Sakhalin, Russia, Yonhap News said on Friday, 2 April.

The Company will take part in steel frame and plumbing
construction work from September to October 2007 on new
facilities at the plant, being built by Sakhalin Energy
Investment Company and Japan's CTSD.

The Korea Asset Management Company (KAMCO) will schedule soon
the auction of Daewoo Engineering and Construction (DEC), the
latest part of the bankrupt Daewoo business empire to be sold,
TCR-AP reported recently. KAMCO, which is Daewoo's largest
stockholder and creditor, plans to appoint an adviser soon to
organize the sale of its 46 percent stake in the Company to a
domestic or foreign investor.


HANBO IRON: Dongbu Steel May Acquire Steel Firm
-----------------------------------------------
Dongbu Steel declared its intention to bid for Hanbo Iron &
Steel on Friday, increasing the number of competitors for the
ailing South Korean steel maker to five, Yonhap News reports.
Dongbu Steel, a unit of Dongbu Group, said it plans to form a
consortium with other steel makers to take over Hanbo Iron.


HYNIX SEMICONDUCTOR: Shares Up on Positive Broker Call
------------------------------------------------------
Hynix Semiconductor Inc. shares climbed 4.39 percent to 11,900
won on Wednesday after BNP Paribas Peregrine said it had raised
its target price and 2004 earnings per share (EPS) forecast for
the world's third-biggest memory chipmaker on strong memory chip
prices, according to Reuters.

The target price is now 19,000 won, up from an earlier 13,500
won, while the 2004 EPS estimate was raised to 1,575 won.


KOOKMIN BANK: Seeks Strategic Partner
-------------------------------------
Kookmin Bank is seeking a strategic partner to strengthen its
marketing portfolio against the U.S. banking giant Citigroup,
which is expanding its business in South Korea, according to
Yonhap News. Citigroup in February announced its plan to acquire
KorAm Bank, the seventh largest bank in the country, which
alarmed Kookmin.


KOREA THRUNET: Narrows 2003 Net Loss to W122B
---------------------------------------------
Troubled broadband Internet operator Korea Thrunet Co. posted a
net loss of 122 billion won (US$106 million) in 2003, versus a
net loss of 324.5 billion won a year earlier.

Creditors of Korea Thrunet agreed earlier this year to a debt-
for-equity swap to keep it in business after canceling existing
shares held by Trigem Computer and other shareholders, TCR-AP
reported recently.


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


ACTACORP HOLDINGS: Updates PN4 Status
-------------------------------------
Further to the announcements dated 1 March 2004 and 17 March
2004, PM Securities Sdn Bhd, on behalf of the Board of Directors
of Actacorp Holdings Berhad (AHB), wishes to announce that the
Board of AHB is presently deliberating on the comments by the
Securities Commission as per its letter dated 19 February 2004
(which was received on 20 February 2004). Any further
development on the Proposed Restructuring Scheme will be
announced in due course.

c.c. Encik Kris Azman Abdullah
Securities Commission

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004.


AKTIF LIFESTYLE: Issues Monthly Update on Default
-------------------------------------------------
Aktif Lifestyle Corporation Berhad would like to refer to the
announcement dated 1 March 2004 pertaining to the matter of
Practice Note No. 1/2001- Default in Payment.

The Board of Directors of Aktif wishes to announce that there
has been no further development or change in status with respect
to the default in payment since the last announcement.

The Company will keep its shareholders informed of any pertinent
development.

c.c. Securities Commission

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004


AKTIF LIFESTYLE: Updates Regularization Plan Status
---------------------------------------------------
Under PN4/2001, Aktif Lifestyle Corporation Berhad is required
to announce the status of its plan to regularize its financial
condition on the first market day of each month.

As announced on 1 March 2004, the Company is still awaiting
approval in respect of the Proposed Disposal submitted to the
Securities Commission.

Pending approval of the Proposed Disposal, the Board of
Directors of Aktif wishes to inform that the Company is
continuing its efforts to seek and acquire viable businesses.

c.c. Securities Commission

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004


ANSON PERDANA: Issues Monthly Status Update
-------------------------------------------
Anson Perdana Berhad (Anson) wishes to inform that the Company
is commencing negotiations with the vendors on the proposed
acquisition (Proposed Acquisition) of the entire issued and
paid-up share capital of Compugates Sdn Bhd and its group of
companies (Compugates) that will regularize the Company's
financial condition. Anson had on 26 March 2004 announced that
it has entered into a Memorandum of Agreement with the vendors
of Compugates to finalize the terms of the Proposed Acquisition.

In view of the above development, Anson has applied to Malaysia
Securities Exchange Berhad (MSEB) for further extension of time
to make the Requisite Announcement on the Company's proposed
restructuring scheme. A reply from MSEB is pending.

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004.


AOKAM PERDANA: Relates Monthly PN1 Update
-----------------------------------------
Aokam Perdana Berhad would like to refer to its Practice Note
No. 1 announcement dated 5 March 2004 and wish to announce that
there are no material changes in the financial situation of the
Company and that the issue of continual default remains
unresolved.

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004.


AOKAM PERDANA: Working On Proposals
-----------------------------------
Further to the announcement dated 5 March 2004 made pursuant to
Paragraph 4.1(b) of Practice Note No. 4, Aokam Perdana Berhad
wishes to announce that the Company and its advisers, Messrs.
Southern Investment Bank Berhad (SIBB) are working on the
implementation of the corporate proposals to resolve the
financial condition of Aokam Group.

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004.


BERJAYA GROUP: Trading Suspended
--------------------------------
Kindly be advised that trading in the Berjaya Group Berhad's
securities was suspended with effect from 2:32 p.m., Thursday, 1
April 2004 and resumed at 9 a.m., Friday, 2 April 2004.

Your attention is drawn to the Company's announcement dated 1
April 2004.

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004.


BERJAYA GROUP: Receives Offer for Hyundai Shares
------------------------------------------------
The Board of Directors wishes to inform that Berjaya Group
Berhad has received an offer for the Group's entire 40.3 percent
interest in ordinary shares and 47.73 percent interest in
warrants in Hyundai-Berjaya Corporation Berhad at an offer price
of RM4.10 per ordinary share and RM3.20 per warrant (the Offer).

The Board is currently considering the merits of the Offer and
an appropriate announcement will be released as soon as
possible.

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004.


