TCRAP_Public/040419.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 19, 2004, Vol. 7, No. 76

                            Headlines

A U S T R A L I A

AMP LIMITED: AMP Income Buy Back Offer To Close on 19 April
CARTER HOLT: Rotorua Sawmill for Sale
DUKE ENERGY: Duke, EPA Moves to Dismiss NSR Trial Proceedings
EPIC ENERGY: Avoids Receivership
EPIC ENERGY: Sells Pipeline Assets to Hastings Funds Management

NATIONAL AUSTRALIA: Unveils First Half Earnings Update
QANTAS AIRWAYS: Offers Interline E-ticketing Service Alliance
WOODSIDE PETROLEUM: New Boss Aims To Improve Profitability
WOODSIDE PETROLEUM: Voelte Supports Train 5 Project


C H I N A  &  H O N G  K O N G

CENTURY CITY: Lowers 2003 Debt to HK$5.4B
CENTURY CITY: AGM Set June 18
CITIC RESOURCES: Widens 2003 Net Loss to HK$52M
EASYKNIT ENTERPRISE: Creditors Meeting Set April 27
PACIFIC PLYWOOD: 2003 Net Loss Widens to US$8M

REGAL HOTELS: Posts Net Profit for First Time in Five Years


I N D O N E S I A

BANK MANDIRI: Opens Representative Office In Shanghai
BANK NEGARA: Gets Government Nod To Repay BA AND BDB Depositors


J A P A N

MITSUBISHI FUSO: Files Heavy-duty Truck Rear Hub Recall Report
MITSUBISHI MOTORS: Unveils March 2004, FY2003 Global Sales
MITSUBISHI MOTORS: Seeks Issuance of Shares
TOSHIBA CORPORATION: Starts Construction of Wafer Fab


K O R E A

CHOHUNG BANK: S&P Upgrades Rating to 'BBB/A-2' on Shinhan Merger
HANBO IRON: Former Owner Intends to Retake Company


M A L A Y S I A

AMSTEEL CORPORATION: Issues Update To the Parkson Disposal
AMSTEEL CORPORATION: Suit Filed v. Amsteel Equity Unit
CHIN FOH BERHAD: Update on Asset Securitization
FIAMMA HOLDINGS: Replies to KLSE Query
GANAD CORPORATION: To Be Delisted From Exchange

HAP SENG: Announces the Buy Back of Shares
HAP SENG: Announces the Resale/Cancellation of Treasury Shares
HAP SENG: Buying Back Shares Pursuant to Form 28A
JAYARENA CONSTRUCTION: Appends Reply To KLSE Query
LION GROUP: Pays Back RM2.1 Billion In Debts

LION GROUP: Megasteel Unit Ups Prices Of Flat Steel Products
NAUTICALINK BERHAD: Issues Updates To The Restructuring Scheme
PANGLOBAL: Announces Unit's Production Figure
PROTON: Planned Sale of Proton Stakes Confirmed
PROTON: Predictions Ring True

TENAGA NASIONAL: To Study Transmission Project With Indonesia
TRONOH MINES: Announces Boardroom Change


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Clarifies News Article
DIGITAL COMMUNICATIONS: Schedules Annual Stockholders Meeting
FORTUNE CEMENT: Posts Php158M Profit in 2003
NEGROS NAVIGATION: Row With Tsuneishi Heats Up
PHILIPPINE LONG: PSE Approves Additional Listing

PHILIPPINE LONG: Q1 Net Profit Predicted at PhP3.5-5.0B


S I N G A P O R E

BOUSTEAD SINGAPORE: UK Unit Lands Contracts Worth S$10 Million
CENTRAL PROPERTIES: Cooperating With Investigation
GOODWOOD PARK: Cooperates With CAD
HOTEL MALAYSIA: Provides Information To CAD
L&M GROUP: Discloses Developments in Debt Restructuring

LIU GENG: Issues Preferential Dividend Notice
NATSTEEL LIMITED: Incorporates New Subsidiary
NTI INTERNATIONAL: Answers SGX Query
OASIS SYTEMS: Releases Winding Up Order Notice
SIN YUH: Issues Notice of Winding up Order

SMRT CORPORATION: Announces the Delisting Of A Subsidiary
SOON HUA: Creditors Must Submit Claims By May 15
WEE POH: Requests Trading Halt


T H A I L A N D

CHRISTIANI AND NIELSEN: Details Restructuring Plan Progress
EASTERN PRINTING: Issues Progress Report on Rehab Plan
K.C. PROPERTY: Issues Rehabilitation Update
THAI NAM: Issues Status Report on Rehab Scheme

     -  -  -  -  -  -  -  -


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


AMP LIMITED: AMP Income Buy Back Offer To Close on 19 April
-----------------------------------------------------------
AMP Limited announced on Friday, 16 April to the Australian
Stock Exchange that the offer of AMP Income Securities holders
to buy back their holdings at A$98 plus accrued interest per
interest will close on Monday, 19 April.

On February 23, 2004, AMP announced that it planned to buy back
as much of its A$1.24 billion in outstanding Income Securities.

AMP Chief Financial Officer Paul Learning said that acceptances
for the offer to date were ahead of expectations, particularly
from retail securities holders.

Acceptances from almost 26,000 income securities holders were
received by close of business April 15, 2004, representing 52
percent of the total securities on offer.  This includes the
initial buy back of A$139 million worth of securities announced
on February 23, 2004.

"This is particularly good acceptance rate to date, given we are
not expecting the large institutional securities holders to
indicate whether they will accept until the closing day of the
offer," Mr. Learning said.

Securities holders with questions can contact the AMP Income
Securities Information Line on 1300 130 262 (within Australia)
or +61 3 9649 5258 outside Australia.

Media inquiries:
Karyn Munsie
Phone: +612 9257 9870
       0421 050 430

Matthew Coleman
Phone: +612 9257 2700
       0421 611 138

Investor Inquiries:
Howard Marks
Phone:  +612 9257 7109


CARTER HOLT: Rotorua Sawmill for Sale
-------------------------------------
Carter Holt Harvey (CHH), in a press release, started a process
to offer its Rotorua Sawmill for sale, with the outcome of this
process is expected to be known by around mid-July.

Tom Nickels, Chief Executive of CHH Wood Products said the
company had carried out a thorough review of its appearance
grade timber mills before deciding to offer the Rotorua Sawmill
for sale.

"The Rotorua Sawmill is an effective production facility that
can create real value for the right owner, however it does not
fit with Carter Holt Harvey's strategy to achieve world class
scale and cost positions primarily within the Australasian
structural timber markets," Mr. Nickels said.

CHH believes there will be buyer interest in the sawmill, which
would suit an owner with significant downstream processing
capacity seeking to acquire appearance-grade production
capacity, or an owner seeking to invest in additional higher
value processing on site.

Mr. Nickels said the Rotorua Sawmill has skilled, committed
employees who have shown a willingness to support improvement
initiatives, which are essential to the future of the mill.

"We recognize that placing the sawmill for sale creates
uncertainty for staff and we will be providing extra support and
consulting with them during this time as we actively seek a
buyer for the mill," Mr. Nickels said.

For further information please contact:
Bridget Beaurepaire
Corporate Communications Manager
Telephone: 09 262 6175
Mobile: 0274 993 760
Bridget.Beaurepaire@chh.co.nz


About the Rotorua sawmill

Sawmilling has been carried out on the Rotorua Sawmill site for
more than forty years. The mill currently employs 69 employees
and produces around 65,000 cubic metres of sawn lumber annually
from pruned and unpruned logs currently targeted for use in
appearance (non-structural) applications such as boards, finger-
jointed products, moldings, laminated products and furniture.

About CHH's sawmilling operations

Carter Holt Harvey owns and operates sawmills at Putararu,
Nelson and Kopu in New Zealand and Myrtleford, Oberon and Mt
Gambier in Australia. All of these produce sawn lumber for
structural use. The company will continue to undertake
remanufacturing at other sites in Rotorua, Tokoroa and Taupo.


DUKE ENERGY: Duke, EPA Moves to Dismiss NSR Trial Proceedings
-------------------------------------------------------------
Duke Energy and the U.S. Environmental Protection Agency (EPA)
on Tuesday filed a Joint Motion calling on U.S. Middle District
Court of North Carolina trial Judge Frank Bullock to rule in
favor of Duke Energy in the government's Clean Air Act "New
Source Review" (NSR) enforcement litigation brought against the
company.

In a Company press release, the Joint Motion for Entry of Final
Judgment - signed by Duke Energy and the plaintiffs including
EPA, the U.S. Justice Department and Plaintiff-Intervenors:
Environmental Defense, North Carolina Sierra Club and North
Carolina Public Interest Research Group -- notifies Judge
Bullock that the parties agree the plaintiffs cannot prove their
case against Duke Energy at trial.

If accepted by the Court, the Joint Motion will result in a
Final Order from Judge Bullock in favor of Duke Energy,
effectively ruling the company did not violate the Clean Air
Act. The Final Order will also close, without a trial, the
enforcement litigation before Judge Bullock. A trial date is
currently set for July 6, 2004.

The Joint Motion provides the government an option to appeal
elements of the litigation to the U.S. Fourth Circuit Court of
Appeals.

"With the filing of this Joint Motion, we're moving a big step
closer to resolving this matter in a way that is favorable to
Duke Energy," said Fred Fowler, president and chief operating
officer of Duke Energy.

"Prevailing at the federal trial court level validates Duke
Energy's position that we have operated in compliance with the
Clean Air Act's NSR rules."

In December 2000, EPA filed suit against Duke Energy, alleging
numerous violations of the Clean Air Act's NSR rules. At issue
was routine maintenance, repair and replacement work performed
at eight coal-fired power plants between 1988 and 2000.   Duke
Power operates the plants, Duke Energy's franchised electric
utility.

In August 2003, Judge Bullock issued an opinion on the case
after both parties had filed various motions for summary
judgment.  While the judge denied requests for summary judgment,
he defined the legal standards for applying NSR rules to
maintenance, repair or replacement projects. Judge Bullock's
findings were consistent with Duke Energy's understanding of the
NSR program.

Duke Energy continues to reduce emissions from its coal-fired
plants. In 2003, the company embarked on a $1.5 billion program
to reduce nitrogen oxide and sulfur dioxide emissions far below
current federal limits by 2013. Through this effort the company
will comply with North Carolina's Clean Smokestacks Act which
was signed into law in June 2002 with the company's full
support.

In March, EPA recognized Duke Power and other supporters of the
legislation with its 2004 National Clean Air Excellence Award.

"Our commitment to the environment has never been stronger at
Duke Energy," Fowler said. "Our current program to reduce
emissions has been a win-win situation for our region and our
customers."

Duke Power, a business unit of Duke Energy, is one of the
nation's largest electric utilities and provides safe, reliable,
competitively priced electricity and value-added products and
services to more than 2 million customers in North Carolina and
South Carolina. In 2004, Duke Power celebrates 100 years of
service. The company operates three nuclear generating stations,
eight coal-fired stations, 31 hydroelectric stations and
numerous combustion turbine units. Total system generating
capability is approximately 19,900 megawatts.

Duke Energy is a diversified energy company with a portfolio of
natural gas and electric businesses, both regulated and
unregulated, and an affiliated real estate company. Duke Energy
supplies, delivers and processes energy for customers in North
America and selected international markets. Headquartered in
Charlotte, N.C., Duke Energy is a Fortune 500 company traded on
the New York Stock Exchange under the symbol DUK.

