/raid1/www/Hosts/bankrupt/TCRAP_Public/040426.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 26, 2004, Vol. 7, No. 81

                            Headlines

A U S T R A L I A

MONITORED INVESTMENT: Court Appoints Liquidator
NATIONAL AUSTRALIA: Investors Demand Talks With Director
NOVUS PETROLEUM: Sunov Confident New Bid Will Be Accepted  


C H I N A  &  H O N G  K O N G

ASIA PACIFIC: Schedules Winding Up Hearing For June 2
CHINA UNITED: Narrows 2003 Net Loss To HK$33.7M
CHINA UNITED: AGM Set May 31
DOHALL PROMOTION: Schedules Winding Up Hearing
GUANG CHAO: Winding Up Hearing Set For May 19

HK CONSTRUCTION: Narrows 2003 Net Loss To HK$409M
HOWAY INTERNATIONAL: Date for Hearing of Petition Set
MAX RICH: Faces Winding Up Petition
WINSAN INVESTMENT: Widens 2003 Net Loss to HK$86M


I N D O N E S I A

ASIA PULP: GE Capital Withdraws Participation in Proceedings
BANK DANAMON: Posts 1Q Net Profit of Rp503B  
BANK DANAMON: IBRA Declares Bank Financially Fit
BUMI RESOURCES: Financial Advisor Studies Refinancing Options


J A P A N

FUJITSU LIMITED: Revises Financial Results for Fiscal 2003
JAPAN AIRLINES: Enters Alliance With East Japan Rail
MITSUBISHI MOTORS: DaimlerChrysler Bails Out
MITSUBISHI MOTORS: Mitsubishi Group to Continue to Support
MITSUBISHI MOTORS: S&P Cuts Rating to CCC-

T&P PROMOTION: Golf Course Enters Bankruptcy


K O R E A

HANARO TELECOM: Implements Second Stage of Restructuring
HANARO TELECOM: Discloses 2004 March Subscriber Numbers
KOOKMIN BANK: Audit Committee Member Resigns
KOOKMIN BANK: Unveils Partial Disposition of Treasury Stocks
SK CORPORATION: Issues W300B in Bonds


M A L A Y S I A

EMICO HOLDINGS: Enters Into a Supplementary Agreement
FORESWOOD GROUP: Request for Time Extension Granted
HAP SENG: Buys Back 20,000 Units of Ordinary Shares
HO WAH: Posts Listing and Quotation of New Shares
MANGIUM INDUSTRIES: Announces Appointments to Audit Committee

PAN PACIFIC: Audit Firm Submits Investigative Report
PERNAS INTERNATIONAL: Intends To Change Company Name
PERNAS INTERNATIONAL: Announces Registrar's Change of Address
PROMTO BERHAD: Holds EGM To Discuss Board Changes And Suits
PROMTO BERHAD: Appoints New Chairman

PROMTO BERHAD: Board Gets New Deputy Chairman
TENAGA NASIONAL: Sets Deadline for Book-Building Exercise
YCS CORPORATION: Receives Time Extension from BMSB


P H I L I P P I N E S

ATLAS CONSOLIDATED: Postpones Annual Stockholders Meeting
INTERNATIONAL CONTAINER: Submits SEC Form 23-B
MANILA ELECTRIC: Sets Investor's Briefing on April 27
MUSIC SEMICONDUCTORS: Postpones Annual Stockholders Meeting
NATIONAL BANK: To Dispose Of Bad Assets Before Tax Perk Expires  

NATIONAL BANK: Nets PhP20M in First Quarter of 2004
NATIONAL BANK: Clarifies News Article
VICTORIAS MILLING: Submits SEC Form 17-IS


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Unveils Results for First Quarter 2004
CHARTERED SEMICONDUCTOR: 2004 Capital Spending Within Bounds
KOH BROTHERS: Clarifies Points in Annual Report
NEPTUNE ORIENT: Posts Changes in Audit Committee
PINKROCADE EDUCATIONAL: Issues Dividend Notice

     -  -  -  -  -  -  -  -  

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A U S T R A L I A
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MONITORED INVESTMENT: Court Appoints Liquidator
-----------------------------------------------
The Australian Securities and Investments Commission (ASIC)
released the order of the Queensland Supreme Court on Monday
which states that a liquidator will be appointed to wind up
Monitored Investment Services (QLD) Pty Ltd (Monitored
Investments), a previously licensed securities dealership,
following orders sought by the Australian Securities and
Investments Commission (ASIC).

The Court appointed Mr. Ian Hall of Pricewaterhouse Coopers as  
Monitored Investments' liquidator. The Court also ordered that
Monitored Investments be wound up in insolvency and that the
Deed of Company Arrangement dated the April 15, 2004 be
terminated.

The Deed of Company Arrangement had been executed by Monitored
Investments, the administrators for Monitored Investments Messrs
John Richard Park and Lachlan Stuart McIntosh of Korda Mentha,
and Mr Ronald Stanton Moore of Relation Pty Ltd as trustee for
the More Unit Trust and Lintside Pty Ltd.

The order follows an investigation by ASIC into the affairs of
Monitored Investments. The investigation is continuing.

Background

In October 2003, ASIC filed an application to wind up Monitored
Investments, and for the payment of compensation by Mr. Moore,
and parties related to Monitored Investments. ASIC alleges that
Mr. Moore breached his duties as a director of Monitored
Investments by disbursing the proceeds of the sale of Monitored
Investments' business assets to entities related to Mr. Moore.

Mr. Moore and the former and current trustees of the More Unit
Trust provided undertakings to the Supreme Court that, until the
application was heard, they would not dispose of, or otherwise
deal with any interest in the property owned by the former
trustees of the Trust, except as expressly provided for in the
undertaking.


NATIONAL AUSTRALIA: Investors Demand Talks With Director
--------------------------------------------------------
National Australia Bank's institutional investors wants to talk
to the banks director Catherine Walter to discuss what they need
to know inside the boardroom.  Up to now Ms. Walter has not
provided the investors with explanation on why she wants the
other seven investors to be removed from the board, The Age
newspaper reports.

"We are outsiders and do not know what is going on inside the
boardroom," the fund manager said. "Ms. Walter might be able to
provide some insightful views on how the other directors perform
- it would help to get a view from someone on the inside."

Investors had failed to broker a compromise between the
conflicting parties and expresses growing concern that the
conflict might not be resolved until the Extraordinary General
Meeting on May 21.


NOVUS PETROLEUM: Sunov Confident New Bid Will Be Accepted  
---------------------------------------------------------
Sunov Petroleum is positive that Novus Petroleum will accept its
bid of A$1.85 per share as the rival bidder has not indicated
any intentions to bid higher than what Sunov offers, according
to Asia Pulse.

The revised Sunov offer represents a 50.4 per cent premium to
the volume weighted average price of Novus shares in the 12
months prior to when the Medco bid was announced in late
December.

Bob Williams, Novus' chief executive, who is also behind the
Sunov bid, says the rival bidder Medco Energi had aroused
confusion to the market.

"It's been four months since they announced their intention to
bid and in that entire time they have not freed up a single
condition and not looked to lift their bid at all.  I just don't
think they are real." Mr. Williams added.


==============================
C H I N A  &  H O N G  K O N G
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ASIA PACIFIC: Schedules Winding Up Hearing For June 2
-----------------------------------------------------
Notice is hereby given that a petition for the winding up of
Asia Pacific International Food Limited by the High Court of
Hong Kong was on the 22 March 2004 presented to the said Court
by Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong. The said petition will be heard before the
Court at 9:30 a.m. on the 2 June 2004. Any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose. A
copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

Tsang, Chan & Wong
Solicitors for the Petitioner,
16th Floor, Wing On House
71 Des Voeux Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 1 June 2004.


CHINA UNITED: Narrows 2003 Net Loss To HK$33.7M
-----------------------------------------------
China United International Holdings Limited incurred a net loss
of HK$33.739 million for the year ended 2003, against a net loss
of HK$199.369 million a year earlier, Infocast News reports. No
final dividend was declared.  


CHINA UNITED: AGM Set May 31
----------------------------
In a disclosure to the Stock Exchange of Hong Kong Limited, the
Annual General Meeting (AGM) of the Members of China United
International Holdings Limited will be held at Function Room
III, Ground Floor, City Garden Hotel, 9 City Garden Road, North
Point, Hong Kong on 31 May 2004 at 9:00 a.m. for the following
purposes:

1. To receive and consider the Financial Statements and the
Report of the Directors and Auditors of the Company for the year
ended 31 December 2003.

