TCRAP_Public/040503.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, May 3, 2004, Vol. 7, No. 86

                            Headlines

A U S T R A L I A

EPIC ENERGY: Placed Under Receivership
NATIONAL AUSTRALIA: Director Questions Who Will Chair EGM
MITSUBISHI AUSTRALIA: Unveils Senior Management Appointments
NOVUS PETROLEUM: Directors Recommend Offer Acceptance


C H I N A  &  H O N G  K O N G

APPLIED INTERNATIONAL: Proposes Share Capital Reduction Scheme
CHINA NAN: Releases 2003 Financial Results
FAR EAST: Proposes Capital Reorganization
I-CHINA HOLDINGS: Releases Odd Lot Arrangement Notice
STARBOW HOLDINGS: Issues Share Consolidation Notice

SUNNING CONSTRUCTION: Schedules Winding up Hearing


I N D O N E S I A

BANK NEGARA: Picks JPMorgan and Barclays As Underwriters


J A P A N

ALL NIPPON: Profitability Returns in 2003
MITSUBISHI MOTORS: Appoints Yoichiro Okazaki as New President
MITSUBISHI MOTORS: Discloses Board, Audit Changes
MITSUBISHI MOTORS: Australia Steps Up Fight to Save Plant
MITSUBISHI MOTORS: Eyes Southeast Asian Expansion

MITSUBISHI MOTORS: Mitsubishi Group May Ask Help from Toyota


K O R E A

HYNIX SEMICONDUCTOR: Unveils First Quarter 2004 Results


M A L A Y S I A

BESCORP INDUSTRIES: Issues Practice Note 1/2002 Update
BESCORP INDUSTRIES: Notice of Demand Served on Waktu Unit
CRIMSON LAND: Dormant Foreign Unit Struck Off Registry
EKRAN BERHAD: Reports Practice Note 1/2002 Status
GADANG HOLDINGS: Presents Third Quarter Financial Report

GADANG HOLDINGS: Issues Listing, Quotation Of 278,590 New Shares
GULA PERAK: Reschedules Acquisition Application Submission
HAP SENG: Announces Shares Buy-back
K.P. KENINGAU: Presents March Production Figures
K.P. KENINGAU: Reports On Status Of Loans In Default

MALAYSIAN RESOURCES: Gets RM175 Million Road Upgrade Job
PANCARAN IKRAB: Expects Revamp To Be Completed By June
PROMTO BERHAD: Answers BMSB Query
PSC INDUSTRIES: Discloses Agenda For 17 May EGM
UNISEM BERHAD: Predicts A Return To Profitability In FY2004

WOO HING: Issues Clarifications To Proposed Revisions


P H I L I P P I N E S

ABS-CBN BROADCASTING: Plans to Extend Cable Services Over Asia
MABUHAY VINYL: Unveils Board Directors Organizational Meeting
MABUHAY VINYL: Approves Additional PhP20M Short Term Loan
MABUHAY VINYL: Unveils Annual Stockholders Meeting
NATIONAL BANK: Issues Clarification of News Article

NEGROS NAVIGATION: Marina Lifts Grounding Order on 5 Vessels
PHILIPPINE BANK: Unveils Board of Directors Meeting Results
PILIPINO TELEPHONE: Posts Annual Stockholders Meeting Results
PILIPINO TELEPHONE: Clarifies Numbers of Subscribers
PILIPINO TELEPHONE: Issues Clarification of News Article

VICTORIAS MILLING: Submits SEC Form 23-B
VITARICH CORPORATION: Stockholders Meeting Set June 25


S I N G A P O R E

A1 SUPERMARKET: Faces Winding up Petition
I.R.E CORPORATION: Unveils Debt Restructuring Plans
L J CHEMICALS: Issues Debt Claim Notice to Creditors
S & C NEW: Schedules Winding up Hearing May 14
TRANSIT-MIXED: Narrows Net Loss to S$1.51M

VIKAY INDUSTRIAL: Increases Shareholding in Subsidiary
YUNG WAH: Creditors Must Submit Claims by May 31


T H A I L A N D

CHRISTIANI AND NIELSEN: Sells Subsidiary's Shares

     -  -  -  -  -  -  -  -  -

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A U S T R A L I A
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EPIC ENERGY: Placed Under Receivership
--------------------------------------
In a company press release, Epic Energy disclosed on Wednesday
the appointment of Mark Korda and Mark Mentha of KordaMentha as
administrators to the Dampier to Bunbury Natural Gas Pipeline
(DBNGP) following the termination of the Standstill Agreement in
respect of the DBNGP banking facility.

This appointment is contemporaneous with the banking syndicate's
engagement of Martin Madden and Brian McMaster of Ernst & Young
as joint Receivers and Managers to the DBNGP.

Both the supply of gas and the continued employment of Epic
Energy personnel will not be affected, as Epic Energy will
continue to maintain and operate the pipeline pursuant to a
Transitional Services Agreement in place until completion of the
sale process managed by UBS.

For further information please contact:

Stuart Barton, Cannings
Telephone No.: 0404 054 857



NATIONAL AUSTRALIA: Director Questions Who Will Chair EGM
---------------------------------------------------------
National Australia Bank director Catherine Walter raised another
issue regarding the May 21 extraordinary meeting by questioning
the board who would chair the said meeting, The Sydney Morning
Herald reports.

Mrs. Walter said the fact that the board hasn't ruled out
Chairman Graeme Kraehe chairing the meeting and voting
undirected proxies as he sees fit suggests the board is not
listening to shareholder concerns and corporate governance
experts.

"The continuing controversy and confusion over these issues is a
further indication of the need for new leadership to bring about
far-reaching board renewal and restructure," Mrs. Walter said.

The first EGM will tackle the voting of seven directors to oust
Mrs. Walter off the Board and the second and third EGM will
touch the issue on Mrs. Walter's resolutions forcing all
directors to leave after their terms expire and to give up their
retirement benefits, so the EGM will consist three separate
meetings.


Contact:  National Australia Bank Limited
          Fl.24, 500 Bourke St.
          Melbourne, 3000, Australia
          Telephone Number: +61-3-8641-4200
          Fax Number: +61-3-8641-4927
          Website: http://www.national.com.au/


MITSUBISHI AUSTRALIA: Unveils Senior Management Appointments
------------------------------------------------------------
Mitsubishi Motors Australia announces three management
appointments at its head office in Adelaide.

In a press release, Mr. Paul Stevenson, formerly Vice President
Strategic Programs Management, has been appointed to the Board
of Mitsubishi Motors Australia Limited and takes on the role of
Senior Vice President, Corporate and Business Strategy.

In addition, Mr. Tony Principe has been appointed Vice President
Product and Market Planning reporting to Mr. Stevenson. Mr.
Principe has had a long involvement in Market and Product
Planning with the company and joined Mitsubishi in 1985.

At the same time, Mr. John Everett has been appointed Vice
President Aftersales. John joined MMAL in May 2003, having
previously worked for Ford in both Australia and New Zealand,
and Unipart Group in the United Kingdom. His role at MMAL sees
him responsible for parts/service sales and marketing as well as
Service Technical support and warranty functions.

For further information, please contact:
Jill Thomas
Manager, Corporate Communications
Mitsubishi Motors Australia Ltd.
Tel: (08) 8275 6917 or 0439 440 016


NOVUS PETROLEUM: Directors Recommend Offer Acceptance
-----------------------------------------------------
In a Supplementary Target's Statement issued by Novus Petroleum
Ltd. to the Australian Stock Exchange, The independent directors
recommend that shareholders accept Sunov's revised offer in the
absence of an offer emerging which the Independent directors
consider superior.

