/raid1/www/Hosts/bankrupt/TCRAP_Public/040412.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 12, 2004, Vol. 7, No. 71

                            Headlines

A U S T R A L I A

GYMPIE GOLD: To Offer Eldorado Gold Mine and Southland Coal
NATIONAL AUSTRALIA: To Select New External Auditor
NATIONAL AUSTRALIA: Receives Another Scandalous Setback
VILLAGE ROADSHOW: Comments On Market Buy-back of A Class Shares


C H I N A  &  H O N G  K O N G

CHIN HUNG: Faces Winding up Petition
CONARD INTERNATIONAL: Schedules Winding up Hearing
PRUDENCE SECURITIES: SFC Reprimands Firm
STARBOW HOLDINGS: Proposes to Amend Capital Reorganization Plan
TODAY'S BRIDE: Date for Hearing of Petition Set


J A P A N

HITACHI LIMITED: Aims Special Gain of Y61.8B on Securities
ISHIKAWAJIMA-HARIMA: Cuts Workforce to 7,000
ISHIKAWAJIMA-HARIMA: Seek Role in Boeing Jet Engine Production
MITSUBISHI MOTORS: Shuts Plant in Central Japan
MITSUBISHI MOTORS: DaimlerChrysler Will Help With Restructuring

UBE INDUSTRIES: JCR Assigns Preliminary BBB- Rating
WALT DISNEY: To Shut Down Japanese Animation Studio in June


K O R E A

DONGAH CONSTRUCTION: European Consortium Eyes Takeover


M A L A Y S I A

AKTIF LIFESTYLE: Asks for Extension Re Disposal of Capital
BOUSTEAD HOLDINGS: Issues Listing and Quotation of New Shares
CHG INDUSTRIES: Update on Practice Note No. 1/2001
HAP SENG: Announces the Resale, Cancellation of Treasury Shares
HAP SENG: Issues Notice of Shares Buy-back

HAP SENG: Buys Back Ordinary Shares
MALAYSIA AIRLINES: To Pick Global Alliance In Three Months
NCK CORPORATION: Updates Restructuring Scheme
NCK CORPORATION: Details Status of Loans on Default
OMEGA HOLDINGS: Monthly Announcement Re PN 4/2001

PANKARAN IKRAB: Updates Regularization Plan Info
PAN PACIFIC: Practice Note 4/2001 Monthly Update
PROTON: Better Market Conditions To Improve Sales
PROTON: Asks Dealers To Upgrade Showrooms
REKAPACIFIC BERHAD: Announces 38th Monthly Update

RNC CORPORATION: Announces a Change of Registrar
RNC CORPORATION: Announces Status of Debt Restructuring Scheme
RNC CORPORATION: Liquidators Appointed To Subsidiaries
SIN HENG: Announces The Approval of Proposals
SOUTH PENINSULAR: Announces a Change of Name

SUGARBUN: Moves To Franchising Overseas
TAJO BERHAD: Issues Monthly Status Update
TANJONG PUBLIC: Reveals Principal Officer's Dealings


P H I L I P P I N E S

MAYNILAD WATER: Foreign Lenders Most Likely to Approve Loan
PHILIPPINE LONG: Fitch Upgrades Rating to BB


S I N G A P O R E

ASIA FOOD: AGM Set For April 27
ESQUIRE TOURS: Court Sets Date of Petition Hearing
GLOBAL FACADE: Winding up Hearing Set
GMS SHEET: Winding up Hearing Set April 16
JETDREAM HOLIDAY: Releases Preferential Dividend Notice

PKS CONTRACTS: Issues Winding up Order Notice
SELCO SALVAGE: Creditors Meeting Set April 16
SM ENGINEERING: Date of Petition Hearing Set


T H A I L A N D

EMC: Signs Cargo Handling and Storage System Contract
THAI PETROCHEMICAL: Awaits Creditors' Approval on Revised Plan

     -  -  -  -  -  -  -  -

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


GYMPIE GOLD: To Offer Eldorado Gold Mine and Southland Coal
-----------------------------------------------------------
Following a review of the Southland Coal Mine recovery process
and its funding implications, given the inability of the senior
secured lenders to reach agreement with the other secured
creditors of the Gympie Gold Limited group regarding a
restructuring and recapitalization of the Group, the Receivers
and Managers are to recommence the sale process for the gold
assets of the Gympie Eldorado Gold Mine Pty Ltd. (GEGM) and
offer for sale the Southland Coal assets.

The sale process previously put on hold for GEGM and the
shareholding in D'Aguilar Gold Limited shall recommence with
previously short-listed parties being contacted within the next
few days to arrange commencement of detailed due diligence.

Mr. Ronnie Beevor of Beevor and Associates Pty Limited will
continue to assist the Receivers and Managers in the sale
process of GEGM. Mr. Beevor has extensive experience in
Investment banking in the resource sector in Australia and
Overseas.

A subsidiary of Barlow Jonker Pty. Limited, Global Resources
Asset Exchange Pty Ltd, has been retained to assist the
Receivers and Managers in the sale of the Southland coal assets.
The sale process will be by International Tender and will
commence within the next two weeks.

Mr. Andrew Love, Receiver and Manager commented, "Since
appointment there had been over 100 expressions of interest in
GEGM from local and international interested parties. The
parties short listed are of a high standard and the values
placed on the gold assets by them in their indicative offers are
substantial".

Mr. Love stated, "Although the Coal assets have not until now
been offered for sale, since the commencement of the
Receivership, significant interest had been shown in these
assets".

This is a Company Press Release.


NATIONAL AUSTRALIA: To Select New External Auditor
--------------------------------------------------
The National Australia Bank has announced that it intends to
change its external auditor at the end of the current financial
year ending September 30, 2004.

The Chairman of the Board Audit Committee, Mr. John Thorn said a
process would now be undertaken to select a new auditor to
commence at the start of the 2004-2005 financial year.

"KPMG will continue as external auditor for the current
financial year but we have decided as part of the National's
change program that KPMG will not be invited to participate in
the selection process for a new external auditor," Mr. Thorn
said.

"KPMG have been the National's external auditor for many years
and the decision to seek a new external auditor does not in any
way call into question the quality of KPMG's audit.

"Shareholders will be asked to approve the appointment of the
new external auditor at the National's next Annual General
Meeting."

For further information:

Brandon Phillips
Corporate Relations Manager
Group Corporate Affairs

Telephone:  03 8641 3857
Mobile:  0419 369 058
Website:  www.nabgroup.com


NATIONAL AUSTRALIA: Receives Another Scandalous Setback
-------------------------------------------------------
National Australia Bank's (NAB) attempt to rebuild its
reputation has been hindered by another scandal in the
involvement of a former manager's attempt to launder profits of
about $1 million from dealing in AMP shares before the bank
launched its abortive share market raid on the insurer in 2003,
The Age reports.

The former bank manager and his brother are alleged to have made
more than 100 separate deposits with NAB over five days last
year.  The deposits amounted at less than $10,000 each, to avoid
mandatory reporting requirements.  It is believed the deposits
would amount to several million dollars.  NAB said it had co-
operated with the investigation into alleged breaches of the
Financial Transactions Reporting Act.

In September of last year the bank is believed to have called in
the Australian Federal Police after alleged breaches were
detected by the bank's internal systems, and have the pair
arrested in December and was released on bail.

The Australian Securities and Investments Commission, is
believed to have also investigated but not taken any action.

The accused brothers will appear in the Melbourne Magistrates
Court on Thursday charged with two counts of attempted money
laundering.