Contact: Peter Sheffield
Phone: 704/373-4503
24-Hour Phone: 704/382-8333
E-mail: pvsheffield@duke-energy.com


EPIC ENERGY: Avoids Receivership
--------------------------------
Epic Energy has escaped receivership, for the time being, as its
syndicate of banks failed to resolve difficulties holding up the
sale of its flagship asset, the Stuff reports.

Receivership and administration is a form of bankruptcy.

The 28-member banking syndicate, which recently granted Epic a
fourth extension to the A$1.85 billion repayment date to June
30, has grown increasingly frustrated over the lack of progress
on the sale of Epic Energy's Dampier-to-Bunbury pipeline (DBNGP)
in Western Australia state.

The sales process, which began last October, has been stymied by
a dispute over gas sales contracts with key customers.

Australia's National Australia Bank and Westpac Banking
Corporation, Deutsche Bank, Societe Generale and Toronto
Dominion control 30 percent of the value of the A$1.85 billion
debt.


EPIC ENERGY: Sells Pipeline Assets to Hastings Funds Management
---------------------------------------------------------------
The Board of Epic Energy (Epic) recently announced the signing
of a Sale Agreement for all the gas pipeline assets known as
Epic Energy Rest. The total benefits to Epic from the sale of
Epic Energy Rest are approximately A$663 million, including debt
to be repaid or assumed by the purchaser.

Hastings Fund Management (Hastings) will purchase the Moomba to
Adelaide Pipeline System (MAPS), South West Queensland Pipeline
System (SWQP), Pilbara Pipeline System (PPS) and South East
Pipeline on behalf of a special purpose unit trust.

The Epic Board selected the Hastings offer after Hastings and
other parties submitted their final offers on Friday 2 April
2004.

Epic's Chief Executive Officer, Mr. David Williams, said the
sales process managed by Carnegie, Wylie & Company was
competitive and yielded a positive outcome for Epic's unit
holders with the best offer on the table being accepted.

"We are pleased to have found a new owner who shares our growth
vision for these strategic assets.

"Hastings recognizes the value of the portfolio and Epic's
capabilities as an operator.

"We welcome the new owner and the end of a period of uncertainty
in relation to The Rest for our employees," Mr. Williams said.

Under the Sale Agreement Epic will continue as the operator of
all the Epic Energy Rest assets, ensuring a minimal impact on
the safe day-to-day operations of the pipelines.

Hastings will acquire Epic's employment, services and systems
vehicle (Corporate Shared Services) which provides services to
Epic Energy Rest and also the Dampier to Bunbury Natural Gas
Pipeline (DBNGP). This arrangement will continue with the DBNGP
for a twelve-month transitional period.

Media enquires regarding this transaction should be directed to:

Nigel Kassulke, Cannings
0407 904 874

For more information on Epic Energy Rest assets, go to
http://bankrupt.com/misc/tcrap_epic0420.pdf


NATIONAL AUSTRALIA: Unveils First Half Earnings Update
------------------------------------------------------
National Australia Bank (NAB) expected cash earnings after
significant items for March 2004, to be between 3 percent and 5
percent lower than the March 2003 half-year result of A$2,027
million.

In a Company press release, the significant items include the
loss on sale of AMP shares, a profit on the sale of St George
Bank shares, the currency options losses and a write-back of
provisions associated with the HomeSide sale.  These are
expected to contribute approximately $110 million to cash
earnings.

Cash earnings before significant items are expected to be
between 8 percent and 10 percent lower than the March 2003 half-
year result.

The appreciation of the Australian dollar against the Pound and
US dollar will reduce cash earnings for the March 2004 half by
approximately 5 percent compared to the March 2003 half. The
European pension charge for the first half is expected to be in
line with previous guidance at approximately 44 million (pre
tax) for the half. The increase in pension costs will reduce
cash earnings by approximately 2 percent compared to the March
2003 half. These factors are reflected in the following
commentary.

TOTAL BANKING

Cash earnings from banking operations are expected to be around
12 percent lower than the March 2003 half. We expect to see a
modest decline in income levels reflecting margin decline and
changing asset mix.  Expense growth will reflect higher pension
expenses, investment spending in the UK and additional Group
project costs including Basel II, IFRS and ISI programs.

Due to lower specific provisions and ongoing improvement in
asset quality the charge for bad and doubtful debts is expected
to show a modest decline.  Asset quality outcomes have remained
sound in all businesses.  Non-accrual levels are expected to
decline and there are no signs of stress in the leading
indicators such as delinquency rates.

DIVISIONAL RESULTS

Financial Services Europe's results will reflect higher expenses
due to the current reinvestment program and lower than expected
income trends.

Asset growth has been stronger in the first half than prior
periods but this has been offset by margin decline.

The impact of the foreign exchange options losses is expected to
have some flow on effects to Corporate and Institutional
Banking's first half result.

Income has been flat with higher expenses and higher bad and
doubtful debt charges compared to prior periods.

Financial Services Australia is expected to show solid profit
growth. Loan growth has been strong. Business lending is
expected to show growth of approximately 8 percent and housing
lending is expected to grow at approximately 18 percent for the
year to March 2004.  However, as a result of margin decline,
first half income levels are expected to be in line with the
September 2003 half.  The result will be assisted by lower bad
and doubtful debt charges due to lower specific provisioning
levels and sound asset quality.

Growth in Financial Services New Zealand has slowed, but is
performing in line with expectations with strong lending growth
and good asset quality outcomes.

The Wealth Management result is expected to show a solid
increase underpinned by continued strong earnings growth from
insurance and a recovery in the investments business. Favourable
equity market conditions have supported investment earnings, but
Australian retail investment inflows are yet to fully reflect
the market recovery.

CORPORATE CENTRE

Earnings on excess capital are expected to be lower due to the
share buy-back activity.  The corporate centre charge will rise
primarily due to higher costs associated with ISI, Basel II and
IFRS projects.

The National is currently undertaking a strategic review.  This
review will be completed during the second half and the outcomes
will be advised to the market at that time.

CAPITAL MANAGEMENT

The interim dividend is expected to be fully franked and at
least equal to the final 2003 dividend of 83 cents. It is
expected that the half-year dividend reinvestment plan will be
underwritten. This will continue to strengthen the Group's
capital position in line with APRA requirements.

SUMMARY

The National's Chief Financial Officer, Mr. Richard McKinnon,
said 'This has been a difficult period for the Group. Not only
are we facing a headwind from higher UK investment spend,
pensions charges and adverse currency movements but we are also
dealing with the distraction to our people and near term costs
associated with the unauthorized foreign currency options
trading and other recent events.

Some of these impacts will flow through to the second half.'

The National's half-year results will be announced on 12th May.

For further information:

Brandon Phillips                      Callum Davidson
Group Manager                         Head of Group Investor
Relations

Group Corporate Relations
03 8641 3857 work                     03 8641 4964 work
0419 369 058 mobile                   0411 117 984 mobile

or visit
www.nabgroup.com


QANTAS AIRWAYS: Offers Interline E-ticketing Service Alliance
-------------------------------------------------------------
By the end of this month, Qantas Airways will offer interline E-
ticketing with oneworld partner British Airways on their
kangaroo routes between Australia and Europe. E-ticketing will
soon be offered across the entire network of these two airlines,
including all their code-share services, further streamlining
the ticketing process.

According to Business Wire, Qantas first introduced interline e-
ticketing last November with another oneworld partner, American
Airlines. Oneworld plans to extend this service by the end of
2004 to become the first global alliance to offer this customer
convenience between all of its members.

"Interline e-ticketing is an added benefit that makes airline
travel quicker and easier for our passengers," said Howard
Goldberg, Qantas Airways' vice president sales and marketing,
The Americas. "It not only provides travelers with a smoother
check-in process, but also enables customers to be checked
through to their final destination, ensuring a quick and
effortless transfer between carriers," he added.

Electronic tickets are increasingly being used throughout the
airline industry because of their high level of efficiency. One
of their key benefits is that they cannot be lost or stolen;
plus they offer customers access to the speed and convenience of
self-service and online check-in features.

Qantas Airways and British Airways are both members of oneworld,
which was recently named the World's Leading Airline Alliance in
the World Travel Awards. In addition, Qantas was awarded the
title of Global Airline of the Year for 2004 by Air Transport
World. For more information about interline e-ticketing on
Qantas Airways, please visit the Web site at www.QantasUSA.com.


WOODSIDE PETROLEUM: New Boss Aims To Improve Profitably
-------------------------------------------------------
Woodside Petroleum's new American chief, Dan Voelte assures
investors that his major priority is to ensure the company
delivers on a $4 billion pipeline of projects that stand to
double the company's production to 100 million barrels by 2007.

The West Australian quotes Mr. Voelte as saying, "The
instruction was grow this company profitably, efficiently and
effectively and ensure one thing, to return the best value to
shareholders as possible."

However, Mr Voelte said acquisitions were not "off the agenda,
but they are opportunistic by nature".

"It's hard right now, in the price environment you have," he
said, "The issue is the premium you have to pay for
acquisitions, the goodwill you have to put into a successful
capture for a company-type acquisition, it's very hard to make
those work these days."

But he wouldn't rule out asset swaps, which analysts said could
be achieved regardless of the prevailing oil price.

"There is sometimes assets within companies or private assets,
that make more sense in certain operations than others," he
said.

Mr Voelte acknowledged he had been hired to expand the company,
but said he was looking at strategies and opportunities for
beyond 2007.

"I'm very nervous looking at some of the news reports that say I
must have been hired to do an acquisition," he said before
Woodside's annual meeting. "That's not the instruction I've been
given."

Mr Voelte was appointed managing director in February following
a 10-month search to find a replacement for long-serving chief
John Akehurst, who was sacked last April.

The former Mobil executive was chosen over 10 candidates,
including Chief Operating Officer Keith Spence, because of his
strong international, senior management and operational
experience.


WOODSIDE PETROLEUM: Voelte Supports Train 5 Project
---------------------------------------------------
Dan Voelte, newly appointed managing director of Woodside
petroleum has expressed his support for a $1.6 billion expansion
plan to build a fifth production train on the North-West Shelf
(NWS) liquefied natural gas project, The West Australian
reports.

"I believe Train 5 ought to get built from what I know. I look
at the NWS Train 4 and cost of producing gas, and the
incremental cost of putting Train 5 on, and if you just look at
the economics it just stacks up extremely well."

The Train 5 expansion comes after the $2.4 billion Train 4
project which is due to be completed by the middle of this year.
The final decision whether to push through with Train 5 will be
made by the latter end of this year or early next year.

The Train 4 expansion, which included an $800 million second
trunkline from the North-West Shelf gasfields to the Burrup
Peninsula processing plant, will take annual LNG production
capacity to more than 12 million tonnes.

A fifth production train would add another 4.2 million tonnes a
year, making the Shelf one of the biggest LNG projects in the
world.


==============================
C H I N A  &  H O N G  K O N G
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CENTURY CITY: Lowers 2003 Debt to HK$5.4B
-----------------------------------------
Century City International Holdings has lowered its debt to
HK$5.4 billion as at the end of 2003, Infocast News reports,
citing Century Chairman Lo Yuk-sui.