For more information click
http://bankrupt.com/misc/NOVUSPETROLEUM043004.pdf

Contact:  Novus Petroleum Ltd.
          Level 9 , 321 Kent Street ,
          SYDNEY , NSW, AUSTRALIA, 2000  
          Head Office Telephone: (02) 9299 4888  
          Head Office Fax: (02) 9299 4077  
          Website: http://www.novuspetroleum.com/


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C H I N A  &  H O N G  K O N G
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APPLIED INTERNATIONAL: Proposes Share Capital Reduction Scheme
--------------------------------------------------------------
The Board of Directors of Applied International Holdings Limited
intends to put forward a proposal to the shareholders to:

(a) Reduce the par value of each Share in issue from HK$0.20 to
HK$0.01 by canceling the paid up capital to the extent of
HK$0.19 on each Share in issue on the Effective Date such that
the par value of each issued share in the capital of the Company
will be reduced to HK$0.01 and the issued share capital of the
Company of HK$188,216,149 shall be reduced by about
HK$178,805,342 to about HK$9,410,807;

(b) Reduce the authorized share capital of the Company from
HK$400,000,000 divided into 2,000,000,000 Shares to
HK$60,000,000 divided into 300,000,000 Shares;

(c) Subdivide each of the authorized but un-issued Shares of
HK$0.20 each into 20 New Shares of HK$0.01 each so that the
authorized share capital of the Company will be HK$60,000,000
comprising 6,000,000,000 New Shares of HK$0.01 each;

(d) Reduce the entire amount standing to the credit of the
Company's share premium account as at the Effective Date; and

(e) Transfer the credit arising from the Capital Reduction and
the Reduction in the Share Premium Account to the contributed
surplus account of the Company and, upon transfer, to apply the
same amount standing to the credit of the contributed surplus
account against the un-audited Accumulated Losses of
approximately HK$235,698,000 as at 31 December 2003.

Circular containing details of the Proposal will be sent to the
Shareholders as soon as practicable.

REASON FOR THE PROPOSAL

Immediately upon the Proposal becoming effective, the nominal
value of each of the issued and un-issued Shares will be reduced
from HK$0.20 to HK$0.01 per share. The price per Share was
closed at HK$0.09 as at 28 April 2004 (being the last trading
date prior to the date of this announcement) and below the par
value of HK$0.20 per Share.

The Directors expect that the Proposal will give the Company
greater flexibility in pricing any new issue of its shares in
the future. The Board does not have any present intention to
issue new Shares.

The Directors consider that the Accumulated Losses represent a
permanent loss of assets of the Company and therefore the
proposed set-off of the credit arising from the Capital
Reduction and the Reduction in the Share Premium Account against
the Accumulated Losses would better reflect the position and is
considered to be in the best interests of the Company and the
Shareholders as a whole.

This is a Hong Kong Stock Exchange Limited announcement.


CHINA NAN: Releases 2003 Financial Results
------------------------------------------
China Nan Feng Group Limited incurred a consolidated loss
attributable to shareholders of HK$262,341,000 for the year
ended 31 December 2003 and had net current liabilities and
capital deficiency of HK$178,100,000 and HK$177,561,000
respectively as at 31 December 2003.

The financial statements have been prepared on a going concern
basis, the validity of which depends upon (i) the restructuring
proposal which has become effective on 27 April 2004 to
strengthen the capital base of the Group and (ii) the financial
support of a shareholder, who after the effective date of the
restructuring proposal became a substantial shareholder, of not
more than HK$10 million to finance the working capital
requirement of the Company.

THE RESTRUCTURING PROPOSAL INVOLVES THE FOLLOWING:

(i) To implement a capital reorganization of the Company
(Capital Reorganization) which will involve (a) a reduction in
the nominal value of each issued share from HK$0.10 to HK$0.0005
(b) a subdivision of each authorized and un-issued share into
200 adjusted shares of HK$0.0005 each (c) cancellation of the
entire amount standing to the credit of the share premium
account of the Company and (d) consolidation of every 20
adjusted shares of HK$0.0005 each into 1 consolidated share of
HK$0.01 each (Consolidated Share);

(ii) To implement a scheme of arrangement under section 99 of
the Companies Act 1981 of Bermuda and under section 166 of the
Companies Ordinance (Chapter 32 of the laws of Hong Kong)
between the Company and the scheme creditors (the Creditors'
Scheme) which will result in the indebtedness and liabilities
owing to scheme creditors (Total Indebtedness) as at the date
for determination of entitlements of the scheme creditors (the
Scheme Record Date) being discharged in full and final
settlement by way of a combination of the cash payment and the
issuance of Consolidated Shares (Creditors Shares) to the scheme
creditors.

Pursuant to the Creditors' Scheme, for every HK$1 of valid
claim, the Scheme Creditors will receive (a) cash payment of not
more than HK$0.1 and (b) not more than 1.5 Creditors Shares (the
exact amount of cash payment and number of Creditors Shares will
depend on the amount of Total Indebtedness as at the Scheme
Record Date which will be issued credited as fully paid at HK0.1
per Creditors Shares; and (iii) raise a minimum of approximately
HK$23.1 million (before expenses) by way of the issue of not
less than 512,308,705 new Consolidated Shares ("Offer Shares")
on the basis of an assured allotment of five Offer Shares for
the equivalent of every Consolidated Share held by shareholders
other than overseas shareholders (the "Qualifying Shareholders")
at the subscription price of HK$0.045 per Offer Share (the "Open
Offer"). Qualifying Shareholders will not be allotted any Offer
Shares in excess of their assured allotments.

The implementation of the Capital Reorganization, the Creditors'
Scheme and the Open Offer is inter-conditional to each other.

Furthermore, due to the continued poor performance and capital
deficiency of most of its subsidiaries, especially those
subsidiaries engaged in the construction industry in Hong Kong,
the Company resolved that no further financial support will be
given by the Company to certain of its subsidiaries.

For a copy of the Company's Results for the year ended 31
December 2003, go to
http://bankrupt.com/misc/tcrap_chinanan0503.pdf

This is a Hong Kong Stock Exchange Limited announcement.


FAR EAST: Proposes Capital Reorganization
-----------------------------------------
The Directors of Far East Technology International Limited
proposes to put forward the following to the shareholders:

(a) The consolidation of every five (5) Shares of HK$1.00 each
(whether issued or un-issued) into one Consolidated Share;

(b) The reduction of the nominal value of each Consolidated
Share in issue from HK$5.00 to HK$0.01 by way of cancellation of
HK$4.99 from the paid-up capital on each Consolidated Share;

(c) The subdivision of each authorized but unissued
Consolidated Share of HK$5.00 into 500 Adjusted Shares of
HK$0.01 each;

(d) The application of the total credit arising from the
Capital Reduction to set off part of the accumulated losses of
the Company as at 31 December 2003 as shown in the audited
accounts of the Company for the year ended 31 December 2003; and

(e) The reduction of the Share Premium Account by
HK$221,061,426 and the application of the credit arising there
from to eliminate the balance of the accumulated losses of the
Company as at 31 December 2003 as shown in the audited accounts
of the Company for the year ended 31 December 2003.

THE LKA DISPOSAL

On 21 April 2004, the Company and Mr. Deacon Chiu entered into
the Sale and Purchase Agreement pursuant to which the Company
has agreed to sell LKA, a wholly foreign owned enterprise
incorporated in the PRC which is wholly owned by the Company, to
Mr. Deacon Chiu. The aggregate consideration is HK$8.8 million,
which will be satisfied by Mr. Deacon Chiu by partially
offsetting an amount owing by the Company to Mr. Deacon Chiu. As
at the date of this announcement, the amount owed by the Company
to Mr. Deacon Chiu was approximately HK$9.9 million.