VILLAGE ROADSHOW: Comments On Market Buy-back of A Class Shares
---------------------------------------------------------------
Further to Village Roadshow's announcement on March 31, 2004,
the Directors continue to be of the view that a number of
shareholders wish to dispose of their A Class Preference shares.

As a result, the Directors have resolved to now only proceed
with a further on-market-buy-back of up to 50 million preference
shares.  The buy-back will be funded from internal cash reserves
and existing undrawn lines of credit.

Managing Director, Mr. Graham Burke said, "This buy-back,
together with the 90 million preference shares bought back last
month, will give the majority of Preference shareholders who
wish to sell, the opportunity to do so.  Alternatively,
Preference shareholders who wish to hold their shares for the
longer term can share in the opportunity for any capital growth
into the future.

This is an Australian Stock Exchange announcement.


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


CHIN HUNG: Faces Winding up Petition
------------------------------------
Notice is hereby given that a petition for the winding up of
Chin Hung Transport Services Trading Limited by the High Court
of Hong Kong was on 25 February 2004 presented to the said Court
by Cheng Kam Ho of Room 803, Fu Yan House, Fu Shan Esate,
Kowloon, Hong Kong.  The said petition is directed to be heard
before the Court at 9:30 a.m. on the 28 April 2004. Any creditor
or contributory of the said company desirous to support or
oppose the making of an order on the said petition may appear at
the time of hearing by himself or his counsel for that purpose;
and a copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

Ms. Ada Chau Ming Wai
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

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


CONARD INTERNATIONAL: Schedules Winding up Hearing
--------------------------------------------------
Notice is hereby given that a petition for the winding up of
Conard International Limited by the High Court of Hong Kong was
on the 15 March 2004 presented to the said Court by Bank of
China (Hong Kong) Limited of 14/F., Bank of China Tower, No. 1
Garden Road, Central, Hong Kong. The said Petition is directed
to be heard before the Court at 9:30 a.m. on the 19 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.

Anthony Chiang & Partners
Solicitors for the Petitioner,
3903 Tower 2, Lippo Centre
89 Queensway
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 so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 18 May 2004.


PRUDENCE SECURITIES: SFC Reprimands Firm
----------------------------------------
The Securities and Futures Commission (SFC) has reprimanded
Prudence Securities Company Limited, and suspended the license
of one of its responsible officers, Mr. Or Wai Hung Kenneth, for
six months from 7 April 2004 to 6 October 2004.

The inquiry into the conduct of Prudence under section 56 of the
Securities Ordinance stems from an SFC inspection into the
Company which found Mr. Tam Siu Ki Simon, one of Prudence's
former dealer's representatives, had engaged in trading
malpractices (Note 1).

The inquiry found that Prudence had:

a) Failed to adequately segregate settlement and dealing
functions;
b) Failed to put in place written company policies;
c) Insufficient internal and compliance systems to guard
against short selling and unauthorized trading;
d) Inadequate margin lending controls;
e) Inadequate clearing and settlement controls;
f) Failed to monitor the activities of staff members;
g) Failed to implement adequate procedures for staff dealing
and reporting of interests in related accounts; and
h) Failed to maintain adequate audit trails.

In deciding to reprimand Prudence, the SFC has taken into
account its appointment of independent accountants to conduct a
comprehensive review of Prudence's internal control systems.  
The SFC notes that Prudence has, in accordance with the
accountants' recommendations, strengthened the majority of its
internal control weaknesses.

The SFC found that Or, at that time the sole dealing director of
Prudence, bore direct responsibility for the internal control
failings and for failing to properly supervise Tam who was under
his direct control.

The SFC concludes that Or's fitness and properness has been
called into question and decides to suspend him for six months.

Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"Weak internal controls in a brokerage put the broker's clients
and the broker itself at risk.  At worst, they allow brokerage
employees to defraud clients as happened in this instance.  
Brokerages and responsible officers should take note that under
the Securities and Futures Ordinance, serious internal control
failings will be treated more harshly and may attract a fine."


STARBOW HOLDINGS: Proposes to Amend Capital Reorganization Plan
---------------------------------------------------------------
The Board of Directors of Starbow Holdings Limited proposed  
certain amendments to the basis of the capital reorganization as
announced by the Company on 17 March 2004.

                     Original basis      Revised basis

Reduction in nominal    HK$0.008            HK$0.009
value of shares

Subdivision   1 share into 5 shares   1 share into 10 shares
              of HK$0.002 each        of HK$0.001 each

Share         10 shares of HK$0.002   10 shares of HK$0.001 each
Consolidation a consolidated share    into 1 consolidated share
              Of HK$0.02              of HK$0.01

Save for the aforesaid changes in the basis of the capital
reorganization and the corresponding movement in the relevant
capital and reserve accounts and thus the amount of accumulated
losses of the Company to be eliminated, there are no other
amendments to the capital reorganization as described in the
Announcement.

In a disclosure to the Stock Exchange of Hong Kong Limited, a
circular containing, inter alia, details of the capital
reorganization as amended, together with the trading
arrangements and the notice convening the SGM will be dispatched
to the Shareholders on 8 April 2004.

CHANGES IN THE BASIS OF THE CAPITAL REORGANISATION

On 17 March 2004, the Board announced that the Company would
undertake a capital reorganization, which involved, amongst
others, the followings:

(i) A reduction in the nominal value of the issued Shares of
HK$0.01 each by HK$0.008 to HK$0.002;

(ii) A subdivision of each authorized but un-issued Share into 5
shares of HK$0.02 each;

(iii) A share consolidation of every 10 shares of HK$0.002 each
into one ordinary share of HK$0.02 each.

Having reassessed the financial performance and position of the
Group, the Board considers it would be beneficial to the Company
to reduce the nominal value of the Shares by a larger amount so
as to create a greater credit balance in the contributed surplus
account of the Company and to facilitate future distribution of
dividend. As such, instead of reducing the nominal amount of
each issued Share by HK$0.008 to HK$0.002 each, the Board
proposes to reduce the nominal value of each issued Share by
HK$0.009 to HK$0.001. Accordingly, the Capital Reorganization
will be effected in the following manner:

Capital Reduction

(i) The nominal value of all issued Shares of HK$0.01 each will
be reduced by HK$0.009 by canceling an equivalent amount of paid
up capital per Share so that the nominal value of each Share
will be reduced from HK$0.01 to HK$0.001. Accordingly, based
upon 7,357,968,530 Shares in issue as at the date of this
announcement, the issued share capital of the Company of
HK$73,579,685.30 will be reduced by HK$66,221,716.77 to
HK$7,357,968.53;

(ii) The credit arising from the Capital Reduction will be
credited to the contributed surplus account of the Company;

Subdivision

(iii) Each authorized but un-issued Share will be subdivided
into 10 shares of HK$0.001 each;  

Share Consolidation

(iv) Every 10 shares of HK$0.001 each created from the Capital
Reduction and Subdivision will be consolidated into one
Consolidated Share of HK$0.01 each;

Share Premium Cancellation

(v) The share premium account of the Company will be cancelled
and the credit arising will be credited to the contributed
surplus account of the Company. Based on the un-audited
management accounts of the Company as at 29th February, 2004,
the share premium account of the Company amounted to
approximately HK$271.0 million; and