The creditors have agreed in principle to the debt-restructuring
scheme, anticipating an official agreement by the end of June.
The debt-to-asset ratio of the company stood at 54.9 percent at
the end of last year.


CENTURY CITY: AGM Set June 18
-----------------------------
The Board of Directors of Century City International Holdings
Limited announced that a special resolution for altering the By-
laws of the Company will be proposed for Shareholders' approval
at the Annual General Meeting (AGM) of the Company to be held on
18 June 2004.

The proposed alterations to the By-laws are to provide
flexibility to the Company for the issue of summary financial
report to Shareholders and the dispatch of corporate
communications (within the meaning ascribed thereto under the
Listing Rules) by electronic means and either in English or
Chinese pursuant to the amended provisions under The Companies
Act of Bermuda and/or the Listing Rules as well as to conform
with the new requirements promulgated by the recent changes in
the Listing Rules on corporate governance issues which came into
effect on 31 March 2004.

This is a Hong Kong Stock Exchange announcement.


CITIC RESOURCES: Widens 2003 Net Loss to HK$52M
-----------------------------------------------
Citic Resources Holdings Limited booked a net loss of HK$52
million in 2003, versus a net loss of HK$15 million a year
earlier. According to Infocast News, no final dividend was
declared.


EASYKNIT ENTERPRISE: Creditors Meeting Set April 27
---------------------------------------------------
Notice is hereby given that a meeting of the creditors of
Easyknit Enterprise Company Limited will be held at Unit 1602-3,
16/F, Yue Xiu Building, 160-174 Lockhart Road, Wanchai, Hong
Kong, on 27th April 2004 at 9 a.m. for the purposes provided for
in Section 112 of the Companies (Winding-up) Rules.

Creditors may vote either in person or by proxy.  Forms of proxy
to be used at the meeting may be obtained from the above-
mentioned address and must be lodged at the said address not
later than 4 p.m. on the day before the meeting or adjourned
meeting at which they are to be used.

Tony Yuen Wai Kin
Liquidator

This Quamnet Gazette announcement is dated 16 April 2004.


PACIFIC PLYWOOD: 2003 Net Loss Widens to US$8M
----------------------------------------------
Pacific Plywood Holdings Limited posted a net loss of US$8.156
million for 2003, compared with a net loss of US$3.87 million
(restated) in 2002, Infocast News reported on Thursday. No final
dividend was declared.


REGAL HOTELS: Posts Net Profit for First Time in Five Years
-----------------------------------------------------------
Regal Hotels International Holdings has ended five years of
losses by posting a net profit of HK$207.8 million last year,
thanks to the reviving hotel industry and recovering property
sales, the Standard reports.

Debt levels have also significantly improved over the past five
years following a series of asset disposals. Its total debt was
slashed to HK$4.5 billion by the end of 2003, from a peak of
HK$9 billion in 1998.

Regal, which operates a chain of five hotels, said that segment
made a profit of HK$124.3 million last year, compared to a loss
of HK$412.6 million in 2002.


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


BANK MANDIRI: Opens Representative Office In Shanghai
-----------------------------------------------------
Indonesia's Bank Mandiri opened a representative office in
Shanghai, PRC last Wednesday, 14 April. The Jakarta Post reports
the move aims to facilitate and promote increasing trade between
Indonesia and China.

"Bank Mandiri has many corporate and individual customers
interested in expanding their businesses to China," president
ECW Neloe said. "We hope the new representative office will be
able to fulfill their needs toward this end by providing them
with information on various business, trade and investment
opportunities in that country."

Since 1998, China has been the third largest investor in
Indonesia, after the United Kingdom and Singapore. The country
has also been Indonesia's fourth largest trade partner, after
the United States, Japan and Singapore.


BANK NEGARA: Gets Government Nod To Repay BA AND BDB Depositors
---------------------------------------------------------------
Bank Negara Indonesia (BNI) has been appointed by the Indonesian
government to repay the depositors of the recently closed down
Bank Asiatic (BA) and Bank Dagang Bali (BDB), the Jakarta Post
reported on Friday, 16 April.

The two banks were shut down last week due to their irredeemable
financial circumstances caused by illegal loans worth Rp1.2
trillion.

Darmin Nasution, the Ministry of Finance's director general of
financial institutions said the decision was made as BNI had
tendered the lowest fee for the service. BNI also has enough
branches nationwide to implement the compensation scheme.

Darmin also said that from past experience, most depositors of
closed banks usually take the easy option of transferring their
accounts to other banks, rather than withdrawing their deposits
in cash.

Darmin stressed that there will be no concessions for BNI on
this point.

"BNI can ask the depositors if they want to transfer their
accounts to BNI, but they must not oblige customers to do so,"
he said.

Funds for the payout will be taken from the Rp40 trillion
(US$4.7 billion) contingency stash of the government. The exact
amount to be disbursed to BNI though has yet to be determined.

For now, the state comptroller (BPKP) is still verifying the
accounts in both BA and BDB to weed out fraudulent ones or those
belonging to depositors affiliated to the bank owners.

Bank Asiatic currently has 2,200 depositors, while BDB has
408,000. Depositor funds in the two banks amount to some Rp 2.39
trillion.


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


MITSUBISHI FUSO: Files Heavy-duty Truck Rear Hub Recall Report
--------------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation on Thursday filed with
the Ministry of Land, Infrastructure and Transport a recall
report related to rear hubs on heavy-duty trucks and large
buses.

According to a company press release, the recall covers a total
of 21,700 vehicles: 19,900 heavy-duty trucks (some models
excluded) produced between August 1989 and June 1992; and 1,800
buses produced between May 1990 and November 1992.

The vehicles have been recalled because the use of too thin a
gauge of metal in the hub flange base results in structural
weakness. This weakness can lead to the formation of cracks in
the hub when operation of the vehicle involves frequent and
repeated turning maneuvers. On hubs in which this weakness is
compounded by improper machining of the flange base, loading
stresses can concentrate in this area and speed up the
development of cracks. If the vehicle is continued to be used in
this state, such cracks can grow and in a worst-case situation
lead to the hub fracturing and making operation of the vehicle
impossible. Because rear hubs differ structurally from front
hubs, there is no likelihood of wheel detachment in the event of
a rear hub fracture.

Mitsubishi Fuso is bolstering its hub replacement organization
by boosting hub production and by sending personnel to sales
companies to help in the hub replacement operation. It will take
until October to supply dealerships and repair shops with the
necessary number of replacement hubs and it will take time to
verify the strength of current hub. As a provisional measure,
recalled vehicles will be inspected and: (1) where cracks in the
rear hubs are found the hubs will be replaced immediately; (2)
if no cracks are found the owner/operator will be informed of
this and will be urged to take the greatest care in the way he
operates his vehicle.

Mitsubishi Fuso filed with the Ministry on March 24 a recall
report covering the front hubs on heavy-duty trucks and large
buses. In the process of preparing the filing, reports on
similar hub-related defects came to light. These showed that
there had had been an increase in the number of defective rear
hubs on heavy-duty trucks and large buses reported by dealers
since 2002. 21 cases occurred till 1991 but because
investigations showed that the vehicles involved had clearly
been operated in an overloaded state, the company judged that a
recall was unnecessary. However, when a further 16 cases were
reported in 2002, investigations showed the primary cause to lie
in a structural weakness in the hub due to the use of too thin a
gauge of metal and that accumulated metal fatigue over many
years of operation had led the hub to fracture. In the interests
of preventing similar accidents, Mitsubishi Fuso therefore
decided to file a recall report covering rear hubs.

The recall report filed with the Ministry on Thursday comes some
10 years after the first dealer report on a defective rear hub
and Mitsubishi Fuso regrets the delay in taking action. In the
event of any defects arising in future, Mitsubishi Fuso
undertakes to formulate and introduce appropriate
countermeasures with all possible speed as it continues to work
with all sincerity to further improve road and traffic safety
levels.

As to the overseas market, Mitsubishi Fuso will choose the best
way in consideration of each market regulations and conditions.


MITSUBISHI MOTORS: Unveils March 2004, FY2003 Global Sales
----------------------------------------------------------
Mitsubishi Motors Corporation (MMC), in a press release,
announced preliminary results for worldwide sales in March of
169,200 units, a 2.6 percent increase over March last year. The
preliminary results for the fiscal year ended March 31, 2004,
showed MMC sold 1,525,100 units worldwide, a 3.3 percent
decrease on fiscal 2002.

For the fiscal year period, MMC saw its European operations
return to growth for the first time in four years with a 7
percent gain on fiscal 2002. In China, meanwhile, the company
continues to see solid growth as total sales surged 65.8 percent
on year to 151,000 units. Total sales in Asia and the rest of
the world increased slightly to 680,200 units, representing a
new record high for the company in this important growth region.

Sales in Japan also enjoyed a return to growth for the fiscal
year period, increasing 1.1 percent compared to fiscal 2002
despite a 2 percent slump in overall market demand. This marks
the first year-on-year gain for unit sales in Japan since 1995.

MARCH 2004: GALANT GAINS MOMENTUM IN THE U.S.

Japan

MMC delivered 59,700 units in Japan in March 2004, a 3.6 percent
decrease on March last year. Of this, registrations, which
exclude 660cc minicars, slipped 18 percent to 21,200 units while
minicar sales increased 6.6 percent to 38,500. The company's
"Tokoton" spring sales campaign helped fuel demand for the
Pajero and Pajero iO, both of which saw March sales surge 70
percent on year. The eK series of minicars had its strongest
month ever selling 21,000 units for a 10 percent increase on
year.

North America

North American sales, which totaled 23,200 units for the month,
remained relatively flat on year with a mere 0.7 percent decline
on March 2003. However, the sale of around 6,000 Galant sedans
represents a 38 percent increase compared to a year ago, and a
25 percent increase over last month. 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.
Additionally, Mitsubishi recently launched a series of creative
regional television spots in support of the Galant.

Europe

Sales in Europe grew 16.9 percent on year in March to 24,800
units in an overall flat market. The main regions of growth were
Russia, France and the United Kingdom.

MMC had its best month ever in Russia as sales more than doubled
on year to 2,500 units. The Lancer was the top-selling model in
Russia with sales of 1,500 units representing over 60 percent of
total sales in the market.

Sales in France expanded 26.6 percent on last year to 1,300
units. Strong performers for the month included the Space Star
and Pajero.

At 6,100 units, the United Kingdom continued to post strong
gains. The 19.3 percent year-on-year jump in March sales was
mainly driven by stronger demand for the Shogun and Shogun
Sport*1 sport-utility vehicles.

*1 Also known as the Pajero/Montero and Pajero Sport/Montero
Sport

Asia and other markets

Total sales for Asia and other markets increased 5.2 percent to
61,500 in March.

MMC's strong sales growth in China in 2003 is continuing to gain
momentum this year and the company saw March sales shoot up 20.6
percent to 14,800 units. Sales of vehicles produced at Hunan
Changfeng Motor jumped 27 percent to 2,700 units, while sales of
South East Motor cars grew 12 percent to 8,000.

In other markets, Taiwan surged 53.2 percent to 8,300 units,
Australia slipped 15.8 percent to 5,100, Thailand declined 7.9
percent to 2,100, and the Middle East & Africa region grew 29.5
percent to 6,800 units.

Total overseas sales-all regions excluding Japan-amounted to
109,500 units in March, clearly surpassing the 100,000-unit
level for the first time in six months.