BESCORP INDUSTRIES: Issues Default in Payment Update
----------------------------------------------------
As required by the Malaysia Securities Exchange Berhad Practice
Note 1/2001, Bescorp Industries Berhad (BIB) hereby provides an
update on its default in payment.

A list of the loans in default may be viewed at the following
link:

http://bankrupt.com/misc/BescorpLoan2April2004.xls

The default by BIB as at 29 February 2004 amounted to
RM59,675,580.47 made up of a principal sum of RM32,220,139.42
plus RM27,455,441.05 in interest for revolving credit
facilities.

As at 29 February 2004, the remaining subsidiary companies of
BIB, namely Bescorp Construction Sdn. Bhd. (In Liquidation),
Bescorp Piling Sdn. Bhd. (In Liquidation), Bescorp Concrete Sdn.
Bhd. (In Liquidation), Bespile Sdn. Bhd. (In Liquidation) and
Waktu Cerah Sdn. Bhd., defaulted on a total sum of
RM166,600,325.77 made up of a principal sum of RM58,780,492.90
plus RM43,451,420.26 in interest for revolving credit
facilities, term loan, banker's acceptance, hire purchase and
lease facilities, and RM64,368,412.61 for overdraft facilities.

There were no further developments since our previous
announcement with regard to this Practice Note.

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


BESCORP INDUSTRIES: Reveals Monthly Update Pursuant To PN4
----------------------------------------------------------
Reference is made to paragraph 4.1(b) of the Practice Note
4/2001 of the Listing Requirements of Malaysia Securities
Exchange Berhad (MSEB) whereby the affected listed issuer is
required to announce the status of its plan to regularize its
financial condition on a monthly basis until further notice from
MSEB.

On 1 March, 2004, WCT Engineering Berhad (WCT) informed Bescorp
Industries Berhad (Special Administrators Appointed)(BIB) that
WCT Land Sdn. Bhd. (WCTL) and MTD Realty Sdn. Bhd. had mutually
agreed in writing to further extend the Cut-Off Date to comply
with all conditions precedent for the completion of the Proposed
Acquisition under the share sale agreement in relation to the
Proposed Acquisition dated 2 July 2003, from 1 March 2004 to 1
July 2004, subject to certain terms and conditions which have
been disclosed in the Company's announcement dated 1 March 2004.

Subsequently, the Securities Commission (SC), via its letter
dated 12 March 2004, approved the revisions to the Corporate
Proposals and extended the time to 8 May 2004, for the Company
to complete the implementation of the Corporate Proposals,
subject to certain terms and conditions which have been
disclosed in BIB's announcement dated 15 March 2004. The
Company, WCT and WCTL, have accepted the conditions imposed by
the SC via its letter dated 12 March 2004.

On 24 March 2004, BIB also made applications to the SC for a
further extension of time of six (6) months from 9 May 2004 to 8
November 2004 for the Company to complete the implementation of
the Corporate Proposals and a further extension of time to 8
July 2004 for Messrs PricewaterhouseCoopers Advisory Services
Sdn. Bhd. to complete the investigative audit.

In addition to the above developments, on 16 March 2004, the
Special Administrators (SA) of the Company announced that Mr Tan
Kim Leong, JP and Mr Siew Kah Toong have been appointed as SA of
Waktu Cerah Sdn. Bhd. (WCSB), a 60 percent owned subsidiary of
BIB, by Pengurusan Danaharta Nasional Berhad under the
Pengurusan Danaharta Nasional Berhad Act, 1998. The SA of WCSB
is in the process of preparing a workout proposal to regularize
the financial condition of WCSB.

Save for the above, there were no further developments since our
previous announcement with regard to the Practice Note.

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004.


BOUSTEAD HOLDINGS: Listing New Ordinary Shares
----------------------------------------------
Kindly be advised that Boustead Holdings Berhad's additional
5,340,000 new ordinary shares of RM0.50 each issued pursuant to
the Bstead-Employees' Share Option Scheme will be granted
listing and quotation with effect from 9 a.m., Monday, 5 April
2004.

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004.


BUKIT KATIL: Details February Palm Oil Production
-------------------------------------------------
In accordance with Paragraph 9.29 of Part L of the Malaysian
Securities Exchange Berhad Listing Requirements, Bukit Katil
Resources Berhad is pleased to announce the production figures
for the month of February 2004 in respect of the Group's
plantation production as follows:

Current Month (February 2004): 500.11 FFB (mt)

Preceeding Year Corresponding
Month (February 2003):  564.52 FFB (mt)

Current Year to Date
(February 2004):   5,311.00 FFB (mt)

Preceeding Year
Corresponding Period
(February 2003):   5,420.57 FFB (mt)

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


BUKIT KATIL: Issues Default in Payment Update
---------------------------------------------
The Board of Directors of Bukit Katil Resources Berhad (BKATIL)
wishes to update on the following loan facilities.

Bumiputra-Commerce Bank Berhad:

Hearing for summary judgment on 4 March 2004 was adjourned to 29
March 2004. However, the court had to adjourn the hearing to a
new date, yet to be set.

Discussions are ongoing between the company and third parties on
the issue of procuring long term financing.

OCBC Bank (Malaysia) Berhad:

OCBC Bank (Malaysia) Berhad has obtained an order for sale on 14
November 2003 on Omega Bricks Sdn Bhd land held under Grant Reg
No. 31, Lot No 5058 Mukim Gunung Semanggol, Daerah Krian, Negeri
Perak. The company has filed a Notice of Appeal against the said
Order for Sale.

OCBC Bank (Malaysia) Berhad has also obtained a winding up
petition under Section 218(2) of the Companies Act, 1965 on 6
October 2003 and was served on the company on 14 November 2003.
The winding up petition heard on 28 January 2004 has been
adjourned to 21 April 2004.

The company is still in the process of seeking alternative
financing from other financial institutions for the repayment of
the defaulted sums.

Alliance Merchant Bank Berhad:

The company is still actively negotiating with other financial
institutions to refinance the outstanding sums.

The Board of Directors of BKATIL would like to further provide
an update on the details of all facilities currently in default
in compliance with Section 3.1 of Practice Note 1/2001.

