TCRAP_Public/040430.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

            Friday, April 30, 2004, Vol. 7, No. 85

                           Headlines

A U S T R A L I A

NATIONAL AUSTRALIA: Releases Statement Re Directors Request
NOVUS PETROLEUM: Releases 2003 Annual Report
VILLAGE ROADSHOW: Releases Panel's Amendment to Reasons


C H I N A  &  H O N G  K O N G

ASIA TELE-NET: Posts 9-Month Net Loss Of HK29M
CHINA LIFE: SFC Investigates Listing Status
CITIC RESOURCES: Special General Meeting Set For June 30
CODEBANK LIMITED: Faces Winding Up Hearing
DAILY WIN: Court Schedules Winding Up Hearing

ETERNAL WELL: Winding Up Petition Set For June 2
FORTUNATE GARMENT: Schedules Winding up Hearing For June 9
GLOBAL INVENTIONS: Schedules Winding Up Hearing
MEDTECH GROUP: Net Loss Shrinks In 2003
SOUTH CHINA: Schedules Winding up Hearing For June 2

STAR CRUISES: S&P Assigns 'BB' Rating
WINLY FAIR: Court Sets Hearing Date


I N D O N E S I A

BANK NEGARA: Proposes Merger With Bank Permata


J A P A N

ISUZU MOTORS: JCR Upgrades Ratings to BB/J-3
MATSUSHITA ELECTRIC: Returns to Profit in 2003
MATSUSHITA ELECTRIC: To Amend Articles of Incorporation
MITSUBISHI MOTORS: DaimlerChrysler Alliance May Be Terminated
MITSUBISHI MOTORS: R&I Downgrades Rating to (B-)

MITSUBISHI MOTOR: Injects JPY200B Into Carmaker
NEC CORPORATION: Returns to Profitability
RESONA HOLDINGS: Enters Alliance With Matsui Securities
SHIRAISHI CORPORATION: JCR Affirms BB+ Rating
TOSHO ROJITEKKU: Paper Manufacturer Enters Bankruptcy


K O R E A

DAEWOO HEAVY: Excavator Tops Quality Satisfaction in China


M A L A Y S I A

FABER GROUP: Presents Qualification Of FY2003 Statement
GULA PERAK: Directors Intend To Deal During Closed Period
HAP SENG: Buys Back 15,000 Units Of Ordinary Shares
KILANG PAPAN: Announces Timber Production
KILANG PAPAN: Given Time To Comply With Paragraph 15.10(1)(c)

KRAMAT TIN: Announces A Change In Financial Year End
KRAMAT TIN: Schedules AGM For 25 May
LANKHORST BERHAD: Petition Against Lankhorst Pancabumi Dropped
LANKHORST BERHAD: Proposes Private Placement
MALAYSIAN RESOURCES: In Joint Venture With United Malayan Land

METAL RECLAMATION: To Acquire 47.5% Of Nutek Private Ltd.
NCK CORPORATION: Liquidators Appointed To Perumahan Unit
OLYMPIA INDUSTRIES: Enters Extension Agreements
PARK MAY: Gets Go Signal For GO Waiver
PILECON ENGINEERING: SC Approves Rating Exemption Proposal

POS MALAYSIA: Listing And Quotation Of New Shares
PROMTO BERHAD: Shareholders Ask For EGM
PSC INDUSTRIES: Penang Unit Acquires Shares In PSC Petroleum


P H I L I P P I N E S

ABS-CBN BROADCASTING: Repays PhP1B In Debt In April
ABS-CBN BROADCASTING: To Declare Cash Dividends
ABS-CBN BROADCASTING: Unveils Annual Stockholders Meeting
FIRST PHILIPPINE: Submits Copy Of Amended SEC Form 23-B
NATIONAL POWER: To Float $1B Worth of Global Bonds

NATIONAL POWER: PSALM To Bid Out 3 More Power Plants
NEGROS NAVIGATION: Issues Clarification of News Article
PHILIPPINE LONG: Issues News Article Clarification
SEMIRARA MINING: Postpones Annual Stockholders Meeting
VICTORIAS MILLING: Nominates New Members of the Board


S I N G A P O R E

ABRAM CONSULTING: Releases Winding up Order Notice
ASTI HOLDINGS: Post Changes in Shareholders Interest
AZZURRI COFFEE: Releases Debt Claim Notice to Creditors
CHARTERED SEMICONDUCTOR: Named Supplier Of The Year
L&M GROUP: SGX Approves Listing and Quotation of New Shares

NATSTEEL LIMITED: Unit Acquires 5% Stake in ETSMS
SIN HOCK: Creditors Must Submit Claims by May 26
TRANSTECH ELECTRONICS: Issues Winding up Order Notice
YONGNAM HOLDINGS: Issues Litigation Update


T H A I L A N D

MILLENNIUM STEEL: Releases 1Q and Consolidated F/S

* Large Companies with Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


NATIONAL AUSTRALIA: Releases Statement Re Directors Request
-----------------------------------------------------------
The National Australia Bank has received a request from one of
its Directors, Mrs. Catherine Walter, to release a copy of
working papers by PricewaterhouseCoopers (PwC) that were part of
its inquiry into irregular foreign currency options trading
earlier this year.

The National has made every effort to meet information requests
by Mrs. Walter and will continue to do so where possible.
However, in this case, the National does not have copies of the
PwC working papers referred to by Mrs. Walter.

PwC imposed strict protocols in respect of their investigation,
which were fully discussed with the Board and management, and
overseen by governance and probity advisers, Blake Dawson
Waldron (BDW).  These included controls over retention and
circulation of progress updates and working drafts of their
Report.

PwC's concerns included the need for protecting the reputations
of named individuals until such time as their evidence gathering
was completed, the final Report was tested by the firm's quality
control procedures, and legal advisers had completed their
defamation review.

Accordingly, PwC's working papers were circulated on a strictly
limited basis and returned or dealt with under governance
procedures agreed with the National and reviewed by BDW.  All
Directors were aware of and cooperated with these protocols
during the investigation.

BDW subsequently confirmed the PwC Report could reasonably be
considered independent in conducting the investigation and
providing its Report.

The National accepted the findings of the PwC Report as fair and
accurate and this is supported by the fact that the PwC Report
findings were consistent with the findings and conclusions of a
separate report by the Australian Prudential Regulation
Authority (APRA).

The National is now focused on implementing the remedial actions
outlined in the APRA report and starting the process of
rebuilding and renewal that is necessary to restore shareholder
value.

For further information:

Brandon Phillips
Group Manager
Group Corporate Relations
Work Telephone: 03 8641 3857
Mobile: 0419 369 058


NOVUS PETROLEUM: Releases 2003 Annual Report
--------------------------------------------
In a company press release Novus Petroleum disclosed its 2003
Annual Report:

- Returned a net profit of $12.3 million and operating profit
increased 40% to $29.4 million

- Drilled first operated well in the United States which
resulted in a gas discovery which was flowing at over 6 million
cubic feet per day at year end

- Gained operatorship with acquisition of additional interest at
Sorrento Dome property in onshore Louisiana

- Commenced active infill drilling programme and overhaul of as
gathering system at Stratton Field in onshore South Texas which
has already led to increased production

- Expanded presence in Gulf of Mexico with acquisition of East
Cameron 317/318 and Main Pass 64/65

- Drilled sidetrack and worked over a well at Main Pass which
added gas reserves and increased oil production within a few
months of acquiring property

- Spudded well to test the La Playa Deep prospect, the first of
six planned deep exploration tests at Padre Island

- Fourth consecutive year of increased gas production at Brantas
PSC in onshore East Java through successful development
drilling; exceeded original full year production estimate

- Undertook onshore seismic acquisition programme over Northern
Arabian Gas-Condensate Play, which was completed in early 2004
with over 1,000 km, acquired.

To view full copy of the annual report click
http://bankrupt.com/misc/NOVUSPETROLEUM042904.pdf


VILLAGE ROADSHOW: Releases Panel's Amendment to Reasons
-------------------------------------------------------
The Takeovers Panel published the reasons of the decisions of
the Panel in the proceedings relating to Village Roadshow
Limited on April 7, 2004.  Since the certain erroneous
references in the reasons level have been brought to the Panel's
attention.

The Panel has amended their reasons to rectify incorrect
references to Annexures B and C in paragraphs 91, 95 and the
heading to paragraph 92. The references to Preference shares in
the definition of Sale Shares and in paragraph 92 have also been
replaced with references to Ordinary shares.

The amended reasons of the Panel in the Proceedings are
available on the Panel's website at: Decisions

George Durbridge
Director
Takeovers Panel
Level 47, Nauru House
80 Collins Street
Melbourne VIC 3000
Phone: +61 3 9655 3553
e-mail: george.durbridge@takeovers.gov.au


==============================
C H I N A  &  H O N G  K O N G
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ASIA TELE-NET: Posts 9-Month Net Loss Of HK29M
----------------------------------------------
Asia Tele-Net and Technology Corporation Limited incurred a net
loss of HK$29.075 million for the nine months ended 31 December
2003, versus a net loss of HK$157.796 million in the same period
a year earlier, according to Infocast News. Loss per share was
HK$0.1052. No final dividend was declared.


CHINA LIFE: SFC Investigates Listing Status
-------------------------------------------
The Securities and Futures Commission (SFC) has received media
enquiries regarding whether it is conducting an investigation
into China Life Insurance Company Limited. The SFC considers
that it would be desirable to make the following statements in
order to maintain and promote confidence in the Hong Kong
securities and futures industry:

  i) The SFC confirms that it is making inquiries into the
circumstances of the listing of China Life.

ii) The SFC confirms that it is assisting the U.S. Securities
and Exchange Commission (SEC) in its inquiry.