FISCAL 2003: DOMESTIC SALES RETURN TO YEAR ON YEAR (YOY) GROWTH

Japan

As with calendar 2003, MMC's domestic sales showed year-on-year
growth for the first time in eight years in fiscal 2003. This
return to growth was achieved despite a 2 percent contraction in
overall market demand, enabling MMC's market share to climb from
6.6 percent to 6.8 percent.

The company sold 358,200 vehicles for the year, a 1.1 percent
increase over fiscal 2002. Registrations came in at 127,300
units for a 1.4 percent increase on year while minicar sales
edged up 0.9 percent to 230,900 units.

The new Colt compact car and Grandis minivan helped drive
passenger car sales above the pervious year's level. In the
minicar market, the Pajero Mini 4WD sport-utility vehicle
continues to see robust sales, posting fifteen straight months
of gains even after nearly ten years on the market.

North America

North American sales declined 20 percent on year to 273,000
units. Sales in the US decreased 25 percent to 243,600 vehicles
as the company tightened its credit policy for new-car loans and
refocused on retail sales over fleet sales. Sales in other North
American markets-Canada, Puerto Rico, and Mexico-surged 62
percent to 29,400 units.

Despite last year's disappointing results in the US market,
sales have been gradually gaining ground over the last couple of
months. Momentum is building for the new Galant, which posted a
38 percent rise in March compared to a year ago.

The company expects sales momentum to keep building in the
coming months as it rolls out new advertising initiatives and
shifts its target buyer from "youthful" to a young-at-heart
mindset for a broader, more sustainable customer base.

Europe

MMC's sales in Europe were up on year in fiscal 2002 after four
years of continuous decline. The company sold 213,700 units
across Europe for a 7 percent gain. The return to growth came as
the company continued to build its sales in Eastern Europe.
Russia, in particular, showed stellar growth for the year with a
104.5 percent jump to 19,300 units.

The United Kingdom and France also contributed to the growth
with strong gains. Sales in the United Kingdom rose 17.5 percent
to 32,900 on the back of strong performances by the Shogun and
Shogun Sport sport-utility vehicles. France saw sales increase
11.3 percent to 11,400 units thanks to robust sales of the Space
Star and Pajero.

Asia and other markets

Total sales in Asia and the rest of the world edged up to
680,200 units, representing a new record high for the company in
this important growth region.

Sales in China saw strong gains for the year, jumping 65.8
percent to 151,000 units. The locally built Pajero is proving
popular, posting a 50 percent gain on sales compared to fiscal
2002. Other models that contributed to the growth include the
Sigma*2 , up 40 percent on year, the Pajero Sport SUV and the
Lioncel*3 sedan.

*2 Also known as Dingo
*3 Also known as Lancer

In other markets, Taiwan remained relatively unchanged, inching
down 0.5 percent to 86,400 units; Australia edged up 1.7 percent
to 67,000; Thailand increased 13.1 percent to 33,800; and the
Middle East & Africa region declined 7.4 percent to 67,400
units.


MITSUBISHI MOTORS: Seeks Issuance of Shares
-------------------------------------------
Mitsubishi Motors (MMC) will ask its shareholders at the end of
this month to approve the issue of an undisclosed sum of new
shares as part of its bailout plan, Bloomberg News reports.

The shares are expected to be sold to DaimlerChrysler, which
owns 37 percent of the carmaker; Mitsubishi industrial group
companies, which own around 20 percent; and third-party
investors.

Final details of the rescue package are being worked out before
a Daimler management board meeting scheduled for today.
Executives will be presented with a new business plan and an
analysis of the effect of walking away from its investment,
which Daimler believes would result in an immediate financial
crisis at MMC.

The final go-ahead for any rescue will hinge on a meeting of the
German carmaker's supervisory board on April 29.


TOSHIBA CORPORATION: Starts Construction of Wafer Fab
-----------------------------------------------------
Toshiba Corporation has started construction of a 300-millimeter
(mm) wafer fab at Yokkaichi Operations, Toshiba's key production
base for semiconductor memories. According to a Company press
release, once the high-productivity facility is complete, its
output will be channeled to NAND flash memory, a key non-
volatile storage component used in a wide range of digital
electronic devices.

Total investment in the new Yokkaichi facility in the period
through the end of fiscal year 2006 is expected to approach 270-
billion yen (approximately US$2.5 billion at the current
exchange rate). Toshiba will fund construction of the building,
and FlashVision Japan, the joint venture between Toshiba and its
NAND flash strategic partner-SanDisk Corporation of the U.S.A.
(NASDAQ: SNDK)-will fund its advanced manufacturing equipment,
with each partner providing an equal share of the funds.

The 300-mm facility is expected to come on line in the second
half of FY2005 (October 2005-March 2006), with an initial
capacity of 10,000 wafers a month. At the full capacity
currently planned this will climb to 37,500 wafers a month.
Output during each phase of expansion will be equally shared
between Toshiba and SanDisk, a provision that will form part of
the definitive agreement on the facility (Fab 3) that the
companies expect to sign in June 2004. The fab still has space
to expand capacity, and further investment could take output to
as high as 62,500 wafers a month.

At the time of production start-up, the new facility will employ
90-nanometer (nm) process technology jointly developed by
Toshiba and SanDisk. Under current plans, the fab will migrate
to the 70nm process in the first half of FY2006 and to the 55nm
process in 2007.

Environmentally conscious design will reduce emissions of carbon
dioxide and perfluorocarbons from the new clean room, while the
energy consumed in wafer processing will be 30% lower than that
in Toshiba's current 200mm wafer clean rooms.

Demand for NAND flash memory is growing fast, on healthy growth
in digital consumer devices, including digital still cameras,
cell phones with cameras, memory cards and MP3 music players.
The versatility of NAND flash continues to find new
applications, such as increasingly popular USB-compatible memory
devices, and Toshiba expects the market to see 30% annual growth
from 2003 to 2005, from 380-billion yen to 680-billion yen.

Toshiba believes that construction of the new clean room and the
development of advanced NAND technology with SanDisk will assure
the superior competitiveness of FlashVision Japan in NAND flash,
and the company's greater responsiveness to the growing demand
for NAND flash in an increasingly strong market.

Note: 1 nanometer = one billionth of a meter

Outline of New 300-wafter Facility at Yokkaichi Operations

Building Structure: Five-story building
Site Area: 24,300m2
Floor Area: 113,000m2
Area of Clean Room: 34,500m2
Start of the Construction: April 2004
Completion of Building: December 2004 (projected)
Start of Mass Production: Second half of FY2005 (projected)
Outline of Yokkaichi Operations

Location: 800 Yamanoisshiki-cho, Yokkaichi-shi, Mie Prefecture,
Japan
Established: 1992
General Manager: Jiro Ooshima
Employees: Approximately 1,700
Total Area: Approximately 312,000m2
Total Building Area: Approximately 180,000m2 (excluding new
300mm facility)

Toshiba Corporation aims to turn its struggling personal
computer (PC) division profitable in the current business year
that started this month, TCRAP reported recently. Toshiba's
latest forecast for the division estimated an operating loss of
26.5 billion yen ($249 million) in the 2003/04-business year.


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


CHOHUNG BANK: S&P Upgrades Rating to 'BBB/A-2' on Shinhan Merger
---------------------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term and
short-term credit ratings on Chohung Bank to 'BBB' from 'BBB-'
and 'A-2' from 'A-3', respectively. At the same time, Standard &
Poor's affirmed its 'BBB/A-2' long-term and short-term credit
ratings on Shinhan Bank. The outlooks on both banks' long-term
ratings are stable.

On April 14, 2004, Shinhan Financial Group Co. Ltd. (SFG)
announced its decision to acquire the remaining common shares
(18.85%) of Chohung by the end of June 2004 through a combined
small-scale share swap and tender offer.

The upgrade of Chohung is based on the bank's increasingly
important status within SFG, as well as the expected convergence
with Shinhan's credit quality ahead of the planned merger of the
banks in the latter half of 2006.

Chohung, which has a well-diversified nationwide branch network,
accounts for over 40 percent of SFG's consolidated assets in
2003. The bank is expected to function as the main distribution
channel to cross-sell various financial services and products of
SFG subsidiaries.

SFG's problem credit (classified as precautionary or below) to
total credit stood at 6.25% at December 2003, slightly higher
than the weighted average of its domestic peers at 6%, and could
show a slight increase over the next few quarters.

Shinhan and Chohung's liquidity, measured by their loan to
deposit ratio, has deteriorated gradually for the past few
years, but remains satisfactory at about 110%. Liquid assets,
including some cash and invested securities, account for about
22% of SFG's total liabilities on a consolidated basis, which
remains adequate.

Labor issues sparked by the merger of Shinhan and Chohung could
disrupt operations and constrain cost savings. However, overall
profitability is likely to improve if Chohung improves its risk
management skills. Although concerns over the impact of weakness
in the household and small and midsize enterprise sectors
remain, if Chohung improves its weak credit profile, the ratings
or the outlooks on the two core SFG entities could be revised
upward.


HANBO IRON: Former Owner Intends to Retake Company
--------------------------------------------------
The family that formerly owned Hanbo Iron & Steel Co. is seeking
to regain control of the steel-maker, which is now under court
receivership, Yonhap News reports.

Chung Bo-keun, the third son of the now-defunct Hanbo Group's
former Chairman, Chung Tae-soo, recently formed a consortium and
submitted a letter of intent to bid for Hanbo to Samil
PriceWaterhouseCoopers, lead manager for the sale.


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


AMSTEEL CORPORATION: Issues Update To the Parkson Disposal
----------------------------------------------------------
Amsteel Corporation Berhad (Amsteel) would like to refer to the
announcements made on 9 September 2003, 7 October 2003, 23
October 2003, 5 February 2004, 4 March 2004, 9 March 2004, 19
March 2004, 25 March 2004 and 26 March 2004 by Amsteel together
with its adviser, Public Merchant Bank Berhad.

The Company wishes to announce that the parties to the sale and
purchase agreement for the Proposed Parkson Disposal (SPA) had
mutually agreed that the Conditional Period (as defined in the
SPA) which will expire on 16 April 2004 shall be extended for a
further period to 31 May 2004.

Save and except for the extension, all the other terms and
conditions of the SPA shall remain unchanged.

This Kuala Lumpur Stock Exchange announcement is dated 15 April
2004.


AMSTEEL CORPORATION: Suit Filed v. Amsteel Equity Unit
------------------------------------------------------
Amsteel Corporation Berhad wishes to announce that Amsteel
Equity Capital Sdn Bhd (Amsteel Equity), a subsidiary of the
Company, was served a writ of summons on 14 April 2004 by Magna
Prima Berhad and two others (Plaintiffs) wherein it was alleged
that Amsteel Equity acted as constructive trustee for the
Plaintiffs in the sum of RM22,100,000.

Amsteel Corporation Berhad wishes to state that the allegation
arose out of a stockbroking transaction undertaken by Amsteel
Equity (then known as Amsteel Securities (M) Sdn Bhd) in the
year 2000.

Amsteel Corporation Berhad has been advised by its lawyers the
claim is without merit.

This Kuala Lumpur Stock Exchange announcement is dated 15 April
2004.