Elimination of accumulated losses

(vi) The credit transferred to the contributed surplus account
of the Company mentioned in (ii) and (v) above, together with
the balance of approximately HK$241.1 million already standing
therein, which amounted to a total of approximately HK$578.3
million, will be used to set off against the accumulated losses
of the Company. According to the audited financial statements of
the Company for the year ended 31 March 2003, the accumulated
losses of the Company amounted to approximately HK$549.1 million
as at 31 March 2003. Based on the aforesaid, after the set off,
the balance of the contributed surplus account will amount to
approximately HK$29.2 million.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_starbow0412.pdf


TODAY'S BRIDE: Date for Hearing of Petition Set
-----------------------------------------------
Notice is hereby given that a petition for the winding up of
Today's Bride Wedding Studio Limited by the High Court of Hong
Kong was on the 1 March 2004 presented to the said Court by Lau
Po Shan of Room 1330, Peony House, So Uk Estate, Kowloon, Hong
Kong and the petition is directed to be heard before the Court
at 9:30 a.m. on the 28 April 2004. Any creditor or contributory
of the said company desirous to support or oppose the making of
an order on the said petition may appear at the time of hearing
by himself or his counsel for that purpose; and a copy of the
petition will be furnished to any creditor or contributory of
the said company requiring the same by the undersigned on
payment of the regulated charge for the same.

Ms. Ada Chau Ming Wai
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

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


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


HITACHI LIMITED: Aims Special Gain of Y61.8B on Securities
----------------------------------------------------------
Hitachi Limited plans to post extraordinary items relating to
the sale and impairment of securities on an unconsolidated basis
for the fiscal year ended March 31, 2004, according to Business
Wire.

1. Extraordinary Gain on Sale of Securities

Hitachi will record an approximate 61.8 billion yen of
extraordinary gain on the sale of affiliated company shares and
investments in securities. Of this amount, approximately 34.2
billion yen relates to the sale of affiliated company shares and
27.6 billion yen relates to the sale of investments in
securities.

2. Extraordinary Loss on Impairment of Securities

Hitachi will record an extraordinary loss of approximately 10.1
billion yen on the impairment of affiliated company shares and
investments in securities. Of this amount, approximately 5.2
billion yen relates to the impairment of affiliated company
shares and 4.9 billion yen relates to the impairment of
investments in securities.

About Hitachi, Ltd.

Hitachi, Ltd., (TSE:6501)(NYSE:HIT) headquartered in Tokyo,
Japan, is a leading global electronics company, with
approximately 340,000 employees worldwide. Fiscal 2002 (ended
March 31, 2003) consolidated sales totaled 8,191.7 billion yen
($68.3 billion). The company offers a wide range of systems,
products and services in market sectors, including information
systems, electronic devices, power and industrial systems,
consumer products, materials and financial services.
  
Contacts:
   
Hitachi, Ltd.
Yasuo Hirano, +81-3-3258-2054
yasuo_hirano@hdq.hitachi.co.jp
Atsushi Konno, +81-3-3258-2056
atsushi_konno@hdq.hitachi.co.jp
  
   
ISHIKAWAJIMA-HARIMA: Cuts Workforce to 7,000
--------------------------------------------
Heavy machinery maker Ishikawajima-Harima Heavy Industries Co.
will slash its parent-only workforce to 7,000 from 8,200 over
the next two years mainly by sending employees on loan to group
companies, according to Kyodo News on Thursday.

The plan will enable it to cut personnel costs by an annual 10
billion yen. Under a basic accord reached between the management
and the labor union in March, loaned employees will receive
salaries of the same level as those at the subsidiaries, lower
than what the parent firm would have paid.


ISHIKAWAJIMA-HARIMA: Seek Role in Boeing Jet Engine Production
--------------------------------------------------------------
Ishikawajima-Harima Heavy Industries Co (IHI) and Kawasaki Heavy
Industries Ltd. plans to participate in developing new engines
for Boeing Co.'s next-generation commercial jet 7E7 Dreamliner,
Kyodo News reports.

The report said the both firms have sounded out General Electric
Co. and Rolls-Royce Plc, respectively, about forming
partnerships after Boeing chose GE and Rolls-Royce to supply the
engines for its new airliner.


MITSUBISHI MOTORS: Shuts Plant in Central Japan
-----------------------------------------------
Mitsubishi Motors Corporation will close its factory in central
Japan and make its best-selling Pajero sport-utility vehicles at
another domestic plant, as part of its plan to cut costs and
restore profit, Bloomberg reports.

The carmaker plans to reduce its lineup of models from 29 to
about 20. Pajero production will be shifted from Gifu prefecture
to a factory in neighboring Aichi prefecture, which is running
at half capacity. Mitsubishi executives haven't decided yet
whether to fire the 1,100 workers or move them.


MITSUBISHI MOTORS: DaimlerChrysler Will Help With Restructuring
---------------------------------------------------------------
DaimlerChrysler AG will support the restructuring of ailing
Mitsubishi Motors Corporation, Japan Times reports, citing
DaimlerChrysler Chief Executive Officer Juergen Schrempp.

Schrempp said a new restructuring plan being drafted for
Mitsubishi Motors will be aimed at building a solid financial
base for the automaker and ensuring it can generate a
sustainable profit. Schrempp said there are many restructuring
options on the table, though he did not elaborate.

DaimlerChrysler, which owns 37 percent stake in the carmaker, is
sending Andreas Renschler, President of its Smart GmbH minicar
unit, to Japan to map out the restructuring plan, which will be
formally approved by DaimlerChrysler on April 29, sources said.


UBE INDUSTRIES: JCR Assigns Preliminary BBB- Rating
---------------------------------------------------
Japan Credit Rating (JCR) has assigned a preliminary BBB- rating
to the shelf registration of Ube Industries Limited.

Shelf Registration:
Maximum: Y25 billion
Valid: two years effective from April 7, 2004

RATIONALE:

Ube Industries is a large chemical firm. Lactam and nylon are
its primary products. It is also engaged in business areas other
than chemicals, such as cement. Rise in materials and labor
dispute of aluminum foil business put downward pressure on the
earnings. The earnings forecasts for fiscal 2003 were revised
downward, accordingly. Ube Industries applied accounting for
impairment of fixed assets early. It is expected to plunge into
a net loss for fiscal 2003. Assurance of earnings is an
important assumption for improvement in the financial structure.
JCR will pay attention to the earnings trend in the future to
examine whether the weakening of the earnings is transitory or
not. JCR will also pay attention to the future business
portfolio and the measures for it assumed in the next mid-term
management plan in light of earnings structure in long run.


WALT DISNEY: To Shut Down Japanese Animation Studio in June
-----------------------------------------------------------
U.S. entertainment and media giant Walt Disney Co. will close in
early June its Japanese unit Walt Disney Animation (Japan) Inc.
to reorganize its animation business globally, Nikkei reports.
Walt Disney Animation (Japan) Inc. was established in 1989 and
produced material mainly for television and video release.

Of the 100 or so personnel there, about 30 will transfer to
Disney's U.S. headquarters or to affiliates. The remaining 70 or
so plans to establish a production company independently, aiming
to launch in June.

Disney has already decided to close its studio in Florida. After
the Japan studio is shut down, the only remaining overseas
studio will be in Australia.


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


DONGAH CONSTRUCTION: European Consortium Eyes Takeover
------------------------------------------------------
European-based consortium World Star Holdings has expressed its
intention to acquire Dongah Construction & Industrial, which is
under the supervision of the court, the Korea reported on
Wednesday. The consortium in Luxembourg is composed of several
global investors, such as World Star Fund, Vinci, Reno and UBS,
according to Dongah creditors on Wednesday.