This SFC announcement is dated 28 April 2004.


CITIC RESOURCES: Special General Meeting Set For June 30
--------------------------------------------------------
Notice is hereby given that a special general meeting of Citic
Resources Holdings Limited will be held at Aberdeen Room, JW
Marriott Hotel, Pacific Place, 88 Queensway, Hong Kong on 30
June 2004 at 3:15 p.m. for the purpose of considering and, if
thought fit, passing the following resolutions which will be
proposed as ordinary resolutions of the Company:

ORDINARY RESOLUTIONS

1. "That subject to and conditional upon the Listing Committee
of The Stock Exchange of Hong Kong Limited (the Stock Exchange)
granting approval for the listing of, and permission to deal in,
the shares of HK$0.05 each (the Shares) in the share capital of
the Company to be issued pursuant to the exercise of options
which may be granted under the new share option scheme (the
Scheme), the rules of which are contained in the document marked
"A" produced to the meeting and for the purposes of
identification is signed by the Chairman of the meeting), the
adoption of the Scheme be and is hereby approved and any
director of the Company be and is hereby authorized to do all
such acts and to enter into such transactions, arrangements and
agreements as may be necessary or expedient in order to
implement and give full effect to the Scheme including but
without limitation to the generality of the foregoing:

(A) Power and authority to administer the Scheme and grant
options under the Scheme in accordance with its terms;

(B) The right to modify and/or amend the Scheme from time to
time provided that such modification and/or amendment is
effected in accordance with the provisions of the Scheme and the
Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited relating to modification and/or amendment
of the Scheme; and

(C) The right to issue and allot from time to time such number
of Shares as may be required to be issued pursuant to the
exercise of the options granted under the Scheme provided always
that the total number of Shares subject to the Scheme, when
aggregated with any Shares subject to any other share option
schemes of the Company, shall not exceed 10 per cent. of the
relevant class of the issued share capital of the Company as at
the date of passing of this ordinary resolution, but the Company
may seek approval of its shareholders in general meeting to
renew the 10 percent limit under the Scheme provided that the
maximum number of Shares which may be issued upon exercise of
all outstanding options granted under the Scheme and any other
share option schemes of the Company shall not exceed 30 percent
of the relevant class of the issued share capital of the Company
from time to time."

2. "That conditional upon the passing of the ordinary resolution
specified as Resolution No. 1 (Resolution No. 1) set out in the
notice convening this meeting, the existing share option scheme
of the Company which was adopted by the Company on 21 August
1997 be terminated with effect from the date on which Resolution
No. 1 shall become unconditional."

By Order of the Board
Li So Mui
Company Secretary
Hong Kong, 29 April 2004

This is a Hong Kong Stock Exchange announcement.


CODEBANK LIMITED: Faces Winding Up Hearing
------------------------------------------
Notice is hereby given that a petition for the winding up of
Codebank Limited by the High Court of Hong Kong was on the 24
March 2004 presented to the said Court by Richards Butler of
20th Floor, Alexandra House, 16-20 Chater 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.

RICHARDS BUTLER
Solicitors for the Petitioner,
20th Floor, Alexandra House
16-20 Chater 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 name,
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.


DAILY WIN: Court Schedules Winding Up Hearing
---------------------------------------------
Notice is hereby given that a petition for the winding up of
Daily Win Engineering Limited by the High Court of Hong Kong was
on the 19 March 2004 presented to the said Court by Nanyang
Commercial Bank whose registered office is situate at 151 Des
Voeux 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.

ESSRS. LIU, CHAN AND LAM
Solicitors for the Petitioner,
Room 2102, Tower 1
Admiralty Centre
18 Harcourt Road, Queensway
Hong Kong

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


ETERNAL WELL: Winding Up Petition Set For June 2
------------------------------------------------
Notice is hereby given that a petition for the winding up of
Eternal Well Engineering Limited by the High Court of Hong Kong
was on the 24 March 2004 presented to the said Court by Leung
Chi Kuen of 6/F., 13 Spring Garden Lane, Wanchai, Hong Kong. The
said petition will be heard before the Court at 10 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.

Ms. ADA CHAU MING WAI
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

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


FORTUNATE GARMENT: Schedules Winding up Hearing For June 9
----------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Fortunate Garment Trading Co. Limited by the High Court of Hong
Kong was on the 19 March 2004 presented to the said Court by
Industrial and Commercial Bank of China (Asia) Limited whose
registered office is situated at ICBC Tower, Nos. 122-126
Queen's 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.

EDWARD C.T. WONG & CO.
Solicitors for the Petitioner,
Room 1602-3, 16th Floor, Vicwood Plaza
199 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 8th day of June


GLOBAL INVENTIONS: Schedules Winding Up Hearing
-----------------------------------------------
Notice is hereby given that a petition for the winding up of the
Global Inventions Limited by the High Court of Hong Kong was on
the 6 March 2004 presented to the said Court by Great Potential
Limited whose registered office is situate at Rooms 1009-1012,
10th Floor, K. Wah Centre, 191 Java Road, North Point, Hong
Kong. The said petition is directed to be heard before the Court
at 9:30 a.m. on the 5 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.

K.C. HO & FONG
Solicitors for the Petitioner,
18th Floor, Henley Building
5 Queen's 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 4 May 2004.


MEDTECH GROUP: Net Loss Shrinks In 2003
---------------------------------------
Medtech Group Company Limited incurred a net loss of HK$144,000
for 2003, versus a net loss of HK$25.498 million the same period
a year earlier, according to Infocast News. The loss per share
(LPS) was 0.0033 cent. No final dividend was declared.

The whitewash document containing the details of its capital
reorganization has been dispatched to shareholders on March 12,
TCR-AP reported recently. Effective date of the capital
reorganization will be on April 7, 2004.

The un-audited net tangible assets per share of the company
before capital reorganization and the subscription is $0.0031.
The pro forma adjusted un-audited net tangible assets per new
share upon completion of the capital reorganization and the
subscription is $0.0097.


SOUTH CHINA: Schedules Winding up Hearing For June 2
-----------------------------------------------------
Notice is hereby given that a petition for the winding up of
South China Petroleum & Chemical Shipping Co. Limited by the
High Court of Hong Kong was on the 26 March 2004 presented to
the said Court by Tsang Kwok Leung, whose registered office is
situated at Room 1401, 14/F., Lok King House, Lai King Estate,
Kwai Chung, New Territories, Hong Kong. The said petition will
be heard before the Court at 10 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.

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention 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.

This Standard announcement was dated 26 April 2004.


STAR CRUISES: S&P Assigns 'BB' Rating
-------------------------------------
Standard & Poor's Ratings Services assigned its "BB" credit
ratings to cruise companies, NCL Corporation Limited, and its
100 percent parent, Star Cruises Limited. The outlook on both
ratings is stable.

The rating agency also assigned its "B+" rating to NCL's
proposed senior unsecured US$350 million (RM1.33 billion) notes
due 2014. Proceeds will be used to repay debt, fund the
construction of new cruise ships and for general corporate
purposes.

Star Cruises' rating is constrained by its weaker market
position, lower profitability, and small size relative to its
main competitors, Carnival Corp. (A-/Negative/A-2) and Royal
Caribbean Cruises Ltd. (BB+/Stable/--).

The group, therefore, lacks the critical mass and scale benefits
enjoyed by its larger peers. While Star Cruises is dominant in
Asia, the key challenge lies in strengthening NCL's position in
North America, without letting its older fleet with less
facilities damage its brand equity in the near to medium term.

The group is exposed to volatile profitability and employs a
very aggressive capital structure. Operating margins of 17%-25%
in the past four years reflect its weaker competitive position,
and vulnerability to geopolitical and economic factors.

Operating cash flows have generally been insufficient to cover
capital expenditure, leading to a high reliance on debt to fund
the group's growth. On a consolidated basis, EBITDA interest
cover is low at two to three times, while total debt to EBITDA
is extremely high at eight to nine times.

With large fleet investments planned in the near- to
medium-term, group leverage should remain high, and
profitability and cash flow coverage ratios should stay weak in
the medium term, unless debt is materially reduced through
equity injections.

Partly offsetting these weaknesses is the group's strategic
importance to its parent, Malaysia-based Genting Bhd., and
ultimate shareholder Tan Sri Lim Goh Tong and his family, which
together control more than 50 percent of Star Cruises. Genting
benefits from strong cash flows from its gaming and resort
operations. It has cash of Malaysian ringgit (RM) 4.1 billion
(US$1.1 billion) at December 31, 2003, compared with short-term
debt of RM249 million. Standard & Poor's believes that the Star
Cruises group is strategic to Genting's core leisure and
hospitality business. Furthermore, Genting and the Lim family
have regularly provided substantial funding to the Star Cruises
group in the past.

The Star Cruises' group liquidity was weak at December 31, 2003,
with consolidated cash of US$377 million, compared with
short-term debt of US$587 million.

However, refinancing risks have been reduced, following the
recent refinancing of a US$403 million loan (due mainly at
end-2004) with a new US$400 million seven-year credit facility.
Liquidity has strengthened with the establishment of a US$500
million revolving facility to fund the operations of NCL.


WINLY FAIR: Court Sets Hearing Date
-----------------------------------
Notice is hereby given that a petition for the winding up of
Winly Fair Company Limited by the High Court of Hong Kong was on
the 19 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.

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 18 May 2004.