The above consideration was arrived at after arm's length
negotiations between the parties with reference to the adjusted
audited net asset value of LKA as at 31 December 2003 of
approximately HK$8.8 million, having taken into account (a) the
valuation of the Land of approximately HK$9.2 million based on
the Valuation Report dated 19 April, 2004 prepared by LCH (Asia-
Pacific) Surveyors Limited, a firm of Chartered Surveyors; and
(b) the waiver by the Company of an amount of approximately
HK$4.8 million as at 21 April 2004 owed by LKA to the Company
and to other members of the Group.

Completion of the Sale and Purchase Agreement will take place on
the third business day after all the conditions precedent of the
Sale and Purchase Agreement have either been fulfilled or
waived, as the case may be. It is expected that completion of
the Sale and Purchase Agreement will take place on or before 21
June 2004. If any of the conditions precedent has not been
fulfilled by 21 June 2004 (or such other date as the parties to
the Sale and Purchase Agreement may agree), the Sale and
Purchase Agreement will lapse.

This is a Hong Kong Stock Exchange Limited announcement.


I-CHINA HOLDINGS: Releases Odd Lot Arrangement Notice
-----------------------------------------------------
The Stock Exchange of Hong Kong Limited has received a message
from I-China Holdings Limited, which is reproduced as follows:

"ODD LOT ARRANGEMENT

In order to alleviate the difficulties arising from the
existence of odd lots as a result of the Capital Restructuring,
Quam Securities Company Limited will provide matching services
for the odd lots of New I-China Shares on a best effort basis,
during the period from Tuesday, 27 April 2004 to Wednesday, 2
June 2004, both days inclusive. Holders of the New I -China
Shares in odd lots (i.e. lots which are not in integral
multiples of 20,000 New I-China Shares) who wish to take
advantage of this matching facility either to dispose of their
odd lots of New I-China Shares or top up to board lots of 20,000
New I-China Shares may contact Mr. Paul Leung of Quam Securities
Company Limited at Room 3308, Gloucester Tower, The Landmark, 11
Pedder Street, Central, Hong Kong at telephone number 2847-2239
during office hours.  

The Provisional Liquidators recommend that the I-China
Shareholders should consult their own professional advisers if
they are in any doubt about the facility described above."


STARBOW HOLDINGS: Issues Share Consolidation Notice
---------------------------------------------------
Market participants are requested to note that the ordinary
shares of HKD0.001 each (after capital reduction)(Old Shares) in
the capital of Starbow Holdings Limited will be consolidated
into ordinary shares of HKD0.01 each (New Shares) on the basis
of 10 into 1 subject to its shareholders' approval at the
Special General Meeting to be held on 3 May 2004.  

In a disclosure to the Stock Exchange of Hong Kong Limited, a
temporary counter under stock code 2914 and stock short name
"STARBOW" will be established for trading in board lots of 2,000
New Shares each to replace the present counter (stock code: 397)
for trading in board lots of 20,000 Old Shares each effective
from 4 May 2004.


SUNNING CONSTRUCTION: Schedules Winding up Hearing
--------------------------------------------------
Notice is hereby given that a petition for the winding up of
Sunning Construction Company Limited by the High Court of Hong
Kong was on the 7 April 2004 presented to the said Court by
Gurung Narendra of 2/F., 14 First Lane, Wai Loi Tsuen, Sheung
Shui Wai, New Territories, Hong Kong.  The said petition will be
heard before the Court at 9:30 a.m. on the 16 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 15 June 2004.


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BANK NEGARA: Picks JPMorgan and Barclays As Underwriters
--------------------------------------------------------
PT Bank Negara Indonesia picked JPMorgan and Barclays Capital to
underwrite its $200 million bond issuance, according to Reuters,
citing a bank spokesman on Thursday.

"The size is $200 million but if the market is good and the
demand is strong, we could raise the size to $300 million," BNI
spokesman Maruli Pohan said.

The bond issuance is slated by the end of May or early June to
strengthen the banks capital after it was hit last year by a
$220 million export loan fraud.


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J A P A N
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ALL NIPPON: Profitability Returns in 2003
-----------------------------------------
All Nippon Airways Co. (ANA) has returned to profit in the
fiscal year 2003 due to cost cuts and recovering international
traffic, according to Reuters. The airline is pulling out of a
deep slump in traffic last year after the severe acute
respiratory syndrome outbreak forced it to cut capacity and
costs as well as heavily discount fares.

In a Company press release, ANA Group has revised its financial
forecast for the current fiscal year, which began on April 1
2003 and ends on March 31.

A revised consolidated net profit of 21.5 billion yen, up from
17.5 billion yen, is forecast on revenues of 1.217 trillion yen.
An increased operating profit of 30 billion yen, up from 21
billion yen, is forecast (Y106 = $1).

The increased earnings forecast is attributed to strong business
travel demand, particularly on European and U.S. routes, and
aggressive cost reduction measures.


MITSUBISHI MOTORS: Appoints Yoichiro Okazaki as New President
-------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced on Friday that
Yoichiro Okazaki, former Director at Mitsubishi Heavy
Industries, was officially appointed the Company's Chairman,
President and Chief Executive Officer following an extraordinary
shareholders' meeting and board of directors' meeting held on
April 30.

Speaking at a news conference in Tokyo this afternoon, Okazaki
said: "Mitsubishi Motors is facing its toughest challenge ever.
I believe it is our responsibility to society at large to
rebuild the company as quickly as possible. As the new chairman,
president and CEO, I am fully committed to doing everything I
can to get the company back on its feet."

"Our manufacturing plants are alive and well. While tapping this
vitality in our factories and building on our heritage of
engineering excellence, I believe that returning to the basics
of Japanese craftsmanship will pave the way for a return to the
strong Mitsubishi Motors of the past," he said.

"To revitalize the company's operations, however, we firstly
need to reform our corporate culture. I intend to make a fresh
start by increasing transparency to create a company you can
trust."

YOICHIRO OKAZAKI

1. Date of Birth: December 16, 1942

2. Education: March 1965 Graduated from School of Science and
Engineering I at Waseda University

3. Career: April 1995 Deputy General Manager, Sagamihara
Machinery Works of Mitsubishi Heavy Industries, Ltd.

April 1997 Chief Engineer, General Machinery & Components
Headquarters

May 1997 President of Mitsubishi Caterpillar Forklift America
Inc.

June 1999 President of Mitsubishi Caterpillar Forklift America
Inc. Director, Chief Coordinator, General Machinery & Components
Headquarters

April 2000 President of Mitsubishi Caterpillar Forklift America
Inc. Director, Chief Coordinator, General Machinery & Special
Vehicle Headquarters

April 2001 Director, General Manager, General Machinery &
Special Vehicle Headquarters President of Mitsubishi Caterpillar
Forklift America Inc.

May 2001 Director, General Manager, General Machinery & Special
Vehicle Headquarters Retired the post of President, Mitsubishi
Caterpillar Forklift America Inc.

June 2001 Director, General Manager, General Machinery & Special
Vehicle Headquarters Held also the post of Director, Shin
Caterpillar Mitsubishi Ltd.

June 2001 Managing Director, General Manager, General Machinery
& Special Vehicle Headquarters

February 2004 Assistant to the President, Mitsubishi Heavy
Industries, Ltd.

April 2004 Chairman of the Board, President & CEO and Member of
the Board (Representative Director)

This is a Company press release.


MITSUBISHI MOTORS: Discloses Board, Audit Changes
-------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced on Friday a new
line up of members of the board and statutory auditors following
extraordinary shareholders' meeting and board of directors'
meeting.