Creditor banks, including Kookmin Bank and Shinhan Bank, said
the foreign potential bidder hopes to buy 66 percent of bad
debts held by the local construction company which went
bankrupt.


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


AKTIF LIFESTYLE: Asks for Extension Re Disposal of Capital
----------------------------------------------------------
On 18 December 2003, Aktif Lifestyle Corporation Berhad (Aktif)
announced the submission of an application for the Proposed
Disposal of the entire issued and paid-up share capital of Aktif
Lifestyle Stores Sdn Bhd of RM31,000,000 comprising 31,000,000
ordinary shares of RM1.00 each to CP Properties Sdn Bhd for a
nominal cash consideration of RM1.00, to the Securities
Commission (SC) and is presently awaiting the decision from the
SC before seeking the approval of its shareholders at an
extraordinary general meeting to be held at a later date.

Hwang-DBS Securities Berhad, on behalf of the Board of Directors
of Aktif, had submitted an application to Malaysia Securities
Exchange Berhad today to seek the consideration of the Exchange
for an extension of time for another two (2) months to 17 June
2004 in order for Aktif to obtain the relevant approvals to
implement the Proposed Disposal.

The Company will announce the decision of that application in
due course and will keep its shareholders informed of pertinent
developments.

c.c. Securities Commission

This Kuala Lumpur Stock Exchange announcement is dated 7 April
2004.


BOUSTEAD HOLDINGS: Issues Listing and Quotation of New Shares
-------------------------------------------------------------
Kindly be advised that Boustead Holdings Berhad's additional
2,282,200 new ordinary shares of RM0.50 each issued pursuant to
the Bstead-Employees' Share Option Scheme were granted listing
and quotation with effect from 9 a.m., Friday, 9 April 2004.

This is a Kuala Lumpur Stock Exchange announcement.


CHG INDUSTRIES: Update on Practice Note No. 1/2001
--------------------------------------------------
On behalf of the Board of Directors, CHG Industries Berhad
wishes to relate that the Group's defaulted interest payments
and trade bills under the terms of the debt restructuring
agreement dated 9 July 2003 (DRA) as at 31 March 2004 were
approximately RM3.84 million and approximately RM0.97 million
respectively.

The Company will continue to make periodic announcements on a
monthly basis to the Exchange of the current status of the
default and its steps taken to address the default until such
time when it is remedied.

This Kuala Lumpur Stock Exchange announcement is dated 7 April
2004.


HAP SENG: Announces the Resale, Cancellation of Treasury Shares
---------------------------------------------------------------
Hap Seng Consolidated Berhad posted the following notice
pertaining to the resale and cancellation of treasury shares on
7 April 2004 at the Kuala Lumpur Stock Exchange.

Date of transaction:    07 April 2004

Total number of treasury
shares sold (units):
  
Total number of treasury
shares cancelled (units):   188,000

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):     32,755,600

Adjusted issued capital
after cancellation/resale
(no. of shares) (units):   589,904,400
   
Remarks :
cc: Securities Commission


HAP SENG: Issues Notice of Shares Buy-back
------------------------------------------
Hap Seng Consolidated Berhad issued the following announcement
pertaining to the buy-back of shares by a company pursuant to
Form 28A.

Date of buy back from:   29 March 2004

Date of buy back to:    02 April 2004

Total number of shares
purchased (units):   105,000

Minimum price paid for
each share purchased (RM):    2.750

Maximum price paid for
each share purchased (RM):    2.870

Total amount paid for
shares purchased (RM):     297,525.71

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

Number of shares purchased
retained in treasury (units):    105,000

Total number of shares
retained in treasury (units:   32,889,600

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

Total issued capital as
diminished:     0

Date lodged with registrar
of companies:     07 April 2004

Lodged by:      Cheah Yee Leng

Remarks:

cc: Securities Commission

This Kuala Lumpur Stock Exchange announcement is dated 7 April
2004.


HAP SENG: Buys Back Ordinary Shares
-----------------------------------
Hap Seng Consolidated Berhad issued a notice of shares buy back,
posted on the Kuala Lumpur Stock Exchange on 7 April 2004.

Details are as follow:

Date of buy back:     07 April 2004

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

Total number of shares purchased
(units):       21,000

Minimum price paid for
each share purchased (RM):    2.640

Maximum price paid for
each share purchased (RM):    2.700

Total consideration paid (RM):   56,834.99

Number of shares purchased
retained in treasury (units):   21,000

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

Cumulative net outstanding
treasury shares as at
to-date (units):      32,755,600

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


MALAYSIA AIRLINES: To Pick Global Alliance In Three Months
----------------------------------------------------------
Datuk Ahmad Fuaad Dahlan, newly appointed managing director for
Malaysia Airlines System (MAS) says the company will decide in
the next three months which global alliance it will eventually
join, The Star Online reports. This move comes as part of
Malaysia Airline's plan to strengthen its global presence.

"For strategic reasons, we have to look at the possibility of
getting into a mega alliance. We have asked consultants to look
at it, and (match) our needs. We will, in three months, be in a
position to see if we will join an alliance,'' Fuaad said.

A consultancy firm has been asked to look into the matter and
their findings will be presented to the MAS board who will make
the final decision.

MAS is the only major airline in the region not part of an
alliance. Singapore Airlines and Thai Airways are part of Star
Alliance while Cathay Pacific is part of Oneworld.

MAS though is considering joining Oneworld or another global
alliance, Skyteam.

"We can synergise with major carriers within the alliance so
that customers can have a seamless travel from one end of the
world to the other. The disadvantage of an alliance is that we
have to attend a lot of meetings,'' Fuaad said.  


NCK CORPORATION: Updates Restructuring Scheme
---------------------------------------------
Further to the announcement dated 1 March 2004, NCK Corporation
Berhad (Special Administrators Appointed) wishes to announce
that the Securities Commission (SC) had on 8 March 2004 approved
the modification to the earlier Proposed Scheme, subject to the
terms and conditions as announced on 12 March 2004. In addition,
the SC had on 16 March 2004 taken note of the change in the
equity structure of APB Resources Berhad (APB), EPIC Constant
Sdn Bhd (ECSB) and Konsep Realiti Sdn Bhd (KRSB) pursuant to the
Proposed Modifications as announced on 19 March 2004. The
Company is required to inform the SC/Foreign Investment
Committee on the new effective equity structure of APB, ECSB and
KRSB upon completion of the implementation of the Proposed
Restructuring Scheme. All other terms and conditions as set
forth via SC's letter dated 8 March 2004 remain unchanged.

Meanwhile, the hearing for APB's application to strike the
Plaintiff's (Encik Megat Abdul Munir Bin Megat Abdullah Rafaie)
Writ of Summons & Statement of Claim has been adjourned from the
earlier date fixed on 25 February 2004 to 25 March 2004 to
enable parties to amicably resolve the dispute. The Plaintiff
had on 24 March 2004, via his solicitors, agreed to withdraw the
legal suit and will be filing a Notice of Discontinuation by 2
April 2004.

In relation to the investigative audit of NCK, the Company had
on 24 March 2004 announced the findings of the investigative
audit conducted by Messrs Horwath.