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I N D O N E S I A
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BANK NEGARA: Proposes Merger With Bank Permata
----------------------------------------------
PT Bank Negara Indonesia (BNI) has proposed to the government
its plan to merge with PT Bank Permata, according to Dow Jones.

"We have [asked] the government to allow us to merge with Bank
Permata to become a more solid bank," BNI President Sigit
Pramono told reporters.

The bank targets September as the completion date of the merger
before the government's planned divestment of stakes in BNI and
Bank Permata.  The merger will be done from an equal base to
avoid cost, Mr. Sigit said.

Bank Indonesia has urged local banks to raise their paid-up
capital to 100 billion rupiah, which spurred Bank Negara's
merger proposal.  Local banks are given up to seven years to
achieve the paid-up capital but won't close the banks that don't
meet the requirements.


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


ISUZU MOTORS: JCR Upgrades Ratings to BB/J-3
--------------------------------------------
Japan Credit Rating Agency (JCR) has upgraded the ratings of
Isuzu Motors Limited on the bonds and CP program of the issuer
from B+ and NJ to BB and J-3, respectively.

Issues Amount (bn) Issue Date Due Date Coupon
Bonds no.24 Y5 Dec. 9, 1999 Dec. 9, 2004 3.00%

CP:
Maximum: Y50 billion
Backup Line: 0%

RATIONALE:

Replacement demand for trucks in Japan was swollen due to
tougher exhaust gas regulations for Tokyo metropolitan area in
fall last year. The operating results for fiscal 2003 are
estimated to have improved sharply, accordingly. The domestic
demand for trucks will likely decline to the normal level over
the intermediate term with this special demand being dwindled.
JCR considers, however, that the decline will be mild, supported
by the replacement demand arising from the government's exhaust
gas regulations for new vehicles. The break-even point of Isuzu
Motors declined to a level that sufficiently absorb decline in
demand thanks to the restructuring measures taken in the recent
years.

Loss from SUV business in North America has dropped sharply due
to the restructuring. JCR believes that Isuzu Motors will be
able to assure sufficient cash flow over the intermediate term,
taking into account the above as a whole. However, there has
been no change in the fragile financial structure, although the
cash flow generation capability improved. JCR will pay attention
to the strengthening of the financial structure and to the going
of the post-new three-year management plan to be announced.


MATSUSHITA ELECTRIC: Returns to Profit in 2003
----------------------------------------------
Matsushita Electric Industrial Co. returned to profit for the
first time in three years in fiscal 2003, buoyed by robust sales
of plasma display panel TVs and DVD recorders, the Japan Times
reported on Thursday. The consumer electronics giant posted a
net profit of 42.15 billion yen in 2003, versus a net loss of
19.45 billion yen a year earlier.

The Company attributed the strong results to the popularity of
digital consumer electronics, including cell phone handsets.
Last year, it spent 92 billion yen on restructuring. For the
current fiscal year, it forecasts net profit of 63 billion yen
on revenue of 8.8 trillion yen.


MATSUSHITA ELECTRIC: To Amend Articles of Incorporation
-------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. announced that its
Board of Directors resolved to submit a proposal, at the
ordinary general meeting of shareholders to be held in late June
2004, to amend its Articles of Incorporation, which amendments
will enable MEI to purchase its own shares by resolution of its
Board of Directors pursuant to Article 211-3, Paragraph 1, Item
2 of the Commercial Code of Japan.

In a company press release, the Company noted that this
amendment is a part of continuing efforts to enhance corporate
value through shareholder-oriented management, and enables
flexible and agile capital management in a rapidly changing
economic environment.

The above amendment is subject to shareholder approval at the
ordinary general meeting of shareholders to be held in late June
2004.


MITSUBISHI MOTORS: DaimlerChrysler Alliance May Be Terminated
-------------------------------------------------------------
The capital alliance between Mitsubishi Motors Corporation and
DaimlerChrysler AG might be terminated if the two automakers
fail to have a meeting of interests, Kyodo News reports, citing
Ikuro Nagata, the managing director of Mitsubishi Heavy
Industries Limited.

"I don't think their relations will end right now but they need
to have talks," Ikuro Nagata, managing director of Mitsubishi
Heavy, said at a press conference held Wednesday to announce the
company's earnings for fiscal 2003.


MITSUBISHI MOTORS: R&I Downgrades Rating to (B-)
-----------------------------------------------
The Rating and Investment Information, Inc. (R&I) has downgraded
the following ratings of Mitsubishi Motors Corporation on the
Rating Monitor scheme with a view to downgrading them.

Senior Long-term Credit Rating: (B-); Downgraded from (BB-);
Remains on the Rating Monitor scheme with a view to downgrading.

Long-term Bonds (3 series): Rating: (CCC+); Downgraded from
(B+);
Remains on the Rating Monitor scheme with a view to downgrading.

Domestic Commercial Paper Programme: Rating (b); Placed on
Rating Monitor scheme with a view to downgrading.

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)

Unsec. Str. Bonds No. 5 May 28, 1997 May 28, 2009 Yen 30,000
Unsec. Str. Bonds No. 6 May 28, 1997 May 28, 2007 Yen 10,000
Unsec. Str. Bonds No. 7 May 28, 1997 May 28, 2004 Yen 20,000

RATIONALE:

On December 31, 2003, R&I downgraded its rating for Mitsubishi
Motors Corporation, where performance is slumping, to BB- and
maintained the company on the Rating Monitor scheme.
Subsequently, R&I have continued to take a rigorous view of the
company's creditworthiness.

The issue of whether Mitsubishi Motors can quickly consolidate
new reconstruction plans through measures that include a
cooperative relationship with German company Daimler Chrysler
(DCX) has been considered to be a key point in the rating.
However, as DCX, which had been requested to provide capital
support, indicated that it would not participate in a capital
increase for Mitsubishi Motors, R&I have determined that a major
change in creditworthiness has taken place.

In addition to downgrading the Senior Long-term Credit Rating to
B-, R&I will maintain Mitsubishi Motors on the Rating Monitor
Scheme with a view to downgrading the rating. The rating for
individual bonds has been set at CCC+, establishing an one notch
disparity between the Senior Long-term Credit Rating and the
rating for individual bonds, taking into account the structure
of assets and liabilities at Mitsubishi Motors.

While an R&I Senior Long-term Credit Rating is an evaluation of
a company's capacity to pay principal and interest on its entire
financial obligations, the rating for individual bonds reflects
the recovery risk taking into consideration the possibility of
the recovery of claims following default in addition to the
evaluation of the Senior Long-term Credit Rating.

Mitsubishi Motors had been cooperating in the formulation of a
management reconstruction plan based on a capital increase with
the support of DCX and the three core companies in the
Mitsubishi group - Mitsubishi Heavy Industries Ltd., Mitsubishi
Corp., and Bank of Tokyo-Mitsubishi. However, at an
extraordinary meeting of auditors on April 22, DCX decided not
to participate in the capital increase, and it announced its
decision on the same day.

Since the revelations about its recall cover-ups in 2000,
Mitsubishi Motors has worked to improve product reliability, but
it has failed to restore the strength of its brand, and the
sales slump in leading markets in North America and Japan has
continued. The new model Galant, with its full-scale North
American launch this January, has not performed sufficiently
strongly to bring the company out of its sales slump. In the
domestic business, as the rate of operations at leading plants,
such as Okazaki, continues to decline due to slumping sales
strength, there are concerns over further falls in sales with
the recall problem at spin off company Mitsubishi Fuso Truck &
Bus Corporation. In light of these circumstances, radical
restructuring is essential for management reconstruction. In
order to accomplish this, substantial funding assistance,
including a capital increase, will be needed.

Mitsubishi Motors is currently "confirming the details of the
announcement" of the discontinuation of support for the capital
increase by DCX. However, the company will likely be forced to
significantly rework its strategy for management reconstruction
centered on the three core Mitsubishi group companies.

Considering the forecast effect of delays in the formulation of
the reconstruction strategy on investment management and
operations, the possibility of increased losses cannot be
overlooked. Due to the factors above, R&I is downgrading the
company's Senior Long-term Credit Rating to B- in addition to
maintaining it on the Rating Monitor scheme with a view to
downgrading.

The rating for the Commercial Paper program is being placed on
the Rating Monitor scheme with a view to downgrading. R&I will
assess what level of support Mitsubishi Motors can obtain from
the three core companies in the Mitsubishi group and groups such
as banking syndicates and assign a new rating.


MITSUBISHI MOTOR: Injects JPY200B Into Carmaker
-----------------------------------------------
Mitsubishi Heavy Industries Ltd., Mitsubishi Corporation and
Bank of Tokyo-Mitsubishi Ltd. are planning to inject about 200
billion yen (US$1.82 billion) to Mitsubishi Motors Corporation
in an attempt to revive the ailing automaker, Bloomberg reported
on Thursday.

The group of companies will unveil their plan as early as April
30, when Mitsubishi Motors holds a special shareholder meeting.


NEC CORPORATION: Returns to Profitability
-----------------------------------------
Robust demand for optical disk drives and cell phones put NEC
Corporation back into annual net profit for the first time in
three years, and the Japanese electronics maker forecast a
further earnings growth ahead, Dow Jones reports.

In consolidated earnings report for fiscal 2003, its group net
profit came to 41.08 billion yen, a turnaround from the previous
business year's loss of 24.56 billion yen.


RESONA HOLDINGS: Enters Alliance With Matsui Securities
-------------------------------------------------------
Resona Holdings Inc and online brokerage Matsui Securities Co.
are planning a business tie-up under which individual investors
can open Matsui's brokerage accounts at the counters of Resona
Group bank outlets, according to Kyodo News.