MEMBERS OF THE BOARD

Yoichiro Okazaki
Chairman Of The Board, President & CEO And Member of The Board
(Representative Director)

Ulrich W. Walker
Executive Vice President And Member of The Board (Representative
Director)

Eiji Iwakuni
Executive Vice President And Member of The Board (Representative
Director)

Keiichiro Hashimoto
Executive Vice President And Member of The Board (Representative
Director)

Eckhard Cordes 1
Member of The Board (Non-Executive Director)

Rudiger Grube
Member of the Board (Non-Executive Director)

Takashi Nishioka
Member of the Board (Non-Executive Director)

Mikio Sasaki
Member of the Board (Non-Executive Director)

STATUTORY AUDITORS

Mitsugu Nakabayashi
Statutory Auditor (Full-time)

Hirao Iijima
Statutory Auditor (Full-time)

Motoo Makita
Statutory Auditor (Outside Statutory Auditor)

Nobuo Kuroyanagi
Statutory Auditor (Outside Statutory Auditor)

For further information, please contact:

Charles Iles
General Manager Corporate Affairs
Mitsubishi Motors Australia Ltd
Telephone: (08) 8275 6836 or 0408 275 071

This is a Company press release.


MITSUBISHI MOTORS: Australia Steps Up Fight to Save Plant
---------------------------------------------------------
Australian Federal Industry Minister Ian Macfarlane and South
Australian Treasurer Kevin Foley are planning to visit Japan
this month to try and secure the future of Mitsubishi's
Australian operations, Channel News Asia reports. Mr. Macfarlane
and Mr. Foley will hold talks with the newly Appointed Chief
Executive Officer of the stricken car producer.

Mitsubishi Australia Ltd. is vital to the economy of the state
of South Australia, of which it is one of the largest employers
with some 3,500 workers employed directly and up to 16,000
others in component and supply industries. Australian ambassador
John McCarthy would contact Mitsubishi next week to seek talks
probably the following week.


MITSUBISHI MOTORS: Eyes Southeast Asian Expansion
-------------------------------------------------
Mitsubishi Motors Corporation plans to expand its operations in
Southeast Asia for the sake of its revival scheme, Kyodo News
reports. Production of a new sport-utility vehicle (SUV) model
in the Philippines from 2006 is included in a new revival plan
under study by the struggling automaker following
DaimlerChrysler AG's recent decision to abandon support for it.


MITSUBISHI MOTORS: Mitsubishi Group May Ask Help from Toyota
------------------------------------------------------------
The Mitsubishi Group may ask the Toyota Motor Corporation Group
and other companies to help the struggling Mitsubishi Motors
Corporation find jobs for employees to be axed in drastic
restructuring, according to Kyodo News. The move is needed to
avoid strong blows to regional economies when the struggling
automaker begins rationalizing its business and lays off a large
number of employees.


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K O R E A
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HYNIX SEMICONDUCTOR: Unveils First Quarter 2004 Results
-------------------------------------------------------
Hynix Semiconductor Inc., in a press release, announced the
earnings results for its first quarter of 2004, ended March 31,
2004. The Company, in parent basis, recorded total revenues of
1,297 billion won for the quarter, an increase of 11 percent
sequentially from 1,170 billion won in the previous quarter.

Memory sales was up by 12 percent quarter-on-quarter
contributing 82 percent (DRAM: 80 percent, SRAM / Flash: 2
percent) to the total revenue and non-memory sales was up by 7
percent contributing 18 percent to the total revenue. The
sequential growth in sales was mainly attributable to the stable
DRAM price throughout the period and to the volume increase of
memory products. Utilization rate increase of foundry capacity
and the demand increase in LCD Driver ICs and CMOS Image Sensors
also attributed to the growth of non-memory sales.

Gross profit for the first quarter increased by 29 percent to
468 billion won from 362 billion in the previous quarter and the
operating profit increased by 51 percent to 291 billion won from
193 billion won. Such improvement in profitability was mainly
attributable to the overall favorable semiconductor market
condition, cost reduction beyond the Company's anticipation due
to more than expected production volume increase and yield
improvement, and increased sales portion of the value added
products.

In addition to the substantial growth in operating income, the
Company recorded noticeable ordinary profit of 351 billion won
in the first quarter, turning black from the loss of 881 billion
won in the previous quarter.

Contrary to the substantial losses the Company had recorded for
the previous quarter, no significant one-time loss was incurred
in the first quarter, as the Company has gone through the most
of the restructuring processes by 2003.

The consolidated revenues, which include the results of overseas
subsidiaries were 1,350 billion won with 380 billion won of
operating profit for the first quarter. The result in the
previous quarter was 1,244 billion won of revenue with 247
billion won of operating profit. The consolidated ordinary
income and net income have also turned to profits of 383 billion
won from 862 billion won losses in the previous quarter.

Going forward, the Company plans to generate stable profits
regardless of the fluctuating market condition by making every
effort to improve its cost structure and product portfolio.


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


BESCORP INDUSTRIES: Issues Practice Note 1/2002 Update
------------------------------------------------------
Bescorp Industries Berhad (BIB) kindly submits to the Bursa
Malaysia Securities Berhad (BMSB) on 29 April 2004, an update on
the company's default in payment. This is in accordance with
BMSB's Practice Note 1/2001.

The default by BIB as at 31 March 2004 amounted to
RM60,143,039.18 made up of a principal sum of RM32,220,139.42
plus RM27,922,899.76 in interest for revolving credit
facilities.

As at 31 March 2004, BIB's remaining subsidiaries, namely
Bescorp Construction Sdn Bhd (In Liquidation), Bescorp Piling
Sdn Bhd (In Liquidation), Bescorp Concrete Sdn Bhd (In
Liquidation), Bespile Sdn Bhd (In Liquidation) and Waktu Cerah
Sdn Bhd, defaulted on a total sum of RM166,203,327.85 made up of
a principal sum of RM58,780,492.90 plus RM43,694,935.67 in
interest for revolving credit facilities, term loan, banker's
acceptance, hire purchase and lease facilities, and
RM63,727,899.28 for overdraft facilities.

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


BESCORP INDUSTRIES: Notice of Demand Served on Waktu Unit
---------------------------------------------------------
Bescorp Industries Berhad (Special Administrators
Appointed)(BIB), announced on 29 April 2004 on the Bursa
Malaysia Securities Berhad that a Notice of Demand/Action under
Section 218 of the Companies Act, 1965 dated 5 April has been
served on Waktu Cerah Sdn Bhd (Special administrators Appointed)
on 28 April 2004.

Waktu is a 60 percent subsidiary of Bescorp Industries.

The Notice was served by the solicitors of the purchasers of
Unit 287 of the Project H.S.(D) 576/85, PT 473, Bandar Sungai
Petani, District of Kuala Muda, Kedah at Taman Perindustrian
Bescorp for the following:

1. Total sum due and owing to Messrs Bumiputra-Commerce Bank
Berhad (M/S BCBB) as at 23 October 2002 being RM254,799.46 and
interest at Base Lending Rate (BLR) of 8.15 percent per annum
calculated at daily rest commencing 24 October 2002 until full
settlement of the whole sum outstanding to M/S BCBB;

2. Further sum of RM54,250.00 paid to the Company by the
purchasers towards the purchase of the said property, with an
interest thereupon of 8 percent duly calculated commencing 18
December 1999 and still continuing until full settlement.

In relation to the above, the Special Administrators (SA) of BIB
also would like to announce that Mr Tan Kim Leong, JP and Mr
Siew Kah Toong, have been appointed as the SA of WCSB on 16
March 2004 by Pengurusan Danaharta Nasional Berhad under the
Pengurusan Danaharta Nasional Berhad Act, 1998 (the Act).

A moratorium takes effect from the date of appointment in
accordance with the provision of Section 41 of the Act. During
the period of moratorium, no creditor may commence or proceed
with any action against WCSB except in accordance with Section
41 of the Act. Effective from the date of appointment, all
dealings and enquiries must be directed to the SA.


CRIMSON LAND: Dormant Foreign Unit Struck Off Registry
------------------------------------------------------
Crimson Land Berhad announced at the Bursa Malaysia Securities
Berhad on 29 April, that the company has been duly informed by
the Hong Kong Companies Registry that the company's dormant Hong
Kong subsidiary Langdale Limited has been deregistered pursuant
to Section 291AA(9) of the Hong Kong Companies Ordinance.