On 25 March 2004, the Company announced that the Record of
Depositors and the Register of Members of NCK were closed at 5
p.m. on 30 March 2004 for the exchange of the existing issued
and paid-up share capital of NCK from RM37,360,005 comprising
37,360,005 ordinary shares of RM1.00 each (NCK Shares) for
934,000 new ordinary shares of RM1.00 each in APB Resources
Berhad (APB) on the basis of one (1) ordinary share of RM1.00
each in APB for every forty (40) NCK Shares pursuant to a
workout proposal under the Pengurusan Danaharta Nasional Berhad
Act, 1998 as amended from time to time, in conjunction with the
Restructuring Scheme of NCK.

This is a Kuala Lumpur Stock Exchange announcement.


NCK CORPORATION: Details Status of Loans on Default
---------------------------------------------------
In compliance with Practice Note 1/2001, NCK Corporation Berhad
(Special Administrators Appointed) wishes to announce the
following with regards to the status of credit facilities on
which the NCK Group has defaulted in payment since the Company's
previous announcement dated 1 March 2004.

Total borrowings on which the NCK Group has defaulted in payment
stood at RM177,716,831 as at 31 March 2004, compared to
RM176,327,551 as at 29 February 2004, an increase of RM1,389,280
due to interest accrued for the month of March 2004.

This is a Kuala Lumpur Stock Exchange announcement.


OMEGA HOLDINGS: Monthly Announcement Re PN 4/2001
-------------------------------------------------
Affin Merchant Bank Berhad, on behalf of the Board of Directors
of Omega Holdings Berhad, wishes to announce that the conditions
precedent of the following agreements in relation to the
Proposed Restructuring Scheme of Omega, have been met:

a. The Restructuring Scheme Agreement between Omega and Milan
Auto (M) Sdn Bhd (MASB) dated 31 December 2002 and the First and
Second Supplementary Agreements dated 1 July 2003 and 2 January
2004 respectively;

b. The Business Transfer Agreement between MASB and Milan Auto
Corporation (M) Sdn Bhd (MAC) dated 31 December 2002 and the
First and Second Supplementary Agreements dated 1 July 2003 and
2 January 2004 respectively;

c. The Sale and Purchase of Shares Agreement in MAC between MASB
and Energro Berhad (Energro or Newco) dated 28 January 2003 and
the First and Second Supplementary Agreements dated 1 July 2003
and 2 January 2004 respectively;

d. The Supply Agreement between MASB and MAC dated 28 January
2003 and the First and Second Supplementary Agreements dated 1
July 2003 and 2 January 2004 respectively; and

e. The Deed of Agreement between Energro and Omega dated 28
January 2003 and the First and Second Supplementary Agreements
dated 1 July 2003 and 2 January 2004 respectively.

Omega, Energro, MASB and MAC will now proceed to complete the
said agreements.

This announcement serves as the monthly status announcement in
compliance with the Practice Note 4/2001 of the Listing
Requirements of Malaysia Securities Exchange Berhad.


PANKARAN IKRAB: Updates Regularization Plan Info
------------------------------------------------
Pankaran Ikrab Berhad would like to refer to paragraph 4.1(b) of
PN4/2001 whereby the affected listed issuer is required to
announce the status of its plan to regularise its financial
position on a monthly basis until further notice from Malaysia
Securities Exchange Berhad (MSEB).

The Foreign Investment Committee via its letter dated 20th
January 2004, which was received by Public Merchant Bank Bhd
(PMBB) on 30th January 2004, approved the Proposed Revisions to
the Scheme and the termination of the Sale and Purchase
Agreement in relation to the acquisition of land.

On 27th February 2004, PMBB on behalf of the Board of PIB
submitted a letter to the Securities Commission requesting an
extension of four (4) months (to 31st July 2004) to complete the
implementation of the Proposed Restructuring Scheme.

On 27th February 2004, PMBB had submitted the amended 4th draft
of the ES & Circular to MSEB for their vetting and approval.

The Court had on 2nd March 2004 granted an order to extend the
time frame for PIB to hold the court convened meeting for a
further six (6) months from 5th February 2004.

The Securities Commission as per their letter dated 3rd March
2004 had approved the Company's application for an extension of
four (4) months up to 31st July 2004 to complete the
implementation of the Proposed Restructuring Scheme.

On 24th March 2004, MSEB replied that they have no further
comments on the ES & Circular and that PIB may proceed with the
printing.

An appropriate announcement will be made accordingly in due
course.

This is a Kuala Lumpur Stock Exchange announcement.


PAN PACIFIC: Practice Note 4/2001 Monthly Update
------------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad wishes to
announce that several meetings were held with the lenders,
actively pursuing their approval on the debt-restructuring
scheme. However, no written approval has been obtained.
Appropriate announcements will be made once the approvals are
obtained.

This is a Kuala Lumpur Stock Exchange announcement.


PROTON: Better Market Conditions To Improve Sales
-------------------------------------------------
Datuk Adzmi Abdul Wahab, managing director of Edaran Otomobil
nasional (EON) said on Wednesday, 7 April that better market
conditions and car tariff certainty can improve car sales for
Perusahaan Otomobil Nasional Berhad (Proton) this year, the
Malaysian National News Agency- Bernama reports.

For the first quarter of this year, Proton sales decreased to
15,695 units from 23,622 units in the same period last year due
to uncertainty of car tariff during the implementation of the
Asean Free Trade Area (AFTA).

Adzmi also added that EON had received an additional 200
bookings for Proton's new GEN.2 model in the past 3 weeks. It
received 42 units last week and expects Proton to deliver the
cars progressively.


PROTON: Asks Dealers To Upgrade Showrooms
-----------------------------------------
Perusahaan Otomobil Nasional Berhad (Proton) has directed all
its dealers to upgrade their showrooms and facilities to a fit a
standard corporate identity (CI) within a year, Bernama reports.

But this has caused problems and resistance due to the high
capital needed. Some car dealerships have said the renovation
costs could range between RM142,000 to RM371,000.


REKAPACIFIC BERHAD: Announces 38th Monthly Update
-------------------------------------------------
The Board of Directors of RekaPacific Berhad (the Company) would
like to announce as follows (the Thirty Eighth Monthly Status
Announcement):

1. As announced on 29 March 2004, the Malaysia Securities
Exchange Berhad (the Exchange) has informed the Company of the
following:

i. That the Company's Appeal against a Notice of De-listing
dated 5 November 2003 has been disallowed;

ii. That the Company's securities will be de-listed form the
Official List of the Exchange as the Company does not have an
adequate level of financial condition to warrant continued
listing; and

iii. That the securities of the Company will remain on the
Official List of the Exchange pending the Exchange's application
to the High Court of Malaya for clarification of a Stay Order
dated 24 December 2001 obtained by the Company against the Kuala
Lumpur Stock Exchange and the Securities Commission.

2. The Board is consulting with its legal advisors as to the
course of action it will adopt in respect of the Exchange's
decision.

Yours faithfully
For and on behalf of
BOARD OF DIRECTORS OF REKAPACIFIC BERHAD

This is a Kuala Lumpur Stock Exchange announcement.


RNC CORPORATION: Announces a Change of Registrar
------------------------------------------------
RNC Corporation Berhad announced on the Kuala Lumpur Stock
Exchange a change in company registrar. Details are as follow:

Old registrar :  MEGA CORPORATE SERVICES SDN BHD

New registrar :  TENAGA KOPERAT SDN BHD

Address :   20TH FLOOR, EAST WING,
PLAZA PERMATA, JALAN KAMPAR,
OFF JALAN TUN RAZAK,
50400 KUALA LUMPUR,
WILAYAH PERSEKUTUAN.