2. To re-elect directors and to authorize the Board of directors
to fix their remuneration.

3. To re-appoint auditors and to authorize the Board of
directors to fix their remuneration. As special business, to
consider and if thought fit, pass with or without modification
the following as a special resolution:

4. "THAT the articles of association of the Company be amended
as follows:

(A) By deleting the words "Securities and Futures (Clearing
Houses) Ordinance (Cap 420 of the Laws of Hong Kong)" in the
definition of "clearing houses" in Article 2 and replacing it
with the words "the Securities and Futures Ordinance (Chapter
571 of the Laws of Hong Kong)";

(B) (i) by renumbering existing Article 16 as Article 16A;

   (ii) by deleting in the second and third lines of Article 16
the words "without payment to receive within two months after
allotment or lodgment of a transfer" and replacing it with the
words "to receive within two months after allotment or within
ten business days after lodgment of a transfer";

  (iii) by deleting the words "after the first" in the tenth
line immediately after the words "every certificate"; and

   (iv) by inserting the following as Article 16(B):-

"For the purpose of this Article 16, "business day" means any
day on which the market is open for the business of dealing in
securities; "transfer" means a transfer duly stamped and
otherwise valid, and does not include such a transfer as the
Company is for any reason entitled to refuse to register and
does not register.";

(C) By inserting the following as new Article 86(c) immediately
after Article 86(b): "(c) Where the Company has knowledge that
any member is, under the Rules required to abstain from voting
on any particular resolution or restricted to voting only for or
only against any particular resolution, any votes cast by or on
behalf of such member in contravention of such requirement or
restriction shall not be counted.";

(D) By deleting the word "special" in Article 107(A)(viii) and
replacing it with the word "ordinary";

(E) By deleting the existing Article 108(B) in its entirety and
replacing it with the following new Article 108(B): "108(B). A
Director shall not vote (nor shall he be counted in the quorum)
on any resolution of the Board approving any contract or
arrangement or any other proposal in which he or any of his
associate(s) has a material interest, but this prohibition shall
not apply to any of the following matters, namely:

(i) Any contract or arrangement for the giving of any security
or indemnity to the Director or his associate(s) in respect of
money lent or obligations incurred or undertaken by him or any
of them at the request of or for the benefit of the Company or
any of its subsidiaries;

(ii) Any contract or arrangement for the giving of any security
or indemnity to a third party in respect of a debt or obligation
of the Company or any of its subsidiaries for which the Director
or his associate(s) has himself or themselves assumed
responsibility in whole or in part whether alone or jointly
under a guarantee or indemnity or by the giving of security;

(iii) Any proposal concerning an offer of the shares or
debentures or other securities of or by the Company or any other
company which the Company may promote or be interested in for
subscription or purchase where the Director or his associate(s)
is/are or is/are to be interested as a participant in the
underwriting or sub-underwriting of the offer;

(iv) Any contract or arrangement in which the Director or his
associate(s) is/are interested in the same manner as other
holders of shares or debentures or other securities of the
Company by virtue only of his/their interest in shares or
debentures or other securities of the Company;

(v) Any proposal concerning any other company in which the
Director or his associate(s) is/are interested in, whether
directly or indirectly, as an officer or a shareholder or in
which the Director or his associate(s) is/are beneficially
interested in shares of that company other than a company in
which the Director and any of his associates are beneficially
interested in 5 per cent. or more of the issued shares of any
class of such company (or of any third company through which his
interest or that of his associates is derived) or of the voting
rights; and (vi) any proposal or arrangement for the benefit of
employees of the Company or its subsidiaries including:

   (a) The adoption, modification or operation of a pension fund
or retirement, death or disability benefits scheme which relates
both to the Directors, his associates and employees of the
Company or of any of its subsidiaries and does not give any
Director or his associate(s), as such any privilege or advantage
not generally accorded to the class of persons to which such
scheme or fund relates; or

  (b) The adoption, modification or operation of any employees'
share scheme or share incentive scheme or share option scheme
under which the Director or his associate(s) may benefit.";

(F) By deleting the word "special" in Article 111 and replacing
it with the word "ordinary";

(G) By deleting the existing Article 123 in its entirety and
replacing it with the following new Article 123: "No person
other than a Director retiring at a meeting shall, unless
recommended by the Directors for election, be eligible for
election as Director at any general meeting unless a notice
signed by a member (other than the person to be proposed) duly
qualified to attend and vote at the meeting for which such
notice is given of his intention to propose such person for
election and also a notice signed by the person to be proposed
of his willingness to be elected shall have been lodged at the
registered office of the Company provided that the minimum
length of the period during which such notice(s) are given shall
be at least seven (7) days and that the period for lodgment of
such notice(s) shall commence no earlier than the day after the
dispatch of the notice of the general meeting appointed for such
election and end no later than seven (7) days prior to the date
of such general meeting."";

(H) By deleting in the third and fourth lines of Article 178(A)
the words "paragraph (c) of the proviso to Section 165"
immediately after the words "mentioned in" and replacing it with
the words "Section 165(2)";

(I) By deleting in the first line of Article 178(B) the words
"Section 165 of" immediately after the words "Subject to" and
replacing it with the words "the provisions of and so far as may
be permitted by"; and

(J) By adding immediately after Article 178 (B) the following
new Article: "178 (C) Subject to the provisions of and so far as
may be permitted by the Companies Ordinance, the Company may
purchase and maintain for any officer of the Company:

  (i) Insurance against any liability to the Company, a related
company or any other party in respect of any negligence,
default, breach of duty or breach of trust (save for fraud) of
which he may be guilty in relation to the Company or a related
company; and

(ii) insurance against any liability incurred by him in
defending any proceedings, whether civil or criminal, taken
against him for any negligence, default, breach of duty or
breach of trust (including fraud) of which he may be guilty in
relation to the Company or a related company.

For the purpose of this Article 178(C), "related company" in
relation to the "Company" means any company that is the
Company's subsidiary or holding company or a subsidiary of the
Company's holding company."

By order of the Board China United International Holdings
Limited
Yung Mei Yee
Company Secretary
Hong Kong, 22 April 2004

Notes:

(a) A Member entitled to attend and vote at the above meeting is
entitled to appoint a proxy or proxies to attend and, on a poll,
vote instead of him. A proxy need not be a member of the
Company.

(b) To be valid, a form of proxy and the power of attorney or
other authority (if any) under which it is signed or a
notarially certified copy of that power or authority must be
deposited at the Company's registered office in Hong Kong at
32nd Floor, China United Centre, 28 Marble Road, North Point,
Hong Kong not less than 48 hours before the time fixed for the
holding of the meeting or any adjournment thereof.

(c) In relation to resolution 4 above, the purpose is to align
the Articles of Association of the Company with certain
amendments to the Rules Governing the Listing of Securities on
the Stock Exchange of Hong Kong Limited (Listing Rules) (which
became effective on 31 March 2004) and the Companies (Amendment)
Ordinance 2003 (which came into effect on 13 February 2004). The
rationale for the proposed amendments to the Articles of
Association of the Company is set out below:

(i) To conform with the amended Appendix 3 to the Listing Rules
which requires, inter alia, that there be a minimum period
during which notice may be given by a member (other than the
Director to be proposed) of his intention to propose a person
for election as a Director and during which notice is also given
by such person of his willingness to be elected. The minimum
period must be fixed for at least seven days and the period for
lodgment of such notice(s) should commence no earlier than the
dispatch of the notice of the meeting appointed for such
election and end no later than seven days before the date of
such meeting.

(ii) To conform with the amended Appendix 3 to the Listing
Rules which requires where any member is, under the Listing
Rules required to abstain from voting on any particular
resolution or restricted to voting only for or only against any
particular resolution, any votes cast by or on behalf of such
member in contravention of such requirement or restriction shall
not be counted.

(iii) To conform with the provisions of the amended Appendix 3
to the Listing Rules so that, inter alia, subject to certain
exceptions, a Director is not allowed to vote on any resolution
of the Board approving any contract or arrangement or any other
proposal in which he or any of his associates has a material
interest nor shall he be counted in the quorum present at the
meeting.

For a copy of the Company's audited consolidated results for the
year ended 31 December 2003, go to
http://bankrupt.com/misc/trap_chinaunited0426.pdf


DOHALL PROMOTION: Schedules Winding Up Hearing
----------------------------------------------
Notice is hereby given that a petition for the winding up of
Dohall Promotion Limited by the High Court of Hong Kong was on
24 March 2004 presented to the said Court by The World Realty
Limited whose registered office is situated at Top Floor,
Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon,
Hong Kong. The said petition will be heard before the Court at
9:30 a.m. on the 2 June 2004. Any creditor or contributory of
the said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose. A copy of the petition
will be furnished to any creditor or contributory of the said
company requiring the same by the undersigned on payment of the
regulated charge for the same.

Ford, Kwan & Co.
Solicitors for the Petitioner,
Rooms 1202-1206, 12th Floor, Wheelock House
20 Pedder Street, Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 1 June 2004.


GUANG CHAO: Winding Up Hearing Set For May 19
---------------------------------------------
Notice is hereby given that a petition for the winding up of
Guang Chao China Travel Service Group (Hong Kong) Company
Limited by the High Court of Hong Kong was on the 17 March 2004
presented to the said Court by Bank of China (Hong Kong) Limited
whose registered office is situated at 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong.  The said petition
will be heard before the Court at 9:30 a.m. on the 19 May 2004.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 18 May 2004.


HK CONSTRUCTION: Narrows 2003 Net Loss To HK$409M
-------------------------------------------------
Hong Kong Construction (Holdings) Ltd booked a net loss of
HK$409.4 million for 2003, versus a net loss of HK$497.7 million
(restated) a year earlier, according to Infocast News. The loss
per share (LPS) was $0.67. No final dividend was declared.


HOWAY INTERNATIONAL: Date for Hearing of Petition Set
-----------------------------------------------------
Notice is hereby given that a petition for the winding up of
Howay International Limited by the High Court of Hong Kong was
on the 26 February 2004 presented to the said Court by Bank of
China (Hong Kong) Limited, whose registered office is situated
at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.  The said petition is directed to be heard before the
Court at 9:30 a.m. on the 12 May 2004 and any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose. A
copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

Chu & Lau
Solicitors for the Petitioner,
2nd Floor, The Chinese General Chamber of Commerce Building
No.24-25 Connaught Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 11 May 2004


MAX RICH: Faces Winding Up Petition
-----------------------------------
Notice is hereby given that a petition for the winding up of Max
Rich Limited by the High Court of Hong Kong was on 30 March 2004
presented to the said Court by Bank of China (Hong Kong)
Limited, whose registered office is situate at 14th Floor, Bank
of China Tower, No. 1 Garden Road, Central, Hong Kong.  The said
petition will be heard before the Court at 9:30 a.m. on the 9
June 2004. Any creditor or contributory of the said company
desirous to support or oppose the making of an order on the said
petition may appear at the time of hearing by himself or his
counsel for that purpose. A copy of the petition will be
furnished to any creditor or contributory of the said company
requiring the same by the undersigned on payment of the
regulated charge for the same.