Langdale has been dissolved effective 23 April 2004.


EKRAN BERHAD: Reports Practice Note 1/2002 Status
-------------------------------------------------
Ekran Berhad kindly submitted to the Bursa Malaysia Securities
Berhad on 29 April 2004, a status report on the default in
payment of the credit facilities of the Ekran Group.

For view full details of the report, click on the following
link:

http://bankrupt.com/misc/EkranDefault1May2004.doc


GADANG HOLDINGS: Presents Third Quarter Financial Report
--------------------------------------------------------
Gadang Holdings Berhad has kindly submitted to the Bursa
Malaysia Securities Berhad on 29 April 2004, a copy of the
company's unaudited financial report for the third quarter
ending 29 February 2004.

A Summary of the key financial information:

   Individual Period           Cumulative Period

   Current    Preceding     Current     Preceding
                    Year       Year        Year To        Year
                  Quarter  Corresponding     Date  Corresponding
                             Quarter                    Period
                  29Feb2004  28Feb2003     29Feb2004   28Feb2003

                   RM'000     RM'000         RM'000      RM'000

1.  Revenue        32,606     27,336        104,887     110.654

2.  Profit/ (loss)  1,122     -1,749          3,180      -3,099
    before tax

3.  Profit/ (loss)    698     -3,403          3,477      -5,988
    after tax and
    minority interest

4.  Net Profit/       698     -3,403          3,477      -5,988
    (loss) for the
    period

5.  Basic             1.05    -6.81           5.55       -16.49
    earnings/ (loss)
    per shares (sen)

6.  Dividend per      0.00     0.00           0.00         0.00
    share (sen)

                                           As at end      As at
                                           Of Current  Preceding
                                           Quarter     Financial
                                                        Year End

7.  Net Tangible                               0.9400     0.9900


GADANG HOLDINGS: Issues Listing, Quotation Of 278,590 New Shares
----------------------------------------------------------------
Gadang Holdings Berhad, in a disclosure to the Bursa Malaysia
Securities Berhad dated 29 April 2004, announced that the
company's additional 278,590 new ordinary shares of RM1.00 each
issued pursuant to the Gadang-Conversion of RM353,000 nominal
value of 2 percent 2003/2008 irredeemable convertible unsecured
loan stocks were granted listing and quotation effective 9 am on
Friday, 30 April 2004.


GULA PERAK: Reschedules Acquisition Application Submission
----------------------------------------------------------
Gula Perak Berhad (GBP) would like to refer to the company's
previous announcement dated 4 March 2004 made by PM Securities
Sdn Bhd on behalf of the Board of Directors of GPB in relation
to the proposed acquisition of condominiums (which has been
divided into hotel rooms) on levels 14,15 and 16 of Golden City
Condominium from Mirage Point (M) Sdn Bhd (MPSB) for a total
purchase consideration of RM35,010,000; and the proposed
assumption of RM7,058,400 in Liabilities of MPSB.

On behalf of the Board of Directors of GPB, PM Securities wishes
to announce that the application for the Proposed Acquisition
which was originally expected to be submitted to the Securities
Commission (SC) within two (2) months from the date of the
previous announcement dated 4 March 2004 is now re-scheduled to
be submitted to the SC within three (3) months from the date of
this announcement.

The rescheduling of the submission of the said application is
mainly to facilitate the continuing due diligence process
undertaken by the Company relating to the relevant application
to the SC for the Proposed Acquisition.

This Bursa Malaysia Securities Berhad announcement is dated 29
April 2004.

cc: Attn: En. Kris Azman Abdullah
Securities Commission


HAP SENG: Announces Shares Buy-back
-----------------------------------
Hap Seng Consolidated Berhad, in a disclosure dated 29 April
2004 to the Bursa Malaysia Securities Berhad, announced that the
company had on the same date, bought back 10,000 units of
ordinary shares of RM1.00 each for a total cash consideration of
RM26,455.07.

Minumum price paid for the purchase was RM2.600 and the maximum
price was RM2.630.

Hap Seng to date has 32,892,600 units in net outstanding
treasury shares.


K.P. KENINGAU: Presents March Production Figures
------------------------------------------------
K.P. Keningau Berhad announced on 29 April 2004 at the Bursa
Malaysia Securities Berhad (BMSB) that the company's log
production for March 2004 was 2,196 M3.

This is presented in accordance with Paragraph 9.29 of Chapter 9
of the BMSB Listing Requirements.

K.P. Keningau Group's business includes upstream logging,
midstream sawn timber and downstream value-added timber
processing.

In addition to its timber operations, K.P. Keningau also
undertakes the reconditioning and export of used heavy machinery
overseas buyers.

The Group is currently undergoing a revamping exercise of its
timber operations as well as possible restructuring and
rationalization of the Group's activities.


K.P. KENINGAU: Reports On Status Of Loans In Default
----------------------------------------------------
K.P. Keningau Berhad, in accordance with the Malaysia Securities
Exchange Berhad Practice Note 1/2001, provided the Bursa
Malaysia Securities Berhad on 29 April 2004, an update on the
company's default in loan payments.

The total default by KPK on principal sum plus interest as at 31
March 2004 amounted to RM36,083,422.56. The default payments to
financial institutions are in respect of trade financing, term
loans, revolving credits and overdrafts. Details of security
cover thereof, are as per the earlier announcement made on 19
January 2004.

Apart from receiving legal letters of demand on the defaulted
facilities, there is no new development since the previous
announcement made in compliance with the Practice Note.

    Principal    Interest    Principal &
                           RM           RM       Interest (RM)
                                                 As at 31Mar04

Secured

Kilang Papan Keningau
Sdn Bhd (KPKSB)

a. United Overseas Bank
(Malaysia) Berhad        5,936,000.00 569,790.85    6,505,790.85

b. Bumiputra-Commerce
Bank Berhad              7,957,000.00 535,939.37    8,492,939.37

c. RHB Bank Berhad       3,418,883.84  270,817.29   3,689,701.13

Kilang Papan Keningau
(Mouldings) Sdn Bhd
(KPKM)                 

a. United Overseas Bank
(Malaysia) Berhad        6,135,000.00  585,217.79   6,720,217.79

b. Bumiputra-Commerce
Bank Berhad              2,986,000.00  211,889.64   3,197,889.64

KPK Properties Sdn Bhd
(KPKP)

a. Bumiputra-Commerce
Bank Berhad              800,000.00    57,491.34     857,491.34

K.P. Keningau Bhd (KPK)

a. United Overseas Bank
(Malaysia) Berhad        1,148,230.65  121,976.38   1,270,207.03

Unsecured

K.P. Keningau Bhd (KPK)

a. Bumiputra-Commerce
Bank Berhad              5,000,000.00  349,185.41   5,349,185.41

Grand Total           33,381,114.49  2,702,308.07  36,083,422.56


MALAYSIAN RESOURCES: Gets RM175 Million Road Upgrade Job
--------------------------------------------------------
Malaysian Resources Corporation Berhad (MRCB), in a disclosure
dated 29 April 2004 to the Bursa Malaysia Securities Berhad
(BMSB), proudly announced that Jabatan Kerja Raya Malaysia
(JKR), via its letter dated 22 April 2004 which was received on
28 April 2004, had awarded the contract for the upgrading of
Federal Route 5 from Ipoh to Lumut in Perak to the Company on a
design and build basis. The contract price is RM175.0 million.

1. Scope of Work

The scope of works of the project specified in the Letter of
Award include upgrading of the road from Ipoh to Lumut to a
four-lane "dual carriageway" covering a distance of 48km and
construction of new bridges.

2. Salient Terms of the Letter of Award

Among the salient terms of the Letter of Award include:

i. Site possession will occur on 1 June 2004.

ii. The duration of the contract is one hundred and thirty (130)
weeks and expected date of completion is 27 November 2006.