Telephone No:  03-40416522

Facsimile No:  03-40426352

Effective date:  01 April 2004
  
Remarks :  


RNC CORPORATION: Announces Status of Debt Restructuring Scheme
--------------------------------------------------------------
RNC Corporation Berhad wishes to refer to paragraph 4.1 (b) of
the Practice Note 4/2001.

- Announcement of the status of its plan to regularize its
financial condition on a monthly basis until further notice from
the Exchange.

Reference is also made to the "First Announcement" on 19th
February 2001 on the Proposed Corporate and Debt Restructuring
Scheme (PRS), the previous Monthly Status Announcements since
1st March 2001 and also all the announcements pertaining to the
PRS.

On 18th April 2003, the Company and its advisers, OSK Securities
Berhad submitted the proposed modifications to the PRS to the
Securities Commission (SC), Ministry of International Trade and
Industry (MITI),Federal Economic Planning Unit (EPU) and Foreign
Investment Committee (FIC) for their approvals.

SC had via its letter dated 13th November 2003 and 17th November
2003 approved the proposed modifications to the PRS. The
approval of the SC on the PRS is subject to compliance of
stipulated terms and conditions as announced on 18th November
2003 and 19th November 2003.

The Working Due Diligence Committee is in the process of
complying with the terms and conditions as stipulated by the SC.

This is a Kuala Lumpur Stock Exchange announcement.


RNC CORPORATION: Liquidators Appointed To Subsidiaries
------------------------------------------------------
RNC Corporation Berhad (RNC) wishes to announce that Mr. Tan Kim
Leong, JP, of 12th Floor, Menara Uni.Asia, 1008, Jalan Sultan
Ismail, 50250 Kuala Lumpur has been appointed as the Liquidator
for both RNC's subsidiaries, namely Arensi Plastics Sdn Bhd
(APSB) and Arensi (Ipoh) Sdn Bhd (AISB) at the Extraordinary
General Meeting held on 5 April 2004 for the purpose of winding
up both of the companies by way of a Creditors' Voluntary
Winding Up, which is in line with RNC's Proposed Corporate and
Debt Restructuring Scheme.

APSB has an issued and paid-up capital of RM1,000,000.00 divided
into 1,000,0000 ordinary shares of RM1.00 each and AISB has an
issued and paid-up capital of RM1,500,000.00 divided into
1,500,000 ordinary shares of RM1.00, whereby RNC is holding 100%
shares of APSB, which in turn holds 70 percent shares of AISB.

The appointment of liquidator for the purpose of winding up has
a financial impact of approximately RM320,000.00 charged to the
income statement of the Group but no operational impact as APSB
and AISB had ceased trading before the commencement of winding
up proceedings. Therefore, the financial impact to the RNC Group
for the financial year ended 31 March 2004 is not significant.

This Kuala Lumpur Stock Exchange announcement is dated 7 April
2004.


SIN HENG: Announces The Approval of Proposals
---------------------------------------------
Since the last announcement on 8th October 2003, Sin Heng Chan
(Malaya) Berhad wishes to announce that pursuant to the
submission of the Company's plan to regularize its financial
condition to all relevant authorities, namely, Securities
Commission (SC), Foreign Investment Committee (FIC) and Ministry
of International Trade and Industry (MITI), the Company has
obtained approvals from MITI on 11th November 2003, FIC on 23rd
December 2003 and SC on 10th February 2004. In addition, the
modified workout proposal was also approved in accordance with
the Pengurusan Danaharta Nasional Berhad Act, 1998 on 2nd
December 2003.

SC, via its letter dated 19th February 2004, approved the
valuation for the properties bearing Lot No. PT 21476 and PT
21475 (Jalan Kuching Properties) which was prepared by Messrs.
Raine & Horne International Zaki + Partners Sdn Bhd. The Company
had entered into a Sale and Purchase Agreement on 29th January
2004 to dispose off the Jalan Kuching Properties. In respect of
the Company's application for exemption to Alor Setar Industry
Holdings Sdn Bhd and parties acting in concert with it to
undertake a mandatory general offer, the SC has reverted with
its decision as announced on 24th February 2004.

Any further developments to the Restructuring Scheme will be
announced in due course.

This is a Kuala Lumpur Stock Exchange announcement.


SOUTH PENINSULAR: Announces a Change of Name
--------------------------------------------
Kindly be advised that South Peninsular Industries Berhad has
changed its name to "ECM Libra Berhad". As such, the Company's
shares will be traded and quoted under the new name with effect
from 9.00 a.m., Monday, 5 April 2004.

The Stock Short Name of the Company will be changed from "SPI"
to "ECMLIB". However, the Stock Number remains unchanged.

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


SUGARBUN: Moves To Franchising Overseas
---------------------------------------
One of Malaysia's leading food chain operators, Sugarbun
Corporation Bhd is inviting entrepreneurs from overseas as well
as locally to participate in its franchise program, Malaysian
National News Agency- Bernama reports.

Sugarbun executive director Terence Chee said on Wednesday, 7
April that there were huge opportunities following the company's
"Mega Expansion Plan."

The company, known for its brand restaurants and cafes recently
introduced additions to its menu: roast chicken, burgers, fries
and a variety of foods covering Western and Asian cuisine as
well as specialty beverages to attract more customers.

It has established its first Bangaladesh franchise business in
Chittagong which is expected to be operational come July.

"We are now in the process of training the managerial staff for
the Bangladesh franchise while other enquiries on the business
have also been received from several Asian countries like
Vietnam," Chee said.

Its outlets in Bukit Bintang, SS2/64, Mutiara Complex, Pantai
Lido Food Plaza, Jalan Tun Tan Cheng Lock and Jalan Mega Mendung
will be operational by the end of this month.

Chee also adds that under the Expansion Plan, Sugarbun will be
extending the franchise opportunity to any individual within
Malaysia. The plan will also open more job and career
opportunities for the locals.


TAJO BERHAD: Issues Monthly Status Update
-----------------------------------------
In accordance with Paragraph 4.1(b) of Practice Note No 4/2001
of the Listing Requirements of Malaysia Securities Exchange
Berhad (MSEB), Tajo Berhad wishes to announce that there has
been no changes to the status of the Company's plan to
regularize its financial condition since its previous Monthly
Announcement made on 1 March 2004 and the announcements dated 5
March 2004 and 16 March 2004 respectively in relation to the
notice of book closure and announcement of important relevant
dates for the rights issue.

In addition, on behalf of Tajo, Public Merchant Bank Berhad had
on 31 March 2004 announced the subscription rate for the rights
issue was 67.7 percent. MIDF Consultancy and Corporate Services
Sdn Bhd had forwarded a press release to Malaysia Securities
Exchange Berhad today, on behalf of Tajo, that the Public Issue
of RM59.0 million nominal value of redeemable convertible
secured loan stocks and RM60.7 million nominal value of
irredeemable convertible unsecured loan stocks of Mithril Berhad
had received a subscription rate of 63.42 percent and 69.31
percent respectively.

Any new developments on the Company's plan to regularize its
financial condition will be announced in due course.

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


TANJONG PUBLIC: Reveals Principal Officer's Dealings
----------------------------------------------------
We wish to announce that Tanjong Public Limited Company has been
notified of the following dealing by Yin Yee Yuen, a Principal
Officer of the Company pursuant to Paragraph 14.09 (a) of the
Listing Requirements of Malaysia Securities Exchange Berhad
(MSEB):

1. Notification on 1 April 2004:

(a) (i) That he has disposed in the open market of the MSEB,
9,000 shares of 7.5 pence each in Tanjong representing 0.0023
percent of the issued share capital of Tanjong as at the date of
the transaction;

(ii) Date of transaction - 31 March 2004;

(iii) Transaction price - RM13.00 per share of 7.5 pence each.