Messrs. Wat & Co.
Solicitors for the Petitioner,
12th Floor, Chuang's Tower
30&32 Connaught Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 8 June 2004.


WINSAN INVESTMENT: Widens 2003 Net Loss to HK$86M
-------------------------------------------------
Winsan (China) Investment Group incurred a net loss of HK$85.756
million for 2003, versus a net loss of $47.177 million a year
earlier, according to Infocast News. The loss per share (LPS)
was 5.5 cents. No final dividend was declared.  

In a disclosure to the Stock Exchange of Hong Kong Limited, the
group's capital adequacy and liquidity as at 31 December 2003
had a deficit on net tangible assets of HK$67,223,000 (2002:
HK$40,583,000) and a net current liability of HK$70,155,000
(2002:HK$47,213,000) (inclusive of the amounts due to related
companies).

The unsatisfactory results and the funding of the operations by
the major shareholder contributed to the increment of the total
liabilities to the total assets ratio from 75 percent as at 31
December 2002 to 992 percent as at 31 December 2003.

The Directors recognize that in view of the uncertainty in the
market in the immediate future, the continuation of the Group's
business will depend on the financial support of its directors
and major shareholders. In this connection, Mr. Chan Chak Shing
has confirmed that he will provide the necessary funding to the
Group as and when necessary up to the completion of the
Acquisition. In the event that the Acquisition could not be
completed, Mr. Chan will continue to provide the financial
support to the Group as and when necessary for a period of
twelve months from the date of this announcement.

BANK LOANS

As at 31 December 2003, the balance of bank and other loans was
HK$7,710,000 (2002:HK$20,755,000) while the balance of bank
overdraft was HK$464,000 (2002:HK$4,891,000). Out of the bank
and other loans as well as the bank overdrafts, HK$4,591,000
(2002: HK$13,577,000) was denominated in Hong Kong dollars and
the remaining balance was denominated in Renminbi. Except for a
fixed rate government loan of approximately HK$755,000 at 2.5%
per annum and an interest free government loan of approximately
HK$2,828,000, the remaining bank loans as well as the bank
overdraft are floating rate facilities.

Since the interest rate for both Hong Kong dollar and Renminbi
is relatively stable in the previous years, no financial
derivatives was arranged to mitigate the fluctuation of the
interest rate risk during the year.

As its principal activities are mainly carried out in the
Mainland China, the fluctuation of the exchange rate between
Hong Kong dollar and Renminbi is critical to our business. Since
the value of Renminbi is relatively stable in the previous
years, no hedging instrument had been arranged for the
mitigation of the exchange rate risk.

For a copy of the Company's audited results and its subsidiaries
for the year ended December 31, 2003, go to
http://bankrupt.com/misc/tcrap_winsaninvestment0426.pdf


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ASIA PULP: GE Capital Withdraws Participation in Proceedings
------------------------------------------------------------
In a company press release, Asia Pulp & Paper Company Ltd (APP),
PT Indah Kiat Pulp and Paper Corporation Tbk (Indah Kiat) and PT
Lontar Papyrus Pulp & Paper Industry (Lontar) announced on
Thursday, that General Electric Capital Corporation (GE Capital)
is no longer participating in legal proceedings originally
commenced in New York by GE Capital, Oaktree Capital Management
LLC and Gramercy Advisors LLC (among others) as Plaintiffs and
APP,Indah Kiat, Lontar, Indah Kiat International Finance Company
B.V. and APP International Finance Company, B.V. as Defendants
(collectively the "APP Companies") with respect to certain bond
issues issued and/or guaranteed by the APP Companies.

APP's Chief Executive Officer, Teguh Ganda Wijaya said, "We are
very pleased that GE Capital is no longer a plaintiff in legal
proceedings against us in relation to the bonds. This enables us
to focus more productively on the consensual out-of-court
restructuring so as to achieve a successful completion of the
restructuring at the earliest possible date.

While we welcome GE Capital's decision, we are disappointed that
others continue to put the consensual restructuring and the
interests of all stakeholders, in particular, the bonafide long-
term creditors at risk by continuing to pursue litigation
against us. We are aware that such persons have purchased, and
continue to purchase our bond debt in the market at significant
discounts to face value and are now engaging in hostile action
against us in order to extract or greenmail us into buying them
out at a premium to the detriment of all our other stakeholders.

It is our duty to prevent all such attempts to demand
preferential treatment. We will continue to use all lawful means
available to us to vigorously defend any litigation that is
calculated to destroy or adversely impact the consensual out-of-
court restructuring. Where necessary, we will not hesitate to
take offensive legal measures against those who continue to
jeopardize the consensual restructuring by taking hostile action
against us.


BANK DANAMON: Posts 1Q Net Profit of Rp503B  
-------------------------------------------
Bank Danamon reported an increase its first quarter net profit
by 86.3 percent to Rp503 billion (US$59.18 million) compared to
Rp270 billion in the same period last year, according to The
Jakarta Post.

The increase is attributed mainly to higher net interest income,
which increased by 55 percent to Rp944 billion, Chief financial
officer Vera Eva Lim said.

However the bank's non-performing loans ratio (NPL) increased to
4.7 percent from 2.8 percent, which was due to the bank's
purchase of NPL assets from the Indonesian Bank Restructuring
Agency (IBRA).   

The bank also recorded an increase in its capital adequacy ratio
(CAR) to 38.3 percent from 25.1 percent due its issuance of $300
million worth of subordinated debt issued in March.  Outstanding
loans increased to Rp20.96 trillion from Rp20.28 trillion, while
loan-to-deposit ratio stood at 54.1 percent as of March 31, Ms.
Vera said.


BANK DANAMON: IBRA Declares Bank Financially Fit
------------------------------------------------
Bank Danamon has been declared financially fit by the Indonesian
Restructuring Agency (IBRA), according to The Jakarta Post.

The bank along with Bank International Indonesia (BII) and Bank
Permata has fulfilled the minimum required capital adequacy
ratio (CAR), kept their non-performing loans (NPL) in check and
fulfilled all their other obligations to the state, IBRA chief
Syafruddin A. Temenggung said on Thursday during the hand-over
ceremony.

IBRA was set up in the wake of the 1990 financial crisis by the
Indonesian government to take over mismanaged banks affected by
the crisis.  IBRA was officially closed on February 27 of this
year but a skeleton staff is still helping wrap up some cases
until the end of April.


BUMI RESOURCES: Financial Advisor Studies Refinancing Options
--------------------------------------------------------------
Bumi Resources' affiliate PT Kaltim Prima Coal (KPC), and its
financial advisors are studying on some options to refinance the
loan of Bumi.  The option includes an issuance of KPC's bonds
worth US$450 million, IndoExchange reports.

The issuance of the bond might take place in the first half of
this year, but Bumi Resources sitll has to determine which
option should be chosen, Bumi's president director Arie S Hudaya
said, quoted by Bisnis Indonesia.

Bumi will issue an announcement as to whatever option they have
decided to undertake.  In its previous announcement KPC said it
would assign Credit Suisse First Boston (CSFB) and JP Morgan as
co-arrangers.

This year, Bumi Resources has issued bonds or shares through
loans to reduce debt repayment burden especially for high
interest debts, TCR-Asia Pacific reported recently.


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


FUJITSU LIMITED: Revises Financial Results for Fiscal 2003
----------------------------------------------------------
Following a meeting of its Board of Directors on April 22,
Fujitsu Limited issued the following revised projections and
guidance regarding its financial results for the fiscal year
ending March 31, 2004 (Fiscal Year 2003).

In a company press release, the company now forecasts fiscal
year consolidated net income of 50 billion yen, an increase over
previous projections. Unconsolidated net income is now forecast
at 17 billion yen, a decrease over previous estimates. Fujitsu
also announced that a fiscal year-end dividend of 3 yen per
share would be paid.

REVISED FISCAL YEAR 2003 CONSOLIDATED AND UNCONSOLIDATED
FINANCIAL RESULTS FORECAST

Taking into account an extraordinary gain recorded in
conjunction with the transfer of the substitutional portion of
its employees' pension plan to the Japanese government and
proceeds from the sale of fixed assets, as well as extraordinary
losses relating to restructuring charges and valuation losses on
affiliated companies, Fujitsu revised its projected FY 2003
financial results as follows:

FY 2003 CONSOLIDATED FINANCIAL RESULTS FORECAST
(For fiscal year from April 1, 2003 to March 31, 2004)

                        (Billion yen)

                    Net Sales   Operating    Net
                                 Income     Income

Previous forecast  4,750.0      150.0       30.0
(A)

Revised forecast   4.766.0      150.0       50.0
(B)

Increase or decrease  16.0          0       20.0
(B-A)

Percentage of         0.3%        0.0%     66.7%
increase or decrease

FY 2002 results     4,617.5      100.4    -122.0


FY2003 Unconsolidated Financial Results Forecast
(For fiscal year from April 1, 2003 to March 31, 2004)

                                  (billion yen)

                    Net Sales   Operating    Net
                                 Income     Income

Previous forecast  2,730.0       40.0       120.0
(A)

Revised forecast   2,788.0       33.0       17.0
(B)

Increase or decrease  58.0        -7.0     -103.0
(B-A)

Percentage of         2.1%        -17.5%    -85.8%
increase or decrease

FY 2002 results     2,695.0       21.8      -175.0

          
EXPLANATION OF REVISIONS TO FY 2003 FINANCIAL RESULTS FORECAST

Gains on Transfer of Substitutional Portion of Employees'
Pension Plan

In response to the enactment of the Contributed Benefit Pension
Plan Law in Japan, Fujitsu applied for an exemption from the
obligation to pay benefits for future employee services related
to the substitutional portion. On March 23, 2004, the company
received approval of the exemption from the Minister of Health,
Labor and Welfare. Applying the transitional provisions as
prescribed in paragraph 47-2 of "Practical Guidelines of
Accounting for Retirement Benefits - Interim Report" (Accounting
Committee Report No. 13 issued by the Japanese Institute of
Certified Public Accountants), Fujitsu accounted for the
elimination of the future and past benefit obligations of the
substitutional portion as well as the related government-
specified portion of the employees' pension plan assets at the
date of the approval.