3. Directors and Substantial Shareholders' Interest

None of the Directors and substantial shareholders of MRCB have
any interest, direct or indirect in the transaction.

4. Financial Effect

The contract for upgrading the Federal Route 5 from Ipoh to
Lumut is not expected to have any material effect on the
financial position of MRCB for the financial year ending 31
December 2004.

c.c. Puan Nyonya Yahya
Acting General Manager, Issue & Investment Division
Securities Commission


PANCARAN IKRAB: Expects Revamp To Be Completed By June
------------------------------------------------------
Pancaran Ikrab Berhad (PIB) is optimistic the company's
corporate and debt-revamp exercise will be completed by the end
of June.

The revamp plan involves a capital reconstruction exercise, a
share swap and a debt-restructuring exercise as well as the
injection of three companies involved in plaster ceiling
manufacturing and distribution into PIB.

The Edge Daily reports that upon completion of the revamp, PIB's
listing status will be transferred to that of Dceil
International Berhad.

Pancaran Ikrab is principally an investment holding and
management company. It's subsidiaries' main businesses are
construction; development; and construction and development
consultancy services.


PROMTO BERHAD: Answers BMSB Query
---------------------------------
Promto Berhad, on 29 April 2004, issued a reply to the query
letter sent by the Bursa Malaysia Securities Berhad.

The query letter reads:

We refer to the above article appearing in New Straits Times,
Business Times, Page B3, Wednesday, 28 April 2004, a copy of
which is enclosed for your reference.

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

" At the EGM...the resolutions for the appointment of Ganesan
and Lean were unanimously approved."

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

In the event you deny the above sentence or any other part of
the above reported article, you are required to set forth facts
sufficient to clarify any misleading aspects of the same. In the
event you confirm the above sentence or any other part of the
above reported article, you are required to set forth facts
sufficient to support the same.

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

Tan Yew Eng
Sector Head, Issues & Listing
LPY
Copy to: Securities Commission (via fax)

Promto Berhad's reply reads:

We refer to your inquiry on 28 April 2004 relating to the
Article as appeared in The New Straits Times, Business Times
page B3 and state as follows:

"At the scheduled EGM on 22 April 2004, the Chairman of the
Board of Directors who also chaired the EGM informed members
present that in view of the fact that:

(a) the two (2) named parties to be removed as Directors had
resigned;

(b) there is no vacancy for any Director to be appointed as the
Board consist of the maximum nine (9) Directors allowed in the
Articles; and

(c) there are three (3) legal suits in respect of the EGM where
the Company has been named as one (1) of the Defendants and any
discussion of the EGM may expose the Directors of the Company to
potential liability being cited for contempt of Court.

The meeting was then adjourned to a date to be announced later
after the disposal of the legal suits. The Directors and the
Company Secretary thereafter left the venue for the scheduled
EGM.


PSC INDUSTRIES: Discloses Agenda For 17 May EGM
-----------------------------------------------
Avenue Securities Sdn Bhd, on behalf of the Board of Directors
of PSC Industries Berhad (PSCI), announced on 29 April 2004 at
the Bursa Malaysia Securities Berhad (BMSB), that the
Extraordinary General Meeting of PSCI will be held at Anggerik
Room, 4th Floor, Hotel Equatorial Kuala Lumpur, Jalan Sultan
Ismail, 50250 Kuala Lumpur on Monday, 17 May 2004 at 9:30 a.m.,
or any adjournment thereof, for the purpose of considering and
if thought fit, passing the ordinary resolutions relating to the
Proposals.

To read the full copy of the Notice of Extraordinary General
meeting, click on the following link:

http://bankrupt.com/misc/PSCRestructuringProposal1May2004.doc


UNISEM BERHAD: Predicts A Return To Profitability In FY2004
-----------------------------------------------------------
After three consecutive years of losses, Unisem (M) Berhad is
optimistic the company will turn in profits at the end of
FY2004, The Edge Daily reports. The company also says with the
support of bigger contracts from clients, Unisem is likely to
outperform this year's global semiconductor growth forecast of
20 percent.

"We will be able to return to the black this year. In the first
quarter (just ended March 31), we were already in the black,"
its chairman and managing director John Chia Sin Tet told
reporters in Kuala Lumpur on April 29.

Unisem posted a net profit of RM5.64 million in the first
quarter.

John Chia added Unisem's growth this year would be fuelled by
the growing outsourcing trend by multinational corporations and
industry players.

Unisem is involved in the manufacture, assembly and packaging of
integrated circuits and other semiconductor devices. The company
also provides final testing services, general and customized
packing including tape and reel operations, as well as drop-
shipment services.

Approximately 65 percent of the company's products are direct
exported to the US, North America, Canada, Europe, Japan and
Asia.


WOO HING: Issues Clarifications To Proposed Revisions
-----------------------------------------------------
Woo Hing Brothers (Malaya) Berhad (WHB) would like to refer to
previous announcements dated 17 September 2003, 16 December 2003
and 1 April 2004 pertaining to the Proposed Revisions to the
Kamdar Proposals (Proposed Revisions).

Woo Hing, in a notice dated 29 April 2004 and posted with the
Bursa Malaysia Securities Berhad, wish to clarify that the
Securities Commission (SC) had approved the Proposed Revisions,
except for the following:

1. As Approved by the SC on 7 July 2003:

Proposed restricted renounceable offer for sale by the Kamdar
Group Vendors to the existing shareholders the following
securities:

a. Up to 6,240,000 ordinary shares of Kamdar Group (M) Berhad
(formerly known as Positive Noble Sdn Bhd) (KGB) of RM1.00 per
share (KGB Shares) on the basis of four KGB shares for every one
KGB share held after the Proposed Share Swap at an offer price
of RM1.00 per share; and

b. Up to RM7,800,000 nominal value KGB irredeemable convertible
loan stocks (ICULS) and 7,800,000 KGB warrants on the basis of
RM5.00 nominal value KGB ICULS and five KGB warrants for very
one ordinary KGB share held after the Proposed Share Swap, at an
offer price of RM1.00 for every RM1.00 nominal value ICULS and
one warrant, collectively.

2. Proposed Revision

Proposed restricted renounceable offer for sale by the Kamdar
Group Vendors to the existing shareholders of WHB of up to
6,240,000 KGB shares on the basis of four KGB shares for every
one KGB share held after the Proposed Share Swap at an offer
price to be determined at a later date.

3. Revision as approved by the SC on 31 March 2004

a. Restricted renounceable offer for sale by the Kamdar Group
Vendors to the existing shareholders of WHB of up to 6,240,000
KGB shares on the basis of four KGB shares for every one KGB
share held after the Proposed Share Swap at an offer price to be
determined at a alter date.

b. Restricted non-renounceable offer for sale by the Kamdar
Group Vendors to the existing shareholders of WHB of RM7,800,000
nominal value KGB ICULS and 7,800,000 KGB warrants on the basis
of RM5.00 nominal value KGB ICULS and five KGB warrants for
every one ordinary KGB share held after the Proposed Share Swap,
at an offer price of RM1.00 for every RM1.00 nominal value ICULS
and one warrant collectively.


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


ABS-CBN BROADCASTING: Plans to Extend Cable Services Over Asia
--------------------------------------------------------------
ABS-CBN Broadcasting Corp. plans to put a mark as a major player
in the Asian region in the next five years by expanding its
cable businesses to Singapore, Hong Kong and Taiwan, The
Philippine Daily Inquirer reports citing ABS-CBN chairman and
chief executive officer Eugenio Lopez III.

"We expect that in the next six to 12 months, we will already be
in those countries," Mr. Lopez said.

"In the next five years, we think there will be broadcasters,
very big players on a regional basis. We want to be one of those
players," Lopez also said after the company's annual meeting of
stockholders on Thursday.