Borrowings in default as of 29 February 2004 with Bumiputra-
Commerce Bank Berhad, OCBC Bank (Malaysia) Berhad and Alliance
Merchant Bank Berhad are shown below:

Name of Borrower:  BKATIL
Lender:   Bumiputra-Commerce Bank Berhad

Type of Facility:  Term Loan
Amount (RM)
(Interest/Others): 5,735,099.36
Amount (RM)
(Principal):  41,000,000.00
Amount (RM)
(Total):   46,735,099.36

Type of Facility:  Revolving Credit
Amount (RM)
(Interest/Others): 135,554.43
Amount (RM)
(Principal):  1,700,000.00
Amount (RM)
(Total):   1,835,554.43

Name of Borrower:   Omega Bricks Sdn Bhd
Lender:    OCBC Bank (Malaysia) Berhad

Type of Facility:  Term Loan 1
Amount (RM)
(Interest/Others): 877,227.10
Amount (RM)
(Principal):  3,286,509.91
Amount (RM)
(Total):   4,163,737.10

Type of Facility:  Term Loan 2
Amount (RM)
(Interest/Others): 97,170.83
Amount (RM)
(Principal):  359,913.60
Amount (RM)
(Total):   457,084.43

Type of Facility:  Term Loan 3
Amount (RM)
(Interest/Others): 116,514.61
Amount (RM)
(Principal):  430,595.54
Amount (RM)
(Total):   547,110.15

Type of Facility:  Term Loan 4
Amount (RM)
(Interest/Others): 53,693.05
Amount (RM)
Principal:   197,998.60
Amount (RM)
(Total):   251,691.65

Type of Facility:  Overdraft
Amount (RM)
(Interest/Others): 151,076.48
Amount (RM)
(Principal):  600,000.00
Amount (RM)
(Total):   751,076.48

Name of Borrower:   BK Plantations Sdn Bhd
Lender:    Alliance Merchant Bank Berhad
  

Type of Facility:  Revolving Credit
Amount (RM)
(Interest/Others): 1,088,781.62
Amount (RM)
(principal):  5,000,000.00
Amount (RM)
(Total):   6,088,781.62   


CHIN FOH: Ends Year With Lower Net Losses
-----------------------------------------
The Edge Daily reports that Chin Foh Berhad posted a
significantly lower net loss of RM3.34 million for the financial
year ending 31 January 2004. The company had net losses worth
RM40.77 million last year.

Its revenues, however fell to RM279.13 million from a previous
RM317.26 million.

A full copy of the year end report as presented to the Kuala
Lumpur Stock Exchange may be viewed at the following links:

http://bankrupt.com/misc/ChinFohRepQ4.xls

http://bankrupt.com/misc/ChinFohRepQ4Part2.xls

Explanatory notes to the report may be viewed at the following
links:

http://bankrupt.com/misc/ChinFohQ4Notes1.doc

http://bankrupt.com/misc/ChinFohQ4Notes2.doc


CONSOLIDATED FARMS: Year-End Losses Up By 152%
----------------------------------------------
The Edge Daily reports that Consolidated Farms Bhd's net losses
for the financial year ending 31 January 2004 widened to RM15.41
million from RM6.11 million a year earlier. The losses were
attributed mainly to a higher cost of sales.

Company revenue increased by 14.6 percent to RM68.2 million from
last year's RM59.5 million.


CRIMSON LAND: Notes Listing and Quotation of New Shares
-------------------------------------------------------
Kindly be advised that Crimson Land Berhad's additional
15,000,000 new ordinary shares of RM0.50 each issued pursuant to
the Acquisition of 5,000,000 ordinary shares of RM1.00 each on
Linggi Park Resorts Sdn Bhd (LPR) were granted listing and
quotation effective 9 a.m., Friday, 2 April 2004.

As the said new ordinary shares arising from the Acquisition
shall not be entitled to participate in the Proposed Rights
ICULS Issue with free Rights Warrants as detailed in the
Circular to Shareholders dated 18 February 2003, there will be 2
separate quotations as follows:

i) existing ordinary shares of CRIMSON will be quoted as
"CRIMSON".

ii) the 15,000,000 new ordinary shares will be quoted as
"CRIMSON-OA".

The Stock Number and ISIN Code of the "CRIMSON-OA" shares are
"1686OA" and "MYL1686OA003" respectively.

This is a Kuala Lumpur Stock Exchange announcement.


CSM CORPORATION: Provides Update on Practice Note No. 4
-------------------------------------------------------
Pursuant to PN4/2001 of the Listing Requirements, Malaysian
International Merchant Bankers Berhad, on behalf of CSM
Corporation Berhad, wishes to announce that there is no new
development on the Company's plan to regularize its financial
condition since the last monthly status announcement dated 1
March 2004 except for decision from the Securities Commission
(SC) not to approve the Company's application in relation to the
Proposed Rescue cum Debt Restructuring Scheme which was
announced on 24 March 2004 and the decision of the Board of
Directors of CSM to appeal to the SC on the rejection which was
announced on 30 March 2004.

For and on behalf of
CSM CORPORATION BERHAD

Malaysian International Merchant Bankers Berhad

c.c. Issues and Investment Division
Securities Commission
(Attention: Encik Kris Azman Abdullah, Director)

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004


CYGAL BERHAD: Gives Monthly Update on Restructuring Plan
--------------------------------------------------------
Cygal Berhad would like to refer to the Company's announcement
dated 1 March 2004. Cygal hereby announces that, other than as
previously announced, there has been no further development on
the status of its restructuring plan.

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004.


EPE POWER: Relates Developments Pertaining To PN No. 4
------------------------------------------------------
EPE Power Corporation Berhad would like to refer to the
company's announcement on 1 March 2004.

On behalf of EPE, Commerce International Merchant Bankers Berhad
wishes to announce that EPE had on 10 March 2004 submitted an
application to seek the approval of Malaysia Securities Exchange
Berhad (MSEB) to remove the status of EPE as a PN4 company in
view that EPE no longer falls under the definition of an
"affected listed issuer" as set out in PN4. The said application
is currently pending the decision of MSEB.

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004.


FABER GROUP: Restructuring Under Evaluation
-------------------------------------------
In compliance with Practice Note No. 4 (PN4) paragraph 4.1 (b)
of the Malaysia Securities Exchange Berhad (MSEB) Listing
Requirements which requires an affected listed issuer to
announce the status of its plan to regularize its financial
condition on a monthly basis until further notice from MSEB,
Faber Group Berhad (FGB) wishes to announce that the application
to the Securities Commission (SC) on the Proposed Restructuring
Scheme of FGB is still in the process of being evaluated by the
SC.

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004.