As a result, for fiscal year 2003 the company recorded an
extraordinary gain of 146.5 billion yen on a consolidated basis
and 81.3 billion yen on an unconsolidated basis.

SALE OF FIXED ASSETS

In order to fund its shareholders' equity, which has been
reduced over the past two years of operational restructuring,
Fujitsu sold investment securities and tangible fixed assets in
fiscal year 2003. The company also securitized the land and
buildings of its newly constructed Fujitsu Solution Square in
Kamata, Tokyo and sold some employee fringe benefit-related real
estate and other assets. As a result, on both a consolidated and
unconsolidated basis, the company recognized gains of 13.6
billion yen on the sale of these assets.

RESTRUCTURING CHARGES

Global restructuring focusing on North America

Under the banner of "One Fujitsu," the company has been pursuing
the development of a global business structure that can provide
customers in each region with high-quality, one-stop solutions.
During FY 2003, focusing primarily on restructuring of its North
American operations, Fujitsu took such measures as reducing
overlapping functions and personnel at its overseas operations
and disposing of under-performing assets. These measures
resulted in an extraordinary loss of about 75.7 billion yen on a
consolidated basis (4.3 billion yen of which was booked during
the first three quarters of the fiscal year).

Separately, on an unconsolidated basis, Fujitsu recorded an
extraordinary loss of about 201.0 billion yen (22.8 billion yen
of which was booked during the first three quarters) owing to
valuation losses on subsidiaries in connection with the
liquidation of its North American holding company, Fujitsu IT
Holdings. With respect to consolidated accounts, operating
results of its subsidiaries were already included in income in
FY 2003 or earlier periods and thus not recorded as valuation
losses.

Fundamental reform of domestic software and services business
In the software and services business, increasingly diverse
customer requirements and a broader range of options
accompanying the shift toward open standards have increased the
complexity of systems development work. Moreover, constant
changes in customers' business environments and quicker
development turnaround times have increased project management
risk. At the end of FY 2003, along with recognizing future
losses relating to projects whose worsening prospects for
profitability became apparent, Fujitsu carried out an exhaustive
analysis of all projects under development at fiscal year-end to
predict future returns, including for work not yet implemented.
In this regard, the company recorded an extraordinary loss of
about 68.3 billion yen on a consolidated basis, and about 64.0
billion yen on an unconsolidated basis.

Going forward, through such measures as increasing the
transparency of contractual arrangements with customers and
suppliers, Fujitsu will reform its business methods from the
ground up, redoubling efforts to further improve customer
satisfaction. In addition, along with further advancing its
development technologies, the company will strive to increase
awareness of income throughout the project lifecycle, thereby
improving overall visibility and profitability management moving
toward implementation of percentage of completion accounting.

ABOUT FUJITSU

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, highly reliable computing and
telecommunications platforms, and a worldwide corps of systems
and services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 4.6 trillion yen
(US$38 billion) for the fiscal year ended March 31, 2003.

PRESS CONTACTS  

Fujitsu Limited
Public & Investor Relations
Shiodome City Center
1-5-2 Higashi-Shimbashi, Minato-ku
Tokyo, 105-7123 Japan
Tel: +81 (0) 3-6252-2176
Fax: +81 (0) 3-6252-2783


JAPAN AIRLINES: Enters Alliance With East Japan Rail
----------------------------------------------------
Japan Airlines System Corporation (JAL) and East Japan Railway
Co. have reached agreement to cooperate on a wide range of
business activities, the first of which is a new credit and
electronic money card created by combining the JAL Group's
JALCARD and the JR East "View Suica" credit and electronic money
card. The new card will be called "JALCARD SUICA" and will be
introduced in the Japanese domestic market in winter 2004.

In a JAL Company press release, the new card will provide a wide
range of interchangeable benefits for air and rail users.
Cardholders will be able to use the card to earn flight miles,
as a credit card and to pay for rail transport through an IC
stored fare function. When using it as a credit card to buy rail
fares, "JALCARD SUICA" can accumulate JR East "Thanks Points"
which can be used to credit future rail travel or converted to
air miles in the JAL Mileage Bank (JMB), the airline's frequent
flyer program (FFP).

JALCARD has 1.2 million members and an annual turnover of 746
billion yen. Holders of the JAL CARD are also eligible to be
members of the JAL Mileage Bank (JMB). JMB currently has 15.9
million members and members can earn miles through taking
flights, shopping, dining, car rental and other methods.

JR East's "View Suica" credit card - introduced in June 2003 -
is a combination of the JR "View" credit card and the JR "Suica"
card, an IC stored-fare computer pass card for rail travel and,
since March 22, 2004, for shopping at JR East station shops and
food outlets.

About 8.3 million Suica IC fare cards have been issued and rail
commuters can use them to pay for rail travel at 481 JR East
railway stations in the Kanto and Sendai areas, on the Tokyo
Monorail linking central Tokyo with Haneda Airport and also on
the Tokyo Waterfront Railway (Rinkai Line).

There are about 2.6 million JR East "View" credit card holders,
including "View Suica" cards and the annual "View" card turnover
is 257.6 billion yen. (*The Kanto area of Japan includes
metropolitan Tokyo and neighbouring prefectures. Sendai is the
prefectural capital of Miyage Prefecture in northeast Japan).

If a "JALCARD SUICA" cardholder earns 10,000 miles from JAL
through the JAL Mileage Bank, the miles can be used to pay for
rail fares equivalent to 10,000 yen.

A "JALCARD SUICA" cardholder arriving by JAL domestic flight at
Tokyo's Haneda Airport, for example, could use the card for
buying the air fare, for paying the Haneda Monorail fare to
central Tokyo and subsequent paying for connecting JR East rail
fares, making the journey cashless and seamless. At each stage
of such a journey, cardholders can earn benefits, in addition to
enjoying greatly enhanced convenience.

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


MITSUBISHI MOTORS: DaimlerChrysler Bails Out
--------------------------------------------
DaimlerChrysler AG will stop providing financial aid to
Mitsubishi Motors Corporation estimated by executives to cost
US$6.4 billion, according to Bloomberg News.

The board decided not to participate in a capital increase
planned by Mitsubishi Motors and to cease further financial
support,'' DaimlerChrysler said in a statement. Talks failed to
reach a solution to the ``earnings collapse'' at Japan's
fourth-largest carmaker, DaimlerChrysler said.

The surprise withdrawal would leave the struggling carmaker
without funds to pay off 1.1 trillion yen (US$10 billion) in
debt and design new models. DaimlerChrysler Chairman Juergen
Schrempp, who is also seeking to reverse losses at Chrysler in
the U.S., wouldn't rule out a split from 37-percent owned
Mitsubishi Motors at a meeting with shareholders this month.


MITSUBISHI MOTORS: Mitsubishi Group to Continue to Support
----------------------------------------------------------
The Mitsubishi Group will still support Mitsubishi Motors
Corporation despite DaimlerChrysler AG's earlier decision not to
inject capital into the struggling carmaker, Agence
France-Presse reported on Friday. DaimlerChrysler is Mitsubishi
Motors' biggest shareholder, having a 37 percent equity stake in
the carmaker.


MITSUBISHI MOTORS: S&P Cuts Rating to CCC-
------------------------------------------
Standard & Poor's Ratings Services (S&P) has lowered its
long-term corporate credit rating on Mitsubishi Motors
Corporation to 'CCC-' from 'B-' and its rating on the company's
senior unsecured debt to 'CCC+' from 'B+'. All the ratings on
the Company remains on CreditWatch with negative implications.

The downgrade and CreditWatch status reflect heightened
debt-restructuring risks under the company's upcoming
restructuring plan, following the announcement by
DaimlerChrysler AG (BBB/Negative/A-2) that it will not
participate in a capital increase planned by Mitsubishi Motors
and will not extend further financial support.

"Without financial support from DaimlerChrysler, the largest
share holder with a 37 percent stake, Mitsubishi Motors' need
for debt restructuring has heightened," said Chizuko Satsukawa,
a credit analyst at Standard & Poor's.

Under Standard & Poor's ratings criteria, an 'SD' rating is
assigned to a company if it selectively defaults on a specific
issue or class of obligations, but continues to meet its payment
obligations on other issues or classes of obligations in a
timely manner.

Mitsubishi Motors' senior unsecured debt rating is higher than
the issuer rating, reflecting the better protection for
bondholders than bank lenders, given the likelihood of support
by key creditor banks through loan waivers.

The CreditWatch status will be resolved after Standard & Poor's
completes an assessment of Mitsubishi Motors' restructuring
plan.

The corporate credit rating could be lowered further if large,
additional restructuring losses cause the company's financial
profile to worsen further, or debt restructuring becomes
imminent.


T&P PROMOTION: Golf Course Enters Bankruptcy
--------------------------------------------
T & P Promotion K.K. has entered bankruptcy, according to
Teikoku Databank America. The golf course management firm, which
is located at Shioya-gun, Tochigi, Japan, has total liabilities
of US$65.40 million.


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


HANARO TELECOM: Implements Second Stage of Restructuring
--------------------------------------------------------
Hanaro Telecom, Inc. announced the implementation of its
second-stage organizational restructuring, filed with the Korea
Securities Dealers Association Automated Quotation Market on
April 19, 2004.