CHIN FOH BERHAD: Update on Asset Securitization
-----------------------------------------------
On behalf of Chin Foh Berhad (CFB), Alliance Merchant Bank
Berhad wish to announce that further to the announcement made on
21 February 2003, CFB has decided not to proceed with the Asset
Securitization exercise, which is composed of the proposed issue
of up to RM60.0 million asset-backed bonds; and RM200.0 million
asset-backed commercial papers/ medium term notes arising from a
securitization transaction by AK Receivables Corporation Berhad,
a special purpose company.

This Kuala Lumpur Stock Exchange announcement is dated 15 April
2004.


FIAMMA HOLDINGS: Answers KLSE Query
-----------------------------------
Fiamma Holdings Berhad would like to refer to the Exchange's
letter dated 14 April 2004 in relation to the article entitled
"Fiamma Expects To Return To Profitability This Year" appearing
in the New Straits Times, Business Times section, page B6, on
Wednesday, 14 April 2004. The letter reads as follows:

The article appeared in the New Straits Times, Business Times
section, page B6, on Wednesday, 14 April 2004.

In particular, we would like to draw your attention to the
sentence, reproduced as follows:

"Fiamma Holdings Bhd expects to return to profitability on the
back of a targeted 15-18 per cent sales growth for financial
year ending September 2004, from RM210.9 million sales
registered last year."

In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentence after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect.

In the event you deny the above sentence or any other part of
the above reported article, you are required to set forth facts
sufficient to clarify any misleading aspects of the same. In the
event you confirm the above sentence or any other part of the
above reported article, you are required to set forth facts
sufficient to support the same, including the relevant bases and
assumptions in arriving at the above forecast. In this respect,
you are also required to confirm whether the accounting basis,
calculations and assumptions have been reviewed by the external
auditors.

Please furnish the Exchange with your reply within one (1)
market day from the date hereof.

Yours faithfully

KOAY LEAN LEE
Senor Manager
Issues & Listing,Group Regulations
KLL/GTH
c.c. Securities Commission (via fax)

Fiamma wishes to inform that, after due and diligent enquiry
from the representative of the New Straits Times, the statement
"Fiamma Holdings Bhd expects to return to profitability on the
back of a targeted 15-18 per cent sales growth for the financial
year ending September 2004, from RM210.9 million sales
registered last year" was not quoted by the Company's
representative. Fiamma wishes to clarify that the 15-18 per cent
growth quoted refers to the industry's expected growth and that
it was not the Company's definite growth level.

We trust the above clarifies the misquote by the Press.

This Kuala Lumpur Stock Exchange announcement is dated 15 April
2004.


GANAD CORPORATION: To Be Delisted From Exchange
-----------------------------------------------
Ganad Corporation Berhad would like to refer to the following:

(i) Scheme of arrangement under Section 176 of the Companies
Act, 1965 that involves the share exchange of the existing
19,000,000 ordinary shares of RM1.00 each (Shares) in Ganad for
19,000,000 new Shares in Axis Incorporation Berhad (Axis) on the
basis of one (1) new Share in Axis for every one (1) existing
Share in Ganad (SOA);

(ii) Acquisitions of the entire issued and paid-up share capital
of Asiapin Sdn Bhd (Asiapin), Chongee Enterprise Sdn Bhd
(Chongee) and GBC Marketing Pte Ltd (GBC) by Axis for a total
purchase consideration of RM123,906,717 to be satisfied by the
issuance of 123,906,717 new Axis Shares at an issue price of
RM1.00 each (Acquisitions);

(iii) Issuance of 10,000,000 new Shares in Axis to Bumiputera
investors nominated and approved by the Ministry of
International Trade and Industry at an issue price of RM1.00
each (Bumiputera Issue);

(iv) Placement of a sufficient number of Shares in AXIS by the
shareholders of Asiapin, Chongee and GBC (Vendors) to the public
to meet the public shareholding requirement after the SOA,
Acquisitions and Bumiputera Issue (Placement);

(v) Exemption to the Vendors and the parties acting in concert
with them from the obligation to undertake a mandatory offer for
the remaining AXIS Shares not already held by them upon
completion of the SOA and Acquisitions pursuant to Practice Note
2.9.3 of the Malaysian Code on Take-overs and Mergers, 1998
(Exemption);

(vi) Transfer of listing status of Ganad on the Second Board of
the Malaysia Securities Exchange Berhad (MSEB) to Axis (Listing
Transfer); and

(vii) Disposal of the entire equity interest of Ganad by Axis
(after the SOA, Acquisitions, Placement, Listing Transfer and
Exemption) via an open tender exercise for a consideration based
on the highest and best price received from the open tender
exercise, which shall not be less than the reserve price of
RM11.0 million plus the unaudited consolidated net tangible
assets value of the Ganad Group as at 31 August 2003 of RM0.985
million (Ganad Disposal).

Kindly be advised that Axis' entire issued and paid-up share
capital comprising 152,906,719 ordinary shares of RM1.00 each
will be admitted to the Official List of the Exchange, and the
listing and quotation of these shares on the Second Board under
the "Industrial Products" sector will be granted with effect
from 9 a.m., Monday, 19 April 2004, on a "Ready" basis pursuant
to the Rules of the Exchange.

The Stock Short Name, Stock Number and ISIN Code of AXIS'
ordinary shares are "AXIS", "7447" and "MYL7447OO005"
respectively.

The reference price and trading limit for the Axis shares shall
be RM1.00 x 500%.

Kindly note that following the completion of the Corporate
Exercise of Ganad, Ganad will be removed from the Official List
of MSEB and Axis Incorporation Berhad will be admitted to the
Official List of MSEB in place of Ganad with effect from 9 a.m.,
Monday, 19 April 2004.

This Kuala Lumpur Stock Exchange announcement is dated 15 April
2004.


HAP SENG: Announces the Buy Back of Shares
------------------------------------------
Hap Seng Consolidated Berhad posted the following notice with
the Kuala Lumpur Stock Exchange on 15 April 2004.

Date of buy back:    15 April 2004

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

Total number of shares
purchased (units):    2,000

Minimum price paid for each
share purchased (RM):    2.740

Maximum price paid for each
share purchased (RM):    2.740

Total consideration paid (RM):  5,521.08

Number of shares purchased
retained in treasury (units):  2,000

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

Cumulative net outstanding
treasury shares as at to-date
(units):      32,757,600

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

Remarks :
cc: Securities Commission


HAP SENG: Announces the Resale/Cancellation of Treasury Shares
--------------------------------------------------------------
Hap Seng Consolidated Berhad discloses to the Kuala Lumpur Stock
Exchange on 15 April 2004 details of the resale/cancellation of
treasury shares.

Date of transaction:     15 April 2004

Total number of treasury
shares sold (units):

Total number of treasury
shares cancelled (units):    55,000

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):      32,757,600

Adjusted issued capital after
cancellation/resale
(no. of shares) (units):    589,902,400

Remarks :
cc: Securities Commission


HAP SENG: Announces Share Buy Back Pursuant to Form 28A
-------------------------------------------------------
Hap Seng Consolidated Berhad issues a notice of shares buy back
by a company pursuant to Form 28A with the Kuala Lumpur Stock
Exchange on 15 April 2004.

Details are as follow:

Date of buy back from:     05 April 2004

Date of buy back to:     09 April 2004

Total number of shares
purchased (units):     74,000

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

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

Total amount paid for shares
purchased (RM):      202,092.78

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

Number of shares purchased
retained in treasury (units):   74,000

Total number of shares retained
in treasury (units):     32,775,600

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

Total issued capital as diminished:  0

Date lodged with registrar of companies:  15 April 2004

Lodged by: Cheah Yee Leng

Remarks:

cc: Securities Commission


JAYARENA CONSTRUCTION: Appends Reply To KLSE Query
--------------------------------------------------
Avangarde Resources Berhad would like to refer to the
announcement dated 14th April 2004 in reply to the Kuala Lumpur
Stock Exchange query letter dated 8th April 2004 and we would
like to inform as follows:

1. there are no operational impact on Jayarena Construction Sdn
Bhd as a result of the winding up petition by API Aluminum Sdn
Bhd.

This Kuala Lumpur Stock Exchange announcement is dated 15 April
2004.


LION GROUP: Pays Back RM2.1 Billion In Debts
--------------------------------------------
By paying off RM2.1 billion to its bankers, Malaysia's Lion
Group has made one of the biggest debt repayments in the
corporate sector, the Star Online reports, quoting Starbiz.

"The repayment has actually been made. It was done at the end of
last month," a company spokesman said, adding that the move was
made in an attempt to reduce the company's borrowings.

"The repayment is an actual reduction in its bank debts, not
another step in a restructuring scheme. The repayment is so
large. It's an achievement for (Tan Sri) William Cheng," he
added. Cheng heads the Lion group.

Lion's bank debts totaled more than RM8 billion as of the end of
2003.

As for the remaining RM6 billion debt, a fund manager was quoted
as saying, "They don't have to repay all of that. Their cash
flow is so strong now they can maintain RM3bil or RM4bil of
debts. The worst is over for the group."

The funds for the RM2.1bil repayment came from operating cash
flow and assets sales, other sources said.

The single biggest source of these funds was probably Lion
Diversified Holdings Bhd's sale of 50 percent of its China-based
breweries for about RM500mil. This sum is believed received.

Lion Diversified has a put and call option to sell the rest of
its 50 percent interest in the breweries for another RM500mil.
The company is believed to have paid a deposit of RM200mil for
this.

Other asset disposals by Lion Diversified included the sale of
the Subang Parade complex for RM223mil and the Mahkota Parada
shopping mall in Malacca for RM147mil.


LION GROUP: Megasteel Unit Ups Prices Of Flat Steel Products
------------------------------------------------------------
Megasteel Sdn Bhd, a member of the Lion Group has been given the
go signal by the Malaysian government to increase its prices of
flat steel products by 10 percent, The Star Online reports,
citing Starbiz.

The 10 percent increase was allowed starting April 1, bringing
Megasteel's flat steel prices up to RM1,950 a tonne.

The International Trade and Industry Ministry reviews prices for
the company's flat steel products every quarter.

Sources say the price increase is timely for Megasteel, which
was adversely affected by the high cost of steel scrap, its raw
material. The price revision will help the company to operate
profitably.

The Lion Group controls 90 percent of Megasteel while the state
investment arm, Khazanah Nasional Berhad holds the remaining 10
percent.


NAUTICALINK BERHAD: Issues Updates To The Restructuring Scheme
--------------------------------------------------------------
Nauticalink Berhad (NB) would like to point out that for
consistency, the abbreviations used throughout this announcement
shall have the same meaning as previously defined in NB's
announcements dated 10 June 2003 and 8 August 2003.

1. Introduction

Further to the Company's announcement dated 10 June 2003 and 8
August 2003 by Public Merchant Bank Berhad (PMBB), on behalf of
the Board of Directors of NB, PMBB wishes to announce the
execution of the following supplemental agreements:

(i) Second Supplemental Corporate Restructuring Agreement dated
13 April 2004 between NB, Orion Unggul Sdn Bhd (Orion) and Kosmo
Seraya Sdn Bhd (Kosmo) to vary and include certain terms to the
Corporate Restructuring Agreement dated 6 June 2003 and the
Supplemental Corporate Restructuring Agreement dated 7
August2003 (Second Supplemental Corporate Restructuring
Agreement); and

(ii) Second Supplemental Share Sale Agreement dated 13 April
2004 between Orion and Kosmo to vary and include certain terms
to the Share Sale Agreement dated 6 June 2003 and the
Supplemental Share Sale Agreement dated 7 August 2003
(Second Supplemental Share Sale Agreement).