FORESWOOD GROUP: Status of Regularization Plan
----------------------------------------------
In line with Practice Note No. 4/2001 of the Listing Requirement
of the Malaysia Securities Exchange Berhad (MSEB), Foreswood
Group Berhad wishes to announce that there is no significant
development in respect of its plan to regularize its financial
condition. The Company is still waiting for MSEB's approved for
a further extension of an additional two (2) months up to 21 May
2004, to enable the Company to submit its application to the
relevant authorities in compliance with Paragraph 5.1(b) of PN4
which was announced on 19 March 2004.

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004.


GEAHIN ENGINEERING: Regularization Plan Status Remains Unchanged
----------------------------------------------------------------
Geahin Engineering Berhad would like to refer to the
announcement made on 02 March 2004.

We wish to inform that there has been no change in the status of
the Company's plan to regularize its financial condition
pursuant to paragraph 5.1 of PN4 of the Malaysia Securities
Exchange Berhad's Listing Requirements. The proposed
restructuring scheme is currently pending implementation.

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004.


HAP SENG: Announces the Buy Back of Ordinary Shares
---------------------------------------------------
Hap Seng Consolidated announces the buy back of ordinary shares
of RM1.00 each. Details are as follows:

Date of buy back:   30/03/2004

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

Total number of shares
purchased (units):   40,000

Minimum price paid for
each share purchased (RM):  2.820

Maximum price paid for
each share purchased (RM:  2.870

Total consideration
paid(RM):     115,054.47

Number of shares purchased
retained in treasury (units): 40,000

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

Cumulative net outstanding
treasury shares as
at to-date (units):   32,887,600

Adjusted issued capital
after cancellation
(no. of shares) (units):  0
  
Remarks :
cc: Securities Commission

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


HAP SENG: Announces Shares Buy Back
-----------------------------------
Hap Seng Consolidated Berhad posted the following announcement
pertaining to the buy back of ordinary shares on the Kuala
Lumpur Stock Exchange:

Date of buy back:   31 March 2004

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

Total number of shares
purchased (units):   10,000

Minimum price paid for
each share purchased (RM):  2.780

Maximum price paid for
each share purchased (RM):  2.800

Total consideration
paid (RM):    28,187.08

Number of shares purchased
retained in treasury (units): 10,000

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

Cumulative net outstanding
treasury shares as at
to-date (units):    32,897,600

Adjusted issued capital
after cancellation
(no. of shares) (units):  0
   
Remarks :
cc: Securities Commission

This announcement is dated 31 March 2004.


HAP SENG: Issues Final Dividend
-------------------------------
Hap Seng Consolidated Berhad announces a Notice of Book Closure
and Issuance of Final Dividends on 31 March 2004. Details are as
follows:

EX-date:   05 July 2004  
Entitlement date:  07 July 2004  
Entitlement time:  04:00:00 PM  
Entitlement subject: Final Dividend
Entitlement description:

Final dividend of 3.5 sen per ordinary share of RM1.00 each less
28 percent income tax in respect of the financial year ended 31
January 2004.

Period of interest payment:    to  
For year ending/Period ending/ended: 31/01/2004
Share transfer book & register
of members will be closed from
(both dates inclusive) for the
purpose of determining the entitlements:  to  
Registrar's name ,address, telephone no:

Signet Share Registration Services Sdn Bhd, 11th Floor Tower
Block, Kompleks Antarabangsa, Jalan Sultan Ismail, 50250 Kuala
Lumpur (Tel: 21454337 Fax:21421353)

Payment date:     16/07/2004

a) Securities transferred into the Depositor's Securities
Account before 4:00 pm in respect of transfers: 07/07/2004

b) Securities deposited into the Depositor's Securities Account
before 12:30 pm in respect of securities exempted from mandatory
deposit: 05/07/2004

c) Securities bought on MSEB on a cum entitlement basis
according to the Rules of the MSEB.

Number of new shares/securities issued (units) (If applicable) :  
Entitlement indicator: RM
Entitlement in RM (RM): 0.035

Remarks

The above final dividend in respect of the financial year ended
31 January 004 is subject to the approval of the shareholders at
the forthcoming Annual General Meeting.

c c: Securities Commission

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


HAP SENG: Proposes To Renew Share Buy Back Authority
----------------------------------------------------
The Board of Directors of Hap Seng Consolidated Berhad has on
even date approved the recommendation that the Company seeks
renewed authorization from the shareholders for the Share Buy
back exercise. The aforesaid proposal will be tabled at the
forthcoming shareholders' general meeting to be convened.

The statement to shareholders containing the details of the
above proposed renewal shareholders' mandate will be issued to
the shareholders of the Company in due course.

c c: Securities Commission

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


HAP SENG: Proposes To Renew Mandate for Party Transactions
----------------------------------------------------------
The Board of Directors of Hap Seng Consolidated Berhad (HSCB)
wishes to announce that HSCB proposes a renewed HSCB
shareholders mandate (and its subsidiary companies, or the
Group) to enter into recurrent related party transactions of a
revenue or trading nature which are necessary for the day to day
operations (hereinafter referred to as Recurrent Transactions)
of the Group, at the forthcoming shareholders' general meeting.

1. Proposed shareholders' mandate for recurrent transactions of
a revenue or trading nature

Pursuant to the Company's Extraordinary General Meeting (EGM)
held on 25 June 2003, the shareholders of HSCB had granted a
mandate to the Group to enter into Recurrent Transactions. The
said mandate will expire at the conclusion of the forthcoming
EGM of the Company. Pursuant to Practice Note No. 12/2001, HSCB
proposes to seek the renewal of and new shareholders' mandate to
allow the Group to enter into Recurrent Transactions at the
forthcoming shareholders' general meeting of the Company.

2. Circular of shareholders

The Circular to shareholders containing the details of the above
proposed renewal of and new shareholders mandate will be issued
to the shareholders of HSCB in due course.

c c: Securities Commission

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


HAP SENG: Presents Financial Report
-----------------------------------
Hap Seng Consolidated Berhad discloses its unaudited financial
report for the fourth quarter of the financial year ending 31
January 2004.

A full copy of the report may be viewed at following link:

http://bankrupt.com/misc/HapSengQ4Rep31Jan2004.doc

Cc: Securities Commission

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


HAP SENG: Issues Treasury Sales Update
--------------------------------------
Hap Seng Consolidated Berhad posted the following notice on the
Kuala Lumpur Stock Exchange on 1 April 2004 pertaining to the
resale and/or cancellation of treasury shares.