Following the recent appointment of a new Chief Financial
Officer, the Company undertook the second-stage organizational
restructuring by appointing Chief Senior Executive Vice
President and launching a Portable Internet Business Task Group.

In a disclosure to the U.S. Securities and Exchange Commission,
Hanaro Inc. also announced that it would break up the current
Sales, Marketing & Operations Division into Marketing and Sales
Divisions.

In an effort to strengthen its market competitiveness, the
Company announced on April 19 that it would reorganize the
current organizational structure from 4 divisions, 22 units, and
68 teams to 6 divisions, 24 units and 75 teams. The new
structure is expected to facilitate the implementation of the
MBO (management by objectives) system, as well as enhance its
operational efficiency and financial transparency.

The Company said the restructuring is a part of its continuing
effort on gearing the Company toward transformation and
innovation since last November, which is in line with the vision
of the CEO to secure competitiveness for the future by enhancing
Hanaro's operational efficiencies and profitability.

The highlights of the restructuring are as follows:

  i) Appointment of a Chief Senior Executive Vice President, who
will be responsible for overseeing the entire operation, and the
first female CFO in Korea's telecommunications industry.

ii) To further strengthen the Strategy Division, a Business
Corporation Team has been created to deal with matters relating
to strategic alliances, M&A and the fine-tuning of business
operations. Also, the role of the Business Strategy unit has
been expanded.

iii) Separating Marketing and Sales to fully leverage the
Company's marketing expertise as well as strengthen its
competitiveness.

Accordingly, Hanaro's organizational structure changed from 4
divisions to 6 divisions. The new appointments are as follows:

   i) Mr. Samuel Kwon - Chief Senior Executive Vice President, -
Mr. Gyu-Seok Oh, Senior Vice President - Chief Strategy Officer
(CSO) - Ms. Janice Lee, Senior Vice President - Chief Financial
Officer (CFO) - Mr. Kyung Lim Yoon, Senior Vice President -
Chief Marketing Officer (CMO)

  ii) Mr. Jung Taik Oh, Senior Executive Vice President - Chief
Operating Officer (COO)

iii)- Mr. Jong Myung Rhee, Senior Executive Vice President -
Chief Technology Officer (CTO).

Mr. Kwon will oversee the Corporate Relations and Corporate
Support Units that are responsible for regulatory affairs and PR
activities. A Portable Internet Business Task Group has been
created to prepare for the procurement of a 2.3GHz broadband
wireless Internet license and will report directly to Mr. Kwon.

The newly created Marketing Division is responsible for
enhancing operational efficiencies and profitability in the
broadband Internet and telephony services. The two new teams -
Marketing Channel Planning and Customer Relationship
Management - will help the Company further enhance customer
satisfaction and achieve efficient control of the distribution
network.

As for the Sales Division, the Seoul Office has been divided
into Kangnam and Kangbuk Branch Offices, and the divisional
structure will change from 2 units and 6 teams to 1 unit and 8
teams.

Meanwhile, the Company said it would continually strive to
become a 'clean company' by reinforcing its internal monitoring
system. Mr. Yoon, the CEO of Hanaro Telecom, commented, "This
restructuring is aimed at profit generation by establishing a
responsible management system and strengthening our business
competitiveness." He also added, "The Company will complete the
restructuring process by overhauling the current HR practices
and will strive to meet its business objectives for 2004 of
maximizing customer satisfaction and shareholder returns."


HANARO TELECOM: Discloses 2004 March Subscriber Numbers
-------------------------------------------------------
In a filing to the U.S. Securities and Exchange Commission,
Hanaro Telecom Inc. issued a corporate disclosure regarding a
corrective order issued by the Korean Ministry of Information
and Communication regarding a violation of the foreign ownership
limit under the Korean Telecommunications Business Law.

                  2004 MARCH SUBSCRIBER NUMBERS

1. BROADBAND

                  Products            Number of Subscribers
Residential       ADSL                        1,018,386
                  Cable Modem                 1,467,525
                  SUB-TOTAL                   2,485,911

Corporate         ADSL                        18,440
                  Cable Modem                  1,427
                  SUB-TOTAL                   19,867

VDSL                                          189,511
LMDS                                           25,429
Wireless LAN Note 1)                           26,452

               TOTAL                        2,747,170
               NET ADDITION                    17,033

2. VOICE

                Products                      August

Residential                                    709,989
Corporate                                      278,749
VoIP                                            60,886

                TOTAL                        1,049,624
                NET ADDITION                    19,109

3. LEASED LINE

                 Products                      August

Leased line                                    3,262
Internet dedicated                             3,020
LMDS(I/D)                                         11
Wireless Internet Dedicated                       --
International Leased Line                         34

              TOTAL                            6,327
              NET ADDITION            --         -67

4. GRAND TOTAL

                                          August

                 TOTAL                         3,803,121
                 NET ADDS                         36,075

NOTE 1): BASED ON NUMBER OF IDS, WIRELESS LAN HAS 49,269
SUBSCRIBERS.


KOOKMIN BANK: Audit Committee Member Resigns
--------------------------------------------
On April 21, 2004, Kookmin Bank announced that Sung Nam Lee, an
executive director and a member of the Audit Committee, has
resigned as of Tuesday, as she is a newly-appointed member
of the Monetary Policy Committee of Korea.

According to a filing with the U.S. Securities and Exchange
Commission, Sung Nam Lee has served as an executive director and
a member of the Audit Committee of the bank since 21 March 2003.


KOOKMIN BANK: Unveils Partial Disposition of Treasury Stocks
------------------------------------------------------------
On April 20, 2004, Kookmin Bank officially submitted a statement
of disposition of treasury stocks to Financial Supervisory
Commission (FSC) with regard to the exercise of stock options,
which were granted to three directors and five employees on
March 24, 2001.

A filing to the U.S. Securities and Exchange Commission stated
the actual disposition will be implemented upon each option
holders' requests for the option exercise period ended on March
24, 2007. The disposition details are as follows:

1. Number of treasury stock to be disposed of: 72,376 registered
common shares

2. Exercise price: KRW 25,100

3. Amount of disposition: Approximately KRW 1,816,637,600

4. Disposition method: After-Trading Hour transaction (The
stocks will be distributed to the option holders upon their
requests through the Kookmin Bank's account of Daishin
Securities Co.)

5. Disposition period: From April 26, 2004 to March 24, 2007

Kookmin Bank holds 29,958,147 shares as treasury stock;
approximately 8.91 percent of total issued registered common
stocks of the Bank as of 20 April 2004.

SK CORPORATION: Issues W300B in Bonds
------------------------------------
SK Corporation plans to issue 300 billion won (US$259.7 million)
in bonds to refinance its debt and fund operations, according to
Reuters. The board of directors of the Company approved the
issuance at a meeting earlier on April 22. Details about yield,
maturity and date of issue were not available yet.


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


EMICO HOLDINGS: Enters Into a Supplementary Agreement
-----------------------------------------------------
On behalf of the Board of Directors of Emico Holdings Berhad
(EHB), Affin Merchant Bank Berhad (Affin Merchant) wishes to
announce that the Company had on 21 April 2004 entered into the
Supplementary Agreement (SDRA).

1. BRIEF HISTORICAL BACKGROUND OF THE DEBT RESTRUCTURING SCHEME

On 4 August 2000, Emico announced that the Company and its
subsidiaries (Group) had defaulted in interest and principal
payments of certain banking facilities. On 23 February 2001, the
Company further announced that it is an affected issuer under
the Practice Note 4/2001 (PN4/2001) of the Bursa Malaysia
Securities Berhad (BMSB) Listing Requirements (BMSB Listing
Requirements) which requires the Company to regularize its
financial condition within the period stipulated in Section 5 of
PN4/2001 of the BMSB Listing Requirements.

On 8 August 2001 Emico announced that the Company resolved to
undertake the following proposed debt restructuring scheme for
the debts of Emico Group as at 30 June 1999 of RM117,439,362
(Principal Indebtedness) and had on 8 August 2001, entered into
a debt restructuring agreement (Agreement) with the lenders (as
listed in Table 1 of the announcement on 8 August 2001).
Pursuant to the Agreement, the Lenders have agreed to compromise
on the principal indebtedness and all interest accruing
thereafter until the Debt Conversion Date (as defined in the
Agreement) in the following manner:

a. Conversion of RM9,141,530 of debts into restructured
facilities;

b. Issuance of RM68,297,832 nominal value 4 percent , 5-year
redeemable secured loan stocks (RSLS); and

c. Issuance of RM40,000,000 nominal value of 4 percent, 5-year
irredeemable convertible secured loan stocks (ICSLS)

On 1 July 2002 Emico announced that the Securities Commission
had on 26 June 2002 approved the Proposed Debt Restructuring
Scheme and on 16 September 2002 Emico announced that the
approval from the shareholders of the Company was obtained at an
EGM of the Company convened on 16 September 2002.

On 13 April 2004, the Company announced that the SC had given
its fourth and final approval for application for extension of
time to 24 May 2004 to implement the Proposed Debt Restructuring
Scheme.

2. SUPPLEMENTARY AGREEMENT

The purpose of the SDRA is to incorporate and formalize all the
changes to the terms and conditions in the Agreement to
facilitate the completion of Proposed Debt Restructuring Scheme
within the deadline of 24 May 2004, being the final extension of
time approved by the SC.

The salient amendments to the terms in the Agreement are as
follows:

(i) Proposed Settlement of the Accrued Interest

The accrued interest is essentially the accrued interest on the
Principal Indebtedness (defined in the Agreement) from the Cut-
Off Date (as defined in the Agreement) up until 24 May 2004
(Debt Conversion Date based on the final extension given by SC)
and was not waived pursuant to Clause 3.2.2 of the Agreement.