The salient terms of the aforementioned agreements are
summarized below:

(i) Second Supplemental Corporate Restructuring Agreement
To include as part of the Proposed Restructuring Scheme, a
private placement of 8,000,000 new Orion Shares to be undertaken
by Orion and the placement shares will be placed through an
independent placement agent to placee(s) to be identified later,
at an issue price of RM1.00 per share (Proposed Private
Placement).

(ii) Second Supplemental Share Sale Agreement

(a) Placement of 8,000,000 new Orion Shares at par to be
undertaken by Orion and the placement shares will be placed
through an independent placement agent to placee(s) to be
identified later, at an issue price of RM1.00 per share; and

(b) The vendors of Hexariang warrant that Hexariang shall have
PAT of at least 100 percent of the forecast and projected PAT
for the financial years ending 31 December 2004 and 2005,
instead of a guarantee of 80 percent of the total forecast PAT
for the 18 months financial period ending 31 December 2004.

2. Details of the variations to the Proposed Restructuring
Scheme

(i) Revised profit guarantee

The vendors of Hexariang will provide a 100 percent guarantee on
the forecast PAT for the financial year ending 31 December 2004
instead of a guarantee of 80 percent of the total forecast PAT
for the 18 months financial period ending 31 December 2004 as
provided originally in the Proposed Restructuring Scheme. In
addition, the vendors of Hexariang will also provide an
additional 100 percent profit guarantee for the financial year
ending 31 December 2005.

(ii) Proposed Private Placement

In addition to the Proposed Restructuring Scheme, Orion proposed
to undertake a private placement of 8,000,000 new Orion Shares
at par. The placement shares will be placed through an
independent placement agent to placee(s) to be identified later,
at an issue price of RM1.00 per share.

((i) and (ii) are collectively referred to as Proposed Revisions

3. Rationale for the Proposed Revisions

(i) Revised profit guarantee

As the six (6) months period ended 31 December 2003 has been
audited, it would be more appropriate to base the forecast on
the year ending 31 December 2004. In this regard, the Vendors of
Hexariang has provided profit guarantee for financial year
ending 31 December 2004 and to provide additional comfort to the
viability of the company by providing a further profit guarantee
for the financial year ending 31 December 2005.

(ii) Proposed Private Placement

The Proposed Private Placement will enable Orion to raise funds
to retire its existing bank borrowings. This will result in
interest savings and a reduction in its gearing level.

4. Effects of the Proposed Restructuring Scheme After the
Proposed Revisions

4.1 Share Capital

The proforma effects of the Proposed Restructuring Scheme which
includes the Proposed Revisions on the existing share capital of
NB and Orion, are set out in Table 1 that may be viewed in full
detail at the following link:

http://bankrupt.com/misc/NauticaEffects19April2004.doc

4.2 Net tangible assets (NTA)

The proforma effects of the Proposed Restructuring Scheme which
includes the Proposed Revisions on the latest audited NTA of NB
as at 31 December 2002 and Orion as at 29 February 2004, being
the latest audited accounts, are set out in Table 2 below.

4.3 Substantial shareholders' shareholding structure

The Proposed Revisions will not change the effect of the
shareholdings of the substantial shareholders of NB as furnished
to the SC in Appendix 10 of the Application. Nevertheless, the
effects of the Proposed Restructuring Scheme which includes the
Proposed Revisions, on the shareholdings of the substantial
shareholders of Orion based on the Register of Shareholders of
Orion as at 21 July 2003, are set out in Table 3 below.

4.4 Earnings

The Proposed Restructuring Scheme which includes the Proposed
Revisions, is expected to enhance the future earnings of Orion
due to interest savings from retirement of bank borrowings.

This Kuala Lumpur Stock Exchange announcement is dated 15 April
2004.


PANGLOBAL: Announces Unit's Production Figure
---------------------------------------------
PanGlobal Berhad wishes to announce that the production volume
of coal of its wholly-owned subsidiary, Global Minerals
(Sarawak) Sdn Bhd for the month of March 2004 was 43,389.58mt.

This Kuala Lumpur Stock Exchange announcement is dated 15 April
2004.


PROTON: Planned Sale of Proton Stakes Confirmed
-----------------------------------------------
Malaysia's state investment arm, Khazanah Nasional Berhad has
confirmed that it has plans to dispose of up to a 20 percent
stake in the national automaker, Perusahaan Otomobil Nasional
(Proton). The Star Online reports that foreign carmakers are
being eyed as potential buyers.

"We are looking into it," Khazanah Managing Director Datuk Anwar
Aji said on Thursday, 15 April.

He declined to disclose if there was already a proposal on the
table although in the past several big names in the automotive
industry had been mentioned as possible suitors for Proton.

Analysts have been quoted as saying that targeting a foreign
carmaker as partner for Proton would be a move in the right
direction for the beleaguered carmaker as it will allow Proton
to compete in the global market.


PROTON: Predictions Ring True
-----------------------------
Shares of Malaysia's national carmaker, Perusahaan Otomobil
Nasional or Proton performed as predicted upon resumption of
trading on Friday, 16 April.

Proton Holdings, which took over the listing of Proton after an
organizational revamp opened at 9.70 ringgit ($2.55) against its
pre-suspension price of 9.85 ringgit. Within 10 minutes, the
stock was 3.5 percent down at 9.50 ringgit on light volume of
16,900 shares.

Analysts said the drop was expected and in line with a 3.8
percent decline in the main index since Proton's suspension on
March 24.

Proton shares had been suspended as the firm created a new
entity, Proton Holdings. Proton Holdings is now the umbrella
company under which Proton's different business units operate.
The new structure allows the units more freedom to embark on new
endeavors.


TENAGA NASIONAL: To Study Transmission Project With Indonesia
-------------------------------------------------------------
Malaysian state electricity firm Tenaga Nasional Berhad together
with Indonesian state electricity firm PT PLN are mulling a
feasibility study for a power transmission project between the
two countries.

The Jakarta Post reports the two utility companies have selected
U.S.-based Shaw Power Technology Inc. to conduct a six-month
study commencing in May for the Sumatra-Peninsular Malaysia
interconnection project which will stretch 50 to 60 kilometers
from the Malaysian Peninsula to Riau, Sumatra.

"If the project is feasible, we would like to start construction
as soon as possible," PLN Eddie Widiono told reporters on
Thursday, 15 April.

Eddie said the project was lucrative, as Sumatra holds massive
stores of primary energy such as coal and natural gas to
generate power, and would enable the two countries to lower
power generation costs and conserve power reserves.

"The project could reduce production and operating costs,
support the sharing of rotating reserves and mitigate the
demand-supply balance," Eddie said.

Once the two systems are connected, it is also expected to lower
the amount of investment needed to build new power plants.

Eddie said PLN may benefit from Malaysia's power reserves in
providing an extra supply for Sumatra.

Sumatra is one of six regions in Indonesia that are suffering
power shortages. With a capacity of only 1,538 megawatts (MW),
its maximum peak load reaches 1,838 MW, leaving the island with
a power deficit of 300 MW.

The supply grid system could be used to distribute power to the
power-hungry Java-Bali grid once the Sumatra-Java
interconnection project is completed.

PLN and TNB are equally splitting the US$982,000 study cost for
the project, to be completed in 2009.


TRONOH MINES: Announces Boardroom Change
----------------------------------------
Tronoh Mines Malaysia Berhad announces a change in the
boardroom, details of which follow:

Date of change:    14 April 2004

Type of change:    Appointment

Designation:    Director

Directorate:    Non Independent & Non Executive

Name:  TAN SRI DATUK DR AHMAD TAJUDDIN
ALI

Age:      55

Nationality:    Malaysian

Qualifications:  Bachelor of Science (Engineering),
King's College, University of
London

Ph.D in Nuclear Engineering ,
Queen Mary College, Univsersity of
London

Doctor of Science (Honorary),
University Putra Malaysia

Working experience and
occupation:  Director -General, SIRIM Berhad
(1989-1996)

Executive Chairman, Tenaga
Nasional Berhad (1996-2000)

Chairman, Gas Malaysia Sdn Bhd
(2001-present)

Directorship of public
companies (if any):  Tracoma Holdings Berhad, Sime
Darby Berhad, Sime Engineering
Services Berhad, Malaysian Oxygen
berhad, SIRIM Berhad and Bangi
Golf Berhad

Family relationship with
any director and/or major
shareholder of the listed
issuer:     Nil

Details of any interest
in the securities of the
listed issuer or its
subsidiaries:    Nil

Remarks :

This Kuala Lumpur Stock Exchange announcement is dated 15 April
2004.


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


BACNOTAN CONSOLIDATED: Clarifies News Article
---------------------------------------------
This is in reference to the news article entitled "Bacnotan
Incurred A Net Loss" published in the April 16, 2004 issue of
the Philippine Star. The article reported that:

"Bacnotan Consolidated Industries Inc. incurred a net loss of
P583.82 million last year, a reversal of the P69.6-million
profit reported a year earlier due to a combination of factors."

Bacnotan Consolidated Industries, Inc. (BCI) in its letter dated
April 16, 2004, disclosed that:

"This is to confirm the veracity of the information contained in
the article published today in Philippine Star in compliance to
your letter dated April 16, 2004."

A copy of BCI's Audited Consolidated Statement of Income for the
year ended December 31, 2003 is attached for your reference.

Ma. Pamela D. Quizon-Labayen
OIC, Disclosure Department

To view full copy of this press release, click
http://bankrupt.com/misc/BACNOTANCONSOLIDATED041604.pdf


DIGITAL COMMUNICATIONS: Schedules Annual Stockholders Meeting
-------------------------------------------------------------
Further to Circular for Brokers No. 1316-2004 dated March 29,
2004, Digital Telecommunications Philippines, Inc. (DGTL)
furnished the Philippine Stock Exchange on Friday, 16 April, a
copy of its SEC Form 17-IS (Preliminary Information Statement)
in connection with its Annual Meeting of Stockholders which will
be held on 31 May 2004, at 10 a.m. at the Amorsolo Grand
Ballroom, Holiday Inn Galleria Manila, ADB One Avenue, Ortigas
Center, Pasig City.

As previously announced, "(o)nly stockholders of record as of 15
April 2004 are entitled to vote and be voted during the meeting.

A copy of DGTL's Preliminary Information Statement shall be made
available for reference at the PSE Centre and PSE Plaza
libraries.

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

To view full copy of this press release click
http://bankrupt.com/misc/DIGITALTELECOMS041604.pdf


FORTUNE CEMENT: Posts Php158M Profit in 2003
--------------------------------------------
Fortune Cement Corporation incurred a consolidated net income of
158 million pesos in 2003, versus a net loss of 3.54 billion
pesos a year earlier, according to Business World.

The huge loss in 2002 was due to the recognition of asset
impairment loss. Consolidated operating profit grew 89 percent
last year to 209 million pesos from 111 million pesos in 2002,
citing operational efficiency and improved power and fuel
consumption, among others.

Fortune Cement's net revenues grew 20 percent to 2.2 billion
pesos last year from 1.8 billion pesos the previous year. The
company said total industry demand last year was slightly lower
compared to 2002. It said the market share of imported cement
has slipped for two years now following the imposition of a
provisional tariff.