Details are as follows:

Date of transaction:   01 April 2004

Total number of treasury
shares sold (units):
  
Total number of treasury
shares cancelled (units):  53,000

Minimum price paid for
each share sold (RM):

Maximum price paid for
each share sold (RM):

Total amount received for
treasury shares sold (RM):
  
Cumulative net outstanding
treasury shares as at to-date
(units):     32,869,600

Adjusted issued capital
after cancellation/resale
(no. of shares) (units:  589,790,400
   
Remarks :
cc: Securities Commission

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004.


HAP SENG: Issues Notice of Shares Buy Back
------------------------------------------
Hap Seng Consolidated Berhad posted the following notice on the
Kuala Lumpur Stock Exchange pertaining to the buy back of 25,000
units of ordinary shares.

Details are as follows:

Date of buy back:    01 April 2004

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

Total number of shares
purchased (units):    25,000

Minimum price paid for
each share purchased (RM:  2.790

Maximum price paid for each
share purchased (RM):    2.800

Total consideration paid
(RM):      70,467.68

Number of shares purchased
retained in treasury (units):  25,000

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

Cumulative net outstanding
treasury shares as at to-date
(units):     32,869,600

Adjusted issued capital
after cancellation
(no. of shares) (units):  0
   
Remarks :
cc: Securities Commission

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004.


HAP SENG: Issues Notice of Shares Buy Back
------------------------------------------
Hap Seng Consolidated Berhad announces the buy back of shares by
the company pursuant to Form 28A.

Details are as follows:

Date Announced:     01 April 2004

Date of buy back from:   22/03/2004

Date of buy back to:   26/03/2004

Total number of shares
purchased (units:    221,700

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

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

Total amount paid for
shares purchased (RM):    643,389.00

The name of the stock exchange
through which the shares
were purchased: Malaysia Securities Exchange
Berhad

Number of shares purchased
retained in treasury (units): 221,700

Total number of shares
retained in treasury (units): 32,837,600

Number of shares purchased
which were cancelled (units): 0

Total issued capital as
diminished:    0

Date lodged with
registrar of companies:  01/04/2004

Lodged by:    Cheah Yee Leng

Remarks:

cc: Securities Commission

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004.


HAP SENG: Issues Notice of Shares Buy Back Pursuant To Form 28B
---------------------------------------------------------------
Hap Seng Consolidated Berhad announces the buy back of shares
pursuant to Form 28B.

Details are as follows:

Date Announced: 01 April 2004
      
Date of shares sold from:    to :

Date of shares cancelled from: 22/03/2004 to: 25/03/2004  
      
Number of treasury shares sold (units):
  
The minimum price at which the
treasury shares were sold (RM):

The maximum price at which the
treasury shares were sold (RM):
  
Total consideration received
for the treasury shares sold (RM):

The name of the Stock Exchange
through which the treasury
shares were sold:     Not Applicable

Total number of shares
still in treasury (units):    32,769,900

Number of treasury shares
cancelled (units):    82,000

Total issued capital
as diminished:      1,899,000

Date lodged with registrar
of companies:      01/04/2004

Lodged by  : Cheah Yee Leng

Remarks :
cc: Securities Commission

This Kuala Lumpur Stock Exchange announcement is dated 1 April
2004.


K.P. KENINGAU: Presents Q2 Report
---------------------------------
K.P. Keningau Berhad presents to the Kuala Lumpur Stock Exchange
on 30 March 2004, the unaudited financial report for the second
quarter (ending 31 January 2004) of the financial year ending 31
July 2004.

A full copy of the report may be viewed on the following link:

http://bankrupt.com/misc/KeningauReport1April2004.xls


MALAYSIA MINING: Unit Snags RM32.83 Million Contract
----------------------------------------------------
A subsidiary of Malaysia Mining Corporation Berhad (MMC), MMC
Engineering and Construction Berhad (MMCEC) has been awarded two
contracts with another MMC unit, Port of Tanjung Pelepas (PTP),
The Edge Daily reports.

Both deals are reportedly worth RM32.2 million.

One contract worth RM21.47 million is in relation to the
construction and maintenance of extensions measuring 180 meters
of the wharf structures for Berth 8 of phase 2B in PTP.

The second contract of RM11.36 million involves drainage, road
works, pavements, mechanical and electrical works, water supply,
wharf office building and substation of Berths 7 and 8 of the
Tanjung port.


WCT ENGINEERING: Making Good in Bahrain
---------------------------------------
WCT Engineering Berhad has been short listed for another major
project in Bahrain, The Edge Daily reports. This comes after WCT
completed the construction of Bahrain's RM560 million Formula 1
racing circuit ahead of schedule.

WCT, in partnership with Cebarco WLL, is one of the four joint-
venture companies being considered for the construction of the
RM500 million Sheraton Towers, which is part of the Sheraton
Hotel and is undertaken in cooperation with Sheraton Group
International.

The other three short listed companies are also joint ventures
between Bahrain and foreign groups.

"It is a positive spin off from the completion of the F1
project. The towers are 45-storeys each and the project must be
done on a fast track basis," WCT chairman Datuk Ahmad Suffian
told reporters in a briefing on their F1 project on March 31.

Aside from the Sheraton Tower project, the Cebarco-WCT
partnership is also being tipped to land a RM180 million-highway
project stretching 25 kilometers.

Ahmad expected the award of the highway and hotel projects to be
decided in the next few months. At the moment, after handing
over the F1 track, WCT is undertaking a RM100 million road
upgrade project in Bahrain.

Cebarco-WCT handed the F1 circuit to the government of Bahrain
on March 5, two days ahead of schedule despite major design
changes and variation. Ahmad said that design changes would
normally entitle the contractor to an extension of time for
completion.

"In this instance, an extension was not possible because the
race in Bahrain had been brought forward from October to April,"
he said.

For completing the circuit ahead of schedule, Ahmad said the
consultants for the Bahrain government had recommended a bonus
payment of about RM14 million. This is in addition to the
RM500,000 that the joint venture will receive for handing over
the circuit two days ahead of schedule.

Besides Bahrain, WCT is also in the running for other jobs in
the Middle East. Together with three other international
contractors, WCT is among eight consortiums short-listed for the
construction of the Dubai Tower, which will be the world's
tallest building. The project is estimated to cost up to US$2
billion (RM7.6 billion).

WCT and its other international partners have also been pre-
qualified for the construction of the RM500 million Radio and
Television Broadcasting Centre in Qatar. The contract for the
broadcasting centre is expected to be finalized by end of the
year.