Clause 3.2.2 of the Agreement states that remaining amount of
Principal Indebtedness that has not been converted and all
accrued interest in respect of the Principal Indebtedness
(except accrued interest from 1 July 1999 up to Cut-Off Date or
the Debt Conversion Date, whichever is the earlier, which shall
be waived by the Lenders) shall be satisfied by issuance of RSLS
and ICSLS

The Cut-Off Date (as defined in the Agreement) where all the
conditions precedent stipulated in Clause 2.1 of the Agreement
was met on 7 October 2002. Hence, based on the Agreement,
interest is chargeable on Emico from 8 October 2002 up to the 24
May 2004, being the Debt Conversion Date (based on the final
extension given by SC). Notwithstanding the above, it was agreed
with the Lenders that the interest be computed from 1 October
2002 up to 24 May 2004 which brings the amount to RM7,491,217
(Accrued Interest).

Pursuant to the SDRA, the Company will make a cash payment to
the Lenders amounting to RM1,091,217 on or before the Debt
Conversion Date (as defined in the DRA) as part settlement of
the Accrued Interest.

(ii) Completion of the Proposed Debt Restructuring Scheme

Pursuant to the SDRA, the Company and the Lenders agree that,
notwithstanding clause 3.2.2 of the Agreement, the Debt
Restructuring Scheme shall be deemed completed upon the
following:

a. all the terms and conditions stipulated in the Proposed Debt
Restructuring Scheme, the Agreement, the SDRA and the Security
Documents (as defined in the Agreement) including but not
limited to the conditions precedent in clause 2 of the Agreement
have been fulfilled to the satisfaction of the Lenders and the
restructuring of Existing Indebtedness have been completed in
accordance with the terms and conditions of the Agreement and
the SDRA;

b. the issuance of the RSLS and ICSLS on Debt Conversion Date;
and

c. the execution and stamping of the SDRA and the originals
thereof have been deposited with the Lenders."

This Bursa Malaysia Securities Berhad announcement is dated 22
April 2004.


FORESWOOD GROUP: Request for Time Extension Granted
---------------------------------------------------
Foreswood Group Berhad wishes to announce that the Bursa
Malaysia Securities Berhad (BMSB) has approved an extension of
time from 22 March 2004 to 19 April 2004 to enable Foreswood to
submit its applications to the relevant authorities in
compliance with Paragraph 5.1(b) of PN4.

Paragraph 5.1(b) of PN4 states that an affected issuer which has
made an announcement of a plan to regularize its financial
condition must submit its plan to regularize its financial
condition to the relevant authorities for approval, including
the Commission (where applicable), within 2 months from the date
of the requisite announcement or the date of the First
Announcement (whichever applicable).

The Company submitted its application to the Securities
Commission, which was announced on 19 April, 2004.

This Bursa Malaysia Securities Berhad announcement is dated 22
April 2004.


HAP SENG: Buys Back 20,000 Units of Ordinary Shares
---------------------------------------------------
Hap Seng Consolidated Berhad announced on the Bursa Malaysia
Securities Berhad on 22 April, the buy back of 20,000 units of
ordinary shares. Details follow:

Date of buy back:    22 April 2004

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

Total number of shares purchased
(units):      20,000

Minimum price paid for each share
purchased (RM):     2.590

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

Total consideration paid (RM):  52,873.91

Number of shares purchased
retained in treasury (units):  20,000

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

Cumulative net outstanding
treasury shares as at
to-date (units):     32,821,500

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


HO WAH: Posts Listing and Quotation of New Shares
-------------------------------------------------
Ho Wah Genting Berhad announced on the Bursa Malaysia Securities
Berhad on 22 April, that the company's additional 2,649,000 new
ordinary shares of RM1.00 each will be granted listing and
quotation on the Bursa Malaysia effective 9 am on Monday, 26
April.

These shares are part of a Private Placement by Ho Wah Genting
of up to 10 percent of the issued and paid-up capital of the
company.


MANGIUM INDUSTRIES: Announces Appointments to Audit Committee
-------------------------------------------------------------
Mangium Industries Berhad would like to announce that the Board
has appointed Tunku Makhlad Bin Toku Mohamed Jamil (independent
and non-executive directorate) and Muk Sai Tat (executive
directorate) members of the Audit Committee.

Tunku Makhlad holds a post diploma in transport management from
Willesden College of Technology, London.

Meanwhile, Muk Sai Tat is a certified public accountant with a
masters degree in business administration from the University of
Bath, UK. He is also group chief executive officer for Concino
Sdn Bhd.

With their appointments, the Mangium Audit Committee is now
composed of: Ganesan A/L Sundaraj- Independent Non-executive
director; Tunku Makhlad Bin Tunku Mohamed Jamil - Independent
Non-executive director; and Muk Sai Tat- Group CEO and Executive
Director.


PAN PACIFIC: Audit Firm Submits Investigative Report
----------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), on behalf of Pan
Pacific Asia Berhad (PPAB), wishes to announce that the report
on the investigative audit, which was conducted by Messrs BDO
Binder in compliance with the Securities Commission's (SC)
condition vide the SC's approval letter dated 21 May 2003 had
been submitted to the SC on 21 April 2004.

Summary of findings of Investigative Audit

A summary of total loss investigated may be viewed in full at
the following link:

http://bankrupt.com/misc/PanPacificTable1April26.doc

A summary of potential breaches may be viewed in full at the
following link:

http://bankrupt.com/misc/PanPacificTable2April26.doc

The Board of Directors of PPAB will review the findings of the
report on the investigative audit and also consider the
appropriate recovery action for the losses highlighted in the
report of the investigative audit.

This Bursa Malaysia Securities Berhad announcement is dated 22
April 2004.


PERNAS INTERNATIONAL: Intends To Change Company Name
----------------------------------------------------
The Board of Directors of Pernas International Holdings Berhad
has announced on the Bursa Malaysia that the company intends to
seek the approval of its shareholders at its forthcoming Annual
General Meeting to change its name from Pernas International
Holdings Berhad to Tradewinds Corporation Berhad.

The change in name will better reflect the company's status as
the holding company of Tradewinds (M) Berhad, which is its
largest investment and subsidiary.

The proposed name change, if approved, will take effect on the
date of issuance of the Certificate of Incorporation on Change
of Name of Company.

Pernas says the company has received approval to use the
proposed name from the Companies Commission of Malaysia.


PERNAS INTERNATIONAL: Announces Registrar's Change of Address
-------------------------------------------------------------
Pernas International Holdings Berhad announced on the Bursa
Malaysia Securities Berhad on 22 April that the company's share
registrar Malaysian Share Registration Services Sdn Bhd has
moved from its old address at the 7th Floor, Exchange Square,
Bukit Kewangan, 50200 Kuala Lumpur on 19 April 2004.

Malaysian Share's is now located at Level 26, Menara Multi
purpose, Capital Square, No. 8, Jalan Munshi Abdullah, 50100
Kuala Lumpur.

They may be contacted at telephone number 03-27212222 or
facsimile number 03-2721530 / 03-27212531.


PROMTO BERHAD: Holds EGM To Discuss Board Changes And Suits
-----------------------------------------------------------
Promto Berhad convened an Extraordinary General Meeting (EGM) on
Thursday, 22 April to discuss changes in the company board.

The agenda for the said EGM was as follows:

Ordinary Resolution 1- Removal of Director

That Tan Kok Chee be and is hereby removed as Director of the
Company with immediate effect.

Ordinary Resolution 2- Removal of Director

That Foong Hoong Heng be and is hereby removed as Director of
the Company with immediate effect.

Ordinary Resolution 3- Appointment of Additional Director

That Ganesan A/L Sundaraj be and is hereby appointed as Director
of the Company with immediate effect.

Ordinary Resolution 4- Appointment of Additional Director

That Lean Chee Seng be and is hereby appointed as Director of
the Company with immediate effect.

(i) The Chairman informed that Mr Tan Kok Chee and Mr Fong
Hong Heng had voluntarily resigned as Directors of the company
on 20 April 2004.

(ii) The Chairman informed that there are 9 Directors as of 20
April 2004 being the maximum number of directors allowed in
accordance with Article 100 of the Company's Articles of
association.

(iii) The Chairman informed that there are 3 legal suits which
have been filled in respect of the EGM and that the company is
named as one of the defendants. This being the case, the
discussion of the subject matter of the EGM may result in the
Directors being exposed to potential liability being cited for
contempt of Court.

(iv) The Chairman further stated in light of the above, the
date for the EGM would be made known in due course after the
disposal of the 3 suits.

This announcement is from the Bursa Malaysia Securities
Exchange.


PROMTO BERHAD: Appoints New Chairman
------------------------------------
Promto Berhad, in a disclosure dated 22 April to the Bursa
Malaysia Securities Berhad, announces the appointment of a new
chairman to the board. Details are as follow:

Date of change:     20 April 2004
  
Type of change:     Appointment

Designation:     Chairman

Directorate:     Independent & Non Executive

Name:      Tan Kim Soon

Age:       47

Nationality:     Malaysian

Qualifications:     B. Econs (Hons) Malaya
LLB (Hons) London
CLP

Working experience and occupation:
(1) 16 years - Bank Officer
of Kwong Yik Bank Berhad

Bank Officer of Commerce
International Merchant
Bankers Berhad

Bank Officer of Bank Utama
(Malaysia) Berhad

(2) 8 years (Current) Chief
Executive Partner of Messrs
Tan Kim Soon & Co.

Directorship of public companies
(if any):      Nil

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


PROMTO BERHAD: Board Gets New Deputy Chairman
---------------------------------------------
Promto Berhad has announced that Hyder Bin Mohd Shukor has been
appointed as new Deputy Chairman with an executive directorate
as of 20 April 2004.