Among other plans is the listing of ABS-CBN Global shares in the
Singapore bourse in two to three years.

"Our view is corporate advertising is not a significant player
going forward as against the retail side," ABS-CBN vice
president and chief financial officer Randolph Estrellado said.
"The major impetus for growth internationally is retail
subscription, whether good times or bad times, the cash flow is
very good." he added.

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


MABUHAY VINYL: Unveils Board Directors Organizational Meeting
-------------------------------------------------------------
Mabuhay Vinyl Corp. submits to the Philippine Stock Exchange the
Board of Directors resolutions of its organizational meeting on
April 29, 2004 at 4:00 p.m. and approved these matters:

(1) Election of Officers for the ensuing year:

Renato B. Magadia  -Chairman and Chief Executive Officer
Edwin Ll. Umali  -President and Chief Operating Officer
Angel L. Umali   -Treasurer
Carlos Dennis G. Tirthdas -Vice President Marketing
Medardo S. Germano  -Vice President Manufacturing
Wilfredo D. Hamoy Jr.  -Assistant Vice President Finance
Francis Ferdinand C. Cinco -Human Resources Development
Manager
Romeo G. Dela Cruz  -Luzon Sales Manager
Ma. Melva E. Valdez  -Corporate Secretary
Lory Anne P. Manuel-McMullin -Assistant Corporate Secretary

(2) Appointment of Members of Various Committees

(a) Executive Committee
          Elvira A. Ting
          Akihisa Nishina
          Tadashi Tanabashi
          Angel L. Umali-Chairman
          Edwin Ll. Umali

(b) Nominations Committee
          Jose O. Juliano
          Tomoyuki Koike
          Elvira A. Ting

      (c) Executive Compensation Committee
          Renato B. Magadia
          Miguel B. Varela
          Tadashi Tanabashi

      (d) Audit Committee
          Jose O. Juliano-Chairman
          Tomoyuki Koike
          Angel L. Umali

    
MABUHAY VINYL: Approves Additional PhP20M Short Term Loan
---------------------------------------------------------
Mabuhay Vinyl Corp's disclosed to the Philippine Stock Exchange
that Board of Directors meeting held on April 29, 2004, has
approved an additional short-term (30 days) loan in the amount
of Twenty Million Pesos (PhP20,000,000.00) in favor of Metro
Alliance Holdings and Equities Corporation (MAHEC) with interest
based on Money Market Placement rate plus one percent.


MABUHAY VINYL: Unveils Annual Stockholders Meeting
--------------------------------------------------
Mabuhay Vinyl Corp. disclosed to the Philippine Stock Exchange
the company's Annual Stockholders Meeting held on April 29, 2004
at 3:00 p.m.

The company has approved:

(1) Election of Directors

    Kenneth T. Gatchalian
    Jose O. Juliano-Independent director
    Tomoyuki Koike
    Renato B. Magadia
    Barbara Anne C. Migallos
    Elvira A. Ting
    Miguel B. Varela-Independent director
    Tadashi Tanabashi
    William T. Gatchalian
    Angel L. Umali
    Edwin Ll. Umali

(2) Approval of 2003 Annual Report and Financial Statements

The stockholders approved the 2003 Annual Report and Audited
Financial Statements.

(3) Appointment of External Auditor

The stockholders approved the appointment of SyCip Gorres and
Co. as MVC's external auditor for the year 2004.  The date of
SGV's engagement was on April 6, 2004.

The company trusts that above disclosures comply with the rules
and regulations of the Philippine Stock Exchange.


NATIONAL BANK: Issues Clarification of News Article
---------------------------------------------------
With reference to the fax request of your Mr. Jasper Zabala for
our office to confirm the veracity of the information contained
in the April 29 issue of BusinessWorld Internet Edition that:

"Philippine National Bank President Lorenzo V. Tan expects the
semi-private bank to post a 19 percent income hike this year to
PhP200 million from PhP168 million in 2003.  In an interview
with BusinessWorld, Mr. Tan said the situation for the bank and
the whole economy looks promising after the May 10 polls because
many investment decisions that were held up before the election
are expected to push through."

Please be advised that the contents and tone of the article are
essentially correct.


NEGROS NAVIGATION: Marina Lifts Grounding Order on 5 Vessels
------------------------------------------------------------
The Maritime Industry Authority (Marina) has lifted its
grounding of Negros Navigation Co's (Nenaco) five vessels after
the latter's submission of its revised financial statement that
shows it can still sustain operations, according to a report by
AFX-Asia.

Marina grounded Nenaco's five vessels last Friday after claiming
that the company was not financially capable to continue its
operations, as a result Nenaco said that it incurred a revenue
loss of PhP75 million over the suspension of its permit to
operate.


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 BANK: Unveils Board of Directors Meeting Results
-----------------------------------------------------------
Philippine Bank of Communications informs the Philippine Stock
Exchange the resolutions of the Board of Directors held on April
29, 2004:

(1) Postponement of the Annual Stockholders' Meeting of PBCom
from June 15, 2004 to July 15, 2004; and

(2) Amedment of Article III Section 7, By-Laws, by deleting the
amount of per diem and the inclusion of this in the Agenda for
the Annual Stockholder's Meeting in July 2004.

Jose R. Chanyungco
Alternate Corporate Information Officer


PILIPINO TELEPHONE: Posts Annual Stockholders Meeting Results
-------------------------------------------------------------
Pilipino Telephone Corp. (Piltel) disclosed to the Philippine
Stock Exchange its Annual Stockholders meeting held on April 29,
2004, the following were elected as directors:

(1) Napoleon L. Nazareno
(2) Gregorio A. Atienza
(3) Victor S. Chiongbian
(4) Arturo B. Diago Jr.
(5) Ramoncito S. Fernandez
(6) Enrique G. Filamor
(7) Eduardo A. Gana
(8) Edward S. Go
(9) Carlos A. Pedrosa
(10) Rolando G. Pena
(11) Meliton V. Salazar

For more information click
http://bankrupt.com/misc/piltel043004.pdf


PILIPINO TELEPHONE: Clarifies Numbers of Subscribers
----------------------------------------------------
Pilipino Telephone Corp. wishes to clarify a quote attributed to
its chairman, Mr. Napoleon L. Nazareno, which appeared in a
Bloomberg News article this afternoon.  Mr. Nazareno was quoted
as  saying that Piltel's users had reached almost four million,
which would imply subscriber net additions of more than one
million in the first quarter of 2004.  Mr. Nazareno
categorically denies citing the figure "four million" and
reiterates the statement made by Mr. Gregorio A. Atienza, Piltel
President and CEO, at the Company's stockholders' meeting, that
as of March 31st 2004, Talk 'n text, Piltel's GSM brand, had
just over 3 million subscribers.

Piltel will release its financial results for the first quarter
of 2004 on May 13th.

For further information, please contact:
Deborah Anne Tan (632) 511-6121
Corporate Information Officer


PILIPINO TELEPHONE: Issues Clarification of News Article
--------------------------------------------------------
Further to our press release dated April 29, 2004 clarifying
subscriber numbers, Pilipino Telephone Corp. wishes to clarify
that it did not incur a loss in the first quarter of 2004 as
reported in various news items.  Our preliminary figures
indicate that Pilter posted a net profit of approximately PhP8
million for the first three months of 2004. This net profit
figure is still subject to final approval by Piltel's Board of
Directors at its meeting scheduled for May 13, 2004, at which
time Piltel will release its full financial results.


VICTORIAS MILLING: Submits SEC Form 23-B
----------------------------------------
An officer of Victorias Milling Company, Inc. (VMC) furnished
the Philippine Stock Exchange a copy of his SEC Form 23-B
(Statement of Changes in Beneficial Ownership of Securities).