The company's order book currently stands at RM1.2 billion.


WING TIEK: Second Quarter Financial Report
------------------------------------------
Wing Tiek Holdings Berhad presents to the Kuala Lumpur Stock
Exchange on 31 March 2004, its unaudited financial report for
the second quarter (ending 31 January 2004) of the financial
year ending 31 July 2004.

A copy of the full quarterly report may be viewed at the
following link:

http://bankrupt.com/misc/WingTiek2nd.quarter.accts-31.01.04.xls

Notes pertaining to the second quarterly report may be viewed at
the following links:

http://bankrupt.com/misc/WingTiek2nd.quart.31.01.04-NotesA.doc

http://bankrupt.com/misc/WingTiek2nd.quart.31.01.04-NotesB.doc

Appendices to the second quarterly report may be viewed at the
following links:

http://bankrupt.com/misc/WingTiek2nd.quart.31.01.04-
Appendix1.doc

http://bankrupt.com/misc/WingTiek2nd.quart.31.01.04-
Appendix2.doc


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


BAYAN TELECOMMUNICATIONS: Intends to End Credit Row by Q3 2004
--------------------------------------------------------------
The Lopez-owned Bayan Telecommunications Inc. (BayanTel) is
optimistic that it would reach an agreement with its bondholders
and consequently speed up its debt-restructuring program, by the
third quarter of 2004, much earlier than the 18-month deadline
set by the court, The Manila Times reports.

Michael C. Cervantes, BayanTel president and division head of
the marketing services and corporate communications said the
company has been talking simultaneously with secured creditors,
the courts, and bondholders to hasten the pace of negotiations.

BayanTel bondholders filed a case for corporate rehabilitation.
They wanted to be treated on equal footing, or pari passu, with
the other creditors.

The bondholders participated in a $200-million offering
conducted by BayanTel in 1999.  In 2001 the company suffered
recurring losses, which resulted into non-payment of debts to
its creditors.  Credit Lyonnaise S.A formulates the company's
debt restructuring plan.

    
LEPANTO CONSOLIDATED: Shares Up by 4%
-------------------------------------
The news on the kick-off of Lepanto Consolidated Mining
Company's new gold ore project Victoria II triggers a 4 percent
jump on its shares, BusinessWorld reports.

Lepanto A, exclusively traded by local investors, was up 4.76
percent to 22 centavos apiece. Lepanto B, open to both local and
foreign investors, climbed 4 percent to 26 centavos.

"Preliminary results indicate that the resource is estimated to
contain 1.3 million ounces of gold in the 7.3 million ton
resource averaging 5.29 gram per ton. Approximately 1.3 million
tons of this resource assaying an average of 6.22 gram per ton
gold are in the mineable and/or the proven/probable categories,"
Lepanto said in statement released earlier.

In October, Lepanto gained a four-year tax holiday incentive
from the Board of Investments, since it was considered as a new
project on a non-pioneer status. The tax holiday may be extended
by three years.

"That's one reason [for the stock price hike] because there are
prospects of improved income," said a research head from a local
brokerage house.

Lepanto incorporated in 1936 is one of the oldest mining firms
in the Philippines, which includes projects like the exploration
and mining of gold, silver, copper, lead, zinc, and all kinds of
ores, metals, minerals, oil, gas and coal.  


PHILIPPINE LONG: Unit Transfers Assets to Sky Cable
---------------------------------------------------
Philippine Long Distance Telephone Co. is expected to sign a
deed of assignment transferring the assets of Home Cable to Sky
Cable as one of the final steps towards the consolidation of the
country's two leading cable television entities, The Philippine
Star reports.

The transfer of assets between the two cable companies is one of
the conditions for the restructuring of about PhP2.6 billion of
combined debts, sources revealed, highly placed sources said.

After the deed of assignment is signed, the consolidation of Sky
Cable and Home Cable, which have a combined market share of
around 80 percent, will be up for government regulatory
approvals, such as from the National Telecommunications
Commission (NTC).

The shares of the Lopez and PLDT groups in Sky Cable will be
held by a holding company known as Beyond Cable.
    


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


ALLIANCE TECH: Court Extends Judicial Management
------------------------------------------------
The High Court of Singapore has affirmed that the judicial
management of Alliance Technology and Development has been
extended for another year, Channel News Asia reports. Alliance
Technology has been under judicial management for the past two
years.

Prior to being placed under judicial management, the company was
up to its neck in debts worth S$115 million.

Alliance Technology used to supply eye-care products and
previously owned the Fort Canning Country Club.

Surabaya's Sulistyo family has majority-controlling interest in
the company.


ECON INTERNATIONAL: Presents Creditors Scheme
---------------------------------------------
Econ International Limited refers to its announcement of 30
March 2004.

Pursuant to Orders of Court dated 27 October 2003 and 29 January
2004 respectively, the Company held a Creditors' Meeting on 31
March 2004 for the purpose of presenting, considering and
approving a scheme of arrangement (EIL Scheme) proposed to be
made between the Company and its unsecured creditors
(Creditors).

The Company wishes to announce that at the Creditors' Meeting,
90 percent in number and 99 percent in value of the Creditors
present and voting in person or by proxy approved the EIL Scheme
with modifications. An application will be made by the Company
for the EIL Scheme to be sanctioned by the High Court of
Singapore.

Under the terms of the EIL Scheme, creditors will be issued
shares in the Company in full satisfaction of their claims. For
the share issue, an Offer Information Statement (OIS) dated 30
March 2004 was lodged with the Monetary Authority of Singapore.

A copy of the OIS may be viewed at the following link:

http://bankrupt.com/misc/EconOffer5April2004.pdf

The Company hopes that the successful implementation of the EIL
Scheme will allow it to venture into new areas of business.

By Order of the Board

Submitted by Lee Mee Kium, Senior Manager on 01 April 2004 to
the SGX


GOODWOOD PARK: The Late Khoo's Shares Higher Than Declared
----------------------------------------------------------
The Monetary Authority and the Singapore Exchange will conduct
inquiries into the late tycoon Khoo Teck Puat's listed
companies, Channel News Asia reports.

This follows a revelation that Khoo's shareholdings in his three
listed firms, namely: Goodwood Park Hotel, central properties
and Hotel Malaysia, were significantly higher that what was
declared while he was still alive.

The Monetary Authority says that further inquiries had been
raised over documents submitted by the three firms on Friday, 26
March. He did not elaborate on what these queries were.