The plan will be put into practice on May 6, individual
investors can open brokerage accounts with Matsui by filling out
applications at the branches of Resona Bank, Saitama Resona
Bank, Kinki Osaka Bank and Nara Bank that are controlled by
Resona Holdings.


SHIRAISHI CORPORATION: JCR Affirms BB+ Rating
---------------------------------------------
Japan Credit Rating Agency (JCR) has affirmed the BB+ rating on
senior debts of Shiraishi Corporation.

RATIONALE:

Business environment surrounding Shiraishi Corporation that is
highly dependent on public works will continue to be severe with
the public works being cut continually into the future. However,
JCR believes that Shiraishi's unique technology in building
foundations will favor the company compared to other
construction company engaging in general civil engineering work.
JCR will pay attention to the effects of alliances with Yokogawa
Bridge and Yoshida-gumi continually.

Performance of Shiraishi for fiscal 2004 will be weak
continually. Although the interest-bearing debt has been
reduced, the financial structure remains fragile. Improvement in
the financial structure and turnaround of operations of sports
facilities are issues to be addressed for the company.


TOSHO ROJITEKKU: Paper Manufacturer Enters Bankruptcy
-----------------------------------------------------
Tosho Rojitekku K.K. has entered bankruptcy, according to
Teikoku Databank America. The paper product wholesale trader,
which is located at Hiroshima-shi, Hiroshima, has total
liabilities of US$33.33 million.

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


DAEWOO HEAVY: Excavator Tops Quality Satisfaction in China
----------------------------------------------------------
Daewoo Heavy Industries & Machinery Ltd. (DHI) said its
excavator has won the first prize for quality satisfaction in
China, according to Yonhap News. The Company has 14 branches and
85 outlets in China and sold 6,116 excavators in 2003.

Daewoo Heavy Industries has narrowed its debt ratio to 190
percent in 2003 from 253 percent a year earlier, due to early
clearing of debts of 52 billion won (US$43.8 million), TCR-AP
reported recently.


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


FABER GROUP: Presents Qualification Of FY2003 Statement
-------------------------------------------------------
In accordance with the Listing Requirements of Bursa Malaysia
Securities Berhad, Chapter 9, Part J, Para 9.19 (35), Faber
Group Berhad wishes to announce that the Company's audited
financial statements for the financial year ended 31 December,
2003 was qualified on an "except for" basis.

The qualification is in relation to the possible impairment loss
of the capital work-in-progress amounting to RM247,452,000 of a
subsidiary incorporated outside Malaysia, Vimas Joint Venture
Company Limited. The capital work-in-progress is in relation to
the construction of a hotel, Sheraton Hanoi Hotel which has
subsequent to the year end been partially completed and has
commenced its operations on 5 March, 2004. The Group believes
that the property's recoverable amount will approximate its net
book value and adequate cash flows will be generated thereafter.
However, as the construction of the hotel was pending full
completion the auditors were unable to obtain appropriate audit
evidence to determine whether a provision for impairment is
required, if any and as such have accordingly qualified their
audit report.

This Bursa Malaysia Securities Berhad announcement is dated 28
April 2004.


GULA PERAK: Directors Intend To Deal During Closed Period
---------------------------------------------------------
Gula Perak Berhad (GPB) revealed at the Bursa Malaysia
Securities Berhad on Wednesday, 28 April that the company
recently received notification from several company directors
and their relatives of their intention to deal Gula Perak
Securities during the closed period pending announcement by GPB
on the company's results for the fourth quarter ending 31 March
2004.

1. Tan Sri Dato' (Dr) Elyas bin Omar (Director)

Securities:          Ordinary Shares of RM1.00 each
Direct Interest:     5,282,000
% of Shares:         2.05 percent
Indirect Interest:   --
% of Shares:         --

2. Puan Sri Datin Low Siew Hoong (spouse of Director Tan Sri
Dato' Lim Cheng Pow)

Securities:          Ordinary Shares of RM1.00 each
Direct Interest:     444,000
% of Shares:         0.17 percent
Indirect Interest:   82,074,000
% of Shares:         31.85 percent

3. Lim Soo Ka (Son of Director Tan Sri Dato' lim Cheng Pow)

Securities:          Ordinary Shares of RM1.00 each
Direct Interest:     12,238,000
% of Shares:         4.75 percent
Indirect Interest:   70,280,000
% of Shares:         27.27 percent

4. Lim Sue Beng (Director)

Securities:          Ordinary Shares of RM1.00 each
Direct Interest:     9,675,000
% of Shares:         3.75 percent
Indirect Interest:   72,843,000
% of Shares:         28.27 percent

5. Lim Bee Ling (Director)

Securities:          Ordinary Shares of RM1.00 each
Direct Interest:     21,152,000
% of Shares:         8.21 percent
Indirect Interest:   61,366,000
% of Shares:         23.81 percent

6. Datuk Rahim bin Baba (Director of GPB and Kesenta Development
Sdn Bhd)

Securities:          Ordinary Shares of RM1.00 each
Direct Interest:    0
% of Shares:         0
Indirect Interest:   3,964,000 (Kesenta Development Sdn Bhd)
% of Shares:         1.54 percent

Details of transactions will be reported at the Bursa Malaysia
the day after the dealing.


HAP SENG: Buys Back 15,000 Units Of Ordinary Shares
---------------------------------------------------
Hap Seng Consolidated Berhad, in a disclosure dated 28 April
2004 to the Bursa Malaysia Securities Berhad, announced that the
company had on the same day, bought back 15,000 units of
ordinary shares of RM1.00 each for a total consideration of
RM39,710.33.

Minimum price paid for each share purchased was RM2.600 while
the maximum price was RM2.630.

The company now has 32,882,600 units of cumulative net
outstanding treasury shares.


KILANG PAPAN: Announces Timber Production
-----------------------------------------
In compliance with Paragraph 9.29 of the Bursa Malaysia
Securities Berhad (BMSB) Listing Requirements, Kilang Papan
Seribu Daya Berhad announced at BMSB on 28 April that the
company's sawn timber production for March 2004 was 323 M3 and
that of mouldings was 60 M3.

Kilang Papan produces sawn and moulded timber in Kota Marudu,
Sabah. The company also operates a kiln drying facility and
manufactures particleboards, timber doors, rubber wood products
and charcoal.

Special Administrators, Messrs Ernst & Young were appointed to
Kilang Papan in 1999 and are presently undertaking a proposed
debt and equity-restructuring scheme for the company.


KILANG PAPAN: Given Time To Comply With Paragraph 15.10(1)(c)
-------------------------------------------------------------
Kilang Papan Seribu Daya Berhad, in a disclosure dated 28 April
2004 to the Bursa Malaysia Securities Berhad (BMSB), announced
that the company has not complied with Paragraph 15.10(1)(c) of
the Listing Requirements which stipulates that at least one
member of the Audit Committee must be a member of the Malaysian
Institute of Accountants (MIA), or if he is not a member of the
MIA, he must fulfill the criteria as set out in Paragraph 15.10
(1) (c) (ii) (aa) and (bb).

The non-compliance is due to the introduction of the above
requirement by Bursa Malaysia. The Company has not been able to
recruit a new member for its Audit Committee, as none of the
candidates are willing to accept appointment until the Company's
Restructuring Scheme is implemented.

An extension of time until 30 September 2004 to fulfill the
above requirement has been granted by Bursa Malaysia.

The duration of the extension of time for the Company to comply
with the above requirement is approximately five months from the
date of this announcement.


KRAMAT TIN: Announces A Change In Financial Year End
----------------------------------------------------
Kramat Tin Dredging Berhad announced at the Bursa Malaysia
Securities Berhad on 28 April 2004, that the company has changed
its financial year-end from 31 December 2004 to 31 January 2005.


KRAMAT TIN: Schedules AGM For 25 May
------------------------------------
Kramat Tin Dredging Berhad announced at the Bursa Malaysia
Securities Berhad on 28 April 2004 that the company's seventy-
fifth Annual General Meeting will be held at the Conference
Room, 5th Floor, Block B, HP Towers, Jalan Gelenggang, Bukit
Damansara, 50490 Kuala Lumpur on Tuesday, 25 May 2004 at 10 a.m.

For full details of the agenda for the said AGM, please click on
the following link:

http://bankrupt.com/misc/KramatTinNotice30April2004.jpg


LANKHORST BERHAD: Petition Against Lankhorst Pancabumi Dropped
--------------------------------------------------------------
Lankhorst Berhad would like to refer to previous announcements
made on the Bursa Malaysia Securities Berhad (BMSB), dated 24
March and 14 April 2004 pertaining to the winding up petition
served on subsidiary Lankhorst Pancabumi Contractors Sdn Bhd
(LPCSB).

The company announced on 28 April at the BMSB that the
Petitioner, through its solicitors, had filed a Notice of
Discontinuance of the case against LPCSB with the High Court of
Kuala Lumpur on 25 March 2004.

In effect, the High Court had struck off the winding up petition
against LPCSB from its hearing date on 27 April 2004.


LANKHORST BERHAD: Proposes Private Placement
--------------------------------------------
Lankhorst Berhad announced on Wednesday, 28 April that it is
planning a private placement of shares. According to The Edge
Daily, the proposed private placement will take up almost 10
percent of the company's paid-up capital.

Issue price for the private placement is pegged at RM1.00 per
share and if placed out to related parties, though not lower
than RM1.00, will be at least the five-day weighted average
price of its shares.

Proceeds of the private placement will be used by Lankhorst as
working capital.