He is an associate member of the Institute of Chartered
Secretaries and Administrators (U.K.)

This announcement is from the Bursa Malaysia Securities Berhad.


TENAGA NASIONAL: Sets Deadline for Book-Building Exercise
---------------------------------------------------------
In an announcement on the Bursa Malaysia Securities Berhad,
Commerce International Merchant Bankers Berhad (CIMB), on behalf
of Tenaga Nasional Berhad, would like to inform eligible
investors that the book-building exercise for the Convertible
Redeemable Income Securities (CRIS) ended on Friday, 23 April at
5 pm.

The pricing of the CRIS will soon be determined and an
announcement will be made on the final key terms of the CRIS.

TCR-AP (Vol. 7, No. 79) dated 22 April 2004, reported Tenaga had
issued RM200 million of CRIS in an effort to reduce the
company's funding costs and to diversify its ringgit investor
base. If converted in full, they would represent about 0.6
percent of Tenaga's paid-up capital.

CRIS is a new product in the form of listed convertible bonds.


YCS CORPORATION: Receives Time Extension from BMSB
--------------------------------------------------
YCS Corporation Berhad would like to announce that further to
the monthly status report made on 31 March pertaining to the
company's request for an extension of time pursuant to Paragraph
5.1(a) of Practice Note No. 4/2001, YCS would like to announce
that Bursa Malaysia Securities Berhad (BMSB) has approved the
extension.

The company now has another 3 months from 31 March to 30 June
2004 to make its Requisite Announcement with regards to the PN4.

This Bursa Malaysia Securities Berhad announcement is dated 22
April 2004.


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


ATLAS CONSOLIDATED: Postpones Annual Stockholders Meeting
---------------------------------------------------------
Atlas Consolidated Mining and Development Corp. announced to the
Philippine Stock Exchange the postponement of the Annual
Stockholders Meeting on scheduled on April 28, 2004 as the audit
of the company's financial statements for the year 2003 is yet
to be completed.  Information on the meeting will be announced
at the appropriate date.


INTERNATIONAL CONTAINER: Submits SEC Form 23-B
----------------------------------------------
A shareholder of International Container Terminal Services, Inc.
(ICT) furnished the Philippine Stock Exchange a copy of its SEC
Form 23-B (Statement of Changes in Beneficial Ownership of
Securities).

A copy of the document shall be made available for reference at
the PSE Centre and PSE Plaza libraries. The same shall likewise
be made available for downloading at the PSE website:
www.pse.com.ph (under Listed Companies).


MANILA ELECTRIC: Sets Investor's Briefing on April 27
-----------------------------------------------------
Manila Electric Co. reported to the Philippine Stock Exchange
the announcement date of the company's first quarter results on
April 27, 2004.  In connection with this, Meralco will be
conducting an Investor's Briefing on the same day at 2:30 p.m.  
This will be held at the:

Basement Mini Theatre
Lopez Building, Meralco Center
Ortigas Avenue, Pasig City

Meralco has also arranged for a simultaneous Conference Call
facility. Details for the Conference Call are as follows:

Conference Call Number: +852 2112 1333
Passcode:  MERALCO

Those who wish to attend are requested to fill out the
appropriate form and sent through fax at:

Meralco Fax: +632 631 5591

To view full copy of this press release, click
http://bankrupt.com/misc/MERALCO042304.pdf


MUSIC SEMICONDUCTORS: Postpones Annual Stockholders Meeting
-----------------------------------------------------------
Music Semiconductors Corp. announced to the Philippine Stock
Exchange that at the special meeting of Board of Directors held
on April 22, 2004, the Board of Directors resolved to postpone
the annual stockholders meeting of the company which under the
By-Laws thereof should be held on the second Friday of May of
each year on May 14, 2004, to August 17, 2004.

The company has fixed June 22, 2004 as the record date for the
purpose of determining the stockholders entitled to notice of
and to vote and the said annual meeting of the stockholders.


NATIONAL BANK: To Dispose Of Bad Assets Before Tax Perk Expires  
---------------------------------------------------------------
Philippine National Bank (PNB) will sell its PhP20 billion worth
of bad assets to a special purpose vehicle (SPV) with the hope
of cleaning up its balance sheet as early as possible and in
order to avail of the tax incentives given to banks that
transfer bad assets to another company, set for a two-year
period only, AFX-ASIA reports.

The banks Executive Vice President Frederick Cadiz said that
there are about 1,000 loan accounts and some properties totaling
7,000 which constitutes PhP20 billion of the bad assets to be
sold to SPV.

The financial advisor hired by the bank for the asset sale is
Ernst & Young.

Last year Philippine National Bank beat other commercial banks
in terms of asset sale totaling PhP2.5 billion, TCR-Asia Pacific
reported recently.


NATIONAL BANK: Nets PhP20M in First Quarter of 2004
---------------------------------------------------
In a company press release, The Philippine National Bank (PNB)
reported earnings of PhP20 million in the first quarter, as the
company continued to post gains under the rehabilitation
initiatives that it started to pursue in mid-2002.  The bank's
first quarter profit is its seventh-consecutive profitable
quarter after five years of losses.

From January to March 2004, the company reported Net Operating
Income of PhP138 million, compared to year-ago quarter figure of
PhP228 million.  The PhP20 million net income for the quarter is
lower than last year's figure of PhP53 million due to some non-
recurring effects of tax changes, the rise in interest rates
during the quarter and timing differences in the deployment of
Tier 2 funds.  The lag in the actual placement of these funds
however allowed the Bank to access higher yields on its
investments, benefits of which have begun to be recognized in
the second quarter.

Bank officials say the results were better than 2004 targets and
are expected to gain momentum in the third and fourth quarters.  
To improve topline growth for the year, PNB will continue to
invest in programs and initiatives that will propel future
growth in key areas, improve profitability, and strengthen
overall performance.

To view full copy of this press release, click
http://bankrupt.com/misc/pnb042304_2.pdf


NATIONAL BANK: Clarifies News Article
-------------------------------------
Philippine National Bank submits to the Philippine Stock
Exchange a clarification to the news article entitled "PNB
registers income drop by 43 percent, eyes bad asset sale"
published in the April 23, 2004 issue of The Manila Times.

The article reported "PHILIPPINE National Bank, a lender owned
jointly by the government and businessman Lucio Tan, said first-
quarter net income fell 43 percent and full-year profit may not
exceed 2003 as people avoid borrowing until after presidential
elections next month.

Net income at the nation's sixth-largest lender fell to P30
million ($537,393) in the first three months, compared with P53
million a year earlier, said Michael de Jesus, vice president in
charge of corporate banking.

Philippine National Bank (PNB), in a letter to the Exchange
dated April 23, 2004, clarified that:

"The captioned news article is incorrect.  A formal press
release will be sent to you regarding the matter."


VICTORIAS MILLING: Submits SEC Form 17-IS
-----------------------------------------
Victorias Milling Company, Inc. (VMC) furnished the Philippine
Stock Exchange a copy of its SEC Form 17-IS (Definitive
Information Statement) in connection with its Annual
Stockholders' Meeting which will be held on April 30, 2004, at
9:00 a.m. at The Metropolitan Club Inc., Estrella corner Amapola
Streets, Guadalupe Viejo, Makati City.

As previously announced, "(t)he record date for determining the
stockholders entitled to notice and to vote during the meeting
is on April 5, 2004 at 5:00 o'clock in the afternoon."

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


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


CHARTERED SEMICONDUCTOR: Unveils Results for First Quarter 2004
---------------------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated foundries, announced an improvement in its first
quarter 2004 results.

"Our improved performance reflects the progress we are making in
executing the strategy put in place in late 2002 and our ability
to take advantage of the strengthening market environment," said
Chia Song Hwee, president & CEO of Chartered. "At the end of
2002, our losses were running at an annualized rate of $400
million. The steady improvement made over the last five quarters
has brought the company to essentially breakeven performance in
the first quarter, and we expect further improvement as we
continue to focus on growth and profitability.

"Once again in the first quarter, our growth out-paced the
market. Our share among the 'Big 3' dedicated foundries, which
is now over 10 percent, has almost doubled since our revenue
trough in fourth quarter 2001, due primarily to our improved
offering in advanced technology, and also due to expanded
customer engagements which allowed better utilization of our
mature capacity. In the fourth quarter of 2001, revenues from
advanced technologies, which we define as 0.18 micron and below,
represented only 13 percent of our total business base. They now
comprise 45 percent of our business, having grown twelve fold
over the period. And revenues from leading-edge 0.13-micron
product now make up 12 percent of our total business base, and
they continue to grow.

"The gains we are making in advanced technology, coupled with
the momentum building in the marketplace around the
Chartered-IBM technology platform, have expanded Chartered's
market reach.

In a disclosure to the Singapore Stock Exchange, the Company is
able to connect with new customers and tap new end-market
opportunities, we expect to see the Company's transformation
continue."

SUMMARY OF FIRST QUARTER 2004 PERFORMANCE

i) Revenues were $228.4 million in first quarter 2004, up 120%
from $103.8 million in the year-ago quarter. First quarter
revenues benefited approximately $10 million from end-of-life
and safety stock purchases by Fab 1 customers, as indicated in
the Company's fourth quarter 2003 earnings release.

Revenues including Chartered's share of Silicon Manufacturing
Partners (SMP or Fab 5) were up 99.8% from $142.0 million in the
year-ago quarter, driven by the communications sector and to a
lesser extent the consumer and computer sectors. Compared to
fourth quarter 2003, revenues were up 25.0%. Revenues including
Chartered's share of SMP were $283.7 million, up 19.6% from
$237.2 million in the previous quarter, driven primarily by the
increase in the communications sector.

ii) Gross profit was $44.6 million, or 19.5% of revenues, an
improvement from a loss of $53.5 million, or negative 51.5% of
revenues in the year-ago quarter, primarily due to significantly
higher revenues.