But executors and trustees of Mr. Khoo's estate have also been
asked to furnish more information regarding the late tycoon's
undisclosed shareholdings in a fourth company, Orchard Parade
Holdings.

The Monetary Authority and the Singapore Exchange are scheduled
to discuss the matter on Tuesday, 6 April.


NATSTEEL: Announces The Resignation Of EVP
------------------------------------------
NatSteel Ltd wishes to announce the resignation of Dr. Kauko
Karvinen, Executive Vice-President, Construction Products
Division. His resignation will be effective from 1 April 2004.

Dr Karvinen has been with the NatSteel group since January 1985.
During his tenure, he was instrumental in building up the pre-
cast concrete business. Dr Karvinen was appointed as Executive
Vice-President, Construction Products Division in October 1999
to oversee the building material businesses of the NatSteel
group, comprising the then Eastern Industries group of companies
(now Eastern Pretech group of companies) as well as National
Cement Industry Pte Ltd. He was also responsible for
spearheading restructuring efforts in this area.

Mr Chong Wai Siak, Deputy President of NatSteel Ltd, will in
addition to his current duties, assume Dr Karvinen's duties and
responsibilities following his departure.

The Board wishes to record its thanks and heartfelt appreciation
to Dr Karvinen for his dedicated service and contribution to the
NatSteel group over the past 18 years and wishes him all the
best in his future endeavors.

By Order of the Board

Lim Su-Ling
Company Secretary
1 April 2004

Announced pursuant to Rule 704(7) of the Listing Manual of the
SGX-ST

Submitted by Lim Su-Ling, Company Secretary on 01 April 2004 to
the SGX


SINGAPORE TELECOMMUNICATIONS: Among FinanceAsia's Best
------------------------------------------------------
Singapore Telecommunications Limited is proud to announce that
the company has been declared as one of the best as shown in
FinanceAsia's Best Managed Companies poll.

A full copy of the press release may be viewed at the following
link:

http://bankrupt.com/misc/SingTelPR5April2004.pdf

Submitted by Chan Su Shan (Ms), Company Secretary on 01 April
2004 to the SGX


TEAMSPHERE LIMITED: Reverse Takeover Suffers Another Setback
------------------------------------------------------------
Loss-making automotive metal components manufacturer Teamsphere
Ltd's proposed reverse takeover deal with a French Polynesian
firm suffers another setback, the Business Times reports.

Teamsphere announced that the Singapore Exchange is unable to
grant listing and quotation of new shares to be issued, as the
proposed acquisition of Sas Te Puna does not comply with listing
rules relating to reverse takeovers.

The Company, which reported a net loss of $1 million for the six
months ended December 31, 2003, has been planning the deal -
through new shares - for about two years. The deal would allow
it to diversify its activities and is expected to expand the
company's earnings base.


TEMASEK: Total Transparency Impossible
--------------------------------------
Temasek Holdings, the Singapore government's holding company
said on Thursday, 1 April that total transparency would be
impossible as it faces pressure to be more open, Asia Pulse
reports.

Temasek had earlier rejected a lawmaker's suggestion that the
company should strive for even greater accountability than
publicly traded companies because it is owned and managed by the
Finance Ministry.

The state investment arm is being run as a private firm despite
being funded by taxpayers.

It controls many of the country's most prominent companies,
including Singapore Airlines Ltd., Singapore Telecommunications
Ltd. and DBS Group Holdings Ltd. It indirectly has stakes in
more than 100 other companies, including U.S. telecommunications
carrier Global Crossing Ltd. (GLBC).

"Total transparency is not possible nor desirable, given the
commercial confidentiality and market sensitivities which any
commercial company would need to observe," Temasek spokeswoman
Eva Ho wrote in a letter published in the Straits Times
newspaper.

Temasek's full holdings aren't known. The company will only
reveal that it controls more than 20 percent of 22 major
companies in Singapore.

But Singapore's Institute for Policy Studies said in a 2002
report that Temasek should disclose more information to allay
fears that funds were being mismanaged.

However, the government holding company has recently shown some
signs of opening up. It announced last week that it would
publicly release an annual report in July or August for the
first time since it was established three decades ago.

"Our aim in providing information in a measured way, within the
confines of our exempt private status, is really to clear up any
misapprehension and misunderstanding concerning Temasek,
particularly outside Singapore," Ho wrote.

As the Singapore economy slows after more than a decade of
dazzling growth, Temasek has been investing more aggressively
overseas, buying significant stakes in banks in India, Indonesia
and South Korea.


THAKRAL CORPORATION: Disposes of China Express Unit
---------------------------------------------------
The Board of Directors of Thakral Corporation Ltd wishes to
announce that on 30 March 2004, Thakral Corporation (HK) Ltd., a
wholly-owned subsidiary, had disposed off its entire investment
of 99.9 percent equity (comprising 999 ordinary shares of HK$1
par value each) in the capital of China Express Associates
Limited (CEAL), a company incorporated in Hong Kong, to a third
party for a total consideration equivalent to S$145,000. As a
result, CEAL ceased to be an indirect subsidiary company.

Revenue contribution from CEAL has been insignificant since
January 2003.

The sale consideration was based on the net tangible asset value
of CEAL as at 29 February 2004 and was agreed between the
parties on a willing buyer willing seller basis. The disposal is
not expected to have any material effect on the earnings per
share and the net tangible assets per share of the Company for
the financial year ended 31 March 2004.

The above transaction is a non-discloseable transaction for the
purposes of Chapter 10 of the Listing Manual of the Singapore
Exchange Securities Trading Limited.

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

Submitted by George Lau Kum Hon, Executive Vice President on 01
April 2004 to the SGX.


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


SAHAVIRIYA STEEL: Fitch Affirms Long Term 'BBB' Rating
------------------------------------------------------
Fitch Ratings (Thailand) Limited has affirmed on Friday
Sahaviriya Steel Industries Public Company Limited's (SSI)
National Long-term ratings of 'BBB (tha)' for its 3.5-year
THB1.8 billion (due March 2007) and 4.5-year THB1.45bn (due
March 2008) secured amortizing debentures, with a Stable
Outlook.

The affirmation follows an announcement by Thailand's Ministry
of Commerce (MOC) with regard to the relaxation of anti-dumping
measures on steel imports from 14 countries for a six-month
period, in order to relieve steel shortages in the Thai market.