For complete details of the proposed private placement, click on
the following link:

http://bankrupt.com/misc/LankhorstPrvPlacement30April2004.doc

The proforma effects of the Proposed Placement on the issued and
paid-up share capital of the Company are set out in Table 1,
which may be viewed, in full detail at the following link:

http://bankrupt.com/misc/LankhorstTables30April2004.doc


MALAYSIAN RESOURCES: In Joint Venture With United Malayan Land
--------------------------------------------------------------
Malaysian Resources Corporation Berhad (MRCB) has joined hands
with United Malayan Land Berhad (UM Land) to form a joint
venture company Panorama Prominent Sdn Bhd.

According to The Edge Daily, the joint venture aims to undertake
the development of two 37-storey luxurious condominium blocks at
KL Sentral worth RM271 million.

With that goal in mind, Panorama is to acquire 8,250 square
meters of land at KL Sentral from the Kuala Lumpur Sentral Sdn
Bhd (KLSSB) for RM38 million cash.

Malaysian Resources revealed that the three-year development
project is expected to start in the third quarter with
development costs estimated at RM217 million.

For a full copy of the proposal, click on the following link:

http://bankrupt.com/misc/MalayResourceProposals30April2004.doc


METAL RECLAMATION: To Acquire 47.5% Of Nutek Private Ltd.
---------------------------------------------------------
Metal Reclamation Berhad in a disclosure dated 28 April 2004 at
the Bursa Malaysia Securities Berhad, announced the company's
plan to acquire 233,295 ordinary shares of S$1.00 each, in Nutek
Private Limited, representing 47.5 percent of Nutek's issued and
paid-up share capital. The total cash consideration is pegged at
RM25 million.

To read full details of the proposed acquisition, click on the
following link:

http://bankrupt.com/misc/MetalReclamProposal30April2004.doc

Details on the subsidiaries, shareholders and directors of
Nutek; as well as the original cost and dates of investment of
the vendor in Nutek; the number and percentage of Nutek shares
owned by the vendor; and the audited dividend record of Nutek
are set out in tables that may be viewed in full detail at the
following link:

http://bankrupt.com/misc/MetalReclamTables30April2004.doc


NCK CORPORATION: Liquidators Appointed To Perumahan Unit
--------------------------------------------------------
NCK Corporation Berhad wishes to make the following announcement
in relation to the appointment of Liquidators to Perumahan NCK
Sdn Bhd (PNCK) as required under Chapter 9 of the Bursa Malaysia
Securities Berhad Listing Requirements.

a) The date of appointment

On 28 April 2004, Mr Lim Tian Huat and Mr Adam Primus Varghese
bin Abdullah of Messrs Ernst & Young, 4th Floor, Kompleks
Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur were
appointed as Liquidators of PNCK via Meeting of Creditors held
at Taman Desa Community Hall, Jalan Desa Ria, Taman Desa, Off
Jalan Klang Lama, 58100 Kuala Lumpur.

b) The details of the listed issuer, any of its subsidiaries or
major associated companies which are under the receiver, manager
or receiver and manager or other person of similar capacity

PNCK was incorporated in Malaysia on 10 February 1984. The
present authorized share capital of PNCK is RM25,000,000
comprising 25,000,000 ordinary shares of RM1.00 each of which
12,000,000 ordinary shares of RM1.00 each have been issued and
fully paid-up. PNCK is a building contractors and land
developer.

c) The net book value of the affected assets

PNCK has net liabilities of RM130,806,789 as at 2 April 2004.

d) The details of the events leading to the appointment of the
receiver, manager or receiver and manager or other person of
similar capacity

The Directors confirmed that PNCK cannot by reason of its
liabilities continue its business and decided that the Company
be wound up voluntarily by way of Creditors' Voluntary
Liquidation pursuant to Section 254(1)(b) of the Companies Act,
1965.

e) The financial and operational impact of the aforesaid
appointment on the group, if any

PNCK has accumulated losses of RM142,806,789 as at 2 April 2004.
The appointment of Liquidators will not have any operational
impact on the Group.

f) The expected losses, if any, arising from the aforesaid
appointment

No further losses are expected to arise from the appointment of
Liquidators of PNCK.

g) The steps taken or proposed to be taken by the listed issuer
in respect of the aforesaid appointment

No further action is to be taken by NCK.

This Bursa Malaysia Securities Berhad announcement is dated 28
April 2004.


OLYMPIA INDUSTRIES: Enters Extension Agreements
-----------------------------------------------
Olympia Industries Berhad (OIB) would like to refer to a
previous announcement by the company dated 22 March 2004.

On behalf of the Board of Directors of Olympia Industries
Berhad, Southern Investment Bank Berhad (SIBB) wishes to
announce that OIB has on 28 April 2004, entered into three (3)
agreements for the extension of time (Extension Agreements) for
fulfillment of conditions precedent on the following conditional
sale and purchase agreements (SPAs):

a) a conditional restructuring and acquisition agreement dated
19 March 2003 and its extension dated 23 September 2003 between
OIB, Ashak bin Hassan and Hadijah bt Ali Budin for the proposed
acquisition by OIB of 119,100,000 existing ordinary shares of
RM1.00 each in MA Realty Sdn Bhd (MAR) representing
approximately 66.2 percent equity interest in MAR for a purchase
consideration of RM79,440,000 to be satisfied by the issuance of
75,657,143 new ordinary shares of RM1.00 each in OIB (OIB
Shares) at an issue price of RM1.05 per OIB Share;

b) a conditional restructuring and acquisition agreement dated
19 March 2003 and its extension dated 23 September 2003 between
OIB, Lim Kee Seng and Chong Mee Onn for the proposed acquisition
by OIB of 79,553,000 existing ordinary shares of RM1.00 each in
Naturelle Sdn Bhd (NSB) representing approximately 37.9 percent
equity interest in NSB for a purchase consideration of
RM41,690,000 to be satisfied by the issuance of 41,690,000 new
OIB Shares at an issue price of RM1.00 per OIB Share; and

c) a conditional restructuring and acquisition agreement dated
19 March 2003 and its extension dated 23 September 2003 between
OIB and Bukit Seremban Jaya Sdn Bhd for the proposed acquisition
by OIB of 100,000 existing ordinary shares of RM1.00 each in
Harta Sekata Sdn Bhd (HSSB) representing approximately 78.0
percent equity interest in HSSB for a purchase consideration of
RM48,360,000 to be satisfied by the issuance of 48,360,000 new
OIB Shares at an issue price of RM1.00 per OIB Share.

The date for fulfillment of the conditions precedent of the
above three (3) conditional SPAs has been extended for a further
period of nine (9) months from 19 March 2004 to 19 December 2004
or to such later date as the parties may agree.

Documents Available For Inspection

The Extension Agreements are available for inspection at OIB's
registered office, Level 23, Menara Olympia, No. 8, Jalan Raja
Chulan, 50200 Kuala Lumpur during normal business hours from
Monday to Friday (except for public holidays) for a period of
three (3) months from the date of this announcement.

This Bursa Malaysia Securities Berhad announcement is dated 28
April 2004.


PARK MAY: Gets Go Signal For GO Waiver
--------------------------------------
On 11 March 2004, AmMerchant Bank Berhad, on behalf of Park May
Berhad, announced that, inter-alia, Park May, Konsortium
Transnasional Berhad (KTB) and Kumpulan Kenderaan Malaysia
Berhad (KKMB) had on even date entered into an agreement,
setting out the details of the Proposed Restructuring Scheme and
also the undertakings and obligations of the parties thereto,
for the purposes of, inter-alia, giving effect to and
implementing the Proposed Restructuring Scheme.

On behalf of Park May, AmMerchant Bank is pleased to announce
that the Securities Commission has approved the Proposed GO
Waiver vide its letter dated 28 April 2004 without conditions.

The Proposed GO Waiver states:

-proposed waiver to KKMB and parties acting in concert with it
from the obligation to extend an unconditional mandatory general
offer for all the remaining Shares not already owned by them in
KTB after the Proposed Acquisitions of Bus Companies and
Proposed Share Exchange

This Bursa Malaysia Securities Berhad announcement is dated 28
April 2004.


PILECON ENGINEERING: SC Approves Rating Exemption Proposal
----------------------------------------------------------
In a notice dated 28 April 2004 to the Bursa Malaysia Securities
Berhad, Alliance Merchant Bank Berhad (Alliance), for and on
behalf of the Board of Pilecon Engineering Berhad, announced
that the Securities Commission (SC) had, via its letter dated 26
April 2004, approved the Proposed Exemption from Rating subject
to the following conditions:

(a) the RCSLS holders do not require rating for the proposed
issuance of the RCSLS;

(b) the RCSLS to be issued by Pilecon are non-transferable and
non-tradable, save for the one-off assignment/transfer by
Pengurusan Danaharta Nasional Berhad (Danaharta) to a third
party(ies) which shall be identified in due course in view of
the proposed closure of Danaharta in 2005;

(c) the terms of the proposed limited assignment/transfer by
Danaharta be fully disclosed to the RCSLS holders;

(d) Pilecon and Alliance are required to inform the SC in
writing the identities of the third party(ies) who would be
receiving the said RCSLS from Danaharta as soon as the third
party(ies) are identified;

(e) prior to the one-off assignment/transfer of the said RCSLS
to third parties by Danaharta, Alliance and Danaharta are
required to provide the SC with a written confirmation that the
said third party(ies) do not require a rating for the proposed
issuance of RCSLS of Pilecon and agree that the RCSLS will not
be tradable and transferable; and

(f) Alliance is required to provide a written confirmation on
the compliance with the above conditions prior to the proposed
issuance of the RCSLS.