Gross profit improved sequentially by $33.5 million from $11.1
million, or 6.1% of revenues in fourth quarter 2003, primarily
due to higher revenues.

iii) Research and development (R&D) expenses were $30.2
million, a decrease of 7.2% from the year ago quarter, primarily
due to fewer engineering wafers being processed, as the
0.13-micron process transitioned from development to production
stage during the second quarter of 2003.

iv) Pre-production fab start-up costs, all related to Fab 7,
were $3.6 million compared to $2.2 million in the year-ago
quarter, as the activity level began to increase in support of
the Company's plan to begin engineering wafer starts in late
third quarter 2004.

v) Sales & marketing expenses were $8.4 million, down 15.5%
compared to $10.0 million in the year ago quarter, and down
14.3% from $9.8 million in the previous quarter, primarily due
to lower financial support for customer prototyping activities.

vi) General and administrative (G&A) expenses were $6.3
million, a decrease of 37% compared to $9.9 million in the
year-ago quarter. G&A expense in first quarter 2004 included a
gain of $3.0 million associated with the resolution of
contingencies related to a technology license agreement.
Excluding this gain, G&A expense in the first quarter was $9.3
million, a decrease of 6.9% compared to the year-ago quarter.

vi) Other operating expenses were $3.1 million, all related to
Fab 1 restructuring. Fab 1 ceased operations at the end of first
quarter 2004, as planned. In first quarter 2003, other operating
expenses were a net gain of $24.8 million and reflected two
unusual items: $27.5 million associated with the conclusion of
the Company's Economic Value Added (EVA) employee bonus plan,
and $2.7 million associated with the phase out of Fab 1.

  vii) Equity in income of our minority-owned joint-venture fab,
SMP (Fab 5), was an income of $11.5 million compared to $1.9
million in the year-ago quarter, primarily due to significantly
higher revenues.

vii) Other income was $7.7 million compared to $4.7 million in
the year-ago quarter and $5.2 million the previous quarter. The
increase in other income was primarily due to recognition of a
deferred income of $2.8 million, related to an intellectual
property (IP) licensing agreement.

viii) Net interest expense was $7.7 million, up 28.0% from $6.0
million in the year-ago quarter, primarily due to lower interest
income resulting from lower interest rates.

ix) None of the losses in Chartered's consolidated
joint-venture fab, Chartered Silicon Partners (CSP or Fab 6),
were allocated to the minority interest in first quarter 2004,
compared to $9.5 million in the year-ago quarter. CSP remained
in a negative net worth position in first quarter 2004;
therefore, Chartered continued to recognize 100% of the joint
venture's results, which were a loss of $25.6 million in the
quarter. At the end of the quarter, CSP's net worth was negative
$176.0 million.

x) Net income was $1.9 million, or positive 0.8% of revenues,
an improvement of $84.0 million, compared to a net loss of $82.2
million or negative 79.1% of revenues in the year-ago quarter.

Compared to fourth quarter 2003, net income improved $45.1
million. The first quarter 2003 net loss included a cumulative
effect adjustment of negative $6.4 million. (Effective January
1, 2003, Chartered adopted the provisions of Statement of
Financial Accounting Standards No.143, "Accounting for Asset
Retirement Obligations," which addresses financial accounting
and reporting for obligations associated with the retirement of
long-lived assets and associated asset retirement costs.
This resulted in a cumulative effect adjustment in first quarter
2003 of $6.4 million, representing the depreciation and
accretion expense that would have been recorded previously if
SFAS No.143 had been in effect in prior years.)

xi) Earnings per American Depositary Share (ADS) and earnings
per share in first quarter 2004 were $0.01 and $0.00
respectively, compared with a loss per ADS and loss per share of
$0.33 and $0.03 respectively in first quarter 2003.

INVESTOR CONTACTS:

Suresh Kumar
(1) 408.941.1110
sureshk@charteredsemi.com
Clarence Fu
(65) 6360.4060
cfu@charteredsemi.com

MEDIA CONTACTS:

Chartered U.S.:
Tiffany Sparks
(1) 408.941.1185
tiffanys@charteredsemi.com
Chartered Singapore:
Maggie Tan
(65) 6360.4705
maggietan@charteredsemi.com

For more information, go to
http://bankrupt.com/misc/tcrap_csm0426.pdf


CHARTERED SEMICONDUCTOR: 2004 Capital Spending Within Bounds
------------------------------------------------------------
Chartered Semiconductor Manufacturing Limited is confident that
capital expenditure for this year will stay well within the
US$700 million budget, Dow Jones reports. The world's third
largest contract chip maker said spending for the first quarter
that ended on 31 March was US$165 million.

"We expect to meet the capex requirement for 2004," Chartered
Semiconductor chief financial officer George Thomas said at an
analyst conference call.

The company posted a US$1.9 million net profit for the first
quarter, a big improvement from last year's US$82.2 million
loss.


KOH BROTHERS: Clarifies Points in Annual Report
-----------------------------------------------
The Koh Brothers Group Limited (KBG) would like to refer to the
Singapore Exchange's letter dated 20 April 2004 (ref :
RMR/IR/FJJ) and the request for information in paragraph 2 of
the said letter.

We are pleased to furnish the requested information as follows:

(a) With reference to the Analysis of Shareholdings as at 19
March 2004 disclosed on page 89 of the Annual Report, 40.38
percent of the Company's issued paid up capital is in the hand
of the public. The Company confirms that Rule 723 of the SGX
Listing Manual has been complied with.

(b) The following subsidiaries, by virtue of each subsidiary's
pre-tax profit for financial year ended 31 December 2003
(FY2003), being more than 20 percent of the consolidated pre-tax
profit of the Group, are significant subsidiaries as defined by
Rule 718 of the Listing Manual:

Name of Subsidiary   Audit Firm as Disclosed
      On page 77 of the Annual
      Report

Held by Subsidiaries of the   
Koh Brothers Group Limited
(KBG):

a. Shantou Scenic View Property Si Wei Certified Public
   Development Co., Ltd   Accountants *

   Held by subsidiaries of G&W
   Group (Holdings) Limited
   (G&W)

b. Beijing G&W Cement Products Beijing Zhong Quan Lian
   Co., Limited    Certified Public
      Accountants Co. Ltd *

c. Koh Brothers Property  China Liaoning Huashang
   Development (Shenyang) Co., Certified Public
   Ltd     Accountants *

d. Koh Brothers Realty   China Liaoning Huashang
   (Shenyang) Co., Ltd   Certified Public
      Accountants *

e. Shenyang G&W Cements   China Liaoning Huashang
   Products Co., Ltd   Certified Public
      Accountants *

* Certified Public Accounting firm registered with the Chinese
Institute of Certified Public Accountants.

(i) The Boards and Audit Committees of KBG and G&W, in selecting
a suitable audit firm for any subsidiary held by KBG (or its
subsidiaries) or GWH (or its subsidiaries) respectively, takes
into consideration amongst various factors, the professional
qualification, size and resources of the audit firm. Having
considered such factors, the Board and Audit Committee of KBG
and GWH, are satisfied as to the suitability of each audit firm
mentioned in the table above in accordance with Rule 715(2).

Additionally, as part of reviewing the external audit process of
the Group for FY2003, the Audit Committee of KBG directed the
external auditors, PricewaterhouseCoopers Singapore ("PwC"), to
perform a limited review of key areas for the significant
overseas subsidiaries which are not audited by PwC or its
associated firms and discussed the audit findings with PwC.

Based on the Auditors' Report as announced by the Company on
MASNET on 10 April 2004 and disclosed on page 21 of the Annual
Report, the external auditors, having considered the financial
statements of the significant overseas subsidiaries, are
satisfied that the financial statements of the subsidiaries are
in form and content appropriate and proper for the purposes of
the preparation of the consolidated financial statements of the
Group and have received satisfactory information and
explanations as required by them for those purposes.

(ii) None of the audit firms mentioned in the table above are on
the list of the China Securities Regulatory Commission ("CSRC"),
which is the executive branch of the State Council Securities
Commission, the state authority for centralized market
regulation in China. None of the subsidiaries mentioned in the
table above are listed on any stock exchange in China.

Submitted to the SGX on 22 April 2004.
  

NEPTUNE ORIENT: Posts Changes in Audit Committee
------------------------------------------------
The Board of Directors of Neptune Orient Lines Limited (NOL)
wishes to announce the following changes:

(i) Mr. Lock Sai Hung has elected to relinquish his role as
Audit Committee Chairman with effect from 20 April 2004, but
will remain as a Member of the Audit Committee; and

(ii) Mr. Willie Cheng Jue Hiang, who was appointed to the NOL
Board and Audit Committee on 2 June 2003, has assumed the
chairmanship of the NOL Audit Committee with effect from 20
April 2004.

Submitted by Ms. Marjorie Wee and Ms. Wong Kim Wah, Neptune
Orient Company Secretaries on 22 April 2004 to the Singapore
Stock Exchange.


PINKROCADE EDUCATIONAL: Issues Dividend Notice
----------------------------------------------
Pinkroccade Educational Services Pte Ltd (In Creditors'
Voluntary Liquidation) issued a notice of preferential creditors
of intention to declare first and final dividend:

Address of Registered Office: Formerly of 80 Raffles Place#33-01
UOB Plaza 1 Singapore 048624.

Last Day For Receiving Proof Of Debt: 30th April 2004.

Name And Address Of Liquidators:

Michael Ng Wei Teck Neo Ban Chuan
Joint and Several Liquidators
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.

Neo Ban Chuan
Liquidator.

The Singapore Government Gazette announcement is dated April 16,
2004.



                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
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The TCR -- Asia Pacific subscription rate is $575 for 6 months
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subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***