Prior to the introduction of import restrictions in early 2002,
there was an influx of cheap imported hot rolled steel sheet in
coils (HRC) from major steel countries to Thailand, due to a
supply glut in the global steel industry. The anti-dumping
measures, which imposed surcharges and import tariffs on
imported HRC, had helped lessen price competition and increase
demand for locally produced HRC.

In 2003, the domestic demand for HRC increased 10 percent year
on year to over 5.0 million tons, driven by strong growth in the
construction and automobile sectors. At present, local HRC
producers supply half of the domestic demand, while importers
currently capture half the domestic market.

SSI currently has a 40 percent share of the domestic HRC market.

The temporary relaxation of the anti-dumping measures should
result in a reduction in the import tariffs for HRC to zero
percent, which may result in loss of market share to importers.
However, it is unlikely to see Thailand as a dumping ground for
major global steel producers given the current upturn in global
steel prices, driven by the strong consumption in China.

Besides, the reported selling prices to the Department of
Internal Trade by local HRC producers are likely to remain
competitive, compared to current world prices (CIS HRC) plus
costs of insurance and freight, despite a recent increase in the
price ceiling for domestic HRC to THB20,500/ton or USD525/ton.
At this stage it, therefore, appears that the impact on SSI
should be relatively limited, although its margins may be
affected.

However, an extended period of the government's anti-dumping
relaxation may impact on its medium-term outlook should the
global steel industry turn less favorable.

In 2003, SSI reported consolidated sales of THB29.6bn, up 24
percent year-on-year, thanks in part to the increase in price
level of domestic HRC in August 2003. SSI's EBITDA margin
dropped from 21% in 2002 to 15.8% in 2003 due to the narrowing
metal spread as a result of a sharp increase in global slab
prices. Its EBITDA also lowered to THB4.7bn in 2003 from
THB5.0bn in 2002. Nonetheless, SSI's financial position in 2003
substantially improved from its relatively weak level in 2002,
underpinned by a conversion of debt to equity of its THB2.4bn
convertible debentures as well as its continued debt repayments.
SSI's net debt reduced to THB11.2bn at end-2003 from THB19.9bn
at end-2002. Its consolidated net debt to EBITDA ratio
strengthened to 2.4x at end-2003 from 4.0x at end-2002 while its
EBITDA to interest expense ratio improved to 6.4x in 2003 from
5.4x in 2002.

However, the company's planned capacity expansion and the
narrowing trends of metal spread are likely to increase its
financial leverage in 2004/5, although EBITDA contribution from
the expanded capacity should help reduce its leverage
thereafter.

A full rating report on Sahaviriya Steel Industries Plc. is
available on the agency's subscriber website at
www.fitchratings.com

Contact: Wasant Polcharoen, Bangkok, Tel: +662 655 4763,
         Lertchai Kochareonrattanakul, +662 655 4760,
         Orawan Karoonkornsakul, +662 655 4766,
         Vincent Milton, +662 655 4759.


TELECOMASIA CORPORATION: Officially Renames Products "True"
----------------------------------------------------------
Telecomasia Corporation has officially changed its products
brand name to "True".  The move is part of the company's
strategy to define itself as a highly diversified communications
company.  Its services under the TA umbrella except its pay-
television affiliate UBC carries the True brand, Bangkok Post
reports.

The True brand will temporarily replace the previous Orange name
in the next three months after the unit completes its debt
restructuring. However the company plans to continue to use the
Orange brand for its mobile phone operations for another three
years, as allowed under the recent agreement in which France-
based Orange sold off its investment in the Thai unit.

The company plans to spend at least 100 million baht to promote
the True brand name over the next three months.

Chief executive Supachai Chearavanont said the transformation
was expected to better balance the group's revenue proportion
from the existing four core business areas: fixed-line phones,
mobile phones, Internet and content, and broadband.

True has total outstanding debts of 46 billion baht while TA
Orange has 32 billion baht in debt.

"We expect to see higher revenue growth at more than 10 percent
this year," Mr. Supachai said. He said that having a single
brand under the slogan "Together, we are True" would reduce the
group's marketing and promotion budget, worth over one billion
baht a year, heighten the value of the True brand, make the
operation more efficient and create a platform for the
harmonization of telecom and related services.

He said the name change reflected changing customer lifestyles,
converging technologies, intensifying market competition and
pressing regulations.


THAI PETROCHEMICAL: Finance Minister Supports Revised Plan
----------------------------------------------------------
Finance Minister Somkid Jatusripitak supports Thai Petrochemical
Industry PCL's revised debt-restructuring plan, reports Dow
Jones.

Mr.Somkid said that most of TPI's creditors have agreed in
principle to the plan to reconfigure the company's US$3-billion
(Bt117-billion) debt - the largest in Thai corporate history.

"I have talked to TPI's creditors. They agree with the plan,"
Mr. Somkid said. "Foreign creditors shouldn't have any problem.
They are quite understanding." TPI's major creditors are Bangkok
Bank Plc, the International Finance Corp, Kreditanstalt fuer
Wiederaufbau, Citibank, the US Export-Import Bank, Bank of
Ayudhya Plc and Krung Thai Bank's Sukhumvit Assets Management
Ltd.

TPI will issue 11.77 billion new shares, swapping them with
creditors for the US$670 million in debt. Shares will be priced
at Bt2.28 each, said Siri Jirapongphan, a member of the
administrator's working team.

TPI over the next five years will pay off US$500 million of the
remaining debt of $1.8 billion, according to its filing with the
stock exchange.

A second portion of the debt worth $850 million will be paid
over a period of 10 years and only after TPI finishes paying the
first $500 million.

The third tranche of $150 million will be serviced at an
interest rate of 1 per cent in the first year, with the rate
gradually increasing every year. The principal sum will be
repaid in a "balloon payment" in the 10th year.

The last $300 million will also be serviced at a staggered inte-
rest rate, with the principle settled in a balloon payment in
the 12th year.

Siri said amendments to the debt plan were made in consultation
with the creditors' committee.

Creditors are expected to hold a formal vote on the plan in May
before filing with the Central Bankruptcy Court for final
approval.

A creditor close to the deal said that some foreign creditors
had questions about the revised plan but they believed it was
better than any plan proposed by Prachai Leophairatana, TPI's
founder and chief executive.

"We believe that the creditors have to approve the plan," the
creditor said.

However, Mr.Prachai said he would file a complaint against the
plan, especially the portion calling for reducing the company's
registered capital, because his ownership group's stake in the
company would shrink from 10 per cent to 1 per cent.


                            *********


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