Pilecon had previously asked the Securities Commission that the
company be exempted from rating for the proposed issuance of
RM120,000,000 nominal amount of 5 percent redeemable convertible
secured loan stocks (RCSLS).


POS MALAYSIA: Listing And Quotation Of New Shares
-------------------------------------------------
POS Malaysia & Services Holdings Berhad would like to announce
that the company's additional 182,800 new ordinary shares of
RM1.00 each arising from the conversion of RM329,040 nominal
value 5-year 8 percent irredeemable convertible unsecured loan
stocks 1999/2004; and 289,000 new ordinary shares of RM1.00 each
issued pursuant to the Employee Share Option Scheme will be
granted listing and quotation effective 9 am on Friday, 30 April
2004.


PROMTO BERHAD: Shareholders Ask For EGM
---------------------------------------
Promto Berhad, in a disclosure dated 28 April 2004 to the Bursa
Malaysia Securities Berhad, announced that the Company on the
same date received from the shareholders a notice pursuant to
Section 153 and Section 128(2) of the Companies Act, 1965.

The shareholders, as requisitionists propose the following
resolutions to be taken during the requested Extraordinary
General Meeting.

Resolution 1

"That TAN KIM SOON be and is hereby removed from his office as
Director of the Company with immediate effect."

Resolution 2

"That LEONG WEY PYU be and is hereby removed from his office as
Director of the Company with immediate effect."

Resolution 3

"That MOHD AZMI BIN MOHD RAZALLI be and is hereby removed from
his office as Director of the Company with immediate effect."

Resolution 4

"That CHE ZAINAL BIN ABDUL RAHMAN be and is hereby removed from
his office as Director of the Company with immediate effect."

Resolution 5

"That HYDER SHAHRIL BIN MOHD SHUKOR be and is hereby removed
from his office as Director of the Company with immediate
effect."

Resolution 6

"That LIM CHENG HOCK be and is hereby removed from his office as
Director of the Company with immediate effect."

Resolution 7

"That TAN CHO HON be and is hereby removed from her office as
Director of the Company with immediate effect."

Resolution 8

"That BRIG-GEN (RTD) DATO' MIOR AZAM BIN MIOR SAFI be and is
hereby removed from his office as Director of the Company with
immediate effect."

Resolution 9

"That DATUK HAJI ABDUL RASHID BIN NGAH be and is hereby removed
from his office as Director of the Company with immediate
effect."

Resolution 10

"That all such persons (if any) appointed as Directors of the
Company by the Board of Directors of the Company at any time or
times between 20th April 2004 and the close of the Extraordinary
General Meeting of the Company, be and are hereby removed from
their office as Directors of the Company with immediate effect."

The notice was dated 28th April 2004 and was signed by Amsec
Nominees (Tempatan) Sdn Bhd and Wah Yi Shin.


PSC INDUSTRIES: Penang Unit Acquires Shares In PSC Petroleum
------------------------------------------------------------
PSC Industries Berhad in a disclosure dated 28 April to the
Bursa Malaysia Securities Berhad, announced that its wholly
owned subsidiary Penang Shipbuilding and Construction Sdn Bhd
had on the same date subscribed for 2,999,998 new ordinary
shares of RM1.00 each in PSC Petroleum Sdn Bhd. Total cash
consideration was placed at RM2,999,998.00 representing 99.99
percent equity interest of the total issued and paid-up share
capital of the said company.

PSC Industries, during its incorporation, was involved solely in
the manufacture of snack food and confectionery products. It has
since diversified into heavy engineering and construction,
shipbuilding and ship repair, and hook up and commissioning of
offshore installations for the oil and gas industry.

In 2000, the Company as well as six of its subsidiaries entered
a debt restructuring agreement with various creditor banks to
restructure the Company's outstanding debts.


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


ABS-CBN BROADCASTING: Repays PhP1B In Debt In April
---------------------------------------------------
ABS-CBN Broadcasting said on Thursday that it has repaid PhP1
billion pesos of its debt this month with internally generated
funds which subsequently reduces its debt to PhP4.8 billion, and
plans to pay another PhP1.1 billion within the year, Dow Jones
reports.

The company's planned loan of $120 million, which will be
guaranteed by some of the company's subsidiaries, will be used
to refinance existing debts and fund further investments in its
cable television operations.


ABS-CBN BROADCASTING: To Declare Cash Dividends
-----------------------------------------------
In a briefing held after its Annual Stockholders Meeting on
Wednesday, Eugenio Lopez III, ABS-CBN Broadcasting Corp.
Chairman and CEO, indicated that ABS-CBN intends to declare a
cash dividend equivalent to 50 percent of its 2003 net income as
soon as it gets the consent from its creditors.

"ABS-CBN had good results in 2003 with double digit revenue,
earnings and cash flow growth and the company would like to
share its exceptional performance with its stockholders," Mr.
Lopez said.

In 2003, ABS-CBN reported a double-digit growth in EBITDA of 18
percent to PhP4.3 billion and a 500 percent surge in net income
to PhP1.0 billion.  The company's glowing financial results in
2003 is due to the improved economic coupled with a stronger and
leaner organization.

This story is sourced from the Philippine Stock Exchange.


ABS-CBN BROADCASTING: Unveils Annual Stockholders Meeting
---------------------------------------------------------
ABS-CBN Broadcasting Corp. informed the Philippine Stock
Exchange the result of the Annual Stockholders Meeting held on
April 29 elected the following stockholders as directors for the
ensuing year 2004 to 2005:

(1) Mr. Eugenio Lopez III

(2) Mr. Oscar M. Lopez

(3) Mr. Manuel M. Lopez

(4) Mrs. Presentation L. Psinakis

(5) Mr. Federico R. Lopez

(6) Mr. Augusto Almeda Lopez

(7) Mr. Manuel Lopez, Jr.

(8) Mr. Peter D. Garrucho, Jr.

(9) Mr. Roberto de Ocampo

(10) Mr. Cesar B. Bautista

(11) Mr. Luis F. Alejandro

The stockholders also delegated the authority to the Board of
Directors to amend the By-Laws and to incorporate principles in
the Manual of Corporate Governance adopted by the company and to
include the procedure for the nomination and election of
Independent Directors conformed with SEC Circular.

Contact:

ABS-CBN Broadcasting Corp.
Sgt. Esguerra Avenue,
Quezon City Philippines
Randolph T. Estrellado
Vice President and CFO

Telephone No.: (632) 924-4101/415-227
Fax No.:  (632) 431-9368


FIRST PHILIPPINE: Submits Copy Of Amended SEC Form 23-B
-------------------------------------------------------
First Philippine Holdings Corporation (FPH) furnished the
Philippine Stock Exchange a copy of its Amended SEC Form 23-B
(Statement of Changes in Beneficial Ownership of Securities).

Further, an officer of the Company submitted to the Exchange a
copy of his SEC Form 23-B (Statement of Changes in Beneficial
Ownership of Securities) pursuant to Section 13 of the Revised
Disclosure Rules pertaining to "Disclosure on Transactions of
Directors and Principal Officers in the Issuer's Securities".

A copy of the documents 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).


NATIONAL POWER: To Float $1B Worth of Global Bonds
--------------------------------------------------
The success of the government's issuance of global bonds that
generated $400 million has influenced National Power Corporation
(Napocor) to issue bonds of their own worth $1 billion of which
the proceeds are intended to help meet Napocor's borrowing
requirements, according to The Philippine Daily Inquirer.

According to the Inquirer, the bond issuance is slated before
the elections if the rates were still favorable.  The 1.0-
billion-dollar bond float will complete the 1.5-billion-dollar
borrowing needs of Napocor for this year.

The Philippine government has raised $500 million worth of zero
coupon bonds and $400 million worth of global bonds from last
Tuesday's sale on Napocor's behalf.

Napocor's issuance of bonds on its own is seen as a daring move
for the debt-ridden company since it has always been dependent
on the national government for its borrowings.


NATIONAL POWER: PSALM To Bid Out 3 More Power Plants
----------------------------------------------------
The Power Sector Assets and Liabilities Management Corp. (PSALM)
is set to bid out three more power plants in May and June,
namely the Agusan, Barit and Cawayan power plants, according to
the BusinessWorld, citing PSALM Vice-President Froilan A.
Tampinco.

"Based on the board, the bid close for the Agusan power plant
will be on May 27. And then the bid close for Barit and Cawayan
will be on June 8 and 9," Mr. Tampinco said.

PSALM's original plan was to sell the Barit and Cawayan power
plant as one package, but they decided to sell it separately to
allow cooperatives to bid for the plants.

"It was decided that the two plants will be sold separately
because there are interested electric cooperatives. We don't
want to discriminate against them," Mr. Tampinco said.

All three power plants will be sold without transition supply
contracts which would assure the buyers the assets will have
offtakers -- or buyers of the power they produce -- once they
take over the plants.

Three more power plants are to be bid out by end of June, one is
the 110-megawatt Pinamucan diesel power plant, the other two
have not been disclosed, a PSALM source said.

"The opening of the bids will be scheduled by the last week of
June. The bid notice will be posted after we submit to the
Commission on Audit the requirements, because we are required to
submit these 20 days before publication," the source said.

Of the 35 power plants that PSALM will be disposing, 15 were
scheduled to be sold within the first half of the year.

The 210-megawatt Navotas power plant is also scheduled for
disposal by the first half of the year but investors want to
make sure that they could compute the plant's generation rate
based on time of use, or depending on the time of day the power
is used, which PSALM and Napocor is set to file a petition which
would base the computation of generation rates on time of use
and return-on-rate base.