This is a Kuala Lumpur Stock Exchange announcement.


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


MAYNILAD WATER: Foreign Lenders Most Likely to Approve Loan
-----------------------------------------------------------
Maynilad Water Services Inc. would most likely get a 170 million
dollar term loan from foreign banks, as a result of the
compromise agreement between the water utility and the
government through Metropolitan Waterworks and Sewerage System
(MWSS), according to the Philippine Daily Inquirer.

Justice Undersecretary Manuel Teehankee, who advised MWSS' legal
panel, said the agreement had convinced "banks to provide some
170 million dollars in terms loans payable in seven to eight
years." The amount, he said, could be earmarked for capital
expenditures.

Possible foreign lenders that will provide the loan include
Credit Agricole, Indosuez Merchant Bank Asia Ltd., Citibank NA,
Barclays Bank PLC and BNP Paribas.

"Maynilad has been trying to secure 350 million dollars in loans
for capex in the last five years but was not able to do so,"
Teehankee said.

The banks were convinced to lend Maynilad the said amount on the
agreement that allows MWSS to receive priority payments for
annual concession fee obligations estimated at 2 billion pesos a
year, thus ensures its cash flow would be sufficient to service
loan interest and principal amortization, Mr. Teehankee said.


PHILIPPINE LONG: Fitch Upgrades Rating to BB
--------------------------------------------
Fitch Ratings, the international rating agency, has upgraded on
Wednesday, 7 April Philippine Long Distance Telephone Company's
(PLDT) both Long-term foreign currency and local currency
ratings to 'BB' from 'BB-' (BB minus). The Outlook is Stable. At
the same time, the ratings of PLDT's global bonds and senior
notes have been upgraded to 'BB' from 'BB-' (BB minus) while the
rating of PLDT's convertible preferred stock has been upgraded
to 'B+' from 'B'.

The rating action follows a sustained period of improvement in
PLDT's operating and financial profile, mostly underpinned by
impressive growth in its highly cash-generative and 100 percent-
owned cellular subsidiary Smart Communications Inc (Smart),
which reported subscriber growth of 48 percent in FYE03. While
PLDT's own financial position is weaker than the consolidated
profile, Fitch notes that Smart now has greater flexibility to
distribute all of its annual net income to PLDT. This reduces
the risk of structural subordination, which had been of concern
in the past. Given greater scope to move cash around the group,
the consolidated financial position of the group as a whole is
expected to have far greater bearing on PLDT's rating in future.

The ratings take into account PLDT's status as the leading
integrated telecommunications provider in the Philippines with
the largest market positions in both fixed-line and in cellular.
PLDT currently generates healthy levels of positive free cash
flow at both its principal operations: the stable fixed-line
business and its rapidly growing and high-margin cellular
division. Capex at each unit continues to be well managed, thus
contributing to PLDT's improved consolidated and unconsolidated
net free cash flow generation, to deleveraging and to greater
financial flexibility - factors lacking in recent years and
instrumental in previous rating downgrades.

The ratings also consider the prospect that Smart will soon
acquire a majority interest in PLDT's 45 percent-owned associate
Pilipino Telephone Corp (Piltel) and that the entity will become
re-consolidated into the PLDT group. While the transaction will
result in increased leverage and weaker operating margins at
both Smart and the consolidated level, Fitch recognizes the
potential operating synergies between the two cellular operators
(Smart currently operates Piltel's network on its behalf).
Furthermore, Fitch expects it to provide Smart with access to
Piltel's significant tax losses and strong growth potential.
Piltel reported growth in subscribers of 63 percent in FYE03.

The Stable Outlook reflects the agency's views that neither the
existing competitive landscape nor the planned resumption of
common share dividends by PLDT (Fitch expects only a modest
payout in the short-term) appear likely to materially disrupt
the group's deleveraging efforts. However, Fitch will continue
to closely monitor any developments with respect to competition
as this historically has had some impact on PLDT's credit
profile.

CONTACT: Jonathan Cornish, Hong Kong,
         Telephone: +852 2263 9901; Charles   
         Chang, Hong Kong, Tel +852 2263 9900.

Media Relations:  Alex Clelland, London,
                  Telephone: +44 20 7862 4084.


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


ASIA FOOD: AGM Set For April 27
-------------------------------
Notice is hereby given that an Annual General Meeting (AGM) of
Asia Food & Properties Limited (AFP) will be held on Tuesday, 27
April 2004 at 2 p.m. at Concorde Hotel Singapore, Level 4,
Concorde Ballroom, 317 Outram Road, Singapore 169075 to transact
the following business:

AS ORDINARY BUSINESS

1. To receive and adopt the Audited Statement of Accounts for
the year ended 31 December 2003 together with the Directors' and
Auditors' Reports thereon. (Resolution 1)

2. To approve the Directors' Fees of S$265,250 for the year
ended 31 December 2003. (FY2002: S$253,000) (Resolution 2)

3. To re-elect the following Directors retiring by rotation
pursuant to Article 91 of the Articles of Association of the
Company:

a) Mr. Kunihiko Naito (Resolution 3)
b) Mr. Lew Syn Pau {please see note 1} (Resolution 4)
c) Dr. Hong Hai {please see note 2} (Resolution 5)

4. To re-appoint Moore Stephens as Auditors of the Company and
to authorize the Directors to fix their remuneration.
(Resolution 6)

By Order of the Board
Simon Lim
Director
8 April 2004
Singapore

AFP Senior Manager Kimberley Lye Chor Mei submitted this
announcement to the Singapore Stock Exchange Limited on April 7,
2004.


ESQUIRE TOURS: Court Sets Date of Petition Hearing
--------------------------------------------------
Notice is hereby given that a petition for the winding up of
Esquire Tours & Travel Pte Ltd. by the High Court was, on the 15
March 2004, presented by GE Commercial Financing (Singapore)
Limited, a company incorporated in Singapore and having its
registered office at 6 Temasek Boulevard, #35-01 Suntec Tower
Four, Singapore 038986, a creditor, and that the Petition is
directed to be heard before the Court sitting at the High Court
in Singapore at 10 a.m., on the 16th day of April 2004.

Any creditor or contributory of the said Company desiring to
support or oppose the making of an order on the said Petition
may appear at the time of hearing by himself or his counsel for
that purpose; and a copy of the Petition will be furnished to
any creditor or contributory of the Company requiring the same
by the undersigned on payment of the regulated charge for the
same.

The Petitioner's address is at 6 Temasek Boulevard, #35-01
Suntec Tower Four, Singapore 038986.

The Petitioner's solicitors are Messrs Mallal & Namazie of No.
50, Robinson Road, #12-00 MNB Building, Singapore 068882.

Dated the 2nd day of April 2004.
Messrs MALLAL & NAMAZIE
Solicitors for the Petitioner.

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the above named
solicitors, Messrs Mallal & Namazie, notice in writing of his
intention so to do. The notice must state the name and address
of the person, or, if a firm, the name and address of the firm,
and must be signed by the person or 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
solicitors not later than twelve o'clock noon of the 15th day of
April 2004 (the day before the day appointed for the hearing of
the Petition).

The Singapore Gazette announcement was dated 2 April 2004.