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


VITARICH CORPORATION: Stockholders Meeting Set June 25
------------------------------------------------------
The Board of Directors of Vitarich Corporation at its meeting
held on April 29, 2004, set the date of the 2004 Annual Meeting
of the stockholders of VITA on June 25, 2004 and set the record
date on May 26, 2004 for purposes of determining the
stockholders entitled to notice of and to vote or be voted at
the said meeting of the stockholders and created and decided on
the composition of the Nomination Committee.  

For more information, click
http://bankrupt.com/misc/vitarich043004.pdf



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


A1 SUPERMARKET: Faces Winding up Petition
-----------------------------------------
Notice is hereby given that a petition for the winding up of A1
Supermarket Pte Ltd. by the High Court was on the 20 April 2004
presented by Singapore Food Industries Limited, a Company
incorporated in the Republic of Singapore and having its
registered office situated at 234 Pandan Loop, Singapore 128422.
The said petition will be heard before the court sitting at
Singapore at 10 a.m. on the 14 May 2004. Any creditor or
contributory of the said Company desiring to support or oppose
the making of an order on the said Petition may appear at the
time of hearing by himself or his counsel for that purpose. A
copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

The Petitioners' registered office is 234 Pandan Loop, Singapore
128422.

The Petitioner's Solicitors are Messrs NAIDU MOHAN & THESEIRA of
No. 11 Stamford Road, #03-11 Capitol Building, Singapore 178884.

NAIDU MOHAN & THESEIRA
Solicitors for the Petitioner.

Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above named
Messrs Naidu Mohan & Theseira, notice in writing of his
intention so to do. The notice must state the name and address
of the person, or, if a firm, the name and address of the firm,
and must be signed by the person or firm, or his or their
Solicitor (if any) and must be served, or if posted, must be
sent by post in sufficient time to reach the above named not
later than twelve o'clock noon of the 13 May 2004 (the day
before the day appointed for the hearing of the Petition).

This Singapore Government Gazette announcement is dated 30 April
2004.


I.R.E CORPORATION: Unveils Debt Restructuring Plans
---------------------------------------------------
Further to the announcements made on 28 March 2003, 18 August
2003 and 31 December 2003, the Board of Directors of the Company
is pleased to announce that the Company have concluded their
negotiations and entered into separate agreements for the
restructuring of part of the debts and liabilities of the
Company arising from the debts owing by the Company and its
subsidiaries (IRE Group) to their creditors (Debt Conversion
Exercise).

Pursuant to the Debt Conversion Exercise, part of the total
outstanding debts and liabilities owing by the Company to its
creditors, of a minimum sum of S$74,903,820 and a maximum sum of
S$79,867,507.45 (Debt) will be converted into 2,518,730,000
(minimum) and 2,717,277,436 (maximum) ordinary shares of par
value S$0.01 each in the share capital of the Company
(Conversion Shares) respectively upon completion of the Debt
Conversion Exercise. Brief details of the Debt Conversion
Exercise are set out at
http://bankrupt.com/misc/tcrap_ire0503.pdf

This Singapore Stock Exchange announcement is dated 29 April
2004.


L J CHEMICALS: Issues Debt Claim Notice to Creditors
----------------------------------------------------
Notice is hereby given that the creditors of L J Chemicals (FE)
Pte. Ltd. (In Members' Voluntary Liquidation), which is being
wound up voluntarily, are required on or before the 31 May 2004
to send in their names and addresses, with 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 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.

LOKE POH KEUN
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.

This Singapore Government Gazette announcement is dated 30 April
2004.


S & C NEW: Schedules Winding up Hearing May 14
----------------------------------------------
Notice is hereby given that a petition for the winding up of S &
C New Strategy Pte Ltd. by the High Court was on the 29 March
2004, presented by Yeung Yi Hung, care of Nanyang Delight, 403
China Life Tower 16 Chaoyangmenwai Street Beijing 100020
People's Republic of China. The said petition will be heard
before the Court sitting at 10 a.m. on the 14 May 2004. Any
creditor or contributory of the said company desiring to support
or oppose the making of an Order on the said Petition may appear
at the time of hearing by himself or his counsel for the
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.

The Petitioner's address is care of Nanyang Delight, 403 China
Life Tower 16 Chaoyangmenwai Street Beijing 100020 People's
Republic of China.

The Petitioner's solicitors are Messrs Kumar & Loh of 51 Anson
Road, #10-53 Anson Centre, Singapore 079904.

Messrs Kumar & Loh
Solicitors for the Petitioner.

Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above named
Messrs Kumar & Loh of 51 Anson Road, #10-53 Anson Centre,
Singapore 079904, notice in writing of his intention so to do.
The Notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person of firm, or his or their solicitor (if any) and must
be served, or if posted must be sent by post in sufficient time
to reach the above named not later than twelve o'clock noon of
the 13 May 2004 (the day before the day appointed for the
hearing of the Petition).

This Singapore Government Gazette announcement is dated 28 April
2004.


TRANSIT-MIXED: Narrows Net Loss to S$1.51M
------------------------------------------
Transit-Mixed Concrete Ltd reported a net loss of S$1.51 million
in the year to February 29, versus a net loss of S$2.25 million
in the same period a year earlier, according to Reuters.

Transit-Mixed Concrete Ltd is engaged in the manufacture and
supply of ready mixed concrete, rental of concrete pumps and
truck mixers, and the trading of concrete-making raw materials.


VIKAY INDUSTRIAL: Increases Shareholding in Subsidiary
------------------------------------------------------
Vikay Industrial Ltd. announced that its shareholding in the
wholly owned subsidiary, Vikay America Inc. (VKA), has been
increased by $23.724 million from $0.464 million to $24.188
million on 8th December 2003. There is no change, however, to
the Company's shareholding percentage in VKA.

The increase in the Company's shareholding is a result of a
debt-to-equity restructuring to convert VKA's intercompany debts
owed to the Company into equity. It was effected by the issue of
12.796 million ordinary shares in VKA made in favor of the
Company as a consideration for the settlement of the debts owed
by VKA to the Company. The debts were incurred prior to the
imposition of judicial management on the Company. The re-
structuring had no net impact on the Company's nor the Group's
financial statements. It is also a follow-on implementation of
the Group re-structuring plan, which had been approved by the
Company's shareholders in 2001.

Submitted by Then Chee Tat, Chief Financial Officer on
22/04/2004 to the SGX


YUNG WAH: Creditors Must Submit Claims by May 31
------------------------------------------------
Notice is hereby given that the creditors of Yung Wah
Investments Pte Ltd (In Members' Voluntary Liquidation), which
is being wound up voluntarily, are required on or before the 31
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 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 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 CHOON CHYE
MRS LOW nee TAN LENG FONG
TAN SHOU CHIEH
Liquidators.
c/o Singapore Secretarial Services Co. (Pte.)
6001 Beach Road #12-01 & 12-11
Golden Mile Tower
Singapore 199589.

This Singapore Government Gazette announcement is dated 30 April
2004.


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


CHRISTIANI AND NIELSEN: Sells Subsidiary's Shares
-------------------------------------------------
CN Advisory Company Limited as Christiani & Nielsen (Thai) PCL's
Plan Administrator would like to inform the Stock Exchange of
Thailand that CNT Holdings Limited, which is wholly owned by
Christiani & Nielsen (Thai) PCL, has sold its entire investment
of 20 percent share in S.C.B. Holding Co., Ltd. in the amount of
THB6,226,800.

The above transaction is not a connected transaction of the
Company according to the Regulations of the Stock Exchange of
Thailand regarding connected transactions and the acquisition
and disposal of assets.

Please be informed accordingly.

Yours faithfully,
(Mr. Sommai Ungsrithong) (Mr. Danuch Yontararak)
CN Advisory Company Limited
As Plan Administrator of
Christiani & Nielsen (Thai) PCL







                            *********


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

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

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