NEGROS NAVIGATION: Issues Clarification of News Article
-------------------------------------------------------
Negros Navigation Co. (Nenaco) submits to the Philippine Stock
Exchange a clarification of the news article entitled, "Nenaco
claims P75m losses after grounding of 5 vessels" published in
the April 28, 2004 issue of the Manila Standard.

The article reported that, "Negros Navigation Co. has lost P75
million worth of revenues since Maritime Industry Authority
grounded five of its ships last Friday."

Negros Navigation Co., Inc. (NN), in its letter dated April 29,
2004, informed the Exchange that:

"the P75 million loss of Nenaco mentioned in the said article
was derived based on the aggregate estimated potential revenue
loss for passage and freight of the five vessels which were
temporarily grounded for five days."

Contact:  Negros Navigation Co.
          Pier II, North Harbor
          Tondo, Manila
          Telephone No/s:  245-5588
          Fax No/s:  245-0780 (Telefax)
          Email Address:  nnwebmaster@surfshop.net.ph
          Website: http://www.nenaco.com.ph


PHILIPPINE LONG: Issues News Article Clarification
--------------------------------------------------
This is in reference to the news article entitled "PLDT sees
P18-B profit this year" published in the April 28, 2004 issue of
The Philippine Star.

The article reported that "(t)elecommunications leader
Philippine Long Distance Telephone Co. (PLDT) expects to make
P18 billion in profits this year, 60 percent more than the P11.2
billion net income last year, still driven by highly profitable
Smart Communications Inc., a wholly owned subsidiary, although
expectations are high that the numbers will surpass the P20-
billion mark, The STAR learned.

PLDT Chairman Manuel V. Pangilinan said that other income
drivers would be the company's landline business, which is
expected to start generating profits this year.

Subsidiary Pilipino Telephone Inc. (Piltel) is projected to earn
about P400 million in 2004, compared to a P3.3-billion loss last
year.

"Philippine Long Distance Telephone Company (TEL), in its letter
dated April 28, 2004, clarified that:

"We advise that the quoted news article was based on a previous
press conference held on February 19, 2004, during PLDT's full
year 2003 results announcement which was fully reported on by
the press at that time. The P18 billion net income estimate for
2004 stated by Mr. Pangilinan then was the average of equity
analyst's expectations at that time."

Contact:  Philippine Long Distance Telephone Co.
          Ramon Cojuangco Building
          Makati Avenue, Makati City
          Telephone No/s:  814-3552; 888-0188
          Fax No/s:  813-2292
          Website: http://www.pldt.com.ph

This story is sourced from the Philippine Stock Exchange.


SEMIRARA MINING: Postpones Annual Stockholders Meeting
------------------------------------------------------
Semirara Mining Corp. disclosed to the Philippine Stock Exchange
results of the company's Board of Directors Meeting held on
April 28, 2004 at 11 a.m. at the Third Floor, Dacon Building,
2281 Pasong Tamo Extension, Makati City.

The Board of Directors approved:

(a) Postponement of the Annual Stockholder's Meeting.

Annual Stockholder's Meeting of Semirara Mining Corp. was
postponed.  The Chairman of the Board will be out of the
country.  The postponed Annual Stockholders' Meeting will be
held on June 11, 2004 at 10 a.m. at the Third Floor, Dacon
Building, 2881 Pasong Tamo Extension, Makati City.  The record
date of stockholders entitled to notice and to vote at the
postponed meeting is on May 17, 2004.

The tentative agenda of the meeting are:

(1) Call to order

(2) Report on Attendance and Quorum

(3) Approval of Minutes of previous Stockholders' Meeting

(4) Management Report for the year 2003

(5) Ratification of all acts of the Board of Directors and
Officers during the previous year.

(6) Appointment of Independent Auditor

(7) Election of Directors

(8) Other matters

(9) Adjournment

(b) Appointment of a new Corporate Secretary and Corporate
Information Officer:

Atty. Alfonso C. Ruiz II was appointed as the new Corporate
Secretary and Corporate Information Officer of Semirara Mining
Corporation, effectively immediately.


VICTORIAS MILLING: Nominates New Members of the Board
-----------------------------------------------------
Pursuant to its undertaking in its Definitive Information
Statement for Crop year ending August 31, 2003, the
Remunerations and Nomination Committee of the Board of Directors
Victorias Milling Company Inc. (VMC) hereby submits to the
Philippine Stock Exchange the nominations of Ms. Cecilia C.
Borromeo, Ms. Juliana N. Gamilla and Mr. Omar Byron T. Mier as
members of the Board of Directors of VMC.


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


ABRAM CONSULTING: Releases Winding up Order Notice
--------------------------------------------------
Abram Consulting & Advisory issued a notice of winding up order
made on the 16 April 2004.

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

COMLAW LLC
Solicitors for the Petitioner.

This Singapore Gazette announcement is dated 23 April 2004.


ASTI HOLDINGS: Post Changes in Shareholders Interest
----------------------------------------------------
Asti Holdings Limited posted a notice of changes in Director Lim
Huat Leong's interest:

PART I

1. Date of notice to issuer: 26/04/2004

2. Name of Director of Subsidiary: Lim Huat Leong

PART II

1. Date of change of interest: 26/04/2004

2. Name of Registered Holder: Lim Huat Leong

3. Circumstance(s) giving rise to the interest or change in
interest: Others

Please specify details: Exercise of share options

4. Information relating to shares held in the name of the
Registered Holder: -

No. of shares held before the change: 50,000
As a percentage of issued share capital: 0.02
No. of shares which are the subject of this notice: 150,000
As a percentage of issued share capital: 0.05
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.12
No. of shares held after the change: 200,000
As a percentage of issued share capital: 0.07

PART III

1. Date of change of interest:

2. The change in the percentage level: From % to %

3. Circumstance(s) giving rise to the interest or change in
interest:

4. A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

PART IV

1. Holdings of Director of Subsidiary, including direct and
deemed interest: -

                                  Direct  Deemed
No. of shares held before change: 50,000  1,258,713
% of issued share capital:        0.02    0.43
No. of shares held after change:  200,000 1,258,713
% of issued share capital:        0.07    0.43

No of options: 150,000

Submitted by Lai Siang Tung, Company Secretary on 28/04/2004 to
the SGX


AZZURRI COFFEE: Releases Debt Claim Notice to Creditors
-------------------------------------------------------
Notice is hereby given that the creditors of Azzurri Coffee Pte
Ltd (In Members' Voluntary Liquidation), which is being wound up
voluntarily, are required on or before the 28th day of May 2004
to send in their names and addresses and particulars of their
debts or claims and the names and addresses of their solicitors
(if any) to the undersigned, the Liquidator of the said Company
and if so required by notice in writing from the said Liquidator
are, by their solicitors or personally, to come in and prove the
said debts or claims at such time and place as shall be
specified in such notice or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

TAN TJO TEK @ TAN CHOR TECK
Liquidator.
c/o 6001 Beach Road
#12-01 Golden Mile Tower,
Singapore 199589.

This Singapore Gazette announcement is dated 23 April 2004.


CHARTERED SEMICONDUCTOR: Named Supplier Of The Year
---------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, has been named Foundry
Supplier of the Year for 2003 by the Integrated Components
Business Unit at SigmaTel, Inc. (NASDAQ: SGTL), a leader in
analog intensive, mixed-signal integrated circuits. SigmaTel
selected Chartered for this award based on high marks it
received on SigmaTel's internal supplier scorecard. This
recognition was based on an excellence in customer service and
support, and the ability to supply SigmaTel with necessary
capacity for this product line. The award reiterates the strong
relationship the two companies have had since 1999. Today,
SigmaTel outsources to Chartered its 0.35-micron devices that
power its C-Major audio codec product line for consumer and PC
audio applications.

"Chartered has demonstrated the ability to both understand our
needs and deliver on their commitments. These are both critical
requirements for competing and succeeding in the highly
competitive consumer and PC markets," says Alan Hansford, vice
president of integrated components business unit at SigmaTel.
"The responsiveness of Chartered has allowed SigmaTel to take
advantage of key market opportunities. We are pleased to
recognize them with this award, and look forward to continuing
the relationship."

"We are honored to be a part of SigmaTel's successes," says Dr.
Arthur Kuo, president of the America Region for Chartered. "This
award not only highlights Chartered's expertise in mixed-signal
IC manufacturing, but more importantly demonstrates our
commitment to customer service and on-time delivery."

About SigmaTel

SigmaTel, Inc. a fabless semiconductor company headquartered in
Austin, Texas, designs, develops, and markets proprietary,
analog intensive, mixed-signal ICs for a variety of products in
the consumer electronics and computing markets, including
portable compressed audio players, such as MP3 players, notebook
and desktop PCs, DVD players, digital televisions, and set-top
boxes. SigmaTel provides complete, system-level solutions that
include highly-integrated ICs, customizable firmware and
software, software development tools, reference designs, and
applications support. The Company's focus is on providing
system-level solutions that enable customers to rapidly
introduce and offer electronic products that are small, light-
weight, power-efficient, reliable, and cost-effective. SigmaTel
is ISO 9001:2000 certified and is committed to providing
customers with high performance, quality products along with
superior customer service.

About Chartered

Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, is forging a customized
approach to outsourced semiconductor manufacturing by building
lasting and collaborative partnerships with its customers. The
Company provides flexible and cost-effective manufacturing
solutions for customers, enabling the convergence of
communications, computing and consumer markets. In Singapore,
Chartered operates four fabrication facilities and has a fifth
fab, the Company's first 300mm facility, which is expected to
begin pilot production by the end of 2004.