NEGROS NAVIGATION: Row With Tsuneishi Heats Up
----------------------------------------------
Troubled relations between Negros navigation (Nenaco) and rival
shipping firm Aboitiz Transport System (ATS) are taking a turn
for the worse, reports The Manila Times on Friday, April 16.
This development comes after Nenaco issued a statement accusing
ATS of economic sabotage.

Nenaco alleges that ATS is behind the move of Tsuneishi Heavy
Industries to seize Nenaco vessels during the Holy week. Nenaco
adds the company is preparing proceedings to be brought against
Tsuneishi and Aboitiz representatives. Nenaco is confident the
charges to be brought against them will meet the legal threshold
for economic sabotage.

"That we have an outstanding debt is a fact; that we have wanted
to resolve this, and have proposed a number of payment options
to Tsuneishi is also a documented fact," a Nenaco executive
said. "That Tsuneishi has never responded to our proposals is
also a fact. I think it should be apparent by now the real
motivation of Tsuneishi and Aboitiz in this debacle: to cripple
a 73-year-old national institution, a pioneer in the domestic
shipping industry, and drive attention away from their own
numerous problems."

Conrado A. Carballo, Nenaco president and chief executive
officer; and other Nenaco officials alleged Tsuneishi is being
provided legal assistance by lawyers Thaddeus R. Alvizo, Amer
Hussein N. Mambuay and others who are all Aboitiz legal counsel
from the firm of Sycip Salazar Hernandez & Gatmaitan.

The shipping firm alleged these lawyers were deputized by a
Sheriff Art Cabigon of the Cebu Regional Trial Court yesterday
in an attempt to expand Tsuneishi's and the Aboitizes' efforts
to seize Nenaco assets.

"The fact that the same counsel who also represent various
Aboitiz business interests are now acting - as deputized
sheriffs moreover - on behalf of Tsuneishi should remove any
question that Aboitiz itself is behind the move to seize our
assets, cripple our business and do disservice to thousands of
ordinary traveling Filipinos," said Carballo

Carballo also said Tsuneishi and Aboitiz have already been
successful at attacking a Nenaco vessel that is nearly worth
four times the debt Nenaco owes them.

He added that all relevant government agencies, local port
authorities, vessel captains and port managers have been
provided copies of Nenaco's petition for rehabilitation as well
as the Stay Order and Amended Stay orders, which protect the
sanctity of its assets and prevent the company from giving undue
advantage to any individual creditor.

Despite this, Tsuneishi still attempted to seize Nenaco vessels
over the holy week break.


"This is incontrovertible proof that Tsuneishi, Aboitiz and the
local Cebu courts are already acting in contravention of the
law. We call upon all relevant authorities to investigate why a
court of law should demonstrate a degree of hubris to the point
where itself is acting extra-judiciously," added Carballo. "This
could be part of grander strategy by Aboitiz to shut down a
major competitor, towards the making of a monopoly in the
shipping industry and every stakeholder in public transportation
across the Philippines should take notice."

Tsuneishi is a joint venture between Tsuneishi group of Japan
and the Aboitiz Group of Cebu


PHILIPPINE LONG: PSE Approves Additional Listing
------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by Philippine Long Distance Telephone
Company to list additional 1,289,745 common shares, with a par
value of P5.00 per share, to cover the Executive Stock Option
Plan (ESOP) of the Company, at an exercise price of P814.00 per
share.

In this connection, please be advised that a total of 550 common
shares have been availed of and fully paid by the optionees
under the Company's ESOP.  In view thereof, the listing of the
550 common shares is set for Friday, April 16, 2004. This brings
the number of common shares listed under the ESOP to a total of
17,960 common shares.

The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.

For your information and guidance
(Original Signed)
MARIA ISABEL T. GARCIA
Head, Listings Department

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


PHILIPPINE LONG: Q1 Net Profit Predicted at PhP3.5-5.0B
-------------------------------------------------------
Analysts say Philippine Long Distance Telephone Company (PLDT)
will book a net profit ranging from 3.5 to 5.0 billion pesos for
the first quarter of 2004 compared to 2.5 billion in the same
period of 2003.

Technistock reports on Thursday, 15 April the outlook is even
more bullish for the rest of the year as PLDT's wholly owned,
cash-rich mobile phone unit, Smart Telecommunications Inc, is
planning to acquire a controlling stake in Pilipino Telephone
Corporation or Piltel, which is also 45 percent owned by PLDT.

Ron Rodrigo, a research consultant at Accord Capital Equities,
said he expects PLDT's first quarter net profit to come in at
4.0 bln pesos.

"With the effective marketing gimmicks that Smart has launched,
PLDT is expected to announce another impressive set of results
for the first quarter, " he said, adding that the second quarter
even looks better given expectations of a surge in text messages
during the election season.

The PLDT group, including Smart and Piltel's Talk 'N Text brand,
had total wireless subscribers of more than 13M as of January.

PLDT, whose earnings-driven gains pushed its price on the local
bourse to as high as 1,080 pesos this week from the end-2003
level of 970, expects to announce its first quarter results
early next month.

Its price had surged to the highest level in over four years,
with the stock leading the market's rally past the 1,500-points
mark before the Easter break this month.

That was after a PLDT source earlier said Smart's sustained
strong performance likely helped PLDT double its net profit to
more than 4.5B pesos in the first quarter.

The source believes this earnings performance makes it even more
possible for PLDT to meet the 2004 net profit of 17-18B pesos
projected by analysts, or a 60 pct surge from 11.2B last year.

After announcing PLDT's stunning results for 2003, which saw its
net profit nearly quadruple from the previous year's level, PLDT
chairman Manuel Pangilinan said he sees "excellent prospects"
for PLDT in the years ahead.

He also said that PLDT is comfortable with the analysts' profit
forecasts for this year.


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


BOUSTEAD SINGAPORE: UK Unit Lands Contracts Worth S$10 Million
--------------------------------------------------------------
The Directors of Boustead Singapore Limited (Boustead) are
pleased to announce that the Company's 90 percent owned UK-based
subsidiary Boustead International Heaters Limited (BIH), has
secured four separate contracts with an aggregate value of
approximately S$10 million. BIH is beginning work on the
contracts and they will be substantially completed within the
current financial year ending 31 March 2005.

The four contracts involve the design, supply and in some
instances installation of direct-fired process heaters, waste
heat recovery units and associated equipment for customers in
the oil & gas and petrochemical industries. They include:

A vertical cylindrical radiant convection heater for Cyprus
Petroleum Refinery Ltd in Cyprus;

Three new heater coils to be installed in existing equipment for
Kemira GrowHow in the UK;

An integrated heater system comprising a hot oil heater, thermal
cracker and thermal oxidiser, to be fabricated and installed in
partnership with Steelcon in Malaysia; and

Two regeneration gas heaters and four waste heat recovery units
for the Songkhla Gas Separation Project in Thailand, contracted
with Samsung Engineering & Construction Ltd.

Boustead is a progressive global Engineering Services and Geo-
Spatial Technology Group. Engineering Services, which cater to a
broad range of international customers with a focus on the oil &
gas and petrochemical industries, comprise (1) Water &
Environmental Engineering; (2) Heat Transfer & Combustion
Engineering; (3) Process Controls & Instrumentation; (4) Power
Generation & Distribution; and (5) Design & Build Projects for
Industrial Facilities. BIH, under Heat Transfer & Combustion
Engineering, is a leading global specialist in the design and
supply of direct-fired process heaters, waste heat recovery
units and associated equipment to the oil & gas and
petrochemical industries. Collectively, BIH's management team
has over 250 years of experience with fired process heater
systems.

Mr. Wong Fong Fui, the Executive Chairman & Group CEO said, "We
are pleased with our ability to secure the contracts despite
competition from qualified and reputable suppliers, some of whom
are geographically closer to the project sites. This reinforces
BIH's superior engineering capabilities and globally-trusted
reputation in the field of heat transfer engineering,
specifically in the oil, gas and petrochemical industries."

Mr. Wong added, "BIH is well-positioned to take advantage of the
strong demand from the buoyant oil, gas and petrochemical
industries for new fired process heater systems and the
refurbishment of existing equipment to meet more stringent
global requirements for efficiency, performance and safety."

In 2003, the Group embarked on the strategy of cross-selling its
synergistic engineering services to its international network of
existing customers. These latest contracts are proof of the
success in this cross-selling effort. For instance, BIH's sister
company, Controls & Electrics which specializes in process
controls & instrumentation, will provide burner management
systems and instrumentation for the regeneration gas heaters in
the project with Samsung Engineering & Construction Ltd. Going
forward, the Boustead Group anticipates additional business
through such cross-selling initiatives.

The above contracts are expected to have a positive material
impact on the profitability and earnings per share of the Group
for the current financial year ending 31 March 2005. However,
they are not expected to have a material impact on the net asset
value per share of the Company for the current financial year.

None of the Directors or controlling shareholders of the Company
has any interest, direct or indirect in the above contracts.

By Order of The Board

Alvin Kok
Company Secretary
15 April 2004

Submitted by Alvin Kok, Company Secretary on 15 April 2004 to
the SGX.


CENTRAL PROPERTIES: Cooperating With Investigation
--------------------------------------------------
Central Properties Limited (in members' voluntary liquidation)
would like to refer to the articles in The Business Times, The
Straits Times, Today and Streats of 15 April 2004 in relation to
the investigations into the shareholdings of the late Tan Sri
Khoo Teck Puat in the Company, Goodwood Park Hotel Limited and
Hotel Malaysia Limited by the Commercial Affairs Department
(CAD).

The Company wishes to inform shareholders of the Company that
the Company is cooperating with the CAD in its investigations
and is, at the request of the CAD, providing all the available
and required information to the CAD.

Ong Yew Huat
Liquidator
Central Properties Limited
(In Member's Voluntary Liquidation)

15 April 2004

Submitted by David Poh Tze Keong, on behalf of Liquidator on 15
April 2004 to the SGX


GOODWOOD PARK: Cooperates With CAD
----------------------------------
The Board of Directors of Goodwood Park Hotel Limited refers to
the articles in The Business Times, The Straits Times, Today and
Streats of 15 April 2004 in relation to the investigations into
the shareholdings of the late Tan Sri Khoo Teck Puat in the
Company, Central Properties Limited and Hotel Malaysia Limited
by the Commercial Affairs Department (the CAD).

The Board wishes to inform shareholders of the Company that the
Company is cooperating with the CAD in its investigations and
is, at the request of the CAD, providing all the available and
required information to the CAD.

By Order of the Board of Directors
Goodwood Park Hotel Limited

15 April 2004

Submitted by David Poh Tze Keong, Company Secretary on 15 April
2004 to the SGX


HOTEL MALAYSIA: Provides Information To CAD
-------------------------------------------
Hotel Malaysia Limited (in members' voluntary liquidation)
refers to the articles in The Business Times, The Straits Times,
Today and Streats of 15 April 2004 in relation to the
investigations into the shareholdings of the late Tan Sri Khoo
Teck Puat in the Company, Central Properties Limited and
Goodwood Park Hotel Limited by the Commercial Affairs Department
(CAD).

The Company wishes to inform shareholders of the Company that
the Company is cooperating with the CAD in its investigations
and is, at the request of the CAD, providing all the available
and required information to the CAD.