GLOBAL FACADE: Winding up Hearing Set
-------------------------------------
Notice is hereby given that a Petition for the winding up of
Global Facade (S) Pte Ltd. by the High Court was on the 29 March
2004 presented by Kian Hiap Construction Pte Ltd. of 14 Defu
Lane 1, Singapore 539488, a creditor and that the said Petition
is directed to be heard before the Court sitting at High Court
at 10 o'clock in the forenoon on Friday, 23 April 2004 and any
Creditor or contributory of the Company desiring to support or
oppose the making of an order on the Petition may appear at the
time of hearing by himself or his Counsel for that purpose and a
copy of the Petition will be furnished to any Creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

The Petitioners' address is at 14 Defu Lane 1, Singapore 539488.

The Petitioners' solicitors are ACIES Law Corporation of No. 1
Raffles Place, #39-01 OUB Centre, Singapore 048616.

ACIES LAW CORPORATION
Solicitors for the Petitioners.

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
ACIES Law Corporation notice in writing of his intention so to
do. The notice must state the name and address of the person,
or, if a firm, the name and address of the firm, and must be
signed by the person 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 twelve
o'clock noon of the 22 April 2004 (the day before the day
appointed for the hearing of the Petition).

The Singapore Gazette announcement was dated 2 April 2004.

GMS SHEET: Winding up Hearing Set April 16
------------------------------------------
Notice is hereby given that a petition for the winding up of GMS
Sheet Metal Machinery Pte Ltd. by the High Court was on 22 March
2004 presented by Lee Kim Leong of Blk 277, Choa Chu Kang Ave 2
#15-317, Singapore 680277, a Creditor, and the said Petition is
directed to be heard before the Court sitting at Singapore at 10
o'clock in the forenoon on the 16 April 2004. Any creditor or
contributory of the said Company desiring to support or oppose
the making of an Order on the said Petition may appear at the
time of hearing by himself or his counsel for that purpose; and
a copy of the Petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

The Petitioner's address is Blk 277, Choa Chu Kang Ave 2 #15-
317, Singapore 680277.

The Petitioner's solicitors are Messrs Timothy Ong, Lim &
Partners of 239-B Victoria Street, Bugis Village, Singapore
188029.

TIMOTHY ONG, LIM & PARTNERS
Solicitors for the Petitioner.

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
Messrs Timothy Ong, Lim & Partners of 239-B Victoria Street,
Bugis Village, Singapore 188029, notice in writing of his
intention so to do. The notice must state the name and address
of the person, or if a firm, the name and address of the firm,
and must be signed by the person or 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 twelve o'clock noon of the 15th day of April 2004 (the day
before the day appointed for the hearing of the Petition).

The Singapore Gazette announcement was dated 2 April 2004.

JETDREAM HOLIDAY: Releases Preferential Dividend Notice
-------------------------------------------------------
Jetdream Holiday Pte Ltd. issued a notice of intended
preferential dividend:

Address of Registered Office: 10 Anson Road #24-04A
International
Plaza.

Court: High Court, Singapore.

Number of Matter: Companies Winding Up No. 198 of 1991.

Last Day for Receiving Proofs: 16 April 2004.

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

KAMALA PONNAMPALAM
Assistant Official Receiver.

The Singapore Gazette announcement was dated 2 April 2004.

PKS CONTRACTS: Issues Winding up Order Notice
---------------------------------------------
P K S Contracts Services Pte Ltd. issued a winding up order
notice made on the 29 March 2004.

Name and address of Liquidator: MR CHEE YOH CHUANG

c/o Messrs Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

Messrs HEE THENG FONG & CO
Solicitors for the Petitioners.

The Singapore Gazette announcement was dated 2 April 2004.

SELCO SALVAGE: Creditors Meeting Set April 16
---------------------------------------------
Notice is hereby given that the creditors meeting of Selco
Salvage Ltd. will be held at 8 Cross Street, #17-00 PWC
Building, Singapore 048424 on the 16 April 2004 at 4 o'clock in
the afternoon.

AGENDA

1. To lay before the meeting a report of the liquidators showing
how the winding up was conducted.

2. To approve the remuneration of the liquidators and
disbursements.

3. Any other matters.

To entitle you to vote thereat your proof, if not already
lodged, must be lodged with me not later than 12 o'clock (noon)
on the 15th day of April 2004.

Address: c/o PricewaterhouseCoopers
8 Cross Street
#17-00 PWC Building
Singapore 048424.
Ramasamy Subramaniam Iyer
Liquidator
SELCO SALVAGE LIMITED.

(The statement of company's affairs has not been lodged)

The Singapore Gazette announcement was dated 2 April 2004.

SM ENGINEERING: Date of Petition Hearing Set
--------------------------------------------
Notice is hereby given that a petition for the winding up of SM
Engineering Pte Ltd. by the High Court was, on the 19 March
2004, presented by Oversea-Chinese Banking Corporation Limited,
a creditor, and that the petition is directed to be heard before
the Court sitting at the High Court of Singapore at 10 a.m. in
the afternoon on the 16 April 2004. Any creditor or contributory
of the company desiring to support or oppose the making of an
order on the 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 company requiring the copy of the petition by the
undersigned on payment of the regulated charge for the same.

The Petitioner's address is at 65 Chulia Street, #29-02/04 OCBC
Centre, Singapore 049513.

The Petitioner's solicitors are Messrs Shook Lin & Bok of 1
Robinson Road, #18-00 AIA Tower, Singapore 048542.

Messrs SHOOK LIN & BOK
Solicitors for the Petitioner.

Note: Any person who intends to appear at the hearing of the
petition must serve on or send by post to the Petitioner's
solicitors, notice in writing of his intention to do so. The
notice must state the name and address of the person, or if a
firm, the name and address of the firm, and must be signed by
the person, firm, or his or their solicitors (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the above named not later than 12 o'clock noon of
the 15 April 2004 (the day before the day appointed for the
hearing of the petition).

The Singapore Gazette announcement was dated 2 April 2004.

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


EMC: Signs Cargo Handling and Storage System Contract
-----------------------------------------------------
EMC Public Company Limited (EMC) and ALS Advanced Logistic
Systems Gmbh, ALS-EMC SIA (Suvarnabhumi International Airport)
Consortium would like to inform the Stock Exchange of Thailand
that the companies have signed contracts with Thai Airways
International Public Company Limited for the project of Cargo
Handling and Storage System Package-1, Cargo and Commercial
Services, the contract value of THB985,000,000, excluding VAT.
The completion date for the project will be on February 28,
2005. EMC PCL has participated 50 percent in the consortium.

Please be informed accordingly.
Yours faithfully,
(Lt. Gen.Samang Thongpan)
Senior Executive Vice President, CFO

        
THAI PETROCHEMICAL: Awaits Creditors' Approval on Revised Plan
--------------------------------------------------------------
The Ministry of Finance approved on Wednesday the revised
business plan of Thai Petrochemical Industry PCL (TPI) and is
positive that creditors will also give their approval, according
to the Businessday newspaper.  The plan also needs to be
approved by the Central Bankruptcy Court.

"The plan is expected to win over support from all creditors
since the creditors' steering committee, that makes up 60
percent of the vote of TPI's total creditors have already voiced
their agreement to the plan," said Trithip Sivakriskul, a member
of the planning team. The law only requires 50 percent of the
support from the creditors, she added.

Ms. Trithip also said the company would be able to pay a
dividend if the plans are approved.

Prachai Leophairatana, founder of TPI has already said that he
would contest the plans and would go to the Supreme Court if he
has to in order to nullify it.


                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2004.  All rights reserved.  ISSN: 1520-9482.

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