A company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market (Nasdaq: CHRT) and on
the Singapore Exchange (SGX-ST: CHARTERED). Information about
Chartered can be found at www.charteredsemi.com.

This news release is dated 28 April 2004.


L&M GROUP: SGX Approves Listing and Quotation of New Shares
-----------------------------------------------------------
The Board of Directors is pleased to announce that the Singapore
Exchange Limited (SGX) has on 27 April 2004 given its approval
in-principle for the listing and quotation of up to
1,000,000,000 new ordinary shares of S$0.01 each in the capital
of the Company (the New Shares) at the issue price of S$0.0128
each subject to the confirmation from the Company and the
Placement Agent that the New Shares will not be placed to any of
the persons set out in Rule 812(1) of the Listing Manual of the
SGX.

The in-principle approval of the SGX herein is not an indication
of the merits of the placement of the New Shares.

The SGX requires the New Shares be placed out within 7 market
days from the date of approval of the placement issue.

By Order of the Board

Attlee Hue Kuan Yew
Company Secretary
28 April 2004

Submitted by Attlee Hue, Company Secretary on 28 April 2004 to
the SGX


NATSTEEL LIMITED: Unit Acquires 5% Stake in ETSMS
-------------------------------------------------
NatSteel Ltd (NatSteel) wishes to announce that its wholly owned
subsidiary NatSteel Chemicals Ltd (NatSteel Chemicals) has
acquired a further 5 percent stake comprising 5,000 ordinary
shares of par value S$1.00 each in the capital of Eastech Steel
Mill Services Pte Ltd (ETSMS) for a consideration of S$95,000
(the Consideration) from E-Stec Corporation.

The Consideration, which was satisfied in cash, was arrived at
on a willing buyer-willing seller basis.

Upon the completion of the said acquisition, ETSMS will become a
wholly owned subsidiary of NatSteel Chemicals.

ETSMS has a net tangible asset value of S$2,545,000 as at 31
December 2003.

This transaction is funded by internal sources and is not
expected to have a material effect on the earnings per share and
net tangible assets per share of NatSteel Group.

None of the directors or substantial shareholders of NatSteel
has any interest in this transaction.

By Order of the Board
Lim Su-Ling
Company Secretary
28 April 2004

Announced pursuant to Rule 704(15)(d) of the Listing Manual of
the SGX-ST

Submitted by Lim Su-Ling, Company Secretary on 28/04/2004 to the
SGX


SIN HOCK: Creditors Must Submit Claims by May 26
------------------------------------------------
Notice is hereby given that the creditors of Sin Hock Hin
Company (Private) Limited (In Members' Voluntary Liquidation),
which is being wound up by Special Resolutions of members on 19
April 2004, are required on or before 26 May 2004 to send in
their names and addresses and the particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to the undersigned, the Liquidators of the said Company, and, if
so required by notice in writing from the said Liquidators, are
by their solicitors, or personally, to come in and prove their
said debts or claims at such time and place as shall be
specified in such notice or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

CHIA SOO HIEN
NG GEOK MUI
Liquidators.
c/o BDO International
5 Shenton Way
#07-00 UIC Building
Singapore 068808.

This Singapore Gazette announcement is dated 23 April 2004.


TRANSTECH ELECTRONICS: Issues Winding up Order Notice
-----------------------------------------------------
Transtech Electronics Ltd issued a notice of winding up order
made on the 16 April 2004.

Name and address of Liquidator: The Official Receiver
Insolvency and Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #05-11 & #06-11
Singapore 069118.

Messrs BERNARD RADA & LEE LAW CORPORATION
Solicitors for the Petitioner.

This Singapore Gazette announcement is dated 23 April 2004.


YONGNAM HOLDINGS: Issues Litigation Update
------------------------------------------
Yongnam Holdings Limited announced on 2 December 2003, and in
subsequent follow-up announcements dated 8 March 2004, that one
of its subsidiaries, Yongnam Malaysia, was faced with legal
actions commenced by certain of its trade creditors (the
Malaysian Trade Creditors), of which the following have filed
winding-up petitions against Yongnam Malaysia:

a. CH Yodoform Sdn Bhd - 14 July 2004;
b. All Pak Industries Sdn Bhd - 16 July 2004;
c. Industrial Hardware Supply Sdn Bhd - 5 August 2004; and
d. Sunsing Importer & Exporter Sdn Bhd - 25 June 2004.

Yongnam Malaysia is continuing its efforts to negotiate with all
of its other creditors to accept the proposed bilateral
agreement as settlement of amounts owing to them. Yongnam
Malaysia will also continue to negotiate with the creditors who
have filed winding-up petitions to continue to hold their hands
until a satisfactory outcome on the proposed bilateral agreement
can be reached.

PROPOSED BILATERAL SETTLEMENT

With a view to avoiding further claims being made against
Yongnam Malaysia or further writs of seizure and sale being
effected against Yongnam Malaysia, the Group is proposing to use
its best efforts to settle the debts owed by the Malaysian Trade
Creditors by entering into bilateral settlements (the Malaysian
Settlement Agreements) with all or some of the Malaysian Trade
Creditors. As announced on 20 November 2003, such settlement is
contemplated to be made by way of the issue of new Shares (the
Malaysian Shares) at an issue price of S$0.10 per Share.

It is anticipated that a condition of the proposed Malaysian
Settlement Agreements, amongst others, would be a stay of all
present, pending, contingent or fresh suits, actions or
proceedings against Yongnam Malaysia, including but not limited
to winding up proceedings, judicial management proceedings,
arbitrations, appointment of a receiver and/or manager or the
enforcement or execution against or recovery of any assets of
Yongnam Malaysia or monies due to Yongnam Malaysia (including
garnishee proceedings),by the relevant Malaysian Trade
Creditors.

As mentioned in the announcement of 20 November 2003, the
Malaysian Settlement Agreements are subject to various approvals
being obtained, details of which can be found in the
announcement of 20 November 2003.

CAVEAT

It should be noted that the aforementioned Malaysian Settlement
Agreements are subject to various approvals being obtained. Such
approvals are beyond the control of the Company and there is no
assurance that all such approvals will be granted by the
relevant authorities and that the Group will be successful in
entering into the Malaysian Settlement Agreements. Further,
negotiation with the Malaysian Trade Creditors may take some
time (during which additional claims may be filed and additional
writs of seizure and sale effected against Yongnam Malaysia) and
may not necessarily be successful. In the event that any
Malaysian Trade Creditor(s) elects to proceed with its claim
against Yongnam Malaysia and Yongnam Malaysia is not able to
reach settlement with such Malaysian Trade Creditor(s), Yongnam
Malaysia may be compulsorily wound-up. The Directors are of the
opinion that such an event would not have a material impact on
the Group as the Group's principal operations are in Singapore,
Hong Kong and Thailand.

Accordingly, holders of securities in the Company and investors
are advised by the Board to exercise caution in their dealings
in the securities of the Company. The Company will make further
announcements as and when appropriate.

By Order of the Board
Siau Sun King
Director
27 April 2004

Submitted by Siau Sun King, Director on 27/04/2004 to the SGX


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


MILLENNIUM STEEL: Releases 1Q and Consolidated F/S
--------------------------------------------------
Millennium Steel PCL submits to the Stock Exchange of Thailand
its Reviewed First Quarter and Consolidated Financial
Statements.

Reviewed (In Thousands)
Ending March 31, 2004
Quarter 1

Year                  2004            2003

Net profit (loss)     475,304         39,399

EPS (baht)            0.08            0.01

Type of report: Unqualified Opinion

Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.

"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."

(Mr. Santi Charnkolrawee)
President
Authorized to sign on behalf of the company.


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

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

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

Jinan Qingoi Motorcycle
Co., Ltd.                      600698    (-193.08)     113.96
Jinan Qingoi Motorcycle-A
Co., Ltd.                      600946    (-193.08)     113.96
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-239.91)      60.39
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-239.91)      60.39


INDONESIA
---------

PT Lippo Securities Tbk         LPPS       (-2.23)      17.06
PT Smart Tbk                    SMAR      (-37.38)     398.89


JAPAN
-----

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

MALAYSIA
--------

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


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

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


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46


  THAILAND
  --------

Asia Hotel PCL                  ASIA       (26.62)      96.21
Asia Hotel PCL                  ASIA/F     (26.62)      96.21
Bangkok Rubber PCL              BRC/F      (-41.29)     80.14
Bangkok Rubber PCL              BRC        (-41.29)     80.14
Central Paper Industry PCL      CPICO      (-37.02)     40.41
Central Paper Industry PCL      CPICO/F    (-37.02)     40.41
Christiani & Nielsen            CNT/F      (-24.03)     35.80
(Thai) PCL
Christiani & Nielsen            CNT        (-24.03)     35.80
(Thai) PCL-F
Jutha Maritime                  JUTHA      (-0.78)      29.03
Jutha Maritime-F PCL            JUTHA/F    (-0.78)      29.03
National Fertilizer PCL         NFC        (-30.82)    297.40
National Fertilizer PCL-F       NFC/F      (-30.82)    297.40
Siam Agro-Industry Pineapple
And Others PCL                  SAIC      (-14.84)      13.32
Siam Agro-Industry Pineapple
And Others PCL-F                SAICO/F   (-14.84)      13.32
Thai Wah Public
Company Limited                 TWC       (-43.88)     168.15
Thai Wah Public
Company Limited-F               TWC/F     (-43.88)     168.15
Tuntex (Thailand) PCL           TUNTEX    (-50.94)     398.25
Tuntex (Thailand) PCL-F         TUNTEX/F  (-50.94)
398.25


                            *********


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
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

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