Ong Yew Huat
Liquidator
Hotel Malaysia Limited
(In Members' Voluntary Liquidation)

15 April 2004

Submitted by David Poh Tze Keong, on behalf of Liquidator on 15
April 2004 to the SGX


L&M GROUP: Discloses Developments in Debt Restructuring
-------------------------------------------------------
L&M Group Investments Limited wishes to inform that further to
the announcement made on 29 March 2004, L&M Group is pleased to
announce that pursuant to the debt restructuring exercise:

1. Mr Edwin Soeryadjaya has made payment of the sum of S$12
million to the United Overseas Bank Limited (the Bank) for the
assignment of the debt of S$30 million (the Assigned Debt) by
the Bank to Mr Edwin Soeryadjaya;

2. the Company has allotted and issued 3,000,000,000 new
ordinary shares of S$0.01 each to Mr Edwin Soeryadjaya from the
capitalization and conversion of the Assigned Debt. These shares
have been listed and quoted on the Singapore Exchange Limited on
15 April 2004; and

3. the Company has also completed the capitalization and
conversion of S$28 million of its outstanding bank loan by the
allotment and issuance of 2,800,000,000 new ordinary shares of
S$0.01 each to the Bank. These shares have also been listed and
quoted on the Singapore Exchange Limited on 14 April 2004.

With the allotment and issuance of the 5,800,000,000 new
ordinary shares of S$0.01 each (New Shares) to Mr Edwin
Soeryadjaya and the Bank, the debt restructuring undertaken by
the Company has now been successfully completed.

After the issuance of the New Shares, details of the issued and
paid-up capital of the Company are as follows:

Authorized

10,000,000,000 ordinary shares of S$0.01 each: S$100,000,000.00

Issued and paid up

7,756,808,957 ordinary shares of S$0.01 each: S$77,568,089.57

By Order of the Board

Attlee Hue
Company Secretary
15 April 2004

Submitted by Attlee Hue, Company Secretary on 15 April 2004 to
the SGX


LIU GENG: Issues Preferential Dividend Notice
---------------------------------------------
Liu Geng Yu & Sons Pte Ltd. issued a notice of preferential
dividend as follows:

Address of Registered Office: Formerly of 245 Tanjong Katong
Road Singapore 437033.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 326 of 1997.

Amount Per Centum: 0.695%.

First and Final or otherwise: First & Final Dividend.

When Payable: 26 March 2004.

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

Sunari Bin Kateni
Assistant Official Receiver.

The Singapore Government Gazette announcement is dated 8 April
2004.


NATSTEEL LIMITED: Incorporates New Subsidiary
---------------------------------------------
NatSteel Ltd wishes to announce that it has incorporated a
wholly owned subsidiary NatSteel Asia Pte Ltd (NatSteel Asia) in
Singapore. The authorized capital of NatSteel Asia is
S$100,000.00 divided into 100,000 ordinary shares of S$1.00
each. Further to NatSteel Ltd's subscription of 2 ordinary
shares of S$1.00 each, the issued and paid up capital of
NatSteel Asia is S$2.00.

By Order of the Board

Lim Su-Ling
Company Secretary
15 April 2004

Submitted by Lim Su-Ling, Company Secretary on 15 April 2004 to
the SGX


NTI INTERNATIONAL: Answers SGX Query
------------------------------------
NTI International would like to refer to the query by the
Singapore Exchange regarding an article in Business Times dated
15 April 2004 on NTI.

NTI International Limited would like to clarify that we have not
made any statement on our return to profitability this year.
However, we are working towards returning to profitability by
taking active steps to rationalize and refocus our businesses.

Submitted by Apandi Bin Dollah, Managing Director on 15 April
2004 to the SGX


OASIS SYTEMS: Releases Winding Up Order Notice
----------------------------------------------
Oasis Systems Consulting Pte Ltd issued a notice of winding up
order made on 1 April 2004.

Name and address of Liquidator: Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118.

Rodyk & Davidson
Solicitors for the Petitioner.

The Singapore Government Gazette announcement is dated 8 April
2004.


SIN YUH: Issues Notice of Winding up Order
------------------------------------------
Sin Yuh Industries (Pte) Ltd issued a notice of winding up order
made on the 26 March 2004.

Name and address of liquidator: The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

LIM ANG & PARTNERS
Solicitors for the Petitioners.

The Singapore Government Gazette announcement is dated 8 April
2004.


SMRT CORPORATION: Announces The Delisting Of A Subsidiary
---------------------------------------------------------
SMRT Corporation Ltd wishes to announce that the name of its
wholly-owned subsidiary, TIBS China Motor Investment Pte Ltd
(TIBS China Motor), has been struck off the Register of
Companies pursuant to Section 344 of the Companies Act, Cap. 50.

TIBS China Motor has ceased business since November 2001.

Submitted by Mr Patrick Lau Li Tah, Company Secretary on 15
April 2004 to the SGX


SOON HUA: Creditors Must Submit Claims By May 15
------------------------------------------------
Notice is hereby given that the creditors of Soon Hua Properties
Pte Ltd (In Members' Voluntary Liquidation), which is being
wound up voluntarily, are required on or before 15 May 2004 to
send in their names and addresses and the particulars of their
debts or claims and the names and addresses of their solicitors
(if any) to the under mentioned liquidators at c/o 6 Battery
Road #33-02, Singapore 049909 and if so required are to come in
and prove their debts or claims as shall be specified or in
default will be excluded from the benefit of any distribution
made before such debts are proved.

Nicky Tan Ng Kuang
Martin Michael John
Dan Yock Hian
Liquidators.

The Singapore Government Gazette announcement is dated 15 April
2004.


WEE POH: Requests Trading Halt
------------------------------
Wee Poh Holdings Limited requested for a suspension of trading
of its shares on the Singapore Exchange effective 9 am on
Friday, 16 April.

The trading halt was requested pending an announcement
concerning a subsidiary, Wee Poh Consruction Co. (Pte) Ltd's
proposed scheme of arrangement. The Court of Republic of
Singapore schedules the hearing of which on 16 April 2004.

Submitted by Ng Choon Kiat , Alternate Director to Managing
Director, Chan Wang Kin on 15 April 2004 to the SGX.


===============
T H A I L A N D
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CHRISTIANI AND NIELSEN: Progress Report on Restructuring Plan
-------------------------------------------------------------
CN Advisory Company Limited, appointed Plan Administrator of
Christiani & Nielsen (Thai) Public Company Limited submits to
the Stock Exchange of Thailand on Friday, 16 April on behalf of
the Company the progress report of the Debt Restructuring Plan.

We wish to inform that the proposed capital restructuring plan
of Christiani & Nielsen has been accomplished.

The Company has also disposed of various investments and dormant
or losing subsidiaries as approved by the Court and debts have
been repaid accordingly.

To view a full copy of this press release, click
http://bankrupt.com/misc/christianiandnielsen041404.htm


EASTERN PRINTING: Issues Progress Report on Rehab Plan
------------------------------------------------------
Eastern printing would like to refer to the letter from the
Stock Exchange of Thailand No. 23/2547 dated 14 January 2004.
the company's Plan Administrator wishes to report on the
Progress of Business rehabilitation Plan as follows:

On October 6, 2004 the Plan Administrator filed a petition to
revise the rehabilitation plan. The petition was Court-approved
10 October 2003.

Details of the Revised Rehabilitation Plan are as follow:

1.  Original Plan

The Company will purchase the transferred assets from creditors
within 2005.

Revised Plan

The Company will purchase the transferred assets in total before
December 30, 2003 then the Company can have a 10 percent
discount for building and 15 percent for machineries from the
original net transferred prices.

2. The Plan Administrator may seek new source of fund to
purchase the transferred assets from creditors after receiving
the approval from the Court.

3. Original Plan

The Plan Administrator will have the right to purchase 20
percent of Company's common shares at par value within 2006 when
the rehabilitation is finalized.

Revised Plan

The Plan Administrator has the first right of refusal if the
creditors intend to sell the shares and warrants of the Company,
whereby the creditors must offer same price and terms in writing
to the Plan Administrator. The Plan Administrator has 30 days to
exercise its rights.

After the Revised Plan was approved, the Company had acquired
loan of Baht 250M at MLR interest rate (currently at 5.75
percent p.a.). Repayment of principal starts after 6 months at
monthly not less than Baht 4.17M for 60 months.

The proceeds from the loan together with some cash reserve of
the Company were user to buy back all transferred assets from
the creditors.  This exercise saves interest cost  (previously
at 7.5 percent p.a.), extends the repayment to 66 months and
receives 10 percent-15 percent discounts for pre-payment.

In conclusion, when the Company has met all its obligations in
accordance with the Revised Rehabilitation Plan, the Company
will now have a stable financial and capital position resulting
in the Company's ability to develop its operations, example is
machinery improvement so as to increase productivity in order to
achieve higher revenues.

Respectfully yours,
(Mr. Weera Louwitawas) (Ms. Laddawan Suwapradub )
EPCO MANAGEMENT CO., LTD.
Plan Administrator


K.C. PROPERTY: Issues Rehabilitation Update
-------------------------------------------
The Plan Administrator of K.C. Property (formerly Modern-Home
Development Public Company Limited or M-Home) would like to
report on the progress of K.C.'s rehabilitation plan as follows:

1. Second Capital Increase

As previously reported, the company has increased its capital to
10,292,020 baht on 15 December 2003 in order to fulfill the
paid-up capital of 350,000,000 baht according to the
rehabilitation plan.

In order to further expand the business, K.C. implemented a
second capital increase of 525,000,000 via a rights offering to
existing shareholders bringing the total registered capital to
875,000,000.

Details are summarized as follows:

Date of capital increase:  March 26, 2004
Number of newly issued shares:      52,500,000  shares
Subscription Price Baht:  10.00 per share
Result of the share subscription: Fully subscribed

2. Repayments of Creditors

The company has repaid all debts to its creditors according to
the rehabilitation plan in September 2003.

K.C. Property plans to submit to the Bankruptcy Court in the
second quarter of 2004, an application to exit the
rehabilitation plan.

Yours sincerely,

Mr. Apisit Ngamachariyakul
Authorized Director


THAI NAM: Issues Status Report on Rehab Scheme
----------------------------------------------
Thai Nam submits to the Stock Exchange of Thailand a progress
report on the Company's rehabilitation plan for the six-month
period ending 31 March 2004.

1. In the last quarter of 2003, Thai Nam adjusted the assets
revaluation figure as assessed by an independent appraisal
company into the Company's consolidated financial statements of
the year 2003.

As a result, the Company and its subsidiary T.N.P. Industry Co.,
Ltd have a net surplus from the current assets revaluation
totaling 305.47 billion baht and 3.6 million baht respectively.
This brings the shareholders' equity in the company's
consolidated financial statements to a positive 200.2 million
baht compared to the negative figure of 86.1 million baht in the
corresponding period in 2002.

2. Favorable results have been seen in the company's business
starting 2004 with the policy to emphasize research and product
development on existing PVC-based items and new environment
friendly non-PVC products in 2003, as well as the launch of a
new marketing policy to increase sales value in the automotive,
sports shoes and sports equipment industry.

Sales have increased to 216 million baht in the first quarter of
2004 with an expected profitable performance throughout the
year. In the same period of 2003, Thai Nam achieved only 160
million baht in sales and suffered from an operating loss of
0.045 million baht.

Sincerely yours,

Mrs. Siriphorn Mangkornkarn
Deputy Managing Director


                            *********


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